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2020-09-30-accounts

FIFTYFOUR TWO FOUNDATION

Registered Charity No. 1180441

ACCOUNTS

FOR THE YEAR ENDED 30[th] SEPTEMBER 2020

TABLE OF CONTENTS

Page
Number
Trustees Report 3
Independent Examiner's Report 6
Statement of Financial Activities 7
Balance Sheet 8
Notes to the Accounts 10

The FiftyFour Two Foundation (a Charitable Incorporated Organisation)

Report of the Trustees for the financial year ended 30 September 2020

The trustees present their report and the financial statements for the financial year ended 30 September 2020. These are prepared in accordance with the governing document, the recommendations of the 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 (FRS102) and the small companies’ regime of the Companies Act 2006.

Reference and administrative details

The FiftyFour Two Foundation is a grant-making charitable company formed in 2018 to provide help to small Charities by providing technical, administrative, or financial support with the intention of significantly increasing their impact and/or reach. It also aims to promote the Christian faith, relieve poverty, and advance education. It is a company limited by guarantee and is also a registered charity (in England & Wales).

The trustees, who are also directors for the purposes of company law, who served during the period and up to the date of this report are:

Structure, governance, and management

As a Charitable Incorporated Organisation, there is no share capital. Every member of the company undertakes to contribute to the assets of the company in the event of it being wound up whilst being a member or within one year of ceasing to be a member, such amount not to exceed £10. The relevant governing document is the CIO’s Constitution.

New trustees may be appointed by resolution passed at a special meeting of the trustees, or by statutory powers. The training and induction for new trustees will depend on experience. The trustees are responsible for setting general policy, and for the day to day running of the company.

Trustees are not remunerated for their services, and no payments or services were made to Trustees during the year, (2019 Nil).

Objectives and principal activities

The charitable objectives of the company, which are for the public benefit, are:

  1. The prevention or relief of poverty.

  2. The advancement of education, in particular the development of individual capabilities, competence, leadership, skills and understanding.

  3. The advancement of the Christian faith.

  4. To advance the efficiency and effectiveness of Charities and the effective use of charitable resources; and

  5. To advance such charitable purposes (according to the law of England and Wales) as the Trustees see fit from time to time by the provision of grants and other financial assistance.

Risks

The trustees confirm that the major risks to which the charity is exposed have been identified and reviewed and that systems are in place to mitigate those risks.

Public benefit

The trustees are satisfied that they have complied with the duty in Section 17(5) of the Charities Act 2011 to have due regard to public benefit guidance published by the Charity Commission.

Page 3 of 9

When planning the charity’s activities, the trustees considered the Charity Commission Guidance on public benefit. The trustees also considered how the charity had succeeded in delivering its aims, including any public benefit, when reviewing the achievements for the period which are set out below.

Achievements and performance

This is our second full year of operation. We have followed the criteria established last year to guide our Charitable Grant making, largely through engaging with Charitable Organisations, mostly local to our Trustees, in Bristol, London and the East Midlands.

We have considered over 50 Grant applications and have concluded that we can be most effective by focusing our Grants on a limited number of Charities. This enables us to increase the value of each Grant and to commit support over the medium term – typically 3 years. We aim to engage in partnership that allows the Charity to plan and look to support transformative initiatives that multiply a Charity’s impact over, say, a 3- year time horizon.

We aim to work with organisations and individuals with which our Trustees have first-hand experience, that are addressing significant social challenges, have a roadmap to sustainability, and where our funding can make a meaningful difference. Typically, but not exclusively, these would be local, relatively small organisations that operate from a Christian philosophy of service. We are particularly interested in investing in organisational development, to build governance and administrative capacity. We have also been able to fund infrastructure, as in the case of Ebenezer in Bulawayo, Zimbabwe, that will release bottlenecks in their service delivery. We understand that Charities find it easier to find funding for high-profile projects and buildings, so we focus on those areas that prove more difficult, such as overheads and administration. We are convinced that well governed and administered Charities are likely to be more effective in delivering their mission.

This year for the first time we have partnered with another charity that specialises in development to make a three-year loan on preferential terms to support a development project that aims to create jobs, reduce dependence on imported food and support a Christian mission organisation from expected profits. We are open to considering support for other sustainable business ventures with social aims, provided we can have confidence in the sustainability of their business model.

