Charity registration number 1188644 (England and Wales)
THE BRAZIL FRIENDS FOUNDATION (FORMERLY THE BRAZIL FOOTBALL FOUNDATION)
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
THE BRAZIL FRIENDS FOUNDATION (FORMERLY THE BRAZIL FOOTBALL FOUNDATION)
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees M Genovese D Darst T G Teoh Charity number (England and Wales) 1188644 Principal address 5 Fleet Place London EC4M 7RD Independent examiner BKL Audit LLP Chartered Accountant 5 Fleet Place London EC4M 7RD Bankers Metro Bank One Southampton Row London United Kingdom WC1B 5HA
(Appointed 9 August 2024)
THE BRAZIL FRIENDS FOUNDATION (FORMERLY THE BRAZIL FOOTBALL FOUNDATION)
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 3 |
| Independent examiner's report | 4 |
| Statement of financial activities | 5 |
| Balance sheet | 6 |
| Statement of cash flows | 7 |
| Notes to the financial statements | 8 - 15 |
THE BRAZIL FRIENDS FOUNDATION (FORMERLY THE BRAZIL FOOTBALL FOUNDATION)
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The Trustees present their annual report and financial statements for the year ended 31 December 2024.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the CIO's governing document, the Charities Act 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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)".
The accounts 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 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and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
Objectives and activities
The objectives 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. At present, this is achieved through hosting annual fundraising events.
Public benefit
The Charities Act 2011 requires all charities to meet the legal requirement that its aims are for the public benefit. The Charity Commission in its Charities and Public Benefit guidance states that there are two key principles to be met in order to show that an organisation’s aims are for the public benefit: firstly, there must be an identifiable benefit or benefits and secondly, that the benefit must be to the public or a section of the public. The Trustees consider that they have complied with Section 17 of the Charities Act 2011 including guidance the ‘Public benefit: running a charity (PB2)’.
Grant making policy
The Charity has established its grant making policy to achieve its objects for the public benefit to generally support the public and communities in need in Brazil. Grant applications are considered on a case by case basis by the Trustees and only approved if they meet this objective.
Achievements and performance
Significant activities and achievements against objectives
During the year the Charity hosted its third annual fundraising event in London for the Gerando Falcoes project. All the donations raised from the fundraising dinner (after event costs and support costs) were granted and paid to Gerando Falcoes. Gerando Falcoes is a not-for-profit organisation incorporated under the laws of Brazil, whose main purpose is to deliver education, economic development, and citizen services in the favelas of Brazil.
Financial review
During the year ended 31 December 2024, the CIO received donations, other trading income and interest of £527,682 (2023: £639,051), and expenditure of £440,004 (2023: £618,103) was incurred.
At the Balance Sheet date, restricted funds were in surplus by £112,703 and unrestricted funds were in surplus by £19,972 (2023: £38,071 surplus in restricted funds and £6,926 surplus in unrestricted funds). This is in line with the reserves policy noted below.
Reserves policy
It is the policy of the CIO that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to non-grant expenditure of at least one year. The Trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the CIO’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.
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THE BRAZIL FRIENDS FOUNDATION (FORMERLY THE BRAZIL FOOTBALL FOUNDATION)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
Principal risks and uncertainties
The Trustees have given consideration to the principal risks and uncertainties to which the Charity is exposed. These are in relation to the availability of cash to fund grant commitments. The Trustees will not enter into any grant commitments unless they have sufficient funds in place.
Risk management
The Trustees have a duty to identify and review the risks to which the Charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. The Trustees have assessed the major risks to which the Charity is exposed, and systems have been established to mitigate these risks.
Plans for future periods
The Trustees intend that the Charity will continue to support a range of causes through the provision of grants.
Structure, governance and management
The Charity was formed as a Charitable Incorporated Organisation (CIO) on 19 February 2020, and is registered with the Charity Commission – Registration number 1188644.
The CIO is governed by its constitution dated 19 February 2020.
The Trustees who served during the year and up to the date of signature of the financial statements were:
T Joorabchian (Resigned 8 August 2024) M Genovese (Appointed 9 August 2024) D Darst T G Teoh R Mascarenhas (Appointed 8 August 2024 and resigned 31 October 2024)
Recruitment and appointment of trustees
Any person may be appointed to be a Trustee by ordinary resolution, or by a decision of the Trustees. The number of Trustees should be no less than 3. The Trustees are appointed and operate in accordance with the Trust Deed. No formal policies have been adopted for the induction and training of Trustees.
