ANNUAL REPORTS AND FINANCIAL STATEMENTS FOR YEAR ENDED 31ST MARCH 2024
OPEN ARMS TRUST
(Charitable Incorporated Organisation) CHARITY REGISTRATION No: 1194220
Castle View Accounting Ltd Ground Floor Offices 53 High Street Arundel West Sussex BN18 9AJ
OPEN ARMS TRUST
(Charitable Incorporated Organisation)
CONTENTS
| Pages 3 to 4 | Trustees' Report |
|---|---|
| Page 5 | Statement of Financial Activities |
| Page 6 | Balance Sheet |
| Pages 7 to 11 | Notes to the Financial Statements |
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OPEN ARMS TRUST
(Charitable Incorporated Organisation)
TRUSTEES REPORT FOR THE YEAR ENDED 31ST MARCH 2024
LEGAL AND ADMINISTRATIVE INFORMATION
CHARITY NUMBER 1194220 DATE OF REGISTRATION 26th April 2021 START OF FINANCIAL YEAR 1st April 2023 END OF FINANCIAL YEAR 31st March 2024 TRUSTEES AS AT 31ST MARCH 2024 Mr Asif Patel Mr Rais Patel Mr Ahmed Patel LEGAL STATUS Charitable Incorporated Organisation GOVERNING INSTRUMENT CIO - Foundation Registered 26th April 2021
OBJECTS
To act as a resource for young people up to the age of 25 living in the UK by providing advice and assistance and organising programmes of physical education and other activities as a means of: a ) Advancing in life and helping young people by developing their skills, capacities and capabilities to enable them to participate in society as independent, mature and responsible individuals. b ) Advancing education. c ) Providing recreation and leisure time occupation and leisure time activity in the interest of social welfare for people living n the area of benefit who have need by reason of their youth who experience poverty or social and economic circumstances with a view to improving the conditions of life of such persons. d ) The relief of those in need by reason of youth, age, ill-health, disability, financial hardship or other disadvantage anywhere in the World, in particular those affected but natural disaster, famine and environmental crisis through the provision of grant funding to cover the costs of essential items such as food, clothing, and other such facilities required in the interest of relieving need.
CORRESPONDENCE ADDRESS
ACCOUNTANTS
74-80 Derby Road Bootle Liverpool L20 1AD Castle View Accounting Ltd Ground Floor Offices 53 High Street Arundel West Sussex BN18 9AJ
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OPEN ARMS TRUST
(Charitable Incorporated Organisation)
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST MARCH 2024
| INCOMING RESOURCES Incoming Resources from Generated Funds Donations & Legacies TOTAL INCOMING RESOURCES RESOURCES EXPENDED Costs of Generating Funds Charitable Activities Governance Costs TOTAL RESOURCES EXPENDED NET INCOMING (OUTGOING) RESOURCES Total Funds Brought Forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted Restricted TOTAL TOTAL Funds Funds 2023/24 2022/23 £ £ £ £ 7,500 - 7,500 - 7,500 - 7,500 - 7,500 - 7,500 - 660 - 660 - 8,160 - 8,160 - (660) - (660) - - - - - (660) - (660) - |
|---|---|
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 7 to 11 form part of these dormant financial statements.
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OPEN ARMSTRUST BALANCE SHEET AS AT 31ST MARCH 2024 Tathl Toknl FundB 314A•r•24 31llM•r43 C•sh 8t 8•1•11 kn H•r1 Cr•dltorn' Njnrwnts du• In mLY•IIwi on& y•ar 1• Fund• of th• Ch•rlty G•rT Fund• FurK Tqtsl Fwd• Jan 30. 2025 8nj tyTnAtso Prfnled Narng: Asif Patel
OPEN ARMS TRUST
(Charitable Incorporated Organisation)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024
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 note(s) to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities (SORP 2015) (Second Edition, effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (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.
Tax Reclaims on Donations and Gifts
Incoming resources from tax reclaims are included in the SOFA at the same time as the gift to which they relate.
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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OPEN ARMS TRUST
(Charitable Incorporated Organisation)
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST MARCH 2024
1. ACCOUNTING POLICIES (continued)
Expenditure and Liabilities
Liability Recognition
Liabilities are recognised upon a legal or constructive obligation committing the charity to expend resources.
