FLAT IRON FUND ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 REGISTERED CHARITY No. 1178402
FLAT IRON FUND ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 CONTENTS Page Le9al and Administrative Informat¥)n Trustees, Annual Report Irependent Examinerfs Report Statement of Financial Activrties Balance Sheet Notes lo the Financial Statements 74
FLAT IRON FUND LEGAL AND ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED 31 AUGUST 2022 Reference and Admln18tratlon Detal Full name.. Flat Iron Fund Re9iStered Charty number.. 1178402 Pnncipal office in Ihe UK BDB Pilmans LLP One Bartholomew Close London EC4A 7BL Twstee$'. CharlE Carroll Sophie Carroll lan Anderson Page 1
FLAT IRON FUND ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2022 The Iruslees submit the annual report and financial slalements for the Flat Iron Fund I Ihe'Fund'l for the year ended 31 August 2022. The Iruslees confirm that the annual report and financial slalemenls ol Ihe Fund comply with Ihe current slalulory requirements. the Fund's governing document and the provision of the Charity Statement of Recommended Practice I'SORP'I effective from 1 January 2015, and FRS 102, The Reportin9 Standard in the UK and Ireland. Oble¢tl¥98 and A¢tlvltles The Flat Iron Fund was created as a Charrtable Incorporated Organisats'on ICIO) and registered with the Charity commission on 16 May 2018. The objects ol the CIO are lo advance for public benefit. by the provision ol financial assislan¢e'. the prevenlion ol relief or povety. distress or suffering, including by Supporting international reliel and crisis alleviation., the relief of sickness, both physical and menlal, and the pr8seNation and protection ot gcrt)d health.. the advancement of education.. the promotion of rural or urban generatiOn in areas of social and economic d8pnvalion', the prornoln of c0ns8rvatn, prole¢lion and improvement of the physical and natural environm8nl,' the prOmotn of humane behaviour towards animals and., the promotion of social inclusion, by preventing people from becoming socially excluded, relieving the needs of Ihose people who are so¢ially excluded and assisting them to integrate Into society. The Trustees have given due consideration lo tho general guanC published by the Charity Commission relating lo public benefit. Maln actlvltles undertaken to further thg Fund's purpos98 for thè publlc bènellt During the year, the Fund rece1ved £144,405 12021 £01 in donations of which £72,203 12021 £0> was donated by Flat Iron Steak Limited I'Flal Iron'l and £72,202 12021 £0) by guests dining in Flat Iron restsurants. The Fund gave 4 grants lo 3 organisalions amounting lo £136,10112021 £5,800) in the year, Strtscture, Govomanco and Managemont The Fund is a Charitable Incorporaled Or9anisalk)n ICIOI whose only voting members are ils Charlty Tnjstees. In acwrdance with ils ¢onslilulion, Ihe Fund is required lo have a minimum of Ihree, and a maximum of seven, trustees. Subject lo provisions in the conslilu1n, the Ihree founding trustees are entitled lo hold office for an initial period of five years. New Iruslees afe selecled by the exisliri9 trustees on the basis ol knowledge. experienGg and suitability. Training is provided by existing tw$lees. Page 2
FLAT IRON FUND ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDEO 31 AUGUST 2022 Icont'dl Flnanclal Revlew The Slalemenl of Financial Activities 5how5 lolal income lor the year of £144,414 12021 £01. Expenditure lor the year was £136.194 12021 £5,8841, resulting in a nel In¢ase in funds of £8,220 12021 nel decrease of £5,884>. Responslbillties of the Trnstees The trustees are responsible for pParing the Report of the Truslees and the financial stslements in a¢¢ordance with appli¢able law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounling Practice). Charity law requires the trustees lo prepare financial 51alemenls lor each financial period that give a true and fair view of the state of affairs of the Fund and of the incoming resour¢es and applicabon of resources, including Ihe Income and expenditure Of the Fund lof that period. In preparing those financial stalmeenls, the tru$tee$ are required lo.. sekct suilable accountin9 policies and then apply them consislenlly, make judgements and estimates that are reasonable and prudent., stale whether appli¢able accounting Standards and slalemenls of recommended practice have been followed, subject lo any material departuos dlsclosed and explained in the financial slalements and. prepare the financial slalements on th8 going concern basis Unle it is inappropnate lo presume Ihal the Fund wll continue in operation. The Tfuslees are responsible for keeping accounting records which disclose with feasonable accura the ffinancial posilKJn ol the eharily and which enable them lo ensure that the financial statements comply with applicable law and regulations. They are also responsible for safeguarding the assets of the charity and hence for tskn'ng reasonable steps for the preventson and delecb.on of fraud and other irregularities. Slgned on bèhalf of the trustees: Cllllff LIL" tlfRU&L Dats: 22/g/27 Page 3
FLAT IRON FUND 114 RESPECT OF THE sTATEm&s FOR THE YEAR ENDED 31 AUGUST 2022 I report to the trustees on my examinats'on of the accounts of the Flat Iron Fund for the year ended 31 August 2022 e sel p• 5 As the ¢h8rity trustees of the Trust you aTe responsible for Ihe prepaTation of the accounts in accordance wbth the requirements of the Charities Aci 2011 (Ihe Adl. Commission UreT se¢lion 14515) Ibl of the Act. Ind8pgndent examinees statement the accounts do not accord with those records., or an indepèrKlent examination. GU2 4EU Dale.. 15 JunÈ 2023 Page 4
