REGISTERED COMPANY NUMBER: 10756127 (England and Wales) REGISTERED CHARITY NUMBER: 1181864
Report of the Trustees and
Financial Statements
for the Year Ended 31 May 2024
for
The Beam Foundation
Locke Williams Associates LLP Chartered Accountants Registered Auditors c/o Blackthorn House St Pauls Square Birmingham West Midlands B3 1RL
The Beam Foundation
Contents of the Financial Statements for the Year Ended 31 May 2024
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 5 |
| Report of the Independent Auditors | 6 | to | 9 |
| Statement of Financial Activities | 10 | ||
| Balance Sheet | 11 | to | 12 |
| Cash Flow Statement | 13 | ||
| Notes to the Financial Statements | 14 | to | 22 |
| Detailed Statement of Financial Activities | 23 |
The Beam Foundation
Report of the Trustees for the Year Ended 31 May 2024
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 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
During the period, the charity's objects were the relief of poverty, for the public benefit. This is including but 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 trustees think fit, including by:
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(A) providing assistance to find employment;
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(B) funding including by means of crowdfunding, educational courses and training aimed to help individuals find employment;
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(C) promoting financial security through education and employment; and
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(D) providing and evaluating services to such individuals which directly or indirectly prevent, relieve, reduce or end their homelessness.
Significant activities
The Charity achieves its objects in two main ways. Firstly, the Charity uses funds raised on its behalf by Beam Up Ltd, including from its crowdfunding website at beam.org, to 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.
Secondly, the Charity contracts Beam Up Ltd to deliver casework services to its beneficiaries at a cost significantly below the cost of directly employing caseworkers. The total Monthly Service Fees for the reporting period totalled £40,484.
Beam Up Ltd is staffed by specialists in the type of casework relevant to our members as well as fundraising experts and is led by its CEO, Alex Stephany, from whom the Charity receives a quarterly service level update on the key metrics that are delegated to 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 at Thames Reach, Turning Point and NHS England.
Public benefit
The trustees have paid due regard to 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 2024
ACHIEVEMENT AND PERFORMANCE
Fundraising
The Charity generated income of £1,302,230 for the year (27% higher than the previous year due to the partnership with Beam Up) generated from donations (including Gift Aid), and grants. Approximately 2,478 members of the public donated to the Charity in the year as well as 25 companies and 12 trusts and foundations.
Within the reporting period, 1,029 people launched crowdfunding campaigns on beam.org. Using an algorithm that allocates monthly donations to campaigns, Beam Up Ltd continued in this reporting period to ensure that every campaign was fully funded.
With respect to grants, a total of £341,250 was received during the year, with the following details: £75,000 from The Permira Foundation, £100,000 from Mail Force Charity, £45,000 from Coventry Building Society, £65,000 from the National Lottery, £6,250 from Glasspool Charity Trust and £50,000 from Leo Lion Foundation.
The Charity has also provided corporate giving through an innovative feature built by Beam Up Ltd called "gift cards", 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 to 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 it views as costly to 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 demonstrating significant improvements from last year's reporting period, demonstrating the success and sustainability of the Charity's model)
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347 beneficiaries were supported to work
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446 beneficiaries were supported into stable housing
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110 completed a programme of work in our contracts with Central Government (primarily the Department of Work & Pensions)
Demographic background of beneficiaries
Of the total 963 beneficiaries referred within the reporting period:
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3% identified as rough sleepers
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60% were in Temporary Accommodation, rough sleeping or sofa-surfing
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8% identify as care leavers
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62% identify as parents
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27% identify as refugees or asylum seekers
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o 18% are 25 or under o 34% are 30 or under
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52% identify as female or non-binary
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o 13% had a criminal record
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52% identify as being from an ethnic minority background
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100% success rate of crowdfunding campaigns launched during the reporting period
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The Beam Foundation
Report of the Trustees for the Year Ended 31 May 2024
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 to 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 reporting period.
At the beginning of the period, the Charity had £795,184 of cash and cash equivalents. In the year to 31 May 2024, this means the net change in cash and cash equivalents of the Charity is £602,921 to the negative. The cash and cash equivalents as of 31 May 2024 is £192,263.
