Registered number 10952436
BRAVE FOUNDATION
Report and Unaudited Accounts
30 September 2021
BRAVE FOUNDATION Report and accounts Contents
| Page | |
|---|---|
| Company information | 1 |
| Directors' report | 2 |
| Chartered Accountants' report | 3 |
| Profit and loss account | 4 |
| Balance sheet | 5 |
| Statement of changes in equity | 6 |
| Notes to the accounts | 7 |
BRAVE FOUNDATION LEGAL AND ADMINISTRATIVE INFORMATION
Chairman
Bogdan Iwanow Reckalijsky
Secretary
Galin Nikolaev Galev
Treasurer
Bogdan Iwanow Reckalijsky
Trustees
Bogdan Iwanow Reckalijsky Galin Nikolaev Galev Stanimir Stoyanov Pisev
Charity Number
1184394
Principle Adress
Unit 3 Dulcia Works Herbert Street London England E13 8BE
Independent Examiner
The Brampton Group T/A Brampton Accounting 85 Great Portland Street London W1W 7LT
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BRAVE FOUNDATION
TRUSTEES’ REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2021
The trustees of the Brave Foundation (the Trustees) have pleasure in submitting their report together with unaudited accounts for the year ended 30 September 2021. The accounts have been prepared in accordance with the Charities Statement of Recommended Practice (Charities SORP FRS 102), Financial Reporting Standard 102 (FRS 102) and the Charities Act 2011.
Objectives and activities
The Brave Foundation’s purposes as set out in the objects contained in the company’s Articles of Association are, for the public benefit, to relieve persons who are in need by reason of financial hardship, ill-health, alcohol or substance abuse, domestic violence or such other social or economic disadvantage.
The aim of the Brave Foundation is to provide free spaces for people in charitable need because of financial hardship, ill-health, alcohol or substance abuse, domestic violence or such other social or economic disadvantage to retreat and have respite. We pursue these aims through the building and managing of fully catered accommodation in Bulgaria close to the border with Macedonia. The particular emphasis of the accommodation is to provide retreat facilities for individuals and small groups who are in charitable need so they can focus on their recovery and return to health. Our aims fully reflect the purposes that the charity was set up to further.
We are a newly established charity and intend to review our aims, objectives and activities each year. This review will look at what we achieved, the outcomes of our work in the previous 12 months, the success of each of our activities and the benefits they have brought to those groups of people we are set up to help.
The review also helps us ensure our aims, objectives and activities remained focused on our stated purposes. We have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when considering our aims and objectives and in planning our future activities.
Achievements and performance
All the Brave Foundation’s activities this financial year have been focused on the establishment of a retreat and respite Centre and are undertaken to further its charitable purposes for the public benefit. To this end the Brave Foundation has continued to build the infrastructure for the site including kitchens and accommodation.
The Brave Foundation anticipates that the building work will be completed next financial year with a view to inviting its first beneficiaries to the retreat centre in 2022.
Financial review
Charity has received income of £44,669 and there is excess income over expense of £38,340 for the year ended 30 Sept 21. Reserves are held under the General Fund. The amount would be used to achieve the objectives of the organisation i.e mainly providing relief to vulnerable persons in need of shelter, food and other difficulties. Amount held in reserves held is £107,291. There are no uncertainties about the charity as a going concern. Continuous income from patrons is promised and is ongoing. Charity also builds infrastructure to be assured of continuous income in future.
Structure, governance and management
The organisation is a charitable company limited by guarantee, incorporated on 8 September 2017 and registered as a charity on 12 July 2019.
The company is governed by a Memorandum of and Articles of Association incorporated 8 September 2017 as amended by special resolution registered at Companies House on 17 June 2019 which established the objects and powers of the charitable company. In the event of the company being wound up members are required to contribute an amount not exceeding £10.
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BRAVE FOUNDATION
TRUSTEES’ REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2021
The directors of the company are also charity trustees for the purposes of charity law and under the company’s Articles of Association are known as the Trustees. Under the requirements of the Articles of Association the Trustees are appointed to serve by the members of the charitable company. The members of the charitable company are Bogdan Iwanow Reckalijsky, Galin Nikolaev Galev and those additional persons admitted to membership of the charitable company by the Trustees in accordance with the Articles of Association.
All Trustees give their time voluntarily and received no benefits from the charity.
The Trustees are selected by the members of the Brave Foundation to serve if they are interested in furthering the charitable objects of the Brave Foundation.
The Brave Foundation is affiliated with and works alongside a charitable organisation in Bulgaria called Fondatsia Hrabar.
Reference and administrative details
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Charity name Brave Foundation
Other name the charity uses None
Charity registration number (in
England and Wales) 1184394
Charity registration number 10952436
Charity’s principal address and
Unit 3 Dulcia Works, Herbert Street London, England, E13 8BE
registered office
Trustee name Appointment and retirement dates
Bogdan Iwanow Reckalijsky From 08 September 2017 to present
Galin Nikolaev Galev From 21 June 2019 to present
Stanimir Stoyanov Pisev From 01 May 2020 to present
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Exemptions from disclosure
None
Funds held as custodian trustee on behalf of others
The Brave Foundation does not hold funds as custodian trustee.
