OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2024-04-30-accounts

Trustees’ Annual Report for the period

From April 2023 Period start date To Period end date

May 2024

Charity name:

Charity registration number:

Objectives and Activities

SORP reference
Summary of the purposes of
the charity as set out in its
governing document		 Para 1.17 The Regros Foundation is committed to
empowering women to reach their full
potential by providing practical
opportunities to up-skill, leverage their
skill sets and ultimately become self
sustaining. The goal is that those so
empowered can support and mentor
others seeking to improve their lives. The
Foundation operates worldwide and is
constantly looking out for like-minded
partners to work with.
Summary of the main
activities in relation to those
purposes for the public
benefit, in particular, the
activities, projects or services
identified in the accounts.		 Para 1.17 and
1.19		 •
General Charitable Purposes
•
Education/training
•
The Advancement Of Health Or
Saving Of Lives
•
Disability
•
The Prevention Or Relief Of
Poverty
•
Economic/community
Development/employment
•
Other Charitable Purposes
Statement confirming
whether the trustees have
had regard to the guidance
issued by the Charity
Commission on public
benefit		 Para 1.18 The trustees are responsible for
preparing the Trustees’ Annual Report
and the financial statements in
accordance with current UK law and
Accounting and Reporting by Charities:
Statement of Recommended Practice
(FRS 102).
As trustees we confirm that we have:
•
Complied with the Charities Act
2011 and CIO regulations in
preparing this report.
•
Ensured that the Trustees’ Annual
Report (taken together with the
financial statements) is fair,
balanced, and understandable.
•
Provided comments on any
uncertainties in going-concern
assumptions (if applicable).

Additional information (optional) You may choose to include further statements where relevant about:

SORP reference

SORP reference
Policy on grant making Para 1.38 Guiding Principles
1. Alignment with Charitable Objects
Every grant must clearly map to at
least one of the Foundation’s three
objectives:
o
Preventing/relieving poverty
or financial hardship for
women.
o
Promoting equality and
diversity.
o
Enabling social inclusion of
marginalized women.
2. Equity and Non-Discrimination
o
Application processes and
eligibility criteria must not
discriminate (race, gender,
disability, sexual orientation,
religion).
o
Encourage applications from
– and allocate funds to –
women who face intersecting
barriers (e.g., disability, rural
isolation, refugee status).
3. Transparency
o
Publish clear eligibility
criteria, deadlines, and
decision-making timelines on
the Foundation’s website.
o
Provide concise feedback to
unsuccessful applicants,
highlighting areas for
improvement.
4. Accountability
o
Conduct due diligence
(financial, legal, reputational)
on shortlisted applicants.
o
Require simple but robust
reporting (e.g., narrative +
basic financial summary) from
grantees.
o
Perform spot-checks or site
visits (when feasible) to verify

Para 1.38 Policy on social investment including program related investment Para 1.38 Contribution made by volunteers Other

Achievements and Performance

SORP reference

Summary of the main Para 1.20 achievements of the charity, identifying the difference the charity’s work has made to the circumstances of its beneficiaries and any wider benefits to society as a whole.

During the reporting period, Regros Foundation focused on establishing the necessary groundwork and partnerships to ensure that once fully operational, we can deliver high-impact programming directly to our target communities. Although we have not yet disbursed grants or directly delivered services, our main achievements center on signposting beneficiaries to existing, trusted providers and building our internal capacity. This approach has already begun to generate measurable benefits for women in the UK and in our target regions of Africa.

