Compauy ffgistsation number.. 13560206 Charity. rlStratIOn number.. 1201893 Firstfruit Ventures (A company limited by guarantce) Annual Report and Financial Stst¢me] for the Year Ended 31 August ?024
Firsrfruit Venture5 Contents R¢f¢r¢tt¢e and Administralive Details Trustee5' Re)rt Accoulltsnts, Report Sialement olFinancial Activitie5 Balan¢e Sheet No*s to the Financial Sernents 81?
Firstfruit Ventures Reference and AdministratiTre Details Trustees H Wolmarans C PerkiDs C Seado Cbaritv Registrntioll Number 1201893 Co]npally Registniion Number 13560?06 The charity. 15 incorpor*ed in England •thd Wales. l .)ston House I Wiston Avenue Ivonhin" Vest SSseX ReEisiered Office BNI4 7QL Hodson & Co iston Hoe I Il'iston Avenue Worthing Il'est Svssex BNI4 7QL A¢couDtsnts Page I
Firstfrnit Velltures Tru5tees' Report The trustees. who are dire¢lory for the PUTPOSeS of company law. preseDI the annual report together Wlth the finan¢ial ststements of the charitable CompaY for the Jeat ended 31 Avguo 20?4. Objeetives #nd activiii Ohject5 Ltndllim The prevenlic>n or Telief of poyerty anwm'here in the Morld bj makiniw wants or providing assistsnce to other chariiies and Thot for profit or¥anisations to supp)rt the PryTrViSiOD of edul01 trdin1tts and h¢r support designed io enable individuals to general¢ a sustainable incom¢ and be selfreliant. To relieve the need$ of p¢ople anjwhere in the World wkn are fleeino aT. fafft¢. p)liti¢al instability. religiou5 persecution or genocidc by mtiktng grants or providing assisran¢e kn other charities and Dot for profit organisations r¢lieving the needs of such people. GranLS will be made to organisaiions such as ehurches and other charities align with the Visio Ley objects and core value5 of FirstFruit Ventur¢s. Grants will onl). be made to organisatlQll5 that hav¢ a proven track ttcord of %curdte needs assessment and 5UCf¢S5ful itnpl¢mtniation of progrdmmes. Public benefil rhe charity exists to further lis ¢harirable purposes by making 8rants to thr Chariite& NGO'S and organi5ations that prev¢ni or reliei'e povertv or relieve the needs of pwple are fleeing w, famine. political instability. reli8ious perstcution or genotide. The trug¢es nf)rni that thei. haNe complied [th ihe r¢qllirements of Section 17 olihe Charities Ad 2011 to have due regard to the public benefit guidance published by the ChaTity' Ccmnrnission for England and W¢S. Financial reTr'iew Results ÈO 31 At7t ?024 show a deficit of £54112023 Surplus of £15.ii41 UnTtStri¢ted funds * 31 August wue £14.993 (2023 £15,534). Poliry on reserves The trustees have examined the charitys requ1ments for r¥etves lighi of the tnain risk5 to the tsrganisation. The trustees ¢onsid¢r that the present level of fvndins will b¢ adequate to supp)rt the COllLinuation of the charity and for it to Er1[ its obligations. Cmoing toncern T11¢ ar¢ JK> terial LuKetiaiJities aix)ut die clwity's ability to coiituw¢. Trll%tees and offTcers The trnstees and offi¢¢rs servin8 during iheyear and since the year end were follows.. Trustees: H Wtslmarans C Perkin5 C Seadon Ptte 2
