RAM FOUNDATION FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Company Number - N1647699 Charity Number - 107424
RAM FOUNDA TION FINANCIAL STA TEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 CONTENTS Page Contents Officers Director's Report Independeflt Examiner's Report Statement of Financial Activities Balance Sheet Notes to the Accounts Page 1
RAM FOUNDA TION FINANCIAL STA TEMENTS FOR THE YEAR EIVDED 31 AUGUST 2024 PFFICERS COMMIEE CHAIRPERSON AND DIRECTOR S Sharma TRUSTEES Mrs L Mccarthy D Minshull INDEPENDENT EXAMINER Mrs N Taylor FIATI 19 Crescent Business Park LISBURN BT28 2GN BANKERS Danske Bank PO Box 183 Donegall Square west BELFAST BTI 6JS BT67 OLQ REGISTERED OFFICE 19 Crescent Business Park LISBURN BT28 2GN HEAD OFFICE 71 Galwally Avenue BELFAST BT8 7AJ COMPANY REGISTRA TION AIUMBERS Company Number - N1647699 Charity Number - 107424 Page 2
RAM FOLINDA TION FINANCIAL STA TEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 DIRECTOR'S REPORT The director presents the annual report together with the financial statements for the year to 31 August 2024. STATEMENT OF DIRECTOR'S RESPONSIBILITIES Company law requlres the director5 to prepare financial statements for each financial period which give a true and fair view of the state of the affairs of the company and of the profit or loss of the company for that period. In preparing those financial statements the directors are required to select sultable accounting policies and then apply them consistently. make judgements and estimates that are reasonable and prudent; prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The director has. elected to prepare the financial statements in accordance with UK GAAP and confirm that under company law. he. must not approve the financial statements unless he is Satisfied that they give a true and.fair view'of the state of the company's affairs and of the surplus or deficit for that period. The reporting framework that has been applied is the Charities SORP (2015) FRS 102 The director is responsible'for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure the financial Statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. AIMS AND OBJECTIVES The"organisation endeavours to carry out its purposes by working in partnership with credible NGOS to deliver relevant projects-in partnership with the organisation to the intended beneficiaries. Our objectives are The advancement of education The a.dvancement of health or the saving of lives . The relief of those in need by reason of youth. age. ill-health, disability, financial The advancement of the education and the political awa ness of young people in Northern Ireland for the public benefit by developing. their mental, physical, political and rnoral capabilities through appropriate organised activities and without distinction of. sex. sexual orientation, race or of political, religious or other opinion5 ' The advancement of the health and educational needs of children of any socially andlor economically disadvantaged community for the public benefit in such countries as considered appropriate by the directors of the charity .' The relief of those in need by reason of natural or other kinds of disaster (including those who are victims of war) through the provision of financial assistance. for the public benefit,. for p.ersons, bodies. organisations and/or countries affected in such countries as-the"directors of.lhe charity deem appropriate.hardship or other disadvantage APPLICATION OF INCOME AND PROPERTY The property of the company must'be applied for purposes in accordance with section 2 of the Charities Act (Northern Ireland) 2008. Page 3
RAM FOUNDATION FINANCIAL STA TEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 I)IRECTOR'S REPORT (continued) MEMBERSHIP The company has one member, the initial subscrlber, Mr Suneil Sharma. Membership is open to other individuals or organisations who: apply to the companyin the form required by the director; and are approved by the director. The director May only refuse an application for membership if, acting reasonably and properly, they consider it to be in the best interests of the company to refuse the application. The director must inform the applicant in writing of the reasons for the refusal within. twenty one days. of the decision. He musl consider any written representations the applicant may make about the decision and the decision following any such representations must be notified to the applicant in writing and is final. Membership is not transferable. The director must keep a register of names and addresses of the mernbers. ..Membership is terminated if the member die5 or. if it is an organisation, ceases to exist, if the member resigns. if any sum due by the member to the company is not paid within six monthsor if the member is removed from membership by the director in the manner required by the company's Articles of Association. RESULTS The Net Incoming R"esources for the year amounted to £10,923 (2023: -£.13,386 ) FINANCIAL REVIEW AP4D RESERVES POLICY Flinds were generated during the year from donations. Re.