REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
REPORT OF THE TRUSTEES AND |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024 |
FOR |
FREEDOM 2 LTD |
REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
REPORT OF THE TRUSTEES AND |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024 |
FOR |
FREEDOM 2 LTD |
FREEDOM 2 LTD |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2024 |
Page |
Report of the Trustees | 1 | to | 4 |
Statement of Financial Activities | 5 |
Balance Sheet | 6 | to | 7 |
Notes to the Financial Statements | 8 | to | 13 |
FREEDOM 2 LTD (REGISTERED NUMBER: 10576296) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31 JANUARY 2024 |
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 January 2024. 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 purposes of the charitable company are: |
1. The advancement of education for the public benefit by supporting schools in East London and surrounding boroughs to understand, recognise and report potential cases of child sexual exploitation (CSE) and child trafficking. |
2. To advance in life and relieve the needs of young people who are potentially at risk of or are survivors of child sexual exploitation and child trafficking. |
Significant activities |
The provision of a self-development program and creative art workshops focusing on topics such as self-worth, healthy relationship, awareness around the dangers of social media and goals for the future. |
Providing support and activities which develop their skills, capacities and capabilities to enable them to participate in society as mature and responsible individuals. |
Public benefit |
The trustees have had regard to the guidance issued by the Charity Commission on public benefit and are in agreement that the charitable company's objectives and activities are in the public benefit. |
Volunteers |
The charitable company relies heavily on its volunteers to help run sessions, which are of benefit to the public. |
ACHIEVEMENT AND PERFORMANCE |
Charitable activities |
The work of the company has been scaled back due to the Founder working full time at the University of East London. |
In April 2023, we were awarded funding from Foundation for Future London for our Freedom 2 Be project to run a 4 day Hackathon in partnership with Ricebox Studios. We considered online identity using Augmented Reality (AR) with our beneficiaries. The company would like to develop our work in 2024 in the digital space with teenage girls. |
Our Creative facilitator was able to run two Freedom 2 Create programmes at the beginning of the year in our regular schools in East London. We received positive feedback from the schools and they wanted us to continue our important work. |
FREEDOM 2 LTD (REGISTERED NUMBER: 10576296) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31 JANUARY 2024 |
FINANCIAL REVIEW |
Financial position |
Total income for the year amounted to £7,689 (2023: £4,925) and total expenditure amounted to £8,133 (2022: £4,852). Net expenditure for the year amounted to £444 compared to net income of £44 in the previous year. |
Total funds carried forward at 31 January 2024 amounted to a deficit of £2,109 (2023: deficit of £1,665). This comprises a deficit on general reserves of £2,401 and a restricted fund balance of £292. |
Grant funding was received during the year of £5,460 on the restricted fund for the Freedom 2 Be project for which the balance of funds has been agreed with the grantor to be carried forward to spend on further development work to continue the project. |
Reserves policy |
The charitable company has not yet generated reserves and is trying to generate funds utilising to undertake its charitable purposes and expand its operations. |
The Trustees have calculated an appropriate reserves range for the charitable company of £500, which will be revised as the charity grows and liabilities arise. The charity will seek to generate sufficient reserves to support six months expenditure to provide stability to support the charitable operations going forward. |
The Trustees will review this amount at the start of each year to ensure that the reserves are adequate to fulfil its continuing obligations. |
Going concern |
The charitable company is currently supported by a loan from the Chief Operating Officer who has confirmed they will continue to support the charity and not seek repayment of the loan for a minimum of twelve months from the balance sheet date. |
Funds in deficit |
