REGISTERED CHARITY NUMBER: 1178465
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 31 March 2024
for
The Favela Foundation
The Favela Foundation
Contents of the Financial Statements for the Year Ended 31 March 2024
| Page | |
|---|---|
| Report of the Trustees | 1 to 2 |
| Independent Examiner's Report | 3 |
| Statement of Financial Activities | 4 |
| Balance Sheet | 5 |
| Notes to the Financial Statements | 6 to 9 |
| Detailed Statement of Financial Activities | 10 |
The Favela Foundation
Report of the Trustees
for the Year Ended 31 March 2024
The trustees present their report with the financial statements of the charity for the year ended 31 March 2024. The trustees have adopted the provisions of 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).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The charity was formed to further the advancement of education and social welfare for the public benefit in the communities of the favelas of Brazil. The charity aims to meet this objective by providing grants to NGOs and community groups active in favelas which provide supplementary education, social support and other community activities to help them meet specific goals or widen their reach.
ACHIEVEMENT AND PERFORMANCE
In the year ending 31 March 2024, The Favela Foundation continued to offer support to local NGOs who provide education and community support to favela residents. We were delighted to be able to contribute over £5,000 to one of long-term partners, Acorda Capoeira (Rocinha), ensuring that the organisation had sufficient equipment, kit, and computers to support its 345 regular attendees.
The Favela Foundation was pleased to welcome a new partner, Ame o Santo Amaro, providing funding for six months of dedicated space for the project, which serves as a school, cultural hub, and community space for over 350 regular attendees.
The Favela Foundation was delighted to continue its relationship with Glastonbury festival, sending a team of volunteers for the fourth consecutive festival. The donations received from our team of volunteers were a critical source of funding in 2023-24.
During the period in review, the charity:
-
Continued to deliver on its strategy of supporting 'space and time' for partners, working with existing partners to identify needs in this area
-
Welcomed a new partner under this strategy, Ame o Santo Amaro, increasing the total number of partners supported by the Foundation to nine.
-
Continued its relationship with Glastonbury Festival, sending a team of volunteers to the festival as part of the recycling crew for the third consecutive festival, raising £2,500.
-
Maintained engagement with existing partners to develop 'space and time' initiatives for future funding, working with them to identify locations that ensure the future of the projects, and supporting leaders deliver these in a sustainable way.
-
Maintained a robust cash reserve to ensure the Foundation's ability to support its partners in the long term.
FINANCIAL REVIEW
During the period in review, The Favela Foundation saw a reduction in total income, largely due to reduced fundraising activity during the period. The charity focused on utilising its existing reserves to deliver its strategy. The trustees' policy to maintain unrestricted reserves at a reasonable level to fulfil the objectives of the charity remains in place, and the final position is reviewed regularly at meetings. The total funds of the charity as at the balance sheet date were £43,221, with £9,600 remaining restricted.
Page 1
The Favela Foundation
Report of the Trustees
for the Year Ended 31 March 2024
FUTURE PLANS
The charity aims to continue supporting existing projects, while expanding to reach new beneficiaries and partners where possible. The Favela Foundation continues to aim to diversify its funding methods, with securing grants, regular donors, and corporate partnerships a focus for 2024-25. The Favela Foundation continues to plan to drive large scale initiatives with our partners, with the aim of creating 'space and time' for our project partners to work with their beneficiaries. These initiatives will have focused fundraising activities, with the Foundation committed to maintaining a robust cash reserve to ensure sustainable, long-term support for our partners.
STRUCTURE, GOVERNANCE AND MANAGEMENT
The charity is governed by the CIO Foundation Deed dated 21 May 2018. The charity obtained charitable status on 21 May 2018.
The first trustees are appointed for a 4-year term, thereafter trustees will be appointed for a 3 year term.
Appointments are passed by the charity trustees.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
1178465
Principal address
137 Martin Way Morden SM4 4AR
Trustees
K G Gupta Trustee P A Somerset Gibbs Chair M J Smith Trustee Ms F D Cintra Franco Trustee
28 Jan 2025
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
.......................................................... M J Smith - Trustee
Page 2
Independent Examiner's Report to the Trustees of The Favela Foundation
Independent examiner's report to the trustees of The Favela Foundation
I report to the charity trustees on my examination of the accounts of The Favela Foundation (the Trust) for the year ended 31 March 2024.
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:
-
accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
-
the accounts do not accord with those records; or
-
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 to enable a proper understanding of the accounts to be reached.
Sajjad Jaffer FCCA Harris Accountancy Services Ltd Cobalt Square 83 Hagley Road Birmingham B16 8QG 29 Jan 2025
Date: .............................................
Page 3
The Favela Foundation
Statement of Financial Activities
for the Year Ended 31 March 2024
| Unrestricted Restricted funds funds Notes £ £ INCOME AND ENDOWMENTS FROM Donations and legacies 13,588 6,155 EXPENDITURE ON Charitable activities Expenditure on charitable activities 5,556 2,575 NET INCOME/(EXPENDITURE) 8,032 3,580 RECONCILIATION OF FUNDS Total funds brought forward 25,589 6,020 TOTAL FUNDS CARRIED FORWARD 33,621 9,600 |
31.3.24 31.3.23 Total Total funds funds £ £ 19,743 13,086 8,131 24,372 11,612 (11,286) 31,609 42,895 43,221 31,609 |
|---|---|
CONTINUING OPERATIONS
All income and expenditure has arisen from continuing activities.
