Charity registration number SC049878 (Scotland)
Company registration number SC651829 (Scotland)
INSIGHTS FOUNDATION
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
INSIGHTS FOUNDATION
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Vivien Buchan
Andrew Lothian
Alexander Wilson
(Appointed 15 June 2023)
Charity number (Scotland)
SC049878
Company number
SC651829
Registered office
Terra Nova
3 Explorer Road
Dundee Technology Park
Dundee
DD2 1EG
Auditor
Findlays Audit Limited
11 Dudhope Terrace
Dundee
DD3 6TS
Bankers
HSBC
95-99 Union Street
Aberdeen
AB11 6BD
Solicitors
Gillespie Macandrew
5 Atholl Crescent
Edinburgh
EH3 8EJ
INSIGHTS FOUNDATION
CONTENTS
Page
Trustees report
1 - 3
Statement of Trustees responsibilities
4
Independent auditor's report
5 - 7
Statement of financial activities
8
Balance sheet
9
Statement of cash flows
10
Notes to the financial statements
11 - 16
INSIGHTS FOUNDATION
TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

The Trustees present their annual report and financial statements for the year ended 31 March 2024.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the 's [governing document], the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and "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).

 

Since the company qualifies as small under section 382 of the Companies Act 2006, the Strategic Report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.

Objectives and activities

Insights Foundation was incorporated on 16 January 2020 however, did not operate until April 2023.

 

The Foundation’s objectives are:

 

Grant making policy

Grants are awarded based on charities in need with whom we work in partnership.

Achievements and performance

The charity achieves its objectives through the skills and expertise of the Foundation Guardians and the wider Insights community, managed by an operations team who work within the governance structure of the Insights Foundation.

 

Insights Foundation was set up in January 2020 and became operational in April 2023 to advance citizenship through supporting the leadership and organisational development of charitable and other voluntary organisations. We work with the leadership to understand how they might benefit from our expertise, to understand themselves and others better, enabling an effective team to achieve their objectives in serving others. In 2023/24 we engaged with 12 charities and supported around 223 changemakers.

 

During the year the awarded funding of £313,435 to fund activities, advice services and projects that contribute to;

Financial review

As at 31st of March 2024, the charity held total reserves of £1,095,062 (2023 - £NIL) all of which were unrestricted for use as the Trustees see fit.

INSIGHTS FOUNDATION
TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

Reserves policy

The trustees have established a policy for unrestricted reserves, the policy is to maintain unrestricted reserves at a level equating to the Charity’s operating costs for the following financial year excluding grant awards. The current level of unrestricted reserves is £1,095,062 and is considered adequate and in line with this policy. The principal funding sources of the charity were Donations from the Insights group.

Principal risks and uncertainties

The trustees have assessed the major risks to which the charity is exposed, in particular those relating to the operations and finances of the charity and are satisfied that systems are in place to mitigate exposure to the major risks. Insurable risks are appropriately covered. The trustees take seriously the duties and responsibilities placed upon them.

Plans for future periods

In 2024/25 our focus will be to establish the operational capacity of the Foundation to enable us to continue and scale the work we do with charities who are within the aims of our strategy.

Structure, governance and management

Insights Foundation is a Scottish Charitable Incorporated Organisation, established in 2020 and governed by a board of Trustees.

The Trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Vivien Buchan
Andrew Lothian
Alexander Wilson
(Appointed 15 June 2023)
Recruitment and appointment of trustees

The trustees were appointed in accordance with good practice and for the expertise they can bring for the governance and running of the charity.

Organisational structure

The trustees are responsible for;

 

Auditor

In accordance with the company's articles, a resolution proposing that Findlays Audit Limited be reappointed as auditor of the company will be put at a General Meeting.

INSIGHTS FOUNDATION
TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
Disclosure of information to auditor

Each of the Trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.

The Trustees report was approved by the Board of Trustees.

Vivien Buchan
13 November 2024
INSIGHTS FOUNDATION
STATEMENT OF TRUSTEES RESPONSIBILITIES  
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -

The Trustees, who are also the directors of Insights Foundation for the purpose of company law, are responsible for preparing the Trustees Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

 

Company Law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

 

In preparing these financial statements, the Trustees are required to:

 

- select suitable accounting policies and then apply them consistently;

 

- observe the methods and principles in the Charities SORP;

 

- make judgements and estimates that are reasonable and prudent; and

 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the will continue in operation.

