The Rita Keegan Foundation
Annual Report and Unaudited Financial Statements
for the financial period ended 5 April 2025
Borasana Limited 55 Jasmine Grove London SE20 8JY GB
Charity Number: 1209597
The Rita Keegan Foundation
CONTENTS
| Page | |
|---|---|
| Reference and Administrative Information | 3 |
| Trustees' Report | 4 |
| Statement of Trustees' Responsibilities | 5 |
| Independent Examiner's Report | 6 |
| Statement of Financial Activities | 7 |
| Balance Sheet | 8 |
| Notes to the Financial Statements | 9 - 11 |
2
The Rita Keegan Foundation REFERENCE AND ADMINISTRATIVE INFORMATION
Trustees
Ms Kaitlene Koranteng (Appointed 17 January 2025) Mr Matthew Stephen Eisner Harle (Appointed 14 August 2024)
Mr Nicholas Paul Saunders (Appointed 17 January 2025)
Chairperson Charity Number in England and Wales
Independent Examiner
Dr Janice Cheddie
1209597
Borasana Limited 55 Jasmine Grove London SE20 8JY GB
3
The Rita Keegan Foundation TRUSTEES' REPORT
for the financial period ended 5 April 2025
The trustees present their Trustees' Report and the unaudited financial statements for the financial period ended 5 April 2025.
The financial statements are prepared in accordance with the Charities Act 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
The Trustees' Report contains the information required to be provided in the Trustees' Annual Report under the Statement of Recommended Practice (SORP) guidelines. The trustees of the charity are also charity trustees for the purpose of charity law and under the charity's constitution are known as members of the board of trustees.
In this report the trustees of The Rita Keegan Foundation present a summary of its purpose, governance, activities, achievements and finances for the financial period 5 April 2025.
The charity is a registered charity and although not obliged to comply with the Statement of Recommended Practice applicable in the UK and Republic of Ireland FRS 102, the organisation has implemented its recommendations where relevant in these financial statements.
Review of Achievements and Performance
Bursary Program
Discussion on launching a bursary program to support funded time for artists and researchers to respond to Rita’s collections and artworks.
New Mirror Reflecting Darkly edition
Plan to apply for funding from the Paul Mellon Centre to finance this in Autumn 2025. Discussion on the potential impact of the book on the foundation’s visibility and legacy.
Financial Review
The results for the financial period are set out on page 7 and additional notes are provided showing income and expenditure in greater detail.
Results and Dividends
At the end of the financial period the charity has assets of £9,000 (Aug 24 - £0.00) and liabilities of £18,600 (Aug 24 - £0.00). The net liabilities of the charity have increased by £(9,600).
Compliance with Sector-Wide Legislation and Standards
The charity engages pro-actively with legislation, standards and codes which are developed for the sector. The Rita Keegan Foundation subscribes to and is compliant with the following:
- The Charities SORP (FRS 102)
Approved by the Board of Trustees on 29/01/2026 and signed on its behalf by:
Dr Janice Cheddie Chairperson
4
The Rita Keegan Foundation STATEMENT OF TRUSTEES' RESPONSIBILITIES
for the financial period ended 5 April 2025
The trustees are responsible for preparing the financial statements in accordance with applicable law and regulations.
The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial period which give a true and fair view of the assets, liabilities and financial position of the charity as at the financial period end date and of the surplus or deficit of the charity and otherwise comply with the Charities Act 2011.
In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and apply them consistently;
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make judgements and accounting estimates that are reasonable and prudent;
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state whether the financial statements have been prepared in accordance with applicable accounting standards, identify those standards, and note the effect and the reasons for any material departure from those standards; and
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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 operation.
The trustees confirm that they have complied with the above requirements in preparing the financial statements.
The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and 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 Act 2011. 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.
Approved by the Board of Trustees on 29/01/2026 and signed on its behalf by:
Dr Janice Cheddie Chairperson
5
The Rita Keegan Foundation
INDEPENDENT EXAMINER'S REPORT TO THE BOARD OF TRUSTEES OF THE RITA KEEGAN FOUNDATION
We have examined the financial statements of the charity for the financial period ended 5 April 2025, which comprise the Statement of Financial Activities, the Balance Sheet and the related notes.
