2021-10-31-accounts

Charity number: 1183050

First Class Foundation

Trustees' report and financial statements

For the year ended 31 October 2021

First Class Foundation Charity number: 1183050

Year ended: 31 October 2021

Contents	Page
Legal and administrative information	2
Trustees' report	3 - 6
Independent examiners' report	7
Statement of financial activities	8
Statement of financial position	9
Notes to the financial statements	10 - 12

1

First Class Foundation Legal and administrative information

Year ended: 31 October 2021

Charity number 1183050 Business Address 14 Ragstone Close Walsall WS2 8TH Registered office 14 Ragstone Close Walsall WS2 8TH

Trustees Mr Nathan Dennis (Chair) Mr Michael Royal (Trustee) Ms Daniella Genas (Trustee) Accountants Bohorun & Co Ltd T/a Bohoruns 6 Howley Park Business Village Pullan Way Leeds LS27 0BZ Bankers Lloyds Bank plc 25 Gresham Street London EC2V 7HN

2

First Class Foundation

Report of the trustees (incorporating the director's report) for the year ended 31 October 2021

Structure, governance and management

The trustees present their report and the financial statements for the year ended 31 October 2021.

The trustees who served during the period and up to the date of this report are identified on page 2.

Governing Document

The organisation is a Charitable Incorporated Organisation (CIO), incorporated and registered as a charity on the 18th April 2019. The charity First Class Foundation is governed by its constitution filed with the Charities Commission for England & Wales.

Recruitment and Appointment of Trustees

By constitution First Class Foundation must have a minimum of three Trustees and can have a maximum of twelve trustees. Apart from the Foundation Trustees, every Trustee must be appointed for a term of three years by a resolution passed at a properly convened meeting of the charity Trustees.

In selecting individuals for appointment as charity Trustees, the Trustees must have regard to the skills, knowledge and experience needed for the effective administration of the CIO. Gaps in the skills of the existing Trustees are identified through a skills audit, role descriptions are advertised and potential new Trustees invited to discuss their appointment with the charity trustees. Following a check of their eligibility to serve as a Trustee, agreeing to the Charity Commission Publication "Responsibilities of Charity Trustees" (CC3) and signing the disclosure forms suitable applicants will be appointed at the next Board meeting.

In an effort to maintain a broad skill mix, all Trustees are requested to provide a list of their skills (and update it each year) and in the event of particular skills being lost due to retirements, individuals are approached to offer themselves for election to the Trustee.

Trustee Induction and Training

Most Trustees are familiar with the practical work of the charity having been encouraged to take up opportunities to visit the various projects that the charity delivers.

Additionally, new Trustees are provided with a set of training materials and encouraged to attend the regional meetings to familiarise themselves with the charity and the context within it operates.

These are led by, the Chief Executive and Senior leadership team of the charity and cover various topics as well as having external keynote speakers.

Materials provided for all Trustees include:

Governing document Resourcing and the current financial position as set out in the latest published accounts Future plans and objectives

Minutes of board meetings Copies of policies Key contacts Organisational Chart

3

First Class Foundation

Report of the trustees (incorporating the director's report) for the year ended 31 October 2021

Risk Management

The trustees have conducted a review of the major risks to which the charity is exposed. Where appropriate, systems or procedures have been established to mitigate the risks the charity faces. Risk assessments are updated at least annually. Internal control risks are minimised by the implementation of procedures for authorisation of all transactions and projects. Procedures are in place to ensure compliance with health and safety of staff, volunteers and clients. These procedures are reviewed annually to ensure that they continue to meet the needs of the charity.

Original Structure

First Class Foundation has three Trustees who meet at least four times a year and are responsible for the governance, strategic direction and policies of the charity.

Objectives and Structure

The charity's objects and principal activities are to advance in life and relieve needs of young people through: A) The provision of recreational and leisure time activities provided in the interest of social welfare, designed to improve their conditions of life.

B) The provision of support and activities which develop their skills, capacities and capabilities to enable them to participate in society as mature and responsible individuals.

Summary

An overview of the operation during this period

During this period First Class Foundation became a registered CIO with three Trustees.

CEO was appointed and regular general meetings took place.

The charity policies and procedures were reviewed. Fundraising and finance procedures put in place. Website published Youth Led activities reviewed and promoted.

Operating Review

First Class Foundation in line with the development strategy have an organisational chart made up of staff and volunteers.

Regular quarterly trustees' meetings take place

The CEO produces a monthly report of activities, income and expenditure that have taken place within the charity.

The Trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing our aims and objectives and in planning our future activities.

Financial Review

During the year we have focussed on developing the structure and systems of the charity, including the opening of the charity bank account.

The Trustees have agreed financial policies and procedures and have appointed Bohoruns Chartered Accountants.

4

First Class Foundation

Report of the trustees (incorporating the director's report) for the year ended 31 October 2021

Achievements and Performance

Achieved CIO Status Appointed Board of Trustees Appointed CEO Developed Fundraising strategy Delivered Launch of the charity Reviewed policies and procedures

Principal Funding Sources

Donations and gifts in kind.

Reserves Policy

The Trustees aim to maintain free reserves in unrestricted funds at a level which equates to approximately three months of unrestricted charitable expenditure. The trustees consider that this level will provide sufficient funds to respond to applications for grants and ensure that support and governance costs are covered. The trustees consider that a level of three months is sufficient.

Plans for Future Periods

The charity plans to continue the activities outlined above in the forthcoming years subject to satisfactory funding arrangements.

Public Benefit

The charity's objects and principal activities are to advance in life and relive needs of young people through: A) The provision of recreational and leisure time activities provided in the interest of social welfare, designed to improve their conditions of life.

B) The provision of support and activities which develop their skills, capacities and capabilities to enable them to participate in society as mature and responsible individuals.

First Class Foundation delivers activities to do impact the following for the benefit of the public

• 1) Reduce youth violence

• 2) Improve mental health resilience

• 3) Connect young people to opportunities including jobs, apprenticeships, training and positive activities

We do this through outreach and engagement, innovative training and development programmes, events and new media. The provisions are free at the point of access for all

The Trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing our aims and objectives and in planning our future activities.

5

First Class Foundation

Report of the trustees (incorporating the directors' report) for the year ended 31 October 2021

Statement of trustee's responsibilities

The Trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (Generally Accepted Accounting Practice).

Law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and the income and expenditure of the charity for that period.

In preparing these financial statements, the Trustees are required to:

Select suitable accounting policies and then apply them consistently;

Observe the methods and principles in the Charities SORP;

Make judgements and accounting estimates that are reasonable and prudent;

State whether applicable Accounting Standards and Statements of Recommended Practice have been followed subject to any material departures disclosed and explained in the financial statements; and

Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations and the provisions of the trust deed. The Trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Michael Royal (Aug 25, 2022 14:31 GMT)

Mike Royal (Trustee)

For and on behalf of the board of Trustees First Class Foundation

Charity Number: 1183050

Date: Aug 25, 2022

6

First Class Foundation

Independent examiner's report to the trustees on the unaudited financial statements of First Class Foundation for the year ended 31 October 2021

I report to the charity Trustees on my examination of the accounts of the charity for the year ended 31 October 2021 which are set out on pages 8 to 12.

Responsibilities and basis of report

As the charity's Trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act')

Your attention is drawn to the fact that the charity has prepared the accounts (financial statements) in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic or Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has since been withdrawn.

We understand that this had been done in order for the accounts to provide a true and fair view in accordance with the General Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

I report in respect of my examination of the charity's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5) (b) of the Act.

Independent examiner's Statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

1. Accounting records were not kept in respect of the charity as required by section 130 of the Act; or

2. The accounts do not accord with those records.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Prakash Bohorun (Aug 25, 2022 17:59 GMT+1)

……………………………………………………..

D P Bohorun FCCA FCMI

Independent examiner

BOHORUNS 6 Howley Park Business Village Pullan Way Leeds

LS27 0BZ

Aug 25, 2022

7

First Class Foundation

Statement of financial activities (incorporating the income and expenditure account) For the year ended 31 October 2021

Unrestricted Funds £ 2 138,186 Incoming resources from - Charitable activities 191,763 Other 1 329,950 Expenditure on: Raising funds - Charitable activities 244,479 Governance costs 11,275 255,754 74,196 - 74,196 Net movement in Funds 74,196 Total funds brought forward 72,224 8 146,420 Total Resources Expended Notes Income and Endowments from: Donations and gifts Total incoming resources Net incoming Resources Before Transfers Transfer between funds Net Surplus for the Period Total Funds Carries Forward

2021 2020 Total Total £ £ 138,186 2,700 - - 191,763 95,367 1 - 329,950 98,067 - - 244,479 23,714 11,275 2,257 255,754 25,971 74,196 72,096 - - 74,196 72,096 74,196 72,096 72,224 128 146,420 72,224

The statement of financial activities includes all gains and losses in the year and therefore a separate statement of total recognised gains and losses has not been prepared.