Declarations
The Trustees declare that they have approved the trustees’ report above. Signed on behalf of the Trustees
Bogdan Iwanow Recklijsky Trustee Dated: 31 JUNE 2022
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INDEPENDENT EXAMINER’S REPORT
BRAVE FOUNDATION
TO THE TRUSTEES OF BRAVE FOUNDATION
I report on the accounts of the charity for the year ended 30 September 21, which are set out on pages 4 to 10.
This report is made solely to the charity's trustees, as a body, in accordance with Section 154 of the Charities Act 2011. My work has been undertaken so that I might state to the charity’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 charity and its trustees as a body, for my work, for this report, or for the opinions I have formed.
Respective responsibilities of trustees and examiner
The charity’s trustees are responsible for the preparation of the financial statements. The charity's trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
It is my responsibility to:
(i) examine the financial statements under section 145 of the 2011 Act;
(ii)To follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
(iii) To state whether particular matters have come to my attention.
Basis of independent examiner’s report
My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the financial statements present a ‘true and fair view’ and the report is limited to those matters set out in the next statement.
Independent examiner’s statement
Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities:
I understand that this has been done in order for the financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice.
Brampton Accounting 85 Great Portland Street W1W 7LT Dated: 30 JUNE 2022
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BRAVE FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 30 SEPTEMBER 2021
| Unrestricted funds 2021 Notes £ Income from: Voluntary income for charitable activities 3 44,669 Grant Income 4,270 Total income 48,939 Expenditure on: Charitable activities Costs of charitable activities 4 - Support costs 5 1,359 Total charitable expenditure 1,359 Governance costs 9,240 Total resources expended 10,559 Net income/(expenditure) for the year/ Net movement in funds 38340 Fund balances at 1 October 2020 - Fund balances at 30 September 2021 38,340 |
Restricted Total Total funds 2021 2021 2020 £ £ £ - 44,669 77,983 - 4,270 3,432 48,939 81,415 - - 2,223 - 1,359 992 1,359 3,225 - 9,240 9,240 - 10559 12465 38,340 68,950 - - 38,340 68,950 |
|---|---|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
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BRAVE FOUNDATION Registered number: Balance Sheet as at 30 September 2021
10952436
| Notes Current assets Debtors 2 Cash at bank and in hand Creditors: amounts falling due within one year Net current assets Net assets Income Funds Restricted Funds Unrestricted Funds Shareholders' funds |
2021 £ 41,950 66,683 108,633 (1,342) 107,291 107,291 - 107,291 107,291 |
2020 £ - 69,452 69,452 (502) 68,950 68,950 68,950 68,950 |
|---|---|---|
The financial statements were approved by the Trustees on 30 September 2021
Bogdan Iwanow Recklijsky Trustee Dated: 30 JUNE 2022
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BRAVE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021
1 Accounting policies
Charity information
The organisation is a charitable company limited by guarantee, incorporated on 8 September 2017 and registered as a charity on 12 July 2019. The company is governed by a Memorandum of and Articles of Association incorporated 8 September 2017 as amended by special resolution registered at Companies House on 17 June 2019 which established the objects and powers of the charitable company. The principal address is Unit 3 Dulcia Works, Herbert Street, London, England, E13 8BE.
1.1 Accounting convention
The accounts have been prepared in accordance with the charity's governing document, the Charities Act 2011 and “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)" (as amended for accounting periods commencing from 1 January 2016). The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
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 £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
- 1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes.
Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the Charity.
1.4 Incoming resources
All incoming resources are included in the statement of financial activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy
1.5 Resources expended
Resources expended are recognised in the period in which they are incurred. Resources expended include attributable VAT which cannot be recovered.
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them
Governance costs represent costs associated with meeting the constitutional and statutory requirements of the charity and include the independent examination costs linked to the strategic management of the charity.
1.6 Cash and cash equivalents
Cash and cash equivalents include cash in hand and bank.
1.7 Financial instruments
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity’s balance sheet when the charity becomes party to the contractual provisions of the instrument.
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BRAVE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
BASIC FINANCIAL ASSETS AND LIABILITIES
Basic financial assets and liabilities, which include debtors and creditors with no stated interest rate and receivables or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
1.8 Direct taxation
As a Charity, the Society is generally exempt from income tax and capital gains tax, but not from VAT. Irrecoverable VAT is included in the cost of those items to which it relates.
2 Critical accounting estimates and judgements
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
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BRAVE FOUNDATION Detailed profit and loss account for the year ended 30 September 2021
This schedule does not form part of the statutory accounts
| Sales Donations Sales Administrative expenses Employee costs: Directors' salaries Internet Travel and subsistence General administrative expenses: Telephone and internet Postage Bank charges Insurance Equipment expensed Sundry expenses Legal and professional costs: Accountancy fees Other operating income Other operating income |
2021 £ 44,669 1 44,670 8,400 - 171 8,571 516 - 357 315 - - 1,188 840 840 10,599 4,270 |
2020 £ - 77,983 77,983 8,400 525 143 9,068 - 6 9 - 2,233 309 2,557 840 840 12,465 3,432 |
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