REGISTERED COMPANY NUMBER: 10756127 (England and Wales} REGISTERED CHARITY NUMBER.. 1181864 Report of the Trustees and Financial Statements for the Year Ended 31 May 2023 for The Beam Foundatlon Locke Williams Associates LLP Chartered Accountsnts Registered Auditors clo Blackthorn House Sl Pauls Square Birmingham Wesl Midlands B31RL
The Beam Foundation
Contents of the Financial Statements for the Year Ended 31 May 2023
| Page | |
|---|---|
| Report of the Trustees | 1 to 6 |
| Report of the Independent Auditors | 7 to 9 |
| Statement of Financial Activities | 10 |
| Balance Sheet | 11 |
| Cash Flow Statement | 12 |
| Notes to the Financial Statements | 13 to 20 |
The Beam Foundation Report of the Trustees for the Year Ended 31 May 2023 The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 May 2023. The Iruslees have adopted the provisions of Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo harities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20191. OBJECTIVES AND ACTIVITIES Objectives and aims During the period lunlil April 20231, the charity's objects were". o to promote the education of individuals, in particular, bul not exclusively, homeless individu81s, individuals with disabilities and individuals who have 8 criminal record, in such ways as the charity trustees think fit, including by providing assistance lo find and fundraise educational courses and training., and o to relieve unemployment, in particular but not exclusively amongst homeless individuals, individuals with disabilities and individuals who have a criminal record, in such ways as may be thought fit, including providing assistan lo fi'nd employment, in each case for the public benefit. In April 2023 the charity's objects were amended to reflect the widening range ofsetvices offered by the charity lo ils members. Since April 2023, the charity's objects are the relief of poverty, for the public benefit. This is including bul not exclusively for people who are homeless or at risk of homelessness, refugees, individuals with disabilities and individuals who have a criminal record, in such ways as the charity Iruslees think fit, including by.. IA) providing assistance to find employment,. IBI funding including by means of crowdfunding, educational courses and training aimed to help individuals find employment,. (Cl promoting financial security through education and employment., and IDI providing and evaluating services lo such individuals which directly or indirectly prevent, relieve, reduce or end their homelessness. Significant activities The Charity achieves its objects in I0 main ways. Firstly, the Charity uses funds raised on its behalf by Beam Up Ltd, Including trom ils crowdfunding website al beam.org, lo remove financial barriers for beneficiaries to stable work and housing. including employment training, transport costs, tools, clothes and rental deposits. Beam Up Ltd bears all the costs of developing and maintaining the website and raising donations. Secondty, the Charity contracts Beam Up Ltd to deliver casework services lo its beneficiaries at a cost significantly below the cost of directly employing caseworkers. The total Monthly Service Fees for the reporting period tolalled £54,950. Caseworker salaries borne by Beam Up Ltd exclusively for the Charity's beneficiaries lotalled £1,594,655 for the reporting period. These operational cost savings lo the Charity, across marketing and payroll, allow a 1000/0 giving model, whereby all donations that are remitted to the Charity's bank account are spent removing financial barriers for benefieiaries. The Charity prides itself on using its donations as efficiently as possible to achieve its charitable objeels. Beam Up Ltd is staffed by speeialisls in the type of casework relevant to our members as well as fundraising experts and is led by its CEO, Alex Slephany, from whom the Charity receives a quarterly seNice level update on the key metrics that are delegated lo Beam Up Ltd on a day-to-day basis. The team of caseworkers is led by Beam Up Ltd's COO, Seb Barker, who is a specialist in homelessness and personalised services, having previously worked in homelessness and social care al Thames Reach, Tuming Point and NHS England. Publlc beneflt The Iruslees have paid due regard lo guidance issued by the Charity Commission in deciding what activities the charity should undertake. Page 1
