Docusign Envelope ID: 02D8DCCE-CB42-4F8A-8E6E-B22701888BDD
THE SANCTORAS FOUNDATION
Unaudited financial statements For the period 13 June 2023 (date of registration) to 31 March 2024
Docusign Envelope ID: 02D8DCCE-CB42-4F8A-8E6E-B22701888BDD
THE SANCTORAS FOUNDATION
| Contents Directory Chair's report Trustees’ Report - Financial review and reserves policy Statement of Financial Activities Balance Sheet Notes to the financial statements |
PAGE |
|---|---|
| 1 2 3 4 5 6-8 |
Docusign Envelope ID: 02D8DCCE-CB42-4F8A-8E6E-B22701888BDD
THE SANCTORAS FOUNDATION
Directory
| Date of registration | 13 June 2023 |
|---|---|
| Charity registration number | 1203534 |
| Organisation type | CIO |
| Gift aid | Not recognised by HMRC for gift aid |
| Policies | Internal charity financial controls policy and procedures |
| Internal risk management policy and procedures | |
| Risk management | |
| Safeguarding policy and procedures | |
| Safeguarding vulnerable beneficiaries | |
| Serious incident reporting policy and procedures | |
| What the charity does | General Charitable Purposes |
| Economic/community development/employment | |
| Who the charity helps | Children/young people |
| The General Public/mankind | |
| How the charity helps | Makes Grants To Individuals |
| Makes Grants to Organisations | |
| Provides Other Finance | |
| Provides advocacy/advice/information | |
| Where the charity operates | Throughout England and Wales |
| Chair | (i) James Heathcote |
| Trustees | (i) John Dickinson |
| (ii) Paul Richardson | |
| Principal office | 118 Pall Mall |
| London | |
| England | |
| SW1Y 5EA |
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Docusign Envelope ID: 02D8DCCE-CB42-4F8A-8E6E-B22701888BDD
THE SANCTORAS FOUNDATION
Chair's report
For the period 13 June 2023 (date of registration) to 31 March 2024
The trustees present this extended report, together with theindependently examined accounts for the period 13 June 2023 (date of registration) to 31 March 2024.
INTRODUCTION
The Sanctoras Foundation is a Charitable Incorporated Organisation registered with the Charity Commission, established to support young entrepreneurs from disadvantaged backgrounds throughout England and Wales, and, whereappropriate, internationally. TheFoundation aims to empower individuals with thepotential to make a meaningful impact in business, entrepreneurship, and sustainable growth.
ACTIVITIES AND ACHIEVEMENTS DURING THE YEAR
During the financial year, the Foundation remained in a preparatory phase, focusing on establishing its presence and laying the groundwork for futureactivities. Whileno grant-making activity was undertaken in the period, the trustees dedicated time to:
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Refining the Foundation’s strategic vision to ensure maximum impact in the coming years.
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Building awareness of the Foundation's mission among potential partners and beneficiaries.
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Developing operational structures to support efficient and transparent grant-making.
These preparatory efforts will enable the Foundation to effectively execute its objectives in the years ahead.
GRANT-MAKING POLICY
The Foundation’s grant-making policy is designed to ensure that all funds are directed towards causes that align with its mission. Grants will be awarded to individuals and organisations demonstrating the potential for longterm, sustainable impact.
The Foundation’s principles include thorough due diligence, clear impact assessment, and alignment with charitableobjectives under thelaws ofEngland and Wales. Whileno grants weredistributed this year, thetrustees remain committed to launching the Foundation’s grant-making activities in the near future.
FINANCIAL REVIEW
As the Foundation did not undertakegrant-making activities this year, expenditure was limited to administrative and preparatory costs. The trustees continue to manage the Foundation’s funds prudently to ensure long-term sustainability and effective future grant distribution.
FUTURE PLANS
Looking ahead, the Foundation plans to:
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Actively begin its grant-making process, focusing on high-impact opportunities.
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Engage with stakeholders and potential beneficiaries to refine its approach.
