OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2022-12-31-accounts

THE RIGHT COURSE

Annual report and financial statements For twelve months to 31[st] December 2022

Registered Charity Number: 1190520 (England & Wales)

THE RIGHT COURSE REPORT OF THE TRUSTEES FOR THE PERIOD ENDED 31 DECEMBER 2022

Contents

Page
Reference and Administration Details 2
Report of the Trustees 3 - 11
Independent Examiner’s Report 12
Statement of Financial Activities 13 -14
Notes to the Financial Statements 15 - 20

1

THE RIGHT COURSE REPORT OF THE TRUSTEES FOR THE PERIOD ENDED 31 DECEMBER 2022

REFERENCE AND ADMINISTRATION DETAILS

Trustees (2 year position)

At date of approval of the financial statements

Chief Executive Officer – Consultant

Simon Sheehan (appointed 3 May 2021)

Fred Sirieix, Chairman

(appointed 22 July 2019, Reappointed 12 July 2023)

Michele Caggianese (appointed 22 July 2019, Reappointed 12 July 2023)

Beverley Campbell (appointed 21 July 2022)

Charlie McVeigh (appointed 21 July 2022)

Francesco Messinas (appointed 21 July 2022)

Ali Zaidi (appointed 22 July 2019, Reappointed 12 July 2023)

Registered Name

The Right Course Registered Charity No. 1190520 (England & Wales)

Principal office

The Right Course 49 Netherwood Road London W14 0BL United Kingdom

Tel: +44 7974 229 183 Email: info@therightcourse.org.uk Website: therightcourse.org.uk

Independent Examiner

Ken Sanker (appointed 22 July 2019, Resigned 19 July 2022)

Berish Hoffman FCA Landau Morley LLP 325-327 Oldfield Lane North Greenford Middlesex UB6 0FX

Bankers

CAF Bank Limited 25 Kings Hill Avenue Kings Hill, West Malling, Kent ME19 4JQ

2

THE RIGHT COURSE REPORT OF THE TRUSTEES FOR THE PERIOD ENDED 31 DECEMBER 2022

In this report and financial statement The Right Course is referred to as the “charity”.

STRUCTURE, GOVERNANCE AND MANAGEMENT

The trustees present their report together with the financial statements of The Right Course for the 12 months to the year ended 31 December 2022.

The Right Course is constituted as a Charitable Incorporated Organisation on 22 July 2020 and is a registered charity with the Charity Commission of England and Wales (No. 1190520).

TRUSTEES AND OTHER KEY MANAGEMENT PERSONNEL

The trustees consider that the board of trustees and the charities’ part-time freelance CEO comprise the key management personnel of the charity who oversee the management and control of the charity as well as running and operating it on a day-to-day basis.

The trustees who served during the period from 1 January 2022 to the date that this report was approved are listed on page 2. Trustees hold office for a period of two years and may be re-appointed. New trustees are identified and nominated by existing members.

Trustees can hold positions with any of the charities partners however they remove themselves from any decision if there is a conflict of interest. The trustees are all unpaid volunteers. A trustee may receive reasonable and proper remuneration for professional services rendered to the charity and reasonable out of pocket expenses. No such payments were made during the year (as set out in note 5). Trustee Indemnity Insurance is in place and the premium is paid by the charity.

The Charity has a formal procedure for inducting new trustees to ensure that they are fully familiar with history and current strategies and activities. Training is provided at the request of trustees. On an ongoing basis pertinent Charity Commission briefings as well as charity updates, including budget updates, are provided to all trustees.

ORGANISATION

The trustees meet bimonthly. Subcommittees or working groups can be formed for specific functions, including finance. Whilst the strategic direction is decided by the trustees, the dayto-day decision-making process has been delegated to the nominated consultant who acts as CEO of the charity within specific parameters.

