ANNUAL REPORTS AND FINANCIAL STATEMENTS FOR THE FIRST PERIOD ENDED 31ST DECEMBER 2021
THE 93 PERCENT CLUB FOUNDATION
(Charitable Incorporated Organisation)
CHARITY REGISTRATION No: 1192823
Castle View Accounting Ltd New Barn Mudberry Lane Bosham Chichester West Sussex PO18 8TS
THE 93 PERCENT CLUB FOUNDATION
(Charitable Incorporated Organisation)
CONTENTS
Page 3 Legal and Administrative Information Pages 4 to 5 Trustees' Report Page 6 Statement of Financial Activities Page 7 Balance Sheet Pages 8 to 12 Notes to the Financial Statements Page 13 Independent Examiner's Report
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THE 93 PERCENT CLUB FOUNDATION IChantat4e Incorrorated Organisation LEGAL AND ADMINISTRATIVE INFORMATION CHARITY NUMBER 1192823 DATE OF REGISTRATION 16th DecemLr 2020 START OF FINANCIAL PERIOD 16th 08cemb8r 2020 END OF FINANCIAL PERIOD 31sl December 2021 TRUSTEES AT 31ST DECEMBER 2021 SophE PeThYer inkansola Sanusl Maddabna Cavaclu EXECUTIVE COMMITTEE Sophk8 Perthr Saffluel Turnpenny Yousrfoghanna Fin Wrvjhl Jarn Rcgers e BasS8tt LEGAL STATUS Chartsblg 1rKcry1eU (nI88t GOVERNING INSTRUMENT CIO- Fndalb)n R•gisiarod 16th 0Mr 2020 08JECTS For the bentrfrt ol the publ. to act 88 8 fesource l¥J people INing in thts Uniiod Kird and RaPubl of Ir8land by providing advte. assistance and supKJrt aThJ organising educatthal programmes and Other aClNilies as a mean of., 81 Advancing in life and h&lpiNJ YOUNJ kw4e by deveW'rKJ Iheir skills. capacilS aThJ eapabililies enable them Its Partipate in society as independent. Malu arKJ re$wMb irvJivKluals: bl A<JvartiNJ edL¢ètn.' cl Relieving unempbym&nt.' and dl ProvKJing recreatial and leisure lime activity in Ihe inle1 ol sccial wea for peop living in area of bgrfit who hav& need by reason ol their youth. age, infimiity or t1isats'lty, (vertY or S01 and economic circumstances with a view lo improve their conditK)ns of lrfe ol SLKh pers($. CORRESPONDENCE ADDRESS Sifversiream Hcmjye 4th FkK)r 45 Fittfoy Street W1T 6EB PRIMARY BANKERS Na1 Westminster Bank PIC 250 8i8WpJale LcKKJon EC2M 4AA INDEPENDENT EXAMINERS CastlÈView Acmlnts.r Ltd New Bam MUdrry Lat Boslm Chter West Suss8X P0188TS
THE 93 PERCENT CLUB FOUNDATION
(Charitable Incorporated Organisation)
TRUSTEES' REPORT
FOR THE FIRST PERIOD ENDED 31ST DECEMBER 2021
Status
The 93 Percent Club Foundation, also known as ‘The 93% Foundation’ and ‘The 93% Club’, ('The Foundation’) is a charitable incorporated organisation registered with the Charity Commission in England under charity number 1192823. It is governed by a Constitution and administered by a Board of Trustees appointed under those rules.
Formation and Governing Document
The Foundation was formed in 2020 and was registered with the Charity Commission under charity number 1192823 on 16 December 2020. It is governed by rules set out in its Constitution dated December 2020.
Appointment and Training of Trustees
Trustees are appointed only by resolutions passed by existing Trustees to co-opt new Trustees. This is carried out in accordance with clauses 10.1 and 10.2 of the Constitution. Trustees are appointed for a term of two years and, in appointing new Trustees, the charity Trustees must have regard to the skills, knowledge and experience needed for the effective administration of the Foundation.