Firstfruit Ventures Trustees, Report Structur¢y goTr'¢rnanceAnd management NaNreofgoveFning docunwnl Fir5tfruit Ventures 15 a Charitable Cortlpany Tegi5Tered on I l A.t J? 21 and registered with the Charity Commission of Ennland and Ivates Ino. l?018931. Recruilmeni appoIntnI¢ irustees Th¢Board has th¢ power io appoint additional trustees as At eonsiders fit to do so. Nolle of the Inree5 has any beneficial interest in the ¢harity. Induclion undiruining ofirusiges New trustees ate made familiar i%ith the charity vision. operation and goals by dialogue with existing pe}ne1 and provision of minutes atld other literature pertaining to tharity actiTrity. All tru5tee5 are already fan]iliar with the prnctical work of the charity. New trusttts are encourdged to attend all ana(pement comtnittee mteti]]gs. Short trnining S105 lif required) ajt provided w familiarise new tn]stees with th¢ clwiry. The charity. is or8ani5d 50 that the trustee5 Ineet regthaAy to mattage its affairs. The charity is overseen by the trustees. Key 5trateoic and adMinirat1.¢ decisions are made by ageeTnent of the trustees. and delegated as appropriate. St2ternent of tru5tees' re5pon5ibilitie5 The truste¢51th aTe a150 Ihe directo of FirstfTUii Ventures for thc purroses of company law} are responsible for preparing the t51¢¢5, rert and ihe fircIal stsi¢ments in attordance 1th applicatrile law and United Kingdom Accounting SrandaTds (Lnited KjThgdo Genera]l} Accepted AccoLmting Practi¢el, including FRS 102"The Financial Rep)ning Stsndard applicable ID the UK and Republic of ItelaDd". Company lai¥ requires ihe trnsitts to prepare financial seMents for c&h financtal yeat. Lnder company law. the tnjsiees must not approve lh¢ fInclaI statements unles5 thoTr are satl5ficd Ihai they gil'e a true and fair view of the state of affairs of ihe ¢haritablc ¢ompanJ' and of the incornino resources and application of resources. including its income and expendiiure. of the ¢h8ritsble wmpany for th& period In preparing these financial statements, the trustees are required io= Select suitable a¢¢ountinu TK>licie5 and applv them consisienilv- obsetve the methods aftd priD¢iples in the CFtariiies SORP. make judgements and estimates that are rt&8onable and ptudenL State whether applicable accounting standards, comprising FRS 102 have been folk)wed, subject to any material departures disclosed and explained in the financial stateJnen¢S'. and prepare the finan¢ia] $ements on the going eoncern b&sis uThle5s il is inappropriate to presume th* the charitable compar]y will ¢ontÈllue ill busin¢ss. The tste¢s are responsible ftsr keepin(T proper accounting Te£ords that Can disclose with reasonable accuracy at a¥Jv lin the finanGial w>5iiion of the charstable cotnpany and enable them to ensure that the financial statements ¢omplv with the Companies Aci 2006. They are also r¢snsible for safeguarding the ¥sets of the charitable COtRpany and hence for taking reasonable steps for the prevention and dekciioD of fraud and other irregularities. Page i
Firsrfruit Ventures Trustees, Report The trustees are responsible for the maintenartt and inte_£rity of the corporate and financial infomation included on the charitable company's website. Legislation governing the prepaTation and dissemination of fircial statemellts may differ legislation in other jurisdi¢tLons. The rep)rt was approved b) the trtreS of the charity Oll - and signed on its behalf by: Lli H m.ol Trustee Page 4
Chartered Accountants, Report to the Truslees on the Preparation of the Unaudited StatutoT) Accounts of Firsrfruit Ventures for the Year Ended 31 August 2024 In order to ist >'ou to fulfil your duties under the CornpaDies Act 2006, we have prepared for your approval the ar¢ounts of Firstfnjit Ven(ures for the )'ear ended 3 1 .4ugust 2024 as 5Ct oui on pages 6 to 12 from the compaThy's ac¢ountitLts re¢ords and from infonnatitsn and explanations )'ou have gii'en us. As a practising rntmber firm of the Institute of Chartered Accounlants in Fmgland and Wales (ICAEWI we Are subjeei 10 Its ethical and other professional requirements which are del1 http.'Il%¥i¥w.icaew.comleTht