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2023-12-31-accounts

DocuSign Envelope ID: 61E8CD92-1629-4C3A-B870-8597C0A6E577

ANNUAL REPORT

AND FINANCIAL STATEMENTS FOR THE YEAR TO 31 DECEMBER 2023

R e g i s t e r e d C o m p a n y ( 1 3 0 5 2 5 7 9 ) a n d C h a r i t y ( 1 1 9 6 8 2 9 ) i n E n g l a n d a n d W a l e s

a s t r a f o u n d a t i o n . c o . u k

DocuSign Envelope ID: 61E8CD92-1629-4C3A-B870-8597C0A6E577

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The Astra Foundation (a company limited by guarantee)

Trustees’ Report for the year ended 31 December 2023

Contents

Contents
Reference and administrative details of the Foundation 2
Trustees' report 3 - 7
Independent auditor's report on the financial statements 8 - 10
Statement of Financial Activities 11
Balance Sheet 12
Statement of cash flows 13
Notes to the financial statements 14 - 20
Appendix: Grants Approved in 2023 21

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The Astra Foundation (a company limited by guarantee) Trustees’ Report for the year ended 31 December 2023

Reference and Administrative information
Charity name: The Astra Foundation
Charity registration number: 1196829
Company registration number: 13052579
Registered Office: 4th Floor Silverstream House
45 Fitzroy Street
London W1T 6EB
Operational address: 2nd floor, 18-19 Pall Mall
London SW1Y 5LU
Trustees: Ms E de Kergorlay (Founder and Chair)
Ms V Newman
Ms K Francey
Foundation Manager: Ms S Hale
Independent Auditors: UHY Hacker Young
Thames House, Roman Square
Sittingbourne
Kent ME10 4BJ
Bankers: SG Kleinwort Hambros Bank Limited
5th floor, 8 St James’s Square
London SW1Y 4JU
Solicitors: Payne Hicks Beach LLP
10 New Square
Lincoln’s Inn
London WC2A 3QG

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The Astra Foundation (a company limited by guarantee) Trustees’ Report for the year ended 31 December 2023

Trustees’ Report for the year ended 31 December 2023

This report serves the purposes of both a Trustees’ report and a directors’ report under company law. The Trustees confirm that the Annual Report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company’s governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102).

Structure, Governance and Management

The Astra Foundation is a charitable company limited by guarantee, incorporated on 1 December 2020 and registered as a charity on 29 November 2021. The Foundation is managed by a Board of Trustees. The minimum number of Trustees shall be three but (unless otherwise determined by ordinary resolution) shall not be subject to any maximum. Upon appointment, Trustees are required to familiarise themselves with Charity Commission and HMRC guidance relating to charitable organisations, “The Essential Trustee” and payments by charities to overseas bodies. The Trustees are also expected to understand and apply the Astra Foundation’s policies and procedures.

The Board of Trustees delegate the day-to-day management of The Astra Foundation to the Foundation Manager.

Remuneration is reviewed annually by the Trustees, who consider external market conditions, such as inflation, cost of living awards in other sectors, and the cost as a proportion of overall expenditure, as part of its decisionmaking.

Objectives and Activities

The Foundation's objects ("Objects") are specifically restricted to the advancement of such charitable purposes (according to the law of England and Wales) as the Trustees see fit from time to time. The Astra Foundation's mission is to advance three initiatives to benefit the public in furtherance of the Foundation's general charitable purposes: (i) the combating of loneliness in young adults; (ii) empowering youth to reach their potential regardless of their current circumstances; and (iii) combating environmental pollution, particularly from plastic waste. The Foundation makes grants to other charitable organisations in the UK and in other territories which deliver projects addressing these three initiatives for public benefit.

Fundraising

The Foundation does not raise funds from the public and therefore has not subscribed to any fundraising standards or scheme for fundraising regulation.