Going Concern
In making the assessment of the going concern, the Trustees have considered the drop in donation income and higher costs due to the cost of living crisis for the period of 2023/24 and have made appropriate arrangements to simplify its outgoings. Therefore, the Trustees consider that it is appropriate to prepare the financial statements on a going concern basis, more details can be found in Note 2.
Principal funding 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 to campaigns fairly.
In addition, donors can opt to fund specifically Beam Up Ltd operations (the "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 period (31 May 2025), the Charity had £(523,509) in restricted funds and £210,140 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.
Funds in deficit
The restricted funds are in deficit at 31 May 2024, at £523,509. This is funded by way of the loan from Beam Up Ltd. More details of this loan can be found in Note 13 and Note 20.
FUTURE PLANS
The Trustees will continue reviewing its supplier relationships and potential fundraising methods to ensure the continued alignment of the charity's best interests. The Trustees will assess the feasibility, sustainability, and compliance implications of any new fundraising models while maintaining a prudent approach to financial stewardship.
At present, the Trustees intend to continue operating within the existing fundraising framework (but have recently made simplifications to the website donation page) and do not anticipate any material expansion of the charity's operational scope in the foreseeable future.
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 its Articles of Association, which were amended on 27 March 2023.
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 have decided to postpone the analysis and review to 2025 as currently the Trustees have all required skills the Board needs.
Organisational structure
As highlighted above, the Trustees delegate the specific casework and deployment of Charity funds to Beam Up Ltd, but this is on close instruction and monitoring in a quarterly status update meeting with their CEO, Alex Stephany, focussed on key metrics (such as the number of people into work), as described above as well as reports on safeguarding and risk in relation to members and staff, new initiatives aligned to our Objects and also fundraising performance and financial reserves. The Charity does not employ any staff.
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The Beam Foundation
Report of the Trustees for the Year Ended 31 May 2024
STRUCTURE, GOVERNANCE AND MANAGEMENT
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 matters, financial performance, operations and social impact as described above as well as attending to any continuing to evolve the governance of the Charity to be proportionate and appropriate to its size and complexity.
Decisions are made in the quarterly Trustee meetings (video-conference) by a simple majority and in the instance of a split vote the Chair (Dean Nash) has a casting vote.
Induction and training of new trustees
New Trustees are trained on relevant governance matters and the nature of their duties (coordinated by our external advisors), the details and service levels of its 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, fundraising, finance and operations to 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 charity for the day-to-day support costs and overheads that it incurs on behalf of the charity at below market costs, as described above. Further details are given in the notes to these financial statements.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number
10756127 (England and Wales)
Registered Charity number
1181864
Registered office
Senna Building Gorsuch Place London E2 8JF
Trustees
Ms A Appiah Ms S Jordan Mr D Nash Mr T Thomas Ms M Kenzhebaeva Chief Finance Officer (appointed 10.10.23)
None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.
Auditors
Locke Williams Associates LLP Chartered Accountants Registered Auditors c/o Blackthorn House St Pauls Square Birmingham West Midlands B3 1RL
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The Beam Foundation
Report of the Trustees for the Year Ended 31 May 2024
REFERENCE AND ADMINISTRATIVE DETAILS
Advisers and bankers
The Charity's solicitors are Lester Aldridge LLP of Russell House, Oxford Road, Bournemouth, BH8 8EX
The Charity banks with NatWest through a Business Account and has a Wise plc Business Account for day to day operational expenses.
EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The trustees (who are also the directors of The Beam Foundation for the purposes of company law) 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) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
Company law 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 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 statements, the trustees are required to
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charity SORP;
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make judgements and estimates that are reasonable and prudent;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company 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 charitable company and to enable them 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.
In so far as the trustees are aware:
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there is no relevant audit information of which the charitable company's auditors are unaware; and
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the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.
AUDITORS
The auditors, Locke Williams Associates LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.
17 February 2025
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
Dean Nash
Dean Nash (Feb 17, 2025 12:02 GMT) .................................................................
Mr D Nash - Trustee
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Report of the Independent Auditors to the Trustees of The Beam Foundation
Opinion
We have audited the financial statements of The Beam Foundation (the 'charitable company') for the year ended 31 May 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, 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'.