All of the above amounts relate to continuing activities.

8

First Class Foundation

Statement of financial position As at 31 October 2021

Fixed Assets Tangible Assets Debtors 6 Cash at bank and in hand Restricted income funds Unrestricted income funds 7 Notes Current Assets Creditors: Amounts falling due within one period Net Current Assets Total Assets Less Current Liabilities Funds Total funds	2021 Total £ - - 82,174 91,895 174,069 27,649 146,420 146,420 - 146,420 146,420	2020 Total £ -
		- 383 73,329
		73,712 1,488
		72,224
		72,224
		- 72,224
		72,224

These financial statements were approved by the members of the committee and authorised for issue on the 22nd August 2022 and are signed on their behalf by:

Michael Royal (Aug 25, 2022 14:31 GMT)

Mike Royal (Trustee)

For and on behalf of the board of Trustees First Class Foundation

Charity Number: 1183050

Date: Aug 25, 2022

9

First Class Foundation

Notes to financial statements for the year ended 31 October 2021

1. ACCOUNTING POLICIES

Basic of Accounting

The financial statements have been prepared under the historical cost convention, except for investments which are included at market value and the revaluation of certain fixed assets, and in accordance with applicable United Kingdom accounting standards (FRS 102 - effective 1 January 2015) and the requirements of the Statement of Recommended Practice 'Accounting and Reporting by Charities' effective 1 January 2015 (SORP 2015).

Going Concern

The Trustees have made reasonable enquiries, including reviewing existing levels of donations to enable to form a reasonable expectation that the charity has adequate reserves to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Cash flow Statement

The Trustees have taken advantage of the exemption in Financial Reporting Standard No 1 (revised) from including a cash flow statement in the financial statements on the grounds that the charity is small.

Fund accounting

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity.

Designated funds are unrestricted funds earmarked by the Trustees for particular purposes. Restricted funds are subjected to restrictions on their expenditure imposed by the donor.

Incoming resources

All incoming resources are included in the statement of financial activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy. All income is derived from donations, fundraising or grants. The charity does not have any trading activities. The following specific policies are applied to particular categories of income:

Voluntary income is received by way of grants, donations and gifts is included in full in the Statement of Financial Activities when receivable. Grants, where entitlement is not conditional on the delivery of a specific performance by the charity, are recognised when the charity becomes unconditionally entitled to the grant.

Donated services and facilities are included at the value to the charity where this can be quantified. The value of services provided by volunteers has not been included in these accounts.

10

Notes to financial statements for the year ended 31 October 2021

First Class Foundation

1. ACCOUNTING POLICIES (continued)

Resources expended

Expenditure is recognised on an accrual basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates:

Raising funds compromise the costs associated with attracting voluntary income.

Charitable activities expenditure compromises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include the independent examination fees and costs linked to the strategic management of the charity.

2. Unrestricted Funds £ Donations and gifts 138,186 138,186 3. Salaries and Wages Pension Costs (defined contribution plan) Total Average staff numbers per year 4. NET INCOMING RESOURCES FOR THE YEAR This is stated after charging: Depreciation Independent examiner's fees OTHER INCOME STAFF COSTS	Restricted Funds £ - - 2021 £ 87,685 1,538 89,223 4 2021 £ - 1,200	Total Funds 2021 £ 138,186
		138,186
		2020 £ 10,417 -
		10,417
		2
		2020 £ - 1,200

11

First Class Foundation

Notes to financial statements

for the year ended 31 October 2021

5. RELATED PARTY DISCLOSURE

No members of the Trustees received any remuneration during the year. Travel costs and expenses reimbursed to Trustees amounted to £nil.

During the year, wages of £35,000.00 were paid to Sabrina Dennis, the spouse of Nathan Dennis (chairman). No other trustee or other person related to the charity had any personal interest in any contract or transaction entered into by the charity during the year therefore there were no other related party transactions to disclose.

6. Other Debtors 7. Balance at Incoming 01/11/2020 resources £ £ General Funds 72,224 329,950 72,224 329,950 8. ANALYSIS OF NET ASSETS BETWEEN FUNDS Tangible fixed assets £ Restricted income funds: - Unrestricted income: Funds: General Funds - - UNRESTRICTED INCOME FUNDS DEBTORS	2021 £ 82174 82174 Outgoing resources £ 255,754 255,754 Investments £ - - -	2020 £ 383 383 Gains and Balance at Losses 31/10/2021 £ £ - 146,420
		- 146,420
		Net Current Assets Total £ £ - - 146,420 146,420
		146,420 146,420

9. CHARITABLE INCORPORATED ORGANISATION

First Class Foundation is a Charitable Incorporated Organisation and accordingly does not have share capital. The charity is a public benefit entity.

