**CHARITY REGISTRATION NUMBER: 1183050**
## **First Class Foundation Unaudited Financial Statements**
## **31 October 2024**
## **BOHORUN & CO LTD**
Chartered Certified Accountants 6 Howley Park Business Village Pullan Way Leeds England LS27 0BZ
## **First Class Foundation**
## **Financial Statements**
## **Year ended 31 October 2024**
||**Page**|
|---|---|
|Trustees' annual report|**1**|
|Independent examiner's report to the trustees|**8**|
|Statement of financial activities|**9**|
|Statement of financial position|**10**|
|Notes to the financial statements|**11**|
## **First Class Foundation**
## **Trustees' Annual Report**
## **Year ended 31 October 2024**
The trustees present their report and the unaudited financial statements of the charity for the year ended 31 October 2024.
## **Reference and administrative details**
**Registered charity name** First Class Foundation **Charity registration number** 1183050 **Principal office** 14 Ragstone Close Walsall WS2 8TH **The trustees** Nathan Dennis Michael Andrew Royal Daniella Genas **Accountants** Bohorun & Co Ltd Chartered Certified Accountants 6 Howley Park Business Village Pullan Way Leeds England LS27 0BZ
**1**
**Trustees' Annual Report** _**(continued)**_
## **First Class Foundation**
## **Year ended 31 October 2024**
## **Structure, governance and management**
The trustees of First Class Foundation are pleased to present the report and the financial statements for the year ended 31st October 2024. This has been a year of growth, learning and resilience. The trust has continued to deliver programmes that make a lasting difference to young people, families, and communities across Birmingham. Despite the challenges facing the voluntary sector, particularly the cuts to youth services, the charity has remained focused on its mission to build a First Class Nation and has continued to create safe spaces and opportunities where people can thrive.
First Class Foundation is a registered charity governed by its board of trustees, who bring a range of expertise and experience. Trustees are responsible for ensuring good governance, compliance and oversight of the charity's strategy and performance. Day-to-day operations are managed by the Chief Executive, Sabrina Dennis, supported by staff, mentors and volunteers. The trustees meet regularly to review progress, assess risk, and provide strategic direction.
## 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
**2**
## **First Class Foundation**
## **Trustees' Annual Report** _**(continued)**_
## **Year ended 31 October 2024**
* 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
## **Objectives and activities**
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.
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.
First Class Foundation exists to inspire and equip young people to succeed in education, employment, and community life. We provide mentoring, training and opportunities that reduce youth violence, build resilience, and strengthen families. Our work is shaped by seven spheres of influence - family, business, politics, media, justice, education, and faith - which together guide our approach to creating positive and sustainable change.
This year our programmes included the SAFE Mentoring Programme, which supports young people in schools; Our Life Our Story, which uses creative arts to address youth violence; Kitchen Table Talks, which provides resources for families and practitioners to hold meaningful conversations; and a range of empowerment and enterprise initiatives that enable young people to explore their identity, build confidence and develop skills for the future.
Public Benefit Stateement:
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.
**3**
**Trustees' Annual Report** _**(continued)**_
## **First Class Foundation**
## **Year ended 31 October 2024**
The trustees confirm that they have had due regard to the Charity Commission's guidance on public benefit in exercising their duties and responsibilities. First Class Foundation exists to benefit young people, families, and communities in Birmingham and beyond by providing mentoring, education, creative opportunities, and support services that promote resilience, wellbeing, and positive life choices.
Through its programmes the charity enables young people to remain engaged in education, avoid exclusion and develop confidence and transferable skills. Families are supported to strengthen communication and relationships through initiatives such as Kitchen Table Talks, while communities are empowered to respond collectively to the challenges of youth violence and social inequality. The trustees are satisfied that the activities undertaken during the year have directly furthered the charity's objectives and delivered clear benefit to the public.
## 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.
## Risk Management:
The charity continues to operate in a challenging environment, with significant reductions in public funding for youth services and growing demand for support from families and communities. Safeguarding remains a key priority given the vulnerability of the young people we serve.
The trustees are addressing these risks by diversifying funding sources, strengthening corporate partnerships, and building sustainability through programmes such as Kitchen Table Talks. Safeguarding policies and procedures are regularly reviewed and updated to ensure the highest standards of safety and accountability.
## 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.
**4**
**Trustees' Annual Report** _**(continued)**_
## **First Class Foundation**
## **Year ended 31 October 2024**
## **Achievements and performance**
The SAFE Mentoring Programme has continued to provide vital support in schools, helping pupils to build confidence, resilience, and stronger relationships. Mentors have collaborated closely with schools to provide a consistent presence, and feedback has shown clear improvements in wellbeing and engagement.