%erve5.3t 31 August 2024 were £130,767 all of which are readily available-fiind5 covering Many years, running.costs. .Currently. the core iosts are minimal and are funded by the surplus of income raised over the direct cosl"s. Expenditure is planned to satisfy the objectives of the company therefore at .present prartically'all expense is directly for the charitable purpose5 during the year. General fund5 are unrestricted funds which are.available for use at the discretion of the trustee5 in furtherance of the general objective5 of the charity and which have not been designated for oth.er purposes. Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. Restricted funds are fund5 which are to be used in accordance with specific restrictions imposed by donors or.which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged ag6in5t the specific fund. ACTIVI.TY DURING THE YEAR During the year the charity performed its activities as well as was allowed given the continuing recovery from coronavirus measures. Efforts were concentrated in providing funds to disadvantaged communities. Page 4
RAM FOUNDA TION FINANCIAL STA TEMENTS FOR THE YEAR EAIDED 31 AUGUST 2024 DIRECTOR'S REPORT (continued) IMPACT OF COVID-19 The impact caused by COVID-19 is now very much eliminated and the effect of such disruptions in the future, minimised. GOING CONCERN The direttor, having considered the company's income streams, financial means and strategy for dealing with issues such as the impact of Covid-19, over the next 12- 18 months, is satisified that the going concern basis is appropriate. FUTURE PLANS The company's current fundin9 and cost structure is stable and it intends to continue in thls way in the near future so that the current services will continue to be offered where needed. RELATED PARTIES The company carries out no transactions with any related party. TAX STATUS Application has been made to have RAM Foundation registered as a charity with Inland Revenue. The company is registered with the Charity Commission for Northern Ireland. INDEPENDENT EXAMINER The independent examiner. Mrs N Taylor-FIATI of Messr5 Minshull & Company. Chartered Accountants and.Statutory Auditor.. offers herself for re-appointment as indeperldent examiner. BY ORDER OF THE COMMITTEE S Sharma DIRECTOR Date 19 May 2025 Page 5
INDEPENDENT EXAMINER'S REPORT TO THE MEMBERS OF RAM FOUNDATION We have examined the financial 5totements. on page5 7 to 12. which comprise the Statement of Financlal Activities, Balance Sheet and r.elated note5 of RAM Foundation for the year ended 31 August 2024. The financial reporting framework that has been applied in thelr preparation is appllcable law and Charities SORP (FRS 102) and the accounting policies set out therein. Respective responsibilities of trustees and examiner The company's director is responsible for the preparation of accounts. The company's director considers that an audit is not required for this year under sectlon 65 of the Charities Act (Northern Ireland) 2008 and that an independent examinalion is needed. It is my responsibility to examine the account5 under Section 65 of the Charities Act follow procedures laid down in the general directions given by the Charity Commission for Northern. Ireland under Section 65(9){b) of the Charitie5 Act state whether particular matters have come to my attention. Basis of independent examiner's statement My examlnation was carried out In accordance with general direction5 given.by the Charity Commission for NI, as required under'section 65(9)(b) of the Charities Act (Northern Ireland) 2008. An. examination includes a review of the accounting records kept by the charity and a compari50n of the accounts presented with"those records. It also includes consideration of any unusual items or disclosures in the accoLJnts, and Seeking explanations from the Irustees concerning any such matters. The procedures undertaken do not provide.all.the evidence that would bei required in an audit. and consequently no opinion is given as to whether the accounts present a'true and fair.. view and the feport is limited to those matter5 set out in the statement below. My role is to state whether any material matters have come to my attention giving me cause to believe: l. That accounting'records were not kept in accordance with Settion 63 of the Charities Act 2. The the accounts do not accord with those accountin9 records 3. That the accounts do not comply with the accounting requirements of the Charities Act 4. That there is further'lnformation needed for a proper understsnding of the accounts to be reached. Independent examiner's statement I have cornpleted my examination and have no concerns in respect of the matter5 1. to 4. listed above and, in. connection with following ihe Directions of the Charity Commission lor Northern Ireland. I have found no matters that require drawing to your attention. Mrs N Taylor FIATI - Independent Examiner Minshull & Co. Statutory Auditor Date 19 May 2025 Page 6