Induction and training of 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.
Remuneration policy
None of the Trustees receive any remuneration from the CIO in respect of their role as Trustees.
Statement of Trustees' responsibilities
The Trustees are responsible for preparing the Trustees' 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 year which give a true and fair view of the state of affairs of the CIO and of the incoming resources and application of resources of the CIO for that year.
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THE BRAZIL FRIENDS FOUNDATION (FORMERLY THE BRAZIL FOOTBALL FOUNDATION)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
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; and
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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 sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the CIO and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the CIO and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Events after the reporting date
Post year end, the CIO hosted another fundraising dinner from which the proceeds will be used to make a further grant to Gerando Falcoes.
The Trustees' report was approved by the Board of Trustees.
M Genovese
Trustee
31 October 2025
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THE BRAZIL FRIENDS FOUNDATION (FORMERLY THE BRAZIL FOOTBALL FOUNDATION)
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF THE BRAZIL FRIENDS FOUNDATION (FORMERLY THE BRAZIL FOOTBALL FOUNDATION)
I report to the Trustees on my examination of the financial statements of The Brazil Friends Foundation (Formerly The Brazil Football Foundation) (the CIO) for the year ended 31 December 2024.
This report is made solely to the Charity’s Trustees, as a body, in accordance with section 145 of the Charities Act 2011. My work has been undertaken so that I might state to the Charity’s Trustees those matters I am required to state to them in this report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the Charity’s Trustees as a body, for my work, for this report, or for the opinions I have formed.
Responsibilities and basis of report
As the Trustees of the CIO you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011.
I report in respect of my examination of the CIO’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.
As permitted by Direction 2, issued by the Charity Commission the firm for which I work has provided the Company with bookkeeping services during the year ended 31 December 2024. As a consequence I have followed the requirement of the FRC’s Ethical Standard when undertaking this assignment.
An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters that an auditor considers in giving their opinion on the financial statements. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently, I express no opinion as to whether the financial statements present a ‘true and fair’ view and my report is limited to those specific matters set out in the independent examiner’s statement.
Independent examiner's statement
Since the CIO’s gross income exceeded £250,000, the independent examiner must be a member of a body listed in section 145 of the Charities Act 2011. I confirm that I am qualified to undertake the examination because I am a member of the ICAEW, which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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1 accounting records were not kept in respect of the CIO as required by section 130 of the Charities Act 2011.
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2 the financial statements do not accord with those records; or
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3 the financial statements do not comply with the applicable requirements concerning the form and content of financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements give a true and fair view, which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
Nikki Crane FCA
BKL Audit LLP
5 Fleet Place London EC4M 7RD 31 October 2025
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THE BRAZIL FRIENDS FOUNDATION (FORMERLY THE BRAZIL FOOTBALL FOUNDATION)
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
| Unrestricted Restricted funds funds 2024 2024 Notes £ £ Income from: Donations and legacies 2 30,553 - Other trading activities 3 - 496,706 Investments 4 423 - Total income 30,976 496,706 Expenditure on: Raising funds 5 - 91,524 Charitable activities 6 17,930 330,550 Total expenditure 17,930 422,074 Net income and movement in funds 13,046 74,632 Reconciliation of funds: Fund balances at 1 January 2024 6,926 38,071 Fund balances at 31 December 2024 19,972 112,703 |
Total Unrestricted Restricted funds funds 2024 2023 2023 £ £ £ 30,553 14,499 - 496,706 - 624,552 423 - - 527,682 14,499 624,552 91,524 - 67,049 348,480 7,352 543,702 440,004 7,352 610,751 87,678 7,147 13,801 44,997 (221) 24,270 132,675 6,926 38,071 |
Total 2023 £ 14,499 624,552 - |
|---|---|---|
| 639,051 | ||
| 67,049 551,054 |
||
| 618,103 | ||
| 20,948 24,049 |
||
| 44,997 |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
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THE BRAZIL FRIENDS FOUNDATION (FORMERLY THE BRAZIL FOOTBALL FOUNDATION)
BALANCE SHEET
AS AT 31 DECEMBER 2024
| Notes Current assets Debtors 13 Cash at bank and in hand Creditors: amounts falling due within one year 14 Net current assets The funds of the CIO Restricted income funds 15 Unrestricted funds 16 |
