ANNUAL REPORTS AND FINANCIAL STATEMENTS FOR THE FIRST PERIOD ENDED 31ST DECEMBER 2022
COMICBOOKS FOR KIDS UK!
(Charitable Incorporated Organisation)
CHARITY REGISTRATION No: 1196689
Castle View Accounting Ltd
New Barn Mudberry Lane Bosham Chichester West Sussex PO18 8TS
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COMICBOOKS FOR KIDS UK!
(Charitable Incorporated Organisation)
CONTENTS
| Page 3 | Legal and Administrative Information |
|---|---|
| Page 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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COMICBOOKS FOR KIDS UK!
(Charitable Incorporated Organisation)
LEGAL AND ADMINISTRATIVE INFORMATION
CHARITY NUMBER 1196689 DATE OF REGISTRATION 19th November 2021 START OF FINANCIAL PERIOD 19th November 2021 END OF FINANCIAL PERIOD 31st December 2022 TRUSTEES AT 31ST DECEMBER 2022 Mark Weiss John Dziewiatkowski Christopher Thompson William O'Mullane LEGAL STATUS Charitable Incorporated Organisation
GOVERNING INSTRUMENT
CIO - Foundation Registered 19th November 2021
OBJECTS
The relief of Children in need, by reason of ill-health or disability who are patients in NHS Hospitals or Charitable Hospices in the United Kingdom by providing or assisting in the provision of reading, colouring, toys and pop culture materials not normally provided by statutory authorities and/or ancillary to those provided by the NHS.
CORRESPONDENCE ADDRESS C/o Duane Morris Citypoint 1 Ropemakers Street London EC2Y 9AW PRIMARY BANKERS Wise Payments Limited 6th Floor The Tea Building 56 Shoreditch High Street London E1 6JJ INDEPENDENT EXAMINERS Castle View Accounting Ltd New Barn Mudberry Lane Bosham Chichester West Sussex PO18 8TS
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COMICBOOKS FOR KIDS UK!
(Charitable Incorporated Organisation)
STATEMENT OF FINANCIAL ACTIVITIES FOR THE FIRST PERIOD ENDED 31ST DECEMBER 2022
| Notes INCOMING RESOURCES Incoming Resources from Generated Funds Donations, Grants & Legacies 3a Investment Income 3b TOTAL INCOMING RESOURCES RESOURCES EXPENDED Costs of Generating Funds Cost of Charitable Activities 4a Governance Costs 4b TOTAL RESOURCES EXPENDED NET INCOMING (OUTGOING) RESOURCES Funds Brought Forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted Restricted TOTAL Funds Funds 2022 £ £ £ 851 - 851 - - - 851 - 851 16 - 16 - - - 16 - 16 835 - 835 - - - 835 - 835 |
|---|---|
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 financial statements.
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COMICBOOKS FOR KIDS UKI {CharilaLlp OrgarWlI BALANCE SHE AS AT 31ST DECEMBER 2022 Total 31-D22 FIX AM•ts T8ngible Assets Investrn8rrts Total Flx•d AsMt• D8btor8 & PrepayThents Cash at 88nk in Hand Total Curr•ntAu•ts 835 Cr•dltorn' ATrnts fallTrJ due one ywr NET CURRENT ASSET3 835 TOTAL AsseTS kns wrtIlatll 835 Cr•dltorn' Arn6 fallrwJ ¢kn kn fithan c•)è )w NEf ASSET8 835 835 Fund• ofth• Chrlty Gengral Funds R8strfet8d Funds 835 Totsl Fund• 835 Apprtyed by Tfttees (..... Slgngd on tholr bow ty Trust00 ......... ............................................................................................................... Prfnt•Y N8rne'.
COMICBOOKS FOR KIDS UK!
(Charitable Incorporated Organisation)
NOTES TO THE FINANCIAL STATEMENTS FOR THE FIRST PERIOD ENDED 31ST DECEMBER 2022
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 notes. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2015) - (Charities SORP - 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 have 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.
