Company registration number 13682836 (England and Wales) Charity registration number 1197535
The Firebird Foundation
and financial statements Period ended 31 March 2023
The Firebird Foundation
Contents
| Page | |
|---|---|
| Legal and administrative information | 1 |
| 2 | |
| Independent auditor s report |
7 |
| Statement of financial activities | 11 |
| Balance sheet | 12 |
| Statement of Cash Flows | 13 |
| Notes to the financial statements | 14 |
The Firebird Foundation
Legal and administrative information
| Registered Company No. | 13682836 |
|---|---|
| Charity No. | 1197535 |
| Trustees | Olivia Hall |
| Tom Ball | |
| Melanie Appleby | |
| Walgate Trustees Limited | |
| Principal Address | 16 Great Queen Street |
| London | |
| WC2B 5DG | |
| Bankers | Barclays |
| Level 15 | |
| 1 Churchill Place | |
| E14 5HP | |
| Investment Managers | Tribe Impact Capital |
| 52 Jermyn Street | |
| London | |
| SW1Y 6LX | |
| Independent Auditors | Saffery Champness LLP |
| 71 Queen Victoria Street | |
| London | |
| EC4V 4BE | |
| Solicitors | Fladgate LLP |
| 16 Great Queen Street | |
| London | |
| WC2B 5DG |
Page 1
For the year ended 31 March 2023
The Firebird Foundation
The trustees present their report, together with the financial statements of the Foundation for the period ended 31 March 2023.
Structure, governance and management
The trustees are listed on page 1. Olivia Hall is the founder Trustee.
The Foundation was incorporated on 15 October 2021 as a company limited by guarantee and is governed by its memorandum and articles of association. It was registered with the Charity Commission in England and Wales on 17 January 2022.
New trustees are appointed by the Founder, who has the power to appoint or dismiss any Trustee in writing.
Decisions are taken at duly constituted meetings of the trustees by majority vote, though informal decisions can be made, subject to ratification at the next trustees' meeting. Trustees meetings are held at least quarterly.
New Trustees are briefed on the operations of the charity by the Founder and offered an induction programme that provides them with:
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1) An understanding of the role and responsibility of a charity trustee
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2)
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3) a resolution / how to make a grant)
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4) The financial position of the charity, how its funds are invested, what plans are in place for existing and future grants
Public Benefit
The trustees have complied with the duty in the Charities Act 2011 to have regard to all guidance published by the Charity Commission.
The trustees are mindful of the need for all grants to be made for public benefit. As such this criteria is considered whilst determining which grants to make each year.
Objects
The objects of the charity as laid out in its articles are:
charitable under the laws of England and Wales as the
Aims and objectives
Firebird aims to alleviate gender and racial inequity by providing safety and opportunity to women and young children. Most of the projects Firebird supports are in the UK, but it also supports some overseas.
Page 2
For the year ended 31 March 2023
The Firebird Foundation
In its first year of operation, Firebird aimed to start building grant relationships across the domestic abuse sector in the UK. It set out to create a network of trusted partners from whom to learn and fund to create greater impact across the lifecycle of a woman. It also started to grant to the FGM sector, to UK charities -reaching in areas where women and girls have fewer rights and opportunities than in the UK.
Firebird has distributed its grant budget across 9 projects that include improving childhood literacy, youth education on rights and healthy relationships, female leadership, refuge accommodation and services, mental health support for children, re-skilling for employment, and housing provision for rehomed families. Firebird has granted on a multi-year, unrestricted basis to provide its partners with certainty of income for the medium term.
Firebird has spent time face-to-face with each partner, building trusted relationships and understanding the financials behind each project supported. To build credibility, knowledge and impact faster, Firebird has recruited specialists in each sector of VAWG and Impact Investment to advise the charity ongoing.
