## **FLAT IRON FUND** **ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024** **REGISTERED CHARITY No. 1178402** ## **FLAT IRON FUND** ## **ANNUAL REPORT AND FINANCIAL STATEMENTS** ## **FOR THE YEAR ENDED 31 AUGUST 2024** ## **CONTENTS** ||**Page**| |---|---| |Legal and Administrative Information|**1**| |Trustees' Annual Report|**2 - 3**| |Independent Examiner's Report|**4**| |Statement of Financial Activities|**5**| |Balance Sheet|**6**| |Notes to the Financial Statements|**7-8**| ## **FLAT IRON FUND** **LEGAL AND ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED 31 AUGUST 2024** ## **Reference and Administration Details** Full name: Flat Iron Fund Registered Charity number: 1178402 Principal office in the UK Broadfield Law UK LLP One Bartholomew Close London EC1A 7BL Trustees: Charlie Carroll Sophie Carroll Ian Anderson Page 1 ## **FLAT IRON FUND** ## **ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024** The trustees submit the annual report and financial statements for the Flat Iron Fund ( the 'Fund') for the year ended 31 August 2024. The trustees confirm that the annual report and financial statements of the Fund comply with the current statutory requirements, the Fund's governing document and the provision of the Charity Statement of Recommended Practice ('SORP') effective from 1 January 2015, and FRS 102, 'The Reporting Standard in the UK and Ireland'. ## **Objectives and Activities** The Flat Iron Fund was created as a Charitable Incorporated Organisation (CIO) and registered with the Charity commission on 16 May 2018. The objects of the CIO (as amended on 21 December 2023) are to advance for public benefit, by the provision of financial assistance: - the prevention or relief of poverty, distress or suffering, including by supporting international relief and crisis alleviation; - the relief of sickness, both physical and mental, and the preservation and protection of good health; - the advancement of education; - the promotion of rural or urban regeneration in areas of social and economic deprivation; - the promotion of conservation, protection and improvement of the physical and natural environment; - the promotion of social inclusion, by preventing people from becoming socially excluded, relieving the needs of those people who are socially excluded and assisting them to integrate into society. For the purpose of this clause, **socially excluded** means being excluded from society, or part of society, as a result of one or more of the following factors: financial hardship; youth or old age; or ill health The Trustees have given due consideration to the general guidance published by the Charity Commission relating to public benefit. ## **Main activities undertaken to further the Fund's purposes for the public benefit** During the year, the Fund received £552,345 (2023 £297,517) in donations of which £276,173 (2023 £148,759) was donated by Flat Iron Steak Limited ('Flat Iron') and £276,172 (2023 £148,759) by guests dining in Flat Iron restaurants. The Fund gave 8 grants to 6 organisations amounting to £538,086 (2023 £274,380) in the year. ## **Structure, Governance and Management** The Fund is a Charitable Incorporated Organisation (CIO) whose only voting members are its Charity Trustees. In accordance with its constitution, the Fund is required to have a minimum of three, and a maximum of seven, trustees. Subject to provisions in the constitution, the three founding trustees are entitled to hold office for an initial period of five years. New trustees are selected by the existing trustees on the basis of knowledge, experience and suitability. Training is provided by existing trustees. All new trustees are appointed for a term of three years. Page 2 FLAT IRON FUND ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024 (Convd) Financial Review The Statement of Financial Activities shows total income for the year of £552.857 12023 £297.9111. Expenditure for the year was £538,146 {2023 £274.4401, resulting in a net increase in funds of £14.711 (2023 net increase of £23.4711. The Trustees do not currendy have a reserves pdicy in ptace. Responsibilities of the Trustee3 The trustees are responsible for preparing the Report of the Trustees and the financial statement5 in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Charity law requires the tnjstees to prepare financial statements for each financial period that give a true and fair view of the slate of affairs of the Fund and of Ihe incoming resources and application of resources, induding the income and expenditure of the Fund for that period. In preparing those financkql slatmeents, the trustees are required to- select suitable accounting p[￿1CleS and then appty them conslstently.. make judgement5 and estimate5 that are reasonable and prudent., stale whether applicable accounting standards and statements of reLX)mmended practice have been followed, subjecl to any material departures disclosed and explained in the financial stslemenls and,. prepare the financial statements on the going concem basis unless il is inappropriate lo presume Ihal the Fund will continue in operation. The Trustees are responsible for keeping accounting records which disclose with reasonable accuracy the financial position of the charity and which enable them lo ensure Ihal the financial statements comply with applicable law and regulations. