REGISTERED CHARITY NUMBER: 1195291
REPORT OF THE TRUSTEES AND
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
FOR
MOXIE FOUNDATION
Carr, Jenkins & Hood
Oystermouth House Charter Court
Phoenix Way
Swansea Enterprise Park
Swansea
SA7 9FS
MOXIE FOUNDATION
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
|
Page |
Report of the trustees |
1 to 3 |
Independent examiner's report |
4 to 5 |
Statement of financial activities |
6 |
Balance sheet |
7 |
Cash flow statement |
8 |
Notes to the cash flow statement |
9 |
Notes to the financial statements |
10 to 15 |
Detailed statement of financial activities |
16 |
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2023
MOXIE FOUNDATION
The trusteespresenttheirreportwiththefinancialstatementsof thecharityfortheyearended31 March2023. The
trusteeshave adoptedthe provisionsof Accountingand Reportingby Charities:Statementof Recommended Practice
applicableto charitiespreparingtheiraccountsin accordancewiththe FinancialReportingStandardapplicablein the
UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
Objectives and activities
Objectives and aims
The foundations'purposeis to enablebetteraccessto employmentopportunitiesby distributinggrantsthat support
the goals and ambitionsof people living in social housingin the South Wales area, specificallythose individualson low
income who are housed or supported by charities or social housing associations.
Thefoundationprovidesgrantfundingtosupportindividualsneedsforequipment,qualifications,training courses
and any other necessary items for an individual to gain employment.
Significant activities
Thecharity'smainobjectivecontinuedtobetosupportindividualsgainemployment.Throughaninitiative titled
"WorkingWardrobe"theyintendto supplyit'suserswithprofessionalworkattire,inadditionto providingthe grant
funding, equipment, qualifications, training courses and any other necessary items noted above.
Public benefit
TheTrusteesareawareoftheCharityCommissionguidanceregardingpublicbenefit,andconfirmthatthey have
compliedwiththedutyinsection4ofthecharitiesact2011tohavedueregardtoit.Theyconsiderthat the
informationincludedinthisannualreport,abouttheorganization'saims,activitiesandachievements demonstrates
public benefit in relation to the delivery of the objects of the foundation.
Achievement and performance
Fundraising activities
The foundationundertookfundraisingactivitiesduringthe yearended31 March2023 to enabledistributionof grant
fundingandsupplyofequipmenttoprospectiveusers.Thecharityalsoappliedforgrantfundingfromthe local
council and government to help cover the costs in fulfilling it's objectives.
Thecharitywasabletosecurealargedonationofprofessionalworkattire,withthepurposeofprovidingthese to
individuals to attend employment interviews and if successful, to use on a daily basis as uniform.
Financial review
Financial position
Thecharityraisedatotalof£660,547(2022:£11,455.86)whichincludedadonationofprofessionalworkattireat a
fair value estimate of £625,000.
Thefoundationspentatotalof£12,772(2022:£4,874)duringtheperiodonitemsandserviceswhichallow the
charity to fulfil its function. At the year end, the foundation held stock at a fair value of £623,750 (2022: £NIL).
Itshouldbenotedthatthecomparativefiguresaren'twhollycomparabletothecurrentyearastheyrelateto the
period from first registration of the charity - being 26 July 2021 - to the period end dated 31 March 2022.
Reserves policy
The Trustees have examined the charity's requirement for reserves in light of the main risks to the
organisation.The intentionin the futureis to holdreasonablelevels of reservesin the organisationto protect against
unforeseencircumstancesandpotentialriskswithoutoverretention,whichwouldbecontrarytothe charitable
delivery.
1
MOXIE FOUNDATION
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023
Financial review
Going concern
Aftermakingreasonableenquiries,thetrusteeshaveareasonableexpectationthatthecharityhas adequate
resourcesto continueit's operationalexistencefor the foreseeablefuture.For this reason,they continueto adopt the
going concern basis in preparing the financial statements.
Structure, governance and management
Governing document
Thecharityiscontrolledbyitsgoverningdocument,adeedoftrustandconstitutesanunincorporatedcharity. The
foundations'governingdocumentispubliclyavailableontheCharityregisterwhichsetsoutthepurposeof the
foundation and how the foundation will be operated.
Organisational structure
Theorganisationalstructurecomprisesthatof thetwotrustees,alongwithanemployeewhoassistswiththeday to
day running of the charity.
Decision making
Decision making is under the sole control of the trustees, who remain to have full operational control.
Key management remuneration
The trusteesconsiderthattheboardof trusteescomprisethekeymanagementpersonnelof thecharityin charge of
controlling,runningandoperatingthecharity.Thetrusteesgivetheirtimefreelyandnotrusteereceived any
remuneration during the period.
