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2022-07-31-accounts

Fair Shot

Annual Report and Financial Statements

Period ended 31[st] July 2022.

Registered charity Number 1190582

Fair Shot Annual Report and Financial Statements 31[st] July 2022

Contents

Page
Administrative details 2
Trustees’ Reports 3
Independent Examiner Report 8
Statement of Financial Activities 9
Balance Sheet 10
Cash Flow Statement 11
Notes to the Financial Statements 12

Page 1

Fair Shot Annual Report and Financial Statements 31[st] July 2022

Administrative details

Name of charity Fair Shot Governing document CIO FOUNDATION - Registered 28[th] July 2020 Registered charity number 1190582 Trustees and Directors Jamie Bott (Trustee) Antonella Miro (Trustee) Susan Jenkins (Trustee) Marco Taricco (Trustee) Aldina Tavella (Trustee) Registered office 3 Slingsby Place London WC2E 9AB Bankers The Co-operative Bank Independent Examiner Faisal Khan t/a M J Golz Odeon House, 146 College Road Harrow HA1 1BH

Page 2

Fair Shot Annual Report and Financial Statements 31[st] July 2022

Trustees Report for the year ended 31[st] July 2022

Objectives and Activities

To relieve the needs of people with learning disabilities in any part of the world, in particular but not exclusively, by:

  1. Providing education, training and support for people with learning disability

  2. Helping find work placements and where possible paid work for said people

Every year, we offer 12 young adults with a learning disability the chance to gain real-life work experience through our hospitality Supported Internship Programme. We provide best-in-class training so that when our trainees begin their working career, they are confident and highly skilled baristas and expert cafe assistants. Following the programme, via our employment programme we work with our employment partners to help our graduates settle into their next dream job and keep supporting them to ensure sustainable employment.

Fair Shot CIO trustees confirm they have had regard to the guidance issued by the Charity Commission on public benefit.

Achievements and Performance

Moving premises

This has been a huge year for Fair Shot, having been told back in January 2022 that we would have to be out of our premises in South Molton Street 12 months later. Within 12 months we managed to fundraise another £339k as well as find our dream location in Covent Garden. Our new home is absolutely perfect, and we opened our doors on the 1st of February 2023.

Our programmes

We are super proud to have trained up our second set of trainees up this year bringing the number of young adults with learning disabilities supported out of the unemployment cycle so far to 21.

Last year's cohort that has gone into employment have all passed their probation in their new jobs and are doing incredibly well. We have increased next year's cohort from 12 trainees a year to 15 for which we are now carrying out interviews. Our current cohort have already all been matched up with their new jobs starting in September 2023 thanks to our employment programme. We are on target to support 50 adults with learning disabilities out of the unemployment cycle in 5 years of operation.

QUANTITATIVE impact of our programmes

Traineeship Programme

Page 3

Fair Shot Annual Report and Financial Statements 31[st] July 2022

Employment Programme

QUALITATIVE IMPACT of our Training Programme on our trainees:

Enriched employment skills and support:

Monitored by monthly targets set by Fair Shot staff

Enhanced mental health:

Monitored by weekly pastoral check in with trainees at the college

QUALITATIVE Impact of our Employment Programme (for our 2021 cohort)

Page 4

Fair Shot Annual Report and Financial Statements 31[st] July 2022

Performance of fundraising activities against objectives set

In order to move premises in January 2023, we had set ourselves a fundraising goal of £350k. We started fundraising in April 2022 and eventually reached out goal in November 2023.

Financial Review

We are currently holding £90k in reserves which represents 3 months worth of salaries and £15k left over for any eventualities to do with our premises.

The charity received income in the form of Café sales, Fundraising and Donations of £243,495 in the year ended 31[st] July 2022.

Review of the charity’s financial position at the end of the period

----- Start of picture text -----
Luigi Rizzo £600.00
Goldman Sachs £5,000.00
Katherine M Kahn £160.00
MSL FBO Lisa M Vir £364.99
French 3 LB £100.00
Collins family £200.00
Simonetta Tavella £813.88
Charlie french paintings £817.50
Ardea Cares Charitable Fund £1,000.00
Apple £18,382.00
Anne & Nabil - Donation Ariss £2,500.00
Pascale £250.00
Graduation (Eventbrite) £1,168.92
Pietro Strada - Fumagalli Romari £5,000.00
Wedding donations (Justigiving) £970.00
Random donations (Justgiving) £195.88
Silverpeak £5,000.00
Café Sales £111,799
Other Donations £89,172
Total £243,495
----- End of picture text -----

Page 5

Fair Shot Annual Report and Financial Statements 31[st] July 2022

Expenditure for the year amounted to £266,912. The charity made a loss of £23,417 which has been incorporated into last year’s profit leaving £185,295 to carry forward.

Net assets on 31[st] July 2021 of £185,295 consisting of fixed assets, debtors and cash.

Reserves Policy

We are currently holding £90k in reserves which represents 3 months’ worth of salaries and £15k left over for any eventualities to do with our premises.