STAFF AND ADMINISTRATION

The charity has no direct staff. The trustees contract a certain amount of management and administrative assistance depending on workload. Management and administrative support is provided by the consultant Simon Sheehan, under the title of CEO to facilitate relationships. The remuneration is also bench-marked with similar charities to ensure that the remuneration set is fair and not out of line with that paid for similar roles (see note 5).

PRINCIPAL FINANCIAL MANAGEMENT POLICIES

The charity prepares an annual budget, which is approved by the trustees. Bi-monthly accounts are prepared to ensure that variances from the budget are monitored. All payments are approved by the Trustees. Accounts are discussed at the trustee meetings.

CHARITABLE ACTIVITY

Within the principal objects laid down by the trustees, the focus of the charity’s activities is on establishing training restaurants within prison environments to teach learners the skills and behaviours to gain employment upon release. Working with our partners to deliver The

3

THE RIGHT COURSE REPORT OF THE TRUSTEES FOR THE PERIOD ENDED 31 DECEMBER 2022

Right Course’ Curriculum and Standard Operating Procedure, the restaurants offer an authentic experience for learners. By securing employment and accessing additional support, such as housing and travel assistance, we work to enable our learners to rebuild their own lives and determine their own future career, providing alternatives to crime, and therefore reducing reoffending rates.

FUNDRAISING POLICY

The charity does not use fundraising services, consultants, or external professional fundraisers to undertake its fundraising activities. Additionally, no data is shared with or sold to any external agencies. The charity shares information about its charitable work and fundraising activities on social media. The charity does not undertake Direct Mail. The charity invites individuals and companies to attend events, usually through its business networks or via its supporters, but does not excerpt undue pressure to attend or donate. It does not approach or pressure vulnerable people to support its work. A complaints policy is in place and is accessible on the charity’s website. No complaints were received and no failures to comply were identified in 2020, 2021 and 2022. The charity adheres to the Fundraising Code of Practice issued by the Fundraising Regulator.

Fundraising events carried out in aid of and on behalf of the charity are monitored by the Trustees, with regular meetings and contact during the preparation for, and clean up from, the event. All marketing materials and approaches are checked to comply with the Fundraising Code of Practice by the consultant and a profit and loss file is kept for large events. All related income and expenditure are reported to fundraising volunteers who organise an event on the Charity’s behalf to ensure financial transparency and correct amounts raised.

INVESTMENT POLICY

There are no restrictions on the charity’s power to invest. The trustees set the investment strategy after considering income requirements and the risk profile. The trustees do not consider high risk or speculative investments as being suitable to invest the charity’s reserves and therefore avoid such types of investments. Due to current levels, reserves are held in cash in short-term deposits that can be accessed readily.

RESERVES POLICY

The trustees have approved a reserves policy. Its objective is to achieve a balance between the need to use voluntary income received to fulfil the charity’s strategic objectives and the need to retain funds to give sufficient financial flexibility to protect the long-term future of the charity’s operations and ensure stability of programme activity. The trustees aim to maintain free reserves in unrestricted funds at a level which equates to approximately 12 months of unrestricted expenditure. The trustees consider that this level will provide sufficient funds to continue charitable activity and ensure that support and governance costs are covered whilst seeking new income.

RELATED PARTIES

A register is held by the charity of trustees, its key personnel, and their related party’s interests to ensure no conflict of interest with the work of the charity. This declaration is checked at every trustee’s meeting.

RISK MANAGEMENT

The trustees have assessed the major risks to which the charity is exposed, those related to the operations and finances of the charity and are satisfied that systems are in place to manage those risks.

