Redbox Charitable Trust
Report and Financial Statements
Financial Year ended 31 December 2022
Charity No.: 1192668
Trustees
Martin Duffy, Chair of Trustees Livia Sandor
Registered Office
5 St Stephen’s Gardens, Twickenham, TW1 2LT Charity Number 1192668
Report of the Trustees for the year ended 31 December 2022
The trustees present their annual report and financial statements of the charity for the year ended 31 December 2021 in accordance with the charity’s constitution, the Charities Act 1993 and the Statement of Recommended Practice (2005).
Structure, governance and management
The Trust is a registered charity, number 1192668, established as a Charitable Incorporated Organisation under a constitution dated 28 October 2020. The Trust generates income from acquiring and renting out redundant red phone boxes as small retail outlets. The Trust does not actively fundraise seeks to develop its charitable work by steadily acquiring and leasing appropriate properties.
The trustees meet regularly to discuss and agree strategy for the Trust, including development of its income stream and consideration of grant making. The Trust is at a very early stage of development and does not yet have sufficient income to make grants, although the trustees expect to be able to make grants as and when income permits.
Risk management
The trustees have considered the major risks to which the charity is exposed and seeks establish systems and procedures to manage those risks.
Objectives and activities for the public benefit
The objects of the Trust are the relief of those in need by reason of age, ill health, disability, financial hardship or other disadvantage in particular, but not exclusively, in the London Borough of Richmond Upon Thames by making grants.
Grant making policy
The trustees make grants only to registered charitable organisations and usually ones already known to them. The trustees will assess the purpose of each grant and determine whether it is being applied for exclusively charitable purposes as part of their selection process. In doing so the trustees will utilise their own research, knowledge and experience, but also take input from established local grant making charities, where appropriate.
Grant Awards
The Trust was not in a position to make any grants during the year.
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Financial Review
The Trust did not receive any income nor incur any expenditure during the year.
Reserves policy
When the Trust is up and running as planned the trustees will aim to maintain sufficient reserves to meet any unforeseen expenditure/loss of income. The trustees anticipate holding cash reserves to cover 6-12 months of expenditure.
Plans for the future
The Trust’s strategy for generating income is to acquire a number of redundant red phone boxes from BT under their adopt a kiosk scheme. Once acquired the boxes are renovated and leased out as small retail kiosks providing a regular and growing income for the Trust. Boxes cannot be acquired until planning permission for change of use and listed building consent has been granted by relevant local authorities. There have been significant delays in this process over the last year and planning applications have been taking far longer than the two month target specified by local authorities in London.
Accordingly, the development of the Trust’s operating model has been significantly delayed. The delays are the main reason as to why the Trust has so far not received any income and therefore not been able to make any grants. The trustees hope that this situation will change for the better over the coming years to enable the trustees to fulfil their vision for the Trust.
Trustees’ responsibilities in relation to the financial statements
The trustees are responsible for preparing the Trustees Report and financial statements in accordance with applicable law and United Kingdom Accounting Standards. The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period.
The trustees are responsible for keeping accounting records which disclose with reasonable accuracy the financial position of the charity and enable them to ascertain to ensure that the financial statements comply with the Charities Act 1993, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the tust deed. They are responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by the trustees on 19 October 2023 and signed on their behalf by:
Martin R Duffy
M.R. Duffy
Chair of Trustees
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| Redbox Charitable Trust | Redbox Charitable Trust | ||||
|---|---|---|---|---|---|
| Statement of Financial Activities | |||||
| For year ending 31 December 2022 | |||||
| Note | Unrestricted |
Restricted | Total Funds | Total Funds | |
| Funds £ | Funds £ | 2022 £ | 2021 £ | ||
| Incoming resources | |||||
| Incoming resources from | |||||
| generated funds: | |||||
| Voluntary income | - | - | - | - | |
| Total incoming resources | - | - | - | - | |
| Resources expended | |||||
| Cost of generating funds | - | - | - | - | |
| Charitable activities | - | - | - | - | |
| Cost of grant making | - | - | - | - | |
| Governance Costs | - | - | - | - | |
| Total resources expended | - | - | - | - | |
| Net (outgoing)/incoming | - | - | - | - | |
| resources | |||||
| Net movement in funds | - | - | - | - | |
| Total funds brought/carried | - | - | - | - | |
| forward |
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| Redbox Charitable Trust | Redbox Charitable Trust | ||||
|---|---|---|---|---|---|
| Balance Sheet as at | 31 December | 2022 | |||
| Note | Unrestricted | Restricted |
Total Funds £ | Prior year £ | |
| Funds £ | Funds £ | ||||
| Fixed Assets | |||||
| Tangible Assets | 2 | - | 2 | 1 | |
| Total Fixed Assets | 2 | - | 2 | 1 | |
| Current Assets | |||||
| Debtors | - | - | - | - | |
| Cash at bank and in hand | - | - | - | - | |
| Total Current Assets | - | - | - | - | |
| Liabilities | |||||
| Creditors falling due | - | - | - | - | |
| within one year | |||||
| Net current assets | - | - | - | - | |
| Total assets less current | 2 | - | 2 | 1 | |
| liabilities | |||||
| Creditors: amounts falling | - | - | - | - | |
| due after more than one | |||||
| year | |||||
| Net Assets | 2 | - | 2 | 1 | |
| The funds of the charity | |||||
| Restricted income funds | - | - | - | - | |
| Unrestricted income | 2 | - | - | 1 | |
| funds | |||||
| Total charity funds | 2 | - | 2 | 1 |
Approved by the trustees on 19 October 2023 and signed on their behalf by:
Martin R Duffy
M R Duffy, Chair of Trustees
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Notes to the accounts
- Related party transactions and trustees remuneration
Trustees received no remuneration or expenses in the year.
- Staff costs
No staff were employed during the year
- Tangible Fixed Assets
| **Buildings ** | Total £ |
|---|---|
| As at 1 January2022 | 1 |
| Additions | 1 |
| Disposals | - |
| As at 31 December 2022 | 2 |
The Trust owns the former BT red phone box at The Green, Twickenham, TW2 5AA, acquired from BT at a cost of £1 in April 2021 and also the former BT red phone box in Crondace Road, Fulham SW6 4BT.
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