THE PALMER FOUNDATION
REPORT AND UNAUDITED ACCOUNTS
YEAR ENDED 31 MARCH 2021
Charity number: 1185275
THE PALMER FOUNDATION
I N D E X
Year ended 31 March 2021
| Page | |
|---|---|
| General information | 2 |
| Trustees’ annual report | 3 |
| Statement of financial activities | 5 |
| Balance sheet | 6 |
| Notes to the financial statements | 7 |
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THE PALMER FOUNDATION
G E N E R A L I N F O R M A T I O N
Year ended 31 March 2021
| Charity registration number | 1185275 |
|---|---|
| Founder | Andrew Palmer |
| Trustees | Andrew Palmer |
| Hitomi Palmer | |
| John Latham | |
| Clive Hickman | |
| Karen Botting (Appointed 1 Jan 2022) | |
| Neil Patterson (Appointed 1 Jan 2022) | |
| Registered Office | 66 Lincoln’s Inn Fields |
| London | |
| WC2A 3LH | |
| Accountants | Dixon Wilson |
| 22 Chancery Lane | |
| London | |
| WC2A 1LS | |
| Bankers | C. Hoare & Co. |
| 37 Fleet Street | |
| London | |
| EC4Y 1BT | |
| Solicitors | Farrer & Co. LLP |
| 66 Lincoln’s Inn Fields | |
| London | |
| WC2A 3LH |
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THE PALMER FOUNDATION
T R U S T E E S ' A N N U A L R E P O R T
Year ended 31 March 2021
The Trustees present their report and financial statements for the year ended 31 March 2021. The financial statements have been prepared in accordance with the accounting policies set out on pages 7 to 8 and comply with the Accounting and Reporting by Charities: Statement of Recommended Practice (SORP FRS102 effective 1 January 2019). The report should be read in conjunction with the general information provided on page 2.
The Palmer Foundation is a Charitable Incorporated Organisation (CIO) registered on 12 September 2019 with the registered charity number 1185275.
Structure, governance and management
The names of the Trustees who served throughout the period are stated on page 2.
The Palmer foundation is governed by a board of Trustees who hold meetings when necessary to discuss the Foundation’s strategy, including grant making, investment, risk management, policies and performance. The board currently consists of four trustees listed on page 2 who have been appointed for fixed terms. New members of this board can be appointed by the founder, or can be delegated to the charity trustees. New Trustees are provided with guidance as to their responsibilities from existing Trustees.
The Palmer Foundation is governed by a constitution with an effective date of 12 September 2019.
The income and property of the CIO must be applied solely towards the promotion of its objects.
Decisions are either made by majority of votes cast at a meeting of the Trustees or by resolution in writing or electronic form agreed by all of the charity trustees.
Legal fees of £3,720 were incurred by Andrew Palmer during the year ended 31 March 2021 on behalf of the charity as the bank account for the charity was not set up until October 2020.
Objectives and activities for the public benefit
The object of the CIO, as set out in constitution, is to advance education and training in such ways as the charity trustees think fit, in particular by the provision of apprenticeships, training and support in the field of engineering and associated fields to young people aged 14 to 21 in social or economic hardship, or to further such other exclusively charitable objects as the charity trustees shall decide.
Donations of £8,994 were made in the year ended 31 March 2021.
The Trustees, having regard to the Public Benefit guidance published by the Charity Commission in accordance with section 17 of the Charities Act 2011, consider that the purpose and activities of the charity satisfy the requirements of the public benefit test set out in section 4 of the same Act.
Financial review and investment policy
The financial statements are set out on pages 5 to 8. There was no income in the period, and there are net liabilities of £6,984.
Reserves policy
The charity has not yet commenced its charitable activities, and currently has no financial commitments. As such no reserves are required to ensure the Trust’s continued operations. The deficit on the funds has arisen in the early stages of operations for the charity and the trustees will seek to eliminate this deficit through future donations.