4

THE RIGHT COURSE REPORT OF THE TRUSTEES FOR THE PERIOD ENDED 31 DECEMBER 2022

Risk chart

Potential Risk Potential Impact Probability Impact Risk Rating
<5= low
>14=high		 Steps to Mitigate Risk
Governance
Lack of strategy and
forward planning
Issues addressed without
strategic reference

Loss of support from sponsors

Financial management difficulties

Loss of reputation		 1 4 4
Create strategic plan
setting out aims
objectives and
policies

Include alternative
strategies for
maintaining income
from diverse sources
in strategic plan

Create and monitor
financial budgets

Monitor operational
performance and
obtain volunteer and
beneficiary feedback
Non- renewal of Fred
Sirieix partnership/
involvement
No further fundraising
partnerships with Fred Sirieix

Loss of publicity and industry
links through loss of Fred Sirieix		 1 4 4
Strategic plan to
include alternative
strategies for
replacing income
from other sources

Maintain sufficient
reserves to cover
expenditure during
change

Work with other
individuals and
companies to
establish similar
relationship
Breakdown of
partnership with Prison,
Education Providers
(including Novus,
PeoplePlus)and/or
Ministry of Justice
Unable to continue with The Right
Course in the prison

Cannot offer recognised
qualifications		 3 4 12
Regular
communication with
Prison, Novus and
the Ministry of Justice

File any reporting
requirements on time

Work with other
education providers
to establish similar
relationship

Built network of
relationships with
multiple contacts in
each organisation to
mitigate staff
changes
Conflict of interest
Decisions not based on relevant
considerations

Impact on reputation		 1 4 4
Policy for disclosure
of potential conflicts
of interest

Procedures for
standing down on
decisions if conflict
exists

Trustee selection
process

Adhering to charity
commission
guidelines
Financial
Budgetary control and
financial reporting fraud
or error
Budget does not match key
objectives and priorities

Inability to meet commitments or
key objectives

Financial loss

Risk to reputation

Regulatory action		 2 5 10
Budgets linked to
strategic plan

Timely and accurate
monitoring and
reporting

Procedures to review
credit control,

5

THE RIGHT COURSE REPORT OF THE TRUSTEES FOR THE PERIOD ENDED 31 DECEMBER 2022

Potential Risk Potential Impact Probability Impact Risk Rating
<5= low
>14=high		 Steps to Mitigate Risk
budgetary
expenditure and
treasury
management

Strict control of fund
accounting

Segregation of duties

Financial control
procedures

Authorisation limits

Review of budgets
and monthly
management
accounts by director
and finance
committee
Investment policy
Financial loss through
inappropriate investment

Cash flow difficulties arising from
lack of liquidity

Loss incurred by trading
subsidiary company		 1 3 3
Creation of adequate
investment policy

Adequate reserves
policy

Regular review by
trustees

Regular review by
trustees of trading
policy, performance,
profitability and
viability of subsidiary
company
Reserves policy
Inability to meet commitments or
planned objectives

Reputational risk		 1 3 3
Reserve policies
linked to business
plans, activities and
identified financial
risks

Regular review by
trustees
Management
Employment Issues
Employment disputes

Health and safety issues

Claims for injury stress or unfair
dismissal

Equal opportunities issues

Recruitment costs and lead times

Loss of experience

Low morale		 1 3 3
Job descriptions,
performance
appraisal and
feedback

Regular health and
safety and fire
training

Consider working
conditions, training
and job satisfaction

Fair and open
competition for key
posts

Interview and
assessment process

Job training and
development

Reference and
qualification process

Recruitment process

Regular trustee and
staff meetings

Review rates of pay
Health and safety
Staff injury		 2 2 4
Compliance with law
and regulation

Statement of policy

Staff training
Disaster recovery and
planning
Computer system failures and
loss of data

Destruction of property and
records through fire or other
disaster		 1 4 4
Data backup
procedures

Data backup
procedures

Insurance cover

6

THE RIGHT COURSE REPORT OF THE TRUSTEES FOR THE PERIOD ENDED 31 DECEMBER 2022

Potential Risk Potential Impact Probability Impact Risk Rating
<5= low
>14=high		 Steps to Mitigate Risk
Information Technology
Systems fail to meet operational
need