Our Goals

The goals of the Foundation are to

  1. Establish a theory of change in each programme area, and implement a grant-making plan to effect change and measure the impact and application of the Foundation's grants.

  2. Implement change by

  3. a. Supporting the evidence base and encouraging systemic change through policy work

  4. b. Supporting direct-impact interventions that closely fit the priority areas

  5. Establish and promote the Foundation as a thought leader in the programme areas and a positive influence for change in our priority areas.

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The Astra Foundation (a company limited by guarantee) Trustees’ Report for the year ended 31 December 2023

Our priorities

Loneliness and Isolation Among Young Adults: The Foundation supports organisations that are working to identify and implement both policy change and large-scale programmatic work. The Foundation also supports direct-impact organisations working directly with affected groups that show promising approaches to addressing loneliness and isolation among young adults.

Youth Empowerment: The Astra Foundation's grants focus on programmes that use innovative and proven strategies to give youth the life skills, vocational training, and confidence needed to overcome such barriers. Our theory of change is that preparing young people for the challenges they will face in life is key to their success in reaching their full potential. The Foundation supports key interventions that are more targeted rather than open access to best support young people’s needs and the context of their circumstances.

Plastic Pollution: The goal of the Foundation's work is to reduce the amount of plastic that society produces and consumes. We believe the best way to reduce plastic pollution is to reduce the amount of plastic that enters the consumer market - we cannot recycle our way out of the crisis. The Foundation supports systemic advocacy and policy change work, and initiatives to phase out single-use plastics and to place extended producer responsibility (EPR) on plastic producers.

Achievements and Performance

We had ambitions to grow the Foundation’s total spending in 2023 in comparison to 2022. We were on track to do this but 1. an applicant rolled over to 2024 and 2. a grantee became insolvent leading to a cancelled payment. Therefore our total grant spend fell slightly.

A full list of grants awarded in 2023 is appended to the end of this report.

YOUTH LONELINESS

2023 had more stable political leadership than in 2022 which supported our grant partners to engage MPs meaningfully at All-Party Parliamentary Groups (APPGs), roundtables, and international conferences. However, organisations and their service users were dealing with challenges relating to the high cost of living and a difficult fundraising environment.

In October 2023, we were saddened to hear that The Cares Family announced it was insolvent and closing with immediate effect. We are confident that our funds had been fully spent whilst the charity was operational. The final tranche of the grant due to be issued by The Foundation was cancelled due to the news.

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The Astra Foundation (a company limited by guarantee) Trustees’ Report for the year ended 31 December 2023

In recognition that the high cost of living continued to impact society, we awarded a grant to the Good Faith Foundation for their Warm Welcome Campaign. The campaign helps grassroots community organisations to open their doors to those in need of warmth and companionship. In 2022/23 they found that 40% of attendees said they ‘always’ or ‘often’ felt lonely before coming to a Warm Welcome space, which dropped to just 6% after joining a space.

YOUTH EMPOWERMENT

We made three, one-year, core-funding grants to organisations that support children and young people locally to the Foundation: KAA Intrepidus Trust, The Dalgarno Trust and St Mary’s Ukrainian School . We hope to build strong relationships with these grassroots organisations and in the future, consider longer-term partnerships.

We also awarded a grant to A Zeldin Company for their innovative work regarding user voice and experience of social issues portrayed on stage. Young people are both supported through employment by the company and through community outreach concerning the subject matter of the productions.

Finally, we continued our partnerships with Direct Impact Africa to continue to provide skills training to rural youth in the Chiawa region, Zambia and sponsorship of two players at Mouratoglou Academy’ s elite tennis player programme, in France.

PLASTIC POLLUTION

No funding was awarded in 2023 towards this focus area, however our partner the Ellen MacArthur Foundation continued to engage policymakers and corporates in their work on the UN treaty to end plastic pollution.

Grantmaking Policy

We do not accept unsolicited applications. Our proactive approach allows us to use our time and resources to build strong partnerships with our grantees.

