Charity registration number 1189004
Company registration number CE021495 (England and Wales)
PARADIFFERENCE FOUNDATION UK
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022
PARADIFFERENCE FOUNDATION UK
LEGAL AND ADMINISTRATIVE INFORMATION
| Trustees | Amanda Düsing |
|---|---|
| Anna-Karin Gustavsson | |
| Claes Marcus Gustavsson | |
| Professor Randall Johnson | |
| Charity number | 1189004 |
| Company number | CE021495 |
| Registered office | 50 Broadway |
| London | |
| UK | |
| SW1H 0BL | |
| Independent examiner | Ahsan Miraj FCA |
| Bright Grahame Murray | |
| Emperor's Gate | |
| 114a Cromwell Road | |
| Kensington | |
| London | |
| SW7 4AG |
PARADIFFERENCE FOUNDATION UK
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 2 |
| Independent examiner's report | 3 |
| Statement of financial activities | 4 |
| Balance sheet | 5 |
| Notes to the financial statements | 6 - 9 |
PARADIFFERENCE FOUNDATION UK
TRUSTEES' REPORT (INCLUDING DIRECTOR'S REPORT) FOR THE YEAR ENDED 5 APRIL 2022
The trustees present their annual report and financial statements for the year ended 5 April 2022.
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 charity's governing document, the Companies Act 2006 and "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)" (effective 1 January 2019).
Objectives and activities
The objectives of the charity are:
-
To advance the education of the public in general and to promote medical research related to neuroendocrine cancers (particularly paraganglioma and pheochromocytoma, with special regard to malignant paragangliomas caused by the SDHB mutation) for the public benefit.
-
To advance health by supporting efforts to improve treatment options for people with neuroendocrine cancers.
-
To advance science by increasing the existing body of knowledge in relation to the understanding, diagnosis, management and treatment of neuroendocrine cancers,
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
Achievements and performance
The Trustees are satisfied with the results for the year. One large donation was received and agreement was reached with two institutions to carry out specific research projects in line with the Charity's objectives
Financial review
During the year the charity was in receipt of donations of £723,000 with only minimal costs resulting in net income of £714,000. Two research awards were approved in the year. One with Kings College, London for £405,000 payable over three years; the second with Queens College, London for £136,000 payable over two years. Both Colleges will report the findings of their research to the Charity on an annual basis with the hope that they will further advance knowledge and understanding of the main objects of the Charity.
Due to the ongoing commitment of the research awards the amount unpaid at the year end has been treated as designated funds.
Reserves policy
The income of the Charity derives mainly from occasional donations and does not rely on donations from the public. The charity has minimal running costs and any agreements to fund research can be met within its current reserves. Any surplus reserves will be maintained for future development.
- 1 -
PARADIFFERENCE FOUNDATION UK
TRUSTEES' REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2022
Structure, governance and management
The Charity was established under the Constitution dated 19 December 2019, submitted with the Charity Commission on 17 February 2020 and registered by the Charity Commission on 9 April 2020.
The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
Amanda Düsing
Anna-Karin Gustavsson
Claes Marcus Gustavsson Professor Randall Johnson
The power of appointing trustees rests with the trustees which must number at least three.
There are no paid employees of the charity and there is no relationship with any other UK charity.
The trustees' report was approved by the Board of Trustees.
Anna-Karin Gustavsson
Trustee
9 August 2022
- 2 -
PARADIFFERENCE FOUNDATION UK
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF PARADIFFERENCE FOUNDATION UK
I report to the trustees on my examination of the financial statements of Paradifference Foundation UK (the charity) for the year ended 5 April 2022.
Responsibilities and basis of report
As the trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).
Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of Chartered Accountants, 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:
-
1 accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or
-
2 the financial statements do not accord with those records; or
-
3 the financial statements 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 financial statements 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 the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
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.