Failure to innovate or update

Loss or corruption of data		 1 2 2
Appraisal of system
options

Security and
authorisation
procedures

Implementation and
development
procedures

Disaster recovery
procedures
Data Protection
Loss of data

Data miss used or retained longer
than needed

Fines, penalties or censure from
licencing or regulators

Reputational risks		 1 5 5
Data Handling
policies and training

Encryption and
password protection
on all IT equipment

Annual review of
policies and
procedures

Identify key legal and
regulatory
requirements

Allocate responsibility
for key compliance
procedures
Procedure and system
documentation
Lack of awareness of procedure
and policies

Action taken without proper
authority		 1 2 2
Documentation of
policy and procedure

Audit and review of
systems
Compliance risks
including

Charity law

Data protection

Employment law

Health and safety
law

Gambling
commission

Bribery provisions

HMRC gift aid
provisions
Fines, penalties or censure from
licencing or regulators

Employee action for negligence

Loss of licence to undertake
activities

Reputational risks		 2 2 4
Identify key legal and
regulatory
requirements

Allocate responsibility
for key compliance
procedures

Compliance
monitoring and
reporting

Preparation for
compliance visits

Compliance reports
from auditors
Volunteer
Management
Bullying or
harassment/physical or
emotional abuse
between inmate and
volunteer
Bodily or mental harm towards
either individual

Loss of visitation to the prison,
and more restrictions on future
volunteers		 2 4 8
Complete vetting
process and
statements of
previous convictions
and/or conflicts of
interest.

Training and
mentorship offered to
volunteers before
visiting the prison.

Awareness of safe
guarding policies
before visiting.

Ensure there are
enough staff
members supporting
the volunteers during
the visit.
Data breaches
Exchanging of data with the intent
to communicate after release

Chance of incident/abuse/
harassment through contact		 2 3 6
Inform before visiting
that communication
with inmates once
released is strictly
forbidden.

7

THE RIGHT COURSE REPORT OF THE TRUSTEES FOR THE PERIOD ENDED 31 DECEMBER 2022

Potential Risk Potential Impact Probability Impact Risk Rating
<5= low
>14=high		 Steps to Mitigate Risk

During the visit,
ensure no one is left
without a member of
staff

Report to someone in
charge if a
relationship between
a volunteer and
inmate seems too
familiar.
Data Protection
Unaware that we are sharing
personal data with external
partners for vetting purposes		 2 2 4
Confirm that the
Volunteer Policy has
been read,
understood and
signed.
People targeting the
charity
Using the visitation opportunity to
reach an individual in the prison		 2 4 8 Complete vetting process
and statements of
previous convictions
and/or conflicts of interest.

8

THE RIGHT COURSE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022

OBJECTIVES AND ACTIVITIES

The objects of the charity provide a public benefit by promoting the education of offenders, exoffenders or those at risk of offending by providing or assisting in the provision of:

PUBLIC BENEFIT

The charity benefits the public by working to reduce reoffending by providing offenders and exoffenders with the skills, behaviours and opportunities to secure employment in the hospitality sector.

Our vision is of a world where prison leavers have the aspiration, skills and opportunities to rebuild their life, away from crime, and contribute back to society. Our mission is therefore to provide them with the tools, opportunities and support to transform their own lives through experiencing authentic and relevant training in staff restaurants; facilitating employment opportunities; and industry mentoring. The trustees confirm that they referred to the guidance contained in the Charity Commissions general guidance on public benefit when reviewing the Charity’s aims and objectives and in planning future activities.

PRINCIPAL ACTIVITIES

The trustees determined that the principal focus should be on facilitating the opening of new training restaurants in prisons across the UK; working with education providers to deliver The Right Course curriculum; arranging mentoring and training from industry volunteers; and brokering job interviews and employment.

REVIEW OF ACTIVITIES

Building on a pilot programme at HMP/Isis from 2017, The Right Course was registered as a charity in July 2020 and negotiated grant support from the DM Thomas Foundation for Young People to enable the charity to start operations.

