**Registered number: CE026501 Charity number: 1195587** ## **OLIVE ACADEMIES FOUNDATION** ## **UNAUDITED** **TRUSTEES' REPORT AND FINANCIAL STATEMENTS** **FOR THE YEAR ENDED 31 AUGUST 2022** ## **OLIVE ACADEMIES FOUNDATION** ## **CONTENTS** ||Page| |---|---| |**Reference and Administrative Details of the Company, its Trustees and Advisers**|1| |**Trustees' Report**|2 - 3| |**Trustees' Responsibilities Statement**|4| |**Independent Examiner's Report**|5| |**Statement of Financial Activities**|6| |**Balance Sheet**|7| |**Notes to the Financial Statements**|8 - 12| ## **OLIVE ACADEMIES FOUNDATION** ## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2022** |**Trustees**|G J Clark, Chair (appointed 20 August 2021)| |---|---| ||K James (appointed 20 August 2021)| ||M A Vickers (appointed 20 August 2021)| |**Company registered**
**number**
CE026501
**Charity registered**
**number**
1195587
**Registered office**
Olive Academies Training & Development Centre
Inskip Drive
Essex
RM11 3UR
**Bankers**
Lloyds Bank Plc
78 New Road
Gravesend
Kent
DA11 0AR|| Page 1 ## **OLIVE ACADEMIES FOUNDATION** ## **TRUSTEES' REPORT FOR THE YEAR ENDED 31 AUGUST 2022** Welcome to The Olive Academies Foundation’s first annual report and accounts. As chair of the trustees I am delighted to provide with this overview of our progress since we registered as a charity in August 2021. A lot of essential activity has happened during our first year which has laid the foundations for the charity and, as with my fellow trustees, I am excited about achieving more for and with our vulnerable children and young people in the years ahead. Our vision for OA Foundation is to enable the children and young people who attend schools within Olive Academies Trust (OA Trust) to thrive through participation in projects and experiences that extend their engagement in education by broadening their horizons. Our core purpose is to fundraise and work with partners, so OA Foundation can support enrichment programmes, via OA academies, that inspire pupils and their families Our top priorities for this year have been: - a. Making a difference: Funding impactful enrichment programmes designed and managed by staff at OA academies, including Venture Beyond: a bespoke, character-building programme of outdoor activities. - b. Building a pipeline: Building relationships with potential partners to raise funds, and completing successful grant applications. - c. Setting ourselves up: Establishing our structures, governance arrangements and robust policies. - d. Getting ourselves known: Communicating to our partners, stakeholders and OA academies about our work and our mission. Key activities and progress against these priorities include: 1. A high profile launch event at the end of March 2022 in partnership with The Conduit in central London. This served to introduce the new charity to a range of stakeholders, potential supporters and the leaders of Olive Academies. Most excitingly we were able to hear from students from an Olive academy about the difference their school has made to their lives and how Venture Beyond could offer more. 2. We are developing Venture Beyond as an umbrella theme to start our work to enrich the lives and learning of Olive Academies students. We have described how we plan to extend and enhance outdoor learning opportunities for students. We have started to work with individual Olive academies about how to go about funding and supporting learning experiences that demonstrably improve young people’s confidence, resilience and positive engagement with learning. 3. We have started to raise funds via donations from supporters, reaching a total of nearly £25,000 by the end of our first financial year. We have also started work making applications to charitable funders, resulting in positive responses from two: BNI and Hasslers. We seek to build on these in the coming year to successfully deliver the first round of grant-funded activities and to double the funds raised in the year ahead. 4. We have developed the functioning of the charity and our trustees as top decision-makers. A core timetable of Board meetings and key policies have been put in place to ensure there is strong governance for our new charity. For example we have approved and implemented a financial handbook which sets out the parameters for acceptance of donations and other funding, ensuring robust compliance to anti-money laundering and implementing arrangements to claim gift aid where possible. ## Financial Review During the first year the OA Foundation received donation income of £24,141. Non-recurring expenditure of £24,549 was incurred in setting up the OA Foundation, together with day-today expenditure of £4,149, making total expenditure of £28,698. As a result, OA Foundation has an overall deficit of £(4,577) carried forward in unrestricted reserves. Olive Academies Foundation and Olive Academies Trust entered into a partnership service level agreement (SLA) that sets out that costs incurred in the set up of the OA Foundation