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Further develop governance and operational structures to support long-term success.
The trustees remain committed to the Foundation’s mission and look forward to delivering tangible support to young entrepreneurs in the coming years.
CONCLUSION
Whilethis has been a foundational year, thework undertaken has been essential in positioning the Foundation for future success. The trustees express their gratitude to all supporters and stakeholders who have contributed to shaping the Foundation’s direction.
Chairman
Date: January 30, 2025
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Docusign Envelope ID: 02D8DCCE-CB42-4F8A-8E6E-B22701888BDD
THE SANCTORAS FOUNDATION
Trustees’ Report - Financial review and reserves policy For the period 13 June 2023 (date of registration) to 31 March 2024
STRUCTURE, GOVERNANCE AND TRUSTEES
The Charity is a Charitable Incorporated Organisation (CIO) with an association Governing Document. This was registered on 13 June 2023.
At every Annual General Meeting, one half of the Trustees shall retirefrom office(The longest serving must resign first) but they are permitted to be re-elected or re-appointed by the members.
At any one time, the constitution stipulates there should be a minimum of four Trustees with a maximum of twelve. All new trustees go through an induction process.
The trustees meet several times a year and each matter is determined by a simple majority of votes of thetrustees present at the meeting, providing a Quorum of at least five Trustees are present. In case of equality of votes, the Chair of the meeting has a second or casting vote.
RESPONSIBILITIES OF THE TRUSTEES FOR THE ACCOUNTS
The Trustees are responsible for preparing the Trustees’ report and the financial statements in accordance with applicable law and regulations.
TheTrustees must not approvethe financial statements unless they aresatisfied that they givea trueand fair view of the state of affairs of the charity of theincoming resources and application of resources, including theincome and expenditure, of the charity for that period. In preparing these financial statements, theTrustees arerequired to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP (FRS 102);
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make judgements and estimates that are reasonable and prudent;
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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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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 are sufficient to show and explain the charity’s transactions, disclose with reasonable accuracy at any time the financial position of the charity and enablethem to ensurethat thefinancial statements comply with theprovisions oftheCharity’s constitution. 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.
Insofar as each of the trustees of the charity at the date of approval of this report is aware, there is no relevant audit information (information needed by the charity’s independent examiner in connection with preparing theaudit report) ofwhich the charity’s examiner is unaware. Each trustee has taken all of thesteps that he/she should have taken as a trustee in order to make himself/herself aware of any relevant audit information and to establish that the charity’s independent examiner is aware of that information.
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Docusign Envelope ID: 02D8DCCE-CB42-4F8A-8E6E-B22701888BDD
THE SANCTORAS FOUNDATION
| Statement of Financial Activities (including income and expenditure account) For the period 13 June 2023 (date of registration) to 31 March 2024 Income Notes £ Income and endowments from: Investment income: Total income Expenditure Expenditure on general activities: Expenditure on charitable activities: Total expenditure Net expenditure Reconciliation of funds Total funds brought forward Total funds carried forward |
2024 | |
|---|---|---|
| £ - - |
||
| - - - - |
||
| - - |
||
| - |
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Docusign Envelope ID: 02D8DCCE-CB42-4F8A-8E6E-B22701888BDD
| THE SANCTORAS FOUNDATION Balance Sheet As at 31 March 2024 Current assets Net assets The funds of the charity Unrestricted income funds Total charity funds |
Notes £ 6 |
2024 | |
|---|---|---|---|
| £ - |
|||
| - | |||
| - | |||
| - |
The notes at pages 7 to 9 form part of these financial statements.
Approved by the Trustees on January 30, 2025 and signed on their behalf by:
James Heathcote Chair
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Docusign Envelope ID: 02D8DCCE-CB42-4F8A-8E6E-B22701888BDD
THE SANCTORAS FOUNDATION
Notes to the financial statements
For the period 13 June 2023 (date of registration) to 31 March 2024
1 ACCOUNTING POLICIES
The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:
a) Basis of preparation
The financial statements have been prepared in accordance with the Charities SORP FRS 102 applicable to charities preparing their accounts in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland, the Companies Act 2006 and UK Generally Accepted Practice as it applies from 1 January 2015.