The Beam Foundation Report of the Trustees for the Year Ended 31 May 2023 ACHIEVEMENT AND PERFORMANCE Fundraising The Charity generated income of£1,024,926 for the year from donations (including Gift Aid) and grants, 12.8'/o lower than the previous year. Pressure on income from the cosl-of-living crisis was anticipated., the reduction is due lo the continuous pressure of macroeconomic instability on individual donors, ability lo donate. Over 2,800 members of the public donated lo the Charity in the year as well as 20 companies and 11 trusts and foundations. Within the reporting period, 665 people launched crowdfunding campaigns on beam.org. Using an algorithm that 811ocates monthly donations to campaigns, Beam Up Ltd Continued in this reporting period to ensure that every campaign was fully funded. With respect to grants, 8 to181 of £29,000 was received from London Hostels Association and £29,000 from LandAid. The Charity has also provided for corporate giving through a gift card" feature built by Beam Up Ltd, which allow individuals or businesses to make donations on behalf of others. In addition to this, work was started on an innovative corporate giving platform called Beam for Companies, allowing companies lo sign up in minutes and support a certain number of people each month via monthly donations. Companies receive an impact page, ongoing reporting on impact achievements and the stories of people supported, team engagement features and shareable content. Fund-raising standards The Charity has not spent donor money during the reporting period on marketing that il views as coslly lo donors and potentially unsolicited and environmentally unfriendly. The Charity has not used, contracted or paid for any third-party fundraising services during the reporting period. The Charity has signed up to the Code of Fundraising Practice through the Fundraising Regulator. Social Impact Progress towards the Charity's Objects for the reporting period are as follows (all demonslraling significant improvements from last yearfs reporting period, demonstrating the success and sustainability of the Charity's modell 0 489 beneficiaries were supported lo work 0 255 beneficiaries were supported into stable housing 177 completed a programme of work In our contracts with Central Govemment Iprimarily the Department of Work & Pensions) Demographic background of beneficiaries Of the totsl 1,792 beneficiaries referred within the reporting period.. 0 250/0 identified as rough sleepers 0 790/0 were in Temporary Accommodation, rough sleeping or sofa-surfing 0 50/0 identify as care leavers 0 570/0 identify as parents 150/0 identify as refugees or asylum seekers 12Q/o are 25 or under 0 23Q/o are 30 or under 0 40Q/o identify as female or non-binary 0 21 Q/0 had a criminal record 0 52Q/o identify as being from an ethnic minority background 1000/0 success rate of crowdfunding campaigns launched during the reporting period Page 2
The Beam Foundation Report of the Trustees for the Year Ended 31 May 2023 FINANCIAL REVIEW Financial review Over the reporting period, the Charity maintained reserves of over £100,000 of cash and cash equivalents at all times, a sum that the trustees consider adequate lo cover up to three years of operational expenses. In June 2021, the Trustees formally adopted a Reserves Policy to maintain reserves of over £100,000 of cash and cash equivalents at all times. This policy was applicable throughout the reF)Orting period. At the beginning of the period, the Charity had £1,142,762 of cash and cash equivalents. In the year to 31 May 2023, this means the net change in cash and cash equivalents of the Charity is £347,578 to the negative. The C8sh and cash equivalents as of 31 May 2023 is £795,184. Going Concern In making the assessment of the going concern, the Trustees have considered the drop in donation income for the period of 2022123 and have made appropriate arrangements lo address the COnmS arising to going concern in the short term. Therefore Trustees consider that it is appropriate to prepare the financial statements on a going concern basis, more detsils can be found in Note 2. Prlnclpal fundlng sources The Charity receives donations from the public which can be dedicated specifically to a particular campaign on the beam.org website, or can be donated to a general pool that is allocated lo campaigns fairly. The charity also reiVeS donations from corporations and trusts & foundations. In addition, donors can opt to fund specifically Beam Up Ltd operations {Ihe Tips"). Tips are remitted to Beam Up Ltd on a monthly basis, after deductions for the monthly cost of payment processing. Reserves policy At the end of the reporting period131 May 20231, the Charity had £656,258 in reslricled funds and £186,630 in unrestricted funds, being its free reserves. The unrestricted funds include gift aid claims which were not expressly directed towards campaign costs. Unrestricted funds are, in part, used to meet the operating expenses of the Charity. FUTURE PLANS Employees of Beam Up Ltd source beneficiaries on behalf of the Charity land seek lo offset the cost of delivering services for the Charity) through conlraclual partnerships with local authorities and central government. Having started in London, Beam Up Ltd now works in over 50 locations with