2023-12-31-accounts - The Freeman 1st Foundation

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

REGISTERED CHARITY NUMBER: 1193010

REPORT OF THE TRUSTEES AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

FREEMAN 1[ST] FOUNDATION CIO

Lloyd Dowson Limited Medina House

2 Station Avenue Bridlington East Yorkshire YO16 4LZ

FREEMAN 1[ST] FOUNDATION CIO

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

	Page
Report of the Trustees	1 to 2
Independent Examiner's Report	3
Statement of Financial Activities	4
Balance Sheet	5
Notes to the Financial Statements	6 to 8

FREEMAN 1ST FOUNDATION CIO

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023

The Trustees present their report with the financial statements of the charity for the year ended 31 December 2023. The Trustees have adopted the provisions of 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).

OBJECTIVES AND ACTIVITIES

The objects of the CIO are to advance in life and relieve needs of socially and economically disadvantaged young people aged 0 to 25 in England including (but not limited to) those resident in Bridlington or the East Riding of Yorkshire local authority area in particular, so as to develop their capabilities that they may grow to full maturity as individuals and members of society in particular, but not exclusively by:

(a) affording opportunities to obtain internships and other work experience with organisations working in the fields of education, theatre, arts, business, music and sports or such other fields as the Trustees in their absolute discretion see fit;
(b) advising and assisting young people to enter and progress in careers in the fields of education, theatre, arts, business, music and sports or such other fields as the Trustees in their absolute discretion see fit;
(c) educating young persons who are pupils at schools, colleges, and universities in any part of England by ensuring that due attention is given to the physical education of such pupils as well as to the development and occupation of their minds and with a view to furthering that object to provide funds and to assist in the organisation and provision of facilities which will enable and encourage such pupils to participate in recreation and sport;
(d) in the interests of social welfare to organise or provide facilities for recreation for persons who by reason of their youth or social and economic circumstances have need of such facilities;
(e) to help young people who face complex transitions to adulthood. including (but not exclusively) those young people who are socially excluded or marginalised; and
(f) such other objects and purposes in England being objects and purposes exclusively charitable in accordance with the laws of England & Wales.

Public benefit statement

The Trustees confirm that they have complied with the duty in section 4 of the Charities Act 2006 to have due regard to the Charity Commission’s general guidance on public benefit, ‘Charities and Public Benefit.

ACHIEVEMENT AND PERFORMANCE

Donations have been made in the period to establish the charity and to provide funds to allow the charitable objectives to be delivered.

Six grants have been given in the year to individuals to aid both promising athletes, promising art students and promising medical students in the furtherance of their burgeoning careers.

FINANCIAL REVIEW

The Statement of Financial Activity shows a net deficit for the year of £17,195 and the Balance Sheet shows net unrestricted assets of £112,859.

Page 1

FREEMAN 1ST FOUNDATION CIO

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is operated under the rules of the CIO Association constitution adopted 6 January 2021.

Management

Overall management of the charity is the responsibility of the Trustees.

REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number 1193010

Principal address

The Board Room Victoria Chalet 18 South Cliff Bridlington East Yorkshire YO15 3LU

Trustees

L A Jackson, Chair (appointed 6.1.21) S Sanderson (appointed 6.1.21) L Brewis (appointed 6.1.21)

REFERENCE AND ADMINISTRATIVE DETAILS Independent Examiner

Lloyd Dowson Limited Medina House 2 Station Avenue Bridlington East Yorkshire YO16 4LZ

Bankers

Barclays Bank plc PO Box 13 St. Nicholas Street Scarborough YO11 2HS

Approved by order of the Trustees on ............................................. and signed on its behalf by:

........................................................................ L A Jackson - Trustee

Page 2

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF FREEMAN 1[ST] FOUNDATION CIO

Independent examiner's report to the trustees of Freeman 1[st] Foundation CIO

I report to the charity trustees on my examination of the accounts of Freeman 1[st] Foundation CIO (the Charity) for the year ended 31 December 2023.

Responsibilities and basis of report

As trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').

I report in respect of my examination of the Charity's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner's statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

accounting records were not kept in respect of the Charity as required by section 130 of the Act; or
the accounts do not accord with those records; or
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.

