REGISTERED COMPANY NUMBER: 11868617 (England and Wales) REGISTERED CHARITY NUMBER: 1183275 (England and Wales) REGISTERED CHARITY NUMBER: SC051154 (Scotland)
REPORT OF THE TRUSTEES AND
AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024
FOR
B&Q FOUNDATION (A COMPANY LIMITED BY GUARANTEE)
Hopper Williams & Bell Limited Statutory Auditor Highland House Mayflower Close Chandler's Ford Eastleigh Hampshire SO53 4AR
B&Q FOUNDATION
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024
| Page | |
|---|---|
| Report of the Trustees | 1 to 5 |
| Statement of Trustees' Responsibilities | 6 |
| Report of the Independent Auditors | 7 to 9 |
| Statement of Financial Activities | 10 |
| Balance Sheet | 11 |
| Cash Flow Statement | 12 |
| Notes to the Cash Flow Statement | 13 |
| Notes to the Financial Statements | 14 to 21 |
B&Q FOUNDATION
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JANUARY 2024
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report together with the audited financial statements of the charity for the year ended 31 January 2024 which are also prepared to meet the requirements for a Directors' Report and accounts for Companies Act purposes. The trustees have adopted 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).
RELATIONSHIP WITH B&Q LIMITED
B&Q Limited have supported by making donations and raising funds for the B&Q Foundation by making donations from the sale of certain products in B&Q Limited, and through B&Q colleague fundraising
OBJECTIVES AND ACTIVITIES
Objectives and aims
The B&Q Foundation’s aim is to support those in need across the UK because of financial hardship, ill-health, disability, or other disadvantage, in particular (but without limitation) by providing, maintaining, repairing, and improving housing and community spaces, and providing housing advice and support.
The B&Q Foundation will meet its aims through its primary and only activity, 'grantmaking'. This key activity will directly and indirectly benefit the public and the community through the improvement of homes and community facilities creating enhanced environments. The grants paid will be for specific projects, stated by the charity, and include the expected benefits of the successful project.
We review our aims, objectives, and activities each year. This review looks at what we achieved and the outcomes of our work in the previous twelve months. The review looks at the success of each key activity and the benefits they have brought to those groups of people we are set up to help. The review also helps us ensure our aim, objectives, and activities remain focused on our stated purposes.
In the consideration of projects to support and planning of activities to raise funds, the trustees have given careful consideration to the Charity Commission’s guidance on public benefit, including the guidance ‘Public Benefit: Running a Charity (PB2)’.
Grantmaking
The B&Q Foundation's main purpose is to make grants to registered charities to support projects to improve housing or community spaces, in line with our outlined objectives above.
The B&Q Foundation welcomes applications for grants from both national and local charities. Charities can register interest in applying for a grant at any time, through our third party provider’s website, Neighbourly. All charities will be informed whether or not the core qualification criteria for a grant have been met, and those that are eligible will be invited to fill in the full application in the next quarterly round of funding via the Neighbourly platform.
The Trustees held a strategy session in December 2022 and agreed to review the standard grant award values and consider the introduction of multi-year grant awards. Following this meeting, we have now revised our grant strategy and have increased the standard grant award value from £5,000 in 2023 to up to the value of £10,000 for indoor or building projects and £5,000 for outdoor or garden projects. Larger and multi-year grant awards have also been introduced for a small number of charities which are considered to be the best fit to help us achieve our charitable purposes.
As part of our grant award process all the charities we provide grants to are vetted, allowing us to ensure the charity's objectives and values align with our own. The grant application is also evaluated against a clearly defined set of criteria.
Our Board of Trustees meet quarterly to agree funding allocations for the next quarter and award grants. All grant applicants will be informed of the decision in writing whether successful or not.
After 6 months, the B&Q Foundation follows up with each charity that has been awarded a grant to ensure that money has been spent on the project it had applied for and to understand the outcomes of the grant. The charity confirms the number of people that have benefitted from the grant.