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable sleps for Ihe pr8venlion and detection of ffaud and other irregularities. Signed on behalf of the trustees: Date: LLfr/&/i f Page 3 FLAT IRON FUND REPORT OF THE INDEPENDENT EXAMINER TO THE TRUSTEES IN RESPECT OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 I report to the trustees on my examination of the accounts of the Flat Iron Fund for the year ended 31 August 2024 which are set out on pages 5 to 8. Responsibilities and basls of report As the charity trustees of the Trust you are responsible ft)r the preparation of the accounts in accordance wth the requirements of the Charities Act 2011 I'the Act'i. I report in respocl of my examination of the Trusl's accounts Ca￿led out under section 145 of the 2011 Act and in carrying out my examination I hav6 followed all the applicable Directions given by the Charity Commission under section 145 {5) Ib) of the Act. Independent exarnln8r's statement I have completed my examination. I confirm that no material matters have come to my attention in connection th the examination giving me cause to believe that in any material respect= accounting r8cords were not kept in respect of the Trust as required by seclion 130 of th8 Act,. or the accounts do not accord wth those records., or the accounts do not ¢ompFy witr) the applicable requirements conceming the form and content of the accounts set out in the Charitie5 (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fairf view ￿lch is not a matt8r considered as part of an independent examination. I have no concems 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. SNJned: Kathryn Pickering ICAEW member 9271272 18 Lannesbury Crescent St Neots PE19 6AF Date.. Z* ￿201[ Page 4 ## **FLAT IRON FUND** ## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2024** |**Notes**
**Income and Endowments from:**
Donations
2
Bank interest
Contribution towards bank charges
**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 2024**|**Year ended**
Year ended
**31 August 2024**
31 August 2023
**Unrestricted**
Unrestricted
**Income Funds**
Income Funds
**£**
£
**552,345**
297,518
**452**
169
**60**
224
**552,857**
297,911
**538,086**
274,380
**60**
60
**538,146**
274,440
**14,711**
23,471
**14,711**
23,471
**56,952**
33,481
**71,663**
**£**
£ 56,952| |---|---| The notes on pages 7 to 8 form part of the financial statements Page 5 FLAT IRON FUND BALANCE SHEET AS AT 31 AUGUST 2024 Total Funds 31 August 2024 Total Funds 31 August 2023 Notes Current Assets - CAF Bank Account 409.749 131.332 Total Current Assets 409,749 131,332 Less: Credltors Amounts due falling due within ong year Grants committed 338,086 74,380 Total Net Assets 71,663 56,952 Funds of the Charity Income Funds Income Fund (unrestricted) 71.663 56.952 Total Funds 71.663 56.952 The notes on pages 7 10 8 fom) part of the finan￿al statements -i¥/l/ 2025 ané signed on their beha￿ by. L.£niloiL Trustee Page 6 ## **FLAT IRON FUND** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024** ## **1. Accounting Policies** ## **Basis of accounting** The financial statements are prepared under the historical cost convention. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011. The charity is a public benefit charity for the purposes of FRS 102. The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest pound. ## **Critical accounting estimates and use of judgements** In preparing financial statements it is necessary to make certain judgements, estimates and assumptions that affect the amounts recognised in the financial statements. 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. ## **Going concern** At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in existence for the foreseeable future. ## **Fund accounting** The charity maintains unrestricted funds. The unresricted fund comprises accumulated surpluses. This is available for use at the discretion of the trustees in furtherance of the charity's general objectives. ## **Income** All donations are recognised when the charity is entitled to the income, the income can be measured reliably, and receipt is probable. ## **Expenditure** Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Grants and donations payable are payments made to third parties in the furtherance of the charitable objectives of the charity. ## **Cash and cash equivalents** Cash and cash equivalents include cash in hand and deposits held at call with banks. ## **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** Donations of £552,345, interest of £452 and a contribution towards bank charges of £60 were received in the year (2023 Donations of £297,518 interest of £169 and a contribution towards bank charges of £224 were received). Page 7 ## **FLAT IRON FUND** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 (Cont'd)** ## **3. Charitable Expenditure - Grants** |**Charitable Expenditure - Grants**|||| |---|---|---|---| ||**Registered**|**Year ended**|Year ended| ||**Charity No. 31 August 2024**||31 August 2023| |||**£**|£| |Action Against Hunger UK|1047501|10,000|-| |Cancer Research UK|1089464|300,000|60,000| |Cool Earth|1117978|138,086|74,380| |Spread a Smile|1152205|60,000|50,000| |St Joseph's Hospice Hackney|1113125|20,000|-| |Teenage Cancer Trust|1062559|10,000|-| |Other previous year donations *|||90,000| |**Total Grants**||**£ 538,086**|£ 274,380| * Full details of these can be viewed on the Charity Commission website ## **4. Trustees' remuneration** During the period, no trustees received remuneration of benefits in kind (2023 None). No trustees received reimbursement of expenses in respect of work related to the Fund's activities (2023 None). ## **5. Taxation** The Fund is a registered charity and accordingly is exempt from taxation on its income and gains where they are applied for charitable purposes. ## **6. Support costs** During the year, bank charges of £60 were paid from the Fund's CAF bank account (2023 £60). A donation of £60 was made by Charlie and Sophie Carroll, trustees of the Fund, to cover the 2024 bank charges. ## **7. Related party transactions** Flat Iron Steak Limited donated £276,173 (2023 £148,759) to the Fund during the year ended 31 August 2024. During the year Charlie Carroll, a trustee of the Fund, was also a shareholder in the parent company of Flat Iron Steak Limited, FI 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. Ultimate controlling party** The trustees are the ultimate controlling party. Page 8