This report is made solely to the charity's members, as a body, in accordance with section 145 of the Charities Act 2011. Our work has been undertaken so that we might compile the financial statements that we have been engaged to compile, report to the Board of Trustees that we have done so, and state those matters that we have agreed to state to them in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's members, as a body, for our work, or for this report.
Respective responsibilities of trustees and examiner
The charity's trustees are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011. The charity's trustees consider that an audit is not required for this financial period under Section 145 of the Charities Act 2011 and that an independent examination is required.
It is our responsibility to:
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examine the financial statements under section 145 of the Act;
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follow the procedures laid down by the general Directions given by the Charity Commission under section 145(5) of the Charities Act 2011; and
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state whether particular matters have come to our attention.
Basis of independent examiner's report
Our examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a ‘true and fair’ view and the report is limited to those matters set out in the statement below.
Independent examiner's statement
In connection with our examination, no matter has come to our attention which gives us cause to believe that in, any material respect:
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accounting records were not kept in accordance with section 130 of the Charities Act 2011
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the financial statements do not accord with those accounting records
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the financial statements do not comply with the accounting requirements of the Charities Act
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the financial statements have not been prepared in accordance with the 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)
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there is further information needed for a proper understanding of the accounts to be reached.
We 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.
__________BORASANA LIMITED 55 Jasmine Grove London SE20 8JY GB 29/01/2026 Date: ...............................
6
The Rita Keegan Foundation STATEMENT OF FINANCIAL ACTIVITIES
for the financial period ended 5 April 2025
| Unrestricted | Total | Total | ||
|---|---|---|---|---|
| Funds | Funds | Funds | ||
| Apr 25 | Apr 25 | Aug 24 | ||
| Notes | £ | £ | £ | |
| Income | ||||
| Donations and legacies | 4.1 | 9,000 | 9,000 | - |
| ─────── | ─────── | ─────── | ||
| Expenditure | ||||
| Charitable activities | 5.1 | 18,600 | 18,600 | - |
| ─────── | ─────── | ─────── | ||
| Net income/(expenditure) | (9,600) | (9,600) | - | |
| Transfers between funds | - | - | - | |
| ─────── | ─────── | ─────── | ||
| Net movement in funds for the financial period | (9,600) | (9,600) | - | |
| ─────── | ─────── | ─────── | ||
| Total funds at the end of the year | (9,600) | (9,600) | - | |
| ═══════ | ═══════ | ═══════ |
The Statement of Financial Activities includes all gains and losses recognised in the financial period. All income and expenditure relate to continuing activities.
The notes on pages 9 to 11 form part of the financial statements
7
The Rita Keegan Foundation BALANCE SHEET
as at 5 April 2025
| Apr 25 | Aug 24 | ||
|---|---|---|---|
| Notes | £ | £ | |
| Current Assets | |||
| Stocks | 7 | 9,000 | - |
| ─────── | ─────── | ||
| Creditors: Amounts falling due within one year | 8 | (18,600) | - |
| ─────── | ─────── | ||
| Net Current Liabilities | (9,600) | - | |
| ─────── | ─────── | ||
| Total Assets less Current Liabilities | (9,600) | - | |
| ═══════ | ═══════ | ||
| Funds | |||
| General fund (unrestricted) | (9,600) | - | |
| ─────── | ─────── | ||
| Total funds | 10 | (9,600) | - |
| ═══════ | ═══════ |
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", applying Section 1A of that Standard.
Approved by the Board of Trustees and authorised for issue on ____ 29/01/2026 ____ and signed on its behalf by
Dr Janice Cheddie Chairperson
The notes on pages 9 to 11 form part of the financial statements
8
The Rita Keegan Foundation NOTES TO THE FINANCIAL STATEMENTS
for the financial period ended 5 April 2025
1. GENERAL INFORMATION
The Rita Keegan Foundation is a charity incorporated in the United Kingdom. The registered office of the charity is which is also the principal place of business of the charity. The financial statements have been presented in Pound (£) which is also the functional currency of the charity.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the charity’s financial statements.