We use a combination of research, reports and expertise to deepen our understanding of our thematic pillars. We do not have set eligibility criteria such as organisation size or type of entity. This is purposefully kept broad to allow us to use our funds where they can have the greatest impact to support our priorities, ensuring that all grants support our purposes for the public benefit. The Foundation mostly supports organisations delivering activities in the UK at present, with an ambition to build our international work. Monitoring of awards made contributes to our learning and strategic direction.

With this contextual information, we identify potential partners and work with them on a proposal. Staff undertake due diligence on the organisation and its leadership. Conversations and, where appropriate, visits take place to meet partners and observe their work. The information is disseminated to the board for a decision.

We aim to work relationally with our partners. We have set touchpoints for reports but will allow information to be shared that was prepared for their board or other donors. Grantees often provide other ad-hoc updates, and Foundation staff and Trustees attend events hosted by grantees and wider networks. We are most interested in their learning and understand that they operate in a complex environment. Where possible, the Foundation will attempt to connect grantees to others to share learning or suggest pro-bono support if appropriate.

Partnership and collaboration

The Foundation alone cannot solve the challenges we seek to address. In 2023 we continued to collaborate with other grant-making organisations. The portfolio has two ongoing partnerships with Depaul UK and the Belong Collective (UK Youth and Youth Focus NE) that are co-funded by the Co-op Foundation.

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The Astra Foundation (a company limited by guarantee) Trustees’ Report for the year ended 31 December 2023

Financial Review

In the year to 31 December 2023, the Astra Foundation’s income was £1,350,000 (2022: £1,500,000). All income was unrestricted. Total expenditure was £282,353 (2022: £1,389,824) which includes commitments in future years as multi-year grant arrangements. Support costs were £81,061 (2022: £94,713), representing a 14.4% reduction in support costs. Donations are made to the Foundation when payments are due, resulting in liabilities on the balance sheet and negative free reserves.

Reserves policy

During the period all donations were unrestricted. Astra Foundation’s founder and donor has indicated that all future commitments will be met (subject to progress) and has the intention for Astra to continue and grow its operations. Cash flow is closely monitored to maintain a positive cash balance. Therefore, Trustees are satisfied that the Foundation is a going concern.

Risk Assessment

Trustees are responsible for monitoring the risks facing the Foundation and ensuring that adequate steps are taken to manage them. Risks are outlined in a matrix grouped under the following headings, as recommended by the Charity Commission: governance risk, external risk, regulatory and compliance risk, financial risk, and operational risk. Each risk is scored based on probability and impact. This is kept under continuous review and is formally updated once a year. The principal risks facing the Astra Foundation are key person risks - both that the Foundation is reliant on a sole benefactor, and managed by a sole employee. In addition, external forces such as a global event, pandemic, war and/or political and financial instability lead to disruption for grantee partners and those they serve: increased demand and/or impact on the value of grants made in other currencies. The Foundation aims to mitigate such risks through agility and flexibility, robust procedural documentation and strong relationships.

Plans for future periods

The Foundation continues to refine our approach and theories of change in each of our priority areas through learning from partners and the wider sector. Focusing on systemic change, we are aware of our place in the ecosystem and that we are one of many actors trying to invoke change. Therefore, we will continue to be open to collaboration with other funders to deepen our impact.

In 2024, we have ambitions to increase our total budget and expand our funding in our thematic pillars internationally, specifically in France.

Statement of Trustees’ Responsibilities

The Trustees 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).

The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year, which give a true and fair view of the state of the affairs of the Charity and of the incoming resources and application of resources of the Charity for that period. In preparing these financial statements, the Trustees are required to:

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The Astra Foundation (a company limited by guarantee) Trustees’ Report for the year ended 31 December 2023

Practice (SORP) (FRS 102);

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity’s transactions and disclose with reasonable accuracy at any time the financial position of the Charity 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 Charity, including taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Disclosure of information to auditors

Auditors

The auditors, UHY Hacker Young, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime.