The general fund of the charitable company is in deficit by £2,109 (2023: £1,665) and the charitable company is supported by a loan from the Chief Operating Officer. As the charity generates further funds it will seek to reduce the deficit of funds so that the charity becomes self-supporting. |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Governing document |
The charity is controlled by its governing document, its articles of association, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. |
FREEDOM 2 LTD (REGISTERED NUMBER: 10576296) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31 JANUARY 2024 |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Recruitment and appointment of new trustees |
The charitable company would seek to appoint new trustees who support the objectives of the company and have relevant expertise which may help the charitable company to achieve its aims. |
The charitable company may by ordinary resolution: |
(1) appoint a person who is willing to act to be a trustee; and |
(2) determine the rotation in which additional trustees are to retire. |
No person other than a trustee retiring by rotation may be appointed a trustee at any general meeting unless: |
(1) he or she is recommended for re-election by the trustees; or |
(2) not less than fourteen nor more than thirty-five clear days before the date of the meeting, the charity is given a notice that: |
(a) is signed by a member entitled to vote at the meeting; |
(b) states the member's intention to propose the appointment of a person as a trustee |
(c) contains the details that, if the person were to be appointed, the charity would have to file at Companies House; and |
(d) is signed by the person who is to be proposed to show his or her willingness to be appointed. |
Organisational structure |
The charitable company is governed and overseen by its board of Trustees, who are also the directors of the charitable company. |
Day-to-day management of the charity is delegated to the Chief Operating Officer, Mrs Melanie Manning, who is a director of the company but who is not a Trustee. |
Key management remuneration |
The total amount of key management remuneration paid during the year amounted to £nil (2023: £nil). |
REFERENCE AND ADMINISTRATIVE DETAILS |
Registered Company number |
Registered Charity number |
Registered office |
FREEDOM 2 LTD (REGISTERED NUMBER: 10576296) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31 JANUARY 2024 |
Trustees |
Company Director - Chief Operating Officer |
Mrs M J Manning |
Approved by order of the board of trustees on |
FREEDOM 2 LTD |
STATEMENT OF FINANCIAL ACTIVITIES |
FOR THE YEAR ENDED 31 JANUARY 2024 |
2024 | 2023 |
Unrestricted | Restricted | Total | Total |
fund | funds | funds | funds |
Notes | £ | £ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
Charitable activities |
Total |
EXPENDITURE ON |
Raising funds |
Charitable activities |
Total |
NET INCOME/(EXPENDITURE) | ( |
) | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward | ( |
) | ( |
) | ( |
) |
TOTAL FUNDS CARRIED FORWARD | ( |
) | ( |
) | (1,665 | ) |
FREEDOM 2 LTD (REGISTERED NUMBER: 10576296) |
BALANCE SHEET |
31 JANUARY 2024 |
2024 | 2023 |
Unrestricted | Restricted | Total | Total |
fund | funds | funds | funds |
Notes | £ | £ | £ | £ |
CURRENT ASSETS |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 5 | ( |
) | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
6 |
( |
) |
( |
) |
( |
) |
NET ASSETS | ( |
) | ( |
) | ( |
) |
FUNDS | 7 |
Unrestricted funds | ( |
) | (1,665 | ) |
Restricted funds | - |
TOTAL FUNDS | ( |
) | (1,665 | ) |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024. |
The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 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. |
FREEDOM 2 LTD (REGISTERED NUMBER: 10576296) |
BALANCE SHEET - continued |
31 JANUARY 2024 |
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 |
FREEDOM 2 LTD |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2024 |
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. |
Government grants are recognised in the Statement of Financial Activities in an appropriate manner that matches them with the expenditure towards which they are intended to contribute. |
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the Statement of Financial Activities. Grants towards general activities of the charity over a specific period are recognised in the Statement of Financial Activities over that period. |
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the Statement of Financial Activities over the useful life of the asset concerned. |