Local Authorities and Central Government. We expect continued expansion throughout the UK In 2024. The Charity has experienced providing SLJPPOrt lo refugees among ils beneficiaries. including frorn Syria, Afghanistan. Eritrea and Ukraine. In 2024, the Charity is expected additionally lo start working with people in prison and prison leavers for the first time, in partnership with the Ministry of Justice. The Beam Foundation also anticipates growing and diversifying income from the core base of individual supporters. Primarily this will comprise trusts, foundations and corporate partnerships. Beam Up Ltd will be expanding a'community" team to source and manage new funder relationships. Due to our approach of radical transparency and excellence in impact measurement enabled by Beam Up Ltd's technology, we expect to be able to provide best in class reporting and relationship management to these funders. To support the work of partnering with more government bodies around the UK and service delivery, Beam Up Ltd has employed leaders. bid writers, partnerships managers, and account managers at no additional cost to the Charity or its donors. STRUCTURE, GOVERNANCE AND MANAGEMENT Charity constitution and governing document The Beam Foundation is a private company limited by guarantee incorporated in England and Wales. It is governed by ils Articles of Association, which were amended on 27 March 2023. Page 3
The Beam Foundation Report of the Trustees for the Year Ended 31 May 2023 STRUCTURE, GOVERNANCE AND MANAGEMENT Recruitment and appointment of new trustees New Trustees are appointed by resolution of the Board from suitable members of the community who have the skills the Board requires. The Trustees conducted a skills and experience analysis and have decided to augment the Board with new hires with specialisms in charity finances and charity govemance in 2023. The Trustees have found a new Trustee & Treasurer trustee lo be officially appointed in 2024 and the charity govemance trustee search will be postponed lo 2024. Organisational structure As highlighted above, the Ttustees delegate the specific casework and deployment of Charity funds to Beam Up Ltd, bul this is on close instruction and is monitored in quartedy status update meetings with CEO, Alex Stephany. These meetings are focussed on key metrics as described above Isuch as the number of people supported into workl as well as reports on safeguarding and risk in relation lo members and staff, new initiatives aligned to our Objects and also fundraising perfomance and financial reserves. The Charity does not employ any staff. Decision making The Charity is governed by its Articles of Association. The Trustees review activity in line with its Objects each quarter, as well as reviewing the risk register of the charity, any live safeguarding mallers, financial performance, operations and social impact as described above as well as attending lo any continuing to evolve the governance of the Charity to be proportionate and appropriate lo its size and complexity. Decisions are made in the quarterly Trustee meetings (video-conferen) by a simple majority and in the instance of a split vole the Chair (Dean Nashl has a casting vote. Induction and training of new trustees New Trustees are trained on relevant governance mallers and the nature of their duties Icoordinaled by our external advisors), the details and Servi levels of ils arrangements with Beam Up Ltd, and receive a quarterly update report on the key metrics of the Charity. In addition, Trustees have a focus on specific areas that match their background and expertise and build relationships with members of Beam Up Ltd in front-line casework, fvjndraising, finance and operations lo better understand the day-to-day work being delegated. Related parties The charity is administered by the company Beam Up Ltd. Beam Up Ltd charges Monthly Service Fees to the harity for the day-to-day SLJPPOrt costs and overheads that il incurs on behalf of the charity al below market osts, as described above. Further details are given in the notes lo these financial statements. REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number 10756127 IEngland and Wales) Registered Charity number 1181864 Reglstered offlce Senna Building Gorsuch Place London E2 8JF Page 4