RAM FOUNDA TION FINANCIAL STA TEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2024 2024 2023 INCOMING RESOURCES Note Unrestricted Grants and Donations 10,567 3,046 10,567 3.Q46 RESOURCES EXPENDED EXPENDITURE ON CHARITABLE ACTIVITIES Unrestricted Fund Activities Grants and Donations 1,000 16,450 Total (1,000) (16.450) Total Income less Direct Charitable Expenditure 9,567 (13,404) GOVERNANCE AND SUPPORT COSTS Advertising and Website Expenses Bank Charges Sundry Expenses 30 60 84 87 GOVERNANCE EXPENSES Accountancy & Examination Fees 516 480 Total (603) {654) BANK INTEREST RECEIVABLE 1,959 672. Net Income(Expenditure) for the Year 10,923 (13,386). Total Funds Brought Forward at 1 september 2023 119.844 133,230 Total FLSnds Carried Forward at 31 August 2024 L30,767 119,844 The notes on pages 9 to 12 form part of these accounts Page 7
RAM FOUNDA TION FINANCIAL STA TEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 BALANCE SHEET AS AT 31 AUGUST 2024 Note 2024 2023 Fixed Assets Current Assets 131,283 120.324 Current Liabilities (arnounts falling due wilhisTr ane yeèrj (516) (480) Net Current Assets 130,767 119,844 Net Assets 130,767 119,844 FUNDS .Unrestricted Funds 130,767 119,844 Restricted Funds Balance at 31 August 2024 130,767 119,844 The company is entitled to. exemptlon from audit under Section 477 of the Companies Act for the year ended 31 August 2024. The member5 have not required the company to obtain an audlt of its financial stotements for the year ended 31 August 2024 in accordance with Section 476 of the Companies Act. The director has acknowledged his responsibilitles for ensuring that the company keeps accounting records which comply with Section 386 and prepares accounts in accordance Ylith the requirements of Section 393 of the Companies Act 2006, so far as applicable to this.company .These accounts have been prepad in accordance w.ith the provisions applicable to companies subject to the small companies regime and in accordance with the Charitie5 SORP (FRS102). The financial. statements were approved by the director and authorised for issue on 19 May 2025 and were signed by S Sharma Director Date 19 May 2025 The notes on pages 9 to 12 form part of these accounts Page 8
RAM FOUNDA TION FINANCIAL STA TEMENTS FOR fHE YEAR ENDED 31 AUGUST 2024 NOTES TO THE FINANCIAL STATEMENTS I. ACCOUNTING POLICIES The following accounting policies have been used consistently in dealin9 Wlth items which are consldered material in relation to the chartiable company's financial statements. (a) Basis of Preparation The financial statements have been prepared in accordance with Accounting and Reporting by Charltles". 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 Section la} (Charitie5 SORP {FRS102)), the Financial Reporting standard applicable in the UK and Republic of Ireland. The company. meets the definltion of a public. benefit entity under FRS 102. A55ets and liabilities are initially recognised at historical cost or transacton value unless otherwise stated in the relevant accountlng policy note. (b) Reconciliation With Previous Generally Accepted Accounting Practice In preparing the accounts, the director has decided that in applying the accounting policies required by" FRS 102 Section l(a) and the Charities SORP FRS 102 no restatement of cornparative item5 was required. (c)- Preparation of the Accounts on a Gorfng Concern Ba$ The company reported £10,923 'ca5h inflow for the year and the director has formulated a strategy that will secur.e the.immediate future of the tharity for the next 12 to 18 months and on that basis the charity is a goin9 concern. (d) Income Income 15 recognised when the company has'entitlement to the funds. any performance condition5 have been met, It is probable that the income will be received and the amount can be measured reliably. Income froni government and other grants. of a""revenue nature. is recog"nised when the company has entitlement to the funds.. any performance condition5.attached to the grants have been met, it is probable that the income will be received and.the amount can be measured reliably and is not repayable to the funder. capit.al grants are amortised in IFne with the depreciation of the associated assets, the purchase of which has been. funded by said grants. (e) Donated Services and Facilities Donated profe55ional 5ervice5 and dorFated facilities are recogni5ed as income when the company has control over the item. any conditions associated with the donated item have been met. the receipt of economic benefit from the use of the item by the charity i5.probable and the economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102) general volunteer time 15 not recognised. On receipt, donated professional services and donated facilities are recognised on the bas15 of the value of the gift to the charit.y.which 15 the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market: a corresponding amount is then recognised in expenditure in the period of receipt. (f) Interest Receivable Inte5t on fvnds held oft deposit is included when receivable and the amount can bemea5ured reliably by the company. normally upon notification of the interest paid or payable by the financial institution. Page 9