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In our opinion the financial statements:
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give a true and fair view of the state of the charitable company's affairs as at 31 May 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'; and
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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 (UK) (ISAs (UK)) 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 to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and the provisions available for small entities, in the circumstances set out in note 18 to the financial statements, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Material uncertainty related to going concern
In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
We draw attention to the Statement of Financial Activates, the Balance Sheet and Note 2 to the financial statements, which indicates that the charity had negative reserves of £313,369 at the balance sheet date. As stated in note 2, these events or conditions, along with other matters set forth in note 14 and note 19, indicate that a material uncertainty exists at the balance sheet date that may cast significant doubt on the charity's ability to continue as a going concern. Our opinion is not modified in this respect of this matter.
Our responsibilities and the responsibilities of the trustees with respect to 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 statements and our Report of the Independent Auditors thereon.
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, 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 to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
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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 to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
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the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or
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the charitable company has not kept adequate accounting records; or
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the financial statements are not in agreement with the accounting records and returns; or
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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 law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
Page 7
Report of the Independent Auditors to the Trustees of The Beam Foundation
Our responsibilities for the audit of the financial statements
We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance 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 misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Irregularities are instances 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 determination of material amounts and disclosures in the financial statements, to perform audit procedures to help identify instances of non-compliance with other laws and regulations that may have a material effect on the financial statements, 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 to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to 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, to 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.
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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
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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
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- fraud;
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discussed matters about non-compliance with laws and regulations and how fraud might occur
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including assessment of how and where the financial statements may be susceptible to 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 (FRS 102), the charity's governing document and UK tax legislation. We performed audit procedures to 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 accordance with the governing documents, inspecting correspondence and evaluating any advice received from external advisors where necessary.
We also addressed the risk of management override of internal controls, including testing journals and checking the authorisation 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 trustees that represented a risk of material misstatement due to fraud.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.
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Report of the Independent Auditors to the Trustees of The Beam Foundation
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 state to the charitable company's trustees those matters we are required to state 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 charitable company's trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Locke Williams Associates LLP Chartered Accountants Registered Auditors Eligible to act as an auditor in terms of Section 1212 of the Companies Act 2006 c/o Blackthorn House St Pauls Square Birmingham West Midlands B3 1RL 17 February 2025 Date: .............................................
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The Beam Foundation
Statement of Financial Activities (Incorporating an Income and Expenditure Account) for the Year Ended 31 May 2024
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies 3 Other income Total EXPENDITURE ON Charitable activities 4 Charitable activities Other Total NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
31.5.24 Unrestricted Restricted Total fund fund funds £ £ £ 68,362 1,231,897 1,300,259 1,971 - 1,971 70,333 1,231,897 1,302,230 - 2,411,664 2,411,664 46,823 - 46,823 46,823 2,411,664 2,458,487 23,510 (1,179,767) (1,156,257) 186,630 656,258 842,888 210,140 (523,509) (313,369) |
31.5.23 Total funds £ 1,022,018 2,908 1,024,926 1,265,209 59,072 1,324,281 (299,355) 1,142,243 842,888 |
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CONTINUING OPERATIONS
All income and expenditure has arisen from continuing activities.
The notes form part of these financial statements
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The Beam Foundation (Registered number: 10756127)
Balance Sheet 31 May 2024
| Notes CURRENT ASSETS Debtors 11 Cash at bank and in hand CREDITORS Amounts falling due within one year 12 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS Amounts falling due after more than one year 13 NET ASSETS FUNDS 16 Unrestricted funds Restricted funds TOTAL FUNDS |
31.5.24 £ 130,289 191,263 321,552 (34,921) 286,631 286,631 (600,000) (313,369) 210,140 (523,509) (313,369) |
31.5.23 £ 58,269 794,184 852,453 (9,565) 842,888 842,888 - 842,888 186,630 656,258 842,888 |
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The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.
The members have not deposited notice, pursuant to Section 476 of the Companies Act 2006 requiring an audit of these financial statements.
