THE ORIGINAL FIT FACTORY FAMILY FOUNDATION (SCIO)
REPORT OF THE TRUSTEES & UNAUDITED FINANCIAL STATEMENTS
YEAR ENDED 31 OCTOBER 2024
Charity Number SC052071
THE ORIGINAL FIT FACTORY FAMILY FOUNDATION
REPORT & FINANCIAL STATEMENTS
YEAR ENDED 31 OCTOBER 2024
| CONTENTS | PAGE |
|---|---|
| Trustees Annual Report | 2 |
| Independent Examiner's Report | 6 |
| Statement of Financial Activities | 7 |
| Balance Sheet | 8 |
| Notes to the Financial Statements | 9 |
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THE ORIGINAL FIT FACTORY FAMILY FOUNDATION
TRUSTEES ANNUAL REPORT
YEAR ENDED 31 OCTOBER 2024
The Trustees have pleasure in presenting their report and the unaudited financial statements of the Foundation for the year ended 31 October 2024. The Trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland (FRS 102) (effective January 2019).
OBJECTIVES AND ACTIVITIES
The Original Fit Factory Family Foundation was registered as a Charity on 17 October 2022 and concentrates on the Advancement of health (including the prevention or relief of sickness, disease or human suffering). Within our charity, ‘wellbeing’ refers to a person's physical and mental health, in addition to the state of comfort, health, happiness and safety. The Original Fit Factory Family Foundation's purpose is to help improve the wellbeing of individuals and families all over the world.
As a charity, we aim to raise money through donations. The Original Fit Factory Family Foundation acts in a grant-giving manner. In that, the donations we receive can be allocated to support other charities. These charities can apply for help from the Foundation or can be selected by the charity based on their alignment with The Original Fit Factory Family Foundation's purpose, vision and mission.
In the year to 31 October 2024, we supported The Homeless World Cup Foundation whose purpose, vision and mission aligns with ours.
The Original Fit Factory Family Foundation is very proud to contribute to charities which support individuals and families wellbeing.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Type of governing document
Th e Origin al Fit Factory Family Foundation has a SCVO Model SCIO Constitution (Single tier).
Trustee recruitment and appointment
The trustee recruitment and appointment process at The Origin al Fit Factory Family Foundation aligns with the rules of OSCR and our constitution.
With regards to the stepping down of trustees, in accordance with the constitution, using a method of random selection, one-third (to the nearest round number) of the charity trustees shall retire from office following each meeting. Said trustee is eligible for re-appointment under clause 17 of the constitution by majority vote if they wish to be re-appointed.
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THE ORIGINAL FIT FACTORY FAMILY FOUNDATION
TRUSTEES ANNUAL REPORT (Cont…)
YEAR ENDED 31 OCTOBER 2024
With regards to the trustee recruitment and appointment process at The Original Fit Factory Family Foundation, the process aligns with the rules of OSCR and our constitution. The recruitment process starts with a discussion between the Board where the current skillset of the Board of Trustees is assessed. By identifying the skills the trustees hold, this allows us to spot gaps and identify which skillsets are needed. The identification of skills we require allows the Board to identify what we are looking for when recruiting a new trustee. The next step of our recruitment process is to seek out individuals who would fit this role, hold interviews and appoint the person the Board believed is the best fit. As per our constitution, the Board may at any time appoint any person to be a charity trustee by way of a resolution passed by majority vote.
In accordance with our constitution, the minimum number of trustees is three and the maximum number of trustees is four. In the year to 31 October 2024, changes in trustees are noted on page 5.
ACHIEVEMENTS AND PERFORMANCE
The Original Fit Factory Family Foundation aims to raise money through donations. As a charity, we worked with a company who organised experiential events. Each of their customers was given an opportunity at check-out to make a charity donation. This was then donated to Th e Original Fit Factory Family Foundation. We received £16,029 (2023: £205,852) donations in the year.
The Original Fit Factory Family Foundation has worked closely with charities whose vision, mission and values aligned with ours. During the year, we supported:
- The Homeless World Cup Foundation, whose aim is to end homelessness worldwide, through our donation of £16,029.
FINANCIAL REVIEW
Statement of the charity's policy on Reserves;
Reserves Policy
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Introduction: This Reserves policy applies to The Original Fit Factory Family Foundation, a charity dedicated to improve the wellbeing of individuals and families all over the world. Our funding streams include donations by related Group companies.