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B&Q FOUNDATION
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JANUARY 2024
ACHIEVEMENT AND PERFORMANCE
During the year ended 31 January 2024 the B&Q Foundation has supported 266 charity projects (2023: 448) with an average grant value of approximately £8k (2023: £4.5k).
The top four cause types the 266 grants cover:
| 2024 | 2023 | |
|---|---|---|
| Housing and homelessness | 23% | 24% |
| Disability | 15% | 12% |
| Hospice | 4% | 4% |
| Health and wellbeing | 13% | 15% |
Across all grants this year we have reached 143,677 people across the UK.
Below are examples of the projects that the B&Q Foundation's grants have supported:
Our first multi-year grant awarded to EveryYouth to support their Future Builders programme to help make affordable housing available to young people whilst providing access to education, employment, and training.
A grant of £70,000 was donated to The Childhood Trust to support their Decorate A Child's Life programme in London. Our funding helped directly support 60 projects across 10 London boroughs providing 4,410 children access to safe environments to learn, play, and grow in. It has transformed 44 children's bedrooms, allowed 11 playgrounds to be recommissioned and two community youth clubs redecorated.
The June lavender product donation restricted to support LGBTQ+ charities, made it possible to make a £25k award to Micro Rainbow International Foundation to re-paint and carpet five safe houses used to provide safe temporary housing for LGBTQI asylum seekers and refugees in the UK. A large one-off grant award of £58k was made to Stonewall Housing Charitable Foundation to fund a specialist LGBTQ+ substance misuse housing advocate.
The B&Q Foundation website provides further information on the work we do to support our local communities. It includes information about grant awards and a link to register interest, includes case studies of charities we have already supported and provides information on B&Q Foundation news and how to support us.
FUNDRAISING
A key priority for this year, which was identified at the December 2022 strategy meeting, was to agree and develop new fundraising activities. We have been working to expand our fundraising activity this year, and we held our first fundraising golf day event which was very successful. We are continuing to look at what other fundraising activities we can do to increase the opportunities to bring awareness and financial support for the activities of B&Q Foundation.
The B&Q Foundation ensures that fundraising efforts are not unreasonably persistent or intrusive to the public by limiting the methods by which these funds are raised. Fundraising does not generally occur outside of B&Q Limited's premises, with large scale sponsored events taking place only during predetermined (and limited) timeframes.
B&Q Limited have entered into a commercial agreement with the B&Q Foundation to enable B&Q Limited to raise funds through the sale of certain products from which it has agreed to donate certain proceeds to the B&Q Foundation, and other fundraising activities from B&Q Limited's colleagues and members of the public. No other professional fundraiser or commercial participator carried out any fundraising activities on behalf of B&Q Foundation in the year.
The B&Q Foundation did not receive any complaints about fundraising activity during the year.
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B&Q FOUNDATION
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JANUARY 2024
FINANCIAL REVIEW
Funds are raised through a variety of means from B&Q Limited corporate donations, colleague fundraising activities, and donations from the sale of certain products (reusable bags, and seasonal product sales) and customer donations.
The total income received for the period was £2,180,560 (2023: £1,878,353).
B&Q Limited donated £273,269 unrestricted funds over and above product profit donations (2023: £139,415).
The profit from sales of B&Q Limited’s GoodHome Reusable Bags was again donated to the B&Q Foundation totalling £139,356 (2023: £168,040) for the year. B&Q Limited also donated £1 of every sale of 13cm dahlia plants totalling £1,046,806 (2023: £1,061,323 from 13cm geranium plants and seasonal doormats).
Kingfisher Plc donated £50,000 and B&Q Limited donated £2 of every sale of lavender plants in June 2023 totalling £188,816 for the restricted use of making grant awards to LGBTQ+ charities.
In addition to the above, Kingfisher Plc donated £110,000 unrestricted and £70,000 restricted to The Childhood Trust’s Decorate a Child’s Life programme (2023: £100,000 unrestricted and £5,000 restricted).
