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Registered Company Number: 13120015 (England and Wales) Registered Charity Number: 1205123
A MILLION REALITIES FOUNDATION
REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
A MILLION REALITIES FOUNDATION
CONTENTS
| Pages | |
|---|---|
| Reference and Administration Details | 1 |
| Report of the Trustees | 2 to 4 |
| Independent Examiner’s report | 5 |
| Statement of Financial Activities | 6 |
| Statement of Financial Position | 7 |
| Notes to the Financial Statements | 8 to 10 |
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A MILLION REALITIES FOUNDATION
ADMINISTRATION DETAILS
REFERENCE AND ADMINISTRATION DETAILS
Registered Company Number
13120015 (England and Wales)
Registered Charity Number 1205123
Registered Office
St Martin's Court 10 Paternoster Row London EC4M 7EJ
Trustees
A M M Packard M D B Simon F A Mahamed L Ravenscroft
Independent examiner
Nikki Crane FCA BKL Audit LLP Chartered Accountants 5 Fleet Place London EC4M 7RD
Solicitors
Collyer Bristow LLP St Martin's Court 10 Paternoster Row London EC4M 7EJ
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REPORT OF THE TRUSTEES
A MILLION REALITIES FOUNDATION
FOR THE YEAR ENDED 31 MARCH 2024
The trustees, who are also the directors of the Charity for the purposes of the Companies Act 2006, present their report and financial statements for the Charity for the period ended 31 March 2023 which are also prepared to meet the requirements for a directors’ reports and financial statements for Companies Act purposes.
The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Charity’s Memorandum and Articles of Association and have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and UK Generally Accepted Practice as it applies from 1 January 2019.
The accounts have been prepared to give a ‘true and fair’ view and 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 Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) effective from 1 January 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
Structure, Governance and Management
The charity was formed as a company limited by guarantee on 7 January 2021. The Company registration number is 13120015. Registered with the Charity Commission – Registration Number 1205123.
Governing document
A Million Realities Foundation (the “Charity”) is a Company limited by guarantee and is governed by its Memorandum and Articles of Association dated 7 January 2021 and subsequently amended on 2 August 2023.
Method of appointment of trustees
Any person may be appointed to be a trustee by ordinary resolution, or by a decision of the trustees. The number of trustees should be not less than 3. The trustees are appointed and operate in accordance with the Trust Deed. No formal policies have been adopted for the induction and training of trustees.
Trustees
During the year the Charity’s trustees were as follows:
H C M Allan (Resigned 3 April 2024) A M M Packard M D B Simon F A Mahamed (Appointed 10 January 2024) L Ravenscroft (Appointed 16 April 2024)
Risk management
The trustees have a duty to identify and review the risks to which the Charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. The trustees have assessed the major risks to which the Charity is exposed, and systems have been established to mitigate these risks.
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REPORT OF THE TRUSTEES
A MILLION REALITIES FOUNDATION
FOR THE YEAR ENDED 31 MARCH 2024
OBJECTIVES AND ACTIVITIES
Objectives and aims
The objects of the Charity are: the promotion of the efficiency and effectiveness of charities and the effective use of charitable resources; and all such other objects as are exclusively charitable under the laws of England and Wales.
Significant activities
During the period, the Charity concluded a period of review, research and development, including developing a 5-year strategy and building on the design of its previous fellowship programme.
In October 2023 A Million Realities Foundation was entered onto the register of Charities.
In November 2023 “A Million Realities fellowship programme 2.0” was launched with a recruitment campaign for Fellows. This iterated programme focuses on supporting the development of leaders working with young people’s mental health in the UK. In March 2024 8 new Fellows were offered places on the programme, which then began in April 2024.
Also in November 2023 recruitment began for two new Trustees and Fuad Mahamed and Lisa Ravenscroft were appointed in the Spring, when Heather Lawrence also resigned.
Public benefit statement
The Charities Act 2011 requires all charities to meet the legal requirement that its aims are for the public benefit. The Charity Commission in its Charities and Public Benefit guidance states that there are two key principles to be met in order to show that an organisation’s aims are for the public benefit: firstly, there must be an identifiable benefit or benefits and secondly, that the benefit must be to the public or a section of the public. The trustees consider that they have complied with Section 17 of the Charities Act 2011 including guidance the ‘Public benefit: running a charity (PB2)’.
