REGISTERED CHARITY NUMBER: 1181116
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021
FOR
THE BRIGHTON RAINBOW FUND
F1 CRT Limited Flat 24 Wellingtonia Court Laine Close Brighton East Sussex BN1 6TD
THE BRIGHTON RAINBOW FUND
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 4 |
| Independent Examiner's Report | 5 | ||
| Statement of Financial Activities | 6 | ||
| Balance Sheet | 7 | ||
| Notes to the Financial Statements | 8 | to | 14 |
| Detailed Statement of Financial Activities | 15 |
THE BRIGHTON RAINBOW FUND
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2021
The trustees present their report with the financial statements of the charity for the year ended 30 September 2021. 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 objectives of the CIO are: 'To promote equality and diversity for the public benefit and in particular the elimination of discrimination on the grounds of sexual orientation or gender identity, including in particular but not exclusively by provision of finance for the purpose of:
(1).Raising the awareness of the public with regard to all aspects of discrimination in society and issues and difficulties affecting the lives of lesbian, gay, bisexual and transgender (LGBT) people;
(2).Cultivating a sentiment in favour of equality and diversity in particular through celebrating the achievements of LGBT people and the diversity of the LGBT community;
(3).Producing publications, lectures, media, promoting public events and exhibitions, public advocacy and other means of communication;
(4).Associating with voluntary organisations, and/or governmental, public and private bodies to develop and maximise the effectiveness of voluntary organisations run by and for LGBT people;
(5).Staging and promoting LGBT events; (6).Promoting and providing resources where necessary for providing equality of access for members of the LGBT community to sports, training, employment, business or similar opportunities, where there are barriers to equal access for the time being;
(6).Promoting activities to foster understanding between people from diverse backgrounds;
(7).Maintenance of the AIDS memorial in Brighton.
Significant activities
The principal activity was the distributing of grants to LGBT projects in Brighton and Hove. COVID lockdowns and restrictions meant that the major fundraising events were cancelled/scaled down for a second year running, which in turn meant that our Annual Grants Round was also cancelled for a second year.
It was deemed more sensible that funds should be kept in reserve in case of need for emergency funding for any projects, and we continued to share information about emergency COVID funding from other sources. We also took advantage of the government Bounce Back Loan Scheme, and this allowed us to help some projects affected by reduction in income due to COVID with emergency grants. Some of these were given, with a request that if possible, in the future, they be repaid. These have been categorised as loans, but don´t have a schedule for repayment.
Grants that were intended to be accessed by the end of September'20 were approved to be claimed after that date to support postponed or delayed project or service provision.
After years of looking for appropriate premises to house an LGBTQ+ Community and Cultural Centre, we found a unit in central Brighton, and facilitated the setup of a CIC to manage setup of the Centre.
Public benefit
The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in the planning of future activities.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
Associating with voluntary organisations, and/or governmental, public and private bodies to develop and maximise the effectiveness of voluntary organisations run by and for LGBT people.
Page 1
THE BRIGHTON RAINBOW FUND
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 30 SEPTEMBER 2021
FINANCIAL REVIEW
Financial position
There was a deficit during the year of £88,830 and this has been deducted from the reserves brought forward of £99,230 so as to leave reserves of £10,400 to be carried forward.
Reserves policy
The charity holds sufficient reserves to enable it to make grants in accordance with its charitable objectives.
FUTURE PLANS
With the return of Brighton Pride and Brighton Bear Weekend in 2022 we anticipate being able to hold an annual funding round for the first time since October 2019.
We will be recruiting to add members to the independent grants panel, and to enlarge the board from 3 to 5 Trustees.
We continue to facilitate the creation of The Ledward Centre.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust dated 11 December 2018.
Charity Constitution
The CIO was formed on the 11 December 2018 and took over the activities and assets of Rainbow Fund CIC on the 3 April 2019.
Recruitment and appointment of new trustees
There must be at least three charity trustees.
There is no maximum number of charity trustees that may be appointed to the CIO.