The notes form part of these financial statements
Page 4
The Favela Foundation
Balance Sheet 31 March 2024
| Unrestricted Restricted funds funds Notes £ £ CURRENT ASSETS Cash at bank 33,621 9,600 NET CURRENT ASSETS 33,621 9,600 TOTAL ASSETS LESS CURRENT LIABILITIES 33,621 9,600 NET ASSETS 33,621 9,600 FUNDS 4 Unrestricted funds Restricted funds TOTAL FUNDS |
31.3.24 Total funds £ 43,221 43,221 43,221 43,221 33,621 9,600 43,221 |
31.3.23 Total funds £ 31,609 31,609 31,609 31,609 25,589 6,020 31,609 |
|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 28 Jan 2025 ............................................. and were signed on its behalf by:
............................................. M J Smith - Trustee
The notes form part of these financial statements
Page 5
The Favela Foundation
Notes to the Financial Statements for the Year Ended 31 March 2024
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The charity is a Charitable Incorporated Organisation registered in England. The accounts have been prepared on a receipts and payments basis in accordance with section 133 of the Charity Act 2011.
The address of the principal office is given in the charity information on page 1 of these accounts. The nature of the charity's operations and principal activities are as set out in the Trustees' Annual Report of the accounts.
The accounts are presented in sterling which is the functional currency of the charity and are not rounded.
The significant accounting policies applied in the preparation of these accounts are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
Critical accounting judgements and key sources of estimation uncertainty
No judgements have been made in the process of applying the above accounting policies that have had the most significant effect on amounts recognised in the accounts.
No key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
Taxation
As a registered charity, the organisation is exempt from income and corporation tax to the extent that its income and gains are applicable to charitable purposes only. Value Added Tax is not recoverable by the charity and is therefore included in the relevant costs within the receipts and payments accounts.
Structure of funds
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.
Management and administration expenditure
Support costs are those that assist the work of the charity but do not directly represent charitable activities and include office costs, governance costs, administrative payroll costs. These are incurred directly in support of expenditure on the objectives of the charity.
There were no management and administration costs in the current year or previous period.
Page 6
continued...
The Favela Foundation
Notes to the Financial Statements - continued
for the Year Ended 31 March 2024
2. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023.
| 3. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted Restricted funds funds £ £ INCOME AND ENDOWMENTS FROM Donations and legacies 2,306 10,780 EXPENDITURE ON Charitable activities Expenditure on charitable activities 12,419 11,953 NET INCOME/(EXPENDITURE) (10,113) (1,173) RECONCILIATION OF FUNDS Total funds brought forward 35,702 7,193 TOTAL FUNDS CARRIED FORWARD 25,589 6,020 4. MOVEMENT IN FUNDS Net movement At 1.4.23 in funds £ £ Unrestricted funds Charitable activities 25,589 8,032 Restricted funds Charitable activities 6,020 3,580 TOTAL FUNDS 31,609 11,612 |
Total funds £ 13,086 24,372 (11,286) 42,895 31,609 At 31.3.24 £ 33,621 9,600 43,221 |
|---|---|
Page 7
continued...
The Favela Foundation
Notes to the Financial Statements - continued
for the Year Ended 31 March 2024
4. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Incoming | Resources |
Movement | |
|---|---|---|---|
| resources | expended |
in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| Charitable activities | 13,588 | (5,556) | 8,032 |
| Restricted funds | |||
| Charitable activities | 6,155 | (2,575) | 3,580 |
| TOTAL FUNDS | 19,743 | (8,131) | 11,612 |
| Comparatives for movement in funds | |||
| Net | |||
| movement | At | ||
| At 1.4.22 | in funds |
31.3.23 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| Charitable activities | 35,702 | (10,113) | 25,589 |
| Restricted funds | |||
| Charitable activities | 7,193 | (1,173) | 6,020 |
| TOTAL FUNDS | 42,895 | (11,286) | 31,609 |
| Comparative net movement in funds, included in the above are as | follows: | ||
| Incoming | Resources |
Movement | |
| resources | expended |
in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| Charitable activities | 2,306 | (12,419) | (10,113) |
| Restricted funds | |||
| Charitable activities | 10,780 | (11,953) | (1,173) |
| TOTAL FUNDS | 13,086 | (24,372) | (11,286) |
Page 8
continued...
The Favela Foundation
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
5. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 March 2024.
Page 9
The Favela Foundation
| Detailed Statement of Financial Activities | ||
|---|---|---|
| for the Year Ended 31 March 2024 | ||
| 31.3.24 | 31.3.23 | |
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Donations | 19,743 | 13,086 |
| Total incoming resources | 19,743 | 13,086 |
| EXPENDITURE | ||
| Charitable activities | ||
| Expenditure on charitable activities | 8,096 | 24,122 |
| Advertising | - | 250 |
| 8,096 | 24,372 | |
| Support costs | ||
| Finance | ||
| Bank charges | 35 | - |
| Total resources expended | 8,131 | 24,372 |
| Net income/(expenditure) | 11,612 | (11,286) |
This page does not form part of the statutory financial statements
Page 10
Issuer
Harris Accountancy Services Ltd
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Envelope generated with fingerprint ab8d66fea6df9fda3c9668c1b9ddf26335.176.231.177 Document generated with fingerprint 79f31989c4fcc32194f697220e54e5cb.35.176.231.177 Mr Matthew Smith has been assigned to this envelope.35.176.231.177 Sajjad Jaffer has been assigned to this envelope.35.176.231.177 Envelope has been set to automatically remind the active signer every 7 day(s).35.176.231.177
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