The trustees are satisfied that the objects and activities of the Charity are within the definition of the Charitable Purposes set down in the Act. The trustees are not aware of any public detriment caused by the Charity’s objective or activities, nor are they aware of anyone receiving any private benefit from the Charity’s activities.
Grantmaking
During the year, the Charity has not made any grants.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
FINANCIAL REVIEW
The Charity receives all of its funding through private donations. During the year ended 31 March 2024, the Charity received £250,000 (2023 - £nil) in donations.
Reserves and reserves policy
At the balance sheet date the charity held reserves of £234,205 (2023 – £140,172), of which all reserves are unrestricted.
It is the Charity’s policy to maintain minimal reserves and subsequent to the year-end the Charity has continued to undertake charitable activities.
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REPORT OF THE TRUSTEES
A MILLION REALITIES FOUNDATION
FOR THE YEAR ENDED 31 MARCH 2024
Future Aims
The trustees intend that the Charity will continue to support the current fellowship programme until 2026, with the aim of launching another cohort within the next year to run concurrently.
The Charity is testing and developing ways of scaling the impact of the programme to broaden its reach beyond Fellows.
Trustees' responsibilities in relation to the financial statements
The trustees (who are also the directors of A Million Realities Foundation for the purposes of company law) are responsible for preparing the trustees’ annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law 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 charitable company and of the incoming resources and application of resources, including the income and expenditure of the charitable company for that year. In preparing those financial statements, the trustees are required 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 Charity SORP;
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make judgments 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; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue to operate.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
DECLARATION
The Trustees declare that they have approved the Trustees’ report above.
By order of the trustees
Trustee: A M M Packard
Date: 17 December 2024
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF A MILLION REALITIES FOUNDATION
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Independent Examiner’s Report to the Trustees of A Million Realities Foundation
I report to the trustees (who are also Directors for the purpose of company law) on my examination of the financial statements of A Million Realities Foundation (‘the charitable company’) for the year ended 31 March 2024 which comprise the Statement of Financial Activities, the Balance Sheet and related notes.
This report is made solely to the charity’s trustees, as a body, in accordance with section 145 of the Charities Act 2011. My work has been undertaken so that I might state to the charity’s trustees those matters I am required to state to them in this report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for my work, for this report, or for the opinions I have formed.
Responsibilities and basis of report
As the trustees of charitable company you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).
Having satisfied myself that the financial statements of the charitable company are not required to be audited under Part 16 of the Act and are eligible for independent examination, I report in respect of my examination of the charitable company’s financial statements carried out under section 145 of the Charities Act 2011 (‘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 2011 Act.
An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters that an auditor considers in giving their opinion on the financial statements. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently I express no opinion as to whether the financial statements present a ‘true and fair’ view and my report is limited to those specific matters set out in the independent examiner’s statement.
Independent examiner’s statement
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:
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➢ accounting records were not kept in respect of the charitable company as required by section 386 of the 2006 Act; or
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➢ the financial statements do not accord with those records; or
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➢ the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the financial statements give a ‘true and fair view which is not a matter considered as part of an independent examination; or
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➢ the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
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 financial statements to be reached
Nikki Crane FCA BKL Audit LLP Chartered Accountants 5 Fleet Place London EC4M 7RD
Date: 17 December 2024
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A MILLION REALITIES FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024
| Notes Income Donations and legacies Total income Expenditure Expenditure on Charitable activities 2 Total expenditure Net income / (expenditure) Total funds at 1 April 2023 Total funds at 31 March 2024 8 |
2024 Unrestricted fund £ 250,000 250,000 155,967 155,967 94,033 140,172 234,205 |
2023 Unrestricted fund £ - |
|---|---|---|
| - | ||
| 94,454 | ||
| 94,454 | ||
| (94,454) 234,626 |
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| 140,172 |
All income and expenditure has arisen from continuing activities.