The training and induction requirements of each Trustee are assessed on an individual basis and access to training is offered where necessary. Trustees are provided with a copy of the Charity Commission’s guidance for trustees as well as the Foundation’s Constitution and all relevant papers, accounts, documents and minutes.
Organisation
The Foundation is a voluntary organisation which is administered by the Board of Trustees who are listed on page 3. The Board of Trustees are responsible for the proper administration of the Foundation and application of its resources.
The day-to-day management of the Foundation is delegated by the Board of Trustees in line with the Foundation’s Constitution to the Executive Committee who are also listed on page 3. The Executive Committee have met face-to-face twice during the year and have held regular online meetings at least once every month. The Executive Committee regularly report back to the Board of Trustees in email discussions, through online meetings, and through the circulation of meeting minutes to the executive committee.
The Board of Trustees regret that coronavirus regulations made it impossible to hold a full AGM in the year and have postponed it until the first available opportunity in 2022.
Risk
The Board of Trustees have reviewed the major risks to which the Foundation is exposed and are satisfied that appropriate measures have been taken to mitigate all such risks.
Objectives and Activities for the Public Benefit
The Foundation’s objectives are clearly set out in the Constitution and can be summarised as to provide advice, assistance, support, recreational activities and educational programmes for university students across the UK who attended state schools or are from disadvantaged backgrounds.
The Foundation achieves its objectives through the management of its flagship programme, The 93% Club; a virtual network for state-educated students across the UK. The network is self-organised by student beneficiaries who participate in the Foundation’s leadership development programme and volunteer as part of a student management committee. Running the network serves as a professional development opportunity for the students and also strengthens their overall employability as they approach graduation and look for graduate career opportunities.
The main area of the Foundation’s activities is the delivery of educational events through The 93% Club programme, with several virtual events and one in-person event having taken place this year. These activities include careers workshops, recruitment training and other employability activities that are delivered by the student management committee with the support of the Executive Committee.
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THE 93 PERCENT CLUB FOUNDATION
IChortsL¥le kncorpoTatsd orgaThl
TRUSTEES. REPORT (Continu}
FOR THE FIRST PERIOD ENDED 31ST DECÉMBER 2021
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n 93% Cknb'tanthes' tOU9anise t(al 50c4laThY educab1 •v•n'.s on ¢arytftsr %tLlrtts al UnNeltY
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A¢hiov•rn•ntJaTrd P•rform•nc• In¢lLk41ng d•llYqdrva Publit Bqn•nl
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10,000 81wJ•iis Rcr055 Ihe UK The rtèfvi0 93% C h8$ grcthm to m(w• than 40 uThivosR•s In Ery14nd.
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THE 93 PERCENT CLUB FOUNDATION
(Charitable Incorporated Organisation)
STATEMENT OF FINANCIAL ACTIVITIES FOR THE FIRST PERIOD ENDED 31ST DECEMBER 2021
| Notes INCOMING RESOURCES Incoming Resources from Generated Funds Donations, Grants & Legacies 3a Activities for Generating Funds 3b Investment Income 3c TOTAL INCOMING RESOURCES RESOURCES EXPENDED Costs of Generating Funds Cost of Charitable Activities 4a Governance Costs 4b TOTAL RESOURCES EXPENDED NET INCOMING (OUTGOING) RESOURCES Funds Brought Forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted Restricted TOTAL Funds Funds 2021 £ £ £ 2,002 - 2,002 47,111 - 47,111 2 - 2 49,115 - 49,115 6,299 - 6,299 603 - 603 6,902 - 6,902 42,213 - 42,213 - - - 42,213 - 42,213 |
|---|---|
Movements on all reserves and all recognised gains and losses are shown above. All of the organisation's operations are classed as continuing.
The notes on pages 8 to 12 form part of these financial statements.
