**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: 1. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or 2. the accounts do not accord with those records; or 3. 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 **Document generated** Mon, 13th Jan 2025 14:26:35 GMT **Document fingerprint** 79f31989c4fcc32194f697220e54e5cb ## **Parties involved with this document** ## **Document processed** ## **Party + Fingerprint** Tue, 28th Jan 2025 21:05:10 GMT Wed, 29th Jan 2025 11:21:34 GMT Mr Matthew Smith - Signer (85dfee5a76ab7a78130e5405aae9d6b1) Sajjad Jaffer - Signer (181fd6631f46055847d61e8781d05a1f) ## **Audit history log** ## **Date** ## **Action** Mon, 13th Jan 2025 14:26:35 GMT Mon, 13th Jan 2025 14:26:35 GMT Mon, 13th Jan 2025 14:26:35 GMT Mon, 13th Jan 2025 14:26:35 GMT Mon, 13th Jan 2025 14:26:35 GMT Mon, 13th Jan 2025 14:26:42 GMT Mon, 13th Jan 2025 14:26:42 GMT Mon, 13th Jan 2025 14:26:42 GMT Mon, 20th Jan 2025 12:45:43 GMT Sun, 26th Jan 2025 19:52:02 GMT Mon, 27th Jan 2025 12:46:04 GMT Tue, 28th Jan 2025 21:04:26 GMT Tue, 28th Jan 2025 21:05:10 GMT Tue, 28th Jan 2025 21:05:11 GMT Tue, 28th Jan 2025 21:05:11 GMT Tue, 28th Jan 2025 21:05:11 GMT Wed, 29th Jan 2025 11:20:45 GMT Wed, 29th Jan 2025 11:21:34 GMT Wed, 29th Jan 2025 11:21:34 GMT 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 Envelope generated Sent the envelope to Mr Matthew Smith for signing Document emailed to party email13.40.63.121 Sent Mr Matthew Smith a reminder to sign the document.18.133.63.166 Mr Matthew Smith viewed the envelope80.43.109.156 Document emailed to party email18.175.234.78 Mr Matthew Smith viewed the envelope80.43.109.156 Mr Matthew Smith signed the envelope80.43.109.156 Sent the envelope to Sajjad Jaffer for signing80.43.109.156 Document emailed to party email13.40.27.175 Mr Matthew Smith viewed the envelope80.43.109.156 Sajjad Jaffer viewed the envelope149.40.126.16 Sajjad Jaffer signed the envelope149.40.126.16 This envelope has been signed by all parties149.40.126.16 Wed, 29th Jan 2025 11:21:35 GMT Sajjad Jaffer viewed the envelope149.40.126.16