Grant-making policy
Firebird achieves its mission through three pillars of change: The first is aimed at reducing abuse and promoting equal rights for women and children globally by supporting policy reform, grassroots services healthcare and education. The second is using sport and music to unlock the potential in young people and the third is using art as a tool to educate, inspire and rehabilitate.
The Firebird Foundation has an invitation-only application process. Most of grants are made to long-standing partners or one who are invited to apply based on their campaign, operational and research work.
Although Firebird operates an invitation-only application process, it will consider ideas and work that fit within its pillars of support. If an organisation believes that strong alignment exists with the Firebird they encourage the organisation to submit an unsolicited letter of enquiry. Firebird will invite the organisation to apply for a grant if it finds alignment with its funding priorities and vision.
All grant applications are discussed and reviewed by the trustees at trustee meetings and over email depending on timing. Each grant applicant is required to share their accounts and impact statement as part of their application. These are discussed and reviewed by the Trustees during their meetings or via email depending on timing.
Achievements and performance
Firebird has become a respected donor in each of the sectors it operates in and has achieved all of the objectives it set out to in year one. It has committed £253,770 into charitable projects and developed a network of collaborators and like-minded foundations. Each trustee has contributed to the successful development of the foundation and looks forward to building on their impact via Firebird in the coming year.
Page 3
For the year ended 31 March 2023
The Firebird Foundation
Each project that Firebird supports has provided an informal impact review twice yearly to evidence effective deployment of funds.
Financial review
The charity received donations of £3,211,760 (inclusive of gift aid) during the period. Grants were paid of £205,000 and other expenditure was incurred on the governance of the charity and consultants that are
The original donation has created an endowment that is expendable wholly at the discretion of the Trustees. Transfers are made from the endowment to cover any expenditure in excess of income each year. Whilst The value of the endowment was £2,835,398 at 31 March 2023. Whilst this would mean the charity has no free reserves, applying the definition within the SORP, the Trustees are comfortable that they have sufficient liquid funds to meet any liabilities as they fall due.
The principal funding sources were donations which in turn were used to make charitable grants.
Grants were made to a variety of organisations as listed in note 2 to the financial statements. The main Investment to bring knowledge and relationships sooner to Firebird than it would have been able to achieve alone. and grant partners.
Risk management
The Trustees have examined the major strategic, business and operational risks which the charity faces and confirm that systems have been established to enable regular reports to be produced so that the necessary steps can be taken to lessen these risks. The main risk to the Charity is that income is insufficient to allow the Trustees to fulfil their grant making obligations. However, at the moment this risk is mitigated by the
Reserves Policy
The significant generous donations provided by the Founder have been used to create an expendable endowment. The capital can be spent entirely at the discretion of the Trustees. However, it is hoped that e to fund on ensuring there are sufficient liquid reserves to meet their payments as they fall due.
At the year end the free reserves of the charity are £Nil. With this in mind the Trustees do not see a need to hold free reserves as defined by the Charity Commission. Any expenditure in excess of income is covered by a transfer from the endowment to the general fund. There
Investment Policy and performance
Development Goals prioritised by the
values and areas of impact.
Page 4
For the year ended 31 March 2023
The Firebird Foundation
The overall portfolio is comprised of two parts: a multi asset medium risk portfolio with a social bias and an education & equality equity portfolio. The investment managers have been reducing risk within the portfolio during the period. The performance in the year is considered to be satisfactory. The investment position continues to be prudent with an emphasis on cash flow generative businesses in a market that is still considered volatile.
Aims and objectives for future periods
The foundation plans to increase its funding budget and impact to existing and new grant partners, with the same mission, values and objectives established in year one. It will start gaining experience in the Impact Investment market and increase its endowment from the principle donor. The team will expand to be able to scale its impact more quickly and funds will be used for skills development and team building for trustees, employees and specialists.
ounding trustees will continue to discuss existing and new opportunities for grant distribution, focussing on supporting the whole lifecycle of adversity facing women and children. They will also develop an investment portfolio that is aligned with the cha
an experienced Director to lead day-to-day activities and grow the outreach and impact of Firebird. It will continue to retain sector specialists and launch a new website that is more informative and engaging. Firebird will expand its areas of outreach to preventing Child Marriage and using the Creative Arts to give more opportunity to young people. It will also start granting to projects supporting Justice Reform in the UK.