2024 £ 12,305 137,743 150,048 (17,373) |
£ 132,675 112,703 19,972 132,675 |
2023 £ 23,017 42,873 65,890 (20,893) |
£ 44,997 |
|---|---|---|---|---|
| 38,071 6,926 |
||||
| 44,997 |
The financial statements were approved by the Trustees on 31 October 2025
M Genovese Trustee
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THE BRAZIL FRIENDS FOUNDATION (FORMERLY THE BRAZIL FOOTBALL FOUNDATION)
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
| Notes Cash flows from operating activities Cash generated from operations 19 Investing activities Investment income received Net cash generated from investing activities Net cash generated from financing activities Net increase in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year |
2024 £ 423 |
£ 94,447 423 - 94,870 42,873 137,743 |
2023 £ - |
£ 39,194 - - |
|---|---|---|---|---|
| 39,194 3,679 |
||||
| 42,873 |
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THE BRAZIL FRIENDS FOUNDATION (FORMERLY THE BRAZIL FOOTBALL FOUNDATION)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1 Accounting policies
Charity information
The Brazil Friends Foundation (Formerly The Brazil Football Foundation) is a Charitable Incorporated Organisation (CIO) registered with the Charity Commission in England and Wales. The registered office address is 5 Fleet Place, London, EC4M 7RD.
1.1 Accounting convention
The financial statements have been prepared in accordance with the CIO's governing document, the Charities Act 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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)". The CIO is a Public Benefit Entity as defined by FRS 102.
The financial statements 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 the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling, which is the functional currency of the CIO. Monetary amounts in these financial statements are rounded to the nearest £.
The Charity meets the definition of a public benefit entity under FRS 102.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the Trustees have a reasonable expectation that the CIO has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
1.4 Income
Income is recognised when the CIO is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the CIO has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Donated goods and services are recognised when the Charity has control over any item, any conditions associated with the donation have been met, and the receipt is probable.
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THE BRAZIL FRIENDS FOUNDATION (FORMERLY THE BRAZIL FOOTBALL FOUNDATION)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
1 Accounting policies
(Continued)
1.5 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.
Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources.
1.6 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7 Financial instruments
The CIO has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the CIO's balance sheet when the CIO becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the CIO’s contractual obligations expire or are discharged or cancelled.
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THE BRAZIL FRIENDS FOUNDATION (FORMERLY THE BRAZIL FOOTBALL FOUNDATION)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
| 2 | Income from donations and legacies | ||
|---|---|---|---|
| Unrestricted | Unrestricted | ||
| funds | funds | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Donations and gifts | 30,553 | 14,499 | |
| 3 | Income from other trading activities | ||
| Restricted | Restricted | ||
| funds | funds | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Donated goods | 30,500 | 29,500 | |
| Fundraising events | 466,206 | 595,052 | |
| Other trading activities | 496,706 | 624,552 | |
| 4 | Income from investments | ||
| Unrestricted | Unrestricted | ||
| funds | funds | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Interest receivable | 423 | - | |
| 5 | Expenditure on raising funds | ||
| Restricted | Restricted | ||
| funds | funds | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Fundraising and publicity | |||
| Seeking donations, grants and legacies | 10,870 | 14,021 | |
| Staging fundraising events | 80,654 | 53,028 | |
| 91,524 | 67,049 |
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THE BRAZIL FRIENDS FOUNDATION (FORMERLY THE BRAZIL FOOTBALL FOUNDATION)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
6 Expenditure on charitable activities
| Charitable | Charitable | ||
|---|---|---|---|
| expenditure | expenditure | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Direct costs | |||
| Bank charges | 50 | 325 | |
| Grant funding of activities (see note 7) | 330,500 | 543,377 | |
| Share of support and governance costs (see note 8) | |||
| Governance | 17,930 | 7,352 | |
| 348,480 | 551,054 | ||
| Analysis by fund | |||
| Unrestricted funds | 17,930 | 7,352 | |
| Restricted funds | 330,550 | 543,702 | |
| 348,480 | 551,054 | ||
| 7 | Grants payable | ||
| Restricted | Restricted | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Grants to institutions: | |||
| Grant to Gerando Falcoes | 300,000 | 483,802 | |
| Grant to Instituto Protea | - | 30,075 | |
| Other | 30,500 | 29,500 | |
| 330,500 | 543,377 |
Charitable expenditure
Gerando Falcoes is a not-for-profit organisation incorporated under the laws of Brazil, whose main purpose is to deliver education, economic development, and citizen services in the favelas of Brazil.
