Registered number: 11849153 Charity number: 1183233
FAROS FOUNDATION
(A company limited by guarantee)
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024
FAROS FOUNDATION (A company limited by guarantee)
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the company, its Trustees and advisers | 1 |
| Trustees' report | 2 - 4 |
| Independent examiner's report | 5 |
| Statement of financial activities | 6 |
| Balance sheet | 7 |
| Notes to the financial statements | 8 - 14 |
FAROS FOUNDATION (A company limited by guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 29 FEBRUARY 2024
Trustees
Prof G Manthorpe, Chair Prof M Clarke P Lloyd P Waring, Treasurer
Company registered number
11849153
Charity registered number
1183233
Registered office
Courtenay House Pynes Hill Exeter England EX2 5AZ
Accountants
Griffin Chartered Accountants Courtenay House Pynes Hill Exeter EX2 5AZ
Page 1
FAROS FOUNDATION (A company limited by guarantee)
TRUSTEES' REPORT FOR THE YEAR ENDED 29 FEBRUARY 2024
The Trustees present their annual report together with the financial statements of the company for the year ended 29 February 2024. The Annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).
Since the company qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.
Objectives and activities
a. Policies and objectives
The objects of the Charity are for the public benefit, to advance education, research and training in particular, but not limited to, in relation to the nature and uses of open source data and data management in the fields of security and public benefit guidence.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
b. Activities undertaken to achieve objectives
In 2022 and 2023, part of the focus was on administrative aspects, such as setting up the charity's brand and a website as well as to promote who we are and what we can offer. Well-received presentations and workshops were delivered to several organisations, including the national police chiefs' Council (NPCC) and the diplomatic protection squad.
Since then we have successfully completed a year-long project with the FCDO and recently won a new bid for renewed work with them.
Achievements and performance
a. Main achievements of the company
Thus far, FAROS has successfully delivered a training programme to the National Police Chiefs’ Council (NPCC) in relation to carrying out internet investigations. This has been provided to the NPCC for trial and review with further work to be undertaken in the year.
An additional yearlong projected was completed with the FCDO and further work will begin shortly.
Page 2
FAROS FOUNDATION (A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 29 FEBRUARY 2024
Financial review
a. Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the company will continue in operational existence for the foreseeable future. The company has full support from its member, Ridgeway Information Ltd, which shall provide financial support. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
b. Reserves policy
At present, the charity does not have a minimum level of reserves. Costs so far have been covered by the charity’s member.
c. Review
During the period, the charity received total income of £248,998 (2023: £Nil) and had total costs of £243,253 (2023: £1,468) giving a surplus of £5,545 (2023: deficit of £1,468).
Structure, governance and management
a. Constitution
FAROS Foundation is a company limited by guarantee governed by its Memorandum and Articles of Association dated 3 August 2018. It is registered as a charity with the Charity Commission.
The directors of the company are also charity trustees.
b. Methods of appointment or election of Trustees
The management of the company is the responsibility of the Trustees who are elected and co-opted under the terms of the Memorandum of Association.
A person who qualifies and is willing to act as a trustee will be appointed by the charity’s current trustees. Decisions to appoint will be discussed and voted upon during trustees’ meetings.
Page 3
FAROS FOUNDATION (A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 29 FEBRUARY 2024
Statement of Trustees' responsibilities
The Trustees (who are also the directors of the company for the purposes of company law) 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).
Company law requires the Trustees to prepare financial statements for each financial . Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of its incoming resources and application of resources, including its income and expenditure, 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 of the Charities SORP (FRS 102);
-
make judgments and accounting estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards (FRS 102) 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 company will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the members of the board of Trustees on _______ and signed on their behalf by:
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................................................
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................................................ Prof G Manthorpe Chair of Trustees
15/07/2024
Page 4
FAROS FOUNDATION (A company limited by guarantee)
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 29 FEBRUARY 2024
Independent examiner's report to the Trustees of FAROS Foundation ('the company')
I report to the charity Trustees on my examination of the accounts of the company for the year ended 29 February 2024.
Responsibilities and basis of report
As the Trustees of the company (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the company's accounts carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
-
accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements of section 396 of the 2006 Act 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; or
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].
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.