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THE PALMER FOUNDATION T RUSTEES ANNUAL REPOR T Year ended 31 Marth 2021 Risk managemen¢ The Trustees have considered the major risks ro which the chariry is exp05ed and have reviewed those risk5 and have es(ablished procedures and systems to Mana those riskL Plans for future perriods The Chariry wa5 hoping to selert its first apprentices to start in September 2021 and usè the Yorkshire Moror5POrt Fe5uval as a launch pad. However. COVID made thts impossrblt and x) the Start ha5 been delayed by one year to September 2022. Two 2ddiuonal trustees have agree to join wh relevant experience 2nd I would like to welcome Karen Botting and Neil Patter50n on-board from l tranuary 2022. The Foundation ha5 been in di5fUS5ion5 with both the Secrerary of Statr for Eijucavon and potentRI industrial sponsors to help with fundljig beyond the first 3 apprentices who will be funded from reserve5. Trustees. respon$ibil•ti*s in relation to the financlal rtatements The trusiees are re5pon5ible for preparing the TrLtssrees' report 2nd Ihe finaTrty in accordance with applicable law and United Kingdom Actounting Srandards. The law applicable to charities in England and Wales requires the trustees to prepare financial sratements for eath financial year. which givè 2 true 2nd fair view of the State of aff2¢rs of the tharity and of the incoming resources and applicatyon of resources tsf the charity for that peri¢d. In preparing these financial Statemen the rrustee5 a required to.. $elea suitable accounting Polic and then appty them consistendr. observe rhe methods and principles of the Chari¢ie5 SORP.. m2ke judgernen¢s and accounting estimates that are reasonabk and prudenL State whether applicable accounting sttn¢Jards have been followed subject to any departures disclosed and explained in the finantial statements- and prepare the financial statements on the gty.ng concern basi5 unless it inapproprrdte to presume that the chariry will continue in business. The Trustees are re5pon5ible for keeping accounting records which dtstlose with reasonable accuracy the financkil P05ivon of the charity and enable them to ensurè that the financi 5taTrments comply with the Charities Aci 2011, the Charity IAccounts and Reports) Re8ulauons 2008 and Constituuon. They are also responsible for Safeguarding the assets of the char5ry and hence fix taking reasonabk steps for the prevention and detection of fraud and other Irregularles. The report of the trLtst¢¢$ vos approved by the trustees on 2022 and signed on their behalf br. zsj, leL PALMER stee H0M1 PALMER Trustee
THE PALMER FOUNDATION
S T A T E M E N T O F F I N A N C I A L A C T I V I T I E S
Year ended 31 March 2021
| Note | Period | ||
|---|---|---|---|
| 12 September | |||
| 2019 | |||
| Year to | to | ||
| 31 March 2021 | 31 March 2020 | ||
| £ | £ | ||
| Income and endowments from: | |||
| Donations and legacies: | |||
| Donations | 306 | - | |
| Donations from settlor | 8,688 | - | |
| 8,994 | - | ||
| Expenditure on: | |||
| Charitable activities | |||
| Accountancy fees | 2 | (4,200) | (3,000) |
| Legal fees | 2 | (3,128) | (5,560) |
| Bank charges | (90) | - |
|
| Total expenditure | (7,418) | (8,560) | |
| Net movement in funds | 1,576 | (8,560) | |
| Reconciliation of funds: | |||
| Total funds brought forward at 31 March 2020 | (8,560) | - |
|
| Total funds carried forward at 31 March 2021 | (6,984) | (8,560) |
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THE PALMER FOUNDATION BALAN C E SH EET Year ended 31 Marth 2021 2021 2020 Current se. Cash at bank and in hand 216 216 Credltors: amounts falling due within one year Net current assets {7.2001 {6.9841 (8,560) {8.560} (8.5601 Totsl assets less current liabilities (6,9841 Represented br. Unre5tricTrd funds (6,984 (6,984 (8.560) 18.560) Total The financial Staments on pages 5 to 8 were approved by the Trustees on their beha5f by. 2022 and signed on ANDR gs/,I, ER Trus UJ)// /J J HITOMI PALMER TrustsÈ
THE PALMER FOUNDATION
N O T E S T O T H E F I N A N C I A L S T A T E M E N T S
Year ended 31 March 2021
1. Accounting policies
(a) Basis of preparation and assessment of going concern
The financial statements have been prepared in accordance with applicable accounting standards, the Statement of Recommended Practice “Accounting and reporting Charities” applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (SORP FRS 102) issued in 2019 and the Charities Act 2011.
The Charity constitutes a public benefit entity as defined by FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note.
The Trustees consider that there are no material uncertainties about the Charity’s ability to continue as a going concern. There are no significant areas of judgement and key assumptions that affect items in the accounts.
The financial statements are presented in Sterling which is the financial currency of the Charity and rounded to the nearest pound.
(b) Accounting convention
The financial statements are prepared under the historical cost convention.
(c) Cash flow
The financial statements do not include a cash flow statement because the charity, as a small reporting entity, is exempt from the requirement to prepare such a statement under FRS 102.
(d) Income
All income is recognised in the statement of financial activities when The Palmer Foundation has entitlement to the income.
All donations are recognised when the Charity has entitlement to the income.
There has been no offsetting of assets and liabilities, or income and expenses, unless required or permitted by FRS 102 or SORP FRS 102.
(e) Expenditure and liabilities
Liabilities are recognised as soon as there is a legal or constructive obligation committing the Charity to the expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
All expenditure is accounted for on an accruals basis, and is inclusive of irrecoverable VAT.
(f) Direct charitable expenditure
Direct charitable expenditure includes all expenditure incurred in pursuance of the Charity’s objective and relate to expenditure made under the Charity’s criteria.
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THE PALMER FOUNDATION
N O T E S T O T H E F I N A N C I A L S T A T E M E N T S
Year ended 31 March 2021
| 2. Expenditure on charitable activities Legal fees Accountancy fees Bank Charges |
2021 3,128 4,200 90 7,418 |
2020 £ 5,560 3,000 - 8,560 |
||
|---|---|---|---|---|
| 3. Creditors: amounts falling due within one year Accountancy fees Legal fees Amount owed to Andrew Palmer |
2021 7,200 - - 7,200 |
2020 £ 3,000 592 4,968 |
||
| 8,560 |
4. Related party disclosures
During the year the charity received donations without conditions of £8,688 from the trustees.
The trustees received no emoluments or reimbursement of expenses for their services to the charity in the current period (2020 - £nil).
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