Apart from the first charity trustees,every trustee must be appointed by a resolution passed at a properly convened meeting of the charity trustees.In selecting individuals for appointment as charity trustees,the charity trustees must have regard to the skills,knowledge and experience needed for the effective administration of the CIO.
Decision making
Any decision may be taken either:
a).At a meeting of the charity trustees;or
b).By resolution in writing or electronic form agreed by all charity trustees,which may comprise either a single document or several documents containing the text of the resolution in like form to each which one or more charity trustees has signified their agreement.
Questions arising at a meeting shall be decided by a majority of those eligible to vote.
Induction and training of new trustees
The charity trustees will make available to each new trustee,on or before their first appointment:
a).A copy of the current version of the constitution;and
b).A copy of the CIO's latest trustees' annual report and statement of accounts.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
1181116
Page 2
THE BRIGHTON RAINBOW FUND
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 30 SEPTEMBER 2021
Principal address
C/O The Rainbow Hub 93 St Jame's Street Brighton East Sussex BN2 1TP
Trustees
C Gull C Ansell (appointed 8.4.21) J Pritchard J Mezzone (appointed 8.4.21)
Independent Examiner
Christopher Robert Tyler FCA DChA FCIE Institute of Chartered Accountants in England and Wales F1 CRT Limited Flat 24 Wellingtonia Court Laine Close Brighton East Sussex BN1 6TD
Bankers
Metro Bank One Southampton Row London WC1B 5HA
Registered Company CIO Number
CE015877
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charity SORP;
-
make judgements and estimates that are reasonable and prudent;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Page 3
THE BRIGHTON RAINBOW FUND
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2021
Approved by order of the board of trustees on 28 July 2022 and signed on its behalf by:
C Gull - Trustee
Page 4
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE BRIGHTON RAINBOW FUND
Independent examiner's report to the trustees of The Brighton Rainbow Fund
I report to the charity trustees on my examination of the accounts of The Brighton Rainbow Fund (the Trust) for the year ended 30 September 2021.
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 in order to enable a proper understanding of the accounts to be reached.
Christopher Robert Tyler FCA DChA FCIE Institute of Chartered Accountants in England and Wales F1 CRT Limited Flat 24 Wellingtonia Court Laine Close Brighton East Sussex BN1 6TD
28 July 2022
Page 5
THE BRIGHTON RAINBOW FUND
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 SEPTEMBER 2021
| 2021 Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 2 19,615 Other trading activities 3 227 Investment income 4 29 Total 19,871 EXPENDITURE ON Raising funds 5 159 Charitable activities 6 Grants payable 74,725 Support costs 33,817 Total 108,701 NET INCOME/(EXPENDITURE) (88,830) RECONCILIATION OF FUNDS Total funds brought forward 99,230 TOTAL FUNDS CARRIED FORWARD 10,400 |
2020 Total funds £ 213,355 - 586 |
|---|---|
| 213,941 5,340 195,022 3,053 |
|
| 203,415 | |
| 10,526 88,704 |
|
| 99,230 |
The notes form part of these financial statements
Page 6
THE BRIGHTON RAINBOW FUND
BALANCE SHEET
30 SEPTEMBER 2021
| 2021 Unrestricted fund Notes £ CURRENT ASSETS Debtors 12 21,789 Cash at bank 40,412 62,201 CREDITORS Amounts falling due within one year 13 (51,801) NET CURRENT ASSETS 10,400 TOTAL ASSETS LESS CURRENT LIABILITIES 10,400 NET ASSETS 10,400 FUNDS 15 Unrestricted funds 10,400 TOTAL FUNDS 10,400 |
2020 Total funds £ - 102,889 102,889 (3,659) 99,230 99,230 99,230 99,230 99,230 |
|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 28 July 2022 and were signed on its behalf by:
C Gull - Trustee
The notes form part of these financial statements
Page 7
THE BRIGHTON RAINBOW FUND
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.
