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2024-12-31-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 2024

Q1 FOUNDATION FOR THE YEAR ENDED 31 DECEMBER 2024 REFERENCE AND ADMINISTRATIVE INFORMATION

Trustees

M Meads C Harden-Sweetnam S Rowsell – resigned 29[th] January 2025

Company number

11724915

Charity number

1185960

Principal (Registered) Office

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

Independent Examiner

Stephanie J Beeston-Clarke FCCA Beeston-Clarke Accountants Ltd 92 Gladstone Street Winsford Cheshire CW7 4AZ

Q1 FOUNDATION FOR THE YEAR ENDED 31 DECEMBER 2024 CONTENTS

Page
Trustees’ report 1 – 7
Trustees’ responsibilities statement 8
Independent examiner’s report
9-10
Statement of financial activities 11
Balance sheet 12 - 13
Notes to the accounts 14 – 19

Q1 FOUNDATION FOR THE YEAR ENDED 31 DECEMBER 2024

REPORT OF THE TRUSTEES

FOR THE PERIOD ENDED 31 DECEMBER 2024

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 2024. 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;

4

Q1 FOUNDATION FOR THE YEAR ENDED 31 DECEMBER 2024 REPORT OF THE TRUSTEES (continued)

FOR THE PERIOD ENDED 31 DECEMBER 2024

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.

While the trustees had developed a strategic plan, with identified objectives, and an implementation strategy to guide the charity’s direction there have been a number of changes due to financial pressures faced by the Charity, including a more difficult economic climate. Please see Subsequent Events note below.

FINANCIAL REVIEW

A. PERFORMANCE

The Q1 Foundation had net outgoing resources of £8,804 (2023: net incoming resources of £18,672) for the year ended 31 December 2024.

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.

5

Q1 FOUNDATION FOR THE YEAR ENDED 31 DECEMBER 2024 REPORT OF THE TRUSTEES (continued)

FOR THE PERIOD ENDED 31 DECEMBER 2024

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. Please see Subsequent Events note for further updates on the future plans for the Charity.

SUBSEQUENT EVENTS

Since the year end, the Trustees have had to make a number of difficult decisions in response to ongoing financial pressures. In particular, it is with regret that the Champagne and Canapés in the Garden event scheduled for 20 June 2025 and the Celebrating George Michael Garden Party on 22 June 2025 were cancelled due to scarcity of grant funding, rising costs and changes in circumstances affecting the delivery of the weekend. All ticket holders have been fully refunded through Eventbrite.

These cancellations come against a backdrop of continuing economic challenges, including the cost of living crisis in the UK, reductions in funding available to local communities, and a tougher interest rate environment. These factors have contributed to a more difficult fundraising landscape and reduced grants and donations for the charity.

6

Q1 FOUNDATION FOR THE YEAR ENDED 31 DECEMBER 2024 REPORT OF THE TRUSTEES (continued)

FOR THE PERIOD ENDED 31 DECEMBER 2024

SUBSEQUENT EVENTS (continued)

As a result, the Foundation has reduced its costs and scaled back certain activities in order to align more closely with available resources. The Trustees are reviewing the on going lease commitments and are in discussions with the Managing Agent and Landlord in order to assess how these costs can be reduced. While the charity continues to operate, it does so on a reduced basis, with the Trustees actively reviewing ways of reducing costs further. In order to diversify its income streams away from large single events and grants the Foundation is looking to other fundraising activities, such as holding smaller events, for example local raffles, reaching out to local businesses for support and trying to strengthen partnerships with other local charities in order that joint fundraising can take place.

After the year end, the Charity received an employment claim from a former employee which is proceeding to tribunal. Insurers and advisers have been notified. The Trustees strongly refute the claim. Please see note 14. Contingent Liability for further information.

TRUSTEES

The trustees who served during the year were:

M Meads C Harden-Sweetnam S Rowsell – resigned 29[th] January 2025

SMALL COMPANIES

In preparing this report, the trustees have taken advantage of the small companies exemptions provided by section 415A of the Companies act 2006.

7

Q1 FOUNDATION FOR THE YEAR ENDED 31 DECEMBER 2024

TRUSTEES’ RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

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.

Approved by the trustees on 23[rd] September 2025 and signed on their behalf by:

Melanie Meads (Sep 24, 2025 10:45:55 GMT+1)

M Meads

8

Q1 FOUNDATION FOR THE YEAR ENDED 31 DECEMBER 2024

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

FOR THE YEAR ENDED 31 DECEMBER 2024

I report the trustees on our examination of the accounts of the company for the year ended 31 December 2024 which are set out on pages 11 to 19.