The Our Life Our Story project gave young people the chance to share their lived experiences of violence through film. This creative process not only offered therapeutic value but also built skills in leadership and media production. The resulting work will be used to raise awareness, open dialogue, and challenge perceptions in the wider community.
Our family and community programmes have also flourished. Kitchen Table Talks has grown from small forums into a wider resource, now with toolkits, an online hub and new training opportunities for practitioners and parents. Our work with faith communities has strengthened, equipping leaders with the confidence and knowledge to address the impact of youth violence and trauma within their congregations.
Youth empowerment and enterprise programmes have brought young people together to explore issues of wellbeing, resilience, and ambition. Events such as Girl You Got This and the Life Empowerment Conference have created safe spaces for reflection and growth, while our business development initiatives have supported emerging entrepreneurs to take practical steps towards building their own ventures.
Throughout the year we have seen the positive impact of our work in schools, families, and communities. Young people have been supported to remain in education, avoid exclusion, and make more positive choices. Families have been given tools and spaces to strengthen communication and relationships. Communities have benefited from stronger partnerships and a collective focus on resilience and opportunity.
## **Financial review**
The charity reported a total surplus of -£47,951 (2023: £18,874) (all unrestricted funds)for the year ended 31st October 2024. Total reserves to be carried forward to next year are £231,457 (2023: £279,408)(all unrestricted funds).
The Trustees have agreed financial policies and procedures and have appointed Bohoruns Chartered Accountants.
**5**
**Trustees' Annual Report** _**(continued)**_
## **First Class Foundation**
## **Year ended 31 October 2024**
## **Plans for future periods**
Looking ahead, First Class Foundation will build on the progress made this year. We will expand the Mentoring Programme into more schools, extend the reach of Kitchen Table Talks, and continue to deliver high-quality empowerment and enterprise programmes. Our aim is to strengthen families, provide opportunities for young people, and ensure that communities have the resources they need to respond to the challenges of violence, exclusion, and inequality.
We will also continue to develop partnerships with businesses, faith groups and public bodies, recognising that collaboration is essential to creating long-term change. Strategic planning is underway to secure the charity's future growth and to prepare for the next decade of impact.
## **Trustees' responsibilities statement**
The trustees are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, 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 applicable Charities SORP;
- make judgments and accounting estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping 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 applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust Deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
**6**
## **First Class Foundation**
**Trustees' Annual Report** _**(continued)**_
## **Year ended 31 October 2024**
The trustees' annual report was approved on 29 August 2025 and signed on behalf of the board of trustees by:
Michael Andrew Royal Trustee
**7**
## **First Class Foundation**
## **Independent Examiner's Report to the Trustees of First Class Foundation**
## **Year ended 31 October 2024**
I report to the trustees on my examination of the financial statements of First Class Foundation ('the charity') for the year ended 31 October 2024.
## **Responsibilities and basis of report**
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 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**
Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Association of Chartered Certified Accountants, which is one of the listed bodies.
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 financial statements do not accord with those records; or
3. the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair' view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
D P Bohorun FCCA FCMI Independent Examiner 6 Howley Park Business Village Pullan Way Leeds England LS27 0BZ
**8**
## **First Class Foundation**
## **Statement of Financial Activities**
## **Year ended 31 October 2024**
|||**2024**|**2024**|2023|
|---|---|---|---|---|
|||Unrestricted|||
|||funds|**Total funds**|Total funds|
||**Note**|**£**|**£**|£|
|**Income and endowments**|||||
|Donations and legacies|**4**|17,356|17,356|17,689|
|Charitable activities|**5**|288,404|288,404|624,157|
|Investment income|**6**|1,512|1,512|796|
|||``|``|``|
|**Total income**||307,272|307,272|642,642|
|||``|``|``|
|**Expenditure**|||||
|Expenditure on charitable activities|**7,8**|355,223|355,223|623,768|
|||``|``|``|
|**Total expenditure**||355,223|355,223|623,768|
|||``|``|``|
|||``|``|``|
|**Net (expenditure)/income and net movement in funds**||(47,951)|(47,951)|18,874|
|||``|``|``|
|**Reconciliation of funds**|||||
|Total funds brought forward||279,408|279,408|260,534|
|||``|``|``|
|**Total funds carried forward**||231,457|231,457|279,408|
|||``|``|``|
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
**The notes on pages 11 to 18 form part of these financial statements.**
**9**
## **First Class Foundation**
## **Statement of Financial Position**
## **31 October 2024**
|||**2024**|2023|
|---|---|---|---|
||**Note**|**£**|£|
|**Fixed assets**||||
|Tangible fixed assets|**13**|532|709|
|**Current assets**||||
|Debtors|**14**|154,349|163,299|
|Cash at bank and in hand||87,003|122,489|
|||``|``|
|||241,352|285,788|
|**Creditors: amounts falling due within one year**|**15**|10,427|7,089|
|||``|``|
|**Net current assets**||230,925|278,699|
|||``|``|
|**Total assets less current liabilities**||231,457|279,408|
|||``|``|
|**Net assets**||231,457|279,408|
|||``|``|
|**Funds of the charity**||||
|Unrestricted funds||231,457|279,408|
|||``|``|
|**Total charity funds**|**17**|231,457
``|279,408
``|
These financial statements were approved by the board of trustees and authorised for issue on 29 August 2025, and are signed on behalf of the board by:
Michael Andrew Royal Trustee
**The notes on pages 11 to 18 form part of these financial statements.**
**10**
**First Class Foundation**
## **Notes to the Financial Statements**
## **Year ended 31 October 2024**
## **1. General information**
The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is 14 Ragstone Close, Walsall, WS2 8TH.