The charity issued grant awards totalling £2,107,673 (2023: £2,030,419) in the year supporting 266 charity projects (2023: 448).
RESERVES POLICY
The trustees have examined the charity’s requirements for reserves in light of the main risks to the organisation. The reserves policy of retaining a minimum level of unrestricted funds to be held has been set at £50,000 (2023: £50,000) to ensure that any one off or unforeseen costs can be settled.
The present level of reserves available to the charity are £113,114 (2023: £325,972). The primary reason for the year end reserves level exceeding the target minimum level is the grantmaking calendar which has temporarily built reserves, as the last grant payments of the year were awarded in December. These reserves will be awarded in the coming months.
Restricted funds received have been separately recorded. Restricted funds carried forward are £50,433 (2023: £4,960) which will be used in a subsequent period in line with agreed terms. This includes £45,623 funds restricted for grants to LGBTQ+ charities.
The total funds held by the B&Q Foundation on 31 January 2024 were £163,547 (2023: £330,932).
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B&Q FOUNDATION
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JANUARY 2024
STRUCTURE, GOVERNANCE AND MANAGEMENT
The B&Q Foundation is a company limited by guarantee (registered company number 11868617) and registered as a charity (numbers 1183275 & SCO51154). The charity is governed by its Memorandum and Articles of Association. In the event of the company being wound up, members are required to contribute an amount not exceeding £1.
The Board of Trustees meet at least four times a year to review the financial position, agree grant awards, and discuss matters requiring attention. Key decisions and all expenditure are approved by the Board of Trustees with day-to-day management of the B&Q Foundation delegated to the B&Q Foundation Manager. For urgent decision making, communications are emailed to all trustees for approval by a two-thirds majority. A strategy session to discuss the focus and future strategy of the B&Q Foundation is held at least once a year. External legal and governance advice was sought when required throughout the year.
The trustees remain committed to their role in making the charity a success.
RECRUITMENT AND APPOINTMENT OF NEW TRUSTEES
The directors of the company are also charity trustees for the purposes of charity law and under the company’s Articles are known as members.
When a need is identified to recruit trustees, the Chair will notify B&Q Limited and, on their approval to appoint, will manage the process. A panel including the Chair and at least one other trustee will have responsibility for the recruitment and induction process. If a simple majority of trustees approve, the candidate will be recommended to B&Q Limited to be invited to join the Board of Trustees.
Trustees are appointed for a term of three years. They shall be eligible for re-appointment if B&Q Limited thinks fit for a further term of three years. A trustee may serve a maximum of three such terms, save that, in exceptional circumstances, a trustee may be appointed for an additional term of up to three years.
All trustees give their time voluntarily and receive no monetary benefits from the charity.
RISK MANAGEMENT
The charity has carried out a review to identify major risks and has taken steps to mitigate them. A list of risks has been established and is updated at least annually. It is the opinion of the trustees that the charity’s policies, procedures, and controls are adequate to mitigate financial and reputation loss through error or fraud and to maintain the viability of the charity.
FUTURE PLANS
The trustees held a strategy session in November 2023 to agree key priorities for next year which are detailed below: - Increase income from new fundraising activities such as a customer raffle and gala. - Increase B&Q Limited colleague and customer awareness of the impact of the B&Q Foundation’s activity.
- Grow and develop the B&Q Foundation’s larger grants programme.
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B&Q FOUNDATION
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JANUARY 2024
REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number
11868617 (England and Wales)
Registered Charity number 1183275 (England and Wales)
Registered Charity number SC051154 (Scotland)
Registered office
B&Q House Chestnut Avenue Chandlers Ford Eastleigh Hampshire SO53 3LE
Trustees
A Moat (resigned 7 June 2024) A Peters A Purnell A Truscott (resigned 12 April 2024) C Burge (Chair) P Crisp P White (appointed 24 June 2024) S Hewett-Avison V Carroll (resigned 20 July 2023) S King (appointed 20 July 2023)
Auditors
Hopper Williams & Bell Limited Statutory Auditor Highland House Mayflower Close Chandler's Ford Eastleigh Hampshire SO53 4AR
Bankers
HSBC Bank PLC Park Street London SE1 9DZ
30 Jul 2024
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
........................................................................ Ms C Burge - Trustee
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B&Q FOUNDATION
STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 31 JANUARY 2024
The trustees (who are also the directors of B&Q 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).