This report is made solely to the company's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the company's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the company and the company's Trustees as a body, for my work or for this report.
Signed: Dated: 18/7/24 Laura Waycott FCA Griffin Chartered Accountants Courtenay House Pynes Hill Exeter EX2 5AZ
Page 5
FAROS FOUNDATION (A company limited by guarantee)
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 29 FEBRUARY 2024
| Note Income from: Charitable activities 3 Investments 4 Total income Expenditure on: Charitable activities 5 Total expenditure Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2024 £ 248,595 403 248,998 243,453 243,453 5,545 (3,042) 5,545 2,503 |
Total funds 2024 £ 248,595 403 248,998 243,453 243,453 5,545 (3,042) 5,545 2,503 |
Total funds 2023 £ - - - 1,468 1,468 (1,468) (1,574) (1,468) (3,042) |
|---|---|---|---|
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 8 to 14 form part of these financial statements.
Page 6
FAROS FOUNDATION
(A company limited by guarantee) REGISTERED NUMBER: 11849153
BALANCE SHEET AS AT 29 FEBRUARY 2024
| Note Current assets Debtors 9 Cash at bank and in hand Creditors: amounts falling due within one year 10 Net current assets / liabilites Total assets less current liabilities Net assets / liabilites excluding pension asset Total net assets Charity funds Restricted funds Unrestricted funds Total funds |
32,074 13,735 45,809 (43,306) |
29 February 2024 £ 2,503 2,503 2,503 2,503 - 2,503 2,503 |
- - - (3,042) |
28 February 2023 £ (3,042) (3,042) (3,042) (3,042) - (3,042) (3,042) |
|---|---|---|---|---|
The company was entitled to exemption from audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
The financial statements were approved and authorised for issue by the Trustees on _______ and signed on their behalf by:
Prof G Manthorpe
Chair
The notes on pages 8 to 14 form part of these financial statements.
Page 7
FAROS FOUNDATION (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024
1. General information
The company is a private company limited by guarantee, incorporated in England. The registered office is Courtenay House, Pynes Hill, Exeter, England, EX2 5AZ. The member of the company is Ridgeway Information Ltd. In the event of the company being wound up, the liability in respect of the guarantee is limited to £1 per member of the company.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements 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 2015), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
FAROS Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
2.2 Going concern
FAROS Foundation has a positive reserves balance of £2,503 at the year end, and the company will continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.
2.3 Income
All income is recognised once the company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
2.4 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the company's objectives, as well as any associated support costs.
2.5 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the company; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
Page 8
FAROS FOUNDATION (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024
2. Accounting policies (continued)
2.6 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
2.7 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
2.8 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.
2.9 Financial instruments
The company only has financial assets and financial 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 with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
2.10 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the company and which have not been designated for other purposes.
Investment income, gains and losses are allocated to the appropriate fund.
Page 9
FAROS FOUNDATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024
3. Income from charitable activities
Income from charitable activities
| Unrestricted | Total | Total |
|---|---|---|
| funds | funds | funds |
| 2024 | 2024 | 2023 |
| £ | £ | £ |
| 248,595 | 248,595 | - |
4. Investment income
| Unrestricted | Total | Total | |
|---|---|---|---|
| funds | funds | funds | |
| 2024 | 2024 | 2023 | |
| £ | £ | £ | |
| Bank Interest | 403 | 403 | - |
5. Analysis of expenditure on charitable activities Summary by fund type
| Unrestricted funds 2024 £ Education and training 243,453 Unrestricted funds 2023 £ Education and training 1,468 |
Total 2024 £ 243,453 |
|---|---|
| Total 2023 £ 1,468 |
Page 10
FAROS FOUNDATION (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024
6. Analysis of expenditure by activities
| Education and training Education and training Analysis of support costs Accountancy Consultancy Travel and subsistence Rent General expenses Bank charges Equipment hire Catering cost |
Activities undertaken directly 2024 £ 1,200 |
Support costs 2024 £ 242,253 Support costs 2023 £ 1,468 Education and training 2024 £ 2,911 210,426 24,554 758 1,054 89 150 2,311 242,253 |
Total funds 2024 £ 243,453 |
|---|---|---|---|
| Total funds 2023 £ 1,468 |
|||
| Total funds 2024 £ 2,911 210,426 24,554 758 1,054 89 150 2,311 |
|||
| 242,253 |
Page 11
FAROS FOUNDATION (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024
6. Analysis of expenditure by activities (continued)
Analysis of support costs (continued)
| Accountancy Independent examiner's remuneration Fees payable to the company's independent examiner for the independent examination of the company's annual accounts Fees payable to the company's independent examiner in respect of: All other services not included above |
Education and training 2023 £ 1,468 2024 £ 800 2,111 |
Total funds 2023 £ 1,468 |
|---|---|---|
| 2023 £ - 1,468 |
7. Independent examiner's remuneration
Page 12
FAROS FOUNDATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024
8. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2023 - £NIL) .