memberslregulatÉons-siandards-and-guidan¢cl. This report is made solely to the board of directors of Firsifwit venlu$, xs a ld5'. in £rdance with the terojs of QL]r engagement letter. Our W'ork has been undertaken 501el} to PTepaw f¢x y¢)Lr approi'al the f2nancia] ststements of Firstfntit Venwres and state those matters that we haTre a* to state to the board of directors or Fi(frUit Ventures. as a bodj. in this in ac¢ordan¢¢ M'ith ICAEW Technical Release 07116 AAF. To the fijllest eKtent pertnitted by law. do not aGcepl Or assume responsibilitN kn anOne other than Fitstfruit Vertlutes and its board of directors as a body for our work or for this report. It is your duty 10 eTisure ihat Firstfmii Venttues has kepi ad¢qUa accouDiing records and io pr¢pare stslutory accounis thai giN'e a true and fair view of ihe a5sers. lÈabilitie& finan¢ial 1110 and of Fir5tlruit V¢ntures. You considet that Firstfntit Venhjres is exempt from th¢ staiuloT)' audit requirerneni for the iear. We have not been illStru¢Èed to carry out an atsdit or a miew of the accounts of FiTStfruit Veniures. For ihis reason, w¢ have not verifjed the accurdcy or completeness of the attounting records or infortnation and explanations you have given to tss 2nd we do not, therefore, express any opinion on the statutory accounts. Flodson & Co Wiston House I Wiston Avenue Worthing West Sussex Bb'14 7QL
Firstfruit Ventures Statement of Financial Ac¢i%ities for the Year EDded 31 August 2024 (lllcluding In¢ome 2nd Eypenditure Account and Statement of Total RecogTrised Gains and L.osses) Unrtstrieted funds Total 2024 Poie Infome gnd EndowrneTrts from: Expenditure on: Clwitable actiTrities 1541) 15411 Total expenditure Net exptrtdiiure 1541) 541 1541) 541 Nei movement ID fijnds 1541) (5411 encIlIatio of funds roial filljds broughi forward 15.534 15,534 Total funds carried forwdrd 14,99) Ullre5tricted funds 14,993 Total 2023 Nott Intome aud EDdowmeDts from: Donattons and legacies 158.346 158.346 Total incotne 158346 158,i46 Expenditure on: Chariuble a¢iiviues (142.8121 (142,812) Total expenditure (142.8121 14? 81?) Nei in¢ome 15,534 Net movement in fund5 15,534 l5,S34 Reconciliation of funds Totsl filnds Garried foEivard 15.534 15534 All of the charity's activities derive from continuing operntions during the aknTre kn'o periods. The futsls bre8kdo%hTr for 2023 is slK>n in nNe I l. The notes on pages 8 to 12 fonn ary integrnl part of these finarKial sement P4e6
Firsrfrnit Ventures (Registration number: 13i60206) Balanee Sheet as at 31 August 2024 2024 2023 CwrreDt assets Cash at bank and in Iwjd 15.3?3 16.074 Creditors: Amounts falliuo due olle )ur 10 540 Net assets 14.993 Fund5 of ihe cbgrity: Unrestrided income fund5 Untestri¢ted funds 14.993 15,)34 Total funds 14.1)93 15.5i4 Forthe finallcial year etlding 31 Augusi 20?4 th¢ charit>. enlitled to exemptioth from audit nder section 477 of the Companies Ad 2006 reialillg to 5tRall cotnpanies. D1Cto1$, ffsponsibilities.. The members have not required the charity to obtsin aTh audit of its accounts for th¢ year LD question in ordan¢e M'ith settion 476: and The dir¢¢tors acknow'ledse their resp)rtsibiliti¢s for ¢ompl)'iD8 with the requirements of the Act V¢ith respeci 10 accouniing re¢ords and the prepardtion of xcounts. aKAI SEaments on pages 6 to l? Mtre approved by the trustees. and aUthl$ed for issue on and $isned their behalf by= H Ilol Trustcc The notes on pages 8 to l? forn an integral part of these finan¢ial ststernents. Page 7