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.
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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF B&Q FOUNDATION
Opinion
We have audited the financial statements of B&Q Foundation (the 'charitable company') for the year ended 31 January 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).
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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 January 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; 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 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.
Conclusions relating 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.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
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.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and
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the Report of the Trustees has been prepared in accordance with applicable legal requirements.
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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF B&Q FOUNDATION
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
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adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of trustees' remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit; or
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the trustees were not entitled to take advantage of the small companies exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Trustees.
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.
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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF B&Q FOUNDATION
Our responsibilities for the audit of the financial statements
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:
We obtained an understanding of the legal and regulatory frameworks that are applicable to the charitable company, and the industry in which it operates. These include but are not limited to compliance with the Companies Act 2006, UK Generally Accepted Accounting Practice the charity SORP and the relevant tax compliance regulations for the company.
We obtained an understanding of how the charitable company is complying with these frameworks through discussions with management.
We enquired with management whether there were any instances of non-compliance with laws and regulations or whether they had knowledge of actual or suspected fraud. These enquiries are corroborated through follow-up audit procedures including but not limited to a review of legal and professional costs, correspondence and a review of board minutes.
We assessed the susceptibility of the company's financial statements to material misstatement, including the risk of fraud and management override of controls. We designed our audit procedures to respond to this assessment, including the identification and testing of any related party transactions and the testing of journal transactions that arise from management estimates, that are determined to be of significant value or unusual in their nature.
We assessed the appropriateness of the collective competence and capabilities of the engagement team, including consideration of the engagement team's knowledge and understanding of the industry in which the company operates in, and their practical experience through training and participation with audit engagements of a similar nature.
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.
Use of our report
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members 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 members as a body, for our audit work, for this report, or for the opinions we have formed.
Michaela Johns (FCCA) (Senior Statutory Auditor) for and on behalf of Hopper Williams & Bell Limited Statutory Auditor Highland House Mayflower Close Chandler's Ford Eastleigh Hampshire SO53 4AR 30 Jul 2024
Date: .............................................
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B&Q FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 JANUARY 2024
| Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 2 1,857,581 Other trading activities 3 14,163 Total 1,871,744 EXPENDITURE ON Raising funds 4 27,531 Charitable activities 5 Charitable activity 2,057,071 Total 2,084,602 NET INCOME/(EXPENDITURE) (212,858) RECONCILIATION OF FUNDS Total funds brought forward 325,972 TOTAL FUNDS CARRIED FORWARD 113,114 |
Restricted fund £ 308,816 - 308,816 - 263,343 263,343 45,473 4,960 50,433 |
2024 Total funds £ 2,166,397 14,163 2,180,560 27,531 2,320,414 2,347,945 (167,385) 330,932 163,547 |
2023 Total funds £ 1,878,353 - 1,878,353 - 2,279,207 2,279,207 (400,854) 731,786 330,932 |
|---|---|---|---|
CONTINUING OPERATIONS
All income and expenditure has arisen from continuing activities.