The trustees acknowledge their responsibilities for
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(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
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(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
These financial statements have been audited under the requirements of Section 145 of the Charities Act 2011.
The notes form part of these financial statements
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The Beam Foundation (Registered number: 10756127)
Balance Sheet - continued 31 May 2024
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by: 17 February 2025
Dean Nash
Dean Nash (Feb 17, 2025 12:02 GMT)
............................................. Mr D Nash - Trustee
The notes form part of these financial statements
Page 12
The Beam Foundation
Cash Flow Statement for the Year Ended 31 May 2024
| Notes Cash flows from operating activities Cash generated from operations 20 Net cash used in operating activities Cash flows from financing activities New loans in year Net cash provided by financing activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period |
31.5.24 £ (1,202,921) (1,202,921) 600,000 600,000 (602,921) 794,184 191,263 |
31.5.23 £ (347,577) (347,577) - - (347,577) 1,141,761 794,184 |
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The notes form part of these financial statements
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The Beam Foundation
Notes to the Financial Statements for the Year Ended 31 May 2024
1. 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, C/O Wework, London, England, E2 8JF.
2. 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 (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 Companies Act 2006. The financial statements have been prepared under the historical cost convention.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
Going concern
At the balance sheet date, the charity had negative reserves of £313,369, however the Trustees consider that it is appropriate to prepare the financial statements on a going concern basis. The going concern assumption is based on the fact that the short-term revolving loan facility from Beam Up Ltd, under which no repayments were made, formed at the beginning of 2024 was drawn down and fully forgiven in December 2024. Moreover, the Charity has very little overhead and operating costs to fund its operations, which minimises the risks even further. The short-term revolving loan facility has supported the charity during this period, and the charity has sufficient cash balance above the Reserves Policy to sustain itself over a more than 12 months period of time. The Trustees will continue exploring fundraising options to ensure an efficient operation of the Charity's model.
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.
Cash donations are recognised on receipt. 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 to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
The Beam Foundation operates a 100% giving model, where the entirety 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 at the point of their donation to make an additional contribution, of an additional 5% to 50%, towards the support costs of the charity. Any amount of additional donation made in this way is treated as unrestricted income.
Income received from Gift Aid claims is accounted for as unrestricted income in its entirety, since at 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.
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The Beam Foundation
Notes to the Financial Statements - continued for the Year Ended 31 May 2024
2. ACCOUNTING POLICIES - continued
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. 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 directly support people to get new jobs and homes. Expenditure includes training and equipment for employment, accomodation and housing costs and childcare. All direct costs are paid out of donations made towards campaigns.
Support costs are those essential costs that assist with the day-to-day work of the Beam Foundation, but do not directly represent campaign expenditure and include office costs, governance 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 exempt from liability to 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 stated 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 maturities 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 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.
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The Beam Foundation
Notes to the Financial Statements - continued for the Year Ended 31 May 2024
3. DONATIONS AND LEGACIES
| Donations Gift aid Grants Grants received, included in the above, are as follows: London Hostels Association LandAid The Permira Foundation Mail Force Charity Coventry Building Society National Lottery Glasspool Charity Trust Leo Lion Foundation 4. CHARITABLE ACTIVITIES COSTS Charitable activities 5. DIRECT COSTS OF CHARITABLE ACTIVITIES Courses Travel IT software and equipment Equipment Childcare Accomodation Other expenditure |
31.5.24 £ 877,176 81,833 341,250 1,300,259 31.5.24 £ - - 75,000 100,000 45,000 65,000 6,250 50,000 341,250 31.5.24 £ 80,362 33,902 115,397 13,991 28,379 1,731,316 408,317 2,411,664 |
31.5.23 £ 870,710 93,308 58,000 1,022,018 31.5.23 £ 29,000 29,000 - - - - - - 58,000 Direct Costs (see note 5) £ 2,411,664 31.5.23 £ 132,151 44,738 147,885 69,921 73,450 783,330 13,734 1,265,209 |
|---|---|---|
Page 16
The Beam Foundation
Notes to the Financial Statements - continued for the Year Ended 31 May 2024
6. SUPPORT COSTS
| Governance Management costs £ £ Other resources expended 43,223 3,600 Support costs, included in the above, are as follows: 31.5.24 Other resources expended £ Sundries 1,408 Management overhead 40,484 Bank fees 252 Software costs 1,079 Auditors' remuneration 3,600 46,823 |
Totals £ 46,823 |
|---|---|
| 31.5.23 Total activities £ 8 54,950 454 1,050 2,610 |
|
| 59,072 |
7. NET INCOME/(EXPENDITURE)
| Net income/(expenditure) is stated after charging/(crediting): | ||
|---|---|---|
| 31.5.24 | 31.5.23 | |
| £ | £ | |
| Auditors' remuneration | 3,600 | 2,610 |
8. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 May 2024 nor for the year ended 31 May 2023.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 May 2024 nor for the year ended 31 May 2023.