Flrsrfruit Ventures Not to the Financial Statements for the Year EDded 31 August 2024 I Charity sta$ The charity is limited by guarantee. Ll]coriy)rated in Entsland and Mrales. and consequently does llot haye share capilal. Each of the trustee5 LS liable io wn¢tibul¢ an amoiint not ex¢¢¢ding £10 towards the a5ts of the charity In the eveni of liquidation. The address of its registered office is- I Ivision House I Iviston Avcnue Worthing Wcst Su55eK BN14 7QL 2 .4ctoulin¥ policies Summary of significant accounting policie5 nd ke). •¢eouDting estimates The principal accountin policies applied in the preparntion of these financial 5ratements are sei out below. Thcse policies have b¢en ¢ODSiStentt)' applied to all the year5 presented. unless otheNise stated. Statement of romplian¢e The fiTwi¢ial siatemenis have been prepared in acLY)rdance with Accounting and R¢portiDg by Chariti£s". Ststement of Recorllmended PTa¢iice (applicable to charities Preparino iheir aco)unts in a¢¢ordan¢e ivith the Financial Reportzno Statldard applicable in ihe UK and Republic of Irelatml (FRS 10?)) {is5ued October 2019) - {Charities SORP (FRS IO)). the FI[7n¢tal Rewrting Standard applicable in the UK and Republic of Ireland IFRS 102) and th¢ Compani¢s Act 2006. B4sis of preparntion Firstfruit Ventures meets the d¢finilion of a public benefit entity under FRS 102. Assets and liabilities ar¢ itiLt&illy recognised at historical cost or tTansactiDn &?luc unless othcnyise staled in the levant accountÉntr policy notes. Going concern The tru5tec5 consider ihat the¥e are macerial uneerrainties aFx)ut the charity's ability to contiDue as a going ¢oncern nor any signifjcant ar of uncertainty that affect the r.]rtg value of assets held by the charity. Exemptton frorn prepariNtr # tash flow sthtement The charity oplcd to early adopt Bulleiin I published on 2 Febrnat) ?016 and haTre therelore noi included a cash flow statefflent in these financi slatements. Income 4ud endowments AIS income is recogni5ed once the charity has entiiletnent to the in¢ome, li is probable thai the income will be re¢eived aNI the amount of the income ]Vable can be measured reliably. Page 8
Firstfrnii Ventures Notes to the Financral Statemettts for the Year Ended 31 August 2024 Donations UndIeg(l Donations are recognised when the charity has beett in WTiiing of the amLHJnt and settlement date. In the event that a donatiori Is subject to Conditions thai requi a level of perfornwJ¢e by the Charity. before ihe chariry is ¢ntiiled io the funds, the iDcome is deferred and not recognised until either those conditions are fully mei. or the fulfilment of thos¢ ¢onditions is wholl%' i%ithin the eontrol of the Charity and li is pTobable th these condttions will be fulfilled in the rertIng perithj. Expenditure All expendiiure 15 recogni5ed once there is a legal or ctsnsffii¢iive obl]lOn io that expenditure. it is probable seulemeni is required 2nd the amount can be me&sured reliablv. All costs are allocated to the applicable expenditu heading that aggegaie Similar costs kn thai calegot>. Where costs cannot be directly attribyted to pEiCUlar hcadin85 they haN'e been all¢ on a basis consisieni m.ith the use of resources. with Central staff coss ailo¢aied on the basis of lime spent. and deptlatIo che$ a110¢2ted on the wrtion of the asset's use. her support costs ar¢ a]lo¢ated based on the sprtad of staff cos Choritable oclivilie% Charitable expenditute Comprises those costs incurrtd b) the charity in tht deli*ery of its aCtIVilies and s¢rvices for its beneficiaries. li includes both costs be all(Yatrd dir¢aly to sudi actI.itieS those costs of all indirect nature necessary io sUprt them. Gr&ntproyision5 Provisions for grants are rn£ Thhen the intentkon make a has been communicated