Fundraising
The Trustees are aware of their responsibilities under the Charities (Protection and Social Investment) Act 2016 in relation to fundraising. The charity has not engaged in any active fundraising activities, nor approached the general public in order to raise funds. The charity has received no complaints in the period regarding any of its activities.
Statement of Trustees Responsibilities
The Directors (who are also the Trustees of the Foundation for the purposes of charity law) are responsible United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity 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 in the Charities SORP;
make judgements and estimates that are reasonable and prudent;
- state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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For the year ended 31 March 2023
The Firebird Foundation
- 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 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 and the Charity SORP. 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.
So far as each Trustee is aware, there is no relevant audit information of which the Foundation's auditor is unaware, and they have taken all the steps they ought to have taken as Directors in order to make themselves aware of any relevant audit information and to establish that the Foundation's auditor is aware of that information.
For and on behalf of the trustees
O Hall
7 July 2023
Page 6
members of The Firebird Foundation
Independent auditor
Opinion
We have audited the financial statements of The Firebird Foundation for the period ended 31 March 2023 which comprise the Statement of Financial Activities, Balance Sheet and 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:
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at 31 March 2023 and of its
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incoming resources and application of resources, including its income and expenditure, for the period then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the Companies Act 2006.
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 responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, i 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
of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The trustees are responsible for the other information. The other information comprises the information opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
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
Page 7
Independent auditor
members of The Firebird Foundation
course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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financial year for which the financial statements are prepared is consistent with the financial statements; and
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accordance with applicable legal requirements.
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
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
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adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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we have not received all the information and explanations we require for our audit;or
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the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and to take advantage of the small companies exemption in preparing the t.
Responsibilities of trustees
out on pages 5 and 6, the trustees (who are also directors of the charitable company for the purposes of company law) 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 compa 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 to do so.
Page 8
members of The Firebird Foundation
Independent auditor
We have been appointed as auditors under the Companies Act 2006 and report in accordance with regulations made under that Act.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are 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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.[1See below]
Identifying and assessing risks related to irregularities:
and how fraud might occur, including through discussions with the trustees, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the charitable company by discussions with trustees and updating our understanding of the sector in which the charitable company operates.
Laws and regulations of direct significance in the context of the charitable company include The Companies Act 2006, and guidance issued by the Charity Commission for England and Wales .
Audit response to risks identified:
We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We correspondence with relevant authorities to identify potential material misstatements arising. We members of management responsible for compliance.
During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias.
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Independent auditor
members of The Firebird Foundation
had approached their work with appropriate professional scepticism and thus the capacity to identify noncompliance with laws and regulations and fraud.
There are inherent limitations in the audit procedures described above and the further removed noncompliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
ite at:
Use of our report
of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to audit work, for this report, or for the opinions we have formed.
Cara Turtington (Senior Statutory Auditor) for and on behalf of Saffery Champness LLP
Chartered Accountants
Statutory Auditors
71 Queen Victoria Street London EC4V 4BE
Date: 12 July 2023
Saffery Champness LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006
Page 10
The Firebird Foundation
Statement of financial activities For the period ended 31 March 2023
| Notes Income from Donations 1 Investment income Total income Expenditure on Raising funds - Investment management fees Charitable activities 2 Total expenditure Realised and unrealised (losses) on investments Net income/(expenditure) Transfers between funds Net movements in funds Fund balance brought forward Fund balance carried forward - 31 March 2023 |
Unrestricted Funds 2023 £ - 19,325 19,325 - 328,952 328,952 - (309,627) 309,627 - - - |
Expendable endowment fund 2023 £ 3,214,181 - 3,214,181 6,038 - 6,038 (63,118) 3,145,206 (309,627) 2,835,399 - 2,835,399 |
Total Funds 17 months 2023 £ 3,214,181 19,325 |
|---|---|---|---|
| 3,233,506 | |||
| 6,038 328,952 |
|||
| 334,991 | |||
| (63,118) | |||
| 2,835,399 - |
|||
| 2,835,399 - |
|||
| 2,835,399 |
All incoming resources and resources expended derive from continuing activities.