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A MILLION REALITIES FOUNDATION
STATEMENT OF FINANCIAL POSITION FOR THE YEAR ENDED 31 MARCH 2024
| Notes Current assets Trade and other receivables 5 Cash at bank Creditors Amounts falling due within one year 6 Net current assets Total assets less current liabilities Net assets Represented by: Funds 8 Unrestricted funds Total funds |
31 March 2024 Unrestricted Fund £ 24,966 258,877 283,842 (49,637) 234,205 234,205 234,205 234,205 234,205 |
31 March 2023 Unrestricted Fund £ 415 143,385 143,800 (3,628) 140,172 140,172 140,172 140,172 140,172 |
|---|---|---|
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
The trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These accounts have been prepared in accordance with the provision applicable to small companies subject to the small companies regime and in accordance with FRS102 SORP
Approved by the Board for issue on 17 December 2024
Trustee: A M M Packard
Company Registration No. 13120015
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A MILLION REALITIES FOUNDATION
STATEMENT OF FINANCIAL POSITION FOR THE YEAR ENDED 31 MARCH 2024
1 Accounting policies
The principal accounting policies adopted and judgements in the preparation of the financial statements are as follows:
1.1 Basis of preparation of accounts
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 (FRS 102) (effective 1 January 2019)-(Charities SORP(FRS 102)) and the Companies Act 2006.
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 notes.
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 £.
1.2 Going concern
The Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. On this basis, the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Incoming resources
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Donations are recognised when the charity has entitlement to the funds and it is probable that the income will be received and the amount can be measured reliably.
1.4 Resources expended
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings.
Expenditure on charitable activities comprises those costs incurred by the charity in the delivery of its activities and services. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support it.
Governance costs included costs associated with meeting the constitutional and statutory requirements of the charity and are allocated to charitable expenditure.
1.5 Cash at bank
Cash at bank includes cash and short term highly liquid investments with a short maturity from the date of opening the deposit.
1.6 Creditors
Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably.
1.7 Financial instruments
The charity only has financial assets and liabilities of a kind that qualify as basic financial instruments which include bank balances. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
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A MILLION REALITIES FOUNDATION
STATEMENT OF FINANCIAL POSITION FOR THE YEAR ENDED 31 MARCH 2024
1 Accounting policies
(Continued)
1.8 Fund accounting
Unrestricted funds are available to spend on activities that further any of the purposes of the charity. Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for particular areas of the Charity's work or are raised for particular related purposes.
- 2 Expenditure on charitable activities
| Workshops & retreats Meetings, events and support Programme development Governance costs (see note 3) Support costs Bank Charges Support costs Office Premises Support costs Insurance Support costs Computer and website Support costs Subscriptions Support costs |
2024 £ - 11,461 110,167 17,533 358 109 1,193 14,186 960 155,967 |
2023 £ 3,879 2,350 60,956 21,865 376 - 921 4,107 - |
|---|---|---|
| 94,454 |
Workshop, retreat and meetings expenditure includes expenditure on retreats to focus on personal development, mentoring, holistic support and celebration events of £11,461 (2023 - £6,229).
Expenditure on charitable activities includes support costs of £34,339 (2023 - £27,269) which are allocated in their entirety to charitable activity from unrestricted funds.
3 Governance costs
| Accountancy Fees for Independent examination Legal fees |
2024 £ 5,033 3,500 9,000 17,533 |
2023 £ 7,379 - 14,486 |
|---|---|---|
| 21,865 |
4 Trustees and employees
No remuneration was paid to the trustees or their connected persons for the year, nor were any expenses reimbursed to them (2023 - £nil).
There were no persons employed by the charity during the year or the previous year.
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A MILLION REALITIES FOUNDATION
STATEMENT OF FINANCIAL POSITION FOR THE YEAR ENDED 31 MARCH 2024
| 5 Debtors Prepayments 6 Creditors: Amounts falling due within one year Trade payables Other payables Accruals 7 Movement in funds Balance as at 1 April 2022 Income and expenditure account Balance at 31 March 2023 Income and expenditure account Balance at 31 March 2024 |
2024 2023 £ £ 24,966 451 24,966 451 2024 2023 £ £ 17,032 - 25,000 28 7,605 3,600 49,637 3,628 Net movement in funds Unrestricted £ 234,626 (94,454) 140,172 94,033 234,205 |
2023 £ 451 |
|---|---|---|
| 451 | ||
| 2023 £ - 28 3,600 |
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| 3,628 | ||
| 140,172 | ||
| 94,033 | ||
| 234,205 |
8 Related party transactions
During the period, governance costs included legal work undertaken by Collyer Bristow LLP, an entity in which M D B Simon is a partner. Fees payable for the period were £6,600 (2023 - £11,486), of which £nil was outstanding at the balance sheet date.
During the year, a trustee has provided a loan of £25,000 to the charity. The loan is interest fee and repayable on demand.
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