| Page | ||
|---|---|---|
| Trustees' | annual report |
|
| Independent examiner's report to the trustees |
||
| Statement | offinancial activities |
10 |
| Statement | offinancial position |
|
| Statement | ofcash flows | 12 |
| Notes to the financial statements | 13 |
| Reference and adm | inistrative | details |
|---|---|---|
| Registered charity |
name | 65 Degrees North |
| Charity registration | number | 1185047 |
| Principal office | 24 Bridge Street | |
| Newport | ||
| NP20 4SF |
| ~Ri kM | ~Ri kM | ~Ri kM | ~Ri kM | ~Ri kM | ~Ri kM | ||||
|---|---|---|---|---|---|---|---|---|---|
| The Board ofTrustees has conducted a review ofthe major risks to which | the charity is exposed. A | risk | |||||||
| register has been | established and reviewed |
regularly. | Systems or procedures have been established |
to | |||||
| mitigate the risks | the charity faces. | ||||||||
| Pnncipal risks identified as at 31 December |
2022 were: | ||||||||
| Risk | Miti | ation | |||||||
| Injury or death | dunng a challenge ofa: |
~ | All training | and challenges are meticulously |
|||||
| ~ Beneficiary |
or volunteer. | planned and risk-assessed. |
|||||||
| ~ Third party |
non-participant. | ~ | All training |
and challenges |
are | led | by | ||
| appropriately | qualified experts. |
||||||||
| This risk would reduce the Charity's |
reputation | ~ | All participants are carefully |
screened | and | ||||
| and potentially | lead to financial liability. |
selected. | |||||||
| ~ | Adequate medical cover is provided. |
||||||||
| ~ | Procedures | are in place |
to | ensure | |||||
| compliance | with health and safety of staff, |
||||||||
| volunteers, | clients and visitors | to events. | |||||||
| financial which |
includes: | ~ | We have set clear budgets for both |
income | |||||
| ~ Not meeting |
our income targets; | generation | and expenditure which will |
ensure | |||||
| ~ Loss or reduction offunding streams. |
delivery ofobjectives. | ||||||||
| ~ | We have |
diversified and |
expanded | our | |||||
| These risks would reduce our capacity |
to deliver | fundraising | initiatives. | ||||||
| our strategy. | |||||||||
| Governance which includes: |
~ | We have reviewed all Charity policies |
and | ||||||
| ~ Lack of compliance with legal and |
regulatory | ensured all |
required are in place. |
||||||
| requirements; | ~ | We have introduced a finance |
rule book with | ||||||
| ~ Breach of |
data and/or IT breach |
by external |
associated | delegations and |
procedures | for | |||
| agents; | authorisation | of all transactions | and projects. | ||||||
| These risks will impact our operational |
delivery | ||||||||
| and increase | regulatory scrutiny, both |
of which | |||||||
| willim actourabilit todeliverourob'ectives. |
| Year ended 31 Dece | mber 202 | 2 | ||||
|---|---|---|---|---|---|---|
| 2022 | 2021 | |||||
| Unrestricted | Restricted | |||||
| funds | funds | Total funds | Total funds | |||
| Note | E | 5 | 5 | |||
| Income and endowments | ||||||
| Donations and legacies |
4 | 26,779 | 4,963 | 31,742 | 1,967 | |
| Other trading activities Investment income |
5 6 |
163,594 2 |
163,594 2 |
15 | ||
| Total income | 190,375 | 4,963 | 195,338 | 1,982 | ||
| Expenditure Expenditure on charitable |
activities | 7,8 | 102,388 | 21,927 | 124,315 | 25,710 |
| Total expenditure | 102,388 | 21,927 | 124,315 | 25,710 | ||
| Net income/(expenditure) | 87,987 | (16,964) | 71,023 | (23,728) | ||
| Transfers between funds |
(13,871) | 13,871 | ||||
| Net movement in funds |
74,116 | (3,093) | 71,023 | (23,728) | ||
| Reconciliation offunds |
||||||
| Total funds brought forward |
99,309 | 46,781 | 146,090 | 169,818 | ||