The financial statements of the charitable company, which is a public benefit entity under FRS102, have been prepared in accordance with the Charities SORP (FRS102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2015)', Financial Reporting Standard FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
The accounts are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The trustees/directors consider that there are no material uncertainties about the company's ability to continue as a going concern. The trustees have taken advantage of the various sources of Government support during the COVID-19 pandemic and consider that it will not have a significant impact on the company's ability to continue trading. Income from trading activities is expected to reduce due to the lockdown conditions and steps are being taken to make cost savings. The trustees regard any impact to be short term rather than affecting the company's ability to continue as a going concern. There are no material uncertainties affecting the current year's accounts.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Taxation
The Charity is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK Corporation Tax purposes. Accordingly the Charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
Fund accounting
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.
continued...
Page 8
THE BRIGHTON RAINBOW FUND
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2021
| 2. DONATIONS AND LEGACIES Donations - Other Donation from Brighton Pride Grants Grants received, included in the above, are as follows: Chalk Cliff Trust 3. OTHER TRADING ACTIVITIES Fundraising 4. INVESTMENT INCOME Deposit account interest 5. RAISING FUNDS Raising donations and legacies Website costs Events Marketing Fundraising |
2021 £ 14,615 - 5,000 19,615 2021 £ 5,000 2021 £ 227 2021 £ 29 2021 £ - 59 - 100 159 |
2020 £ 46,630 166,725 - |
2020 £ 46,630 166,725 - |
|---|---|---|---|
| 213,355 | |||
| 2020 £ - 2020 £ - 2020 £ 586 2020 £ 443 4,040 335 522 5,340 |
|||
| 5,340 |
continued...
Page 9
THE BRIGHTON RAINBOW FUND
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2021
6. CHARITABLE ACTIVITIES COSTS
| Direct Costs (see note 7) £ Grants payable - Support costs 32,017 32,017 7. DIRECT COSTS OF CHARITABLE ACTIVITIES Communications Sundries Maintenance Overheads Rent Subscriptions 8. GRANTS PAYABLE Grants payable |
Grant funding of activities (see note 8) £ 74,725 - 74,725 |
Support costs (see note 9) £ - 1,800 1,800 2021 £ - 472 1,888 16,489 11,375 1,793 32,017 2021 £ 74,725 |
Totals £ 74,725 33,817 |
Totals £ 74,725 33,817 |
|---|---|---|---|---|
| 108,542 | ||||
| 2020 £ 552 395 - 606 - - 1,553 2020 £ 195,022 |
2020 £ 552 395 - 606 - - |
|||
| 1,553 |
continued...
Page 10
THE BRIGHTON RAINBOW FUND
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2021
8. GRANTS PAYABLE - continued
The total grants paid to institutions during the year was as follows:
| GRANTS PAYABLE - continued The total grants paid to institutions during the year was as follows: |
||
|---|---|---|
| Albert Kennedy Trust Allsorts Youth Project Sussex Beacon Assembly BLAGGS Brighton & Hove LGBT Community Safety Forum Blueprint 22 Clare Project DSC Gay Brighton Past Pride Gaydio Brighton Limited Gscene Miss N Goldray The Rainbow Hub Latest The Ledward Centre - Set up costs Lunch Positive Marlborough Radical Men Talk Health Mindout Older and Out Out to Swim Pagoda Peer Action The Query Marlborough Radical Rhizomes RADIOREVERB Rainbow Families The Rainbow Chorus Scene SEAS T Selmon Switchboard Transcansport Trans Pride Brighton and Hove Traumfrau Unleyek Limited YDN Radio YMCA Downslink |
2021 £ - 3,826 2,205 - - - - 8,027 - 299 - 4,707 100 - - 8,546 5,000 3,000 - 5,500 - - - 1,739 1,000 - - - - 19,905 3,000 2,395 - 3,376 750 - 600 750 - 74,725 |
2020 £ 7,197 21,432 8,685 100 1,000 1,683 10,736 8,575 432 - 1,000 27,707 - 12,883 6,972 1,000 2,021 - 6,000 18,102 1,550 900 302 3,111 - 10,022 2,000 300 7,439 - - - 30,255 1,838 - 780 - - 1,000 |
| 195,022 |
continued...