Ahsan Miraj FCA Independent Examiner Bright Grahame Murray Chartered Accountants
Emperor's Gate 114a Cromwell Road Kensington London SW7 4AG
Dated: 9 August 2022
- 3 -
PARADIFFERENCE FOUNDATION UK
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 5 APRIL 2022
| Unrestricted Unrestricted funds funds 2022 2021 Notes £ £ |
Unrestricted Unrestricted funds funds 2022 2021 Notes £ £ |
Unrestricted Unrestricted funds funds 2022 2021 Notes £ £ |
|---|---|---|
| funds | funds | |
| 2022 | 2021 | |
| £ | £ | |
| Income from: | ||
| Donations and legacies 2 |
723,027 | 500 |
| Expenditure on: | ||
| Charitable activities 3 |
9,530 | 48 |
| Net income for the year/ | ||
| Net movement in funds | 713,497 | 452 |
| Fund balances at 6 April 2021 | 452 | - |
| Fund balances at 5 April 2022 | 713,949 | 452 |
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
- 4 -
PARADIFFERENCE FOUNDATION UK
BALANCE SHEET
AS AT 5 APRIL 2022
| Notes Current assets |
2022 | 2021 | ||
|---|---|---|---|---|
| £ | £ | £ | £ | |
| 719,649 (5,700) |
713,949 713,949 713,949 |
452 - - 452 |
||
| Cash at bank and in hand Creditors: amounts falling due within one year 7 |
||||
| Net current assets | 452 | |||
| 541,000 172,949 |
||||
| Income funds | ||||
| Unrestricted funds | ||||
| Designated funds 8 |
||||
| General unrestricted funds | ||||
| 452 | ||||
| 452 |
The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 5 April 2022.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the Trustees on 9 August 2022
Anna-Karin Gustavsson
Trustee
Company registration number CE021495
- 5 -
PARADIFFERENCE FOUNDATION UK
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2022
1 Accounting policies
Charity information
Paradifference Foundation UK is a private company limited by guarantee incorporated in England and Wales. The registered office is 50 Broadway, London, SW1H 0BL, UK.
1.1 Accounting convention
The financial statements have been prepared in accordance with the charity's [governing document], the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) 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)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
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 charity 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.
Designated funds are monies set aside for a specific purpose.
1.4 Income
Income is recognised when the charity 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 charity 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 when received.
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
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.
Governance costs include the costs of governance arrangements that relate to the general running of the charity. These activities provide the governance infrastructure that allows the charity to operate and to generate the information required for public accountability.
- 6 -
PARADIFFERENCE FOUNDATION UK
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2022
1 Accounting policies
(Continued)
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.
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 and bank loans 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 charity’s contractual obligations expire or are discharged or cancelled.
2 Donations and legacies
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2022 | 2021 | |
| £ | £ | |
| Donations and gifts | 723,027 | 500 |
- 7 -
PARADIFFERENCE FOUNDATION UK
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2022
3 Charitable activities
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Share of support costs (see note 4) | 350 | 48 |
| Share of governance costs (see note 4) | 9,180 | - |
| 9,530 | 48 |
| 4 Support costs |
4 Support costs |
4 Support costs |
||||
|---|---|---|---|---|---|---|
| Support costs Governance costs £ £ Bank charges 350 - Independent Examiners fees - 5,700 Legal and professional fees - 3,480 350 9,180 Analysed between Charitable activities 350 9,180 |
2022 Support costs Governance costs |
2021 | ||||
| £ | £ | £ | £ | £ | £ | |
| 350 | - | 350 | 48 | - | 48 | |
| - | 5,700 | 5,700 | - | - | - | |
| - | 3,480 | 3,480 | - | - | - | |
| 350 | 9,180 | 9,530 | 48 | - | 48 | |
| 350 | 9,180 | 9,530 | 48 | - | 48 |
5 Trustees
The Charity considers its key management personnel to comprise of the Trustees.
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
6 Employees
The average monthly number of employees during the year was:
| 2022 | 2021 | |
|---|---|---|
| Number | Number | |
| Total | - | - |
There were no employees whose annual remuneration was more than £60,000.
- 8 -
PARADIFFERENCE FOUNDATION UK
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2022
7 Creditors: amounts falling due within one year
| Creditors: amounts falling due within one year | ||
|---|---|---|
| 2022 | 2021 | |
| £ | £ | |
| Accruals and deferred income | 5,700 | - |
8 Designated funds
The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes:
| Movement in funds Incoming resources Balance at 6 April 2021 £ £ |
Movement in funds Incoming resources Balance at 6 April 2021 £ £ |
Movement in funds Incoming resources Balance at 6 April 2021 £ £ |
||
|---|---|---|---|---|
| Incoming esources Balance at 6 April 2021 |
Transfers Balance at 5 April 2022 |
|||
| £ | £ | £ | £ | |
| Research awards | - | - | 541,000 | 541,000 |
| - | - | 541,000 | 541,000 |
9 Related party transactions
Donations received include £4,997 (2021: £5,000) from trustees and £718,030 (2021: £nil) from a company where two of the trustees are directors.
In 2021 a trustee paid legal costs of £9,108 for establishing the Charity.
- 9 -