| Total funds carried forward | 173,425 | 43,688 | 217,113 | 146,090 |
| 31 December 20 | 22 | ||||
|---|---|---|---|---|---|
| Note | 2022 f |
2021 | |||
| Fixed assets | |||||
| Tangible fixed assets | 14 | 1,414 | |||
| Current assets | |||||
| Debtors | 15 | 18,591 | |||
| Cash at bank and in | hand | 198,899 | 147,590 | ||
| 217,490 | 147,590 | ||||
| Creditors: amounts | falling | due within one year | 16 | 1,791 | 1,500 |
| Net current assets | 215,699 | 146,090 | |||
| Total assets less current | liabilities | 217,113 | 146,090 | ||
| Net assets | 217,113 | 146,090 | |||
| Funds ofthe charity | |||||
| Restricted funds | 43,688 | 46,781 | |||
| Unrestricted funds |
173,425 | 99,309 | |||
| Total charity funds | 17 | 217,113 | 146,090 |
| Year ended 31 Decem | ber 2022 | |||
|---|---|---|---|---|
| 2022 | 2021 | |||
| 6 | ||||
| Cash flows from operating | activities | |||
| Net income/(expenditure) | 71,023 | (23,728) | ||
| Adjustmenis for: |
||||
| Depreciation oftangible fixed assets |
164 | |||
| Other interest receivable and similar income | (2) | (15) | ||
| Interest payable and similar | charges | 203 | 216 | |
| Accrued (income)/expenses | (17,936) | 60 | ||
| Changesin: | ||||
| Trade and other debtors | (391) | |||
| Trade and other creditors | 27 | |||
| Cash generated from operations |
53,088 | (23,467) | ||
| Interest paid |
(203) | (216) | ||
| Interest received | 2 | 15 | ||
| Net cash from/(used in) operating activities |
52,887 | (23,668) | ||
| Cash flows from investing | activities | |||
| Purchase oftangible assets | (1,578) | |||
| Net cash used in investing activities |
(1,578) | |||
| Net increase/(decrease) in |
cash and cash | equivalents | 51,309 | (23,668) |
| Cash and cash equivalents | at beginning | ofyear | 147,590 | 171,258 |
| Cash and cash equivalents | at end ofyear | 198,899 | 147,590 |
| Unrestricted | Restricted | Total Funds | ||
|---|---|---|---|---|
| Funds | Funds | 2022 | ||
| 5 | F | F | ||
| Donations | ||||
| Donations | 26,779 | 26,779 | ||
| Grants | ||||
| HM Treasury | LIBOR Bank Fines | 3,213 | 3,213 | |
| The Pilgrims | Ride | 1,750 | 1,750 | |
| 26,779 | 4,963 | 31,742 |
| Unrestricted | Restricted | Total Funds | ||||||
|---|---|---|---|---|---|---|---|---|
| Funds f |
Funds F |
2021 F |
||||||
| Donations | ||||||||
| Donations | 1,967 | 1,967 | ||||||
| Grants | ||||||||
| HM Treasury | LIBOR Bank | Fines | ||||||
| The Pilgrims | Ride | |||||||
| 1,967 | 1,967 | |||||||
| 5. | Other trading | activities | ||||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | |||||
| Funds f |
2022 | Funds f |
2021 f |
|||||
| Fundraising | events | 163,594 | 163,594 | |||||
| 6. | Investment | income | ||||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | |||||
| Funds | 2022 | Funds | 2021 | |||||
| f | F | F | ||||||
| Bank interest | received | 2 | 2 | 15 | 15 | |||
| 7. | Expenditure | on charitable | activities | by fund type | ||||
| Unrestricted | Restricted | Total Funds | ||||||
| Funds | Funds f |
2022 f |
||||||
| General Funds | 94,279 | 94,279 | ||||||
| HM Treasury | LIBOR Bank | Fines | 6,306 | 6,306 | ||||
| The Pilgrims | Ride | 15,529 | 15,529 | |||||
| Support costs | 8,109 | 92 | 8,201 | |||||
| 102,388 | 21,927 | 124,315 | ||||||
| Unrestricted | Restricted | Total Funds | ||||||
| Funds f |
Funds f |
2021 | ||||||
| General Funds | 16,556 | 16,556 | ||||||
| HM Treasury | LIBOR Bank | Fines | 7,438 | 7,438 | ||||
| The Pilgrims | Ride | |||||||
| Support costs | 1,716 | 1,716 | ||||||
| 18,272 | 7,438 | 25,710 |
| Activities | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| undertaken | Total | funds | Total fund | |||||||||
