DocuSign Envelope ID: D6F417EF-1149-4B41-BC98-4ACDB7491D9A
Charity number: 1197173
LEG-UP CHARITY FOR KIDS
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE PERIOD FROM 16 DECEMBER 2021 TO 31 DECEMBER 2022
DocuSign Envelope ID: D6F417EF-1149-4B41-BC98-4ACDB7491D9A
LEG-UP CHARITY FOR KIDS
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the Charity, its Trustees and advisers | 1 |
| Trustees' report | 2 - 4 |
| Independent examiner's report | 5 - 6 |
| Statement of financial activities | 7 |
| Balance sheet | 8 |
| Notes to the financial statements | 9 - 14 |
DocuSign Envelope ID: D6F417EF-1149-4B41-BC98-4ACDB7491D9A
LEG-UP CHARITY FOR KIDS
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE PERIOD ENDED 31 DECEMBER 2022
| Trustees | Andrea Morrall, Chair (appointed 16 December 2021) |
|---|---|
| Natalie Leon (appointed 16 December 2021) | |
| Natalie Abrahams (appointed 16 December 2021) | |
| Charity registered number 1197173 Principal office The Cornworks Station Road Radlett WD7 8JY Accountants Wellers Accountants 1 Vincent Square London SW1P 2PN Bankers Coutts & Co 440 Strand London WC2R 0QS |
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DocuSign Envelope ID: D6F417EF-1149-4B41-BC98-4ACDB7491D9A
LEG-UP CHARITY FOR KIDS
TRUSTEES' REPORT FOR THE PERIOD ENDED 31 DECEMBER 2022
The Trustees present their annual report together with the financial statements of the Leg-Up Charity for Kids ("the Charity" or "LUCK") for the period 16 December 2021 to 31 December 2022.
Objectives and activities
Policies and objectives
The Charity operates to make grants and donations for such purposes as are charitable according to the laws of England and Wales for the following purposes:
The advancement of education of students;
Relief of those who are in need by reason of their youth, age, ill-health or disability, financial hardship or other disadvantage;
To such other registered charities in furtherance of their charitable purposes.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
Achievements and performance
Review of activities
The Charity was established on 16 December 2021 and has prepared financial statements which cover an initial accounting period to 31 December 2022, just over one year.
During this start-up period, the Charity received donations amounting to £117,368. It also signed a grant agreement with a college in the North-East of England to fund a two-year bursary granted to a pupil whose parents or guardians were in need of financial assistance to pay school fees. The bursary amounted to £25,449 and covered years 12 and 13. During the period, cash payments were made amounting to £16,761, the balance payable under the grant accounted for in these financial statements.
Financial review
Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.
Reserves policy
The Trustees will seek to build sustainable unrestricted reserves to a level that can provide financial stability and to ensure that the Charity holds sufficient capital for ongoing grant commitments.
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DocuSign Envelope ID: D6F417EF-1149-4B41-BC98-4ACDB7491D9A
LEG-UP CHARITY FOR KIDS
TRUSTEES' REPORT (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2022
Grant-making policies
The Trustees receive recommendations to support an organisation from its main donor of funds. The Trustees will also consider recommendations to support an organisation from other third-parties.
The number of grants and donations made for charitable purposes that can be granted by the Trustees is necessarily limited to the amount of funds that are available for distribution each year. The Trustees have determined that the current year, and year 2 priorities for funding are the advancement of education of students.
All donations are made at the absolute discretion of the Trustees. The Trustees assess the potential impact and change that might result from a donation. The Trustees actively seek regular reports and updates on progress from the charities which are approved for grants and donations. The grants are given at arms-length, for use in on-going charitable activities of an organisation, and are generally requested to remain confidential.
The priorities for support are reviewed by the Trustees every year and may change depending upon circumstances and the perceived effectiveness of the application of funds.
Material investments policy
The investment policy of the Charity is to achieve low volatility, absolute returns, whilst attempting to maintain the capital value. The investments held do not pay a dividend and therefore the only source of income would be on disposal.
Principal risks and uncertainties
The Trustees have assessed the major risks to which the Charity is exposed, in particular those related to the operations and finances of the Charity and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.
There is a risk that it will not attract sufficient philanthropic capital to continue to meet the Charity’s commitments. Mitigation: The Charity continually assesses it's level of reserves before committing to grants payable to ensure the Charity always has sufficient reserves to continue operations.
There is a risk that the investments will not yield sufficient returns to fund the Charity’s commitments. Mitigation: The Trustees review the investments made by the Charity from time to time and would take appropriate steps in the event there were insufficient returns on the Charity’s investment portfolio.
Structure, governance and management
Constitution
Leg-Up Charity for Kids is a Charitable Incorporated Organisation, registered with the Charity Commission for England and Wales, registered charity number 1197173. It is governed by a Constitution dated 16 December 2021.
Methods of appointment or election of Trustees
The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Constitution.
