REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
Report of the Trustees and |
Unaudited Financial Statements |
for the Year Ended 31 March 2024 |
for |
The Arrows Group Foundation |
REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
Report of the Trustees and |
Unaudited Financial Statements |
for the Year Ended 31 March 2024 |
for |
The Arrows Group Foundation |
The Arrows Group Foundation |
Contents of the Financial Statements |
for the year ended 31 March 2024 |
Page |
Report of the Trustees | 1 | to | 2 |
Statement of Financial Activities | 3 |
Balance Sheet | 4 |
Notes to the Financial Statements | 5 | to | 8 |
The Arrows Group Foundation (Registered number: 11168367) |
Report of the Trustees |
for the year ended 31 March 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 March 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 charity's objectives are to support disadvantaged children around the world focusing on causes such as care, education, employment readiness and mentoring. Such other purposes for the benefit of the community shall be exclusively charitable as the trustees from time to time shall decide. |
Public benefit |
In setting our objectives for the year and planning our activities, the trustees have considered the Charity Commission's guidance on public benefit. |
Financial review |
Principal funding sources |
The Arrows Group Foundation has two main sources of income: |
- Donations from the fund raising activity via Just giving. |
- Fundraising events held by the Foundation. |
Investment policy and objectives |
Under the memorandum and articles of association, the charity has the power to invest in any way the trustees wish. |
Reserves policy |
At the year end the charity had a reserves deficit of £1,491. This alone does not allow the charity to provide services in furtherance of its objectives should there be a temporary shortfall in incoming resources. In response to this support has been provided by Arrows Group Professional Ltd which will ensure the charity can meet all contractual liabilities and statutory obligations. |
Going concern |
Arrows Group Professional Ltd has pledged to donate adequate funds to the foundation to ensure the continued operational existence for the foreseeable future. For this reason, the trustees continue to adopt the going concern basis in preparing the financial statements. |
Structure, governance and management |
Governing document |
The charity is controlled by its governing document, a memorandum & articles of association, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. |
Risk management |
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. |
Reference and administrative details |
Registered Company number |
Registered Charity number |
Registered office |
The Arrows Group Foundation (Registered number: 11168367) |
Report of the Trustees |
for the year ended 31 March 2024 |
Trustees |
Approved by order of the board of trustees on |
The Arrows Group Foundation |
Statement of Financial Activities |
for the year ended 31 March 2024 |
2024 | 2023 |
Unrestricted |
fund | Total funds |
Notes | £ | £ |
Income and endowments from |
Donations and legacies |
Expenditure on |
Raising funds |
Other |
Total |
NET INCOME/(EXPENDITURE) | ( |
) | ( |
) |
Reconciliation of funds |
Total funds brought forward | ( |
) | ( |
) |
Total funds carried forward | ( |
) | (1,385 | ) |
The Arrows Group Foundation (Registered number: 11168367) |
Balance Sheet |
31 March 2024 |
2024 | 2023 |
Unrestricted |
fund | Total funds |
Notes | £ | £ |
Current assets |
Cash in hand |
Creditors |
Amounts falling due within one year | 4 | ( |
) | ( |
) |
Net current assets/(liabilities) | ( |
) | ( |
) |
Total assets less current liabilities | ( |
) | ( |
) |
NET ASSETS/(LIABILITIES) | ( |
) | ( |
) |
Funds | 5 |
Unrestricted funds | ( |
) | (1,385 | ) |
Total funds | ( |
) | (1,385 | ) |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024. |
The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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. |
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 |
The Arrows Group Foundation |
Notes to the Financial Statements |
for the year ended 31 March 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. |
Going concern |
Arrows Group Professional Ltd has pledged to donate adequate funds to the foundation to ensure the continued operational existence for the foreseeable future. For this reason, the trustees continue to adopt the going concern basis in preparing the financial statements. |
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. |
Governance costs |
Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements. |
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. | Trustees' remuneration and benefits |
There were no trustees' remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023. |
Trustees' expenses |
There were no trustees' expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023. |
The Arrows Group Foundation |
Notes to the Financial Statements - continued |
for the year ended 31 March 2024 |
3. | Comparatives for the statement of financial activities |
Unrestricted |
fund |
£ |
Income and endowments from |
Donations and legacies |
Expenditure on |
Raising funds |
Other |
Total |
NET INCOME/(EXPENDITURE) | ( |
) |
Reconciliation of funds |
Total funds brought forward | ( |
) |
Total funds carried forward | (1,385 | ) |
4. | Creditors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Accruals and deferred income |
5. | Movement in funds |
Net |
movement |
At 1/4/23 | in funds | At 31/3/24 |
£ | £ | £ |
Unrestricted funds |
General fund | (1,385 | ) | (106 | ) | (1,491 | ) |
TOTAL FUNDS | ( |
) | (106 | ) | (1,491 | ) |
Net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 2,788 | (2,894 | ) | (106 | ) |
TOTAL FUNDS | ( |
) | (106 | ) |
The Arrows Group Foundation |
Notes to the Financial Statements - continued |
for the year ended 31 March 2024 |
5. | Movement in funds - continued |
Comparatives for movement in funds |
Net |
movement |
At 1/4/22 | in funds | At 31/3/23 |
£ | £ | £ |
Unrestricted funds |
General fund | (1,229 | ) | (156 | ) | (1,385 | ) |
TOTAL FUNDS | (1,229 | ) | (156 | ) | (1,385 | ) |
Comparative net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 2,288 | (2,444 | ) | (156 | ) |
TOTAL FUNDS | 2,288 | (2,444 | ) | (156 | ) |
A current year 12 months and prior year 12 months combined position is as follows: |
Net |
movement |
At 1/4/22 | in funds | At 31/3/24 |
£ | £ | £ |
Unrestricted funds |
General fund | (1,229 | ) | (262 | ) | (1,491 | ) |
TOTAL FUNDS | (1,229 | ) | (262 | ) | (1,491 | ) |
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 | 5,076 | (5,338 | ) | (262 | ) |
TOTAL FUNDS | 5,076 | (5,338 | ) | (262 | ) |
The Arrows Group Foundation |
Notes to the Financial Statements - continued |
for the year ended 31 March 2024 |
6. | Related party disclosures |