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REGISTERED COMPANY NUMBER: 06210181 (England and Wales)
REGISTERED CHARITY NUMBER: 1124120














REPORT OF THE TRUSTEES AND

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

THE PRIME FOUNDATION

THE PRIME FOUNDATION






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2023




Page

Report of the Trustees 1

Statement of Financial Activities 2

Balance Sheet 3

Notes to the Financial Statements 4 to 8

THE PRIME FOUNDATION (REGISTERED NUMBER: 06210181)

REPORT OF THE TRUSTEES
for the Year Ended 31 December 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 December 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).

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.

REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
06210181 (England and Wales)

Registered Charity number
1124120

Registered office
5 The Triangle
Wildwood Drive
Worcester
Worcestershire
WR5 2QX

Trustees
J Marriott Trustee
L Chumbley Trustee
H L Cashmore Trustee
M Fenton Trustee

Company Secretary
Prime Company Secretarial Services Limited

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

Approved by order of the board of trustees on 22 August 2024 and signed on its behalf by:





L Chumbley - Trustee

THE PRIME FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES
for the Year Ended 31 December 2023

31.12.23 31.12.22
Unrestricted Total
funds funds
Notes £    £   
INCOME AND ENDOWMENTS FROM
Donations and legacies 16,074 30,595

EXPENDITURE ON
Charitable activities
Donations 25,084 60,591

Other 6 6
Total 25,090 60,597

NET INCOME/(EXPENDITURE) (9,016 ) (30,002 )


RECONCILIATION OF FUNDS
Total funds brought forward 29,075 59,077

TOTAL FUNDS CARRIED FORWARD 20,059 29,075

THE PRIME FOUNDATION (REGISTERED NUMBER: 06210181)

BALANCE SHEET
31 December 2023

31.12.23 31.12.22
Unrestricted Total
funds funds
Notes £    £   
CURRENT ASSETS
Cash in hand 20,059 29,075

NET CURRENT ASSETS 20,059 29,075

TOTAL ASSETS LESS CURRENT
LIABILITIES

20,059

29,075

NET ASSETS 20,059 29,075
FUNDS 4
Unrestricted funds 20,059 29,075
TOTAL FUNDS 20,059 29,075

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.


The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 and authorised for issue by the Board of Trustees and authorised for issue on 22 August 2024 and were signed on its behalf by:





L Chumbley - Trustee

THE PRIME FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 December 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.

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

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.

Going concern
The Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence. For this reason they continue to adopt the going concern basis in preparing the financial statements.

2. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 December 2023 nor for the year ended 31 December 2022.


Trustees' expenses

There were no trustees' expenses paid for the year ended 31 December 2023 nor for the year ended 31 December 2022.


THE PRIME FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

3. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
funds
£   
INCOME AND ENDOWMENTS FROM
Donations and legacies 30,595

EXPENDITURE ON
Charitable activities
Donations 60,591

Other 6
Total 60,597

NET INCOME/(EXPENDITURE) (30,002 )


RECONCILIATION OF FUNDS
Total funds brought forward 59,077

TOTAL FUNDS CARRIED FORWARD 29,075

4. MOVEMENT IN FUNDS
Net Transfers
movement between At
At 1.1.23 in funds funds 31.12.23
£    £    £    £   
Unrestricted funds
General fund 1,106 (5 ) - 1,101
For use within Worcestershire 5,978 (3,242 ) 1,060 3,796
For use within Southampton - 12,055 - 12,055
For use within Dorset 1,060 - (1,060 ) -
For use within Surrey 20,931 (17,824 ) - 3,107
29,075 (9,016 ) - 20,059
TOTAL FUNDS 29,075 (9,016 ) - 20,059

Net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General fund 1 (6 ) (5 )
For use within Worcestershire 4,018 (7,260 ) (3,242 )
For use within Southampton 12,055 - 12,055
For use within Surrey - (17,824 ) (17,824 )
16,074 (25,090 ) (9,016 )
TOTAL FUNDS 16,074 (25,090 ) (9,016 )

THE PRIME FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

4. MOVEMENT IN FUNDS - continued


Comparatives for movement in funds

Net Transfers
movement between At
At 1.1.22 in funds funds 31.12.22
£    £    £    £   
Unrestricted funds
General fund 1,494 (7 ) (381 ) 1,106
For use within Worcestershire 13,795 (6,382 ) (1,435 ) 5,978
For use within Southampton 11,140 (13,157 ) 2,017 -
For use within Yeovil (79 ) - 79 -
For use within Hereford (112 ) - 112 -
For use within Birmingham (66 ) - 66 -
For use within Sandwell 12,159 (11,947 ) (212 ) -
For use within Coventry 10,211 (10,000 ) (211 ) -
For use within Dorset 10,535 (9,440 ) (35 ) 1,060
For use within Surrey - 20,931 - 20,931
59,077 (30,002 ) - 29,075
TOTAL FUNDS 59,077 (30,002 ) - 29,075

Comparative net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General fund (1 ) (6 ) (7 )
For use within Worcestershire 7,649 (14,031 ) (6,382 )
For use within Southampton 2,016 (15,173 ) (13,157 )
For use within Sandwell - (11,947 ) (11,947 )
For use within Coventry - (10,000 ) (10,000 )
For use within Dorset - (9,440 ) (9,440 )
For use within Surrey 20,931 - 20,931
30,595 (60,597 ) (30,002 )
TOTAL FUNDS 30,595 (60,597 ) (30,002 )

THE PRIME FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

4. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined position is as follows:

Net Transfers
movement between At
At 1.1.22 in funds funds 31.12.23
£    £    £    £   
Unrestricted funds
General fund 1,494 (12 ) (381 ) 1,101
For use within Worcestershire 13,795 (9,624 ) (375 ) 3,796
For use within Southampton 11,140 (1,102 ) 2,017 12,055
For use within Yeovil (79 ) - 79 -
For use within Hereford (112 ) - 112 -
For use within Birmingham (66 ) - 66 -
For use within Sandwell 12,159 (11,947 ) (212 ) -
For use within Coventry 10,211 (10,000 ) (211 ) -
For use within Dorset 10,535 (9,440 ) (1,095 ) -
For use within Surrey - 3,107 - 3,107
59,077 (39,018 ) - 20,059
TOTAL FUNDS 59,077 (39,018 ) - 20,059

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 - (12 ) (12 )
For use within Worcestershire 11,667 (21,291 ) (9,624 )
For use within Southampton 14,071 (15,173 ) (1,102 )
For use within Sandwell - (11,947 ) (11,947 )
For use within Coventry - (10,000 ) (10,000 )
For use within Dorset - (9,440 ) (9,440 )
For use within Surrey 20,931 (17,824 ) 3,107
46,669 (85,687 ) (39,018 )
TOTAL FUNDS 46,669 (85,687 ) (39,018 )

Unrestricted funds comprise of a general fund and a number of designated funds which comprise of charitable donations received from Prime (UK) Developments Limited in respect of specific projects completed by the company or one of its connected Group companies. Each designated fund represents a charitable donation received relating to development projects in a specific area, these funds are to be used on charitable causes in that area.


THE PRIME FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

5. RELATED PARTY DISCLOSURES

During the year the charity recognised income from donations totalling £16,073 (2022- £30,595) from Prime (UK) Developments Limited, a company which shares common directors with the trustees of the charity.