THE BRAZIL FOOTBALL FOUNDATION REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2020
Charity No: 1188644
THE BRAZIL FOOTBALL FOUNDATION CHARITY INFORMATION
| Trustees: | T.G. Teoh |
|---|---|
| T.P. Alonso | |
| D. Darst | |
| Registered Charity Number: | 1188644 |
| Address: | First Floor |
| 16 Kingly Street | |
| London | |
| W1B 5PT | |
| Accountants: | Wilson Wright LLP |
| Chartered Accountants | |
| Thavies Inn House | |
| 3-4 Holborn Circus | |
| London | |
| EC1N 2HA | |
| Bankers: | Metro Bank Plc |
| One Southampton Row | |
| London | |
| WC1B 5HA |
THE BRAZIL FOOTBALL FOUNDATION REPORT OF THE TRUSTEES FOR THE PERIOD ENDED 31 DECEMBER 2020
| Page | |
|---|---|
| Report of the Trustees | 2 |
| Accountants Report | 4 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 |
| Notes to the Accounts | 7 |
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THE BRAZIL FOOTBALL FOUNDATION REPORT OF THE TRUSTEES FOR THE PERIOD ENDED 31 DECEMBER 2020
Registered Charity Number: 1188644
Report of the Trustees
The Trustees, present their report and the financial statements of The Brazil Football Foundation which is a Charitable Incorporated Organisation (“the CIO”), for the period ended 31 December 2020. The accounts have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2019.
Trustees
The Trustees during the period were as follows:-
T.G. Teoh (appointed 13 May 2019) T.P. Alonso (appointed 13 May 2019) D. Darst (appointed 12 June 2019)
Objects of the CIO, principal activities, governance and management
The CIO is governed by its constitution, dated 19th February 2020, and is constituted as a Charitable Incorporated Organisation.
The objects of the CIO are to provide financial grants to other charities, organisations and projects which are based in, or carry out their work in Brazil, and to generally support the public and communities in need in Brazil, in accordance with its charitable purposes.
None of the Trustees receive any remuneration from the CIO in respect of their role as Trustees.
There must be a minimum number of 3 Trustees. All new Trustees must be appointed by way of a resolution passed by all the charity’s Trustees.
The induction process for any new Trustee consists of an initial meeting with existing Trustees prior to the commencement of a mentoring process overseen by the Trustees.
The Trustees consider that they have complied with s.17 of Charities Act 2011 and the guidance issued by the Charity Commission in respect of ‘Public Benefit’ when making grants and generally in pursuing the objectives of the charity in the period. These objectives will continue to be pursued in the coming period.
Transactions and financial position
During the period ended 31 December 2020, the CIO received donations of £9,824, and charitable expenditure of £14,644 was incurred.
At the Balance Sheet date, total funds were in deficit by £4,820, due to there being insufficient funds to cover charitable expenditure. Fundraising activities are being planned in order to eliminate this deficit in the year ahead.
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THE BRAZIL FOOTBALL FOUNDATION REPORT OF THE TRUSTEES FOR THE PERIOD ENDED 31 DECEMBER 2020
Trustees Responsibilities
The Trustees are responsible for preparing the Trustees' Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial which give a true and fair view of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charity (Accounts and Reports) Regulations and the provisions of the constitution. 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.
By Order of the Trustees
Trustee: T P Alonso
Date : 29 October 2021
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THE BRAZIL FOOTBALL FOUNDATION ACCOUNTANTS REPORT
In accordance with our engagement letter, in order to assist you to fulfil your duties under the Charities Act 2011, we have prepared for your approval the accounts of The Brazil Football Foundation for the period ended 31 December 2020 as set out on pages 5 to 8, which comprise the statement of financial activities, the balance sheet and the notes to the financial statements, including significant accounting policies from the charity’s accounting records and from information and explanations you have given us.
As a member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance/.
This report is made solely to you, the charity’s Board of Trustees, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of The Brazil Football Foundation and state those matters that we have agreed to state to them in this report in accordance with ICAEW Technical Release 08/16 AAF as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and its Board of Trustees, as a body, for our work or for this report.
You have approved the financial information for the period and have acknowledged your responsibility for it, for the appropriateness of the financial reporting framework adopted and for providing all information and explanations necessary for its compilation.
We have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial information .
Wilson Wright LLP Chartered Accountants Thavies Inn House 3-4 Holborn Circus
London, EC1N 2HA Date:
29 October 2021
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THE BRAZIL FOOTBALL FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) FOR THE PERIOD ENDED 31 DECEMBER 2020
| Notes INCOME Donations Total incoming resources EXPENDITURE Charitable expenditure 2 Governance costs 3 Total Resources Expended NET EXPENDITURE AND MOVEMENT IN FUNDS Fund balance at 31 December 2020 |
2020 £ 9,824 |
|---|---|
| 9,824 | |
| 3,600 11,044 |
|
| 14,644 | |
| (4,820) | |
| (4,820) |
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THE BRAZIL FOOTBALL FOUNDATION BALANCE SHEET AT 31 DECEMBER 2020
| Notes CURRENT ASSETS Cash at bank and in hand CURRENT LIABILITIES Creditors: amounts falling due within one year 5 NET CURRENT LIABILITIES NET LIABILITIES FUNDS Unrestricted TOTAL FUNDS Approved by the Trustees and signed on their behalf |
£ £ 100 4,920 (4,820) (4,820) (4,820) (4,820) 2020 |
£ £ 100 4,920 (4,820) (4,820) (4,820) (4,820) 2020 |
|---|---|---|
| (4,820) | ||
| (4,820) | ||
| (4,820) | ||
Trustee: T P Alonso Date: 29 October 2021
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THE BRAZIL FOOTBALL FOUNDATION NOTES TO THE ACCOUNTS FOR THE PERIOD ENDED 31 DECEMBER 2020
1 Accounting policies
1.1 Basis of preparation of accounts
The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2019.
The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following 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 (FRS 102) issued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The financial statements are prepared in sterling which is the functional currency of the Charity.
The Charity 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 notes.
1.2
Income and expenditure
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Donations are recognised when the charity has entitlement to the funds and it is probable that the income will be received and the amount can be measured reliably.
1.3 Resources expended
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, 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. Expenditure is classified under the following activity headings.
Expenditure on charitable activities comprises those costs incurred by the charity in the delivery of its activities and services. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support it.
Governance costs include the costs associated with meeting the constitutional and statutory requirements of the charity.
1.4 Financial instruments
The charity has financial assets and liabilities of a kind that qualify as basic financial instruments which include trade and other receivables, trade and other payables and cash and bank balances. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
1.5 Fund accounting
The following funds are held by the charity:-
Unrestricted - these are funds which can be used in accordance with the charitable objects at the discretion of the Trustees.
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THE BRAZIL FOOTBALL FOUNDATION NOTES TO THE ACCOUNTS FOR THE PERIOD ENDED 31 DECEMBER 2020
| 2020 | ||
|---|---|---|
| £ | ||
| 2 | Charitable expenditure | |
| Grants | 3,575 | |
| Bank charges | 25 | |
| 3,600 | ||
| 3 | Governance costs | |
| Accountancy | 4,920 | |
| Legal and professional | 6,124 | |
| 11,044 | ||
| 4 | Trustees | |
| None of the Trustees received remuneration in the year nor were any expenses | ||
| reimbursed to them. |
5 Creditors
| Creditors | |
|---|---|
| Amounts falling due within one year: Accruals |
2020 £ 4,920 |
| 4,920 |
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