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Purpose of Reserves: The purpose of our Reserves is to ensure the stability and financial security of the charity. Reserves provide a safety net against unforeseen financial demands and enable us to continue our vital work, even during times of unexpected financial challenges.
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Level of Reserves: The level of Reserves is determined by assessing the charity’s operational needs, potential risks and future projects. Given we have no operating costs or liabilities, we have little need for Reserves. This level is reviewed annually by the Board of Trustees.
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THE ORIGINAL FIT FACTORY FAMILY FOUNDATION
TRUSTEES ANNUAL REPORT (Cont…)
YEAR ENDED 31 OCTOBER 2024
Reserves Policy (Cont….)
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Usage of Reserves: Reserves are to be used in circumstances where there is a shortfall in funding, to cover unplanned essential expenses or to take advantage of opportunities that align with our charitable objectives. Any decision to use Reserves will require approval from the Board of Trustees.
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Policy Review: This Reserves policy will be reviewed on an annual basis to ensure it continues to reflect the charity’s financial position and strategic priorities. The review will be conducted by the finance committee before being approved by the Board of Trustees.
The Origin al Fit Factory Family Foundation may keep money aside as a Reserve to allow the donation pot to increase over time. This allows the charity to provide larger donations and support to charities. As at 31 October 2024, The Original Fit Factory Family Foundation had reserves of £1 (2023: £46). This amount is the funds at bank which would continue to be added to over time for the following year’s donations.
Future plans
Our future plans include creating more partnerships with other organisations to allow us to support more charities through donations.
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THE ORIGINAL FIT FACTORY FAMILY FOUNDATION
TRUSTEES ANNUAL REPORT (Cont…)
YEAR ENDED 31 OCTOBER 2024
REFERENCE AND ADMINISTRATIVE DETAILS
Registered charity name The Original Fit Factory Family Foundation Charity number SC052071
Address Cadder House 160 Clober Road Milngavie G62 7LW
Trustees
Independent examiner
Armstrong Watson LLP Caledonia House 89 Seaward Street Glasgow G41 1HJ Bankers Bank of Scotland plc 110 Queen Street Glasgow G1 3BY
Signed on behalf of the Trustees
Date: 6 October 2025
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THE ORIGINAL FIT FACTORY FAMILY FOUNDATION
INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE THE ORIGINAL FIT FACTORY FAMILY FOUNDATION
YEAR ENDED 31 OCTOBER 2024
I report on the accounts of the Foundation for the year ended 31 October 2024 which are set out on pages 7 to 12.
Respective responsibilities of Trustees and Examiner
The Trustees are responsible for the preparation of the accounts in accordance with the terms of the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). The Trustees consider that the audit requirement of Regulation 10(1) (a) to (c) of the Accounts Regulations does not apply. It is my responsibility to examine the accounts as required under section 44(1) (c) of the Act and to state whether particular matters have come to my attention.
Basis of Independent Examiner’s statement
My examination was carried out in accordance with Regulation 11 of the 2006 Accounts Regulations. An examination includes a review of the accounting records kept by the Foundation and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as the Trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the accounts.
Independent Examiner’s statement
In the course of my examination, no matter has come to my attention
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which gives me reasonable cause to believe that in any material respect the requirements:
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to keep accounting records in accordance with Section 44(1) (a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations, and
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to prepare accounts which accord with the accounting records and comply with Regulation 8 of the 2006 Accounts Regulations
have not been met, or
- to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Armstrong Watson LLP Caledonia House 89 Seaward Street Glasgow G41 1HJ
Date: 6 October 2025
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THE ORIGINAL FIT FACTORY FAMILY FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES
(incorporating an Income and Expenditure Account)
FOR THE YEAR ENDED 31 OCTOBER 2024
| Total Funds | Total Funds | ||
|---|---|---|---|
| Note | 2024 | 2023 | |
| £ | £ | ||
| INCOME FROM | |||
| Donations | 2 | 16,029 | 205,852 |
| TOTAL | 16,029 | 205,852 | |
| EXPENDITURE ON | |||
| Raising funds | 3 | (45) | 46 |
| Charitable activities | 4 | (16,029) | (205,852) |
| TOTAL | (16,074) | (205,806) | |
| NET (EXPENDITURE)/INCOME | (45) | 46 | |
| TOTAL FUNDS CARRIED FORWARD | 1 | 46 | |
| All funds are unrestricted |
The notes on pages 9 to 12 form part of these financial statements
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THE ORIGINAL FIT FACTORY FAMILY FOUNDATION
BALANCE SHEET
AS AT 31 OCTOBER 2024
CURRENT ASSETS Cash at bank CURRENT LIABILITIES Creditors: Amounts falling due within one year NET CURRENT ASSETS NET ASSETS UNRESTRICTED FUNDS |
2024 2023 £ £ 1 46 1 46 - - 1 46 1 46 1 46 |
|---|---|
These financial statements were approved by the members of the Board on 6 October 2025 and are signed on their behalf by:
Trustee
The notes on page 9 to 12 form part of these financial statements
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THE ORIGINAL FIT FACTORY FAMILY FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 OCTOBER 2024
1. ACCOUNTING POLICIES
Basis of accounting
The financial statements of the Foundation , which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) ‘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)’, Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ and the Charities and Trustee Investment (Scotland) Act 2005.