This report was approved by the Board of Trustees on 23 April 2024 and signed on their behalf by

Elisabeth de Kergorlay Kathy Francey Founder and Chair Trustee

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The Astra Foundation (a company limited by guarantee)

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Independent Auditor’s Report to the Members of The Astra Foundation

Opinion

We have audited the financial statements of The Astra Foundation (‘the charity’) for the year ended 31 December 2023, which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and notes to the financial statements including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Report of the Trustees, other than the financial statements and our Auditor’s report thereon. Our opinion on the financial statements does not cover the information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

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The Astra Foundation (a company limited by guarantee)

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit, the information given in the Report of the Trustees for which the financial statements are prepared is consistent with the financial statements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of Trustees

As explained more fully in the Statement of Trustees’ Responsibilities, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibility for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

How the audit was considered capable of detecting irregularities, including fraud:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

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The Astra Foundation (a company limited by guarantee)

We assessed the susceptibility of the charitable company’s accounts to material misstatement, including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. The description forms part of our Auditor's report.

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.

02/05/2024 Date:

Tracey Moore BFP ACA (Senior statutory auditor) For and on behalf of UHY Hacker Young

Chartered Accountants and Statutory Auditors, Thames House, Roman Square, Sittingbourne. Kent. ME10 4BJ

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The Astra Foundation (a company limited by guarantee)

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Statement of Financial Activities

(including Income & Expenditure Account) For the year to 31 December 2023

Notes Unrestricted
Funds
Total Funds
2023
Total Funds
2023		 Unrestricted
Funds
Total Funds
2022
Statement of Financial Activities (£) (£) (£) (£)










Income and endowments from:
Donations and Legacies
2		 1,350,000 1,350,000 1,500,000 1,500,000
Total 1,350,000 1,350,000 1,500,000 1,500,000
Expenditure on:
Charitable Activities
4		 (282,353) (282,353) (1,389,824) (1,389,824)
Total (282,353) (282,353) (1,389,824) (1,389,824)
Net (Expenditure)/Income 1,067,647 1,067,647 110,176 110,176
Net movement in funds 1,067,647 1,067,647 110,176 110,176
Reconciliation of Funds
Total funds at incorporation - - - -
Total Funds at 1 January (1,602,481) (1,602,481) (1,712,657) (1,712,657)
Current year earnings 1,067,647 1,067,647 110,176
110,176
Total Funds at 31 December (534,834) (534,834) (1,602,481) (1,602,481)

All activities relate to continuing operations.

The Statement of Financial Activities includes all gains and losses recognised during the year. The notes on pages 14 to 20 form part of these financial statements.

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The Astra Foundation (a company limited by guarantee)

Balance Sheet At 31 December 2023

Company Number : 13052579
Notes
2023
2022		 Company Number : 13052579
Notes
2023
2022
Balance Sheet
(£)
(£)
Fixed Assets
Tangible Assets
10
755
1,030
Current assets:
Debtors
11
65
1,362
Cash at bank and in hand
92,393
109,409
Total Current assets:
92,458
110,771
Creditors: Amounts falling due within one year
12
(588,047)
(1,179,282)
Net Current Liabilities
(495,589)
(1,068,511)
Total Assets less Current Liabilities
(494,834)
(1,067,481)
Creditors: Amounts falling due after more than one year
13
(40,000)
(535,000)
Total Net Assets
(534,834)
(1,602,481)
The funds of the charity:
Unrestricted Funds
16
(534,834)
(1,602,481)
Total funds of the charity:
(534,834)
(1,602,481)

The Directors’ acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

These financial statements were approved by the board of trustees and authorised for issue on 23 April 2024 and are signed on behalf of the board by:

Elisabeth de Kergorlay Founder & Chair of Trustees

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The Astra Foundation (a company limited by guarantee)