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DocuSign Envelope ID: D6F417EF-1149-4B41-BC98-4ACDB7491D9A
LEG-UP CHARITY FOR KIDS
TRUSTEES' REPORT (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2022
Structure, governance and management (continued)
Key management and remuneration policy
The Trustees are not remunerated and the Charity has no employees.
Plans for future periods
The Trustees plan to continue building the Charity’s unrestricted reserves, enabling it to have the necessary reserves to support its charitable objectives.
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 & Wales requires the Trustees to prepare financial statements for each financial period which give a true and fair view of the state of affairs of the Charity 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:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles of the Charities SORP (FRS 102);
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make judgments and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.
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 Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Constitution. They are also responsible for safeguarding the assets of the Charity 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 and signed on their behalf by:
Andrea Morrall Chair of Trustees Date: 20-10-23
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DocuSign Envelope ID: D6F417EF-1149-4B41-BC98-4ACDB7491D9A
LEG-UP CHARITY FOR KIDS
INDEPENDENT EXAMINER'S REPORT FOR THE PERIOD ENDED 31 DECEMBER 2022
Independent examiner's report to the Trustees of Leg-Up Charity for Kids ('the Charity')
I report to the Charity Trustees on my examination of the accounts of the Charity for the period ended 31 December 2022.
Responsibilities and basis of report
As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').
I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
Your attention is drawn to the fact that the Charity has prepared the accounts 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) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.
I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
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 that in any material respect:
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accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.
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.
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DocuSign Envelope ID: D6F417EF-1149-4B41-BC98-4ACDB7491D9A
LEG-UP CHARITY FOR KIDS
INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2022
This report is made solely to the Charity'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 Charity'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 Charity and the Charity's Trustees as a body, for my work or for this report.
23-10-23 Signed: Dated: Christina Nawrocki FCCA
Wellers Accountants 1 Vincent Square London SW1P 2PN
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DocuSign Envelope ID: D6F417EF-1149-4B41-BC98-4ACDB7491D9A
LEG-UP CHARITY FOR KIDS
STATEMENT OF FINANCIAL ACTIVITIES FOR THE PERIOD ENDED 31 DECEMBER 2022
| Note Income from Donations 3 Total income Expenditure on Charitable activities 4 Total expenditure Net income before net losses on investments Net losses on investments Net movement in funds Reconciliation of funds Net movement in funds Total funds carried forward |
Unrestricted funds period ended 31 December 2022 £ 117,368 117,368 28,149 28,149 89,219 (24,038) 65,181 65,181 65,181 |
Total funds period ended 31 December 2022 £ 117,368 117,368 28,149 28,149 89,219 (24,038) 65,181 65,181 65,181 |
|---|---|---|
The Statement of financial activities includes all gains and losses recognised in the period.
The notes on pages 9 to 14 form part of these financial statements.
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DocuSign Envelope ID: D6F417EF-1149-4B41-BC98-4ACDB7491D9A
LEG-UP CHARITY FOR KIDS
BALANCE SHEET AS AT 31 DECEMBER 2022
| Note Fixed assets Investments 8 Creditors: amounts falling due within one year 9 Net current liabilities Total assets less current liabilities Net assets Total net assets Charity funds Unrestricted funds 10 Total funds |
(11,388) | 2022 £ 76,569 76,569 (11,388) 65,181 65,181 65,181 65,181 65,181 |
|---|---|---|
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
Andrea Morrall Chair of Trustees Date: 20-10-23
The notes on pages 9 to 14 form part of these financial statements.
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DocuSign Envelope ID: D6F417EF-1149-4B41-BC98-4ACDB7491D9A
LEG-UP CHARITY FOR KIDS
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2022
1. General information
Leg-Up Charity for Kids is a Charitable Incorporated Organisation, registered with the Charity Commission for England and Wales, registered charity number 1197173. It is governed by a Constitution dated 16 December 2021. The address of its main office is The Cornworks, Station Road, Radlett, WD7 8JY.
2. Accounting policies
2.1 Basis of preparation and assessment of going concern
The financial statements are prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts. The financial statements have been prepared in accordance with the 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 (FRS102) (effective 1 January 2019) and the Charities Act 2011.
The Charitable is a public entity as defined by FRS 102.
At the time of approving the financial statements the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus, the Trustees have adopted the going concern basis for the preparation of the financial statements.
The Trustees are continuously monitoring the Charity’s investment portfolio and cost base for any adverse movements in value and costs and will act wherever necessary to protect the Charity’s interests should the period of uncertainty continue for longer than expected.
2.2 Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires the Trustees to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities at the balance sheet date and the amounts reported as revenues and expenses for the same year. The nature of estimation means that actual outcomes might differ from these estimates.
No areas of judgement had any significant effect on the amounts recognised in the financial statements for the current year.
2.3 Income recognition
Income is recognised when the Charity becomes entitled to it, or it is probable that the income will be received, and the amount of income receivable can be measured reliably.