During the year ended 29 February 2024, no Trustee expenses have been incurred (2023 - £NIL) .
9. Debtors
| Due within one year Other debtors |
29 February 2024 £ 32,074 32,074 |
28 February 2023 £ - |
|---|---|---|
| - |
10. Creditors: Amounts falling due within one year
| Trade creditors Other creditors Accruals and deferred income |
29 February 2024 £ 18,145 23,161 2,000 43,306 |
28 February 2023 £ - 1,887 1,155 |
|---|---|---|
| 3,042 |
Page 13
FAROS FOUNDATION (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024
11. Summary of funds
Summary of funds - current year
| Balance at 1 March 2023 £ General funds (3,042) Summary of funds - prior year General funds 12. Analysis of net assets between funds Analysis of net assets between funds - current period Current assets Creditors due within one year Total Analysis of net assets between funds - prior period Creditors due within one year Total |
Income £ Expenditure £ 248,998 (243,453) Balance at 1 March 2022 £ Expenditure £ (1,574) (1,468) Unrestricted funds 29 February 2024 £ 45,809 (43,306) 2,503 Unrestricted funds 28 February 2023 £ (3,042) (3,042) |
Balance at 29 February 2024 £ 2,503 Balance at 28 February 2023 £ (3,042) Total funds 29 February 2024 £ 45,809 (43,306) 2,503 Total funds 28 February 2023 £ (3,042) (3,042) |
|---|---|---|
Page 14
SIGNATURE CERTIFICATE
REFERENCE NUMBER 556BB524-12BD-411A-ACE7-4A5AC0F9747E
TRANSACTION DETAILS
DOCUMENT DETAILS
Document Name Full accounts Faros Foundation 2024 Filename Full_accounts_Faros_Foundation_2024.pdf Pages 16 pages Content Type application/pdf File Size 264 KB Original Checksum
Reference Number Document Name 556BB524-12BD-411A-ACE7-4A5AC0F9747E Full accounts Faros Foundation 2024 Transaction Type Filename Signature Request Full_accounts_Faros_Foundation_2024.pdf Sent At Pages 07/15/2024 11:54 EDT 16 pages Executed At Content Type 07/15/2024 16:17 EDT application/pdf Identity Method File Size email 264 KB Distribution Method Original Checksum email 02a07800762a2cc49ac597781f853d318313b309393b67828d8a2559f0c94d1d Signed Checksum 7b846b3048d8d753385f45e7f89f11cb46b422db4dfbd773ba5076439a716f03
Signer Sequencing Disabled Document Passcode Disabled
SIGNERS
| SIGNER | E-SIGNATURE | EVENTS |
|---|---|---|
| Name | Status | Viewed At |
| Gillian Manthorpe | signed | 07/15/2024 16:15 EDT |
| Multi-factor Digital Fingerprint Checksum | Identity Authenticated At | |
| jill.manthorpe@kcl.ac.uk | 6cdea262af81170a9719fd7441b735d08ec339cad2f540c9880c142b455e27a7 | 07/15/2024 16:17 EDT |
| Components | IP Address | Signed At |
| 3 | 87.81.40.10 | 07/15/2024 16:17 EDT |
| Device | ||
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Signature Reference ID F75515C9 Signature Biometric Count 14
AUDITS
TIMESTAMP AUDIT 07/15/2024 11:54 EDT 07/15/2024 11:54 EDT 07/15/2024 16:15 EDT 07/15/2024 16:17 EDT 07/15/2024 16:17 EDT
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