Basis of preparation
The financial statements have been prepared on the going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements have been prepared in accordance with the Statement of Recommended Practice (SORP) "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", applying Section 1A of that Standard.
As permitted by the Companies Act 2006, the charity has varied the standard formats in that act for the Statement of Financial Activities and the Balance Sheet. Departures from the standard formats are to comply with the requirements of the Charities SORP and are in compliance with section 4.7, 10.6 and 15.2 of that SORP.
Statement of compliance
The financial statements of the charity for the financial period ended 5 April 2025 have been prepared on the going concern basis and in accordance with the Statement of Recommended Practice (SORP) "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", applying Section 1A of that Standard.
Fund accounting
The following are the categories of funds maintained:
Restricted funds
Restricted funds represent income received which can only be used for particular purposes, as specified by the donors. Such purposes are within the overall objectives of the charity.
Unrestricted funds
Unrestricted funds consist of General and Designated funds.
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General funds represent amounts which are expendable at the discretion of the board, in furtherance of the objectives of the charity.
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Designated funds comprise unrestricted funds that the board has, at its discretion, set aside for particular purposes. These designations have an administrative purpose only, and do not legally restrict the board's discretion to apply the fund.
Income
Income is recognised by inclusion in the Statement of Financial Activities only when the charity is legally entitled to the income, performance conditions attached to the item(s) of income have been met, the amounts involved can be measured with sufficient reliability and it is probable that the income will be received by the charity.
Income from charitable activities
Income from charitable activities include income earned from the supply of services under contractual arrangements and from performance related grants which have conditions that specify the provision of particular services to be provided by the charity. Income from government and other co-funders is recognised when the charity is legally entitled to the income because it is fulfilling the conditions contained in the related funding agreements. Where a grant is received in advance, its recognition is deferred and included in creditors. Where entitlement occurs before income is received, it is accrued in debtors.
Grants from governments and other co-funders typically include one of the following types of conditions:
- Performance based conditions: whereby the charity is contractually entitled to funding only to the extent that the core objectives of the grant agreement are achieved. Where the charity is meeting the core objectives of a grant agreement, it recognises the related expenditure, to the extent that it is reimbursable by the donor, as income.
-Time based conditions: whereby the charity is contractually entitled to funding on the condition that it is utilised in a particular period. In these cases the charity recognises the income to the extent it is utilised within the period specified in the agreement.
9
continued
The Rita Keegan Foundation NOTES TO THE FINANCIAL STATEMENTS
for the financial period ended 5 April 2025
In the absence of such conditions, assuming that receipt is probable and the amount can be reliably measured, grant income is recognised once the charity is notified of entitlement.
Grants received towards capital expenditure are credited to the Statement of Financial Activities when received or receivable, whichever is earlier.
Expenditure
Expenditure is analysed between costs of charitable activities and raising funds. The costs of each activity are separately accumulated and disclosed, and analysed according to their major components. Expenditure is recognised when a legal or constructive obligation exists as a result of a past event, a transfer of economic benefits is required in settlement and the amount of the obligation can be reliably measured. Support costs are those functions that assist the work of the charity but cannot be attributed to one activity. Such costs are allocated to activities in proportion to staff time spent or other suitable measure for each activity.
Taxation and deferred taxation
No current or deferred taxation arises as the charity has been granted charitable exemption. Irrecoverable valued added tax is expensed as incurred.
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the charity's taxable profits and its results as stated in the financial statements.
Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
3. PERIOD OF FINANCIAL STATEMENTS
The financial statements are for the 8 month period ended 5 April 2025.
| 4. | INCOME | |||||
|---|---|---|---|---|---|---|
| 4.1 | DONATIONS AND LEGACIES | Unrestricted | Restricted | Apr 25 | Aug 24 | |
| Funds | Funds | |||||
| £ | £ | £ | £ | |||
| Donations and legacies | 9,000 | - | 9,000 | - | ||
| ═══════ | ═══════ | ═══════ | ═══════ | |||
| 5. | EXPENDITURE | |||||
| 5.1 | CHARITABLE ACTIVITIES | Direct | Other | Support | Apr 25 | Aug 24 |
| Costs | Costs | Costs | ||||
| £ | £ | £ | £ | £ | ||
| Governance Costs (Note 5.2) | - | - | 18,600 | 18,600 | - | |
| ═══════ | ═══════ | ═══════ | ═══════ | ═══════ | ||
| 5.2 | GOVERNANCE COSTS | Direct | Other | Support | Apr 25 | Aug 24 |
| Costs | Costs | Costs | ||||
| £ | £ | £ | £ | £ | ||
| Charitable activities - governance | - | - | 18,600 | 18,600 | - | |
| costs | ||||||
| ═══════ | ═══════ | ═══════ | ═══════ | ═══════ | ||
| 5.3 | SUPPORT COSTS | Governance | Apr 25 | Aug 24 | ||
| Costs | ||||||
| £ | £ | £ | ||||
| Support | 18,600 | 18,600 | - | |||
| ═══════ | ═══════ | ═══════ | ||||
| 6. | ANALYSIS OF SUPPORT COSTS | |||||
| Apr 25 | Aug 24 | |||||
| £ | £ | |||||
| Support | 18,600 | - | ||||
| ═══════ | ═══════ |
10
continued
The Rita Keegan Foundation NOTES TO THE FINANCIAL STATEMENTS
for the financial period ended 5 April 2025
| 7. | STOCKS | Apr 25 | Aug 24 | ||
|---|---|---|---|---|---|
| £ | £ | ||||
| Stock (non trading) | 9,000 | - | |||
| ═══════ | ═══════ | ||||
| 8. | CREDITORS | Apr 25 | Aug 24 | ||
| Amounts falling due within one year | £ | £ | |||
| Accruals and deferred income | 18,600 | - | |||
| ═══════ | ═══════ | ||||
| 9. | RESERVES | ||||
| Apr 25 | |||||
| £ | |||||
| (Deficit)/Surplus for the financial period | (9,600) | ||||
| ─────── | |||||
| At the end of the year | (9,600) | ||||
| ═══════ | |||||
| 10. | FUNDS | ||||
| 10.1 | RECONCILIATION OF MOVEMENT IN FUNDS | Unrestricted | Total | ||
| Funds | Funds | ||||
| £ | £ | ||||
| At 14 August 2023 | - | - | |||
| ─────── | ─────── | ||||
| At 13 August 2024 | - | - | |||
| Movement during the financial year | (9,600) | (9,600) | |||
| ─────── | ─────── | ||||
| At 5 April 2025 | (9,600) | (9,600) | |||
| ═══════ | ═══════ | ||||
| 10.2 | ANALYSIS OF MOVEMENTS ON FUNDS | ||||
| **Income ** | Expenditure | Transfers | Balance | ||
| between | 5 April | ||||
| funds | Apr 25 | ||||
| £ | £ | £ | £ | ||
| Unrestricted funds | |||||
| Unrestricted General | 9,000 | 18,600 | - | (9,600) | |
| ─────── | ─────── | ─────── | ─────── | ||
| Total funds | 9,000 | 18,600 | - | (9,600) | |
| ═══════ | ═══════ | ═══════ | ═══════ | ||
| 10.3 | ANALYSIS OF NET LIABILITIES BY FUND | ||||
| Current | Current | Total | |||
| assets | liabilities | ||||
| £ | £ | £ | |||
| Unrestricted general funds | 9,000 | (18,600) | (9,600) | ||
| ─────── | ─────── | ─────── | |||
| 9,000 | (18,600) | (9,600) | |||
| ═══════ | ═══════ | ═══════ |
11. POST-BALANCE SHEET EVENTS
There have been no significant events affecting the Charity since the financial period-end.
11