Responsibilities and basis of report

As the charity trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ("the 2006 Act").

Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of our examination of your company's accounts as carried out under section 145 of the Charities Act 2011 ("the 2011 Act"). In carrying out my examination, I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent Examiner’s Statement

I have completed my examination. I can confirm that no matters have come to my attention in connection with the examination giving us cause to believe that in any material respect:

  1. accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a "true and fair view" which is not a matter considered as part of an independent examination; or

  4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by Charities (applicable to charities preparing their accounts in accordance with Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

Emphasis of Matter

Going Concern

I draw attention to Note 14 in the accounts, which explains the trustees' assessment of the charity's ability to continue operating. The charity currently has limited operations and faces an employment tribunal claim of up to £100,000. While the trustees are confident they will successfully defend this claim and plan to resume activities, these situations create uncertainty about the charity's future. The accounts have been prepared on the basis that the charity will continue operating, and our examination has not identified any reason to disagree with this approach.

9

Q1 FOUNDATION FOR THE YEAR ENDED 31 DECEMBER 2024 INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE Q1 FOUNDATION

FOR THE YEAR ENDED 31 DECEMBER 2024

I have come across no other matters in connection with the examination to which attention should be drawn in this report to enable a proper understanding of the accounts to be reached.

Stephanie J Beeston-Clarke FCCA Beeston-Clarke Accountants Ltd Chartered Certified Accountants 92 Gladstone Street Winsford Cheshire CW7 4AZ

Dated: 23 September 2025

10

Q1 FOUNDATION FOR THE YEAR ENDED 31 DECEMBER 2024

STATEMENT OF FINANCIAL ACTIVITIES (including Income & Expenditure Account)

Notes
Incoming Resources
Donations & grants
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
Funds at
31 December 2023
Funds at
31 December 2024		 Unrestricted
funds
Restricted
funds
Total
2024
2024
2024
£
£
£
29,587
4,576
34,163
53,714
-
53,714
120
-
120
83,421
4,576
87,997
83,421
4,576
87,997
61,536
20,812
82,348
14,453
-
14,453
75,989
20,812
96,801
7,432
(16,236)
(8,804)
11,231
18,812
30,043
18,663
2,576
21,239		 Unrestricted
funds
Restricted
funds
Total
2023
2023
2023
£
£
£
39,607
25,015
64,622
26,185
26,185
220
220
66,012 25,015 91,027
66,012
25,015
91,027
54,999
6,063
61,062
10,619
674
11,293
65,618
6,737 72,355
394
18,278
18,672
10,837
534
11,371
11,231 18,812
30,043

The notes on pages 14 to 19 form part of these financial statements.

11

Q1 FOUNDATION FOR THE YEAR ENDED 31 DECEMBER 2024 BALANCE SHEET

AS AT 31 DECEMBER 2024

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
£
29,951
11,008
40,959
22,296
18,663
-
18,663
18,663		 Restricted
£
19,623
-
19,623
17,047
2,576
2,576
-
2,576		 Total
2024
£

49,574
11,008
60,582
39,343
21,239

2,576
18,663
21,239		 Total
2023
£
24,938
10,968
35,906
5,863
30,043
18,812
11,231
30,043

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.

12

Q1 FOUNDATION FOR THE YEAR ENDED 31 DECEMBER 2024 BALANCE SHEET (continued)

AS AT 31 DECEMBER 2024

Company number 11724915 (England)

The trustees acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and for preparing 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 Act 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 companies within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements were approved by the trustees on 23[rd] September 2025 and signed on their behalf, by:

Melanie Meads (Sep 24, 2025 10:45:55 GMT+1)

M Meads

Trustee

The notes on pages 14 to 19 form part of these financial statements.

13

Q1 FOUNDATION FOR THE YEAR ENDED 31 DECEMBER 2024 NOTES TO THE ACCOUNTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

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 have assessed the charity's ability to continue as a going concern. While the charity faces operational and financial uncertainties as described in the Subsequent Events note, the trustees believe the going concern basis of preparation remains appropriate based on their confidence in defending the employment claim and their plans to resume activities.

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.

14

Q1 FOUNDATION FOR THE YEAR ENDED 31 DECEMBER 2024

NOTES TO THE ACCOUNTS (continued)

FOR THE PERIOD ENDED 31 DECEMBER 2024

1. ACCOUNTING POLICIES (continued)

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

b) 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.

c) Realised gains and losses

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

2. DONATIONS AND LEGACIES

Unrestricted income from donations in 2024 was £29,587 (2023: £39,607) and restricted income was £4,576 (2023: £25,015).