FLAT IRON FUND
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2022
| Notes Income and Endowments from: Donations 2 Bank interest Total Incoming Expenditure on: Charitable Activities Grants 3 Support costs 6 Total Expenditure Net income/(expenditure) Net movement of funds Reconciliation of Funds Fund Balances brought forward Total Funds carried forward at 31 August 2022 |
Year ended Year ended 31 August 2022 31 August 2021 Unrestricted Unrestricted Income Funds Income Funds £ £ 144,405.00 - 9.00 - 144,414.00 - 136,101 5,800 93 84 136,194 5,884 8,220 (5,884) 8,220 (5,884) 25,261 31,145 33,481 £ £ 25,261 |
|---|---|
The notes on pages 6 to 8 form part of the financial statements
Page 5
FLAT IRON FUND BALANCE SHEET AS AT 31 AUGUST 2022 Total Funds 31 August 2022 Total Funds 31 August 2021 Nole8 Current Assets - CAF Bank Account 69,582 28,861 Total Current Assets 69.582 28,861 Loss: Creditors Amounts due falllng due wlthln one year Grants committed 36,101 3,600 Total Net Assets 33,481 25.261 Funds of tho Charity Income Funds Income Fund (UnrestnedI 33,481 25,261 Total Funds 33,481 25,261 The notes on pages 6 to 8 fomi part of the financial statements Approved by the trustees on 2L/é / 2023 and signed on Iheif behalf by HRKL[f ChffrfULL Trustee Pa8
FLAT IRON FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 1. Accountlng Pollcig$ Basis of accountlng The financial statemenls are prepared under the historical cost convention The financial statements have been prepa¥ed In accordance wilh the Slalemenl ol Recommended Practice.. Accounting and Repofting by Charities preparing their accounts in a¢¢ordance wlh the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Charities Act 2011. The charity 19 a public benefit charity for the purposes of FRS 102 The financial slalemenls are prepared in sterting. which iy the lunclional currency of the chanty. Monetary amounts in these financial slalemenls are rounded Its Ihe nearest pound Crftleal a¢¢ountlng ostlmatè$ and u$• olJudggm•nts In preparing financial statements it is necessary to make certain judgements, estimates and assumptions that affect the amounts re¢ognised in the financial stalements. In the view of the trustees in apptying the accounting policies adopted, no judgements were required that have è significant effect on Ihe amounts recognised in the financial slatemenls nor do any esllmales or assumption$ made ¢afry a signific8nl risk of material adjustment in the next financial year. Golng concom Al Ihe (ime of approving the financial 5talemen15, the Iru51ee$ have a reasonable exptsctallon th* the charity has adequate resources lo Continue in existence for Ihe foreseeable future. Fund aeeountlng The charrty maintains unregliicled lunds. Th• unro$ricted fund comprises aecumul8led surpluses. This Is available for use al the dlsuetion of the trustees in lurtherance of the charity's general objectives. Incomo All donations are recognise(l en the ehorily ig enlilled lo the income, the iome can be measured reliably. and receipt is probable Expènditure Liabilities are recognised as resources expended as soon as Ihere 1$ a legal or conslrucb've obllgalion committing the charity lo Ihe expenditure. All expenditure 1$ accounted lor on an accfuals basi$ and has been classified under headings that aggregate all ¢osts lated lo the category. Grants and donations payable are payments made lo third pa.S in the furtherance of the charitable objethves of the charity. Cash and cash •qulv•l•nts Cash and cash equivalenls include cash in hand and deposts held at call with banks. Crltlul accountlng estlmatos and areas ¢f Judg•m•nt In the view ol the Iruslees in applying the accounting polKies adopted. no judgements were required that have 2 significant elfect on the amounts recognised in Ihe financial slalemenls nor do any estimates or a5sumpts.ons made carry a Significant risk ol material adjuslmenl in the next financial year. 2. Income Don8b"on8 of £144,405 and Inlerest of £9 weie received in the year 12021 No income was received). Pag¢ 7
FLAT IRON FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 Icont'dl 3. Charitable Expendlture - Grants Registered Ytar ended Year ended Charity No. 31 August 2022 31 August 2021 Child Bereavement Fund Spread a Smile Ukraine Appeal Cool Earth Previous year donatsons" 1040419 1152205 1199404 1117978 30.000 20,000 50,000 36,101 5,800 Total Grants 136,101 £ 5,800 Full details of these can be viewed on the Charity Commission website 4. Trustees. remuneration Dsjnng the period. no trustees received remuneration of benefits in kind 12021 None). No Injslees received reimbursement of expenses in respect of work related lo the Fund's aclivilies12021 None). 5. Taxation The Fund is a registered charity and accordingly is exempl from 6. Support costs During the year, bank charges of £93 were paKI from the Fund's CAF bank account 12021 £84). Followng the Fund's financial year end, a donab.on was made by Charfie and Sophie Carroll. Iruslees of the Fund. lo cover this support cosL as well as all bank charges incuiled since the Fund was estsblished. 7. Related party transactlons Flat Iron Steak Limited donated £72,20312021 £0) to the Fund during the year ended 31 August 2022. During the year Charlie Carroll, a Iruslee of the Fund, was also a shareholder in the parent company of Flat Iron Steak Limited, Fl Holdings Limited. During the year, Sophie Carroll, a trustee of the Fund. was the spouse of a shareholder in the parent company of Flat Iron Steak Limited. 8. Ultlmate controlllng party The trustees are the ultimate controlling party. Page 8