prior to launch (£24,549) were paid by the Trust. These set up costs are subject to repayment over an extended period of time, Page 2 ## **OLIVE ACADEMIES FOUNDATION** ## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022** as agreed in the SLA. The value of the deferred repayment does not exceed the Trust’s available self-generated funds from consultancy work and is only funded from self-generated funds, specifically excluding restricted funds. No repayment is expected to be made by the OA Foundation within the year 2022/23 either. The SLA, approved by both Boards, facilitates the Foundation being able focusing on its grant-making activity. The principle underpinning the OA Foundation reserves policy is to ensure the OA Foundation can continue to meet its financial circumstances and operational objectives, as a going concern. Our Board of Trustees has the reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, we continue to adopt the ‘going concern’ basis in preparing the financial statements. Approved by order of the members of the board of Trustees on 30 March 2023 and signed on their behalf by: **G J Clark** Chair of Trustees **K James** Accounting Officer Page 3 ## **OLIVE ACADEMIES FOUNDATION** ## **STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 31 AUGUST 2022** The Trustees (who are also the directors of the Company for the purposes of company law) are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to: - ! select suitable accounting policies and then apply them consistently; - ! observe the methods and principles of the Charities SORP (FRS 102); - ! make judgements and accounting estimates that are reasonable and prudent; - ! state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements; - ! prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by order of the members of the board of Trustees on 30 March 2023 and signed on its behalf by: **G J Clark** Chair of Trustees **K James** Trustee Page 4 ## **OLIVE ACADEMIES FOUNDATION** ## **INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 AUGUST 2022** ## **Independent Examiner's Report to the Trustees of Olive Academies Foundation ('the Company')** I report to the charity Trustees on my examination of the accounts of the Company for the year ended 31 August 2022. ## **Responsibilities and Basis of Report** As the Trustees of the Company (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act'). Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the Company's accounts carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. ## **Independent Examiner's Statement** I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe: 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)]. 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. This report is made solely to the Company's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Company's Trustees those matters I am required to state to them in an Independent Examiner's Report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Company and the Company's Trustees as a body, for my work or for this report. Signed: Dated: 30 March 2023 Laura Ambrose FCA Haslers, Old Station Road, Loughton, Essex, IG10 4PL Page 5 ## **OLIVE ACADEMIES FOUNDATION** ## **STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2022** |**Note**
**Income from:**
Donations and legacies
2
**Total income**
**Expenditure on:**
Charitable activities
3
**Total expenditure**
**Net movement in funds**
**Reconciliation of funds:**
Net movement in funds
**Total funds carried forward**|**Unrestricted**
**funds**
**2022**
**£**
**24,141**
**24,141**
**28,698**
**28,698**
**(4,557)**
**(4,557)**
**(4,557)**|**Total**
**funds**
**2022**
**£**
**24,141**
**24,141**
**28,698**
**28,698**
**(4,557)**
**(4,557)**
**(4,557)**| |---|---|---| The Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 8 to 12 form part of these financial statements. Page 6 ## **OLIVE ACADEMIES FOUNDATION REGISTERED NUMBER: CE026501** ## **BALANCE SHEET AS AT 31 AUGUST 2022** |**Note**
**Current assets**
Debtors
6
Cash at bank and in hand
Creditors: amounts falling due within one year
7
**Net current assets**
**Total assets less current liabilities**
Creditors: amounts falling due after more than one year
8
**Net liabilities excluding pension asset**
**Total net assets**
**Charity funds**
Restricted funds
9
Unrestricted funds
9