Page 11
THE BRIGHTON RAINBOW FUND
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2021
9. SUPPORT COSTS
| SUPPORT COSTS | ||
|---|---|---|
| Governance | ||
| costs | ||
| £ | ||
| Support costs | 1,800 | |
| Support costs, included in the above, are as follows: | ||
| 2021 | 2020 | |
| Support | Total | |
| costs | activities | |
| £ | £ | |
| Independent Examination | 1,800 | 1,500 |
10. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 30 September 2021 nor for the year ended 30 September 2020.
Trustees' expenses
There were no trustees' expenses paid for the year ended 30 September 2021 nor for the year ended 30 September 2020.
11. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted | |
|---|---|
| fund | |
| £ | |
| INCOME AND ENDOWMENTS FROM | |
| Donations and legacies | 213,355 |
| Investment income | 586 |
| Total | 213,941 |
| EXPENDITURE ON | |
| Raising funds | 5,340 |
| Charitable activities | |
| Grants payable | 195,022 |
| Support costs | 3,053 |
| Total | 203,415 |
| NET INCOME | 10,526 |
| RECONCILIATION OF FUNDS | |
| Total funds brought forward | 88,704 |
| TOTAL FUNDS CARRIED FORWARD | 99,230 |
continued...
Page 12
THE BRIGHTON RAINBOW FUND
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2021
| 12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Loan 13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other creditors 14. LOANS An analysis of the maturity of loans is given below: Amounts falling due within one year on demand: Bounce back loan 15. MOVEMENT IN FUNDS At 1.10.20 £ Unrestricted funds General fund 99,230 TOTAL FUNDS 99,230 Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 19,871 TOTAL FUNDS 19,871 Comparatives for movement in funds At 1.10.19 £ Unrestricted funds General fund 88,704 TOTAL FUNDS 88,704 |
2021 2020 £ £ 21,789 - 2021 2020 £ £ 51,801 3,659 2021 2020 £ £ 50,001 - Net movement At in funds 30.9.21 £ £ (88,830) 10,400 (88,830) 10,400 Resources Movement expended in funds £ £ (108,701) (88,830) (108,701) (88,830) Net movement At in funds 30.9.20 £ £ 10,526 99,230 10,526 99,230 |
|---|---|
continued...
Page 13
THE BRIGHTON RAINBOW FUND
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2021
15. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 213,941 213,941 |
Resources Movement expended in funds £ £ (203,415) 10,526 (203,415) 10,526 |
|---|---|---|
16. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 30 September 2021.
17. ULTIMATE CONTROLLING PARTY
Ultimate control lies with the trustees.
18. DISSOLUTION
If the CIO is wound up, the members of the CIO have no liability to contribute to its assets and no personal responsibility for settling its debts and liabilities.
As provided by the Dissolution Regulations, the CIO may be dissolved by resolution of its members. If any assets remain these must be applied for charitable purposes the same or similar to those of the CIO.
Page 14
THE BRIGHTON RAINBOW FUND
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 SEPTEMBER 2021
| INCOME AND ENDOWMENTS Donations and legacies Donations - Other Donation from Brighton Pride Grants Other trading activities Fundraising Investment income Deposit account interest Total incoming resources EXPENDITURE Raising donations and legacies Website costs Events Marketing Fundraising Charitable activities Communications Sundries Maintenance Overheads Rent Subscriptions Grants to institutions Support costs Governance costs Independent Examination Total resources expended Net (expenditure)/income |
2021 £ 14,615 - 5,000 19,615 227 29 19,871 - 59 - 100 159 - 472 1,888 16,489 11,375 1,793 74,725 106,742 1,800 108,701 (88,830) |
2020 £ 46,630 166,725 - |
|---|---|---|
| 213,355 - 586 |
||
| 213,941 443 4,040 335 522 |
||
| 5,340 552 395 - 606 - - 195,022 |
||
| 196,575 1,500 |
||
| 203,415 | ||
| 10,526 |
This page does not form part of the statutory financial statements
Page 15