**Charity registration number 1200911**
## **I CAN TOO**
**ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2024**
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## **LEGAL AND ADMINISTRATIVE INFORMATION**
**Trustees** Mr P E Herszberg (Appointed 4 November 2022) Mr S Sufrin (Appointed 4 November 2022) Mr I Lieberman (Appointed 4 November 2022) **Charity number** 1200911 **Principal address** 83 Windus Road London N16 6UR
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## **CONTENTS**
||**Page**|
|---|---|
|Trustees' report|1 - 2|
|Statement of financial activities|3|
|Balance sheet|4|
|Notes to the financial statements|5 - 8|
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## **TRUSTEES' REPORT**
## _**FOR THE PERIOD ENDED 31 MARCH 2024**_
The trustees present their annual report and financial statements for the period ended 31 March 2024.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Charities Act 2011 and "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)" (effective 1 January 2019).
## **Objectives and activities**
To act as a resource for young people living in Hackney, Haringey and the surrounding area by providing advice and assistance and organising programmes of physical, educational and other activities as a means of:
(a) asisting them to advance in life by developing their skills, capacities and capabilities to enable them to participate in society as independent, mature and responsible individuals;
(b) advancing education;
(c) providing recreational and leisure time activity in the interests of social welfare for people living in the area of benefit who have need by reason of their youth, age, infirmity or disability, poverty or social and economic circumstances with a view to improving the conditions of life of such persons.
(d) relieving poverty by the provision of resources and grants to other organisations working to relieve poverty.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
The charity was dormant for most of the period, and only started carrying out its charitable activities in the final months of the period under review.
The charity plans to advance education for children and young people in core subjects in after school hours and in homework clubs, to enable them to keep up and catch up with their peers in school, as the case may be.
## **Achievements and performance**
The charity received £1,500 in donations during the year and £1,448 was paid out for charitable activities and support costs.
## **Financial review**
The financial position of the charity is satisfactory. The charity's statement of financial activities shows total free reserves of £52.
It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. The charity is working towards implementing the above poilicy.
## **Structure, governance and management**
The charity is a Charitable Incorporated Organisation and is controlled by its governing document. It was registered as a charity on the 4 November 2022.
The trustees who served during the period and up to the date of signature of the financial statements were: Mr P E Herszberg (Appointed 4 November 2022) Mr S Sufrin (Appointed 4 November 2022) Mr I Lieberman (Appointed 4 November 2022)
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## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE PERIOD ENDED 31 MARCH 2024**_
The power to appoint new trustees is vested in the current board. It is not the intention of the trustees of the charity to appoint any trustees. Should the situation change in the future, the trustees will apply suitable induction and training procedures. The trustees administer the day to day running of the charity. None of the trustees has any beneficial interest in the company.
The trustees' report was approved by the Board of Trustees.
.............................. Mr P E Herszberg **Trustee** Date: .............................................
.............................. Mr I Lieberman **Trustee**
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## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT**
## _**FOR THE PERIOD ENDED 31 MARCH 2024**_
|||**Unrestricted**|
|---|---|---|
|||**funds**|
|||**2024**|
||**Notes**|**£**|
|**Income from:**|||
|Donations and legacies|**3**|1,500|
|**Expenditure on:**|||
|Charitable activities|**4**|1,448|
|**Net income for the period/**|||
|**Net movement in funds**||52|
|Fund balances at 4 November 2022||-|
|**Fund balances at 31 March 2024**||52|
|The statement of financial activities includes all gains and losses recognised in the period.|||
|All income and expenditure derive from continuing activities.|||
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## **BALANCE SHEET**
## _**AS AT 31 MARCH 2024**_
**----- Start of picture text -----**
2024
Notes £ £
Current assets
Cash at bank and in hand 292
Creditors: amounts falling due within one year 9 (240)
Net current assets 52
Income funds
Unrestricted funds 52
52
The financial statements were approved by the Trustees on .........................
.............................. ..............................
Mr P E Herszberg Mr I Lieberman
Trustee Trustee
**----- End of picture text -----**
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## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE PERIOD ENDED 31 MARCH 2024**_
## **1 Accounting policies**
## **Charity information**
I Can Too is a Charitable Incorporated Organisation.
## 1.1 **Reporting period**
As this is the charity's first set of financial statements the period under review is greater than one year and there are no comparative amounts.
## **1.2 Accounting convention**
The financial statements have been prepared in accordance with the charity's [governing document], the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.
The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
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 £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
## **1.3 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. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
## **1.4 Charitable funds**
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
## **1.5 Income**
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
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## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE PERIOD ENDED 31 MARCH 2024**_
## **1 Accounting policies**
**(Continued)**
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
## **1.6 Expenditure**
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, 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. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
## **1.7 Cash and cash equivalents**
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
## _**Basic financial assets**_
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
## _**Basic financial liabilities**_
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
## _**Derecognition of financial liabilities**_
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
## **1.8 Employee benefits**
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
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## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE PERIOD ENDED 31 MARCH 2024**_
## **2 Critical accounting estimates and judgements**
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 and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting 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 affects both current and future periods.
## **3 Donations and legacies**
|||**Unrestricted**|
|---|---|---|
|||**funds**|
|||**2024**|
|||**£**|
||Donations and gifts|1,500|
|**4**|**Charitable activities**||
|||**Charitable**|
|||**Expenditure**|
|||**2024**|
|||**£**|
||Charitable activities|1,208|
||Share of governance costs (see note 5)|240|
|||1,448|
## **5 Support costs**
|**Support**
**costs**
**Governance**
**costs**
**£**
**£**
Accountancy
-
240
-
240
Analysed between
Charitable activities
-
240|**2024**
**£**
240|
|---|---|
||240|
||240|
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## **I CAN TOO**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE PERIOD ENDED 31 MARCH 2024**_
## **6 Trustees**
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the period.
## **7 Employees**
The average monthly number of employees during the period was:
**2024 Number**
Total -
There were no employees whose annual remuneration was more than £60,000.
## **8 Taxation**
The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.
## **9 Creditors: amounts falling due within one year**
|**Creditors: amounts falling due within one year**||
|---|---|
||**2024**|
||**£**|
|Accruals and deferred income|240|
## **10 Related party transactions**
There were no disclosable related party transactions during the period ( - none).
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