w the recipient bui there is uncerlaitlry about either the timing of the grant or the amount of grant payable. GoveTh3Dce Costs These include the costs attributsble the ¢h8Tity's compliance with eOnttltIortal and staDJtory requirements, tn¢ludins audii strategic managernent and trusttts medings atld reimbursth4 expenses. Tation L•fdph I Schedule 6 of Fitlance Act ?010 and Thc charity LS CODSLdered to p&%s the tests sei oui in Pardo therefore it m¢ets the definition of a charitable COllLpany for UK cotyordti¢)n purp)ses. Accordingly. the charÈty is potentially ¢xeTnpi fwm Ltxation in respect of I[orne OT capital gans received '1th1 categories covered by c.hapter 3 Part I l of the Corp)rnlion A¢[ ?010 or Section ?56 of the T&xation of Chargtable Gains Aci 1992, to the exrenr ihai su¢h income or gain5 are applied exclusiv¢ly ¢harithbl¢ purpos¢s. Cash and eash equivalents h and equivalens comprise cash on hand atld call dep)srts: and oth¢r shon-iem highly liquid investm¢nts ihat are reddtly convertible to a knowTr amount of ¢h and are subjtct to an insionificant risk of change in Wdlue. Fund structure Unrestricted ineome funds are general fvnds that are available fvr at the busiets discretion furtherance of the objectives of the eharity. Page 9
Firstfrnit Venture5 Notes to the Financial Statements for the Year Ended 31 August 2024 Fi¢1#1 iAStrnmellts Classificaliox The company only ha5 financial a5set5 ar financial liabilities of a kind th qualify as basi¢ flnancial instNrnents. Basi¢ fthanciai insinunents 2re iniiiall} reco.lSed ai transaction i'alue and sub5equenil)' easU[e at Iheir settlement value with the excep(ion of loans which are subsequertly measured at amortised cost Using the efflrtive interest rnethod. 3 ltteornt from donations legacies Unrnstricted funds GeTherdl Total funds Totsl for 2024 Total for 2023 158 346 4 Expenditsre on cbaritablt cti¥iiies UllTtstricted runds CeDeral Total funds GoverDattce costs 541 541 Total for 2023 142 812 14? 812 5 Anatysi5 of goTrerllxD£e alld support costs GoveTDance costs UDrtstri¢ted runds Cenerdl Totsl funds Legal and professional fees Other 8ov¢rnance costs 4£7 4£7 84 Totsi for 2024 541 541 Tot•1 for 1023 2.812 P4e 10
Firstfruit Venttsres Notes to tbe Financial Statements for the Year Ended 31 August 2024 6 Net incomiThg/outgoing resources Nei (ourgoingyincomit)g resources for th¢ year include". 2024 7 Trustees remuDer4tioD aDd eJp¢oses No trueeS. nor any persons cont)¢¢ted them, have received any retDuneration Irom the chartty during the year. No trustres hawe received any reimbursed &xpenses or any other knefits from the ctwity during Ihe yvdr. 8 T8XAtioD The charity is a registered charit). and is thtrtfott exempt frorn taxation. 9 Cgsh and rJsh equivalents 2024 2023 c11 at ballk 15J23 16.074 10 Creditors: #mounts falling due within one )e4r 2024 2023 Accrua15 330 540 I l Funds B#l*ote ¥t I September 21123 Re%ources eypended Bglallce at31 August 2024 Unrestricted fund5 General 15.534 541 4.993 lacoming resowrces Resouree5 expethded Balance at 31 Augllst 2023 Unrestriettd funds Gera1 If 8.)46 (14?,812) 15.534
rirstfrnit Vellture5 Notes to the Financial Statements for the Year Ended 31 August 2024 12 Anglvsis of llet 85Stts between funds Unrtstricted runds C¢neral Total fud$ 8t 31 August 2024 Currenl asseis Curreni liabilities 15.323 1330 15,323 330 Total net assets 14,993 14,993 Unre51ritted funds Gener*1 Total funds at 31 .4ugust 2023 Curret]t SS Cutrent liabilities 16.074 540 16.074 540 Tolal nEt assets 15.534 13 Related party transaetions There were no related part.b' trattsactions in the Jear. Page 12