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THE 93 PERCENT CLUB FOUNDATION (Chantsble lrKx)raled OrwiGatKTrn} BALANCE SHEET AS AT 31ST DECEMBER 2021 Unregtyktsd Restplthd Funds Funds Totsl 3l-D•c-21 Fix•d Ai••tS Tafjgib.'e Assets InvEslmBnts Totsl Fix•dA5sets Debiors & prepanI5 Cash 81 bank In Hartd Total Cwr•nt Asg• 42.763 42.TOJ 42.763 42,7BJ Cr•drt•rK Amounkn 18iiiw yeAr 550 550 NETCURRENT ASSETS 42.213 42,213 TOTAL ASSETS loss currènt 41213 42,213 Credltorn Amount• dL* in rmre onfr 10 14ET ASSETS 42,213 42,213 Fund8 olth• Charlty Genfjral Funds Restrwed Fvnd 42.213 42.213 Fundj 4prwd by Trusts0s.. .i.L...l.QJ.....2n..12 SHJned tr)I1r behalTby Trv5we prted Nam•'.
THE 93 PERCENT CLUB FOUNDATION
(Charitable Incorporated Organisation)
NOTES TO THE FINANCIAL STATEMENTS FOR THE FIRST PERIOD ENDED 31ST DECEMBER 2021
1. ACCOUNTING POLICIES
Basis of Preparation & Assessment of Going Concern
Basis of Preparation
The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2015) - (Charities SORP - FRS102) and the Charities Act 2011.
The Charity meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised at historical cost unless otherwise stated in the relevant accounting policy notes.
Assessment of Going Concern
Preparation of the accounts is on a going concern basis. The trustees consider that there are no material uncertainties about the Charity’s ability to continue as a going concern.
Incoming Resources
Recognition of Incoming Resources
These are included in the Statement of Financial Activities (SOFA) when:
▪ the charity becomes entitled to the resources;
▪ the trustees are virtually certain they will receive the resources; and
▪ the monetary value can be measured with sufficient reliability
Incoming Resources with Related Expenditure
Where incoming resources have related expenditure (as with fundraising or contract income) the incoming resource and related expenditure are reported gross in the SOFA.
Grants and Donations
Grants and Donations are only included in the SOFA when the charity has unconditional entitlement to the resources.
Contractual Income and Performance Related Grants
This is only included in the SOFA once the related goods or services has been delivered.
Gifts in Kind
Gifts in kind are accounted for at a reasonable estimate of their value to the charity or the amount actually realised. Gifts in kind for sale or distribution are included in the accounts as gifts only when sold or distributed by the charity. Gifts in kind for use by the charity are included in the SOFA as incoming resources when receivable.
Donated Services and Facilities
These are only included in incoming resources (with an equivalent amount in resources expended) where the benefit to the charity is reasonably quantifiable, measurable and material. The value placed on these resources is the estimated value to the charity of the service or facility received.
Volunteer Help
The value of any voluntary help received is not included in the accounts.
Investment Income
This is included in the accounts when receivable.
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THE 93 PERCENT CLUB FOUNDATION
(Charitable Incorporated Organisation)
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE FIRST PERIOD ENDED 31ST DECEMBER 2021
1. ACCOUNTING POLICIES (continued)
Expenditure and Liabilities
Liability Recognition
Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to pay out resources.
Governance Costs
Include costs of the preparation and examination of statutory accounts, the costs of the trustees meetings and cost of any legal advice to trustees on governance or constitutional matters.
Grants with Performance Conditions
Where the charity gives a grant with conditions for its payment being a specific level of service or output to be provided, such grants are only recognised in the SOFA once the recipient of the grant has provided the specified service or output.
Grants Payable without Performance Conditions
These are only recognised in the accounts when a commitment has been made and there are no conditions to be met relating to a grant which remain in control of the charity.
Unrestricted funds
These funds can be used for the general objectives of the charity as set out in the trustees report. The movements of the unrestricted funds are given in the Statement of Financial Activities.