The Beam Foundation Report of the Trustees for the Year Ended 31 May 2023 Trustees Ms A Appiah Ms S Jordan Mr D Nash Mr T Thomas None of the trustees has any beneficial interest in the company. All of the trustees are members ofthe company and guarantee to contribute £1 in the event of 8 winding up. Auditors Locke Williams Associates LLP Chartered Aecounlanls Registered Auditors clo Blackthorn House St Pauls Square Birmingham West Midlands B3 1RL Advisers and bankers The Charity's solicitors are Slaughter & May LLP of One Bunhill Row, London, EC1 Y 8YY. The Charity banks with Natwesl through a Business Account and has a Wise plc Business Account for day to day operational expenses. STATEMENT OF TRUSTEES. RESPONSIBILITIES The Iruslees (who are also the directors of The Beam Foundation for the purposes of company lawl are responsible for preparing the Report of the Trustees and the financial statements in accordan with applicable law and United Kingdom Accounting Standards Iuniled Kingdom Generally ACpted Accounting Practi} including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" Company law requires the trustees lo prepare financial statements for each financial year which give a true and fair view of the slate of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial slatemenls, the Iruslees are required to select suitable accounting policies and then apply them consistently., observe the methods and principles in the Charity SORP., make judgements and eslimales that are reasonable and prudent., prepare the financial statements on the going concern basis unless it is inappropriate to presume that the haritable company will continue in business. The Iruslees a responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable eompany and to enable them to ensu 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. In so far as the trustees are aware.. there is no relevant audit information of which the charitable company's auditors are unaware., and the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and lo establish that the auditors are aware of that information. Page 5
The Beam Foundation Report of the Trustees for the Year Ended 31 May 2023 AUDITORS The auditors, Locke Williams Associates LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting. Approved by order of the board of trustees on 6 February 2024 and signed on its behalf by.. Mr D Nash - Trustee Page 6
LOCKEWILLIAMS -• ASSOCIATES LLP Report of the Independent Audltors to the Trustees of The Beam Foundation Opinion We have audited the financial statements of The Beam Foundation Ilhe 'charilable company'l for the year ended 31 May 2023 which comprise the Statement of Financial Aclivilies, the Balance Sheet, the Cash Flow statement and notes lo the financial slalements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland,. In our opinion the financial statements.. give a true and fair view of the slate of the charitable company's affairs as at 31 May 2023 and of ils Incoming resources and application of reSoUrs, including Ils income and expenditure, for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted AccoLJnting Practice, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant lo our audit of the financial statements in the UK, including the FRC'S Ethical Stsndard, and the provisions available for small entities, in the circumstances set out in note 16 to the fi'nancial statements, and we have fulfilled our other ethical responsibilities in accord8nce with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Conclusions relating to going Concern In auditing the fi'nancial slalemenls, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfomied, we have not identified any material uncertainties relating lo events or conditions that, individually or collectively, may cast signifi'cant doubt on the charitable company's ability to continue as a going concern for a period of at least e1ve months from when the financial slalemenls are aulhorised for issue. Our responsibilities and the responsibilities of the trustees with respect lo going concern are described in the relevant sections of this report. Other information The trustees are responsible for the other information. The other information comprises the information Included in the Annual Report, other than the financial stslemenls and our Report of the Independent Auditors Ihereon. Our opinion on the financial stslements dS not cover the other Infomialion and, expt lo the extent otherwise explicitly stated in our report, we do not express any form of assLJrance conclusion thereon. In connection with our audit of the financial slatemenls, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required lo determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclLJde that there is a material misstalemenl of this other information, we are required lo report that facL We have nothing to report in this [ard. Page 7