9. STAFF COSTS
There were no employees during the year.
Page 17
The Beam Foundation
Notes to the Financial Statements - continued for the Year Ended 31 May 2024
| 10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted fund £ INCOME AND ENDOWMENTS FROM Donations and legacies 97,349 Other income 2,908 Total 100,257 EXPENDITURE ON Charitable activities Charitable activities - Other 59,072 Total 59,072 NET INCOME/(EXPENDITURE) 41,185 RECONCILIATION OF FUNDS Total funds brought forward 145,445 TOTAL FUNDS CARRIED FORWARD 186,630 11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade debtors Other debtors Prepayments and accrued income |
Restricted fund £ 924,669 - 924,669 1,265,209 - 1,265,209 (340,540) 996,798 656,258 31.5.24 £ 1,037 126,529 2,723 130,289 |
Total funds £ 1,022,018 2,908 1,024,926 1,265,209 59,072 1,324,281 (299,355) 1,142,243 842,888 31.5.23 £ 1,037 50,097 7,135 58,269 |
||
|---|---|---|---|---|
Page 18
The Beam Foundation
Notes to the Financial Statements - continued for the Year Ended 31 May 2024
| 12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade creditors Accruals and deferred income 13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR Other loans (see note 14) 14. LOANS An analysis of the maturity of loans is given below: Amounts falling between one and two years: Other loans - 1-2 years |
31.5.24 £ 31,321 3,600 34,921 31.5.24 £ 600,000 31.5.24 £ 600,000 |
31.5.23 £ 3,415 6,150 |
|
|---|---|---|---|
| 9,565 | |||
| 31.5.23 £ - |
|||
| 31.5.23 £ - |
The Beam Foundation has received a loan of £600,000 at 31 May 2024, out of a full loan facility of £1,000,000, from Beam Up Ltd. The loan is interest free and unsecured. The Beam Foundation may repay part or all of the loan at any time. Further details in regard to this loan can be found in Note 20.
15. ANALYSIS OF NET ASSETS BETWEEN FUNDS
| Unrestricted fund £ Current assets 245,061 Current liabilities (34,921) Long term liabilities - 210,140 16. MOVEMENT IN FUNDS Unrestricted funds General fund Restricted funds Restricted TOTAL FUNDS |
Restricted fund £ 76,491 - (600,000) (523,509) At 1.6.23 £ 186,630 656,258 842,888 |
31.5.24 Total funds £ 321,552 (34,921) (600,000) (313,369) Net movement in funds £ 23,510 (1,179,767) (1,156,257) |
31.5.23 Total funds £ 852,453 (9,565 - |
||
|---|---|---|---|---|---|
| 842,888 | |||||
| At 31.5.24 £ 210,140 (523,509 |
|||||
| (313,369 |
Page 19
The Beam Foundation
Notes to the Financial Statements - continued for the Year Ended 31 May 2024
16. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Restricted funds Restricted TOTAL FUNDS Comparatives for movement in funds Unrestricted funds General fund Restricted funds Restricted TOTAL FUNDS Comparative net movement in funds, included in the above Unrestricted funds General fund Restricted funds Restricted TOTAL FUNDS |
Incoming resources £ 70,333 1,231,897 1,302,230 At 1.6.22 £ 145,445 996,798 1,142,243 are as follows: Incoming resources £ 100,257 924,669 1,024,926 |
Resources expended £ (46,823) (2,411,664) (2,458,487) Net movement in funds £ 41,185 (340,540) (299,355) Resources expended £ (59,072) (1,265,209) (1,324,281) |
Movement in funds £ 23,510 (1,179,767) (1,156,257) At 31.5.23 £ 186,630 656,258 842,888 Movement in funds £ 41,185 (340,540) (299,355) |
|---|---|---|---|
The Restricted fund reflects the overall balance on individual campaign donations received after expenditure incurred in the reporting period. 100% of these funds will be directly expended in furtherance of supporting individual people.