Thepayofseniorstaffwhoarenottrusteesissetatindustryapprovedlevels,reviewedannuallyand benchmarked
against comparable organisations.
Related parties
The trustees have significantcontrol over a creditorto the charity,details of which have been disclosedin the notes to
the financial statements. All transactions are operated on an arms length basis at market rates.
Risk management
Thetrusteeshaveadutytoidentifyandreviewtheriskstowhichthecharityisexposedandtoensure appropriate
controls are in place to provide reasonable assurance against fraud and error.
Reference and administrative details
Registered Charity number
1195291
Principal address
Moxie People Ltd
22 Cathedral Road
Cardiff
CF11 9LJ
Trustees
The trustees who served during the period and up to the date of signature were:
Mr Sam Cooper-Woolley (appointed 26 July 2021)
Mr Richard Thomas (appointed 26 July 2021)
2
MOXIE FOUNDATION
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2023
Reference and administrative details
Independent Examiner
Matthew Morgan FCCA
Carr, Jenkins & Hood
Oystermouth House Charter Court
Phoenix Way
Swansea Enterprise Park
Swansea
SA7 9FS
Public benefit
TheTrusteesareawareoftheCharityCommissionguidanceregardingpublicbenefit,andconfirmthatthey have
compliedwiththedutyinsection4ofthecharitiesact2011tohavedueregardtoit.Theyconsiderthat the
informationincludedinthisannualreport,abouttheorganization'saims,activitiesandachievements demonstrates
public benefit in relation to the delivery of the objects of the foundation.
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
......................................................................
R Thomas - Trustee
3
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF
MOXIE FOUNDATION
Independent examiner's report to the trustees of Moxie Foundation
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2023.
Responsibilities and basis of report
As the charity'strusteesyou are responsiblefor the preparationof the accountsin accordancewith the requirements
of the Companies Act 2006 ('the 2006 Act').
Havingsatisfiedmyselfthattheaccountsof thecharityare notrequiredto be auditedunderPart16 of the2006 Act
andareeligibleforindependentexamination,Ireportinrespectofmyexaminationofyourcharity'saccounts as
carriedoutundersection145oftheCharitiesAct2011('the2011Act').IncarryingoutmyexaminationI have
followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.
Independent examiner's statement
Sincethecompany'sgrossincomeexceeded£250,000yourexaminermustbeamemberofabodylistedin section
145 of the2011Act.I canconfirmthatI am qualifiedto undertaketheexaminationbecauseI am a memberof the ,
Association of Chartered Certified Accountants which is one of the listed bodies.
Ihavecompletedmyexamination.Iconfirmthatnomattershavecometomyattentioninconnectionwith the
examination giving me cause to believe that in any material respect:-
1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act 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; or
4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
Your attentionis to drawnto the fact that the charityhas preparedthe accounts(financialstatements)in accordance
withAccountingandReportingbyCharitiespreparingtheiraccountsinaccordancewiththeFinancial Reporting
StandardapplicableintheUKandRepublicofIreland(FRS102)inpreferencetotheAccountingandReporting by
Charities:StatementofRecommendedPracticeissuedon1April2005whichisreferredtointheextant regulations
but has since been withdrawn.
Weunderstandthatthishasbeendoneinorderfortheaccountstoprovidea trueandfairviewinaccordance with
the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
Ihavenootherconcernsandhavecomeacrossnoothermattersinconnectionwiththeexaminationto which
attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Matthew Morgan FCCA
Carr, Jenkins & Hood
Oystermouth House Charter Court
Phoenix Way
Swansea Enterprise Park
Swansea
SA7 9FS
4
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF
MOXIE FOUNDATION
Date: .............................................
5
MOXIE FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2023
Year Ended
31.3.23
Unrestricted
fund
Notes
£
Income and endowments from
Donations and legacies
2
660,547
Expenditure on
Raising funds
3
12,522
NET INCOME
648,025
Reconciliation of funds
Total funds brought forward
6,582
Total funds carried forward
654,607 |
Period
26.7.21
to
31.3.22
Total
funds
£
11,456 |
|
4,874 |
|
6,582
- |
|
6,582 |
The notes form part of these financial statements
6
MOXIE FOUNDATION
BALANCE SHEET
31 MARCH 2023
2023
Unrestricted
fund
Notes
£
Current assets
Stocks
8
623,750
Cash at bank
36,085
659,835
Creditors
Amounts falling due within one year
9
(5,228)
Net current assets
654,607
Total assets less current liabilities
654,607
NET ASSETS
654,607
Funds
10
Unrestricted funds
654,607
Total funds
654,607 |
2022
Total
funds
£
-
10,011
10,011
(3,429)
6,582
6,582
6,582
6,582
6,582 |
|
|
ThefinancialstatementswereapprovedbytheBoardofTrusteesandauthorisedforissue on
............................................. and were signed on its behalf by:
.............................................