 

The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the and enable them to ensure that the financial statements comply with the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and the Companies Act 2006. They are also responsible for safeguarding the assets of the and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

INSIGHTS FOUNDATION
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS AND TRUSTEES OF INSIGHTS FOUNDATION
- 5 -

Opinion

We have audited the financial statements of Insights Foundation (the ‘’) for the year ended 31 March 2024 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

-

give a true and fair view of the state of the charitable company's affairs as at 31 March 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;

-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-

have been prepared in accordance with the requirements of the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005 and regulation 8 of the Charities Accounts (Scotland) Regulations 2006 (as amended).

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and the provisions available for small entities, in the circumstances set out in note 16 to the financial statements, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the ’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The Trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

INSIGHTS FOUNDATION
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS AND TRUSTEES OF INSIGHTS FOUNDATION
- 6 -

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

-

the information given in the Trustees report for the financial year for which the financial statements are prepared, which includes the directors' report prepared for the purposes of company law, is consistent with the financial statements; and

-

the directors' report included within the Trustees report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report included within the Trustees report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 and the Charities Accounts (Scotland) Regulations 2006 (as amended) requires us to report to you if, in our opinion:

-

adequate and proper accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-

the financial statements are not in agreement with the accounting records and returns; or

-
certain disclosures of trustees' remuneration specified by law are not made; or
-

we have not received all the information and explanations we require for our audit; or

-

the Trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Trustees report and from the requirement to prepare a strategic report.

Responsibilities of Trustees

As explained more fully in the statement of Trustees responsibilities, the Trustees, who are also the directors of the for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the ’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under Chapter 3 of Part 16 of the Companies Act 2006 and section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and report in accordance with the Acts and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

 

Irregularities, including fraud are instances of non-compliance with laws and regulations. We design procedures in

line with our responsibilities, outlined above, to detect material miss-statements in respect of irregularities, including

fraud and non compliance with laws and regulations is detailed below.

 

The audit team has appropriate skills and expertise required and through discussions with management and

trustees and knowledge of the sector to ensure any non compliance is recognised and all necessary disclosures are

made. The controls in place help the charity mitigate the risk of fraud and also aids them in highlighting instances of fraud that might have occurred.

 

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

INSIGHTS FOUNDATION
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS AND TRUSTEES OF INSIGHTS FOUNDATION
- 7 -

 

Because of the field in which the client operates we identified the following areas as those most likely to have a material impact on the financial statements;

 

Direct Impact on financial statements:

 

Indirect impact on financial statements:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

 

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and to the charity’s trustees, as a body, in accordance with regulation 10 of the Charities Accounts (Scotland) Regulations 2006. Our audit work has been undertaken so that we might state to the charitable company's members and trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company, the charitable company’s members as a body,and the charitable company’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Lesley Campbell, BA, C.A. (Senior Statutory Auditor)
for and on behalf of Findlays Audit Limited
Chartered Accountants
Statutory Auditor
Dundee
DD3 6TS
13 November 2024

Findlays Audit Limited is eligible for appointment as auditor of the by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

INSIGHTS FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
Unrestricted
Restricted
Total
funds
funds
2024
2024
2024
Notes
£
£
£
Income from:
Donations and legacies
2
1,212,600
200,000
1,412,600
Total income
1,212,600
200,000
1,412,600
Expenditure on:
Charitable activities
3
117,538
200,000
317,538
Total expenditure
117,538
200,000
317,538
Net income and movement in funds
1,095,062
-
1,095,062
Reconciliation of funds:
Fund balances at 1 April 2023
-
-
-
Fund balances at 31 March 2024
1,095,062
-
1,095,062

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

INSIGHTS FOUNDATION
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 9 -
2024
2023
Notes
£
£
£
£
Current assets
Cash at bank and in hand
1,199,062
-
Creditors: amounts falling due within one year
10
(104,000)
-
Net current assets
1,095,062
-
The funds of the
Unrestricted funds
12
1,095,062
-
1,095,062
-
0

The notes on pages 11 to 16 form part of these financial statements.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Trustees on 13 November 2024
Vivien Buchan
Company registration number SC651829 (Scotland)
INSIGHTS FOUNDATION
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
- 10 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
14
1,199,062
-
Net cash used in investing activities
-
-
Net cash used in financing activities
-
-
Net increase in cash and cash equivalents
1,199,062
-
Cash and cash equivalents at beginning of year
-
-
Cash and cash equivalents at end of year
1,199,062
-
INSIGHTS FOUNDATION
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 11 -
1
Accounting policies
Charity information

Insights Foundation is a private company limited by guarantee incorporated in Scotland. The registered office is Terra Nova, 3 Explorer Road, Dundee Technology Park, Dundee, DD2 1EG.

