LEO'S BOX
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024
Company Registration No. SC557205 (Scotland)
Charity Registration No. SC047424 (Scotland)
LEO'S BOX
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Mr Edward McCaffrey
Ms Julia McCaffrey
Mr James Doyle
Ms Gemma Doyle
Charity number (Scotland)
SC047424
Company number
SC557205
Registered office
Eldo House
Monkton Road
Prestwick
Ayrshire
Scotland
KA9 2PB
Independent examiner
Robert Fergusson
Dains
Accountants
30 Miller Road
Ayr
Ayrshire
KA7 2AY
LEO'S BOX
CONTENTS
Page
Trustees' report
1 - 2
Independent examiner's report
3
Statement of financial activities
4
Balance sheet
5
Notes to the financial statements
6 - 10
LEO'S BOX
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 1 -

The trustees present their annual report and financial statements for the year ended 28 February 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 charity's memorandum and articles of association, 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).

Objectives and activities

The charity's objectives are to improve outcomes for children and young people experiencing disability, ill health or other disadvantages by providing financial support to access relevant services.

Achievements and performance
Significant activities and achievements against objectives

Links have been made with several charities whose aims meet the criteria for Leo's box grant funding. Following discussions of applications by the trustees, grants have been paid totalling £126,723 (2023: £104,243), a full breakdown of awards is included at note 6.

Financial review

The charity had reserves of £44,812 (2023 - £9,446) at the end of the years which the trustees feel is sufficient to cover general running cots.

Reserves policy

There are no employees or ongoing obligation of the charity other than legal and accounting fees. A modest reserve is kept to provide for those costs and grant awards are tailored based on the funds available for awarding.

Plans for future periods

The trustees plan to continue supporting charities that have had successful application in recent years with grants usually not exceeding £3,000.

 

In addition, the charity plans to continue to support the treatment of Clubfoot with an annual grant to Hope Walks. Unfortunately, due to the outbreak of war, the focus of the support has had to shift from Sudan to other parts of Africa, however, regular contact is maintained with the President of Hope Walks and discussions will continue in order to agree the best focus for future support.

Structure, governance and management

The charity is a company limited by guarantee and was incorporated on 10th February 2017, it received charitable status on 17th May 2017.

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:

Mr Edward McCaffrey
Ms Julia McCaffrey
Mr James Doyle
Ms Gemma Doyle
Recruitment and appointment of trustees

New trustees are appointed by the existing trustees and a general meeting.

 

None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.

LEO'S BOX
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 2 -

The trustees' report was approved by the Board of Trustees.

Ms Julia McCaffrey
Trustee
20 November 2024
LEO'S BOX
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF LEO'S BOX
- 3 -

I report on the financial statements of the charity for the year ended 28 February 2024, which are set out on pages 4 to 10.

Respective responsibilities of trustees and examiner

The charity’s trustees, who are also the directors of Leo's Box for the purposes of company law, are responsible for the preparation of the financial statements in accordance with the terms of the Charities and Trustee Investments (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006. The trustees consider that the audit requirement of Regulation 10(1)(a) to (c) of the 2006 Accounts Regulations does not apply. It is my responsibility to examine the financial statements as required under section 44(1)(c) of the Act and to state whether particular matters have come to my attention.

Basis of independent examiner's statement

My examination is carried out in accordance with Regulation 11 of the 2006 Accounts Regulations. An examination includes a review of the accounting records kept by the charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, and seeks explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently I do not express an audit opinion on the view given by the financial statements.

Independent examiner's statement

In connection with my examination, no matter has come to my attention:

(a)
which gives me reasonable cause to believe that in any material respect the requirements:
(i)

to keep accounting records in accordance with section 44(1) (a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations; and

(ii)

to prepare financial statements which accord with the accounting records and comply with Regulation 8 of the 2006 Accounts Regulations;

have not been met or
(b)

to which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached.