Instituto Protea is a not-for-profit organisation incorporated under the laws of Brazil, whose main purpose is to provide treatment for breast cancer to women in Brazil.
Other grant amounts relate to donated goods and services provided to the charity, for which a corresponding donation income has been recorded.
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THE BRAZIL FRIENDS FOUNDATION (FORMERLY THE BRAZIL FOOTBALL FOUNDATION)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
8 Support costs allocated to activities
| Governance costs Analysed between: Fundraising Charitable expenditure Governance costs comprise: Audit fees Accountancy Legal and professional 9 Net movement in funds The net movement in funds is stated after charging/(crediting): Fees payable for the independent examination of the charity's financial statements |
2024 £ 28,800 10,870 17,930 28,800 2024 £ 4,990 4,950 18,860 28,800 2024 £ 4,990 |
2023 £ 21,373 |
|---|---|---|
| 14,021 7,352 |
||
| 21,373 | ||
| 2023 £ 4,630 4,450 12,293 |
||
| 21,373 | ||
| 2023 £ 4,630 |
10 Trustees
None of the Trustees (or any persons connected with them) received any remuneration or benefits from the CIO during the year.
11 Employees
The average monthly number of employees during the year was:
| 2024 | 2023 | |
|---|---|---|
| Number | Number | |
| Total | - | - |
There were no employees whose annual remuneration was more than £60,000.
12 Taxation
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
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THE BRAZIL FRIENDS FOUNDATION (FORMERLY THE BRAZIL FOOTBALL FOUNDATION)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
| 13 Debtors Amounts falling due within one year: Other debtors Prepayments and accrued income 14 Creditors: amounts falling due within one year Trade creditors Accruals and deferred income |
2024 £ 9,000 3,305 12,305 2024 £ 7,773 9,600 17,373 |
2023 £ 13,017 10,000 |
|---|---|---|
| 23,017 | ||
| 2023 £ 10,393 10,500 |
||
| 20,893 |
15 Restricted funds
The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.
| At 1 Previous year: At 1 |
January 2024 Incoming resources Resources expended At 31 December 2024 £ £ £ £ 38,071 496,706 (422,074) 112,703 January 2023 Incoming resources Resources expended At 31 December 2023 £ £ £ £ 24,270 624,552 (610,751) 38,071 |
|---|---|
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THE BRAZIL FRIENDS FOUNDATION (FORMERLY THE BRAZIL FOOTBALL FOUNDATION)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
16 Unrestricted funds
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
| At 1 General funds Previous year: At 1 General funds 17 Analysis of net assets between funds At 31 December 2024: Current assets/(liabilities) At 31 December 2023: Current assets/(liabilities) |
January 2024 Incoming resources Resources expended At 31 December 2024 £ £ £ £ 6,926 30,976 (17,930) 19,972 January 2023 Incoming resources Resources expended At 31 December 2023 £ £ £ £ (221) 14,499 (7,352) 6,926 Unrestricted Restricted Total funds funds 2024 2024 2024 £ £ £ 19,972 112,703 132,675 19,972 112,703 132,675 Unrestricted Restricted Total funds funds 2023 2023 2023 £ £ £ 6,926 38,071 44,997 6,926 38,071 44,997 |
|---|---|
18 Related party transactions
There were no disclosable related party transactions during the year (2023 - none).
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THE BRAZIL FRIENDS FOUNDATION (FORMERLY THE BRAZIL FOOTBALL FOUNDATION)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
| 19 Cash generated from operations Surplus for the year Adjustments for: Investment income recognised in statement of financial activities Movements in working capital: Decrease in debtors (Decrease)/increase in creditors Cash generated from operations 20 Analysis of changes in net funds |
2024 £ 87,678 (423) 10,712 (3,520) 94,447 |
2023 £ 20,948 - 9,605 8,641 |
|---|---|---|
| 39,194 | ||
The CIO had no material debt during the year.
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