The Farthings Foundation (Registered Charity No. 1201610) Dated: 16 November 2022
Trustees Annual Report and Financial Statements for the period ended 5 April 2024
The Farthings Foundation
Contents
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Index Page
Trustee’s annual report 2 - 5
Statement of financial activities 6
Balance sheet 7
Notes to the financial statements 8 - 11
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The Farthings Foundation
Trustees’ Annual Report for the period ended 5 April 2024
The trustees present their annual report and financial statements of the charity for the period ended 5 April 2024. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity’s trust deed, 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 published in October 2019.
Reference and administrative details
Name of the Charity: The Farthings Foundation Charity registration no: 1201610 Principal office address: Farthings Little Gaddesden Berkhamsted Herfordshire HP4 1PE Trustees: Jean MacIntyre (appointed 16 November 2022) Philip Melville (appointed 16 November 2022) Reporting accountants: Merecr & Hole Trustees Limited 72 London Road St. Albans Hertfordshire AL1 1NS Bankers: NatWest Hemel Hampstead (b) 9 Bank Court Hemel Hampstead Hertfordshire HP1 1BS Objective and Activities Objectives and policies: The objectives of the Charity are the advancement of physical education of children and adults with disabilities and the relief of disability in particular, but not exclusively, by the provision of funding or assistance of facilities to enable disabled people to access and compete in sport and healthy recreation. The trustees must apply the income and, at their discretion, all or part of the capital in order to further the objectives of the Charity. The trustees retain power to make grants and advance funds to other charities with the same or similar objectives as outlined above. Public benefit: The objects of the charity are clearly of public benefit both directly and indirectly and due regard has been paid to the public benefit guidance published by the Charity Commission.
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The Farthings Foundation
Trustees’ Annual Report for the period ended 5 April 2024
| Activities: | During the period the charity has been involved solely in grant |
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| making in order to further its objectives. | |
| Grant making policy: | As set out above, the charity was originally set up to assist |
| disabled people participate in sport. Initially the focus was | |
| individuals but the trustees have expanded this to include | |
| teams. The trustees are now assisting seven groups and | |
| these have come from the following sources – word of mouth, | |
| reading about individuals in the media who are looking for | |
| funding and contacting them direct and on one occasion, the | |
| charity has contacted the trustees and as they fitted the | |
| charity’s criteria. | |
| The trustees are contacted regularly by charities looking for | |
| funding but will only assist where the trustees are able to meet | |
| the people involved so that they can understand how they can | |
| best help. | |
| Achievements and performance | |
| Review of activities: | Grants totalling £22,447.30 were made in the period. The |
| breakdown of the grants is shown in note 5 of the accounts. | |
| Financial review | |
| Financial review: | Total income was £145,539.04, including endowments of |
| £115,000.00. Expenditure amounted to £33,757.02. Net | |
| assets at the end of the period were £111,782.02. | |
| Funding: | The principal funding source of the charity are cash |
| endowments made to the charity by its settlors. | |
| Reserves: | The trustees must apply the income and at their discretion all |
| or part of the capital in furthering the objectives of the charity. | |
| They have no requirement to retain reserves for any specific | |
| purpose. | |
| Investment policy: | At this stage the charity is holding cash (spread across two |
| accounts). As the charity grows the trustees may decide to | |
| invest the funds on a low risk basis with the funds managed | |
| by Philip Melville (Trustee) who has experience in this area | |
| having previously owned financial service company, Argyle | |
| Financial Group. | |
| Plans for the future | |
| Future plans: | The trustees’ short-term objective is to continue to make |
| grants, as set out above, to further the objectives of the | |
| Charity. | |
| As above, the charity may invest funds on a low-risk basis to | |
| generate income for distribution to meet the charity’s | |
| objectives in the future. |
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The Farthings Foundation
Trustees’ Annual Report for the period ended 5 April 2024
Structure, Governance and Management
Governing document: The principal governing document is a Charitable Trust Deed dated 16 November 2022 . Settlors: Jean MacIntyre Philip Melville Appointment of trustees: Apart from the first trustees (Jean MacIntyre and Philip Melville) all additional trustees must be appointed by a resolution passed by the current trustees. There must be at least two trustees serving at all times. Management and control: The trustees have control and overall responsibility for the day-to-day management of the charity and hold at least two ordinary meetings each year. Decision making: Trustees must exercise their powers jointly. Investment powers: The trustees have very wide powers of investment including power to delegate to professional investment managers and to invest in the name of nominees. Risk management: 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.
Respective responsibilities of trustees
Accounting guidelines:
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 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 of the charity for that period.
In preparing these financial statements, the trustees are required to:
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a) select suitable accounting policies and then apply them consistently;
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b) observe the methods and principles in the Charities SORP 2019 (FRS102);
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c) make judgements and estimates that are reasonable and prudent;
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d) state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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The Farthings Foundation
Trustees’ Annual Report for the period ended 5 April 2024
- e) prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping 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 Charities (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. 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.
Signed: .......................................................... on behalf of Trustees Dated: ..........................................................