The Charity meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy
b) Preparation of the accounts on a going concern basis
After making enquires, the Trustees have a reasonable expectation that theCharity has adequate resources to continueits activities for theforeseeablefuture. Accordingly, they continue to adopt thegoing concern basis in preparing the financial. There are no material uncertainties casting doubt on going concern.
DEPRECIATION
Depreciation is provided at a rate calculated to write off the excess of cost over estimated residual value evenly over the estimated useful economic lives of each class of asset, subject to annual review.
INCOME
Recognition of income
These are included in the Statement of Financial Activities (SoFA) when:
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the charity becomes entitled to the resources;
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it is more likely than not that the trustees will receive the resources; and
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the monetary value can be measured with sufficient reliability.
Running events
Income is included when receivable by the charity, the point at which it becomes certain.
Donations
These are generally included when received by thecharity, sinceit is virtually impossibleto becertain ofthe income before this point. Gift aid recoverable on donations received is included once this can bequantified with reasonable certainty.
Legacies
These are included once the charity's legal right to the legacy has become clear and once the legacy can be quantified with reasonable accuracy.
Gramts from charitable foundations
Thesearerecognised as incomewhen receivableunless specific conditions need to be met, and which suggest the grant should be deferred.
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Docusign Envelope ID: 02D8DCCE-CB42-4F8A-8E6E-B22701888BDD
THE SANCTORAS FOUNDATION
Notes to the financial statements (continued)
For the period 13 June 2023 (date of registration) to 31 March 2024
EXPENDED RESOURCES
Liabilities
Liabilities are recognised where it is more likely than not that there is a legal or constructive obligation committing the charity to pay out resources and the amount of the obligation can be measured with
Expended resources are, as far as is possible, included in the period to which they relate. All expenditure is accounted for on an accruals basis and the majority is directly attributable to specific activities. Other indirect costs are apportioned to activities in accordance with staff activity and an assessment of where the resources have been applied.
All expenditure is classified under headings that aggregate all costs related to that category. Where costs cannot bedirectly attributed to particular headings they havebeen allocated to activities in accordancewith staff activity or an assessment of where the resources have been applied.
GOVERNANCE AND SUPPORT COSTS
Support costs havebeen allocated between governancecosts and other support. Governance costs comprise all costs involving public accountability ofthecharity and its compliancewith regulation and good practice. Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, eg allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage.
FUNDS
The Funds held by the charity are: -
Unrestricted funds
These are funds which can be used in accordance with the charitable objects, at the discretion of the trustees.
Designated funds
These are restricted funds earmarked by the trustees for particular purpose.
GOING CONCERN
Wehaveadequatefinancial resources and arewell placed to manage thebusiness risks. Our planning process, including financial projections, has taken into consideration the current economic climateand its potential impact on the various sources of income and planned expenditure.
Our cash deposits could easily be drawn down should working capital be required. We believethat thereare no material uncertainties that call into doubt the charity’s ability to continue. Theaccounts havetherefore been prepared on the basis that the charity is a going concern.
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Docusign Envelope ID: 02D8DCCE-CB42-4F8A-8E6E-B22701888BDD
THE SANCTORAS FOUNDATION
Notes to the financial statements (continued) For the period 13 June 2023 (date of registration) to 31 March 2024
2 GRANTS PAYABLE
Grants payable include grants/donations made direct to individual families to improve the quality of their lives. Other charitable grants and donations includes money donated towards for medical research into medical conditions.
| 3 | STATEMENT OF UNRESTRICTED FUNDS At 13 June 2023 Surplus/deficit for the period At 31 March 2024 |
General fund £ - - |
General fund £ - - |
Total | ||
|---|---|---|---|---|---|---|
| £ - - |
||||||
| - | - |
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