FIFTYFOUR TWO FOUNDATION Charfity Number: 1180441 Annual Report 2nd Fin2neial Statements for the year ended 30 September 2024
FiftyFour Tho Foundation Index to the Financial Statements Chirity InfontIO Tru$tees' Report Independent ExaneI Report Ststsm¢nt of Flll8Ddal Aethfitles Bal*nee Sheet Notes to th¢ Fin¢&11 Statements
FiftyFour Two Foundation Charity information Trustees William Dalziel Hilary A Daiziel JeDnif¢r R Sti Ckn"slopber D Da]ziel ElT C Dalzicl Charity number 1180441 Investrnent managers IA)ndon and Capitsl Assei Management Limited 16 Babrna¢s Street tA)lOn SWIY 6AH A¢¢•tats TC Growj The Old Tovrn Hall Matkct Place Oundl¢ Peterborough PE8 4BA IDdependent Euminer The Old Tomm Hall Market Place Oundle PeLetboTough PE8 4BA
The FiftyFour Two Foundation (a Charitible Incorporated Oryanisation) Report of the Trustees for th• financial year ended 30 September 2024 The trustees present their report and the financial statements for the financial year ended 30 September 2024. These are prepared in accordance with the governing documenL the recommendations of the Ststement of Recommended Practice applicable to charities preparing their accounts following the Financial Reporting Standard applicable in the UK and Republic of [land IFRS102) and the small companies. regime of the Companies Act 2006. Structure. 9ovwnance. and Management The FiftyFour Two Foundation154..2) 15 a grant-making Charitable Incorporated Organisation (CIO) formed in 2018. It is a company limited by guarantee and is also a registered charity (in England & Wales}. As a ao, 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 goveming document is the Cto's Constitution. 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: William Dalziel Hilary A Dalziel Jennifer R Stirrup Christopher D Dalziel Eleanor C Daiziel The trustees are responsible for setting general policy and for the day-to-day running of the company, and meet at least annual, and up to four times a year, depending on the number of grant applications and other administrative matters that need to be considered. Trustees are not remunerated for their services. and no payments or services were made to Trustees during the year. New trustees may be appointed by resolution passed at a special meeting of the trustees, or by statutory powers. The training and induction of new trustees will depend on expeiience.
Objertives and principal artSvities 54=2 was established to help small Charities and other suitable organisations by providing technical, administrative, andlor financial support aimed at Significant increasing their impact and/or reach. We seek to support charities and organisations that have objects that align with our own which generally include the promotion of the Christian faith, the relief of povety, and/or the advancement of education. 54..2's charitable objecty which are for the public benefit are.. l. 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. In making grants, preference is given to registered charities. Where the proposed recipient organisation is not a registered charity. the trustees undertake an examination of the organisation to ensure the purpose of the grant is well aligned with 54-2 Foundation's objects. that the grant will be wholly used for public benefit and that there are controls in place to ensure as far as prarticable that any grant made to the organisation, will be properly applied to such charitable purpose, failing which, it is returned. The trustees avoid grants to individuals. While we have made grants to individuals. such grants are few and small. With a few notable exceptions. we do not generally have the resources to ensure any Grants to indtviduals fully meet the Foundation's Charitable Objects. As such, we generally prefer to work with organisations as opposed to individuals. The trustees also avoid grants to organizations of an overtly political nature, including organisations established to promote a subjective opinion. We aim to work with organisations with whom our Trustees have first-hand experience. that are developing innovative approaches to addressing significant social challenges, have a roadmap to sustainability. and where our funding can make a meaningful drfference. Typically, but not exclusive, these would be local, focused organisations that operate from Christian philosophy of seNice. We are particularty interested in investing in organisational development. to build governance and administrattve capacity, so. in addition to funding. we often contribute technical, administrative, govemance and other support as needed. We have also been able to fund infrastructure that will release bottlenecks in service delivery. We understand that Charities find it easier to find funding for high-visibility projects and buildings. so we focus on those areas that prove more difficult such as overheads and administration. Well-governed and administered Charities are more likely to be effective in delivering their mission.