| directly Support costs | 2022 | 2021 | ||||||||||
| 6 | F | 6 | 5 | |||||||||
| General Funds |
94,279 | 8,109 | 102,385 | 18,272 | ||||||||
| HM Treasury | LIBOR Bank | Fines | 6,306 | 6,306 | 7,438 | |||||||
| The Pilgrims | Ride | 15,529 | 92 | 15,624 | ||||||||
| 116,114 | 8,201 | 124,315 | 25,710 | |||||||||
| 9. | Analysis of | support costs | ||||||||||
| Bank | ||||||||||||
| Accountancy | Charges | Total 2022 | Total | 2021 | ||||||||
| 6 | E | F | 6 | |||||||||
| Finance costs | 7,998 | 203 | 8,201 | 1,716 | ||||||||
| 10. | Net income/(expenditure) | |||||||||||
| Net income/(expenditure) | is | stated after | charging/(crediting): | |||||||||
| 2022 6 |
2021 f |
|||||||||||
| Depreciation | oftangible | fixed assets | 164 | |||||||||
| 11. | Independent | examination | fees | |||||||||
| 2022 | 2021 | |||||||||||
| 6 | ||||||||||||
| Fees payable | to the independent | examiner for: | ||||||||||
| independent | examination | ofthe financial | statements | 1,560 | 1,500 |
| 14. | Tangible fixed asset | s | ||
|---|---|---|---|---|
| Equipment | ||||
| Cost | ||||
| At 1 January 2022 | ||||
| Additions | 1,578 | |||
| At 31 December 2022 | 1,578 | |||
| Depreciation | ||||
| At 1 January 2022 | ||||
| Charge for the year | 164 | |||
| At 31December 2022 | 164 | |||
| Carrying amount At 31 December 2022 |
1,414 | |||
| At 31December 2021 | ||||
| 15. | Debtors | |||
| 2022 | 2021 | |||
| F | 6 | |||
| Prepayments and accrued income |
18,591 | |||
| 16. | Creditors: amounts | falling due within one year | ||
| 2022 | 2021 | |||
| F | ||||
| Accruals and deferred | income | 1,764 | 1,500 | |
| Credit card | 27 | |||
| 1,791 | 1,500 |
| At | At | ||||||
|---|---|---|---|---|---|---|---|
| 1 | January | 31 | December | ||||
| 2022 | Income | Expenditure | Transfers | 2022 | |||
| 6 | F | F | 6 | ||||
| General | funds | 99,309 | 190,375 | (102,388) | (13,871) | 173,425 | |
| At | At | ||||||
| 1 | January | 31 | December | ||||
| 2021 f |
Income E |
Expenditure F |
Transfers E |
2021 F |
|||
| General | funds | 115,599 | 1,982 | (18,272) | 99,309 |
| At | At | |||||
|---|---|---|---|---|---|---|
| 1 January | 31 December | |||||
| 2022 | Income | Expenditure | Transfers | 2022 | ||
| F | 8 | 8 | 8 | |||
| Armed Forces Covenant | ||||||
| Fund Trust | 33,250 | 33,250 | ||||
| HM Treasury | LIBOR | |||||
| Bank Fines | 13,531 | 3,213 | (6,306) | 10,438 | ||
| The Pilgrims | Ride | 1,750 | (15,621) | 13,871 | ||
| 46,781 | 4,963 | (21,927) | 13,871 | 43,688 | ||
| At | At | |||||
| 1 January | 31 December | |||||
| 2021 | Income | Expenditure | Transfers | 2021 | ||
| F | 8 | 8 | ||||
| Armed Forces Covenant | ||||||
| Fund Trust | 33,250 | 33,250 | ||||
| HM Treasury | LIBOR | |||||
| Bank Fines | 20,969 | (7,438) | 13,531 | |||
| The Pilgrims | Ride | |||||
| 54,219 | (7,438) | 46,781 | ||||
| Analysis of | net assets between funds | |||||
| Unrestricted | Restricted | Total Funds | ||||
| Funds | Funds F |
2022 f |
||||
| Tangible fixed assets | 1,414 | 1,414 | ||||
| Current assets | 187,673 | 29,817 | 217,490 | |||
| Creditors less than | 1 year | (1,791) | (1,791) | |||
| Net assets | 187,296 | 29,817 | 217,113 | |||
| Unrestricted | Restricted | Total Funds | ||||
| Funds | Funds | 2021 | ||||
| L | 8 | |||||
| Tangible fixed assets | ||||||
| Current assets | 100,809 | 46,781 | 147,590 | |||
| Creditors less than | 1 year | (1,500) | (1,500) | |||
| Net assets | 99,309 | 46,781 | 146,090 |
| Analy | sis | ofc | han | ges | in net debt |
||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| At | |||||||||||
| At | 1 | Jan 2022 F |
Cash flows | 31 Dec | 2022 f |
||||||
| Cash | at | bank | and | in | hand | 147,590 | 51,309 | 198,899 |