Structure, Governance, and Management

Type of governing document - Foundation model constitution

How is the charity constituted? - Charitable Incorporated Organisation

Trustee selection methods including details of any constitutional provisions –

Option 1

(1) Apart from the first charity trustees, every trustee must be appointed (for a term of (three years) by a resolution passed a properly convened meeting of the charity trustees

(2) In selecting individuals for appointment as charity trustees, the charity trustees must have regard to the skills, knowledge and experience needed for the effective administration of the CIO

Names of the charity trustees who manage the charity
1 Aldina Tavella
 27 July 2020
2 Marco Taricco
 27 May 2021
3 Susan Jenkins
 27 May 2021
4 Antonella Miro
 27 May 2021
5 Jamie Bott 02 February 2022

Page 6

Fair Shot Annual Report and Financial Statements 31[st] July 2022

Statement of Trustees’ and Directors’ responsibilities

The Trustees are responsible for preparing the Trustees’ annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law 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 charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period.

In preparing these financial statements, the Trustees are required to:

● State whether applicable UK Accoun�ng Standards and statements of recommended prac�ce have been followed, subject to any material departures disclosed and explained in the financial statements

● Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Preparation of the report

The report was approved and authorised for issue by the Trustees on 25[th] May 2023 and is signed on behalf of the Trustees by: -

Chair

Page 7

Fair Shot Annual Report and Financial Statements 31[st] July 2022

Independent Examiner’s Report to the Trustees For the period ended 31[st] July 2022

I report to the Trustees on my examination of the accounts of the charitable company for the year ended 31[st] July 2022.

Responsibilities and basis of report

The charity Trustees, who are also Directors for the purposes of company law, are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of the Company 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 your charity's accounts carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiners 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 Company as required by section 386 of the 2006 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the 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 accounts 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 to enable a proper understanding of the accounts to be reached.

Approved on 30[th] May 2023

Faisal Khan ACCA

Page 8

Fair Shot Annual Report and Financial Statements 31[st] July 2022

Statement of Financial Activities (including summary of Income and Expenditure Account) Year Ending 31st July 2022

Note
Charitable Activities
Sales
Donations Received
1
Expenditure on;
Cost of Goods Sold
Direct Expenses
Subcontractor Costs
Charitable Activities
2
Governance costs
6
Salaries
7		 Unrestricted
Funds
£
111,799
84,223
30,443
33,588
2,024
75,287
14,331
111,240		 Restricted
Funds
£
47,473		 Total Funds
£
243,495		 Prior Year
Funds
£
212,382
30,443
33,588
2,024
75,287
14,331
111,240		 0
370
0
3,300
0 0
Net (Expenditure)/Income
Reconciliation of funds;
Total funds brought forward
Total funds carried forward
1		 266,912
-70,890
0		 0
47,473
0
47,473		 266,912 3,670
-23,417
0		 208,712
-
-70,890 -23,417 208,712

Page 9

Fair Shot Annual Report and Financial Statements 31[st] July 2022

Balance Sheet As at 31st July 2022

Note
Fixed Assets
3
Cash at bank and in hand
Debtors
4
Creditors due in 1 year
5		 31st July
2022
£
73,373
116,921
8,206
125,127
13,205		 31st July
2021
£
0
209,012
0
209,012
300
Total Net Assets
Restricted Income Funds
1
Unrestricted Funds
1
Total Charity Funds		 185,295
97,107
88,188
185,295		 208,712
49,634
159,078
208,712

The company was entitled to exemption from audit under s477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime and in accordance with FRS102 SORP.

The accounts were approved by the Trustees on 25[th] May 2023 and signed on their behalf by: -

Chair

Page 10

Fair Shot Annual Report and Financial Statements 31[st] July 2022

CASHFLOW STATEMENT
Note
Operating Activities
Net cash flow from operating activities
8
Cash flow from investing activities
Payments to acquire tangible fixed assets
Receipts from sales of tangible fixed assets
Payment Due for Creditors
Interest received
Net cash flow from investing activities
Cash and cash equivalents as at 1 April 2021
Cash and cash equivalents as at 31 March 2022
Cash and cash equivalents consist of:
Cash at bank and in hand		 2022
2021
£
£
Total
Total
-5,417
209,012
-86,374
0
-300
0
-92,091
209,012
209,012
209,012
116,921
209,012
116,921
209,012

Page 11

Fair Shot Annual Report and Financial Statements 31[st] July 2022

Notes to the financial statements

1 Basis of preparation

These accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note to these accounts.

The accounts have been prepared in accordance with:

The Trustees consider that there are no material uncertainties related to events or conditions that cast significant doubt on the charity's ability to continue as a going concern.

The accounts have been prepared under the Charities SORP for the first time. Although the format of the accounts differs from that applied in the past, no changes have been made to amounts previously reported.

No material prior year error has been identified in the reporting period.

2 Accounting policies

Income

Income is included in the Statement of Financial Activities (SoFA) when the charity becomes entitled to the resources, it is more likely than not that the trustees will receive the resources and the monetary value can be measured with sufficient reliability. Performance related grants are recognised to the extent that the charity has provided the specified goods or services.