**Total funds**|**3,978**
**19,330**
**23,308**
**(3,317)**|**2022**
**£**
**19,991**
**19,991**
**(24,548)**
**(4,557)**
**(4,557)**
**-**
**(4,557)**
**(4,557)**| |---|---|---| The Company was entitled to exemption from audit under section 477 of the Companies Act 2006. The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006. The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime. The financial statements were approved and authorised for issue by the Trustees on 30 March 2023 and signed on their behalf by: **G J Clark K James** Chair of Trustees Trustee The notes on pages 8 to 12 form part of these financial statements. Page 7 ## **OLIVE ACADEMIES FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022** ## **1. Accounting policies** ## **1.1 Basis of preparation of financial statements** The financial statements 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Olive Academies Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. ## **1.2 Going concern** The Trustees assess whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the Charity to continue as a going concern. The Trustees make this assessment in respect of a period of at least one year from the date of authorisation for issue of the financial statements and have concluded that the Charity has adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainties about the Charity's ability to continue as a going concern, thus they continue to adopt the going concern basis of accounting in preparing the financial statements. A funds brought forward deficit has been recognised as at the year end. This is due to incurring start up costs for setting the Foundation up in the year which are one-off expenditure. We expect similar expenditure to not be recognised in the following period and hence can deem that the Foundation is a going concern from the sign off date. ## **1.3 Income** All income is recognised once the Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. ## **1.4 Expenditure** Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Expenditure on charitable activities is incurred on directly undertaking the activities which further the Company's objectives, as well as any associated support costs. All expenditure is inclusive of irrecoverable VAT. Page 8 ## **OLIVE ACADEMIES FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022** ## **1. Accounting policies (continued)** ## **1.5 Debtors** Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. ## **1.6 Cash at bank and in hand** Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. ## **1.7 Fund accounting** General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Company and which have not been designated for other purposes. ## **2. Income from donations and legacies** ||**Unrestricted**|**Total**| |---|---|---| ||**funds**|**funds**| ||**2022**|**2022**| ||**£**|**£**| |Donations|24,141|**24,141**| ## **3. Analysis of expenditure on charitable activities** ## **Summary by fund type** |**Unrestricted**
**funds**
**2022**
**£**
Support costs
26,598
Independent examination fee
2,100
28,698|**Total**
**2022**
**£**
**26,598**
**2,100**| |---|---| ||**28,698**| Page 9 ## **OLIVE ACADEMIES FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022** ## **4. Analysis of expenditure by activities** |Support costs
Independent examination fee
**Analysis of support costs**|**Support**
**costs**
**2022**
**£**
26,598
2,100
28,698|**Total**
**funds**
**2022**
**£**
**26,598**
**2,100**| |---|---|---| |||**28,698**| |||| |Foundation set up costs
Insurance
Subscriptions
Bank charges
Independent examination fee|**Total**
**funds**
**2022**
**£**
**24,549**
**650**
**385**
**1,014**
**2,100**| |---|---| ||**28,698**| |**5.**
**Independent examiner's remuneration**
Fees payable to the independent examiner for the independent examination of the annual
accounts
**6.**
**Debtors**
**Due within one year**
Prepayments and accrued income|**2022**
**£**
**2,100**| |---|---| ||**2022**
**£**
**3,978**| ||| ||**3,978**| Page 10 ## **OLIVE ACADEMIES FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022** ## **7. Creditors: Amounts falling due within one year** |Other creditors
Accruals and deferred income
**8.**
**Creditors: Amounts falling due after more than one year**
Other creditors|**2022**
**£**
**1,037**
**2,280**| |---|---| ||| ||**3,317**| ||**2022**
**£**
**24,548**| ## **9. Statement of funds Statement of funds - current year** ||||**Balance at**| |---|---|---|---| ||||**31 August**| ||**Income**|**Expenditure**|**2022**| ||**£**|**£**|**£**| |**Unrestricted funds**|||| |General Funds|**24,141**|**(28,698)**|**(4,557)**| ## **10. Summary of funds Summary of funds - current year** General funds |||**Balance at**| |---|---|---| |||**31 August**| |**Income**|**Expenditure**|**2022**| |**£**|**£**|**£**| |**24,141**|**(28,698)**|**(4,557)**| Page 11 ## **OLIVE ACADEMIES FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022** ## **11. Analysis of net assets between funds** ## **Analysis of net assets between funds - current year** |**Unrestricted**
**funds**
**2022**
**£**
Current assets
23,307
Creditors due within one year
(27,865)
**Total**
(4,558)|**Total**
**funds**
**2022**
**£**
**23,307**
**(27,865)**
**(4,558)**| |---|---| ## **12. Related party transactions** The following amounts were due from/(to) related parties: Olive Academies received funding during the year to assist with the setup and creation of the Charity. The costs over and above this grant have been recharged to the Foundation. |Olive Academies|**2022**
**£**
**(25,585)**
**(25,585)**| |---|---| ## **13. Controlling party** For the year ended 31 August 2022, Olive Academies are the ultimate controlling party of the Foundation. Page 12