## **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).**|
- **Established and maintained a system of internal controls to safeguard the charity’s assets, prevent and detect fraud or error, and secure proper and accurate accounting records.**
- **Assessed major risks to which the charity is exposed and taken steps to mitigate them.**
- **Each trustee confirms that, in their view, the report is accurate and that the Charity meets the public benefit requirements of the Charities Act 2011.**
## **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**|
- **progress.**
- **5. Proportionality** `o` **Scale monitoring requirements to the size/value of the grant. Smaller “microgrants” (e.g., ≤ £1,000) may need lighter reporting; larger grants require more detailed oversight.**
- **6. Value for Money and Sustainability** `o` **Seek evidence that the proposed activity offers clear impact relative to cost.**
- `o` **Encourage applicants to demonstrate co-funding, inkind contributions, or plans for continuity once the grant ends.**
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