Charity number: 1190256
THE TIDES FOUNDATION
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2024
THE TIDES FOUNDATION
CONTENTS
| Page | |
|---|---|
| Reference and Administrative Details of the Charity, its Trustees and Advisers | 1 |
| Trustees' Report | 2 - 4 |
| Independent Examiner's Report | 5 - 6 |
| Statement of Financial Activities | 7 |
| Balance Sheet | 8 |
| Notes to the Financial Statements | 9 - 14 |
THE TIDES FOUNDATION
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 5 APRIL 2024
Trustees Aron Azouz, Chair Matthew Perlman, Trustee Theodore Azouz, Trustee Lia Victoria Dina Azouz, Trustee Charity registered number 1190256 Principal office Permanent House 133 Hammersmith Road London W14 0QL Independent examiner Harris & Trotter LLP Chartered accountants 101 New Cavendish Street 1st Floor South London W1W 6XH
Page 1
THE TIDES FOUNDATION
TRUSTEES' REPORT FOR THE YEAR ENDED 5 APRIL 2024
The Trustees present their annual report together with the financial statements of the The Tides Foundation for the year 6 April 2023 to 5 April 2024.
Objectives and activities
a. Policies and objectives
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
b. Charity's objectives
The trustees shall hold the trust fund and the income thereof upon trust to pay therefrom all the proper costs and expenses incurred by the trustees in establishing and administering the charity and the trust fund and subject thereto to pay or apply the income thereof to such charitable institutions or towards or for the furtherance or advancement of such charitable purposes in such manner and in such proportions as the trustees may from time to time in their absolute discretion determine.
c. Grant-making policies
During the year ended the trustees have supported charities in a number of areas in line with the charitable objectives of the Foundation as set out above.
The Trustees will continue to make grants to organisations in furtherance of the charity's objectives.
Achievements and performance
a. Main achievements of the Charity
During the year the charity received £122,183 in unrestricted income. This income is received from donations and gift aid.
The donations received were used to pay charitable grants in total of £90,350 in accordance to their charitable objectives.
The charity also held two events during the year to help raise money for the charity.
Financial review
a. Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
Page 2
THE TIDES FOUNDATION
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024
b. Reserves policy
The balance of undistributed resources as at 5 April 2024 totalled £23,078. Any undistributed income during the period will be used to pay charitable grants in accordance to their objectives.
The reserves at the end of the period was £23,078 which all of it is all unrestricted.
Structure, governance and management
a. Constitution
The Tides Foundation is a registered charity, number 1190256, and is constituted under a Trust deed.
The charity was incorporated and registered with Charity Commission for England and Wales on 6 July 2020.
b. Methods of appointment or election of Trustees
The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.
c. Financial risk management
The Trustees have assessed the major risks to which the Charity is exposed, in particular those related to the operations and finances of the Charity, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.
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 & 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 Charity and of its incoming resources and application of resources, including its income and expenditure, 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 of the Charities SORP (FRS 102);
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make judgments and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards (FRS 102) 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 business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and 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 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.
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THE TIDES FOUNDATION
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024
Approved by order of the members of the board of Trustees on 5 February 2025 and signed on their behalf by:
................................................ Aron Azouz
Page 4
THE TIDES FOUNDATION
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 5 APRIL 2024
Independent Examiner's Report to the Trustees of The Tides Foundation ('the Charity')
I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 5 April 2024.
Responsibilities and Basis of Report
As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').
I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent Examiner's Statement
Your attention is drawn to the fact that the Charity has prepared the accounts in accordance with 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) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.
I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
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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accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.
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 accounts to be reached.
Page 5
THE TIDES FOUNDATION
INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024
This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. 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 an Independent Examiner's 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 or for this report.
Hugh Lask FCA CTA
Harris & Trotter LLP 101 New Cavendish Street 1st Floor South London W1W 6XH Date: 7 February 2025
Page 6
THE TIDES FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2024
| Note Income from: Donations and legacies: 3 Donations GIft aid Interest received Total income Expenditure on: Charitable activities: Donations paid 4 Platform fees 6 Event costs 6 Total expenditure Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2024 £ 99,237 22,900 46 122,183 90,350 314 19,464 110,128 12,055 11,023 12,055 23,078 |
Total funds 2024 £ 99,237 22,900 46 122,183 90,350 314 19,464 110,128 12,055 11,023 12,055 23,078 |
Total funds 2023 £ 98,452 - - 98,452 120,000 785 - 120,785 (22,333) 33,356 (22,333) 11,023 |
|---|---|---|---|
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 9 to 14 form part of these financial statements.
