Charity Registration No. 1194275
LITTLE HERO
ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
LITTLE HERO
LEGAL AND ADMINISTRATIVE INFORMATION
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Trustees Mr John Rainsbury
Mr Neil Lippiatt
Mr Steven Phillips
Charity Number 1194275
Registered Office Burnbridge Cottage
Cadeligh
Tiverton
Devon
EX16 8RY
Accountant T Jeffs Accounting Services Limited
36 Dean Close
Banbury
OX16 3WA
Bankers Lloyds Bank Plc
16 Market Place
Oldham
OL1 1JG
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LITTLE HERO
CONTENTS
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Page
Trustees' report 1 - 2
Statement of financial activities 3
Balance sheet 4
Notes to the financial statements 5 - 8
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LITTLE HERO
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The trustees present their report and financial statements for the year ended 31 December 2023.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's articles of association, the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practise 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 charity's objects are:
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To support children and their families going through cancer treatment.
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To fund research into new treatments and practical solutions for high risk paediatric brain tumours.
The policies adopted in furtherance of these objectives are:
Fundraising
The charity was dormant throughout the year.
Research
The charity was dormant throughout the year in respect to this.
Support
The charity was dormant throughout the year in respect to this.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
Achievements and performance
Fundraising
The charity was dormant throughout the year in respect to this.
Research
The charity was dormant throughout the year in respect to this.
Support
The charity was dormant throughout the year in respect to this.
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LITTLE HERO
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Financial Review
During the period the charity had income of £Nil (2022: £500) and expenditure of £77 (2022: £Nil) resulting in a net defecit of £77 (2022: Surplus of £500). At the year end funds comprised £423 (2022: £500) in unrestricted funds.
It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to three months' expenditure. The Trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity's current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.
The Trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
Structure, governance and management
The charity is a CIO founded on 29 April 2021.
The Trustees who served during the year and up to the date of signature of the financial statements were: Mr John Rainsbury Nr Neil Lippiatt Mr Steven Phillips
New Trustees are recruited through recommendation from the current Trustees. All new Trustees undergo personalised training to enable them to complete their role.
Public Benefit Statement
During the year ended 31 December 2023 Little Hero was dormant except from £77 of bank charges.
The trustees' report was approved by the Board of Trustees.
…..........................................................
Mr John Rainsbury
Chair
Date: 17th October 2024
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LITTLE HERO
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
| Notes Income from: Donations and legacies 3 Total Income Expenditure on: Charitable Activities 4 Total Expenditure Net Income (expenditure) for the year / Net movement in finds Fund balances at 1 January 2023 Fund balances at 31 December 2023 |
Unrestricted funds 2023 £ - - (77) (77) (77) 500 423 |
Total 2022 £ 500 500 - - 500 - 500 |
|---|---|---|
The statement of financial activities includes all gains and losses recognised in the year
All income and expenditure derive from continuing activities
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LITTLE HERO
BALANCE SHEET
AS AT 31 DECEMBER 2023
| Notes Current assets Cash at bank and in hand Net current assets Total assets less current liabilities Income funds Unrestricted funds |
£ 423 423 |
2023 £ 423 423 423 423 |
£ 500 500 |
2022 £ 500 500 500 500 |
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The financial statements were approved by the Trustees on 17th October 2024 and signed on their behalf by:
…....................................
Mr John Rainsbury Chair
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LITTLE HERO
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
1 Accounting policies
Charity information
Little Hero is an unincorporated charity as established under trust deed on 02 September 2019.
1.1 Accounting convention
The financial statements have been prepared in accordance with the charity's articles of association and "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)". The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
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LITTLE HERO
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
1 Accounting policies
1.4 Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
1.5 Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation commiting the charity to that expenditure, it is probable that the transfer of economic benefits will be required in settlement and the amount of that obligation can be measured reliably.
Costs of generating funds are recognised as monies directly spent on fundraising activities, primarily that of fundraising events. These are further analysed in the notes to the accounts.
Expenditure on charitable activities are those costs incurred directly on the furtherance of the charities charitable objects. These costs are further analysed in the notes to the accounts.
Each charitable activity also receives a time-weighted share of support and governance costs.
1.8 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9 Financial instruments
The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforcable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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LITTLE HERO
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1 Accounting policies
1.9 Financial instruments (continued)
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initally measured at transaction price including transaction costs and are subsequently carried at amortised cost using the
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled.
unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled.
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LITTLE HERO
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
2 Critical accounting estimates and judgements
In the application of the charity's accounting policies, the trustees are required to make judgements,
estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and
other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3 Donations and Legacies
| Donations and gifts Expenditure on Charitable Activities Bank Charges |
Unrestriced funds 2023 £ - Unrestriced funds 2023 £ 73 |
Unrestriced funds 2022 £ 500 Unrestriced funds 2022 £ - |
|---|---|---|
4 Expenditure on Charitable Activities
5 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
6 Employees
There were no employees during the year.
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