Our programme at HMP/YOI Isis evolved, with the help of additional partners, to incorporate the preparation and distribution of food for vulnerable people in the community. As well as impacting positively on the local community, this addition ensures that learners are busy and experience an authentic restaurant environment. Despite personnel changes which significantly reduced the capacity to deliver the project, 6 learners undertook the course, with 83% completing the course. Two graduates were eligible for release, and they all secured employment upon release.

The Escape Restaurant at HMP Wormwood Scrubs has developed a positive and supportive environment which benefits both learners and customers. Behaviours have significantly improved, and learners have been supported with mental and physical issues. This enables learners to focus on the skills, behaviours, and expectations that they are learning in the restaurant.

Of the 24 learners starting the course at the Escape restaurant at HMP Wormwood Scrubs, 82% completed with more than one qualification. Of those 6 eligible for release, 4 are employed (75%) and one has reoffended. One complete cohort of learners had to be removed from the course due to security breaches which resulted in the restaurant being closed for 6 weeks.

A new project at HMP Berwyn started in partnership with NOVUS Cambria. Having secured funding to develop a wellness hub, NOVUS Cambria approached The Right Course for assistance with the development of a training restaurant. Using our industry contacts, especially Design LSM and CCE, we have been able to enhance the design and delivery of the new kitchen

9

THE RIGHT COURSE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022

and restaurant. Design and building work have taken many months. Opening the new restaurant is expected in the second half of 2023.

Numerous discussions and exploratory visits have been undertaken with prisons across the England and Wales to identify potential new project sites. Developing projects plans and preliminary budgets have identified funding requirements, which is the biggest stumbling block to further development. New project sites for 2023 are expected to be at HMP Lincoln, HMP Styal and HMP Pentonville.

Funds for the year we raised from an unrestricted grant from the Gladstone Charity as well as contributions from HMP Wormwood Scrubs and NOVUS Cambria. The Charity also partnered on a fundraising event at Hilton Brighton Metropole with 4 other charities. Net profits were proportionally split between the partner charities based on contributions. The Right Course was responsible for all the financial processes and collected in all the income from the event. The net profit to the charity from this partnership was £6,443.15 (10% of the gross income). The Trustees where aware of the impact on the charity’s percentage spent on charitable activities with this arrangement however, they welcomed the additional income by entering the partnership.

Objective Update
Employment: Secure employment for over
75% of graduating learners that have been
released.		 Overall, 30 learners completed the course,
83% gaining a qualification. Due to ongoing
COVID restrictions, recruitment and security
breaches which resulted in a complete cohort
being expelled from the course numbers
starting and completing the course were not at
expected levels. At HMP Isis two graduates
were eligible for release, and they all secured
employment upon release. At HMP
Wormwood Scrub, of those 6 eligible for
release, 4 are employed (75%) and one has
reoffended.
Training restaurants: Expand from two
training restaurants to four restaurants open
and three further prisons under discussion.		 Despite engaging with exploratory discussion
with 33 prisons the development of new sites
takes time and resources. A partnership was
established with NOVUS Cambria to build a
new training restaurant at HMP Berwyn. This
is expected to open 2023. Projects are
expected to also open at HMP Lincoln and
HMP Styal. Budget support is being requested
for a project at HMP Pentonville.
Employers: develop a network of employers
who are willing to offer opportunities for
graduates.		 Though our partnership with Only A Pavement
Away we have developed access to a network
of employers. Additionally, we have our own
network of engaged employers who help with
job opportunities as well as volunteering. We
have also been working on expanding our
geographical network to accommodate
learners being released into different areas.
Fundraising support: secure a pipeline of
support to build up a year’s reserves and
allow for employment of programme staff to
enable expansion to more training sites.		 Applications to Trusts and Foundations as
well as donor visits have resulted in support
our work. As well as supporting named
projects donors are asked to contribute to
central cost.

10

THE RIGHT COURSE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022

FINANCIAL REVIEW

Income from restricted and unrestricted grants as well as fundraising activities totalled £191,709 of which £106,545 was restricted (2021: £72,937 of which £7,000 was restricted).