Restricted funds
These funds are where the donor has specified a purpose for the donation made. These restrictions often arise as a result of appeals for special offerings for specific purposes.
Designated funds
These funds are funds set aside by the trustees out of unrestricted general funds for particular purposes or projects.
Fixed Assets
Fixed Assets are capitalised if they can be used for more than one year and cost at least £1,500. They are valued at cost or, if gifted, at the value to the charity on receipt.
Depreciation Expense
Depreciation is calculated at a rate to write off the cost of tangible fixed assets over their estimated useful lives. The rates applied are as follows:
Fixtures, Fittings and Equipment
25% - Reducing Balance Basis
2. TANGIBLE FIXED ASSETS
The CIO held no fixed assets during this initial financial period.
The annual commitments under non-cancelling operating leases and capital commitments are as follows:
31st December 2021 : None
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THE 93 PERCENT CLUB FOUNDATION
(Charitable Incorporated Organisation)
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE FIRST PERIOD ENDED 31ST DECEMBER 2021
3. INCOMING RESOURCES
| Note a) Donations, Grants & Legacies Gifts & Donations b) Activities for Generating Funds Primary Purpose Trading Secondary Purpose Trading c) Investment Income Bank Interest 4. RESOURCES EXPENDED a) Cost of Charitable Activities Advertising & Publicity Equipment Costs Insurance Costs Licenses & Subscriptions Activities & Events Programme Delivery b) Governance Costs Independent Examiners Fees 9 Legal & Professional Fees |
Unrestricted Restricted TOTAL Funds Funds 2021 £ £ £ 2,002 - 2,002 2,002 - 2,002 47,100 - 47,100 11 - 11 47,111 - 47,111 2 - 2 2 - 2 Unrestricted Restricted TOTAL Funds Funds 2021 £ £ £ 1,426 - 1,426 315 - 315 55 - 55 659 - 659 2,733 - 2,733 1,111 - 1,111 6,299 - 6,299 550 - 550 53 - 53 603 - 603 |
|---|---|
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THE 93 PERCENT CLUB FOUNDATION
(Charitable Incorporated Organisation)
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE FIRST PERIOD ENDED 31ST DECEMBER 2021
5. RESTRICTED FUNDS
The CIO held no Restricted Funds during this initial financial period.
6. FIXED ASSET INVESTMENTS
The CIO held no fixed assets investments during this initial financial period.
7. CASH AT BANK AND IN HAND
| Cash at Bank & in Hand 8. DEBTORS AND PREPAYMENTS Sundry Debtors 9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Independent Examiners Fees |
Unrestricted Restricted Total Fund Fund 31-Dec-21 £ £ £ 42,763 - 42,763 42,763 - 42,763 Unrestricted Restricted Total Fund Fund 31-Dec-21 £ £ £ - - - - - - Unrestricted Restricted Total Fund Fund 31-Dec-21 £ £ £ 550 - 550 550 - 550 |
|---|---|
10. CREDITORS: AMOUNTS FALLING DUE IN MORE THAN ONE YEAR
The CIO held no long term liabilities during this initial financial period.
11. NET ASSETS BETWEEN FUNDS
| Fixed Asset Investments Net Current Assets Long Term Liabilities |
Unrestricted Restricted Total Funds Funds 31-Dec-21 £ £ £ - - - 42,213 - 42,213 - - - 42,213 - 42,213 |
|---|---|
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THE 93 PERCENT CLUB FOUNDATION
(Charitable Incorporated Organisation)
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE FIRST PERIOD ENDED 31ST DECEMBER 2021
12. STAFF COSTS AND NUMBERS
The Charity employed no members of staff during this initial financial period.
13. TRUSTEES AND OTHER RELATED PARTIES
No payments were made to trustees or any persons connected with them during this financial period. No material transaction took place between the organisation and a trustee or any person connected with them.
