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2023-12-31-accounts

Company registration number: 11724915 (England and Wales) Charity Registration number: 1185960

Q1 FOUNDATION

A COMPANY LIMITED BY GUARANTEE

UNAUDITED

REPORT AND FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2023

Q1 FOUNDATION

REFERENCE AND ADMINISTRATIVE INFORMATION

Trustees

M Meads C Harden-Sweetnam S Rowsell C Kramer (resigned 27 October 2023)

Company number

11724915

Charity number

1185960

Principal (Registered) Office

3rd Floor 10 Rose & Crown Yard King Street London SW1Y 6RE

Independent Examiner

Stephanie Beeston-Clarke FCCA Beeston-Clarke Accountants Ltd 242 Leicester Road Markfield Leicestershire LE67 9RG

Q1 FOUNDATION

CONTENTS

Page
Trustees’ report 1 – 7
Trustees’ responsibilities statement 8
Independent examiner’s report
9
Statement of financial activities 10
Balance sheet 11 – 12
Notes to the accounts 13 – 18

Q1 FOUNDATION

REPORT OF THE TRUSTEES

FOR THE PERIOD ENDED 31 DECEMBER 2023

The trustees (who are also trustees of the charity for the purposes of company law) present their report and the financial statements of the charity for the period ending 31 December 2023. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity’s trust deed, the Charities Act 2011 and the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard 102 applicable in the UK and Republic of Ireland.

STRUCTURE, GOVERNANCE AND AGREEMENT

A. CONSTITUTION

The Q1 Foundation (the “Charity”) was founded as a registered charity (number 1185960) in 2018. The charity was created specifically for the public benefit to prevent or provide relief from sickness, disease or human suffering by assisting vulnerable adult members of the public in Oxfordshire, Berkshire and Buckinghamshire.

B. METHOD OF APPOINTMENT AND ELECTION OF TRUSTEES

All trustees were appointed upon constitution of the trust deed.

The trustees may appoint new trustees from outside the current and retiring board of trustees.

C. POLICIES ADOPTED FOR THE INDUCTION AND TRAINING OF TRUSTEES

Trustees are encouraged to attend appropriate external training events where these will facilitate the undertaking of their role. Specific training is conducted as part of a board meeting where appropriate.

OBJECTIVES AND ACTIVITIES

A. POLICIES AND OBJECTIVES

The charity's objectives and policies include;

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Q1 FOUNDATION

REPORT OF THE TRUSTEES (continued)

FOR THE PERIOD ENDED 31 DECEMBER 2023

STRATEGIC REPORT

A. STRATEGIC REPORT

The Foundation has taken advantage of the small companies exemptions provided by Section 415A of the Companies Act 2006 and for this reason no Strategic Report is included.

B. ACHIEVEMENTS AND PERFORMANCE

The company was incorporated in December 2018, and received charitable status in October 2019. The Charity has focused large portions of their time on ensuring the appropriate systems, controls and safe guarding policies are in place. With these controls now in place, the trustees will focus on how best to utilise the donations received to meet the objectives of the Foundation.

The trustees have developed a strategic plan, with identified objectives, and an implementation strategy to guide the charity’s direction, and recruited a manager to assist with the delivery of the objectives. The charity is also benefiting from the support of a growing number of volunteers who are contributing to the charity’s work. The charity has secured a number of grants to support its work in the community.

FINANCIAL REVIEW

A. PERFORMANCE

The Q1 Foundation had net incoming resources of £18,672 (2022: net outgoing resources of £1,084) for the year ended 31 December 2023.

B. PRINCIPAL RISKS AND UNCERTAINTIES

The trustees have considered the major risks to which the charity is exposed and have reviewed these risks and established systems and procedures to manage those risks. As part of this process the trustees are pleased to report that the charity’s internal financial controls, in particular, comply in all relevant areas with guidelines issued by the Charity Commission.

C. RESERVES POLICY

The trustees aim to maintain a £10,000 reserve, a level that would cover any near term future commitments of the charity.

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Q1 FOUNDATION

REPORT OF THE TRUSTEES (continued)

FOR THE PERIOD ENDED 31 DECEMBER 2023

OBJECTIVES AND ACTIVITIES FOR THE PUBLIC BENEFIT

The primary objectives of the Foundation are to:

FUNDS STRUCTURE

The Q1 Foundation receives funds from third party donors, publicly available grants and local fundraising initiatives.

These funds allow the Foundation to carry out its charitable objectives offering support to vulnerable adults in Oxfordshire, Berkshire and Buckinghamshire.

PLANS FOR FUTURE PERIODS

The funding of the charity will continue to be reviewed. Due to the impact of the pandemic, the trustees agreed to refocus efforts from face-to-face events and support for the older population, to wide-reaching community support, including the older, isolated and vulnerable which brings new funding opportunities and demands. The trustees also plan to begin taking online and text donations from the general public, and running appeals and fundraising events within the local community, as well as requesting in-kind support.