R Thomas - Trustee
.............................................
S Cooper-Woolley - Trustee
The notes form part of these financial statements
7
MOXIE FOUNDATION
CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2023
Year Ended
31.3.23
Notes
£
Cash flows from operating activities
Cash generated from operations
1
26,074
Net cash provided by operating activities
26,074
Change in cash and cash equivalents in the
reporting period
26,074
Cash and cash equivalents at the beginning
of the reporting period
10,011
Cash and cash equivalents at the end of
the reporting period
36,085 |
Period
26.7.21
to
31.3.22
£
10,011 |
|
10,011 |
|
|
|
10,011
- |
|
10,011 |
The notes form part of these financial statements
8
MOXIE FOUNDATION
NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2023
1. Reconciliation of net income to net cash flow from operating activities
|
|
|
Period |
|
|
|
26.7.21 |
|
|
Year Ended |
to |
|
|
31.3.23 |
31.3.22 |
|
|
£ |
£ |
Net income for the reporting period (as per the Statement of financial |
|
|
|
activities) |
|
648,025 |
6,582 |
Adjustments for: |
|
|
|
Increase in stocks |
|
(623,750) |
- |
Increase in creditors |
|
1,799 |
3,429 |
Net cash provided by operations |
|
26,074 |
10,011 |
Analysis of changes in net funds |
|
|
|
|
At 1.4.22 |
Cash flow |
At 31.3.23 |
|
£ |
£ |
£ |
Net cash |
|
|
|
Cash at bank |
10,011 |
26,074 |
36,085 |
|
10,011 |
26,074 |
36,085 |
Total |
10,011 |
26,074 |
36,085 |
2. Analysis of changes in net funds
The notes form part of these financial statements
9
MOXIE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
1. Accounting policies
Basis of preparing the financial statements
The financialstatementsof thecharity,whichis a publicbenefitentityunderFRS 102,havebeenprepared in
accordancewiththeCharitiesSORP(FRS102)'AccountingandReportingbyCharities:Statement of
RecommendedPracticeapplicabletocharitiespreparingtheiraccountsinaccordancewiththe Financial
ReportingStandardapplicablein the UK and Republicof Ireland(FRS 102) (effective1 January2019)', Financial
ReportingStandard102 'The FinancialReportingStandardapplicablein the UK and Republicof Ireland'and the
Charities Act 2011. The financial statements have been prepared under the historical cost convention.
Income
All incomeis recognisedin the Statementof FinancialActivitiesoncethe charityhas entitlementto the funds,
it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilitiesarerecognisedasexpenditureassoonasthereisalegalorconstructiveobligationcommitting the
charitytothatexpenditure,itisprobablethatatransferofeconomicbenefitswillberequiredin settlement
andthe amountof the obligationcan be measuredreliably.Expenditureis accountedfor on an accruals basis
and has beenclassifiedunderheadingsthataggregateall cost relatedto the category.Wherecosts cannot be
directlyattributedtoparticularheadingstheyhavebeenallocatedtoactivitiesona basisconsistentwith the
use of resources.
Stocks and donated goods
Inlinewiththerequirementsof FRS 102,uponwhichCharitiesSORP 2015 is based,thereis a requirement to
recognisethe income from receiptsof resourcesfrom non-exchangetransactions(includingdonatedgoods) at
thefairvalueofthedonatedgoodsreceived.Thecharityhasadoptedthismethodwhenvaluingany stock
donated in the period and at the balance sheet date.
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.
Restrictedfundscanonlybeusedforparticularrestrictedpurposeswithintheobjectsofthe charity.
Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Furtherexplanationofthenatureandpurposeofeachfundisincludedinthenotestothe financial
statements.
continued...
10
MOXIE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023
2.Donations and legacies
Year Ended
31.3.23
£
Donations
660,547
3.
Raising funds
Raising donations and legacies
Year Ended
31.3.23
£
Staff costs
4,971
Support costs
1,619
6,590
Other trading activities
Year Ended
31.3.23
£
Purchases
628,182
Closing stock
(623,750)
Support costs
1,500
5,932
Aggregate amounts
12,522 |
Period
26.7.21
to
31.3.22
£
11,456 |
Period
26.7.21
to
31.3.22
£
11,456 |
|
Period
26.7.21
to
31.3.22
£
-
4,874
4,874
Period
26.7.21
to
31.3.22
£
-
-
-
-
4,874 |
|
|
|
- |
|
|
4,874 |
continued...