Expenditure totalled £128,336 of which £43,682 (34%) was on charitable activities. However, excluding the expenditure on the fundraising event, which was restricted income and a partnership with four other charities (held in the restricted Hilton Event Fund See Note 9), expenditure totalled £68,779 of which £43,682 (64%) was on charitable activities (2021: £37,372 of which £25,116 (67%) was on charitable activities) . At 31 December 2022 the charity’s total fund balance was £56,830 an increase of 65% on 2021 (2021: £35,372).

RESTRICTED FUNDS

Due to grant restrictions, the following restricted funds exist (see Note 9 of Notes to the Financial Statements for more details):

GENERAL RESERVES

The trustees consider that the average level of unrestricted funds not committed or invested in tangible fixed assets should represent at least 12 months of unrestricted expenditure. The trustees review the reserves policy annually as part of the consideration of the budgetary parameters for the forthcoming financial year.

FUTURE DEVELOPMENTS

Objective Strategy and measure
Employment: Secure employment for over
75% of graduating learners that have been
released. Increased learners participating on
course.		 Build networks and regular communication
channels with project sites to ensure links and
opportunities are established prior to release.
Current average employment rate is 75%.
Training restaurants: Expand from two
training restaurants to four restaurants open
and three further prisons under discussion.		 Build networks with the Ministry of Justice,
Prisons, New Future Networks and education
providers to identify potential new sites and
budgets required. Develop business case and
operational model required to run the training
restaurants. Currently two operational training
restaurants.
Fundraising support: secure a pipeline of
support to build up a year’s reserves and
allow for employment of programme staff to
enable expansion to more training sites.		 Regular applications to Trusts and
Foundations; explore fundraising events,
balancing the ROI on time and effort involved;
and identify opportunities to be charity of
choice or recipient of donations.
Storytelling: improve storytelling and sharing
impact with key audiences: new prisons,
employers, existing learners and potential
learners.		 Working with branding experts we will
undertake a review of our communications
and develop a suit of materials that articulates
the impact of our work.

11

INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE RIGHT COURSE

I report to the trustees on my examination of the financial statements of The Right Course (the charity) for the period ended 31 December 2022.

Responsibilities and basis of report

As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 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

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 130 of the 2011 Act; or

  2. the financial statements do not accord with those records; or

  3. the financial statements 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 financial statements to be reached.

Berish Hoffman FCA

Landau Morley LLP 325-327 Oldfield Lane North Greenford Middlesex UB6 0FX

Dated:

12

THE RIGHT COURSE STATEMENT OF FINANCIAL ACTIVITIES FOR THE 12 MONTHS TO 31 DECEMBER 2022

Notes
Income from
Donations & Legacies
Fundraising Events
2
Charitable Activities
Investments
3
Total Income
Expenditure on
4, 5
Raising funds
Governance
Charitable activities
Total Expenditure
Net income
Net gains/(losses) on
investments
Transfers between funds
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward		 Unrestricted
Funds
Restricted
Funds
Total
2022
Total
2021
£
£
£
£
136
35,000
35,136
65,937
66,000
66,000
-
50,086
50,086
7,000
72
-
72
-
50,294
101,000
151,294
72,937
24,134
59,556
83,690
12,270
2,463
2,463
179
22,990
20,692
43,682
25,116
49,587
80,248
129,835
37,565
707
20,751
21,458
34,372
-
-
-
-
-
-
-
-
707
20,751
21,458
34,372
28,372
7,000
35,372
1,000
29,079
27,751
56,830
35,372

All of the above results are derived from continuing activities. All gains and losses recognised in the 12 months are included above.