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QI FOUNDATION REPORT OF THE TRUSTEES {continued) FOR THE PERIOD ENDED 31 DECEMBER 2023 TRUSTEES The trustees who served durin8 the year were: M Meads C Harden-sweetnam S Rowsell C Kramer (resigned 27 October 20231 SMALL COMPANIES In preparing this report, the trustees have taken advantage of the small companies exemptions provided by section 415A of the Companies act 2(X)6. Approved by the trustees on6fy￿- and signed on their behalf by: ZOL M Meads

Q1 FOUNDATION

TRUSTEES’ RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2023

The trustees (who are also trustees of Q1 Foundation for the purposes of company law) are responsible for preparing the trustee’s report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied, they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company’s transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Company’s Act 2006, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees are responsible for the maintenance and integrity of the charitable company’s and financial information included on the charity`s website.

8

Q1 FOUNDATION

INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE Q1 FOUNDATION

FOR THE YEAR ENDED 31 DECEMBER 2023

10 September 2024

9

Q1 FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES (including Income & Expenditure Account)

FOR THE YEAR ENDED 31 DECEMBER 2023

Note
Incoming resources
Donations and legacies
2,3
Charitable activities
Other
Total incoming resources
Net resources available for
charitable application
Resources expended
Charitable activities
4
Support costs
5
Total resources expended
Movement in total funds
for the year – net
income/(resources) for the
year
6
Funds as at 31 December 2022
Funds as at 31 December 2023		 Unrestricted
Funds
£
39,607
26,185
220
66,012
66,012
54,999
10,619
65,618
394
10,837
11,231		 Restricted
Funds
£
25,015
-
-
25,015
25,015
6,063
674
6,737
18,278
534
18,812		 Total
Funds
2023
£
64,622
26,185
220
91,027
91,027
61,062
11,293
72,355
18,672
11,371
30,043		 Total
Funds
2022
£
58,978
5,379
70
64,427
64,427
55,167
10,344
65,511
(1,084)

The notes on pages 13 to 18 form part of these financial statements.

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Q1 FOUNDATION

BALANCE SHEET

AS AT 31 DECEMBER 2023

Company number 11724915 (England)

Note
Current assets
Cash at bank
Debtors
8
Creditors falling due within
one year
9
Total assets less current
liabilities
Funds
Restricted
10
Unrestricted
11
Total Funds		 Unrestricted
£
6,126
10,968
17,094
5,863
11,231
-
11,231
11,231		 Restricted
£
18,812
-
18,812
-
18,812
18,812
-
18,812		 Total
2023
£

24,938
10,968
35,906
5,863
30,043

18,812
11,231
30,043		 Total
2022
£
15,947
2,003
17,950
6,579
11,371
534
10,837
11,371

The trustees consider that the charity is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 ("the Act") and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Act.

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QI FOUNDATION BALANCE SHEET (continued) AS AT 31 DECEMBER 2023 Company number 11724915 {England) The trustees acknowledge their responsibilitie5 for complying with the requirements of the Companies Act 2QhJ6 with respect to accounting record5 and for preparin8 financial statements which give a true and fair view of the state of affairs of the charity as of 31 December 2023 and of its net incoming resources for the year in accordance with the requirements of sections 394 and 395 of the Act and which otherwise comply with the requirements of the Companies Att 2006 relating to financial statements, so far as applicable to the charity. The financial statements have been prepared in accordance with the provisions applicable to small companieswithin Part 15 of the CompaniesAct 2CM)6 and in accordance with the provisions of FRS 102 Section IA- small entities. The financial statements were approved by the trustees on Zozl4and signed on their behalf, by- M Meads Trustee The notes on pages 13 to 18 form part of these financial statements. 12

Q1 FOUNDATION

NOTES TO THE ACCOUNTS

FOR THE PERIOD ENDED 31 DECEMBER 2023

1. ACCOUNTING POLICIES

a) Basis of preparation

The financial statements have been prepared in accordance with the charitable company's memorandum and articles of association, the Companies Act 2006, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS102), 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 issued in October 2019, UK Generally Accepted Accounting Practice and applicable charity and company law. The charitable company is a Public Benefit Entity as defined by FRS102. The charitable company has taken advantage of the provisions in the SORP for charities applying FRS102 Update Bulletin 1 not to prepare a Statement of Cash Flows. The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The Q1 Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The charity is a company limited by guarantee. In the event of the company being wound up each member will contribute a sum not exceeding £10.

b) Going concern

The trustees believe that the company has sufficient cash reserves to cover all liabilities that may fall due for at least 12 months from the balance sheet date.

c) Incoming resources

All incoming resources are recognised once the charity has entitlement to the resources, it is certain that the resources will be received, and the monetary value of incoming resources can be measured with sufficient reliability. Incoming resources include receipts from functions, donations and receipts under gift aid.

d) Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

e) Resources expended

Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for

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Q1 FOUNDATION

NOTES TO THE ACCOUNTS (continued)

FOR THE PERIOD ENDED 31 DECEMBER 2023

1. ACCOUNTING POLICIES (continued)

on an accruals basis and has been classified under headings that aggregate all costs related to that category.

f) Support costs

Support costs comprise costs related to the general running of the charity. These costs include costs related to the insurance and banking costs.

g) Realised gains and losses

All gains and losses are taken to the statement of financial activities as they arise.

h) Restatement of prior year

The restatement relates entirely to timing differences where the transactions were not recognised in the correct financial year.