10. GOING CONCERN

The Trustees have considered all risks to the organisation and believe that the charity is financially sound and will continue to operate as First Class Foundation over the next 12 months.

12

Bohorun & Co Ltd Chartered Certified Accountants & Registered Auditors 6 Howley Park Business Village Pullan Way, Leeds LS27 0BZ

First Class Foundation The Board of Trustees 14 Ragstone Close Leeds WS2 8TH

15[th] August 2022

Dear Sirs

We confirm that the following representations are made on the basis of enquiries of management and staff with relevant knowledge and experience and, where appropriate, of inspection of supporting documentation, sufficient to satisfy ourselves that we can properly make each of the following representations to you, in connection with your examination of the charitable company’s financial statements for the year ended 31[st] October 2021.

• 1 We acknowledge as directors our responsibility under the Charities Act for presenting financial statements which give a true and fair view and for making accurate representations to you. All the accounting records have been made available to you for the purpose of your examination and all the transactions undertaken by the charitable company have been properly reflected and recorded in the accounting records. All changes in the rules of the charitable company have been communicated to you. All other records and related information, including minutes of all trustees, members and management meetings have been made available to you.

• 2 We confirm that the charitable company is eligible for an independent examination of its financial statements, and that there are no circumstances which we should draw to your attention which would invalidate this eligibility. We acknowledge that the work performed by you is substantially less in scope than an audit performed in accordance with International Standards on Auditing (UK and Ireland)

• 3 We confirm that the accounting policies and estimation techniques adopted for the preparation of the financial statements are the most appropriate to the circumstances in which the charitable company operates.

• 4 Except as stated in the financial statements, there are no unrecorded liabilities, actual or contingent. We are not aware of any material provisions, contingent liabilities, and contingent assets or contracted for capital commitments that need to be provided for or disclosed in the financial statements.

• 5 The charitable company has not had or entered into at any time during the year, any arrangement, transaction or agreement to provide credit facilities (including loans, quasi-loans or other facilities) for directors nor to guarantee or provide security for such matters.

• 6 Other than as disclosed in the financial statements, the charitable company has not entered into any transactions involving trustees, officers or other related parties which require disclosure under the SORP or accounting standards. Appropriate disclosure has been made of the control of the charitable company.

• 7 We acknowledge our responsibility for the design and implementation of internal controls to prevent and detect fraud, and have disclosed to you the results of our assessment of the risk that the financial statements may be materially misstated as a result of fraud. We are unaware of any irregularities, including fraud and suspected fraud, involving management, employees or volunteers who have significant roles in internal control, or those working for the charitable company where the fraud could have a material effect on the financial statements. No allegations of such irregularities or breaches have come to our notice.

• 8 We are not aware of any breaches or possible breaches of statute, regulations, contracts, agreements or the charitable company's governing document which might prejudice the charitable company's going concern status or that might result in the charitable company suffering significant penalties or other loss. No allegations of such irregularities or breaches have come to our notice.

• 9 We have reviewed the affairs of the charitable company and confirm that no income is subject to corporation tax.

• 10 We believe that adequate cash resources will be available to cover the charitable company’s requirements for working capital and capital expenditure for at least the next twelve months and we are not aware of any other factors that we believe could put into jeopardy the charitable company’s going concern status. The financial statements have therefore been prepared on the going concern basis.

• 11 There have been no events since the balance sheet date, which necessitate revision of the figures included in the financial statements or inclusion of a note thereto. Should further material events occur, which may necessitate revision of the figures included in the financial statements or inclusion of a note thereto, we will advise you accordingly

• 12 We confirm that the charitable company has adequate procedures in place to identify intangible income and all intangible income has been appropriately valued and included in the financial statements.

• 13 We confirm we have no plans or intentions that may materially affect the carrying value or classification of assets and liabilities reflected in the financial statements.

• 14 We confirm that the charitable company has had no non-routine communication with Charity Commission during or since the period of which you are unaware.