Notes
2023
2022
Statement of cash flows
(£)
(£)
Cash flows from operating activities
Net cash (used in) operating activities
(17,016)
(72,928)
Change in cash and cash equivalents in the period
(17,016)
(72,928)
Change in cash and cash equivalents at the beginning of the
period
109,409
182,337
Cash and cash equivalents at the end of the period
92,393
109,409
Reconciliation of net income/(expenditure) to net cash flow from operating activities
Net income for the reporting period (as per the statement of financial
activities)
1,067,647
110,176
Adjustments for:
Depreciation charges
10
275
343
Decrease/(Increase) in debtors
11
1,297
(1,362)
(Decrease) in creditors
12,13
(1,086,235)
(182,085)
Net cash (used in) operating activities:
(17,016)
(72,928)
Analysis of Cash and Cash Equivalents
Cash in hand
92,393
109,409
Total cash and cash equivalents:
92,393
109,409
Analysis of changes in net debt
At 1 Jan
2023
Cashflows
At 31 Dec
2023
£
£
£
Cash
109,409
(17,016)
92,393		 Notes
2023
2022
Statement of cash flows
(£)
(£)
Cash flows from operating activities
Net cash (used in) operating activities
(17,016)
(72,928)
Change in cash and cash equivalents in the period
(17,016)
(72,928)
Change in cash and cash equivalents at the beginning of the
period
109,409
182,337
Cash and cash equivalents at the end of the period
92,393
109,409
Reconciliation of net income/(expenditure) to net cash flow from operating activities
Net income for the reporting period (as per the statement of financial
activities)
1,067,647
110,176
Adjustments for:
Depreciation charges
10
275
343
Decrease/(Increase) in debtors
11
1,297
(1,362)
(Decrease) in creditors
12,13
(1,086,235)
(182,085)
Net cash (used in) operating activities:
(17,016)
(72,928)
Analysis of Cash and Cash Equivalents
Cash in hand
92,393
109,409
Total cash and cash equivalents:
92,393
109,409
Analysis of changes in net debt
At 1 Jan
2023
Cashflows
At 31 Dec
2023
£
£
£
Cash
109,409
(17,016)
92,393
Cash
109,409
(17,016)
92,393

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The Astra Foundation (a company limited by guarantee) Notes to the Financial Statements

Notes to the Financial Statements

1 Accounting Policies

Basis of Preparation and assessment of going concern

The financial statements have been prepared in accordance with 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)( 3rd Edition effective January 2022) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The Financial Statements have been prepared under the historical cost convention.

The Charity constitutes a public benefit entity as defined by FRS 102.

The functional and presentation currency of the Financial Statements is GBP and amounts in the accounts are rounded to the nearest pound.

The Trustees have assessed whether the use of the going concern assumption is appropriate in preparing these accounts. The trustees have made this assessment in respect to a period of one year from the date of approval of these accounts.

The trustees of the charity have concluded that there are no 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 charity has no significant assets aside from the balance of cash held at any one time; however, the commitments to those charities supported are from the main benefactor to the charity who will support the causes committed to for as long as possible.

Income

Income is recognised in the period in which the charity has entitlement to the income, the amount of income can be measured reliably and it is probable that the income will be received.

Where there are specific terms or conditions attached to grants and donations, these must be met before the income is recognised.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required, 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.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Foundation's objectives, as well as any associated support costs.

All expenditure is accounted for on an accruals basis.

Grants payable are charged in the period when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the period end are noted as a commitment, but not accrued as expenditure.

All expenditure is inclusive of irrecoverable VAT.

Allocation of support and governance costs

Support costs represent indirect charitable expenditure. In order to carry out the primary purposes of the charity it is necessary to provide support in the form of administration services.

Governance costs comprise the costs involving the public accountability of the charity (including audit costs) and costs in respect of its compliance with regulation and good practice.

Support costs and governance costs are apportioned directly to the one charitable activity.

