Advanta Foundation - Charities report - 22.2
Advanta Foundation - Charities report - 22.2
| REGISTERED COMPANY NUMBER: |
| REGISTERED CHARITY NUMBER: |
| Report of the Trustees and |
| Unaudited Financial Statements for the Year Ended 31 March 2023 |
| for |
| Advanta Foundation |
| Advanta Foundation |
| Contents of the Financial Statements |
| for the Year Ended 31 March 2023 |
| Page |
| Report of the Trustees | 1 | to | 2 |
| Independent Examiner's Report | 3 |
| Statement of Financial Activities | 4 |
| Balance Sheet | 5 |
| Notes to the Financial Statements | 6 | to | 10 |
| Advanta Foundation (Registered number: SC292396) |
| Report of the Trustees |
| for the Year Ended 31 March 2023 |
| The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2023. The trustees have adopted the provisions of 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). |
| OBJECTIVES AND ACTIVITIES |
| Objectives and aims |
| The objectives of the charity are to promote the charitable work of children's charities concerned with those who may be suffering from illness, disability or impairment of any other condition of need and thereby improve the conditions of life of such children, assisting them to gain access to care, compassion, mobility and employment. |
| Significant activities |
| The charity collects from individuals and corporations for distribution by way of donation to other UK registered charities. A list of donations made in the year can be found in the accompanying notes. |
| Public benefit |
| We have referred to the guidance in the Charity Commission's general guidance on public benefit when reviewing our aims and objectives and in planning future activities. The Trustees consider how planned activities will contribute to the aims and objectives they have set, and conclude that the charity continues to meet the requirements set for benefit to the public. |
| ACHIEVEMENT AND PERFORMANCE |
| Charitable activities |
| During the year the charity was able to make charitable donations of £69,324.46 (2021: £10,890) to deserving UK charities. The charity has successfully increased its charitable donations in comparison to the proceeding year following restrictions from Covid-19. |
| FINANCIAL REVIEW |
| Principal funding sources |
| The charity obtains it's funding principally from corporate donations and payroll giving by staff within corporate organisations. |
| Reserves policy |
| The company held unrestricted funds at the year end as shown on page 5. Reserves are not set at any specific minimum level due to the low operating costs of the charity. Future charitable donations will be dependent on the successful generation of charitable income and level of reserves held in future. |
| Funds in deficit |
| The charity operated at a deficit this year due to the Trustee's decision to allocate additional funding to good causes from reserves b/fwd. |
| STRUCTURE, GOVERNANCE AND MANAGEMENT |
| Governing document |
| The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. |
| Recruitment and appointment of new trustees |
| Trustees are recruited from well known, skilled people known by the existing trustee board. Trustees are appointed by majority vote of the existing trustee board. |
| Organisational structure |
| The day to day management of the charity is performed by Miss G Piggot upon the directions of the Trustees. |
| REFERENCE AND ADMINISTRATIVE DETAILS |
| Registered Company number |
| Advanta Foundation (Registered number: SC292396) |
| Report of the Trustees |
| for the Year Ended 31 March 2023 |
| Registered Charity number |
| Registered office |
| Trustees |
| Company Secretary |
| Independent Examiner |
| Butlers Chartered Accountants |
| Suite 6 Burley House |
| 15 High Street |
| Rayleigh |
| Essex |
| SS6 7EW |
| Bankers |
| Royal Bank of Scotland |
| 1 Moncrieff Street |
| Paisley |
| PA3 2AW |
| COMMENCEMENT OF ACTIVITIES |
| The charity commenced operation on 1st November 2005. |
| Approved by order of the board of trustees on |
| Independent Examiner's Report to the Trustees of |
| Advanta Foundation |
| Independent examiner's report to the trustees of Advanta Foundation ('the Company') |
| I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2023. |
| Responsibilities and basis of report |
| As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act'). |
| Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act. |
| Independent examiner's statement |
| I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe: |
| 1. | accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or |
| 2. | the accounts do not accord with those records; or |
| 3. | the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or |
| 4. | the accounts 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 accounts to be reached. |
| Mrs H Meagher |
| Butlers Chartered Accountants |
| Suite 6 Burley House |
| 15 High Street |
| Rayleigh |
| Essex |
| SS6 7EW |
| 14 December 2023 |
| Advanta Foundation |
| Statement of Financial Activities |
| for the Year Ended 31 March 2023 |
| 31.3.23 | 31.3.22 |
| Unrestricted | Total |
| fund | funds |
| Notes | £ | £ |
| INCOME AND ENDOWMENTS FROM |
| Donations and legacies |
| Other income |
| Total |
| EXPENDITURE ON |
| Raising funds |
| Charitable activities |
| Other |
| Total |
| NET INCOME/(EXPENDITURE) | ( |
) |
| RECONCILIATION OF FUNDS |
| Total funds brought forward |
| TOTAL FUNDS CARRIED FORWARD | 98,352 |
| Advanta Foundation (Registered number: SC292396) |
| Balance Sheet |
| 31 March 2023 |
| 31.3.23 | 31.3.22 |