RAM FOUNDA TION FINANCIAL STAfEMENfs FOR THE YEAR ENDED 31 AUGUST 2024 NOTES TO THE FINANCIAL STATEMENTS (continued) (g) Fund Accounting Unrestricted funds are available to spend on actlvities that ftjrther any of the purpoe5 of the company. Designated funds are unrestricted funds of the charity that the directors have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor ha5 specified are to be solely used for particular areas of the company's work. (h) Expenditure and Irrecoverable Value Added Tax Expenditure is recognised once the 15 a legal or constructive obligatlon to make a payment to a third party, it is probable that settlement will be requireed and the amount of the obligationcan be measured reliably. Expenditure 15 classified under the following activity headings: . costs of raising hjnds comprise the costs of commercial trading expenditure on charitable activities include5 the cost5 of activities undertaken to further the purposes of the company governance and support costs include all other cost5 Irrecoverable Value Added Tax is charged as a cost against the activlty for which the expenditure was incurred. Support Costs Support costs are disclosed Separately in the Statement of Financial Activitie5. (i) Tangible Fixed Assets and depreclation Tangible fixed assets costing £200.or more are stated in the_accounts at original cost less depreciation In.order to write off the c05t of fixed a55ets. over their estimated useful lives, using the following annual rate Vehicles and Equipment 2.5010"Straight line (k) Debtors Debtors and accrued income ar.e recognised at the settlement amount due after any"discount offered. Prepayrnents are valued at the amount prepaid. Cash at Bank.and in Hand Cash at bank and cash in.hand includes.cash and short term highly liquid investments .with a short maturity of three -months or less from the date of acquisition or opening of the deposit or similar account. (m) Creditors and Provisions Creditors and provisions are recognised where the company ha5 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 e5tirnated reliably. Creditors and provisions are normally recognised at their settlement amount fter any discounts. (n) Financial Instruments -The company only ha5 financial assets and financial liabilities of a kind that qualify as basic financial instruments. .8¢lSiC financial instruments are initially recognised ar transaction value and subsequently measured at their settlement value.with.the exception of bank loan5 which are subsequently measured at amortised cost using he effective interest method. Page 10
RAM FOUNDAfioN FINANCIAL STA TEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 NOTES TO THE FINANCIAL STATEMENTS (continued) (o) Charity status and members liability The company is a private company limited by guarantee registered in Northern Ireland. The company's registered number and registered office address can be found on the Officers page. The member5 include the trustees that are listed on page 2. The Ilability of members is limited to a sum not exceeding £10. 2. YEAR'S SURPLUS IS STATED AFTER CHARGING(CREDITING): 2024 2023 Accountancy Fees Examination Fees 258 258 240 24Q 3. TANGIBLE FIXED ASSETS Fixtures & Equipment Motor Vehicles TOTAL COST at I September 2023 Additions Disposals 31 August 2024 DEPRECIATION at I September 2023 Charge for the Year On Disposals 31 August 2024 BALANCE SHEET VALUE 31 August.2024 4. CURRENT ASSETS 2024 2023 Prepayment5 and Accrued Income Cash at Bank.and In Hand 5,000 115.324 131,283 131,283 120.324 5. LIABILITIES (Amounts falling due within one year) 2024 2023 Donations Payable Accruals and Deferd Income 516 480 516 480 Page11
RAM FOUNDA fioN FINANCIAL STA TEMENfs FOR THE YEAR ENDED 31 AUGUST 2024 IIOTES TO THE FINANCIAL STATEMENTS (continued) 6. FUNDS Unrestricted Restrirted 2024 2023 2024 2023 Balance at I September 2023 (Deficit)Surplus for the year 119,844 10,923 119.844 Funds at 31 August 2024 130.767 119,844 7. TRUSTEES The trustees received no emoluments or expenses payments during the year. 8. EMPLOYEES Number of employees There are no persons employed by the charity during the year. 9. RELATED PARTIES The are no related party transactions to report for the year. 10. PRESENTATION CURRENCY .The' presentation currency of these financial statements is pounds sterling (£GBP). Page 12