Additional information (optional)
You may choose to include further statements		 Additional information (optional)
You may choose to include further statements		 where relevant about:
Achievements against
objectives set		 Para 1.41
Performance of fundraising
activities against objectives
set		 Para 1.41
Investment performance
against objectives		 Para 1.41
Other

Financial Review

Financial Review
Review of the charity’s
financial position at the end
of the period		 Para 1.21 Regros Foundation’s statement of
financial activities shows total incoming
resources of £ 0 and total resources
expended of £ 0, resulting in net funds of
£ 0 carried forward into the next financial
year. Cash at bank remains at £ 0, and
there are no outstanding liabilities. This
reflects our start-up phase: although
Trustees have approved a budget and
incurred commitments (e.g., recruitment
costs, registrar fees, initial website and
database expenditures), no income has
been received or recognized in this
reporting period.
Statement explaining the
policy for holding reserves
stating why they are held		 Para 1.22 The Trustees’ stated policy is to hold
unrestricted reserves equivalent to
approximately 3 – 6 months of
anticipated operating costs. These
reserves are intended to ensure
continuity of core overheads (e.g., office
rent, salaries, professional fees) in the
event of a short-term funding delay, and
to allow the Charity to respond quickly to
emergent opportunities that align with its
objects (e.g., small grants or emergency
referral support).
Amount of Reserves Held
At 30 April 2024, Regros Foundation
holds no unrestricted reserves (nil). All
cash balances stand at £ 0. No
designated reserves have been created,
and no restricted funds are in surplus.
Amount of reserves held Para 1.22
Reasons for holding zero
reserves		 Para 1.22 Regros Foundation holds no unrestricted
reserves (nil). All cash balances stand at
£ 0. No designated reserves have been
created, and no restricted funds are in
surplus.
Reasons for Holding Zero Reserves
1. Start-up Phase Expenditure: Since
incorporation (27 September
2019), Trustees have prioritized
investing any seed funding into
essential infrastructure—legal
registration, bespoke database
development, initial staffing costs
(e.g., part-time Grants Officer
stipend), and the creation of
operational policies (e.g., Grant-
Making Policy). Those costs were
met through a one-off donation of
£ X received in [Month 20XX],
which was fully applied to set-up
expenses.
2. No Incoming Resources Yet
Recognized: Although several
pledges and in-kind offers of
support exist, no formal grant
agreements or unrestricted
donations were received and
recognized in this reporting
period. In light of that, all monies
were consumed by start-up
obligations, leaving zero
“reserves” on the balance sheet.
3. Trustees’ Interim Decision: The
Board accepts that, as a new CIO,
it is appropriate to have zero
reserves until consistent funding
streams are secured. Aiming
prematurely for a 3- to 6-month
reserve would have diverted
scarce funds away from
establishing vital capacity and
referral networks. Trustees will
revisit the reserves target once the
Charity begins to receive regular
income from donors or grant-
making bodies.
Details of fund materially in
deficit		 Para 1.24 As at 30 April 2024, Regros Foundation
has no funds that are in deficit. The
Charity holds no restricted or
unrestricted fund deficits:
•
Unrestricted Fund: £ 0 (no deficit)
•
Restricted Funds: £ 0 (no deficit)
No part of the Charity’s funds is carried
in deficit at the year end. Should a grant-
making agreement require the Charity to
match funds or incur expenditure in
advance of reimbursement, Trustees will
ensure that any resulting temporary
deficit is covered by existing pledged
funds or a short-term loan facility.
Explanation of any
uncertainties about the
charity continuing as a going
concern		 Para 1.23 Although Regros Foundation has no
unrestricted funds as at 30 April 2024, the
Trustees have considered carefully the
Charity’s ability to continue as a going
concern for at least 12 months from the
date these financial statements are
approved.
The Trustees are satisfied that there are
no material uncertainties about the
Charity’s ability to continue as a going
concern for at least 12 months from the
date of this report.

Additional information (optional) You may choose to include further statements where relevant about:

The charity’s principal sources of funds (including Para 1.47 any fundraising)

Investment policy and objectives including any Para 1.46 social investment policy adopted A description of the principal Para 1.46 risks facing the charity Other