14. RISK ASSESSMENT
The Trustees actively review the major risks which the charity faces on a regular basis and believe that maintaining the free reserves stated, combined with the annual review of the controls over key financial systems carried out on an annual basis will provide sufficient resources in the event of adverse conditions. The Trustees have also examined other operational and business risks which they face and confirm that they have established systems to mitigate the significant risks.
15. RESERVES POLICY
The Trustees have considered the level of reserves they wish to retain, appropriate to the CIO's needs. This is based on the CIO's size and the level of financial commitments held. The Trustees aim to ensure the CIO will be able to continue to fulfil its charitable objectives even if there is a temporary shortfall in income or unexpected expenditure. The Trustees will endeavour not to set aside funds unnecessarily.
16. PUBLIC BENEFIT
The CIO acknowledges its requirement to demonstrate clearly that it must have charitable purposes or ‘aims’ that are for the public benefit. Details of how the CIO has achieved this are provided in the Trustees report. The Trustees confirm that they have paid due regard to the Charity Commission guidance on public benefit before deciding what activities the CIO should undertake.
17. COMPARATIVE FIGURES
There are no comparative figures available as this is the initial period of registered Incorporated Charitable Activity.
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THE 93 PERCENT CLUB FOUNDATION ICharitatAe Incortx)rated Organisationl INDEPENDENT EXAMINER'S REPORT ON THE ACCOUNTS Report to the trustee51 rDembers of 93 Percert FoUrKlaTr on Ihe a¢ctyJnts for first period ended 31st Decernber 2021 set out on pages 6 to 12. RPtIv0 r¥spon$1bllRlo$oftru$tand wmlngr Th8 chantys tru8tees are respo[ible for th8 preparat1 of th8 accAJnts. Th8 charty's trust8es con8id8r that an audit i& mt required for this year u18r s8CtKJn 144 of th8 CharitS Act 2011 (the Ch8rits"88 Act) arKI that an ind8wnd8nt 8xarnination is needed. 11 is my resps1MIlty to.. exam1r the accounts und8r seCt)n 145 01 lh8 charit ACL folh)w the procedures (ln th8 gTal DireCS given by Charity Comrnission (under Section 14515llbl of the Charities Act. and stste whether partULr matter5 ha¥8 ccffje to My alteniK Bas18 of IndeperKlent•xamlnor'8 slaternont My examinatlon was carr out in accordaw with general DirectKms given by tl Charlty Commisslon. An e¥amination Includes a of the accountlNJ reccwds kept by the charty arhj a compartson of the acc(yJnls presented wlth thos& records. 11 also IlUdeS consideraiw)n of any unusual rtems or dixlts%ures in tl accounts, and Seeking exrAanatlons from the trustees concerning any such matter& The prIxedu$ uThJertaken do not al the evkI&e that would be requlre(l in an audlt, ancl conseouenlly no opinKy) given as lo the psent a'lrue a1 falr. vw and the report is Ilmlted to those matters sel out in the ststement bekm. Ind•p•nd•nf •xamln•¢s thi•m•nt In conne¢tKJn with my examinatKJn, rKJ matter h8$ to myakntw. which gives me reasona caus8 to telwe thal in any malerKg1 resFecI, Ihe requirents.. to keep accountirKJ records in acccKdarKe with 5ecl?n 130 olthe Chari118s Act; and to prepare accounts which accord wilh Ihe accouniiThJ recd5 and comply with Ihe 8ccL)untiNJ requirements of the Charits'es Act have not teen met; or to whkth, In rny onIc, atlenlkn SUkI be (trawn in ordgr lo enat4& 8 understandlng of the attount3 to reached. K. Collaku MAAT Castle View Accounting Lld New Barn Mudberry Lane B05haTn ChKhe51er Wesl Su55ex P018 8TS E.G K.C (Oct 19. 202Z 21=21 GMT+ii Date.. 19th Odober 2022