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The Astra Foundation (a company limited by guarantee)

Notes to the Financial Statements

Transactions denominated in currencies other than GBP

Transactions entered into in foreign currencies are translated into sterling at the spot rate at the date of the transaction. Monetary balances denominated in foreign currencies are translated into sterling at the spot rate at each balance sheet date. Differences on exchange are taken to the statement of financial activities.

Realised gains and losses – Foreign Exchange

All gains and losses are taken to the Statement of Financial Activities as they arise. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value.

Tangible fixed assets and depreciation

Tangible fixed assets costing £500 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition is included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

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.

Debtors

Short term debtors are measured at transaction price, less any impairment losses.

Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Short term creditors are measured at the transaction price.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.

Financial instruments

The Foundation only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

Pensions

The Foundation operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Foundation to the fund in respect of the period.

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 Foundation and which have not been designated for other purposes.

Restricted income funds are those donated for use for specific purposes, the use of which is restricted to that purpose.

DocuSign Envelope ID: 61E8CD92-1629-4C3A-B870-8597C0A6E577

16

The Astra Foundation (a company limited by guarantee)

Notes to the Financial Statements

Critical accounting estimates and areas of judgment

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical accounting estimates and assumptions:

The Foundation makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

Critical areas of judgment:

2 Income from Donations and Legacies

Unrestricted
Total Funds		 Unrestricted Total Funds
2023
2023		 2022 2022
(£)
(£)		 (£) (£)
Donations 1,350,000
1,350,000		 1,500,000 1,500,000
Total 1,350,000
1,350,000		 1,500,000 1,500,000
3 Expenditure - Analysis of grants
Unrestricted
Total Funds		 Unrestricted Total Funds
2023
2023		 2022 2022
(£)
(£)		 (£) (£)
Grants 201,292
201,292		 1,295,111 1,295,111
Total 201,292
201,292		 1,295,111 1,295,111
4a Analysis of Expenditure by Activity 2023
Grant Funding of Support Costs Total Costs
Activities 2023 2023 2023
(£) (£) (£)
Grant Activity 201,292 81,061 282,353
4b Analysis of Expenditure by Activity 2022
Grant Funding of Support Costs Total Costs
Activities 2022 2022 2022
(£) (£) (£)
Grant Activity 1,295,111 94,713 1,389,824
5 Support costs
Unrestricted Total Funds Unrestricted Total Funds
2023
2023		 2022 2022
(£)
(£)		 (£) (£)
Staff costs (see note 7)
 62,084
62,084		 76,421 76,421
Auditor's remuneration
 5,700
5,700		 5,700 5,700
Accountancy fees
 3,647
3,647		 6,489 6,489
Legal & professional fees
 3,925
3,925		 3,013 3,013
Subscriptions
 3,196
3,196		 558 558
Sundry
 2,509
2,509		 2,532 2,532
Total
 81,061
81,061		 94,713 94,713

DocuSign Envelope ID: 61E8CD92-1629-4C3A-B870-8597C0A6E577

17

The Astra Foundation (a company limited by guarantee)

Notes to the Financial Statements

Included within support costs totalling £81,061 for 2023 (2022: £94,713) the following represented governance costs

Governance costs
Auditor's Remuneration
Accountancy fees
Legal & professional fees
Allocation of staff costs
Total		 Unrestricted
2023
Total Funds
2023
Unrestricted
2022
Total Funds
2022
(£)
(£)
(£)
(£)
5,700
5,700
5,700
5,700
3,647
3,647
6,489
6,489
3,925
3,925
3,013
3,013
12,417
12,417
15,284
15,284
25,689
25,689
30,486
30,486

20% of staff costs are allocated to governance on the basis of estimated time spent on governance activities.