15

Q1 FOUNDATION FOR THE YEAR ENDED 31 DECEMBER 2024

NOTES TO THE ACCOUNTS (continued)

FOR THE PERIOD ENDED 31 DECEMBER 2024

3. GRANT INCOME

Note
Unrestricted
£
Restricted
£
Grants
-
4,576
2024
Funder
Purpose
Tesco Stronger Starts
Community Support
Oxfordshire Community Foundation
Community Support
Total		 Total
2024
£
Total
2023
£
4,576
25,015
£
2,000
2,576
4,576

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

4. CHARITABLE ACTIVITIES

2024
£
Staff costs
43,360
Community Services
38,988
82,348
Average number of employees
3
There were no employees whose annual remuneration was £60,000 or more		 2023
£
34,760
26,293
61,053
2

16

Q1 FOUNDATION FOR THE YEAR ENDED 31 DECEMBER 2024

NOTES TO THE ACCOUNTS (continued)

FOR THE PERIOD ENDED 31 DECEMBER 2024

5.

SUPPORT COSTS

Premises costs
Audit and Accounting Fees
Office costs
Insurance
Bank charges
Other		 2024
£
1,944
1,668
7,715
2,680
446
0
14,453		 2023
£
1907
2880
3573
2518
412
3
11,293

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: £18,012, Later than one year and not later than five years: £34,343, Later than five years: £0. Lease payments recognised as an expense during the year amounted to £17,723 .

6. NET INCOMING RESOURCES/ (RESOURCES EXPENDED)

This is after charging Independent Examiner’s Fees of £1,596 (2023: £1,512).

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
£
339
6,250
4,419
11,008		 Restricted
£
-
-
-
-		 2024
£
339
6,250
4,419
11,008		 2023
£
300
6,250
4,418
10,968

17

Q1 FOUNDATION FOR THE YEAR ENDED 31 DECEMBER 2024

NOTES TO THE ACCOUNTS (continued)

FOR THE PERIOD ENDED 31 DECEMBER 2024

9. CREDITORS

Unrestricted
£
Trade creditors
3,214
Accruals
1,796
Other Creditors
17,287
22,297
10.
UNRESTRICTED RESERVE FUNDS		 Restricted
£
-
-
17,047
17,047		 2024
£
3,214
1,796
34,334
39,344		 2023
£
2,907
2,037
919
6,579
General fund brought forward
Income
Expenditure
General fund carried forward
11.
RESTRICTED RESERVE FUNDS		 2024
£
11,231
83,421
(75,989)
18,663		 2023
£
10,837
66,012
(65,618)
11,231
Funds Movements
Restricted Funds
Greenham Trust Grant
George Michael Legacy Project
Tesco Stronger Together
Oxfordshire Community
Foundation
Total		 Balance
at
1/1/24
Incoming
Resources
Outgoing
Resources
£
£
£
31
-
(31)
225
-
(225)
-
2,000
(2,000)
18,556
2,576
(18,556)		 Transfers
Balance
at
31/12/24
£
£
-
-
-
-
-
-
-
2,576
-
-
-
2,576
18,812
4,576
(20,812)

18

Q1 FOUNDATION FOR THE YEAR ENDED 31 DECEMBER 2024

NOTES TO THE ACCOUNTS (continued)

FOR THE PERIOD ENDED 31 DECEMBER 2024

12. RELATED PARTY TRANSACTIONS

Melanie Meads, a trustee of the charity, has personally agreed to indemnify Q1 Foundation in relation to the charity’s lease obligations in the event that the Foundation defaults on its lease commitments. This relates to the operating lease for Ground Floor Premises, Unit 8 The Arcade, High Street, Goring on Thames, Oxfordshire RG8 9AY and covers the charity's rental commitments with a maximum exposure of £52,355 representing the total outstanding lease commitments as disclosed in Note 5.

The trustee has received no consideration for providing this guarantee, and no amounts were called upon during the year.

No other related party transactions occurred during the year.

13. CONTROLLING PARTY

There is no controlling party.

14. CONTINGENT LIABILITY

The charity is currently defending an employment tribunal claim brought by a former member of staff. The claimant is seeking compensation of up to £100,000.

The trustees have obtained professional legal and HR advice regarding this matter. Based on this advice and their assessment of the facts, the trustees believe that the charity has strong grounds to defend the claim and that the likelihood of a successful outcome for the claimant is remote.

Accordingly, no provision has been recognised in these financial statements as the trustees do not consider it probable that any material liability will crystallise. The matter is therefore treated as a contingent liability.

The trustees will continue to monitor developments in this case and will take appropriate action to defend the charity's position. If circumstances change and it becomes likely that the charity will have to pay compensation, this will be included as a liability in future accounts.

19