There are no other recognised gains or losses.
The notes on pages 14 to 18 form part of these financial statements.
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The Firebird Foundation
Balance Sheet As at 31 March 2023
| Fixed assets Notes Investments 4 Current assets Cash at bank and on deposit Debtors 5 Current liabilities Creditors due in less than one year 6 Net current assets Creditors: amounts falling due after more than one year 7 Net assets Funds Expendable endowment fund |
2023 £ 1,516,643 - |
2023 £ 1,379,525 1,469,643 (13,770) |
|---|---|---|
| 1,516,643 (47,000) |
||
| 2,835,398 | ||
| 2,835,398 |
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
Approved by the board of Trustees on and signed on its behalf 7 July 2023
Olivia Hall Jonathan Riley on behalf of Walgate Trustees Limited Trustee Trustee
The notes on pages 14 to 18 form part of these financial statements
Page 12
The Firebird Foundation
| Statement of cash flows For the period ended 31 March 2023 Notes Cash flows from operating activities Net cash provided by / (used in) Operating activities a Cash flows from investing activities Investment income received Investment purchases Proceeds from disposals of investments Change in cash and cash equivalents in the period Cash and cash equivalents at the beginning of the period Cash and cash equivalents at the end of the period a) Reconciliation of net income / (expenditure) to net cash flow from operating activities Net income / (expenditure) for the reporting period (as per the statement of financial activities) Investment income Loss / (Gain) on investments Decrease / (Increase) in debtors (Decrease) / Increase in creditors Net cash provided by / (used in) operating activities b) Reconciliation of net debt |
2023 £ 19,325 (1,860,408) 419,097 |
2023 £ 2,938,632 (1,421,986) |
|---|---|---|
| 1,516,646 | ||
| - | ||
| 1,516,643 | ||
| 2,835,397 (19,325) 61,790 - 60,770 |
||
| 2,938,632 | ||
| Cash and cash equivalents Cash at bank Cash held by investment managers Total |
As at 15 October 2021 £ - - - |
Cash flows £ 1,451,703 64,940 1,516,643 |
Other non- cash changes £ - - - |
As at 31 March 2023 £ 1,451,703 64,940 1,516,643 |
|---|---|---|---|---|
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The Firebird Foundation
Notes to the financial statements For the period ended 31 March 2023
The principal accounting policies which are adopted in the preparation of the financial statements are set out below;
A. Basis of accounting
The accounts (financial statements) have been prepared in accordance with the Companies Act 2006 and 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 (FRS 102) (FRS 102) and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102).
The Charity constitutes a public benefit entity as defined by FRS 102.
The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £.
17 months to align the year end with the UK fiscal year and normal charity reporting cycle.
B.
Going concern
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. The charity has substantial reserves and retains control over its annual expenditure. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
C. Income
Donations receivable are accounted for as soon as their amount and receipt are reasonably certain. In the case of unsolicited donations this is usually only accounted for when they are received. All other income is accounted for under the accruals concept.
D. Expenditure
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to each category.
Charitable expenditure consists of the charitable grants made during the year. The charity currently - Governance costs comprise all costs incurred in running the charity as a legal entity that cannot be directly allocated.
E. Investments
Fixed asset investments are valued at the current market value at the balance sheet date. Any unrealised gains or losses are credited/charged to the Statement of Financial Activities. Realised
Page 14
The Firebird Foundation
Notes to the financial statements (continued) For the period ended 31 March 2023
gains or losses on disposal of investments are included in the Statement of Financial Activities as they arise.