Rlsks The tnjstees confirm that the major risks to which the charity is exposed have been identified. Publlc Benefft 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. When planning the charrtys activf(ies, the trustees considered the Charity Commission's Guidance on public benefit. The trustees also considered how the charity had succeeded in delivering its aims, includin9 any public benefit when reviewing the achievements for the period which are set out below. Achievements and Perfomiance This is our sixth full year of operation. We have followed the criteria established by the Trustees to guide our Charitable Grant-making. largely through engaging with Charities and organisations known by or local to our Trustees, in Bristol London and the East Midlands. In addition, we have continued to support charitable projects in Zimbabwe. In the period under review, 48% of the grants we have made have been allocated to Charities that promote the advancement ofthe Christian Faith and 46% to Charities that a concerned with Social Action. including the relief of povety. while 6% has been given to Education initiatives. We have also been supporting charities in ways other than just financial support. One of our trustees has invested time to develop and sUPPOrt Charity founders and lead strategic sessions with leadership teams. This includes Reaching Higher, Power the fighL Orchards. Jubilee+ and Growing Hope. This works well in helping us target financial grants and engage in the development and capacity building of those organi5ations. We have continued to support a focused number of charities in the UK worl¢ing forthe public good. Some of the organisations we are partnering with are inVoed in= supporting women at risk of sexual violence an(Vor modem slavery (Orchards), community provision in a small town ffhe Well) providing housing and support to people at risk of homelessness {King's Church London), strengthening families and marriages (Marriage Care) We have supported 3 community-aLrthored project in Zimbabwe helping to create livelihoods in a rural area, also an affordable housing project in Kenya IPlacemakers).
Projects we have supported in the past continue to grow Particular Reaching Higher and Power the Fight which we remain connected to. Our struciured financial 5UPPOrt for The Well and Orchards ended in this financial year. Both are now on a stronger footing financially and are achieving their aims. Orchards has grown over the period increasing housing provision for the vulnerable and broadening its reach through covnselling and befriending services. The Well has also found altemative funding and continues to be an effective charity alleviating poverty and loneliness it's in local community. Ongoing projects We continued to support Kings church and its work in the local community this year- the church has grown and its social action ministry serve5 those who are marginalised. In 23/24 we have seen progress on an affordable housing inrtiative in Kenya. Placemakers. which we have provided some equity funding for. The project is engaged with local capital provider5, lenders, Govemment agencies and others who we expect will take on the scaling up of the concept if the projett is successful. It has faced several challenges and delays this year but continues to move forward. We have been working with a few agencies who are trying to stsrt and support businesses in developing countries. This has been mainty facffinding and developing a broader understanding of how to promote livelihoods. social impact and demonstrate the gospel. We are mentoring people developing business ideas, particularly in Zimbabwe. Individua We continue to support a famity with education costs as they plant a church in Rotterdam. The trustees have 9iven some small 9rants to individuals and projects known to them locally in response to specific needs. Financial review The Trustees have considered the need to maximise the impact of the Charity5 available Income for the period and have put in place plans to steward the resources for maximum public benefiL The income for the year in review was £61,468, almost entirety represented by investment returns on the ChariWs reserves and a £100 donation recewed. Total expenditure for the period was £165,016. Of this expenditure, 97.9%1£161,5701 was in the form of Grants. with £3.446 spent on other costs. The result for the year was a loss of