13

THE RIGHT COURSE STATEMENT OF FINANCIAL ACTIVITIES FOR THE 12 MONTHS TO 31 DECEMBER 2022

Notes
FIXED ASSETS
Tangible assets
6
Investments
CURRENT ASSETS
Cash at bank and in hand
7
CREDITORS:
Amounts falling due within
one year
8
NET CURRENT ASSETS
FUNDS
9
Restricted funds
Unrestricted funds:
General reserves
TOTAL FUNDS		 2022
£
-
-
-
58,330
58,330
(1,500)
56,830
27,751
29,079
56,830		 2021
£
-
-
-
35,372
35,372
-
35,372
7,000
28,372
35,372

The financial statements were approved by the trustees on 12 August 2023 and signed on their behalf by:

Fred Sirieix Ali Zaidi Founder and Chairman of the Trustees Trustee

The notes which follow form an integral part of these financial statements.

14

THE RIGHT COURSE NOTES TO THE FINANCIAL STATEMENTS FOR THE 12 MONTHS TO 31 DECEMBER 2022

1. ACCOUNTING POLICIES

The principal accounting policies adopted are as follows:

The trustees consider that there are no material uncertainties about the charity’s ability to continue as a going concern.

1.2 Fund accounting

The financial statements of a charity must differentiate between restricted and unrestricted funds.

The nature and purpose of each fund are set out in Note 9 to the financial statements.

Income recognition

All incoming resources are included in the period in which they are receivable, which is when the charity becomes entitled to the resource. Fundraising income, merchandising income and investment income are recognised on an accruals basis.

1.4 Expenditure recognition

Expenditure is accounted for on an accruals basis. Expenditure is allocated by reference to its functional classification and not by type of expense. The expenditure heads in the statement of financial activities include both direct costs and allocated overheads. Overheads are apportioned on a staff time basis.

Staff and office costs are divided into the areas of activity of the Charity: fundraising, charitable expenditure and governance, on the basis of the cost of related staff time. Communication costs are divided equally between fundraising and charitable expenditure. As the charity doesn’t have any contracted staff, only consultants, there is no annual leave policy to state that it runs on the calendar year and no holiday can be rolled over into future years.

Fundraising activities costs are those incurred in organising fundraising events and in seeking voluntary contributions and do not include costs of disseminating information in support of the charity’s charitable activities.

1.5

Tangible fixed assets and depreciation

Tangible fixed assets costing £500 or more are capitalised at cost and depreciated. Depreciation is provided by the straight-line method, calculated to write off assets over their estimated useful lives at the following rates:

1.6 Investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet

15

THE RIGHT COURSE NOTES TO THE FINANCIAL STATEMENTS FOR THE 12 MONTHS TO 31 DECEMBER 2022

date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.

All gains and losses are taken to the statement of financial activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised investment gains are combined with investment income in the statement of financial activities. The Charity does not acquire put options, derivatives or other complex financial instruments.

The main form of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within certain sectors or sub sectors.

1.8 Value added tax

The Charity is not registered for value added tax (VAT), and therefore input tax is not recoverable. Expenditure incurred by the Charity is therefore recorded inclusive of VAT.

1.9 Foreign currencies

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the accounting date. Transactions in foreign currencies are recorded at an average monthly rate at the accounting reference date. All differences are charged to the profit and loss account.

1.10 Pensions

As the charity doesn’t have any contracted staff, only consultants, the charity doesn’t provide a pension scheme or contributions. This is the responsibility of the self-employed consultants.

1.11 Financial instruments

The Charity only has financial assets and liabilities of a kind that qualify as basic financial instruments, including its debtors and creditors. These are initially recognised at transaction value and subsequently valued at their settlement value.

1.12 Judgements and key sources of estimation uncertainty

Judgements and key sources of estimation uncertainty are detailed in the above accounting policies where applicable.