2. DONATIONS AND LEGACIES

Unrestricted income from donations in 2023 was £39,607 (2022: £38,361) and restricted income was £25,015 (2022: £20,617).

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Q1 FOUNDATION

NOTES TO THE ACCOUNTS (continued)

FOR THE PERIOD ENDED 31 DECEMBER 2023

3. GRANT INCOME

Unrestricte Unrestricte Restricted Total Total
d £ 2023 2022
Note £ £ £
Grants - 25,015 25,015 20,617
2023
Funder Purpose £
Greenham Trust Grant Increased Awareness Program 31
George Michael Legacy Project Hardship support 225
OCVA Connected Communities Community Support 5,217
Oxfordshire Community Foundation Community Support 19,542
Total 25,015

The Foundation received Small Business Rates Relief and discretionary rates relief.

4. CHARITABLE ACTIVITIES

2023
£
Staff costs
34,760
Community Services
26,293
61,053
Average number of employees
2
There were no employees whose annual remuneration was £60,000 or more		 2022
£
31,942
23,225
55,167
2

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Q1 FOUNDATION

NOTES TO THE ACCOUNTS (continued)

FOR THE PERIOD ENDED 31 DECEMBER 2023

5. SUPPORT COSTS

Premises costs
Audit and Accounting Fees
Office costs
Insurance
Bank charges
Other		 2023
£
1,907
2,880
3,573
2,518
412
3
11,293		 2022
£
1,512
2,355
4,203
1,863
288
123
10,344

Lease Commitments

The charity entered into a license agreement for its premises. The license was entered into on the 30 August 2023 and the lease has an end date of 16 November 2027. The future minimum lease payments are as follows:

Not later than one year: £17,482, Later than one year and not later than five years: £52,355, Later than five years: £0. Lease payments recognised as an expense during the year amounted to £17,723 .

6. NET INCOMING RESOURCES/ (RESOURCES EXPENDED)

During the year, no trustees received any remuneration or benefits in kind. Trustees received reimbursement of expenses totalling £772 (2023: £2,030).

7. TAXATION

The Q1 Foundation is a registered charity and is thus exempt from tax on income and capital gains falling within chapter 3 of Part II to the Corporation Tax Act 2010 or section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objectives. No tax charges have arisen in the company.

8. DEBTORS

Debtors
Premises Deposit
Prepayments		 Unrestricted
£
300
6,250
4,418
10,968		 Restricted
£
-
-
-
-		 2023
£
300
6,250
4,418
10,968		 2022
£
200
200
1,803
2,003

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Q1 FOUNDATION

NOTES TO THE ACCOUNTS (continued)

FOR THE PERIOD ENDED 31 DECEMBER 2023

9. CREDITORS

Unrestricted Unrestricted Restricted Restricted 2023 2022
£ £ £ £
Trade creditors 2,907 - 2,907
4,573
Accruals 2,037 - 2,037
1,949
Other Creditors 919 - 919
57
5,863 - 5,863
6,579
NRESTRICTED RESERVE FUNDS
2023
2022
£
£
General fund brought forward 10,837
12,110
Income 66,012
43,810
Expenditure (65,618)
(45,083)
General fund carried forward 11,231
10,837
ESTRICTED RESERVE FUNDS
Balance Balance
at Incoming Outgoing at
Funds Movements 1/1/23
Resources		 Resources Transfers 31/12/23
£ £ £ £ £
Restricted Funds
Goring Gap News Grant 20 - (20) - -
Greenham Trust Grant 443 31 (443) - 31
George Michael Legacy Project 71 225 (71) - 225
OCVA Connected
Communities		 - 5,217 (5,217) - -
Oxfordshire Community Foun
dation		 - 19,542 (986) - 18,556
Total 534 25,015 6,737 - 18,812

10. UNRESTRICTED RESERVE FUNDS

11. RESTRICTED RESERVE FUNDS

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Q1 FOUNDATION

NOTES TO THE ACCOUNTS (continued)

FOR THE PERIOD ENDED 31 DECEMBER 2023

12. INDEPENDENT EXAMINERS’ REMUNERATION

The independent examiner’s remuneration amount for the independent examination totalled £1,440 (2022: £1,440).

13. RELATED PARTY TRANSACTIONS

During the year Q1 Care Ltd, a company with trustees in common, recharged costs of £14,896 (2022 - £19,037) to Q1 Foundation Ltd, and donated funds of £0 (2022 - £0). A donation in kind of £0 was made by Q1 Care Ltd to Q1 Foundation Ltd during the year (2022- £15,443). At the year end, £- (2022 - £4,406) was owed to Q1 Care Ltd. Q1 Care Ltd was sold on 31 August 2023 and no longer trustees in common.

A short term loan of £1,000 was made by a Trustee (Melanie Meads). The Loan was repaid in full during the financial year. Interest at 3% was chargeable on the loan.

14. CONTROLLING PARTY

There is no controlling party.

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