F.
Taxation
The Charity is registered as a charity under the Charities Act 2011 and is not liable to UK tax on its charitable activities.
The Charity is not registered for VAT. Accordingly, expenses include VAT where applicable.
G.
Fund accounting
Funds held by the charity are unrestricted general funds which can be used in accordance with the charitable objects at the discretion of the trustees.
The expendable endowment is held with the principal objective of investing the capital but can be spent on any of the charitable objec
H.
Financial instruments
The charity has financial assets and liabilities of a kind that qualify as basic financial instruments, Basic financial instruments are recognised initially in the accounts at transaction price, including any transaction costs. At the end of each accounting period, basic financial instruments are recognised at amortised cost. For debt instruments this is calculated using the effective interest rate method.
I. Critical estimates and judgements and key sources of estimation uncertainty
In the application of the Charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision effects both current and future periods.
Page 15
The Firebird Foundation
Notes to the financial statements (continued) For the period ended 31 March 2023
| 1. Donations Donation from founder Gift aid Other donations 2. Charitable activities Grant Making Grants were made to the following institutions: Furnishing Futures for the benefit of The Global Institute for National Literacy Trust project Orchid Project Limited Refuge (2 grants) Safelives (2 grants) Standing Together (2 grants) The Five Foundation (2 grants) Other grants of less than £10,000 Governance and support costs (note 3) 3. Support and governance costs Audit fee Other amounts payable to auditors Consultancy fees Admin and legal fees Sundries |
2023 £ 2,572,345 641,836 - |
|
|---|---|---|
| 3,214,181 | ||
| 2023 £ 10,000 43,770 20,000 10,000 50,000 20,000 30,000 40,000 30,000 - |
||
| 253,770 75,185 |
||
| 328,952 | ||
| 2023 £ 6,000 6,000 49,617 8,145 5,420 |
||
| 75,185 |
No trustee received any remuneration or reimbursement of expenditure during the year. The charity is run by its trustees and uses the services of 2 specialist advisers on a consultancy basis as needed and therefore the charity has no employees in the first year of its existence.
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The Firebird Foundation
Notes to the financial statements (continued) For the period ended 31 March 2023
4. Fixed asset investments
| Market value At 17 October 2021 Additions Disposals Net investment gains/(losses) At 31 March 2023 Invested in: Equities Fixed interest Alternatives At 31 March 2023 |
2023 £ - 1,860,408 (419,097) (61,790) |
|---|---|
| 1,379,521 | |
| 2023 £ 749,758 360,834 268,929 |
|
| 1,379,521 |
No individual holding was considered to material in the context of the value of the portfolio as a whole.
5. Debtors
6.
7.
| Gift aid receivable Creditors amounts falling due in less than one year Grants payable within one year Accruals Creditors amounts falling after more than one year Grants payable after one year but in less than two years |
2023 £ - |
|---|---|
| - | |
| 2023 £ 35,000 12,000 |
|
| 47,000 | |
| 2023 £ 13,770 |
|
| 13,770 |
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The Firebird Foundation
Notes to the financial statements (continued) For the period ended 31 March 2023
8. Allocation of net assets between funds
| Investments Net current assets Long term liabilities |
Unrestricted £ - 13,770 (13,770) - |
Expendable Endowment £ 1,379,525 1,455,873 - 2,835,398 |
Total £ 1,379,525 1,469,643 (13,770) |
|---|---|---|---|
| 2,835,398 |
9. Capital
The Foundation is a company limited by guarantee and has no share capital. In the event of the Foundation being wound up, the liability of the members is limited to £10 per member. At 31 March 2023 the total of such guarantees was £40.
10. Related party transactions
Total donations received from 1 trustee amounted to £2,572,345. There were no other related party transactions in the year.
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