Investment Gains and Losses
This included any gain or loss on the sale of investments and any gain or loss resulting from revaluing investments to market value at the end of the year.
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COMICBOOKS FOR KIDS UK!
(Charitable Incorporated Organisation)
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE FIRST PERIOD ENDED 31ST DECEMBER 2022
1. ACCOUNTING POLICIES (continued)
Expenditure and Liabilities
Liability Recognition
Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to pay out resources.
Governance Costs
Include costs of the preparation and examination of statutory accounts, the costs of the trustees meetings and cost of any legal advice 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.
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.
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 appeals for special offerings for specific purposes.
Designated funds
These funds are funds set aside by the trustees out of unrestricted general funds for particular purposes or projects.
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.
Depreciation Expense
Depreciation is calculated at a rate to write off the cost of tangible fixed assets over their estimated useful lives. The rates applied are as follows:
Fixtures, Fittings and Equipment
25% - Reducing Balance Basis
2. TANGIBLE FIXED ASSETS
The CIO held no fixed assets during this initial financial period.
The annual commitments under non-cancelling operating leases and capital commitments are as follows: 31st December 2022 : None
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COMICBOOKS FOR KIDS UK!
(Charitable Incorporated Organisation)
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE FIRST PERIOD ENDED 31ST DECEMBER 2022
3. INCOMING RESOURCES
| a) Donations, Grants & Legacies Gifts & Donations b) Investment Income Interest |
Unrestricted Restricted TOTAL Funds Funds 2022 £ £ £ 851 - 851 851 - 851 - - - - - - |
|---|---|
4. RESOURCES EXPENDED
| a) Cost of Charitable Activities Administrative Expenses b) Governance Costs Independent Examiners Fees 9 |
Unrestricted Restricted TOTAL Funds Funds 2022 £ £ £ 16 - 16 16 - 16 - - - - - - |
|---|---|
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COMICBOOKS FOR KIDS UK!
(Charitable Incorporated Organisation)
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE FIRST PERIOD ENDED 31ST DECEMBER 2022
5. RESTRICTED FUNDS
The CIO held no restricted funds during this initial financial period.
6. INVESTMENTS
The CIO held no fixed asset investments during this initial financial period.
7. CASH AT BANK AND IN HAND
| Cash at Bank & in Hand 8. DEBTORS AND PREPAYMENTS Sundry Debtors 9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Independent Examiners Fees |
Unrestricted Restricted Total Fund Fund 31-Dec-22 £ £ £ 835 - 835 835 - 835 Unrestricted Restricted Total Fund Fund 31-Dec-22 £ £ £ - - - - - - Unrestricted Restricted Total Fund Fund 31-Dec-22 £ £ £ - - - - - - |
|---|---|
10. CREDITORS: AMOUNTS FALLING DUE IN MORE THAN ONE YEAR
The CIO held no long term liabilities during this initial financial period.
11. NET ASSETS BETWEEN FUNDS
| Fixed Asset Investments Net Current Assets Long Term Liabilities |
Unrestricted Restricted Total Funds Funds 31-Dec-22 £ £ £ - - - 835 - 835 - - - 835 - 835 |
|---|---|
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COMICBOOKS FOR KIDS UK!
(Charitable Incorporated Organisation)
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE FIRST PERIOD ENDED 31ST DECEMBER 2022
12. STAFF COSTS AND NUMBERS
The CIO employed no members of staff during this initial financial period.
13. TRUSTEES AND OTHER RELATED PARTIES
No payments were made to trustees or any persons connected with them during this financial period. No material transaction took place between the organisation and a trustee or any person connected with them.
14. 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.
15. 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.
16. 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.
17. COMPARATIVE FIGURES
There are no comparative figures available as this is the initial period of registered Incorporated Charitable Activity.
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