Report of the Independent Auditors to the Trustees of The Beam Foundation Matters on which we are required to report by exception We have nothing lo report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report lo you if, in our opinion.. the information given in the Report of the Trustees is inconsislenl in any material respect with the financial slalements., or the charitable company has not kept adequate accounting records., or the financial statements are not in agreement with the accounting records and returns., or we have not received all the information and explanations we require for our audit. Responsibilities of trustees As explained more fully in the Statement of Trustees. Responsibilities, the trustees (who are also the directors of the Charitable company for the purposes of company lawl are responsible for the preparation of the financial slalements and for being satisfied that they give a true and fair view, and for such internal control as the Iruslees determine Is necessary lo enable the preparation of financial statements that are free from material misstslement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability lo continue as a going concern, disclosing, as applicable. mallers related to going concem and using the going concern basis of accounting unless the trLJStees either intend to liquidate the charitable company or lo cease operations, or have no realistic alternative but to do so. Our responslbllltles for the audlt of the flnanclal statements We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordan with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misslatemenl, whether due lo fraud or error, and lo issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assuonce, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstatement when il exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected lo influence the economic decisions of users taken on the basis of these financial ststemenls. The exlenl to which our procedures are capable of detecting irregularities, including fraud is detailed below.. Irregularities are instsnces of non-compliance with laws and regulations. The objectives of our audit are to obtain sufficient appropriate audit evidence regarding compliance with laws and regulations that have a direct effect on the detemiination of material amounts and disclosures in the financial stalemenls, lo perform audit procedures lo help identify instances of non-compliance with other laws and regulations that may have a material effect on the financial slalements, and to respond appropriately to identified or suspected non- compliance with laws and regulations identified during the audit. In relation to fraud, the objectives of our audit are to identify and assess the risk of material misstatement of the financial statements due lo fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due lo fraud through designing and implementing appropriate responses and to respond appropriately to fraud or suspected fraud identified during the audit. However, it is the primary responsibility of management, with the oversight of those charged with governance, lo ensure that the charity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud. Page 8
Report of the Independent Auditors to the Trustees of The Beam Foundation In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, we.. obtained an understanding of the nature of the sector, including the legal and regulatory frameworks that the charity operates in and how the charity is complying with the legal and regulatory frameworks., inquired of management, and those charged with governance, about their own identification and assessment of the risks of irregularities, including any known actual, suspected or alleged instances of fraud., discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be SUSptib1e lo fraud. As a result of these procedures we consider the most significant laws and regulations that have a direct impact on the financial statements are the Companies Act 2006. the Charities Act 2011, the Charities SORP IFRS 1021, the charity's governing document and UK tax legislation. We performed audit proTrdures lo detect non- compliance which may have a material impact on the financial statements which included reviewing the financial statements including the Trustees, Report, remaining alert to new or unusual transactions which may not be in accordan with the governing documents, inspecting Corresponden and evaluating any advice received from external advisors where necessary. We also addressed the risk of management override of internal controls, including testing joumals and hecking the authorisalion of expenditure as part of our substantive testing, using analytical review to identify any significant or unusual transactions and evaluating whether there was evidence of bias by the Iruslees that represented a risk of material misstatement due lo fraud. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website al www.frc.org.uklaudilorsresponsibilities. This description forms part of our Report of the Independent Auditors. Use of our report This report is made solely to the charitable company's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we Might slate lo the chari18ble company's Iruslees those matters we are required to slate to them in an auditors, report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitsble company's trustees as a body, for our auditwork, for this report, or for the opinions we have formed. Locke Williams Associates LLP Chartered Accounlanls Registered Auditors Eligible lo act as an auditor in temis of Section 1212 of the Companies Act 2006 clo Blackthorn House st Pauls Square Birmingham West Midlands B3 1RL Date. 0710212024 TRUSTED ACCOUNTING SOLufsoNS ICAEW CHARTERED ACCQUNTANTS Pty5teredth ErrXlw K¥r1M¥Wlif£AOA TEP 'Page 9 T all ?1 MP info@lockewilliams.com vThvw.lockewilliam3.com