We have also made a few small Grants in response to immediate funding emergencies and expect to continue to do so as needs arise. At the time this report is being written, we are still living through the Coronavirus Epidemic, and while the UK Government has responded with very substantial support, we are aware that Charities are suffering from funding gaps and have been able to respond to this within limits. In one specific instance, we made a three-year commitment to assist a Charity establish a system to deliver its services digitally.

We continue to be impressed by the energy of the Voluntary Sector, and the initiative, persistence, and creativity of so many people we have been in touch with. This gives us encouragement as we consider the scale of the challenges facing so many families and individuals. We particularly want to thank the Charities and individuals we have been able to support this year, including Power the Fight in the UK and the Ebenezer Project in Zimbabwe. We are grateful to be able to partner with organisations that are ambitious and passionate about bringing about change for good.

Financial review

The charity had no new income during the current financial period. This is in line with the Trustees’ expectations. We anticipate additional funds will be received in 2021. Total expenditure for the period was £77,580, which was funded from reserves. Of this expenditure, 97.9% was in the form of Grants, with only 2.1% in administrative costs. This leaves £102,370 in the Charity’s retained accumulated surplus.

Of the funds retained by the Charity, £55,000 is earmarked for future Grants to certain Charities with whom we have agreed medium term funding. This leaves £47,370 in unrestricted funds. As we consider future grant applications, we will limit any commitments to those that can be fully met from funds in hand and will not rely on expected funding until it has been received.

The trustees review the reserve levels at each Trustee meeting. This review includes income and committed grants, as well as new Grant applications. The Charity has no meaningful operating costs, as the administration and oversight are carried out on a voluntary basis. As such, the Trustees consider that the

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level of reserves not held for a specific purpose which are needed to support the Charity are de minimis, and more than adequately covered by our present reserves.

Plans for future periods

We continue to receive unsolicited Grant Applications, most of which do not meet our Grant making criteria and priorities. During the year, we launched a website that, among other things, will help grant applicants understand our Charity’s objects more clearly. We expect to further develop this website next year. So far, the website sets out our approach to Grant making and the main criteria we are looking for.

Trustees’ responsibilities statement

The trustees (who are also directors of the charitable company for the purposes of company law) are responsible for preparing the trustees’ report (incorporating the directors’ report) and the financial statements in accordance with applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 the Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the affairs of the charitable company and of the income and expenditure of the charitable company for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for maintaining adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable the trustees to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small entities’ regime.

This report was approved by the trustees on 1[st] June 2021 and is signed on their behalf by:

On behalf of the Trustees – FiftyFour Two Foundation

Jun 29, 2021 William Dalziel (Jun 29, 2021 22:34 GMT+1) ……………………………………….. ……………………. William Dalziel (Chair) Date

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Independent Examiner's Report to the Trustees of FiftyFour Two Foundation for the Year Ended 30[th] September 2020

This is my report to the board of trustees of FifyFour Two Foundation, on the annual report for the year ended 30[th] September 2020 set out on pages 7 - 9

Foundation for the Year Ended 30th September 2020 Foundation for the Year Ended 30th September 2020 Foundation for the Year Ended 30th September 2020
This is my report to the board of trustees of FifyFour Two Foundation, on the annual report for the year ended
30thSeptember 2020 set out on pages7 - 9
Respective responsibilities
of trustees and examiner		 The Trustees are responsible for the preparation of the annual reports.
The Trustees consider that an audit is not required for this year under
section 144 of the Charities Act 2011 ("the Charities Act'') and that an
independent examination is needed.
It is my responsibility to:
1.
examine the accounts under section 145 of the Charities Act,
2.
to follow the procedures laid down in the general Directions
given by the Charity Commission (under section 145(5)(b) of
the Charities Act, and
3.
to state whether particular matters have come to my
attention.
Basis of independent
examiner's statement		 My examination was carried out in accordance with general Directions
given by the Charity Commission. An examination includes a review of
the accounting records kept by the charity and a comparison of the
accounts presented with those records.
It also includes consideration of any unusual items or disclosures in
the accounts and seeking explanations from the trustees concerning
any such matters. The procedures undertaken do not provide all the
evidence that would be required in an audit, and consequently, no
opinion is given as to whether the accounts present a 'true and fair'
view and the report is limited to those matters set out in the
statement below.
Independent examiner's
statement		 In connection with my examination, no material matters have
come to my attention which gives me cause to believe that in, any
material respect:
•
accounting records were not kept in accordance with section
130 of the Charities Act or
•
the accounts do not accord with the accounting records
I have come across no other matters in connection with the
examination to which attention should be drawn in order to enable a
proper understanding of the accounts to breached.
Examiner's signature Sterling Libs (Jun 29, 2021 16:25 GMT+1)
Sterling Libs
Examiner's name STERLING LIBS FCCA, MAAT
Date 29/06/2021
Relevant professional
qualification(s) or body		 Association of Chartered Certified Accountants (ACCA), Association
of Accounting Technicians (AAT),
Examiner's address 75 Gavestone Road, London SE12 9BW