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The Farthings Foundation
Statement of financial activities
for the period ended 5 April 2024
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Expendable Unrestricted 2024
Endowment Income Total
Funds Funds
Notes £ £ £
Income and endowments
Income from investments 3 - 1,789.04 1,789.04
Gift Aid received 28,750.00 28,750.00
Endowments 4 115,000.00 - 115,000.00
Total income and endowments 115,000.00 30,539.04 145,539.04
Expenditure on:
Charitable activities 5 - 33,757.02 33,757.02
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Total expenditure 33,757.02 33,757.02
Transfer between funds 9 (3,217.98) 3,217.98
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Net income/(expenditure) 111,782.02 111,782.02
Net movement in funds 111,782.02 - 111,782.02
Reconciliation of funds
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Total funds brought forward
Total funds carried forward 111,782.02 - 111,782.02
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The Farthings Foundation
Balance sheet
at 5 April 2024
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2024
Notes £ £
Current assets
Cash balances 116,582.02
Total current assets 116,582.02
Current liabilities
Creditors: Amounts falling due within one year 6 4,800.00
4,800.00
Net current assets 111,782.02
Total net assets 111,782.02
The funds of the charity: 8
Expendable endowment funds 111,782.02
Unrestricted income funds -
Total charity funds 111,782.02
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Approved by the trustees on ............................... and signed on their behalf by ............................................... (Trustee).
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The Farthings Foundation
Notes to the accounts for the period ended 5 April 2024
1. Accoutning policies
a) Basis of preparation
The Farthings Foundation is a registered charity in England. The address of the registered office is given in the charity information on page 2 of these financial statements. The charity's operations and principal activities are set out on pages 2 and 3.
The Farthings Foundation constitutes a public benefit entity as defined by FRS102. 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 (FRS102) issued in October 2019, the Charities Act 2011 and UK Generally Accepted Accoutning Practice.
The financial statements are presented for the period 17 January 2023 to 5 April 2024. The charity was registered with the Charity Comission on 17 January 2023 and therefore this is the charity's first period of accounts.
b) Reporting period
These financial statements are presented in sterling which is the functional currency of the charity and are rounded to the nearest pence.
c) Going concern
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern. There are no material uncertainties affecting the current period's accounts.
d) Funds structure
Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
The endowment fund represents additions made by the settlors less any amounts that have been transferred to the unrestrcited funds or any expenditure that is considered 'capital' in nature. The trustees are entitled to use all or part of the endowment fund in furtherance of the general objectives of the charity at their discretion.
e) Income recognition
All incoming resources are included in the Statement of Financial Activities when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.
f) Expenditure recognition
All expenditure is accounted for on an accruals basis and is categorised under headings that aggregate costs related to that category.
Expenditure is regacognised where there is a legal or contructive obligation to make payments to third parties, it is probable settlement will be required and the amount of the oligation can be measured reliably.
The trustees do not employ fundraisers and do not employ a fund manager, therefore there are currently no costs of raising funds for the charity.
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The Farthings Foundation
Notes to the accounts for the period ended 5 April 2024
g) Charitable activities
Costs of charitable activities include grants made, governance costs and administrative costs incurred in the pursuit of the chartiable objects of the charity.
h) Grants payable
Grants payable are charged in the Statement of Financial Activities in the period which the grant is authorised by the trustees. Grants payable to third parties are within the charitable
i) Cash at bank
Currently the charity consists of cash only, therefore cash is held to meet the day-to-day running costs of the charity as they fall due as well as to meet the objects of the charity.
j) Creditors
Creditors are amounts owed by the charity. They are measured at the amount that the charity expects to have to pay to settle the debt.
k) Debtors
Debtors are amounts owed to the charity and are recorded at the amount that the charity expects to receive.
2. Related party transactions and trustees' expenses and remuneration
The charity's trustees give their time freely and receive no remuneration for the work that they undertake as trustees. However, they can claim expenses to reimburse for costs that they incur in fulfilling their dutires. During the period the trustees' remuneration and re-imbursed costs were £nil.
Jean MacIntyre and Philip Melville and are both trustees and settlors of the charity. During the period, each trustee introduced funds to the charity of 57,500.00 respectively as seen in note 4.
| 3. Income from investments Bank interest 4. Endowments Jean MacIntyre Philip Melville |
2024 £ 1,789.04 1,789.04 2024 £ 57,500.00 57,500.00 115,000.00 |
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Over the course of the period, cash endowments were received from Jean MacIntyre and Philip Melville as above.
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The Farthings Foundation
Notes to the accounts
for the period ended 5 April 2024
| **5. ** | Charitable activities | 2024 | |
|---|---|---|---|
| Grants made | £ | ||
| Grants made to individuals | 10,292.00 | ||
| Dart Sailability | 5,141.05 | ||
| MACS | 5,000.00 | ||
| Southwark Stars | 2,098.25 | ||
| 22,531.30 | |||
| Donations by catergory Grants made to indivudals (3) Grants made to charitable organisations (3) |
10,292.00 12,239.30 |
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| 22,531.30 | |||
| All grants above support sporting activities and education for diabled individuals. Goverance costs Accountancy fees Website design fees Bank charges |
6,600.00 4,490.20 135.52 |
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| 11,225.72 | |||
| Total charitable activities | 33,757.02 | ||
| **6. ** | Creditors falling due within one year Accountancy fees |
2024 £ 4,800.00 |
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| 4,800.00 | |||
| **7. ** | Control | ||
| **8. ** | The charitable trust is controlled by the trustees. Analysis of net assets between funds Unrestricted Funds Endowment Fund |
Net Current Assets/ Fixed Assets (Liabilities) £ £ - - - 111,782.02 |
Total £ - 111,782.02 |
| - 111,782.02 |
111,782.02 |
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The Farthings Foundation
Notes to the accounts for the period ended 5 April 2024
9. Transfer between funds
Over the course of the period, the trustees exhausted all unrestricted funds. As per the information found in 'funds structure' of the accounting policies on page 8 of the financial statements, the trustees may apply endowment funds as they see fit in furtherance of the charity objectives. Therefore a transfer of £3,217.98 has been made from the endowment fund to the correct the overdrawn unrestricted fund position.
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