The notes form part of these financial statements
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B&Q FOUNDATION (REGISTERED NUMBER: 11868617)
BALANCE SHEET 31 JANUARY 2024
| Unrestricted Restricted fund fund Notes £ £ CURRENT ASSETS Debtors 11 95,228 - Cash at bank 162,094 50,433 257,322 50,433 CREDITORS Amounts falling due within one year 12 (94,208) - NET CURRENT ASSETS 163,114 50,433 TOTAL ASSETS LESS CURRENT LIABILITIES 163,114 50,433 CREDITORS Amounts falling due after more than one year 13 (50,000) - NET ASSETS 113,114 50,433 FUNDS 14 Unrestricted funds: General fund Restricted funds: Restricted Fund TOTAL FUNDS |
2024 Total funds £ 95,228 212,527 307,755 (94,208) 213,547 213,547 (50,000) 163,547 113,114 50,433 163,547 |
2023 Total funds £ 259,198 126,943 386,140 (55,209) 330,932 330,932 - 330,932 325,972 4,960 330,932 |
|---|---|---|
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: 30 Jul 2024
............................................. C Burge - Trustee
The notes form part of these financial statements
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B&Q FOUNDATION
CASH FLOW STATEMENT FOR THE YEAR ENDED 31 JANUARY 2024
| Notes Cash flows from operating activities Cash generated from operations 1 Net cash provided by/(used in) operating 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 |
2024 £ 85,584 85,584 85,584 126,943 212,527 |
2023 £ (398,595) (398,595) (398,595) 525,538 126,943 |
|---|---|---|
The notes form part of these financial statements
Page 12
B&Q FOUNDATION
NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 JANUARY 2024
| 1. | RECONCILIATION OF NET EXPENDITURE TO NET CASH | RECONCILIATION OF NET EXPENDITURE TO NET CASH | FLOW | FROM OPERATING | FROM OPERATING | |
|---|---|---|---|---|---|---|
| ACTIVITIES | ||||||
| 2024 | 2023 | |||||
| £ | £ | |||||
| Net expenditure for the reporting period (as per the Statement of | ||||||
| Financial Activities) | (167,385) | (400,854) | ||||
| Adjustments for: | ||||||
| Decrease in debtors | 163,969 | 335,086 | ||||
| Increase/(decrease) in creditors | 89,000 | (332,827) | ||||
| Net cash provided by/(used in) operations | 85,584 | (398,595) | ||||
| 2. | ANALYSIS OF CHANGES IN NET FUNDS | |||||
| At | 1.2.23 | Cash flow | At 31.1.24 | |||
| £ | £ | £ | ||||
| Net cash | ||||||
| Cash at bank | 126,943 | 85,584 | 212,527 | |||
| 126,943 | 85,584 | 212,527 | ||||
| Total | 126,943 | 85,584 | 212,527 |
The notes form part of these financial statements
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B&Q FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024
1. 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 £.
Critical accounting judgements and key sources of estimation uncertainty
Estimates and judgements are continually evaluated and are based on historical experience and other factors, that are believed to be reasonable under the circumstances and there is sufficient information provided to prepare a reasonable estimate. The critical accounting estimates and areas of judgement made within these accounts relates to Gifts in Kind.
Gifts in Kind - was based upon an apportionment of time spent on the charity in previous years. There have been no such gifts this year.
There are no other critical areas of judgement.
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.
Incoming donations are generally accounted for in the period in which they are received. Donated services and facilities are included at the value to the charity where this can be quantified.
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.
Charitable expenditure comprises those costs incurred by the charity in 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.
Costs of raising funds comprise the costs associated with attracting voluntary income for the charity.
Support costs are allocated to activities on a basis consistent with the use of resources.
Governance costs include those costs associated with meeting the constitutional and statutory requirement of the charity and include auditing fees and costs linked to the strategic management of the charity. These costs have been included in expenditure on charitable activities.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
continued...
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B&Q FOUNDATION NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JANUARY 2024
1. ACCOUNTING POLICIES - continued
Taxation
The charity is exempt from corporation tax on its charitable activities.
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.
Financial instruments
The charity only holds basic financial instruments. The financial assets and financial liabilities of the Charity and their measurements basis are as follows:
Financial assets - Trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments.
Cash at bank - Cash at bank is classified as a basic financial instrument and is measured at face value.
Financial liabilities - Trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost.
Going concern
The Trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of the assets held by the charity.