£103,548. Allowing for reserves brought forward, this leaves £1,023,391 as the Charitys retained surplus and resetves. Of this balance. £69,494 is classed as Designated Funds. A5 we consider future grant applications. it is the Trustees. policy to limit any commitments to those that can be fully met from funds in hand, and any future commitments are set aside as Designated Funds. The trustees review the reserve levels at each Trustee meeting. This review includes any income, new Grant applications and committed grants. The Charity has no meaningful operating costs, as the administration and oversight are carried out voluntarily. As such, the Trustees consider that the level of reserves not held for a specific purpose which are needed to support the Charity are de minimis, and more than adequatety covered by our present reserves. Plans for future perlods. We continue to receive unsolicited Grant Applications, many of which do not meet our grant-making Criteria and priorities. We are currently not considering unsolicited grant applications. We intend to continue to develop our website so that among other things, it will help grant applicants understand our Charity's objects, priorities, and approach more clearly. It has been very encouraging to see organisations that we have partnered with since we started, reach the point where they no longer need our support as they have achieved sustainability. As these organisations move on and up, we are beginning to work with other charities which we will be funding over the next 3 years. The Trustees expect that grants will continue to be made at a similar annual rate to the past four years. We also expect our trustees to be working with charities on capacity building, Strategy and leadership development In addition to grants, we will consider using our reserves to make loans to, and investments in, business ventures with social objectives. provided we can have confidence in the sustainability of their business model. 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 director5. report) and the financial statements in accordance with applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 the Financial Reporting Stsndard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practicel. 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: select suitable accounting policies and appty them consistent. observe the methods and principles in the Charities SORP. make judgements and estimates that are reasonable and prudent. and prepare the financial statements on a going concern basis unless it is inappropriate to presume that the charitsble company will continue in business. The tTUStees are spOnsible for maintsining adequate accounting records that a 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. We want to thank the Charities and organisations we have been able to SUPF)Ort this year. We are grateful to be able to partner with organisations that are visionary, ambitiOUS, creative, undaunted, and passionate about bringing about change for good. This report was approved by the trustees on 19th May 2025 and is signed on their behalf.'- Dalziel
Independent Examiner's Report to the trustees of FiftyFour Two Foundation I report on the a¢¢ounts of the charity forthe ye4T eTuled 30th SwteTnbeT 2024. Respeetlve respoDsSbllltl¢s of tr4st¢es a•d ezwth¢r The charity's trustees cot)sider that an audit is not required for this year under section 144 of the Chan'ties Act 2011 (the Cbarities Act), and that an independent cxomitwtion is needed. It is my resporn8ibility to ¢xamin¢ the accounts under ctIOn 145 of the Chariiies Art" follow the pro¢eduTes laid doThn in the General DirectioL% given by the Clwiry Conunission {under wtion 145{5)Ib) of the Charities A¢t- ststt whether particular matters have come io tny aneniio Basts of Indepdent exAmin¢r's stateD*mt My ¢xaminatiot) was carried out in cOrdanCe with Gcncral Dirtions given by the Cbarity CommÈs5ion. An cxamination includes a review of the ac¢o%mting records kept by the charity and a collhparison of the •¢counts pr¢s¢nt¢d with thos¢ reeord5. It a150 includcs con$id¢ta¢ion of any n$al ite or disclosures in the accounts. and seeking exp13natitsns from you the tnlee$ concerning any such Tnaiters. The piocethres Undenen do rLOi provide all the evidence that would be tequired in an audil, and consequently I do not expres5 an audit opinioll on the accounts. IndependeDt ex%miner'5 stalenllt In the courK of my examinatioN tw matter has Come to my attention: I which gives m¢ re&wnable caw to believe thaL in any tDaterial respecL the hwiees have not mei the requirements to ensure that: proper accountlDg rewrds are kept in a¢d¢ with SttUOD 130 of the Charitie5 ACL and a¢counts are prepared wbith agree with the accoting cOrdS and comply with the accountin8 requirenThts of the Charities Act.. or to which, in my opinion. attentw)n should be drawn in order to enable a pnyer understanding of the accounts io be reached. Graham Darbourne FCA The Old Town Hall Market Pla¢¢ Oundle Peterborough PE8 4BA Dale.. May 2025