## **2. Statement of compliance**
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Charities Act 2011.
## **3. Accounting policies**
## **Basis of preparation**
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
## **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.
## **Disclosure exemptions**
No cash flow statement has been presented for the company. Disclosures in respect of financial instruments have not been presented.
## **Judgements and key sources of estimation uncertainty**
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
## **Fund accounting**
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.
Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.
Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
**11**
**First Class Foundation**
## **Notes to the Financial Statements** _**(continued)**_
## **Year ended 31 October 2024**
**3. Accounting policies** _**(continued)**_
## **Incoming resources**
All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:
- income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
- legacy income is recognised when receipt is probable and entitlement is established.
- income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers.
- income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
## **Resources expended**
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
- expenditure on raising funds includes the costs of all fundraising activities, events, noncharitable trading activities, and the sale of donated goods.
- expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
- other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
## **Tangible assets**
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
**12**
**Notes to the Financial Statements** _**(continued)**_
## **First Class Foundation**
## **Year ended 31 October 2024**
## **3. Accounting policies** _**(continued)**_
## **Tangible assets** _**(continued)**_
An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities.
## **Depreciation**
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment - 25% reducing balance
## **Impairment of fixed assets**
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cashgenerating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units.
## **Financial instruments**
A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs.
Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.
Debt instruments are subsequently measured at amortised cost.
Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment.
**13**
**Notes to the Financial Statements** _**(continued)**_
## **First Class Foundation**
## **Year ended 31 October 2024**
## **3. Accounting policies** _**(continued)**_
## **Financial instruments** _**(continued)**_
Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised.
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
## **Defined contribution plans**
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises.
## **4. Donations and legacies**
||Unrestricted|**Total Funds**|Unrestricted|Total Funds|
|---|---|---|---|---|
||Funds|**2024**|Funds|2023|
||£|**£**|£|£|
|**Donations**|||||
|Donations|17,356|17,356|17,689|17,689|
||``|``|``|``|
**14**
## **First Class Foundation**
## **Notes to the Financial Statements** _**(continued)**_
## **Year ended 31 October 2024**
## **5. Charitable activities**
||Unrestricted|**Total Funds**|Unrestricted|Total Funds|
|---|---|---|---|---|
||Funds|**2024**|Funds|2023|
||£|**£**|£|£|
|Sales|212,023|212,023|399,138|399,138|
|Non-profit income|16,910|16,910|213,654|213,654|
|Other income|59,376|59,376|11,365|11,365|
|Gift Aid|95|95|–|–|
||``|``|``|``|
||288,404|288,404|624,157|624,157|
||``|``|``|``|
|**6.**|**Investment income**|||||
|---|---|---|---|---|---|
|||Unrestricted|**Total Funds**|Unrestricted|Total Funds|
|||Funds|**2024**|Funds|2023|
|||£|**£**|£|£|
||Bank interest receivable|1,512|1,512|796|796|
|||``|``|``|``|
|**7.**|**Expenditure on charitable activities by fund type**|||||
|||Unrestricted|**Total Funds**|Unrestricted|Total Funds|