The Beam Foundation statement of Financial Activities Ilncorporating an Income and Expenditure Account) for the Year Ended 31 May 2023 31.5.23 Total funds 31.5.22 Total funds Unrestricted fund Reslricled fund Notes INCOME AND ENDOWMENTS FROM Donations and legacies 97.349 924.669 1.022.018 1,175,774 Other income 2.908 2,908 Total 100.257 924.669 1.024.926 1,175,774 EXPENDITURE ON Charitable activities Charitable activities 1,265,209 1,265,209 759,421 Other 59.072 68,644 Total 1265 209 1324 281 828,065 NET INCOMEIIEXPENDITUREI 41,185 1340,5401 1299,3551 347,709 RECONCILIATION OF FUNDS Totsl funds brought forward 145,445 996,798 1,142,243 794,534 TOTAL FUNDS CARRIED FORWARD 186,630 656,258 842,888 1,142,243 CONTINUING OPERATIONS All income and expenditure has arisen from continuing aclivilies. The notes form part of these financial statements Page10
The Beam Foundation (Registered number: 107561271 Balance Sheet 31 May 2023 31.5.23 31.5.22 Notes CURRENT ASSETS Debtors Cash al bank and in hand 58.269 794.184 30,788 1,141,761 852,453 1,172,549 CREDITORS Amounts falling due within one year 12 {9.5651 130,3061 NET CURRENT ASSETS 842 888 1,142,243 TOTAL ASSETS LESS CURRENT LIABILITIES 842,888 1,142,243 NET ASSETS 842,888 1, 142,243 FUNDS Unrestricted funds Restricted funds 14 186,630 656,258 145,445 996,798 TOTAL FUNDS 842,888 1,142,243 The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023. The members have not deposited notice, pursuant to Section 476 of the Companies Act 2006 requiring an audit of these financial sl8temenls. The trustees acknowledge their responsibilities for lal ensuring that the charitable company keeps accounts'ng records that comply with Sections 386 and 387 of the Companies Act 2006 and Ibl preparing financial statements which give a true and fair view of the stste of affairs of the charitsble company as at the end of each financial year and of ils surplus or deficit for each financial year in accordan with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating lo financial ststements, so far as applicable lo the charitable company. These financial stslemenls have been audited under the requirements of Section 145 of the Charities Act 2011. These financial statements have been prepared in accordance with the provisions applicable lo charitable companies subject to the small companies regime. The financial slalemenls were approved by the Board of Trustees and aulhorised for issue on 6 February 2024 and were signed on ils behalf by.. Mr D Nash - Trustee The notes form part of these financial statements Page11
The Beam Foundation Cash Flow Statement for the Year Ended 31 May 2023 31.5.23 31.5.22 Notes Cash flows from operating activities Cash generated from operations 17 347.577) 302,488 Net cash (used inllprovided by operating activities 347 577) 302,488 Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period 1347.577) 302,488 1,141,761 839,273 Cash and cash equivalents at thg end of the reporting period 794,184 1,141,761 The notes form part of these financial statements Page12
The Beam Foundation Notes to the Financial Statements for the Year Ended 31 May 2023 CHARITY INFORMATION The Beam Foundation is a private company limited by guarantee incorporated in England and Wales. The registered office is Senna Building Gorsuch Place CIO Wework London E2 8JF. ACCOUNTING POLICIES Basis of preparing the financial statements The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared In accordance with the Charities SORP IFRS 1021 'Accounling and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffective 1 January 20191,, Financial Reporting Standard 102 '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 financial statements are prepared in sterfing, which is the functional currency of the charity. Monetary amoLJnts in these financial statements are rounded to the nearest £. Going concem The Trustees consider that il is appropriate to prepare the financial statements on a going concern basis. The going concern assumption is based on two main initiatives". a new Business Plan commencing in January 2024 and foming a strategic short-lerm revolving loan facility. The short-lerm revolving loan facility will be used only when required and will mostly focus on supporting