All grants in the Statement of Financial Activities are recognised when all conditions for receipt have been complied with. |
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. |
Irrecoverable VAT is included within the category of expenditure to which it relates. |
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. |
FREEDOM 2 LTD |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
1. | ACCOUNTING POLICIES - continued |
Fund accounting |
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. |
Restricted funding was received during the year for the Freedom 2 Create programme from the following organisations: |
Foundation For Future London - £5,460. Funds were received for the Freedom 2 Be project. Funds of £292 are carried forward at 31 January 2024 which will be spent in the following financial year. |
The Freedom 2 Create programme is a 7-week art programme for girls focusing on topics such as self-worth, finding your voice, identity and empowerment. |
The Freedom 2 Be programme is a 4 day Hackathon in partnership with Ricebox Studios. The aim of the programme is to explore online identity using Augmented Reality (AR). |
2. | TRUSTEES' REMUNERATION AND BENEFITS |
There were no trustees' remuneration or other benefits for the year ended 31 January 2024 nor for the year ended 31 January 2023. |
Trustees' expenses |
There were no trustees' expenses paid for the year ended 31 January 2024 nor for the year ended 31 January 2023. |
3. | STAFF COSTS |
The average monthly number of employees during the year was as follows: |
2024 | 2023 |
Management & operations |
FREEDOM 2 LTD |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
4. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
Unrestricted | Restricted | Total |
fund | funds | funds |
£ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
Charitable activities |
Total |
EXPENDITURE ON |
Raising funds |
Charitable activities |
Total |
NET INCOME |
RECONCILIATION OF FUNDS |
Total funds brought forward | (1,738 | ) | - | ( |
) |
TOTAL FUNDS CARRIED FORWARD | (1,665 | ) | - | (1,665 | ) |
FREEDOM 2 LTD |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Accruals and deferred income |
6. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Other creditors |
7. | MOVEMENT IN FUNDS |
Net |
movement | At |
At 1.2.23 | in funds | 31.1.24 |
£ | £ | £ |
Unrestricted funds |
General fund | (1,665 | ) | (736 | ) | (2,401 | ) |
Restricted funds |
Freedom 2 Be Programme | - | 292 | 292 |
TOTAL FUNDS | ( |
) | (444 | ) | (2,109 | ) |
Net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 2,229 | (2,965 | ) | (736 | ) |
Restricted funds |
Freedom 2 Be Programme | 5,460 | (5,168 | ) | 292 |
TOTAL FUNDS | ( |
) | (444 | ) |
FREEDOM 2 LTD |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
7. | MOVEMENT IN FUNDS - continued |
Comparatives for movement in funds |
Net |
movement | At |
At 1.2.22 | in funds | 31.1.23 |
£ | £ | £ |
Unrestricted funds |
General fund | (1,738 | ) | 73 | (1,665 | ) |
TOTAL FUNDS | (1,738 | ) | 73 | (1,665 | ) |
Comparative net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 2,996 | (2,923 | ) | 73 |
Restricted funds |
Freedom 2 Create Programme | 1,929 | (1,929 | ) | - |
TOTAL FUNDS | 4,925 | (4,852 | ) | 73 |
A current year 12 months and prior year 12 months combined position is as follows: |
Net |
movement | At |
At 1.2.22 | in funds | 31.1.24 |
£ | £ | £ |
Unrestricted funds |
General fund | (1,738 | ) | (663 | ) | (2,401 | ) |
Restricted funds |
Freedom 2 Be Programme | - | 292 | 292 |
TOTAL FUNDS | (1,738 | ) | (371 | ) | (2,109 | ) |
FREEDOM 2 LTD |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
7. | 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 | 5,225 | (5,888 | ) | (663 | ) |
Restricted funds |
Freedom 2 Create Programme | 1,929 | (1,929 | ) | - |
Freedom 2 Be Programme | 5,460 | (5,168 | ) | 292 |
7,389 | (7,097 | ) | 292 |
TOTAL FUNDS | 12,614 | (12,985 | ) | (371 | ) |
8. | RELATED PARTY DISCLOSURES |
At 31 January 2024, the charitable company owed £2,800 to Mrs M J Manning (2023: £2,800), the Chief Operations Officer of the charitable company. |
9. | COMPANY LIMITED BY GUARANTEE |
Freedom 2 Ltd is a charitable company, limited by guarantee, incorporated in England & Wales, registered number 10576296. The registered office is 48 Stanley Road, South Woodford, London, E18 2NS. |
The company is limited by guarantee and has no share capital. Every member of the company undertakes to contribute to the assets of the company, in the event of a winding-up, such an amount as may be required not exceeding £1. |