Tracy Meredith-Baker, FCA, FCCA Institute of Chartered Accountants England and Wales Lloyd Dowson Limited Medina House 2 Station Avenue Bridlington East Yorkshire YO16 4LZ

Date: .............................................

Page 3

FREEMAN 1[ST] FOUNDATION CIO

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023

Unrestricted fund Notes £ INCOMING RESOURCES Donations, Legacies and Grants 23,256 Charitable Activities 3,840 Other Income 91 Total incoming resources 27,187 RESOURCES EXPENDED Donations and Grants 4 38,688 Fundraising Costs 126 Marketing and Website Costs 1,259 Legal and Professional Fees 4,200 Finance Costs 109 Total resources expended 44,382 NET (OUTGOING)/INCOMING RESOURCES (17,195) NET MOVEMENT IN FUNDS (17,195) Total funds brought forward 130,054 TOTAL FUNDS CARRIED FORWARD 112,859	Restricted funds £ - - - - - - - - - - - - - -	31.12.23 31.12.22 Total Total funds funds £ £ 23,256 33,924 3,840 4,136 91 110 27,187 38,170 38,688 20,831 126 216 1,259 504 4,200 4,140 109 89 44,382 25,780 (17,195) 12,390 (17,195)12,390 130,054 117,664 112,859 130,054

The notes form part of these financial statements

Page 4

FREMMAN 1[ST] FOUNDATION CIO

BALANCE SHEET 31 DECEMBER 2023

Notes CURRENT ASSETS Debtors: amounts falling due within one year 5 Cash at bank and in hand Total current assets CREDITORS Amounts falling due within one year NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS OF THE CHARITY 6 Unrestricted funds Restricted funds TOTAL FUNDS	Unrestricted fund £ 3,508 109,351 112,859 - 112,859 112,859 112,859	Restricted funds £ - - - - - - -	31.12.23 Total funds £ 3,508 109,351 112,859 - 112,859 112,859 112,859 112,859 - 112,859	31.12.22 Total funds £ 3,277 126,777 130,054 - 130,054 130,054 130,054 130,054 - 130,054

The financial statements were approved by the Trustees and authorised for issue on ............................................. and were signed on its behalf by:

............................................. ……………………………… …………………………….. L A Jackson - Trustee S Sanderson – Trustee L Brewis – Trustee

The notes form part of these financial statements

Page 5

FREEMAN 1[ST] FOUNDATION CIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charity, which is a public benefit entity under FRS 102, 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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.

Incoming Resources

All incoming resources are recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received, and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings, they have been allocated to activities on a basis consistent with the use of resources.

Taxation

The charity is exempt from tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Grants and donations

Revenue grants and donations are recognised in the Statement of Financial Activities on receipt, subject to any required conditions being met or services being provided.

Tax reclaims on Donations and Gifts

Incoming resources from tax reclaims are included in the Statement of Financial Activities at the same time as the gift to which they relate.

Donated goods, services and facilities

Donated professional services and donated facilities are recognised as income when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably.

Page 6 Continued…

FREEMAN 1[ST] FOUNDATION CIO

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023

2. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 December 2023 or the year ended 31 December 2022.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 December 2023 or the year ended 31 December 2022.

3. FEES FOR EXAMINATION OF THE ACCOUNTS

		31.12.23	31.12.22
		£	£
	Independent examiner’s fees and accountancy	4,200	4,140
4.	GRANT MAKING
		31.12.23	31.12.22
		£	£
	Grants to Individuals
	Providing opportunities to work in the sports sector	4,500	12,275
	Providing opportunities to work in the arts sector	4,860	8,556
	Providing opportunities to work in the health sector	29,328	-
		38,688	20,831
5.	DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
		31.12.23	31.12.22
		£	£
	Other debtors – Gift Aid	3,508	3,277
		3,508	3,277

Page 7 Continued…

FREEMAN 1[ST] FOUNDATION CIO

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023

6. MOVEMENT IN FUNDS

Unrestricted Funds £ Net outgoing resources during the period (17,195) Total Net Assets brought forward 130,054 Total Net Assets 112,859	Restricted Funds £ - - -	Total £ (17,195) 130,054 112,859

7. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 December 2023 or in the year ended 31 December 2022.

Page 8