Structure, Governance and Management

Description of charity’s
trusts:
Type of governing document
(trust deed, royal charter)		 Para 1.25 Regros Foundation is governed by a
Charitable Incorporated Organisation
(CIO) Constitution, adopted on
incorporation (27 September 2019). The
CIO Constitution sets out the
Foundation’s objects, powers, trustee
roles and responsibilities, and
procedures for meetings, decision-
making and amendment. No separate
trust deeds or royal charters exist; the
CIO Constitution is the sole governing
instrument under which the Charity
operates.
How is the charity
constituted?
(e.g unincorporated
association, CIO)		 Para 1.25 The Charity is constituted as a Charitable
Incorporated Organisation (CIO) under
the Charities Act 2011. As a CIO, Regros
Foundation is a single legal entity with
limited liability for its trustees. It is not an
unincorporated association or a company
but a CIO registered with the Charity
Commission (Charity Number 1185541).
This structure was chosen to allow the
Charity to hold property, enter into
contracts, and employ staff in its own
name, while ensuring trustee liability
remains limited to the assets of the
Charity.
Trustee selection methods
including details of any
constitutional provisions e.g.
election to post or name of
any person or body entitled
to appoint one or more
trustees		 Para 1.25 Trustees are appointed in accordance
with the provisions of the CIO
Constitution. At incorporation, the
founding trustees named in the
Constitution were Samuel Odekunle,
Stella Oviasu and Itohan Odekunle.
Thereafter, whenever a vacancy arises
(due to retirement, resignation or an
increase in the number of trustees), the
following process applies:
1. Identification of Candidates: The
remaining trustees convene a
meeting to review the skills and
experience needed on the board
(e.g., expertise in finance,
programme delivery, monitoring &
evaluation). They may invite
nominations from existing
trustees, staff, or external
networks.
2. Shortlisting and Interview:
Potential candidates are asked to
submit a brief CV and a statement
of interest. The trustees conduct
an informal interview to assess
alignment with the Charity’s
objects, commitment, and absence
of any conflicts of interest.

3. Proposal and Election: Once a candidate is deemed suitable, an existing trustee formally proposes them and another trustee seconds the nomination at a quorate trustee meeting. A majority of trustees present must vote in favour for the appointment to be confirmed. 4. Term and Retirement: Trustees serve a three-year term and are eligible for reappointment for up to two consecutive terms (i.e., a maximum of six years continuous service), unless the full board agrees a further extension in exceptional circumstances. 5. No External Appointing Body: No individual or organization outside the board has the right to appoint or remove trustees. All appointments are made internally by the sitting trustees in accordance with the Constitution. Should any trustee step down mid-term, the board may co-opt a new trustee to serve until the next annual general meeting, at which point the co-opted trustee may be formally elected for a full term.

Additional information (optional) You may choose to include further statements where relevant about:

Policies and procedures adopted for the induction and Para 1.51 training of trustees

The charity’s organisational structure and any wider Para 1.51 network with which the charity works Relationship with any related Para 1.51 parties Other

Reference and Administrative details

Charity name The Regros Foundation
Other name the charity uses
Registered charity number 1185541
Charity’s principal address 15 Barden Lane
Leeds
LS141fz

Names of the charity trustees who manage the charity

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20		 Trustee name Office (if any) Dates acted if not for whole
**year **		 Name of person (or body) entitled
to appoint trustee (ifany)
Samuel Odekunle
Itohan Odekunle
Stella Oviasu

– Corporate trustees names of the directors at the date the report was approved

Director name

Name of trustees holding title to property belonging to the charity

Trustee name Dates acted if not for whole year

Funds held as custodian trustees on behalf of others

Description of the assets held in this capacity

Name and objects of the charity on whose behalf the assets are held and how this falls within the custodian charity’s objects

Details of arrangements for safe custody and segregation of such assets from the charity’s own assets

Additional information (optional)

Names and addresses of advisers (Optional information)

Type of Name Address adviser

Name of chief executive or names of senior staff members (Optional information)

Exemptions from disclosure

Reason for non-disclosure of key personnel details

Other optional information

Declarations

The trustees declare that they have approved the trustees’ report above.

Signed on behalf of the charity’s trustees

Signature(s) Samuel Odekunle Full name(s) Samuel Omotayo Odekunle Position (eg Secretary, Trustee Chair, etc) Date 01/06/2025