REGISTERED CHAIUTY NUMBER: 1193010 REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR EI¥DED 31 DECEMBER 2024 FOR FREEMAN 1ST FOUNDATION Lloyd Dow8on Limit¢d Medina House 2 Station Avenue Brid1]n￿on East Yorkshir¢ Y016 411 FREEMAN 1ST FOUNDATION CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Page Report of the Trustees IDdependent Examiner's Report Statemffit of Fin#Dd81 Activltl¢s Balance Sheet Notes to tbe Fln8Deial St*t¢meDts 6 to 10 FREEMAN 1ST FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED JI DECEMBER 2024 The trusttts present their report with the financial statements of the C?￿rity for tbe year ended 31 Ik¢ember 2024. The trwstees have adopted the provisions of Accounting and Reporting by Charities.. Stst¢meni of Recommended Practic¢ applicable to charities prepaTiDg their accounts in accordan¢¢ with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019). OBJECTIVES AND AcrivrriES Tk objects of the CIO are to advance in life alld relieve ne¢d% of socially and economically disadvanlag¢d young people aged O to 25 in England including (but not limitrd to) those resident in BridlingtOD or the East Riding of Yorkshire l¢)cal authority ar¢a Rn particuknr, so as io develop their capabilities that they may grow to full rnaturity as individua]s atsd members of soctety in particular, but not eXcI￿S1VelY by: (a) affording opportunAties to obtsin internships and otherwork experience with orgaDisations Working in the fields of education, theatre. art& music 8t￿ sports or such other fields as the Tn￿*¢5 iti their absolute discreuon s¢e fil O)) advisitig and assistin8 young people to enter and progress in careeT8 in the fields of ¢ducatiofy theatr¢. arts, busine55, music and sports or such other fjelds as the Trustees in their absolute discretion see fit,. {c) slucaiing young persons who are pupils at schools, collegw and universities in any part of England by ensuTing that due attention is given to the physical education of such pupils as well as to the development and occupation of their n)inds and with a view to fi￿erIng that object to provide funds and to assist in the organisation and provisxon of facilits¢s which will ¢nable and encourdge such pupils to participate in reereation and sport,. (d) in the inteTe5ts of social welfar¢ to organise OJ provide facilyts¢s for recreation for per50tt8 WI￿ by reason of their youth or social and economic circumstsnces hav¢ need of such facilities,. (e) to help young people who fa¢e con)plex transitions io adulth¢)od. iticluding (but not exelusively) those young people who are socially excluded or m8rginalised; and (fj such other objects aDd purposes in England being objects and purposes eXcl￿1Vely charithble in accorilano¢ with the laws of England & Wajcs. Pubme beneflt ststement The TrUs￿e8 ¢ollfmn that they bave complied with the duty in section 4 of the Chprities Act 2(x)6 to have due reg#rd to the Ciwity Conm]ission's general guidance on publi¢ benefit,'Charitie5 and Public Benefit. ACHIEVEMENT AND PERFORMANCE Donations have been made in the period to establxsh the cbarity and to provide fimds to allow the ¢haritable obje¢iives io be delivered. Fiv¢ grants have been given in the year kn individuals to aid knth PTomisiDg atbletes, promising art str]de￿8 and promisiD8 medical students in the furth¢rance of their burgeoning careers. FINANCIAL REVIEW Reserves policy The trnstees have adopted a policy that ensures r¢serves held ¢ov¢r both con]mit¢ed grants and the ability to award grants on new appli¢atiODS. The cumt SUTplus represents an adequate amount of coverage for both objectives. The Stat¢ment of FiDallcia] Activity shows a net deficit for the year of £22,618 and the Ba]ance Sheet shows nei unrestricted &8sets of £90,241. STRUCTURE GOVERNANCE AND MANAGEMENT GoverDiLg dofument The chan'ty is operated under the rules of the CIO Asso¢iation constitution adopted 6 January 2021. Management Overall management of the charity is the responsibi]ity of the Trustees. REFERENCE AND ADMINISTRATIVE DETAILS Reglstered Charlty number J 193010 Page I FREETrW4 1ST FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 Prknclpal address The B0￿d Room Victoria Chale¢ 