FSftyFour Two Foundatlon Statement of Financial Activities for the year ended 30 Sept 2024 fund 2024 fund 2•24 Totfil 2024 Tot 2023 Ir4COMING RESOURCES DonatLOtL5 Investment incomc and changes in markct Tr71ue of inv¢s¢ments i(K) 61.368 1.227.470 61,368 Total income 61.468 61.468 1,227,470 RESOURCES EXPENDED Charitable giving Acrountanry ChaT8¢s Administrative Expenses Sub%riptions 99,468 956 2.058 432 62,102 161,570 956 2,058 432 175.355 956 4.075 403 Resources expejded 102.914 62,102 165.016 180,789 Net incom¢ I Idtfitit) for the year (41.446) 162,1021 (103.548) 1,046,681 BalaD¢e brought fonward 995.343 131.596 1.126,939 80258 Transfer between funds Balance trried foThrd 953.897 69.494 .023.391 1,126.939
FiftyFour Two Foundation Balance sheet as at 30 Sept 2024 2023 INVESTMENTS P¢)rtfolio Investm¢nts 936.368 1,000.000 936J68 I,000,o CURRENT ASSETS Loan to ADg¢llo Developtnellt Fund Loan to Boromi Limited 72,557 72.557 12.IM>O Cash ot bonk 42.382 87,023 126,939 .023,391 ,126,939 LESS: CREDITORS Amounts falling du¢ withitt one year 1.023J91 1,126,939 REPRESENTED BY:. DESIGNATED FUND 69.494 131,596 UNRESTrICTED FUND 953,897 995,343 1.023J91 1.126.939 The fmaD¢ial statements were approved bythc trusttcs and signcd bcljalf OF. Date.. 19th May 2025 The notes on the nexi page fomi part of these a¢Cots
FiftyFour Two Foundation Notes to the accounts for the year ended 30 September 2024 AccouThting politi ofMgnlJ7cdni cco¥nringpolicie$ 4nd¢y tlc¢o4nftn8 eMim41¢s The PTin¢ipal accowjting policies applied in the prepardtion of these fmanciai statements ate set out below. These policies have been consistently applied to all years Present wiless Othe ststed. Statement olcompliAnce 4ndbas15 ofpreprfrAIiO The financial statemeots have been prepared in accordaJK¢ with A¢couniing and ReportiThg by Charities.. Statement of Recommended Practice applicable lo clwL"he5 prcparing thehr accounts ID a¢¢oidan¢e with the Financial Repofting Standard applicable in the UK and Republic of Ireland IFRS1021- {Charitics SORP (FRSI02)), the Financial Rew)rting StaTHlard applicablt in th¢ UK and Republi¢ of lYe]and IFRS102). The chan.ry meeLS the definition of a public benefit entity under FRSIO2. Eremptionfrnm prewiinK q MhJ7•w sii¢•i¢ The charity adopted to Dot incIJe a c&sh flow Statement in these fiTwKial statttrKnts. Fixed asset invest1[Thts are included within the fmanci41 sfatements at open nwket values. Fixed asset investments are Includ at open TnaTket Ydluc as at thc balance slttt (tsie with the wwlised movement being showi in the Statement of Financial Adiviti&s. Re5our¢e$ pended Expendittw¢ inCued on the operatin8 of the cbarity is provided for on an aC¢nlS basi5. Inierest and dividends received arc acCoued foron an accrua]5 b15. Tax recoverable on income is recognised in the same accounting period. Donations are recowjised when received. Grants and legacies are accoun¢e4J foras soon as legally entitled. Ch4rit4ble Charitable ¢xp¢nditure comprises those costs ]urred by the chan'ty in the delivery of its actsvities and 5ervice5 for its beneficiaries. It includes both ¢OSLS thai ¢an be all¢Kaied ditt¢ily LO su¢h activities atKI those costs of an indirect nature necessary to SUprt them. Govern*Tnee costs These include the ¢osts attributable to the charitys compliance with constiDJiional and statutory requirements. Fund rtccounlillg Unrestricted fi]nds represent the funds of the Foundation th)¢ are ntst subject io any restri¢tions r¢garding th¢ir use at are available for applicatiot) for the general purp)ses of the Chan"ry. Designaied or restricted [15 and fund5 Carnrked by the tte¢S for a particular pu$¢. The desigr)ated or resiri¢ted fimd slW in the accounts is for gnnts certain ¢horities with wlwm we hav¢ agreed medium terni fimding. 2 Trustee expenses The Trustees were TEimbun¢d £1.758 {2023 . £3.IMK)) in r¢stttt of ¥¢Illg and training courses.