It is not practical to value the monetary value of donated time.

Expenditure and liabilities

Liabilities are recognised where it is more likely than not that there is a legal or constructive obligation committing the charity to pay out resources and the amount of the obligation can be measured with reasonable certainty.

Page 12

Fair Shot Annual Report and Financial Statements 31[st] July 2022

Fixed Assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation of fixed assets is provided at rates to write off the cost or revalued amount, less any estimated residual value, of each asset over its expected useful life, as follows:

All assets 20% per annum on a straight line basis

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset and is recognised in the Statement of Financial Activities.

Impairment of fixed assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, because of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. The impairment loss is recognised in the Statement of Financial Activities. Minor maintenance works are not considered to impair the value of the asset.

Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price.

Pensions

The charitable company operates a defined contribution pension scheme on behalf of its employees. The assets of the scheme are held separately from those of the Charity in independently administered funds. The annual contributions paid to the scheme are charged against income in the year to which they relate.

Going concern

The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure are sufficient with the level of reserves for the charity to be able to continue as a going concern.

Page 13

Fair Shot Annual Report and Financial Statements 31[st] July 2022

1 Movement in Funds

At Start of
Year
£		 Incoming
Resources
£		 Outgoing
At the End of
Resources
Year
£
£
Restricted Funds 49,634 47,473 0
97,107
Unrestricted Funds
Total Funds		 159,078 196,022 -266,912
88,188
208,712 243,495 -266,912
185,295

2 Expenditure

2
Expenditure
Unrestricted
Funds
£		 Restricted
Funds
£		 Total
£		 Prior Year
£
Expenditure on raising funds;
Advertising & Marketing
Bank Fees
Cleaning
Depreciation Expense
Employers National Insurance
Entertainment - 0%
General Expenses
Insurance
IT Software and Consumables
Light, Power, Heating
Pensions Costs
Postage, Freight & Courier
Printing & Stationery
Rates
Rent
Repairs & Maintenance
SQUARE Fees
Staff Training
Subscriptions
Telephone & Internet
Travel - National
Uniform & Protective Clothing
Total		 8,354
42
3,915
13,000
1,253
166
4,038
1,225
1,826
25
1,411
345
1,524
12,572
4,239
13,723
2,496
1,025
530
1,114
281
2,183
75,287
0
75,287		 -
-
-		 8,354
42
3,915
13,000
1,253
166
4,038
1,225
1,826
25
1,411
345
1,524
12,572
4,239
13,723
2,496
1,025
530
1,114
281
2,183		 0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
75,287 0
0 0
75,287 0

Page 14

Fair Shot Annual Report and Financial Statements 31[st] July 2022

3 Fixed Assets

COST or VALUATION
At 01 August 2021
Additions/
(Disposal)
At 31 July 2022
DEPRECIATION
At 01 August 2021
Charge for the year
At 31 July 2022
NET BOOK VALUES
At 31 July 2021
At 31 July 2022		 Office Equipment
Plant and Machinery
Fixtures & Fittings
Computer Equipment
Total
£
£
0
0
0
0
0
1,032
14,298
67,208
3,837
86,374
1,032
14,298
67,208
3,837
86,374
0
0
0
0
0
127
2,099
10,250
525
13,000
127
2,099
10,250
525
13,000
0
0
0
0
0
905
12,199
56,958
3,311
73,373

----- Start of picture text -----
4 Debtors
2022 2021
£ £
Trade Debtors 1,039 0
VAT 7,166 0
8,205 0
5 Creditors 2022 2021
£ £
Accounts Payable 812 -
Accruals 300 300
Other taxes and social
4,570 0
security
Other Creditors 7,523 0
13,205 300
----- End of picture text -----

----- Start of picture text -----
6 Governance Cost 2022 2021
Unrestricted Funds Restricted Total 2022
£ £ £
Accountancy 1,759 0 2,520 0
Independent
300 200 300
examination fee 0
Consultancy Fee 6,000 0 7,550 3,000
Other legal and 6,273 0 - 0
professional
14,332 0 14,332 3,300
----- End of picture text -----

Page 15

Fair Shot Annual Report and Financial Statements 31[st] July 2022

7 Salaries 2022
2021
£
£
111,240
0
-
-
111,240
0
Wages and salaries
Social Security Costs

The charity has 7 employees as of 31[st] July 2022. But no employee has earned more than £30,000 during this financial year.

None of the trustees have been paid any remuneration or received any other benefits from employment with this charity or a related entity.

No trustee expenses have been incurred.

8. Reconciliation of Net Movement In Funds 2022
2021
£
£
£
£
£
£
Unrestricted
Restricted
Total
Unrestricted
Restricted Total
-70,890
47,473
-23,417
209,012
209,012
13,000
0
13,000
0
-
0
-8,205
0
-8,205
0
-
0
13,205
0
13,205
0
-
0
-52,890
47,473
-5,417
209,012
0
209,012
Net income / (expenditure) for year / period
Depreciation of tangible fixed assets
(Increase) / decrease in debtors
Increase / (decrease) in creditors
Net cash flow from operating activities

Page 16