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 presented in Sterling (£).
Going Concern
The financial statements have been prepared on a going concern basis which the trustees believe to be appropriate.
Income
All income is recognised in the Statement of Financial Activities once the Foundation has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of the resources.
Creditors and provisions
Creditors and provisions are recognised when the Foundation has a legal or constructive obligation at the reporting date as a result of a past event, it is probable that the charity will be required to settle the obligation and the amount of the obligation can be reliably estimated. Creditors are normally recognised at their settlement amount after allowing for any trade discounts due. Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.
Grants payable
Grants payable in furtherance of the Foundation’s objects are recognised when paid to the receiving organisation.
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THE ORIGINAL FIT FACTORY FAMILY FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (Cont…)
YEAR ENDED 31 OCTOBER 2024
Allocation and apportionment of costs
Support costs are those functions that assist the work of the Foundation but do not directly undertake charitable activities. Support costs include back office costs, finance and governance costs which support the Foundation’s programmes and activities. These costs have been allocated to expenditure on charitable activities.
Taxation
The Foundation has been granted charitable status by HM Revenue & Customs and as a result no liability to income tax arises on its charitable activities.
Fund accounting
The Trustees confirm that no stipulations have been put on the Foundation’s funds and, as a result, all funds are Unrestricted.
Financial Instruments
The Foundation enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like other accounts receivable and payable.
Debt instruments like other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, are measured, initially and subsequently, at the undiscounted amount of cash or other consideration expected to be paid or received.
Financial assets measured at cost and amortised cost are assessed at the end of each reporting year for evidence of impairment and if found, an impairment loss is recognised in profit or loss.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
Judgements
The Foundation considers on an annual basis the judgements that are made by management when applying its significant accounting policies that would have the most significant effect on amounts that are recognised in the financial statements. The trustees consider there are no such significant judgements.
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THE ORIGINAL FIT FACTORY FAMILY FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (Cont…)
YEAR ENDED 31 OCTOBER 2024
2. INCOME FROM DONATIONS
| Income from related parties (see Note 7) 3. RAISING FUNDS Bank (charges)/compensation income 4. CHARITABLE ACTIVITIES COSTS Grants to institutions Grants to institutions Ronald McDonald House Charities (UK) The Homeless World Cup Foundation The White Lily Fund Crohn’s & Colitis Foundation |
Direct Costs £ 16,029 |
2024 £ 16,029 2024 £ (45) Support Costs (Note 5) £ - 2024 £ - 16,029 - - 16,029 |
2023 £ 205,852 2023 £ 46 Totals £ 16,029 2023 £ 100,000 23,972 1,000 80,880 205,852 |
|
|---|---|---|---|---|
These grants are made in the furtherance of the Foundation’s charitable purposes.
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THE ORIGINAL FIT FACTORY FAMILY FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (Cont…)
YEAR ENDED 31 OCTOBER 2024
5. SUPPORT COSTS
There were no support costs incurred in the year.
6. TRUSTEES REMUNERATION AND BENEFITS
No salaries, wages or expenses have been paid to the trustees during the year (2023: £nil).
7. RELATED PARTY DISCLOSURES
The Foundation received funds from related parties in the year as follows;
| The Original Fit Factory Ltd Trufusion Management LLC |
2024 £ 16,029 - 16,029 |
2023 £ 124,972 80,880 205,852 |
|---|---|---|
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