11
MOXIE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023
4. Support costs
Support costs |
|
|
|
|
|
Governance |
|
|
Management |
costs |
Totals |
|
£ |
£ |
£ |
Raising donations and legacies |
1,619 |
- |
1,619 |
Other trading activities |
- |
1,500 |
1,500 |
|
1,619 |
1,500 |
3,119 |
5. Trustees' remuneration and benefits
Therewere no trustees'remunerationor otherbenefitsfortheyearended31 March2023 norforthe period
ended 31 March 2022.
Trustees' expenses
Therewerenotrustees'expensespaidfortheyearended31March2023norfortheperiod ended
31 March 2022.
6. Staff costs
|
|
Period |
|
|
|
26.7.21 |
|
|
Year Ended |
to |
|
|
31.3.23 |
31.3.22 |
|
|
£ |
£ |
|
Wages and salaries |
4,570 |
|
- |
Social security costs |
401 |
|
- |
|
4,971 |
|
- |
The average monthly number of employees during the year was as follows:
|
|
Period |
|
|
26.7.21 |
|
Year Ended |
to |
|
31.3.23 |
31.3.22 |
Support staff |
1 |
- |
No employees received emoluments in excess of £60,000.
continued...
12
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023
MOXIE FOUNDATION
7.
Comparatives for the statement of financial activities
Income and endowments from
Donations and legacies
Expenditure on
Raising funds
NET INCOME
Total funds carried forward
8.
Stocks
Stocks
9.
Creditors: amounts falling due within one year
Other creditors
10.
Movement in funds
Unrestricted funds
General fund
TOTAL FUNDS |
Unrestricted
fund
£
11,456
4,874
6,582
6,582
2023
2022
£
£
623,750
-
2023
2022
£
£
5,228
3,429
Net
movement
At
At 1.4.22
in funds
31.3.23
£
£
£
6,582
648,025
654,607
6,582
648,025
654,607 |
|
|
continued...
13
MOXIE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023
10. Movement in funds - continued
Net movement in funds, included in the above are as follows:
|
Incoming |
Resources |
Movement |
|
resources |
expended |
in funds |
|
£ |
£ |
£ |
Unrestricted funds |
|
|
|
General fund |
660,547 |
(12,522) |
648,025 |
TOTAL FUNDS |
660,547 |
(12,522) |
648,025 |
Comparatives for movement in funds |
|
|
|
|
|
Net |
|
|
|
movement |
At |
|
|
in funds |
31.3.22 |
|
|
£ |
£ |
Unrestricted funds |
|
|
|
General fund |
|
6,582 |
6,582 |
TOTAL FUNDS |
|
6,582 |
6,582 |
Comparative net movement in funds, included in the above are as follows: |
|
|
|
|
Incoming |
Resources |
Movement |
|
resources |
expended |
in funds |
|
£ |
£ |
£ |
Unrestricted funds |
|
|
|
General fund |
11,456 |
(4,874) |
6,582 |
TOTAL FUNDS |
11,456 |
(4,874) |
6,582 |
continued...
14
MOXIE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023
11. Related party disclosures
IncludedinothercreditorsisanamountduetoMoxiePeopleLtd,acompanyinwhichtheTrustees' have
significant control, for £3,728 (2022: £3,429).
15
MOXIE FOUNDATION
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2023
|
|
Period |
|
|
26.7.21 |
|
Year Ended |
to |
|
31.3.23 |
31.3.22 |
|
£ |
£ |
Income and endowments |
|
|
Donations and legacies |
|
|
Donations |
660,547 |
11,456 |
Total incoming resources |
660,547 |
11,456 |
Expenditure |
|
|
Raising donations and legacies |
|
|
Wages |
4,570 |
- |
Social security |
401 |
- |
|
4,971 |
- |
Other trading activities |
|
|
Purchases |
625,000 |
- |
Storage costs |
3,182 |
- |
Closing stock |
(623,750) |
- |
|
4,432 |
- |
Support costs |
|
|
Management |
|
|
Advertising |
1,619 |
- |
Fundraising expenses |
- |
4,874 |
|
1,619 |
4,874 |
Governance costs |
|
|
Auditors' remuneration |
1,500 |
- |
Total resources expended |
12,522 |
4,874 |
Net income |
648,025 |
6,582 |
This page does not form part of the statutory financial statements
16