Governance Costs
Include costs of the preparation and examination of statutory accounts, the costs of the trustees meetings and cost of any legal advise 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.
Support Costs
Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of the resources, eg allocating property costs by floor areas, or per capital employed, staff costs by the time spent and other costs by their usage.
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 the regular appeals for special offerings made at the Sunday fellowship meetings.
Designated Funds
These funds are funds set aside by the trustees out of unrestricted general funds for specific purposes or projects.
Investments
Investments quoted on a recognised stock exchange are valued at market value at the year end. Other investment assets are included at trustees' best estimate of market value.
Taxation
The charity is exempt from tax on its charitable activities.
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.
2. TANGIBLE FIXED ASSETS
The CIO held no fixed assets during this or the previous financial period.
The annual commitments under non-cancelling operating leases and capital commitments are as follows: 31st March 2024: None 31st March 2023: None
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OPEN ARMS TRUST
(Charitable Incorporated Organisation)
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST MARCH 2024
3. INCOMING RESOURCES
| a) Donations, Grants & Legacies Gifts & Donations 4. RESOURCES EXPENDED a) Cost of Charitable Activities Rent & Rates b) Governance Costs Legal & Professional Fees |
Unrestricted Restricted TOTAL TOTAL Funds Funds 2023/24 2022/23 £ £ £ £ 7,500 - 7,500 - 7,500 - 7,500 - Unrestricted Restricted TOTAL TOTAL Funds Funds 2023/24 2022/23 £ £ £ £ 7,500 - 7,500 - 7,500 - 7,500 - 660 - 660 - 660 - 660 - |
|---|---|
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OPEN ARMS TRUST
(Charitable Incorporated Organisation)
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST MARCH 2024
5. INVESTMENTS
The CIO held no investments during this or the previous financial period.
6. RESTRICTED FUNDS
The CIO held no restricted funds during this or the previous financial period.
7. CASH AT BANK AND IN HAND
----- Start of picture text -----
Unrestricted Restricted Total Total
Fund Fund 31-Mar-24 31-Mar-23
£ £ £ £
Cash at Bank & in Hand - - - -
- - - -
8. DEBTORS AND PREPAYMENTS
Unrestricted Restricted Total Total
Fund Fund 31-Mar-24 31-Mar-23
£ £ £ £
- - - -
Sundry Debtors
- - - -
9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Unrestricted Restricted Total Total
Fund Fund 31-Mar-24 31-Mar-23
£ £ £ £
Sundry Creditors 660 - 660 -
660 - 660 -
----- End of picture text -----
10. CREDITORS: AMOUNTS FALLING DUE IN MORE THAN ONE YEAR
The CIO held no long term liabilities during this or the previous financial period.
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OPEN ARMS TRUST
(Charitable Incorporated Organisation)
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST MARCH 2024
11. STAFF COSTS AND NUMBERS
The Charity employed no members of staff during this or the previous financial period.
12. PAYMENTS TO TRUSTEES AND RELATED PARTY TRANSACTIONS
No payments were made to trustees or any persons connected with them during this financial period. No material transactions took place between the organisation and a trustee or any person connected with them.
During the financial year the Trustees of the Open Arms Trust (Registered Charity Number 1194220) agreed to enter in to contractual obligations under a Tenancy Agreement with Raisefuel Ltd (Registered Company Number 09188226). The Trustees of the Open Arms Trust have agreed to lease premises at 74-80 Derby Road, Bootle, Liverpool, L20 1AD for a fixed term of three year commencing on the 16th May 2022 with a cost of £7,500 per annum.
The Trustees of the Open Arms Trust (Registered Charity Number 1194220) are also the Directors and Shareholders of Raisefuel Ltd (Registered Company Number 09188226) and all conflicts of interest have been identified, documented and managed and in accordance with the Charity's Governing Document.
The Directors of Raisefuel Ltd (Registered Company Number 09188226) have agreed to provide the premises under Tenancy Agreement at no cost to the Open Arms Trust (Registered Charity Number 1194220) in order to assist the Charity in the delivery of the Charitable objects.
The Trustees of the Open Arms Trust (Registered Charity Number 1194220) have agreed to include the annual lease cost as a Gift in Kind of donated facilities to the Charity and as such the transaction has been substantiated and included in the accounts for the year ended 31st March 2024.
13. 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.
14. 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.
15. 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.
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