6 Net income for the year

6
Net income for the year
This is stated after charging:
Depreciation
Auditor's remuneration – external audit
7
Staff costs
Wages and salaries
Employers National Insurance
Pension costs
Total		 Total Funds
2023
Total Funds
2022
(£)
(£)
275
343
5,700
5,700
2023
2022
(£)
(£)
55,000
67,791
1,584
1,365
5,500
7,265
62,084
76,421

There were no employees with emoluments within the range £60,000 - £70,000 (2022: one). The average number of employees during the year was 1 (2022:1).

The Trustees and the Foundation Manager are considered to be the key management personnel of the charity, in charge of directing and controlling the charity and running and operating the charity on a day-to-day basis.

Key management personnel compensation for the year to 31 December 2023 was £62,084 (2022: £76,421).

8 Trustee's remuneration and expenses

None of the Trustees, nor any persons connected with them, received any remuneration during the year. No Trustee was reimbursed for any of their expenses during the current year.

9 Taxation

The Astra Foundation is a registered Charity and is therefore potentially exempt from taxation on its income and gains as the Foundation falls within the definition of a charitable company as defined in Part 1, Schedule 6 of the Finance Act 2010. No tax charge has arisen in the year.

DocuSign Envelope ID: 61E8CD92-1629-4C3A-B870-8597C0A6E577

18

The Astra Foundation (a company limited by guarantee) Notes to the Financial Statements

10 Tangible Fixed Assets

Cost
At 1 January 2023
At 31 December 2023

Accumulated Depreciation
At 1 January 2023
Charged in the year
At 31 December 2023
Net Book Value 31 December 2023
Net Book Value 31 December 2022
11
Debtors

Prepayments
Other debtors
12
Creditors: amounts falling due within one year

Grants - institutional
Accruals & deferred income
Taxation & social security
Other creditors

13
Creditors: amounts falling due after more than one year

Grants - Institutional
 Computer
Equipment
(£)
1,373
1,373
343
275
618
755
1,030
2023
2022
(£)
(£)
65
1,114
-
248
65
1,362
2023
2022
(£)
(£)
580,148
1,149,390
7,011
28,380
23
85
865
1,427
588,047
1,179,282
2023
2022
(£)
(£)
40,000
535,000
40,000
535,000

DocuSign Envelope ID: 61E8CD92-1629-4C3A-B870-8597C0A6E577

19

The Astra Foundation (a company limited by guarantee) Notes to the Financial Statements

14
Grant Reconciliation

Grant commitments b/f at 1 January
Payable within one year
Payable in more than one year
Approvals in year
Increase in commitment due to fx movements
Grants lapsed
Grants cancelled
Grants charge for the year
Payments in the year
Grant commitments c/f at 31 December
Payable within one year
Payable in more than one year		 2023
2022
(£)
(£)
1,149,390
1,044,883
535,000
833,818
1,684,390
1,878,701
347,524
1,290,828
350
8,168
(11,582)
(3,885)
(135,000)
-
201,292
1,295,111
(1,265,534)
(1,489,422)
620,148
1,684,390
580,148
1,149,390
40,000
535,000
620,148
1,684,390