activities of the charity in 2024. A new Business Plan commencing January 2024 is focusing on expansion throughout the UK in 2024 and growing and diversifying income through a core base of individual supporters, such as". trusts, foundations and corporate partnerships. More focus will also be given towards growing platform Beam for Companies, allowing companies to support a certain number of people via monthly donations. As a result of all the above the Trustees consider the going concern basis to be appropriate. Income All income is recognised in the Statement of Financial Activities once the charity has entitlement lo the funds, il is probable that the income will be received and the amount can be measured reliably. Cash donations are recognised on reipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation lo donations received under Gift Aid or deeds of covenant is recognised at the lime of the donation. The Beam Foundation operates a 1000/y giving model, where the entirely of a donation towards a campaign goes to the person being supported. Salaries and overheads are not paid out of these donations. All such donations are treated as restricted income. However donors are asked al the point of their donation to make an additional contribution, of an additional 50/0 to 50'/o, towards the support costs of the charity. Any amount of additional donation made in this way Is treated as unreslricled income. Income received from Gift Aid claims is accounted for as unrestricted income in its entirety, since al the time of donation, only the donation amount itself is expressly directed towards campaign costs with no such expression in respect of any Gift Aid claim that might be possible. Accordingly, since the donors have not specified otherwise, the treatment of Gift Aid income as unrestricted is considered to be in accordance with the Charities SORP. Page13
The Beam Foundation Notes to the Financial Statements - continued for the Year Ended 31 May 2023 ACCOUNTING POLICIES - contlnued Expenditure Liabilities are recognised as expenditure as soon as there is a legal orconstruclive obligation committing the charity to that expenditure, il 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 lo the category. Vlfftere costs cannot be directly allribuled lo particular headings they have been allocated lo activities on a basis consistent with the use of reSoUrs. Expenses include VAT where applicable as the company cannot reclaim It. Allocation and apportionment of costs Direct costs of the charity are those incurred to direclty support people to gel new jobs and homes. Expenditure Includes training and equipment for employment, accommodation and housing costs and hildcare. All direct costs are paid out of donations made towards campaigns. SupFX)rt costs are those essential costs that assist with the day-104ay work of the Beam Foundation, but do not directly represent campaign expenditure and include office costs, govemance costs and other administrative costs. The majority of support costs are borne directly by Beam Up Ltd and are passed onto the charity through a monthly management charge which is equivalent to the support costs donations received each month. Governance costs comprise costs for the running of the Charity itself as an organisation. Taxation The charity is registered with the Charity Commission and under the provisions of Section 478 Corporation Tax Act 2010, is exempl from liability lo taxation on its charitable activities. Financial instruments The Charity only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. These basic financial instruments include debtors and creditors, receivable or payable within one year and with no with slated interest rate. Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original malurilies of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. Fund accounting Unrestricted funds can be used in accordance with the charitable objectives al the discretion of the Iruslees. Reslricled funds can only be used for particular restricted purposes within the objects of the charity. Reslriclions 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 lo the financial statements. Page 14
The Beam Foundation Notes to the Financial Statements - continued for the Year Ended 31 May 2023 DONATIONS AND LEGACIES 31.5.23 31.5.22 Donations Gift aid Grants 870.710 93.308 58.000 1,040,087 105,687 30,000 1022 018 1,175,774 Grants received, included in the above, are as follows.. 31.5.23 31.5.22 Banham Foundation London Hostels Association LandAid 30,000 29,000 29,000 58,000 30,000 CHARITABLE ACTIVITIES COSTS Direct Costs (see note 51 Charitable activities 1,265,209 DIRECT COSTS OF CHARITABLE ACTIVITIES 31.5.23 31.5.22 Courses Travel IT sofbN8re and equipment Equipment Childcare Accommodation Other expenditure 132,151 44,738 147,885 69,921 73,450 783,330 157,460 41,171 135,381 47,534 33,929 336,686 7,260 1,265,209 759,421 Page15