1.1
Accounting convention

The financial statements have been prepared in accordance with the 's [governing document], the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended), FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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). The is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the . Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the Trustees have a reasonable expectation that the has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Charitable funds

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the .
1.4
Income
Income is recognised when the is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
INSIGHTS FOUNDATION
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 12 -
1.5
Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

1.6
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the ’s contractual obligations expire or are discharged or cancelled.

1.7
Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

INSIGHTS FOUNDATION
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 13 -
2
Income from donations and legacies
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
funds
funds
funds
funds
2024
2024
2024
2023
2023
2023
£
£
£
£
£
£
Donations and gifts
1,212,600
200,000
1,412,600
-
-
-
Donations and gifts
Insights Learning & Development Limited
1,212,600
200,000
1,412,600
-
-
-
1,212,600
200,000
1,412,600
-
-
-
3
Expenditure on charitable activities
Charitable activities
2024
£
Direct costs
Bank charges
103
Grant funding of activities (see note 4)
313,435
Share of support and governance costs (see note 5)
Governance
4,000
317,538
Analysis by fund
Unrestricted funds
117,538
Restricted funds
200,000
317,538
INSIGHTS FOUNDATION
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 14 -
4
Grants payable
Charitable activities
2024
£
Grants to institutions:
Moving on Music
6,000
Flourish NI
3,000
Voice of Young People in Care
3,500
Mary's Meals
140,000
Social Bite - Dundee Recovery Project
140,000
Parkinsons - Kilt Walk
935
Morgan Academy - Coffee Shop Project
20,000
313,435

Note: All grants paid were for charitable expenditure in line with the constitution of the various Charities.

-
5
Support costs allocated to activities
2024
2023
£
£
Governance costs
4,000
-
Analysed between:
Charitable activities
4,000
-
6
Net movement in funds
2024
2023
£
£
The net movement in funds is stated after charging/(crediting):
Fees payable for the audit of the charity's financial statements
4,000
-
7
Trustees
None of the Trustees (or any persons connected with them) received any remuneration or benefits from the during the year.
8
Employees

The average monthly number of employees during the year was:

2024
2023
Number
Number
Total
-
0
-
0
INSIGHTS FOUNDATION
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
8
Employees
(Continued)
- 15 -
There were no employees whose annual remuneration was more than £60,000.
9
Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

10
Creditors: amounts falling due within one year
2024
2023
£
£
Other creditors
100,000
-
Accruals and deferred income
4,000
-
104,000
-
11
Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

At 1 April 2023
Incoming resources
Resources expended
At 31 March 2024
£
£
£
£
Insights Learning & Development Limited
-
200,000
(200,000)
-

Purpose of Restricted Funds:

Insights Learning and Development Limited - Monies received to be donated as follows:

12
Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1 April 2023
Incoming resources
Resources expended
At 31 March 2024
£
£
£
£
General funds
-
1,212,600
(117,538)
1,095,062
13
Related party transactions
INSIGHTS FOUNDATION
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
13
Related party transactions
(Continued)
- 16 -
Transactions with related parties

During the year the entered into the following transactions with related parties:

 

Name of related party    Insights Learning & Development Limited

Nature of relationship    Trustee - Andrew Jonathan Lothian

     Trustee - Alexander James Wilson

Transaction     During the year, Insights Learning & Development Limited made

     donations of £1,412,600 (2023 - £NIL) to Insights Foundation.

     Trustee Andrew Jonathan Lothian and Alexander James Wilson both

     sit on the Board of Directors for this company.

 

14
Cash generated from operations
2024
2023
£
£
Surplus for the year
1,095,062
-
Movements in working capital:
Increase in creditors
104,000
-
Cash generated from/(absorbed by) operations
1,199,062
-
15
Analysis of changes in net funds/(debt)

The had no material debt during the year.

16
Non-audit services provided by auditor

In common with many businesses of our size and nature we use our auditor to assist with the preparation of the financial statements, summarising from our prime records.

2024-03-312023-04-01falsefalseCCH SoftwareiXBRL Review & Tag 2024.2SC6518292023-04-012024-03-31SC651829bus:Director12023-04-012024-03-31SC651829bus:Director22023-04-012024-03-31SC651829bus:Director32023-04-012024-03-31SC6518292024-03-31SC6518292023-03-31SC6518292022-04-012023-03-31SC651829bus:FRS1022023-04-012024-03-31SC651829bus:Audited2023-04-012024-03-31SC651829bus:FullAccounts2023-04-012024-03-31xbrli:purexbrli:sharesiso4217:GBP