Donations are recognized when there is evidence of entitlement to the gift which is considered to be when economic benefit has passed to the Charity, receipt is probable, and the amount may be measured reliably. Donations are only recognised once all three criteria have been met by the Charity and that this requirement can be clearly demonstrated.
2.4 Foreign currency translations
Transactions in foreign currency are initially recorded in the Charity’s functional currency by applying the spot exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the rate of exchange ruling at the balance sheet date. All differences are taken to the statement of financial activity.
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DocuSign Envelope ID: D6F417EF-1149-4B41-BC98-4ACDB7491D9A
LEG-UP CHARITY FOR KIDS
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2022
2. Accounting policies (continued)
2.5 Expenditure and irrecoverable VAT
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required, and the amount of the obligation can be measured reliably.
Irrecoverable VAT is charged against the expenditure heading for which it was incurred.
Charitable activities are an expenditure associated with the Charity's grants and donations to beneficiaries and both the direct costs and support costs related to these activities are included.
2.6 Fixed asset investments
Investments are initially recognised at their transaction value and subsequently measured at fair value as of the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation throughout the period.
2.7 Creditors and provisions
Creditors and provisions are recognised where the Charity has a present obligation to for goods or services it has received from a third party and the amount it is legally required to pay, allowing for any discounts in price, can be measured or estimated reliably.
2.8 Financial instruments
The Charity only has financial assets and financial liabilities that qualify as basic financial instruments, which are initially recognised at transaction value and subsequently measured at settlement value.
2.9 Unrestricted funds
Monies and assets held by the Charity are unrestricted general funds, which can be used in accordance with its charitable objectives.
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DocuSign Envelope ID: D6F417EF-1149-4B41-BC98-4ACDB7491D9A
LEG-UP CHARITY FOR KIDS
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2022
3. Income from donations
| Unrestricted | Total | |
|---|---|---|
| funds | funds | |
| period | period | |
| ended | ended | |
| 31 | 31 | |
| December | December | |
| 2022 | 2022 | |
| £ | £ | |
| Donations | 117,368 | 117,368 |
4. Analysis of expenditure on charitable activities
Summary by fund type
| Unrestricted | ||
|---|---|---|
| funds | Total | |
| period | period | |
| ended | ended | |
| 31 | 31 | |
| December | December | |
| 2022 | 2022 | |
| £ | £ | |
| Bursary grant | 28,149 | 28,149 |
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DocuSign Envelope ID: D6F417EF-1149-4B41-BC98-4ACDB7491D9A
LEG-UP CHARITY FOR KIDS
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2022
5. Analysis of expenditure by activities
| Activities | |||
|---|---|---|---|
| undertaken | Support | Total | |
| directly | costs | funds | |
| period | period | period | |
| ended | ended | ended | |
| 31 | 31 | 31 | |
| December | December | December | |
| 2022 | 2022 | 2022 | |
| £ | £ | £ | |
| Bursary grant | 25,449 | 2,700 | 28,149 |
6. Independent examiner's remuneration
| Period | |
|---|---|
| ended | |
| 31 | |
| December | |
| 2022 | |
| £ | |
| Fees payable to the Charity's independent examiner for the independent examination of | |
| the Charity's annual accounts | 2,700 |
7. Trustees' remuneration and expenses
During the period, no Trustees received any remuneration or other benefits.
During the period, no Trustee expenses have been incurred.
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DocuSign Envelope ID: D6F417EF-1149-4B41-BC98-4ACDB7491D9A
LEG-UP CHARITY FOR KIDS
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2022
| 8. Fixed asset investments Cost or valuation Additions At 31 December 2022 Impairment Charge for the period At 31 December 2022 Net book value At 31 December 2022 |
Unlisted investments £ 100,607 |
|---|---|
| 100,607 | |
| 24,038 | |
| 24,038 | |
| 76,569 |
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DocuSign Envelope ID: D6F417EF-1149-4B41-BC98-4ACDB7491D9A
LEG-UP CHARITY FOR KIDS
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2022
9. Creditors: Amounts falling due within one year
| Other creditors Accruals |
2022 £ 8,688 2,700 |
|---|---|
| 11,388 |
10. Statement of funds
| Balance at | ||||
|---|---|---|---|---|
| 31 | ||||
| Gains/ | December | |||
| Income | Expenditure | (Losses) | 2022 | |
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| General Funds - all funds | 117,368 | (28,149) | (24,038) | 65,181 |
11. Analysis of net assets between funds
| Unrestricted funds 2022 £ Fixed asset investments 76,569 Creditors due within one year (11,388) Total 65,181 |
Total funds 2022 £ 76,569 (11,388) |
|---|---|
| 65,181 |
12. Related party transactions
The Leg-Up Charity for Kids has not entered into any related party transaction during the period, nor are there any outstanding balances owing between related parties and the Leg-Up Charity for Kids at 31 December 2022.
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