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FIFTYFOUR TWO FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30/09/2019

INCOME
Voluntary Income
Other income
TOTAL INCOME
EXPENDITURE
Charitable giving
Accountancy fees
subscriptions
Administrative expenses
Other expenses
TOTAL EXPENDITURE
NET INCOME/(EXENDITURE)
TOTAL FUNDS BROUGHT FORWARD
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
Funds
£
Restricted
Funds
£
0.00
0.00
55,950
836.40
370.80
423.10
57,580
(57580.30)
0
(57,580.30)		 Total
funds
2020
£
0.00
0.00
55,950
836.40
370.80
423.10
57,580
(57580.30)
0
(57,580.30)

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FIFTYFOUR TWO FOUNDATION BALANCE SHEET AS AT 30/09/2020

FIXED ASSETS
Tangible Fixed Assets
CURRENT ASSETS
Loan to Angello Dev’t fund
Cash at bank and in hand
LIABILITIES: AMOUNTS
FALLING DUE WITHIN ONE
YEAR
Creditors
NET CURRENT ASSETS
NET ASSETS
Represented by
FUNDS
Unrestricted Funds
Restricted Funds
TOTAL FUNDS		 2020
2019
0.00
0.00
0.00
0.00
20,000.00
102,369.72
179,950.00		 2020
2019
0.00
0.00
0.00
0.00
20,000.00
102,369.72
179,950.00		 2020
2019
0.00
0.00
0.00
0.00
20,000.00
102,369.72
179,950.00
0
67,369.72.00
55,000.00		 122,369.72
122,369.72
122,369.72
138,200.00
41,750.00
122,369.72		 179,950.00
179,950.00
179,950.00
179,950.00

Jun 29, 2021 Approved by the Board of Trustees on:………………………………….. and signed by

William Dalziel (Chairman) …………………………………………………………..William Dalziel (Jun 29, 2021 22:34 GMT+1)

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FIFTYFOUR TWO FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30/09/2020

Note 1

Basis of Preparation and accounting policies

The Charity - FiftyFour Two Foundation (The Foundation), is a public benefit entity within the meaning of FRS102. The financial statements have been prepared under the Charities Act 2011 and with the Regulations’ “true and fair view” provisions, together with FRS102 (2016) as the applicable accounting standards and the 2016 version of the Statement of Recommended Practice,

The financial statements have been prepared under the historical cost convention.

Funds:

Unrestricted funds represent the funds of the Foundation that are not subject to any restrictions regarding their use and are available for application for the general purposes of the charity.

Designated or restricted funds are funds earmarked by the trustees for a particular purpose. The designated or restricted fund shown in the accounts is for future Grants to certain Charities with whom we have agreed medium term funding.

The accounts include all transactions, assets, and liabilities for which the trustees are responsible in law.

Income

Voluntary income and capital sources

Income from investments

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FiftyFour Two Foundation - Annual Return and Accounts 2020

Final Audit Report

2021-06-29

Created: 2021-06-29 By: Sterling Libs (sterling@greatbritishaccountants.uk) Status: Signed Transaction ID: CBJCHBCAABAAkJw8bKmK2aWtoZX7lJQZJZjXRI7BM-UD

"FiftyFour Two Foundation - Annual Return and Accounts 2020" History

Document created by Sterling Libs (sterling@greatbritishaccountants.uk)

2021-06-29 - 3:30:46 PM GMT- IP address: 90.152.127.222

Document emailed to William Dalziel (william@fiftyfourtwo.org) for signature

2021-06-29 - 3:32:33 PM GMT

Email viewed by William Dalziel (william@fiftyfourtwo.org)

2021-06-29 - 9:28:38 PM GMT- IP address: 82.6.206.165

Document e-signed by William Dalziel (william@fiftyfourtwo.org)

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Agreement completed.

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