| Unrestricted | Total |
| fund | funds |
| Notes | £ | £ |
| CURRENT ASSETS |
| Debtors | 6 |
| Cash in hand |
| CREDITORS |
| Amounts falling due within one year | 7 | ( |
) | ( |
) |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| NET ASSETS |
| FUNDS | 8 |
| Unrestricted funds | 98,352 |
| TOTAL FUNDS | 98,352 |
| The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023. |
| The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006. |
| The trustees acknowledge their responsibilities for |
| (a) | ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. |
| These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. |
| The financial statements were approved by the Board of Trustees and authorised for issue on |
| Advanta Foundation |
| Notes to the Financial Statements |
| for the Year Ended 31 March 2023 |
| 1. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The financial statements of the charitable company, 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 Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
| Income |
| All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. |
| Expenditure |
| Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost 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 resources. |
| Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure. |
| Taxation |
| The charity is exempt from corporation tax on its charitable activities. |
| Fund accounting |
| Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. |
| Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. |
| Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. |
| 2. | GRANTS PAYABLE |
| 31.3.23 | 31.3.22 |
| £ | £ |
| General activity | 114,163 | 69,324 |
| Advanta Foundation |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2023 |
| 2. | GRANTS PAYABLE - continued |
| The total grants paid to institutions during the year was as follows: |
| 31.3.23 | 31.3.22 |
| £ | £ |
| Revuma Development Aid | - | 779 |
| Oasis Childcare | 7,499 | 7,860 |
| Smiling Families | 3,175 | 3,000 |
| Young Minds | - | 3,466 |
| Pride & Purpose | 12,515 | 15,015 |
| Smiling Faces | - | 8,320 |
| Dallagio Rugby Works | 33,100 | 25,000 |
| Friends of Ashton School | 6,448 | 5,884 |
| Mont Roshelle-South Africa | 12,515 | - |
| Youth Action Alliance | 1,505 | - |
| Create A Dream Foundation | 6,000 | - |
| Latch Welsh Childcare | 6,448 | - |
| Action for Children | 6,448 | - |
| Cash for Kids | 4,539 | - |
| Rockinghorse Children's Charity | 2,000 | - |
| 3. | NET INCOME/(EXPENDITURE) |
| Net income/(expenditure) is stated after charging/(crediting): |
| 31.3.23 | 31.3.22 |
| £ | £ |
| The auditing of accounts of any associate of the charity | 1,020 | 1,007 |
| Surplus on disposal of fixed assets | ( |
) |
| 4. | TRUSTEES' REMUNERATION AND BENEFITS |
| There were no trustees' remuneration or other benefits for the year ended 31 March 2023 nor for the year ended 31 March 2022. |
| Trustees' expenses |
| There were no trustees' expenses paid for the year ended 31 March 2023 nor for the year ended 31 March 2022. |
| Advanta Foundation |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2023 |
| 5. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
| Unrestricted |
| fund |
| £ |
| INCOME AND ENDOWMENTS FROM |
| Donations and legacies |
| EXPENDITURE ON |
| Raising funds |
| Charitable activities |
| Other |
| Total |
| NET INCOME |
| RECONCILIATION OF FUNDS |
| Total funds brought forward |
| TOTAL FUNDS CARRIED FORWARD | 98,352 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.3.23 | 31.3.22 |
| £ | £ |
| Prepayments and accrued income |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.3.23 | 31.3.22 |
| £ | £ |
| Other creditors |
| Accruals and deferred income |
| 8. | MOVEMENT IN FUNDS |
| Net |
| movement | At |
| At 1.4.22 | in funds | 31.3.23 |
| £ | £ | £ |
| Unrestricted funds |
| General fund | 98,352 | (1,919 | ) | 96,433 |
| TOTAL FUNDS | (1,919 | ) | 96,433 |
| Advanta Foundation |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2023 |
| 8. | MOVEMENT IN FUNDS - continued |
| Net movement in funds, included in the above are as follows: |
| Incoming | Resources | Movement |
| resources | expended | in funds |
| £ | £ | £ |
| Unrestricted funds |
| General fund | 114,492 | (116,411 | ) | (1,919 | ) |
| TOTAL FUNDS | ( |
) | (1,919 | ) |
| Comparatives for movement in funds |
| Net |
| movement | At |
| At 1.4.21 | in funds | 31.3.22 |
| £ | £ | £ |
| Unrestricted funds |
| General fund | 54,194 | 44,158 | 98,352 |
| TOTAL FUNDS | 54,194 | 44,158 | 98,352 |
| Comparative net movement in funds, included in the above are as follows: |
| Incoming | Resources | Movement |
| resources | expended | in funds |
| £ | £ | £ |
| Unrestricted funds |
| General fund | 115,482 | (71,324 | ) | 44,158 |
| TOTAL FUNDS | 115,482 | (71,324 | ) | 44,158 |
| A current year 12 months and prior year 12 months combined position is as follows: |
| Net |
| movement | At |
| At 1.4.21 | in funds | 31.3.23 |
| £ | £ | £ |
| Unrestricted funds |
| General fund | 54,194 | 42,239 | 96,433 |
| TOTAL FUNDS | 54,194 | 42,239 | 96,433 |
| Advanta Foundation |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2023 |
| 8. | MOVEMENT IN FUNDS - continued |
| A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: |
| Incoming | Resources | Movement |
| resources | expended | in funds |
| £ | £ | £ |
| Unrestricted funds |
| General fund | 229,974 | (187,735 | ) | 42,239 |
| TOTAL FUNDS | 229,974 | (187,735 | ) | 42,239 |
| 9. | RELATED PARTY DISCLOSURES |