18 South Cliff Bridlington Ea5dt Yorkshire Y0153LU Trnsttts L B BreMrys S Sanderson L A Jackson Independent Examiner Uoyd Dowson Limited Medina House 2 Station Avenue Bridlington East YoTkshiT¢ Y016412 Banker8 BarclaiB BaThk plc POBOX 13 St. Nicholas Street Surb(mugh YOII 2HS Approved by order of the Erf)ard of trnst¢¢s on............. ....... .. . and signed on its behalf by. L A Ja¢kson- TTU5t Page 2 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF FREEMAN 1ST FOiJNDATION Independent ex4miner's report to the trnstees of Fr¢em•n 1st Foundatlo l Teport to the cljarity In￿te¢S oll my examination of the accounts of Freeman 1st FowJd#tion (the Trusi) for tbe year ended 31 Decemb¢r 2024. Responslbllltles and ba$ls of report As the charity trustees of the Trnst you are responsible for the pr¢pardtion of the ￿￿Unts in accordattce with the requirements of the Charities Act 2011 Cthe Act). I rq)ort in respect of a]y examxnation of the Trnsvs accounts ¢arried out under S¢eiion 145 of the Act #nd in ca￿]ng out my examination I have followed all applicable Directions given by the Charity Conwnission under Sectioll 145(5)(b) of the Act. IDdependent examlller's statsment I have completed Jny examination. I confllrn that no material n)atters have come to my att¢ntioll it] connection with the examijution giving me cause to believe that in any mater￿1 respect.. accowiling records were not kep( in resp¢¢t of the Trnst as required by Section 130 of the Act. or the accounts do not accord those recoTds' or thc accounts do not Comply with the applicable requirements Coticerni￿ th¢ forni content of accounts set out in the Charities (Accounts and Reports) Regulatiotjs 2008 other thall any requirement that the ￿C0￿￿ts give a trne and fair view ￿]Ch is not a matt¢r considered as part of an independent exalllillation. I have no concerns and have come a￿OsS no other matters in ¢onnection with th¢ ¢xaminalion to which attention should be drawn in this report in order to enable a proper understsnding of the accounts to be re4¢bed. Tracy idbBaker, FCA, FCCA The Institu1¢ of Chartered A¢wuntants ill England and Wales Lloyd Dowson Limited Medina House 2 Station Avenue Bridlington Ea￿ Yorkshire Y01641Z Dale- ......... Page 3 FREEMAN 1ST FOUNDATION STATEMEKf OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024 31.12.24 Unrestricted funds 31.12.23 Total Notes INCOME AND ENDOWMENfs FROM Donations and legaci¢8 36,1109 23,256 Charitable actlvities Charitable Activiti¢$ 3,840 Investment income 91 TotAI 36,IM19 27.187 EXPENDITURE ON Ch*rItsble actlviti Grants Ikgal and Profe&sional F¢¢s Finance Costs Marketing and W¢b8itr Costs Fundraising costs $4,266 38,688 4,200 109 1.259 126 ioi To¢ S8,627 44.382 NET INCOMEI(EXPENDITURE) (22,618) (17.195) RECONCILIATION OF FUNDS Total fijnds brought fotivard 112,859 130,054 TOTAL FUNDS CARRIED FORWARD 90,241 112.859 The notes forn] part of these fjnancial stat¢ments Page 4 FREEMAN 1ST FOUTr4DATION BALANCE SHEET 31 DECEMBER 2024 31.12.24 Unre$trleted fwids 31.12.23 Tothl fimds Notes CURRENT ASSETS Debtors C&sh at bBnk 6J42 83.699 3,508 109,351 90341 112,859 NET CiJRRENT ASSETS 90,241 112,859 TOTAL ASSETS LESS CURRENT LIABILITIES 90241 112,859 NET ASSETS 90341 112,859 FUNDS Unr¢strieted fimds 90,241 112,859 TOTAL FUNDS 9D,241 112,859 The f]Dancial staiernenls were approved by the Board of Truste¢s and authorisd for isgu¢ 21// L A Jack8on- Tyu SS8ll erson- Trustee rewis- Tntstee The notes fornj part of these fiDanci8] ststements Page 5 FREEMAN 1ST FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POLICIES Basis of preparing the financial $tatemeDts The financial stxtements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with th¢ Chariii¢s SORP (FRS 102) 'A¢countRng and Reporting by Charities.. Sthtement of Reconjmended Practice applicable to clwlties pr¢paritJg their aecounts in accordance Mryth the Finaneial Reporting Standard 3pplicabl¢ in the UK and Republi¢ of Ireland (FRS 102) (effcctive l January 2019),. Financial Reporting Stondard 102 'The Financial Reporting Staodard applicable in the UK and Republic of Ireland, and the Charities Act 2011. The financial ststements have been prepared under the