2. DONATIONS AND LEGACIES
| Donations Income from donations and legacies Donations Mask sales Reusable bags Seasonal product donation Other income B&Q donated support costs Kingfisher donated support costs |
Unrestricted £ 667,525 - 139,356 1,046,806 1,500 - 2,394 1,857,581 |
Restricted £ 120,000 - - 188,816 - - - 308,816 |
2024 £ 2,166,397 2024 Total £ 787,525 - 139,356 1,235,622 1,500 - 2,394 2,166,397 |
2024 £ 2,166,397 2024 Total £ 787,525 - 139,356 1,235,622 1,500 - 2,394 2,166,397 |
2023 £ 1,878,353 2023 Total £ 470,875 - 168,040 1,061,323 3,000 174,158 957 1,878,353 |
|
|---|---|---|---|---|---|---|
B&Q Limited donated direct costs of £Nil (2023: £174,158).
Included in the 2023 Donations total is £5,000 of restricted income.
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B&Q FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JANUARY 2024
| 3. OTHER TRADING ACTIVITIES 2024 £ Fundraising events 14,163 4. RAISING FUNDS Raising donations and legacies 2024 £ Fundraising costs 27,531 5. CHARITABLE ACTIVITIES COSTS Grant funding of activities Support Direct (see note costs (see Costs 6) note 7) £ £ £ Charitable activity 44,827 2,107,673 167,914 6. GRANTS PAYABLE 2024 £ Charitable activity 2,107,673 The total grants paid to institutions during the year was as follows: 2024 £ Institution grants 2,107,673 7. SUPPORT COSTS Governance Management Finance costs £ £ £ Charitable activity 152,953 657 14,304 |
2023 £ - 2023 £ - Totals £ 2,320,414 |
2023 £ - 2023 £ - Totals £ 2,320,414 |
2023 £ - |
|
|---|---|---|---|---|
| 2023 £ - |
||||
| 2023 £ 2,030,419 |
||||
| 2023 £ 2,030,419 |
||||
| Totals £ 167,914 |
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B&Q FOUNDATION NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JANUARY 2024
8. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
| Auditors' remuneration Auditors' remuneration for non audit work |
2024 £ 7,200 3,096 |
2023 £ 6,480 2,952 |
|---|---|---|
9. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 January 2024 nor for the year ended 31 January 2023.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 January 2024 nor for the year ended 31 January 2023.
| 10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted fund £ INCOME AND ENDOWMENTS FROM Donations and legacies 1,873,353 EXPENDITURE ON Charitable activities Charitable activity 2,279,167 NET INCOME/(EXPENDITURE) (405,814) RECONCILIATION OF FUNDS Total funds brought forward 731,786 TOTAL FUNDS CARRIED FORWARD 325,972 |
Restricted fund £ 5,000 40 4,960 - 4,960 |
Total funds £ 1,878,353 2,279,207 (400,854) 731,786 330,932 |
|---|---|---|
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B&Q FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JANUARY 2024
| 11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 £ Trade debtors 61,798 Other debtors 171 Prepayments and accrued income 33,259 95,228 12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 £ Trade creditors - Other creditors 50,000 Accruals and deferred income 44,208 94,208 13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 2024 £ Other creditors 50,000 14. MOVEMENT IN FUNDS Net movement At 1.2.23 in funds £ £ Unrestricted funds General fund 325,972 (212,858) Restricted funds Restricted Fund 4,960 45,473 TOTAL FUNDS 330,932 (167,385) Net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General fund 1,871,744 (2,084,602) Restricted funds Restricted Fund 308,816 (263,343) TOTAL FUNDS 2,180,560 (2,347,945) |
2023 £ 219,521 343 39,334 259,198 2023 £ 36,408 - 18,801 55,209 2023 £ - At 31.1.24 £ 113,114 50,433 163,547 Movement in funds £ (212,858) 45,473 (167,385) |
|---|---|
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B&Q FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JANUARY 2024
14. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Net movement At 1.2.22 in funds £ £ Unrestricted funds General fund 731,786 (405,814) Restricted funds Restricted Fund - 4,960 TOTAL FUNDS 731,786 (400,854) Comparative net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General fund 1,873,353 (2,279,167) Restricted funds Restricted Fund 5,000 (40) TOTAL FUNDS 1,878,353 (2,279,207) A current year 12 months and prior year 12 months combined position is as follows: Net movement At 1.2.22 in funds £ £ Unrestricted funds General fund 731,786 (618,672) Restricted funds Restricted Fund - 50,433 TOTAL FUNDS 731,786 (568,239) |
At 31.1.23 £ 325,972 4,960 330,932 Movement in funds £ (405,814) 4,960 (400,854) At 31.1.24 £ 113,114 50,433 163,547 |
|---|---|
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B&Q FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JANUARY 2024
14. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Restricted funds Restricted Fund TOTAL FUNDS |
Incoming resources £ 3,745,097 313,816 4,058,913 |
Resources expended £ (4,363,769) (263,383) (4,627,152) |
Movement in funds £ (618,672) 50,433 (568,239) |
|---|---|---|---|
Restricted funds carried forward total £50,433.