Yours faithfully

Michael Royal (Aug 25, 2022 14:31 GMT)

Signature on behalf of the board of trustees (directors)

Date: Aug 25, 2022

Private and Confidential First Class Foundation 14 Ragstone Close Leeds WS2 8TH

Our Ref: DPB/RA/F020

15[th ] August 2022

Dear Sirs,

RE: First Class Foundation, Independent Examination of the unaudited financial statements for the year ended 31[st] October 2021

Introduction

Following my recent independent examination in connection with the unaudited financial statements of First Class Foundation for the year ending 31 October 2021, I am writing to bring to your attention certain matters that arose during the course of my work, together with suggestions for improvements of controls and procedures operated by the charity. I hope you will find my comments helpful and constructive.

Scope of work

My work during the examination included an examination of some of the charity’s transactions, procedures and controls with a view to expressing an opinion on the financial statements for the year. This work was not directed primarily towards discovering weaknesses other than those that would affect my examination opinion or towards the detection of fraud. I have included in this letter only matters that have come to my attention as a result of my normal examination procedures and consequently my comments should not be regarded as a comprehensive record of all weaknesses that may exist or of all improvements that might be made.

Breaches of duty imposed by law and regulation

During the course of the examination I discovered no breaches of duty relevant to the administration of the charity imposed by any enactment or rule of law on the trustees, managers or any professional advisors, regardless of whether such matters gave rise to a statutory duty to report to The Charity Commission.

Accounting policies, estimation techniques and disclosures in the financial statements

My work also included a review of the adequacy of disclosures in the financial statements and consideration of the appropriateness of the accounting policies and estimation techniques adopted by the charity.

This review identified no matters that we believe are necessary to draw to your attention.

Bohoruns is a trading name of Bohorun & Co Ltd, a company registered in England and Wales under number 04585335 at 6 Howley Park Business Village, Pullan Way, Leeds, LS27 0BZ. VAT number GB-848 0885 85. Registered as auditors and regulated for a range of investment business activities in the UK by the Association of Chartered Certified Accountants.

Significant difficulties encountered during the examination

During the course of my examination I encountered no further significant difficulties in addition to the ones listed above in “Accounting policies, estimation techniques and disclosures in the financial statements”.

Conclusion

If you require any further information or assistance, we shall be very pleased to help you.

This letter is for your private use only. It has been prepared on the understanding that it will not be disclosed to any third party, or quoted to or referred to, without our prior written consent and we assume no responsibility to any other party.

We should like to take this opportunity of thanking you and your staff for the assistance and co-operation we have received during the course of our work.

Yours faithfully

Prakash Bohorun (Aug 25, 2022 17:59 GMT+1)

D P Bohorun FCCA, FCMI For and on behalf of Bohoruns

Bohoruns is a trading name of Bohorun & Co Ltd, a company registered in England and Wales under number 04585335 at 6 Howley Park Business Village, Pullan Way, Leeds, LS27 0BZ. VAT number GB-848 0885 85. Registered as auditors and regulated for a range of investment business activities in the UK by the Association of Chartered Certified Accountants.

BOHORUNS 6 Howley Park Business Village Pullan Way, Leeds. LS27 08Z Tel: [phone] Fax.. [phone] bohoruns.¢o.uk Charl&r8d Certilied Accountants & Registered Auditors The Trustees First Class Foundation 14 Ragston¢ Close WALSALL WS2 8TH Fee Not¢ 220818 Date (tax pointl 1510812022 OUT ref DPB/LLCIF020 VATNO. GB 848 0885 85 To Profes5ionAI services rendered ill coiinection with: First Cla$$ Foundation Amount Preparation of full unaudited finaE]cial statements for the year ended 3 1st October 2021 for onward submi5SlOll to Charities Corntni5sion ill accordance with the Charlties Act 2011 and SORP 2015. All care and attention, mectings, telephone calls and correspondence upon yo and bringing your tax affairs up to date. 1,000.00 NET AMOUNT I,(H)o.00 VAT 200.00 INVOICE TOTAL 1.200.00 Due for pgyment IIOWJ please make cheque payable to "Bohorun & Co Ltd" OR by BACS Sort Code 402715 and Aeeount number. 24338901 quotlng your fee not¢ nunjber as referen¢e ACCA FOrtyN￿l￿Al￿adkng ￿￿0120￿￿￿8c0lld.aco￿￿￿£d L￿, LS270BZ. VATwMbBrGB.848II￿85. r4￿￿￿110r￿r￿￿(11ThVQ￿t￿ ￿￿￿$aCti￿t￿s tyth8Ass4Xl￿￿n￿ChBn￿edC￿ffi￿mcrA￿nts￿s.