kn'storical ¢ost ¢onventio lts¢ome All income is Te¢o￿lSed in the Statement of Financia] Activities once the clwity has entitlement w the fimds, it 15 probable that the income will be received and the amount can be measured T¢liably. Expendithre Liabilities are recognised as expenditure as soon as ¢here is a legal or eonstrnctiv¢ obligation committing the han.ty to that exwmliture, li is probable that 8 traltsfer of economic benefits will be Tequired in s¢ttlement and the ornount of the obligation can be measured reliably. Expenditure is aCcO￿ted for on an accn]als basis aryl has been classified under headings that aggregote all cosl related to the ¢ategory. Where costs camhot i￿ directly attributed to particular headings they have been allocated to activities on a basts consistent with the ￿se of resour¢¢s. Grants offered subjeet to conditions whith have not be¢n met at the year end dat¢ are noted as a commitment but Dot a¢¢n￿d as expenditure. T•xatlon The clwrity is ex¢mpt from tax on its cbaTitsble activiti¢s. Fund aecountittg UDrt8tricted funds can be ysed in a¢¢ordance with the charitable objectives at the discretion of the trusiees. Restri¢ted can only be used for particular restricted purpostt within the objects of the charity. Restrictions Tise Mthen ycified by the donor or when funds are raised for particular restricted putposes. Further ¢xplanation of the nattwe artd p￿￿OSe of each fund is ineluded in the notes to th¢ financial ststements. Donated 8ood4 services and f*ellltles Donated prof¢ssional services and donated facilities are recognised as incom¢ when the clwity has control over the Ite￿ ally coDditions associated with the donated item have been m¢L the receipt of economic benefit from th¢ use by the charity of tbe item is probable and that economi¢ benefit can be measured reliably. Grants donatlons Rev¢nue grdnt$ and donatiOtsS are TKogTJised in the Statement of Financial Activities on ￿tipE subj¢ct to any requir¢d Conditio￿ being nKt or sthvices bcing provid¢d. Tax reflalms Dollatlons Ind Gffts Incoming resources from t&x r￿laimS are in¢luded in the Ststement of Financial Activilies at the same lime as the gifi to which they relate. Page 6 ntinu¢d... FREEMAN 1ST FOUNDATTON OTES TO THE FINANCIAL STATEMEP4TS- Continued FOR THE YEAR ENDED 31 DECEMBER 2024 VESTMENf INCOME 31.12.24 31.12.23 Gifi aid intercst 91 GRANT MAKING 31.12.24 31.12.23 Grants to IndI￿dU2]S Providing opportLuiities to work in the stK)rts seclor Providtng ¢)pportunities to work in the arts sector Providing opportUDitics to Work in the health sector 4,500 4,860 29,328 46,666 54,266 38,688 FEES FOR EL4MINATION OF THE ACCOUNTS 31.12.24 31.12.23 independent examine¢s fee and accountancy 4260 4,2 TRUSTEES, REMUP4ERAT10Tr4 AND BENEFITS There were no trLLStees' Ternuneration or other benefils for the year ended 31 DecembeT 2024 nor for the year ended 31 December 2023. Trvst¢es' expeDges There were no tru5tees' expenses paid for th¢ year ended 31 DecemE¢r 2024 nor for the year ended 31 December 2023. COMPARATIVES FOR THE STATEMEI¥T OF FINANCIAL ACTIVITI Unre6trict INCOME AND ENDOWMENTS FROM Donations and legacies 23256 ChArltable activltles ChaTitsble Activities 3.840 Investment i]Kome 91 Totsl 27.187 EXPENDITURE ON Charitable ac¢ivitie8 Grants Legal and PTof¢&sii)nal Fees Finance Costs Marketing and Website C(Trsts Fundraksing costs 38.688 4,2¢)0 109 1,259 126 Pag¢ 7 continued... FREEMAN 1ST FOUNDATiof4 NOTES TO THE FINAF4CIAL STATEMENTS- eondDM¢d FOR THE YEAR Ef4DED 31 DECEMBER 2024 COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES- eontiDuwl Unrestric*d Tolai 44.382 NET IP4COMEI(EXPENDITURE) (17.195) RECONCILIATION OF FUNDS Total fimds brougbt fonvard 130.054 TOTAL FUNDS CARRIED FORWARD 112.859 DEBTORS: AMOUNTS FALLING DUE WITHtN ONE YEAR 31.12.24 31.12.23 Other debtors 6￿41 3,508 MOVEMENT IN FUNDS Net movement in fijnds At 31.12.24 At 1.1.24 Unrwtrleted fwids General fulld 112059 (22,618) 90241 TOTAL FUNDS 112,859 {22,618) 90,241 Net movement in fimds, in¢luded in the above are as follows.. Incoming R¢sources Movem¢nt ijnwtrlcted funds General fund 36,009 (58,627) (22,618) TOTAL FUNDS 36,IJ09 (58,627) 122,618) Page 8 continue