15 Financial Instruments

Financial assets measured at fair value through income and expenditure
31
December
2023
31
December
2022
(£)
(£)
Cash at bank and in hand
92,393
109,409
16
Summary of Funds
Summary of funds (current year)
At
01/01/2023
Income
Expenditure
At
31/12/2023
(£)
(£)
(£)
(£)
Unrestricted Funds
(1,602,481)
1,350,000
(282,353)
(534,834)
Summary of funds (prior year)
At
01/01/2022
Income
Expenditure
At
31/12/2022
(£)
(£)
(£)
(£)
Unrestricted Funds
(1,712,657)
1,500,000
(1,389,824)
(1,602,481)		 Financial assets measured at fair value through income and expenditure
31
December
2023
31
December
2022
(£)
(£)
Cash at bank and in hand
92,393
109,409
16
Summary of Funds
Summary of funds (current year)
At
01/01/2023
Income
Expenditure
At
31/12/2023
(£)
(£)
(£)
(£)
Unrestricted Funds
(1,602,481)
1,350,000
(282,353)
(534,834)
Summary of funds (prior year)
At
01/01/2022
Income
Expenditure
At
31/12/2022
(£)
(£)
(£)
(£)
Unrestricted Funds
(1,712,657)
1,500,000
(1,389,824)
(1,602,481)		 Financial assets measured at fair value through income and expenditure
31
December
2023
31
December
2022
(£)
(£)
Cash at bank and in hand
92,393
109,409
16
Summary of Funds
Summary of funds (current year)
At
01/01/2023
Income
Expenditure
At
31/12/2023
(£)
(£)
(£)
(£)
Unrestricted Funds
(1,602,481)
1,350,000
(282,353)
(534,834)
Summary of funds (prior year)
At
01/01/2022
Income
Expenditure
At
31/12/2022
(£)
(£)
(£)
(£)
Unrestricted Funds
(1,712,657)
1,500,000
(1,389,824)
(1,602,481)
Expenditure
At
31/12/2023
(£)
(£)
(282,353)
(534,834)
At
01/01/2022
Income
(£)
(£)
(1,712,657)
1,500,000		 Expenditure
At
31/12/2022
(£)
(£)

(1,389,824)
(1,602,481)

DocuSign Envelope ID: 61E8CD92-1629-4C3A-B870-8597C0A6E577

20

The Astra Foundation (a company limited by guarantee) Notes to the Financial Statements

17
Analysis of net assets between funds - all unrestricted

Tangible Net Assets
Current Assets
Creditors due within one year
Creditors due in more than one year		 2023
2022
(£)
(£)
755
1,030
92,458
110,771
(588,047)
(1,179,282)
(40,000)
(535,000)
(534,834)
(1,602,481)

18 Pension commitments

The Foundation operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Foundation in an independently administered fund. The pension cost charge represents contributions payable by the Foundation to the fund and amounted to £5,500 (2022: £7,265) which was paid during the year.

19 Related Party Transactions

The aggregate amount of unconditional donations from Trustees during the year was £1,350,000 (2022: £1,500,000).

With the exception of the above, the Foundation has not entered into any related party transaction during the period, nor are there any outstanding balances owing between related parties and the Foundation at 31 December 2023 or 31 December 2022.

20 Funds held as an Agent

In 2023 The Astra Foundation received £640 as an agent. These funds were paid out during the year and so the Foundation held no agency funds at the year end.

In 2022 The Astra Foundation received £22,040 as an agent and all funds were paid out during the year.

21 Legal Status of the Charity

The Charity is a company limited by guarantee and has no share capital. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member.

DocuSign Envelope ID: 61E8CD92-1629-4C3A-B870-8597C0A6E577

The Astra Foundation (a company limited by guarantee)

21

Appendix: Grants approved in 2023
Organisation Priority Grant period Amount awarded
KAA Intrepidus Trust Youth
Empowerment		 March 2023 -
March 2024		 £15,000.00
A Zeldin Company Ltd (t/a Ministry of Hope) Youth
Empowerment		 July 2023 - June
2024		 £100,000.00
Direct Impact Africa (via Explore Africa Ltd as
fiscal host)^		 Youth
Empowerment		 August 2023 -
December 2023		 $22,765.00
~£18,532.52
Mouratoglou Academy – Player 1
(continuation)*		 Youth
Empowerment		 September 2023
- August 2024		 €79,000.00
~£70,000.00
Mouratoglou Academy – Player 2* Youth
Empowerment		 September 2023
- August 2024		 €64,000.00
~£57,000.00
The Dalgarno Trust Youth
Empowerment		 October 2023 -
September 2024		 £15,000.00
St Mary’s Ukrainian School Limited Youth
Empowerment		 October 2023 -
September 2024		 £40,000.00
Good Faith Foundation Youth
Loneliness		 October 2023 -
July 2024		 £35,000.00
TOTAL
£350,532.52

^ based on FX 1.23 $/£