£4,810 of the restricted funds carried forward relate to staff training.
£45,623 of the restricted funds carried forward relate to the B&Q Foundation Pride Fund. This relates to the provision of grants to LGBTQ+ charities.
15. RELATED PARTY DISCLOSURES
Donations totalling £273,269 unrestricted funds (2023: £139,415 unrestricted funds) were received from B&Q Limited, a company which is a related party with significant control as it holds the right to appoint or remove a majority of the Board of Trustees. The principal activity of B&Q Limited is the retailing of home improvement products and related home improvement services in the United Kingdom.
The profit from sales of B&Q Limited's GoodHome Reusable Bags were donated to the B&Q Foundation totalling £139,356 (2023: £168,040) for the year. B&Q Limited also donated £1 of every sale of 13cm dahlia plants totalling £1,046,806 (2023: £1,061,323 from 13cm geranium plants and seasonal doormats). B&Q Limited donated £2 of every sale of lavender plants in June 2023 totalling £188,816 for the restricted use of making grant awards to LGBTQ+ charities.
In addition, B&Q Limited have supported the B&Q Foundation by making donations totalling £249,642 (2023: £202,078) raised from colleague fundraising activities and customer donations.
At the year end £61,797 (2023: £219,521) was due from B&Q Limited.
B&Q Foundation paid £147,779 to B&Q Limited for the recharge of management, administration and accountancy services provided by B&Q Limited during the year, and incurred expenditure of £27,439 for the recharge of fundraising and marketing costs paid by B&Q Limited on its behalf during the year.
At the year end accrued expenses totalling £27,439 (2023: £Nil) were payable to B&Q Limited.
B&Q Limited also made Gifts in Kind totalling £Nil (2023: £174,158) during the year.
Kingfisher Plc donated £110,000 unrestricted funds (2023: £100,000 unrestricted funds). Kingfisher Plc also donated £70,000 restricted to The Childhood Trust's Decorate a Child's Life programme and £50,000 for the restricted use of making grant awards to LGBTQ+ charities (2023: £5,000 restricted for trustee training costs).
Kingfisher Plc also made Gifts in Kind of donated costs totalling £2,394 (2023: £957).
continued...
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B&Q FOUNDATION NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JANUARY 2024
15. RELATED PARTY DISCLOSURES - continued
At the year end £Nil (2023: £Nil) was due from Kingfisher Plc.
16. TAXATION
As a charity, B&Q Foundation, is exempt from tax on income and gains falling with section 505 of the Taxes Act 1988 or s256 of the taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. No tax charges have arisen in the charity.
17. MEMBERS LIABILITY
The company is limited by guarantee and does not have share capital. The liability of the guarantors, who are the Trustees, is limited to £1 per guarantor.
At 31 January 2024 there were 8 members (2023: 8).
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