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THE TIDES FOUNDATION
BALANCE SHEET AS AT 5 APRIL 2024
| Note Current assets Debtors 8 Cash at bank and in hand Net current assets Total assets less current liabilities Net assets excluding pension asset Total net assets Charity funds Unrestricted funds 9 Total funds |
13,736 9,342 23,078 |
2024 £ 23,078 23,078 23,078 23,078 23,078 23,078 |
- 11,023 11,023 |
2023 £ 11,023 |
|---|---|---|---|---|
| 11,023 | ||||
| 11,023 | ||||
| 11,023 | ||||
| 11,023 | ||||
| 11,023 |
The financial statements were approved and authorised for issue by the Trustees on 05 February 2025 and signed on their behalf by:
................................................
Aron Azouz
The notes on pages 9 to 14 form part of these financial statements.
Page 8
THE TIDES FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
1. General information
The Tides Foundation is an unincorporated charity which is a registered charity in England and Wales, charity registration number 1190256.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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 Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
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 the Charities SORP (FRS 102) published 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 Tides 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.
2.2 Income
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.
Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
2.3 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. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
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THE TIDES FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
2. Accounting policies (continued)
2.3 Expenditure (continued)
All expenditure is inclusive of irrecoverable VAT.
2.4 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
2.5 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
2.6 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.
3. Income from donations and legacies
| Unrestricted funds 2024 £ Donations 122,137 Interest received 46 122,183 Total 2023 98,452 |
Total funds 2024 £ 122,137 46 122,183 98,452 |
Total funds 2023 £ 98,452 - |
|---|---|---|
| 98,452 | ||
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THE TIDES FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
4. Analysis of grants
| Grants paid Total 2023 |
Grants to Institutions 2024 £ 90,350 120,000 |
Total funds 2024 £ 90,350 120,000 |
Total funds 2023 £ 120,000 |
|---|---|---|---|
5. Analysis of expenditure on charitable activities
Summary by fund type
| Charitable costs Total 2023 Analysis of expenditure by activities Costs Total 2023 |
Unrestricted funds 2024 £ 110,128 120,785 Grant funding of activities 2024 Support costs 2024 £ £ 90,350 19,778 120,000 785 |
Total 2024 £ 110,128 120,785 Total funds 2024 £ 110,128 120,785 |
Total 2023 £ 120,785 |
|---|---|---|---|
| Total funds 2023 £ 120,785 |
|||
6. Analysis of expenditure by activities
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THE TIDES FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
6. Analysis of expenditure by activities (continued)
Analysis of support costs
| Event costs Platform fees Total 2023 |
Activities 2024 £ 19,464 314 19,778 785 |
Total funds 2024 £ 19,464 314 19,778 785 |
Total funds 2023 £ - 785 |
|---|---|---|---|
| 785 | |||
7. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2023 - £NIL) .
During the year ended 5 April 2024, no Trustee expenses have been incurred (2023 - £NIL) .
8. Debtors
| Due within one year GIft aid recoverable |
2024 £ 13,736 13,736 |
2023 £ - |
|---|---|---|
| - |
Page 12
THE TIDES FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
| 9. Statement of funds Statement of funds - current year Balance at 6 April 2023 £ Unrestricted funds General Funds - all funds 11,023 Statement of funds - prior year Balance at 1 April 2022 £ Unrestricted funds General Funds - all funds 33,356 10. Analysis of net assets between funds Analysis of net assets between funds - current period Current assets Total Analysis of net assets between funds - prior period Current assets Total |
Income £ Expenditure £ 122,183 (110,128) Income £ Expenditure £ 98,452 (120,785) Unrestricted funds 2024 £ 23,078 23,078 Unrestricted funds 2023 £ 11,023 11,023 |
Balance at 5 April 2024 £ 23,078 |
|---|---|---|
| Balance at 5 April 2023 £ 11,023 |
||
| Total funds 2024 £ 23,078 |
||
| 23,078 | ||
| Total funds 2023 £ 11,023 |
||
| 11,023 |
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THE TIDES FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
11. Related party transactions
During the year, the charity received donations totalling £3,000 from a company in whcih a Trustee is a director and shareholder.
During the year, the charity received donations totalling £27,000 from trustees.
During the year, the charity received donations totalling £2,000 from a charity where a trustee is also a trustee.
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