16

THE RIGHT COURSE NOTES TO THE FINANCIAL STATEMENTS FOR THE 12 MONTHS TO 31 DECEMBER 2022

2. DONATIONS AND FUNDRAISING ACTIVITIES

General Donations & Campaigns
Commercial Trading Income
3.
INVESTMENT INCOME
Investment income receivable
Interest receivable		 2022
£
101,135
-
101,135
2022
£
-
72
72		 2021
£
71,937
-
71,937
2021
£
-
-
-

4. EXPENDITURE ON

EXPENDITURE ON
Fundraising
activities		 Charitable
expenditure		 Investment
Costs		 2022
**Total **		 2021
**Total **
£ £ £ £ £
Allocated Consultant
costs		 13,936 41,610 - 55,546 29,556
Allocated Office costs 5,099 5,099 - 10,198 30
Allocated Communication
costs
-		 - - - -
Direct
expenditure		 59,556 2,072 116 61,744 7,800
Apportioned governance
costs		 424 1,923 - 2,347 179
Total 2022 79,015 50,705 116 129,835
Total 2021 12,449 25,116 - 37,565

Consultancy and office costs are divided into the areas of activity of the charity: fundraising, charitable expenditure and governance, on the basis of the cost of related consultant time. Communication costs are divided equally between fundraising and charitable expenditure. Governance costs are then apportioned to fundraising activities and charitable expenditure.

17

THE RIGHT COURSE NOTES TO THE FINANCIAL STATEMENTS FOR THE 12 MONTHS TO 31 DECEMBER 2022

4. EXPENDITURE ON (continued)
Governance Costs 2022 2021
£ £
Allocated Staff costs 847 -
Allocated Office costs - 179
Legal and Professional Fees 116 -
Accountancy Fees 1,500 -
2,463 179
Trustee Meeting costs include expenses of £nil (2021: £nil) reimbursed from the Charity subsequent
to the year end.
Net incoming/(outgoing) resources are stated
after charging:		 2022
£		 2021
£
Auditors' remuneration – audit fees - -
Depreciation - -
5. STAFF COSTS
2022 2021
£ £
Salary costs - -
Social security costs - -
Pension costs - -
- -
The average number of full-time equivalent employees 0 0
during the year was:

KEY MANAGEMENT PERSONNEL

The Charity doesn’t have any staff. The Trustees engage a consultant to undertake some of the operations of the charity on a part-time basis. During the year, the trustees received £nil reimbursement of expenses (2021: £nil).

6. TANGIBLE FIXED ASSETS

The Charity doesn’t have any tangible fixed assets.

7. DEBTORS

Trade debtors 2022
£
-
-		 2021
£
-
-

18

THE RIGHT COURSE NOTES TO THE FINANCIAL STATEMENTS FOR THE 12 MONTHS TO 31 DECEMBER 2022

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

CREDITORS:
AMOUNTS FALLING DUE WITHIN ONE YEAR
2022
£
Accruals
1,500
1,500
AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2022
£
Creditors
-
-		 2021
£
-
-
2021
£
-
-

19

THE RIGHT COURSE NOTES TO THE FINANCIAL STATEMENTS FOR THE 12 MONTHS TO 31 DECEMBER 2022

9.
FUNDS
RESTRICTED FUNDS
Sheriff's & Recorders Fund (1)
Tallow Chandlers Trust (2)
Fishmongers (3)
NOVUS Cambria (4)
Hilton Event (5)
DESIGNATED FUNDS(6)
GENERAL RESERVES(7)
TOTAL FUND BALANCE		 At 1 Jan
2022
Total
Income/Gains
Total
Expenditure
Transfers
At 31 Dec
2022
£
£
£
£
£
2,000
-
2,000
-
-
5,000
-
5,000
-
-
-
20,000
12,114
-
7,886
-
15,000
1,577
-
13,423
-
66,000
59,556
-
6,443
7,000
101,000
80,248
-
27,751
-
-
-
-
-
28,372
50,294
49,587
-
29,079
35,372
151,294
129,835
-
56,830

The purposes of the charity’s funds are detailed below:

10. RELATED PARTY TRANSACTIONS

The Trustees keep a record of related parties, which is reviewed at each meeting, and recorded no conflict of interested throughout the year. No donations or payments were made from or to related parties.

20