2024-01-31-accounts - Sows Charity

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CHARITY REGISTRATION NUMBER: 1197951

Sows Charity

Unaudited Financial Statements

31 January 2024

BRINDLEY GOLDSTEIN LIMITED

Chartered accountants 103 High Street Waltham Cross Herts EN8 7AN

Sows Charity

Financial Statements

Year ended 31 January 2024

	Page
Trustees' annual report	1
Independent examiner's report to the trustees	3
Statement of financial activities	4
Statement of financial position	5
Statement of cash flows	6
Notes to the financial statements	7
The following pages do not form part of the financial statements
Detailed statement of financial activities	13
Notes to the detailed statement of financial activities	14

Sows Charity

Trustees' Annual Report

Year ended 31 January 2024

The trustees present their report and the unaudited financial statements of the charity for the year ended 31 January 2024.

Reference and administrative details

Registered charity name Sows Charity Charity registration number 1197951 Principal office Flat 3, May Court Fountayne Road London N16 7EB The trustees Mr David Grauman Mr David Landesman Mr Yaakov Yosef Meir Wohl Independent examiner Charles Goldstein 103 High Street Waltham Cross Herts EN8 7AN

Structure, governance and management

The Charity is controlled by its governing document a Deed dated 17 February 2022 and constitutes an unincorporated charity.

The trustees administer the day-today affairs of the Charity. None of the Trustees have any beneficial interest in the Charity.

Objectives and activities

The Charity's objective is to provide opportunities to develop financial literacy and entrepreneurial skills to motivated individuals who want to become self-sufficient. We ease this process by providing financial and emotional boosts in the initial stage and during crises or hard times to benefit themselves and their dependents.

Achievements and performance

The charity continued to receive donations during the year and thus was able to continue with the programme of grants to individuals and organisations. The aggregate donations received during the year were £580,457 (2023: £5,043). No change of activities is envisaged in the immediate future.

Financial review

The financial results of the Charity's activities for the year reflected in the attached financial statements together with the notes thereon.

Sows Charity

Trustees' Annual Report (continued)

Year ended 31 January 2024

The trustees' annual report was approved on 24 July 2024 and signed on behalf of the board of trustees by:

Mr David Grauman Trustee

Sows Charity

Independent Examiner's Report to the Trustees of Sows Charity

Year ended 31 January 2024

I report to the trustees on my examination of the financial statements of Sows Charity ('the charity') for the year ended 31 January 2024.

Responsibilities and basis of report

As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner's statement

Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales (ICAEW), which is one of the listed bodies.

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

accounting records were not kept in respect of the charity as required by section 130 of the Act; or
the financial statements do not accord with those records; or
the financial statements 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.

Charles Goldstein Independent Examiner 103 High Street Waltham Cross Herts EN8 7AN 24 July 2024

Sows Charity

Statement of Financial Activities

Year ended 31 January 2024

		2024		2023
		Unrestricted
		fundsTotal funds		Total funds
	Note	£	£	£
Income and endowments
Donations and legacies	4	580,457	580,457	5,043
		`─────────`	`─────────`	`───────`
Total income		580,457	580,457	5,043
		`═════════`	`═════════`	`═══════`
Expenditure
Expenditure on charitable activities	5,6	569,090	569,090	3,320
		`─────────`	`─────────`	`───────`
Total expenditure		569,090	569,090	3,320
		`═════════`	`═════════`	`═══════`
		`─────────`	`─────────`	`───────`
Net income and net movement in funds		11,367	11,367	1,723
		`═════════`	`═════════`	`═══════`
Reconciliation of funds
Total funds brought forward		1,723	1,723	–
		`─────────`	`─────────`	`───────`
Total funds carried forward		13,090	13,090	1,723
		`═════════`	`═════════`	`═══════`

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The notes on pages 7 to 11 form part of these financial statements.

Sows Charity

Statement of Financial Position

31 January 2024

		2024	2023
	Note	£	£
Current assets
Debtors	10	9	–
Cash at bank and in hand		14,401	2,443
		`────────`	`───────`
		14,410	2,443
Creditors: amounts falling due within one year	11	1,320	720
		`────────`	`───────`
Net current assets		13,090	1,723
		`────────`	`───────`
Total assets less current liabilities		13,090	1,723
		`────────`	`───────`
Net assets		13,090	1,723
		`════════`	`═══════`
Funds of the charity
Unrestricted funds		13,090	1,723
		`────────`	`───────`
Total charity funds	12	13,090 `════════`	1,723 `═══════`

These financial statements were approved by the board of trustees and authorised for issue on 24 July 2024, and are signed on behalf of the board by:

Mr David Grauman Trustee

The notes on pages 7 to 11 form part of these financial statements.