Robert Fergusson
28 November 2024
Dains
Accountants
30 Miller Road
Ayr
Ayrshire
KA7 2AY
Dains is a trading name of William Duncan + Co. Ltd
LEO'S BOX
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 4 -
Unrestricted
Unrestricted
funds
funds
2024
2023
Notes
£
£
Income from:
Donations and legacies
3
161,465
100,000
Investments
4
508
-
Total income
161,973
100,000
Expenditure on:
Charitable activities
5
126,857
104,836
Total expenditure
126,857
104,836
Net income/(expenditure) and movement in funds
35,116
(4,836)
Reconciliation of funds:
Fund balances at 1 March 2023
9,696
14,532
Fund balances at 28 February 2024
44,812
9,696

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

LEO'S BOX
BALANCE SHEET
AS AT 28 FEBRUARY 2024
28 February 2024
- 5 -
2024
2023
Notes
£
£
£
£
Current assets
Cash at bank and in hand
45,362
10,246
Creditors: amounts falling due within one year
11
(550)
(550)
Net current assets
44,812
9,696
Net assets excluding pension liability
44,812
9,696
The funds of the charity
Unrestricted funds
44,812
9,696
44,812
9,696

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 28 February 2024.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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 20 November 2024
Ms Julia McCaffrey
Trustee
Company registration number SC557205 (Scotland)
LEO'S BOX
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 6 -
1
Accounting policies
Charity information

Leo's Box is a private company limited by guarantee incorporated in Scotland. The registered office is Eldo House, Monkton Road, Prestwick, Ayrshire, KA9 2PB, Scotland.

1.1
Accounting convention

The financial statements have been prepared in accordance with the charity's Memorandum and Articles of Association, 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 charity is a Public Benefit Entity as defined by FRS 102.

 

The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.

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

The financial statements have been prepared under the historical cost convention. 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 charity 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.

1.4
Income
Income is recognised when the charity 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 charity 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.

1.5
Expenditure

Expenditure is included on an accruals basis, inclusive of VAT, if applicable.

Grants awarded are provided for in full when approved by the Board of Trustees.

Governance costs are deemed expenditure for statutory responsibilities and other consultancy fees.

LEO'S BOX
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
1
Accounting policies
(Continued)
- 7 -
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 charity’s contractual obligations expire or are discharged or cancelled.

2
Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Income from donations and legacies
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
Donations and gifts
161,465
100,000
LEO'S BOX
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
3
Income from donations and legacies
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
(Continued)
- 8 -
Donations and gifts
Donations
117,000
100,000
Gift Aid
44,465
-
161,465
100,000
4
Income from investments
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
Interest receivable
508
-
5
Expenditure on charitable activities
Grants payable
Grants payable
2024
2023
£
£
Direct costs
Grant funding of activities (see note 6)
126,723
104,243
Share of support and governance costs (see note 7)
Support
134
-
Governance
-
593
126,857
104,836
Analysis by fund
Unrestricted funds
126,857
104,836
LEO'S BOX
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 9 -
6
Grants payable
Grants payable
Grants payable
2024
2023
£
£
Grants to institutions:
Mtende Community Project
1,170
1,000
Make A Smaile
1,778
1,769
Hope Walks
120,775
99,724
Whiteleys Retreat
3,000
1,500
126,723
103,993
Grants to individuals
-
250
126,723
104,243
-
7
Support costs allocated to activities
2024
2023
£
£
Admin expenses
134
-
Governance costs
-
593
134
593
Analysed between:
Grants payable
134
593
8
Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
9
Employees

The average monthly number of employees during the year was:

2024
2023
Number
Number
Total
-
0
-
0
There were no employees whose annual remuneration was more than £60,000.
10
Taxation

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

LEO'S BOX
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 10 -
11
Creditors: amounts falling due within one year
2024
2023
£
£
Accruals and deferred income
550
550
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 March 2023
Incoming resources
Resources expended
At 28 February 2024
£
£
£
£
General funds
9,696
161,973
(126,857)
44,812
Previous year:
At 1 March 2022
Incoming resources
Resources expended
At 28 February 2023
£
£
£
£
General funds
14,532
100,000
(104,836)
9,696
13
Related party transactions

Donations amounting to £116,000 (2023: £100,000) were received from trustees.

 

Imagine Care Ltd a company controlled by two of the trustees made charitable donations of £1,000 (2023: £nil) to the charity during the year.

2024-02-282023-03-01falsefalseCCH SoftwareiXBRL Review & Tag 2024.2SC5572052023-03-012024-02-28SC557205bus:Director12023-03-012024-02-28SC557205bus:Director22023-03-012024-02-28SC557205bus:Director32023-03-012024-02-28SC557205bus:Director42023-03-012024-02-28SC5572052024-02-28SC5572052023-02-28SC5572052022-03-012023-02-28SC557205bus:FRS1022023-03-012024-02-28SC557205bus:IndependentExaminationCharity2023-03-012024-02-28SC557205bus:FullAccounts2023-03-012024-02-28xbrli:purexbrli:sharesiso4217:GBP