Page 20
The Beam Foundation
Notes to the Financial Statements - continued for the Year Ended 31 May 2024
17. RELATED PARTY DISCLOSURES
During the year the Charity entered into the following transactions with the related parties:
| Beam Up Ltd | Beam Up Ltd | |
|---|---|---|
| 2023 | 2023 | |
| £ | £ | |
| Recharge of management charge and overheads | 40,484 | 54,950 |
| Amounts owed to Beam Up Ltd at 31 May | 31,391 | 3,485 |
| Amounts owed by Beam Up Ltd at 31 May | 55,814 | - |
Beam Up Ltd is a company controlled by Alex Stephany.
18. FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES
In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.
19. POST BALANCE SHEET EVENTS
On 12 December 2024, the loan facility of £1,000,000 (loan drawn at 31 May 2024 £600,000) was forgiven in full by the lender Beam Up Ltd. A further £400,000 of the loan facility had ben drawn down by 21 August 2024.
20. RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES
| Net expenditure for the reporting period (as per the Statement of Financial Activities) Adjustments for: Increase in debtors Increase/(decrease) in creditors Net cash used in operations |
31.5.24 £ (1,156,257) (72,020) 25,356 (1,202,921) |
31.5.23 £ (299,355) (27,481) (20,741) (347,577) |
|---|---|---|
21. ANALYSIS OF CHANGES IN NET FUNDS/(DEBT)
| Net cash Cash at bank and in hand Debt Debts falling due after 1 year |
At 1.6.23 £ 794,184 794,184 - - |
Cash flow £ (602,921) (602,921) (600,000) (600,000) |
At 31.5.24 £ 191,263 191,263 (600,000) (600,000) |
|---|---|---|---|
Page 21
The Beam Foundation
Notes to the Financial Statements - continued for the Year Ended 31 May 2024
21. ANALYSIS OF CHANGES IN NET FUNDS/(DEBT) - continued Total 794,184 (1,202,921) (408,737)
Page 22
The Beam Foundation
| Detailed Statement of Financial Activities for the Year Ended 31 May 2024 INCOME AND ENDOWMENTS Donations and legacies Donations Gift aid Grants Other income Other revenue Total incoming resources EXPENDITURE Charitable activities Courses Travel IT software and equipment Equipment Childcare Accomodation Other expenditure Support costs Management Sundries Management overhead Bank fees Software costs Governance costs Auditors' remuneration Total resources expended Net expenditure |
31.5.24 £ 877,176 81,833 341,250 1,300,259 1,971 1,302,230 80,362 33,902 115,397 13,991 28,379 1,731,316 408,317 2,411,664 1,408 40,484 252 1,079 43,223 3,600 2,458,487 (1,156,257) |
31.5.23 £ 870,710 93,308 58,000 1,022,018 2,908 1,024,926 132,151 44,738 147,885 69,921 73,450 783,330 13,734 1,265,209 8 54,950 454 1,050 56,462 2,610 1,324,281 (299,355) |
|---|---|---|
This page does not form part of the statutory financial statements
Page 23
BEA02-Charities report - 24.2-CHA-DJW-20250 217
Final Audit Report
2025-02-17
Created: 2025-02-17 By: DAVID WILLIAMS (davidw@lockewilliams.com) Status: Signed Transaction ID: CBJCHBCAABAApIdG6MCpKDuaJTDaD5RUyLaoUtWksQiZ
"BEA02-Charities report - 24.2-CHA-DJW-20250217" History
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Signer deannashuk@gmail.com entered name at signing as Dean Nash 2025-02-17 - 12:02:29 GMT
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