|||Funds|**2024**|Funds|2023|
|||£|**£**|£|£|
||Charitable Activities|338,045|338,045|596,147|596,147|
||Support costs|17,178|17,178|27,621|27,621|
|||``|``|``|``|
|||355,223|355,223|623,768|623,768|
|||``|``|``|``|
## **8. Expenditure on charitable activities by activity type**
||Activities||||
|---|---|---|---|---|
||undertaken||**Total funds**|Total fund|
||directly|Support costs|**2024**|2023|
||£|£|**£**|£|
|Charitable Activities|338,045|–|338,045|596,147|
|Governance costs|–|17,178|17,178|27,621|
||``|``|``|``|
||338,045|17,178|355,223|623,768|
||``|``|``|``|
## **9. Net (expenditure)/income**
Net (expenditure)/income is stated after charging/(crediting):
Depreciation of tangible fixed assets
**2024** 2023 **£** £ 177 47 ` `
**15**
## **First Class Foundation**
## **Notes to the Financial Statements** _**(continued)**_
## **Year ended 31 October 2024**
## **10. Independent examination fees**
||**2024**|2023|
|---|---|---|
||**£**|£|
|Fees payable to the independent examiner for:|||
|Independent examination of the financial statements|1,380|1,500|
||``|``|
## **11. Staff costs**
|The total staff costs and employee benefits for the reporting period are analysed as|The total staff costs and employee benefits for the reporting period are analysed as|follows:|
|---|---|---|
||**2024**|2023|
||**£**|£|
|Wages and salaries|118,838|206,620|
|Social security costs|9,779|12,235|
|Employer contributions to pension plans|2,539|4,341|
||``|``|
||131,156|223,196|
||``|``|
The average head count of employees during the year was 6 (2023: 8).
No employee received employee benefits of more than £60,000 during the year (2023: Nil).
## **12. Trustee remuneration and expenses**
No members of the Trustees received any remuneration during the year. Travel costs and expenses reimbursed to Trustees amounted to £ nil. During the year, gross wages of £41,545.44 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.
## **13. Tangible fixed assets**
||||**Equipment**|
|---|---|---|---|
||||**£**|
||**Cost**|||
||**At 1 November 2023 and 31 October 2024**||806|
||||``|
||**Depreciation**|||
||At 1 November 2023||97|
||Charge for the year||177|
||||``|
||**At 31 October 2024**||274|
||||``|
||**Carrying amount**|||
||**At 31 October 2024**||532|
||||``|
||At 31 October 2023||709|
||||``|
|**14.**|**Debtors**|||
|||**2024**|2023|
|||**£**|£|
||Trade debtors|154,349|163,299|
|||``|``|
**16**
## **First Class Foundation**
## **Notes to the Financial Statements** _**(continued)**_
## **Year ended 31 October 2024**
## **15. Creditors: amounts falling due within one year**
||**2024**|2023|
|---|---|---|
||**£**|£|
|Trade creditors|–|2,350|
|Accruals and deferred income|3,146|1,500|
|Social security and other taxes|6,749|2,742|
|Other creditors|532|497|
||``|``|
||10,427|7,089|
||``|``|
## **16. Pensions and other post retirement benefits**
## **Defined contribution plans**
The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £2,539 (2023: £4,341).
## **17. Analysis of charitable funds**
## **Unrestricted funds**
|**Unrestricted funds**||||||
|---|---|---|---|---|---|
|||At|||**At**|
||1|November 2|||**31 October 2**|
|||023|Income|Expenditure|**024**|
|||£|£|£|£|
|General funds||279,408|307,272|(355,223)|231,457|
|||``|``|``|``|
|||At|||At|
||1|November 2||31 October 20||
|||022|Income|Expenditure|23|
|||£|£|£|£|
|General funds||260,534|642,642|(623,768)|279,408|
|||``|``|``|``|
**17**
## **First Class Foundation**
## **Notes to the Financial Statements** _**(continued)**_
## **Year ended 31 October 2024**
## **18. Analysis of net assets between funds**
||Unrestricted|**Total Funds**|
|---|---|---|
||Funds|**2024**|
||£|**£**|
|Tangible fixed assets|532|532|
|Current assets|241,352|241,352|
|Creditors less than 1 year|(10,427)|(10,427)|
||``|``|
|**Net assets**|231,457|231,457|
||``|``|
||Unrestricted|Total Funds|
||Funds|2023|
||£|£|
|Tangible fixed assets|709|709|
|Current assets|285,788|285,788|
|Creditors less than 1 year|(7,089)|(7,089)|
||``|``|
|**Net assets**|279,408|279,408|
||``|``|
**18**