The Beam Foundation Notes to the Financial Statements - continued for the Year Ended 31 May 2023 SUPPORT COSTS Goveman costs Management Totals Other reSoUrS expended 56.462 2.610 59.072 Support costs, included in the above, are as follows.. 31.5.23 Other resources expended 31.5.22 Total activities Sundries Management overhead Accountancy Bank fees Software costs Auditors, remuneration 673 60,019 2,400 332 1,680 54,950 454 1,050 59,072 68,644 NET INCOMEIIEXPENDITUREI Net incomellexpenditure) is slated after chargingllcreditingl.. 31.5.23 31.5.22 Auditors, remuneration 3,540 TRUSTEES. REMUNERATION AND BENEFITS There were no Iruslees, remuneration or other benefits for the year ended 31 May 2023 nor for the year ended 31 May 2022. Trustees. expenses There were no trustees, expenses paid for the year ended 31 May 2023 nor for the year ended 31 May 2022. STAFF COSTS There were no employees during the year. Page16
The Beam Foundation Notes to the Financial Statements - continued for the Year Ended 31 May 2023 10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unreslricled fund Restricted fund Total fvnds INCOME AND ENDOWMENTS FROM Donations and legacies 49,609 1,126,165 1,175,774 EXPENDITURE ON Charitable activities Charitable activities 759,421 759,421 Other 68,644 68,644 Total 68,644 759,421 828.065 NET INCOMEIIEXPENDITUREI 119,0351 366,744 347,709 RECONCILIATION OF FUNDS Total funds brought forward 164,480 630,054 794.534 TOTAL FUNDS CARRIED FORWARD 145,445 996,798 1,142,243 11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.5.23 31.5.22 Trade debtors Other debtors Prepayments and accrued income 1,037 50,097 22,097 8,691 12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.5.23 31.5.22 Tode creditors Accruals and deferred income 3,41 S 26,766 3,540 30,306 Page17
The Beam Foundation Notes to the Financial Statements - continued for the Year Ended 31 May 2023 13. ANALYSIS OF NET ASSETS BETWEEN FUNDS 31.5.23 Total funds 31.5.22 Total funds Unrestricted Restricted fund fund Current assets Current liabilities 196,195 9.565} 656.258 852.453 9.565) 1,172,549 30,3061 186.630 656.258 1,142,243 14. MOVEMENT IN FUNDS Net movement in funds Al 31.5.23 At 1.6.22 Unrestricted funds General fund 145,445 41.185 186.630 Restricted funds Restricted 996,798 1340,540} 656,258 TOTAL FUNDS 1,142,243 299,355} 842,888 Net movement in funds, included in the above are as follows.. Incoming resourTrs Resources expended Movement in funds Unrestricted funds General fund 100,257 159,072) 41,185 Restricted funds Restricted 924,669 {1,265,209) 1340,540) TOTAL FUNDS 1,024,926 1 324,281) 299,355) Comparatives for movement in funds Net movement in funds At 31.5.22 At 1.6.21 Unrestricted funds General fund 164,480 119,035) 145,445 Restricted funds Restricted 630,054 366,744 996.798 TOTAL FUNDS 794 534 347 709 1,142 243 Page18
The Beam Foundation Notes to the Financial Statements - continued for the Year Ended 31 May 2023 14. MOVEMENT IN FUNDS- contlnued Comparative net movement in funds, included in the above are as follows.. Incoming reSoUrS Resources expended Movement in funds Unrestricted funds General fund 49,609 168,6441 119,0351 Restricted funds Restricted 1,126,165 1759,4211 366,744 TOTAL FUNDS 1,175,774 828,0651 347,709 The Restricted fund reflects the overall balance on individual campaign donations reiVed after expenditure incurred in the reporting period. 100'/o of these funds will be directly expended in furtherance of SUPFX)rting individual people. 15. RELATED PARTY DISCLOSURES During the year the Charity entered into the following transactions with related parties.. Beam Up Ltd 2023 2022 Recharge of management charge and overheads 54,950 60,018 Amounts owed at 31 May 9,901 Beam Up Ltd is a company controlled by Alex Stephany who is also a member of key management personnel of the Charity. 16. FRC ETHICAL STANDARD- PROVISIONS AVAILABLE FOR SMALL ENTITIES In common with many other businesses of our size and nature we use our auditors lo prepare and submit returns to the lax authorities and assist with the preparation of the financial stalemenls. 17. RECONCILIATION OF NET {EXPENDITUREyINCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES 31.5.23 31.5.22 Net lexpenditurellincome for the reporting period las per the Statement of Financial Activities) Adjustments for: Increase in debtors Decrease in creditors 1299,355) 347,709 {27,4811 20,741 114,1391 31,0821 Net cash Iusod in}Iprovided by operations 347.577) 302,488 Page19
The Beam Foundation Notes to the Financial Statements - continued for the Year Ended 31 May 2023 18. ANALYSIS OF CHANGES IN NET FUNDS Al 1.6.22 Cash flow At 31.5.23 Net cash Cash al bank and in hand 1,141.761 347.577 794,184 1141761 347 $77 794 184 Total 1141761 347 577 794 184 Page 20