Sows Charity

Statement of Cash Flows

Year ended 31 January 2024

	2024	2023
	£	£
Cash flows from operating activities
Net income	11,367	1,723
Adjustments for:
Accrued expenses	600	720
Changes in:
Trade and other debtors	(9)	–
	`────────`	`───────`
Cash generated from operations	11,958	2,443
	`────────`	`───────`
Net cash from operating activities	11,958	2,443
	`════════`	`═══════`
Net increase in cash and cash equivalents	11,958	2,443
Cash and cash equivalents at beginning of year	2,443	–
	`────────`	`───────`
Cash and cash equivalents at end of year	14,401	2,443
	`════════`	`═══════`

The notes on pages 7 to 11 form part of these financial statements.

Sows Charity

Notes to the Financial Statements

Year ended 31 January 2024

1. General information

The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is Flat 3, May Court, Fountayne Road, London, N16 7EB.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Charities Act 2011.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

There are no material uncertainties about the charity's ability to continue.

Judgements and key sources of estimation uncertainty

There are no judgements and estimates.

Fund accounting

Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.

Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.

Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.

Sows Charity

Notes to the Financial Statements (continued)

Year ended 31 January 2024

3. Accounting policies (continued)

Incoming resources

All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:

income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
legacy income is recognised when receipt is probable and entitlement is established.
income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers.
income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.

Resources expended

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:

expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods.
expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.

All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.

Sows Charity

Notes to the Financial Statements (continued)

Year ended 31 January 2024

4. Donations and legacies

	Unrestricted	Total Funds	Unrestricted	Total Funds
	Funds	2024	Funds	2023
	£	£	£	£
Donations
Donations	580,457	580,457	5,043	5,043
	`═════════`	`═════════`	`═══════`	`═══════`

5. Expenditure on charitable activities by fund type

	Unrestricted	Total Funds	Unrestricted	Total Funds
	Funds	2024	Funds	2023
	£	£	£	£
Charitable activities	567,769	567,769	2,600	2,600
Support costs	1,321	1,321	720	720
	`─────────`	`─────────`	`───────`	`───────`
	569,090	569,090	3,320	3,320
	`═════════`	`═════════`	`═══════`	`═══════`

Sows Charity

Notes to the Financial Statements (continued)

Year ended 31 January 2024

6. Expenditure on charitable activities by activity type

	Activities
	undertaken		Total funds	Total fund
	directly Support costs		2024	2023
	£	£	£	£
Charitable activities	567,769	–	567,769	2,600
Governance costs	–	1,321	1,321	720
	`─────────`	`───────`	`─────────`	`───────`
	567,769	1,321	569,090	3,320
	`═════════`	`═══════`	`═════════`	`═══════`

7. Independent examination fees

	2024	2023
	£	£
Fees payable to the independent examiner for:
Independent examination of the financial statements	540 `════`	720 `════`

8. Staff costs

The average head count of employees during the year was Nil (2023: Nil).

No employee received employee benefits of more than £60,000 during the year (2023: Nil).

9. Trustee remuneration and expenses

There were no trustees' remuneration or other benefits during the year ended 31 January 2024.

There were no trustees' expenses paid for during the year ended 31 January 2024.

10. Debtors

		2024	2023
		£	£
	Loans	9	–
		`════`	`════`
11.	Creditors: amounts falling due within one year
		2024	2023
		£	£
	Accruals and deferred income	1,320	720
		`═══════`	`════`

Sows Charity

Notes to the Financial Statements (continued)

Year ended 31 January 2024

12. Analysis of charitable funds

Unrestricted funds

	Unrestricted funds
			At					At
	1	February	20				31 January 2
			23		Income	Expenditure		024
		£			£	£		£
	General funds	1,723			580,457	(569,090)		13,090
		`═══════`			`═════════`	`═════════`		`════════`
			At					At
	1	February	20				31	January 20
			22		Income	Expenditure		23
		£			£	£		£
	General funds		–		5,043	(3,320)		1,723
		`════`			`═══════`	`═══════`		`═══════`
13.	Analysis of net assets between funds
						Unrestricted	Total Funds
						Funds		2024
						£		£
	Current assets					14,410		14,410
	Creditors less than 1 year					(1,320)		(1,320)
						`────────`		`────────`
	Net assets					13,090		13,090
						`════════`		`════════`
						Unrestricted	Total Funds
						Funds		2023
						£		£
	Current assets					2,443		2,443
	Creditors less than 1 year					(720)		(720)
						`───────`		`───────`
	Net assets					1,723		1,723
						`═══════`		`═══════`
14.	Analysis of changes in net debt
								At
				At	1 Feb 2023	Cash flows	31 Jan 2024
					£	£		£
	Cash at bank and in hand				2,443	11,958		14,401
					`═══════`	`════════`		`════════`