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COMPANY REGISTRATION NUMBER: 13281287
CHARITY REGISTRATION NUMBER: 1198886
Teesside Airport Foundation
Company Limited by Guarantee
Unaudited Financial Statements
31 March 2024
Teesside Airport Foundation
Company Limited by Guarantee
Financial Statements
Year ended 31 March 2024
Page
Trustees' annual report (incorporating the director's report)
1
Independent examiner's report to the trustees
3
Statement of financial activities (including income and expenditure account)
4
Statement of financial position
5
Notes to the financial statements
6
Teesside Airport Foundation
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report)
Year ended 31 March 2024
The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 31 March 2024 .
Reference and administrative details
Registered charity name
Teesside Airport Foundation
Charity registration number
1198886
Company registration number
13281287
Principal office and registered
Teesside Airport Business Suite
office
Teesside International Airport
Darlington
DL2 1NJ
The trustees
Ms E Dixon
Mr B Raymond Robinson
Ms A Nicholls
Mr A Cumiskey
Mr D Waine
Ms B Boden
Mr T Zipfel
Company secretary
Mrs J Murphy
Independent examiner
Martin Firth
384 Linthorpe Road
Middlesbrough
TS5 6HA
Structure, governance and management
Trustees are selected through a rigorous interview process and appointed based on their ability to support the charity in achieving its objectives for the region. Shortlisting and selection are conducted by a panel.
Objectives and activities
Teesside Airport Foundation is a fundraising charity that exists to support the people of Darlington, Hartlepool, Middlesbrough, Redcar, Cleveland, and Stockton on Tees in achieving their ambitions in education and employment and to assist in the regeneration of the area.
Grants have been allocated to small organizations in the locality and schools to support education programmes aligned with Charity's purpose. The charity also makes grants to individuals.
Achievements and performance
The Charity continues to strengthen its position to ensure its objectives are achieved by its values and vision for the people of the Tees Valley. Trustees continue to explore fundraising options in collaboration with Teesside International Airport to reach and benefit as many people as possible. A calendar of events and proposals will be reviewed for 2025 to enable the Charity to widen its charitable cause and civic duty to engage with young people to help achieve their personal and career aspirations, particularly in schools and colleges. The grants that have been awarded have enabled schools to embrace new technological advances in classrooms, thus raising the aspirations of young people. Two grants awarded to Age UK will allow people to gain experience in various activities and work opportunities such as Adult Social Care, Catering, Finance, General Administration and Reception.
The Charity has a considerable amount of work to do to achieve its financial aims and objectives by 2025. However, the Board intends to appoint Ambassadors and Trustees to develop expertise in specialist areas to drive fundraising activities.
Financial review
The charity's policy is to retain reserves, in the form of unrestricted funds, to a level where they equate to approximately 6 months of expenditure. This should provide a reasonably secure financial base on which to plan future projects and commit to related expenditure before external funding has been fully secured. The general fund shows an increase of £573 during the year, while the balance sheet shows aggregate reserves of £5,885 at 31 March 2024
The results for the year and the charity's financial position at the end of the year are shown in the attached financial statements. The Trustees are satisfied with the overall financial position of the charity and can confirm that the charity has resources to fully discharge its obligations.
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
The trustees' annual report was approved on 23 December 2024 and signed on behalf of the board of trustees by:
Mr B Raymond Robinson
Trustee
Teesside Airport Foundation
Company Limited by Guarantee
Independent Examiner's Report to the Trustees of Teesside Airport Foundation
Year ended 31 March 2024
I report to the trustees on my examination of the financial statements of Teesside Airport Foundation ('the charity') for the year ended 31 March 2024.
Responsibilities and basis of report
As the trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 ('the 2006 Act’).
Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
1. accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or
2. the financial statements do not accord with those records; or
3. the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair' view which is not a matter considered as part of an independent examination; or
4. the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Martin Firth Independent Examiner
384 Linthorpe Road Middlesbrough TS5 6HA
23 December 2024
Teesside Airport Foundation
Company Limited by Guarantee
Statement of Financial Activities
(including income and expenditure account)
Year ended 31 March 2024
2024
2023
Unrestricted funds
Total funds
Total funds
Note
£
£
£
Income and endowments
Donations and legacies
5
2,249
2,249
10,084
-------
-------
--------
Total income
2,249
2,249
10,084
-------
-------
--------
Expenditure
Expenditure on raising funds:
Costs of raising donations and legacies
6
4,456
Expenditure on charitable activities
7,8
1,676
1,676
316
-------
-------
--------
Total expenditure
1,676
1,676
4,772
-------
-------
--------
-------
-------
--------
Net income and net movement in funds
573
573
5,312
-------
-------
--------
Reconciliation of funds
Total funds brought forward
5,312
5,312
-------
-------
--------
Total funds carried forward
5,885
5,885
5,312
-------
-------
--------
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
Teesside Airport Foundation
Company Limited by Guarantee
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
Current assets
Cash at bank and in hand
6,305
5,552
Creditors: amounts falling due within one year
13
( 420)
( 240)
-------
-------
Net current assets
5,885
5,312
-------
-------
Total assets less current liabilities
5,885
5,312
-------
-------
Net assets
5,885
5,312
-------
-------
Funds of the charity
Unrestricted funds
5,885
5,312
-------
-------
Total charity funds
14
5,885
5,312
-------
-------
For the year ending 31 March 2024 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
These financial statements were approved by the board of trustees and authorised for issue on 23 December 2024 , and are signed on behalf of the board by:
Mr B Raymond Robinson
Trustee
Teesside Airport Foundation
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is Teesside Airport Business Suite, Teesside International Airport, Darlington, DL2 1NJ.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Companies Act 2006.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the charity's ability to continue.
Disclosure exemptions
No cash flow statement has been presented for the company.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
Incoming resources
All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income: - income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. - legacy income is recognised when receipt is probable and entitlement is established. - income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. - income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates: - expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods. - expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities. - other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. Debt instruments are subsequently measured at amortised cost.
4. Limited by guarantee
Teesside Airport Foundation is a company limited by guarantee and accordingly does not have a share capital.
5. Donations and legacies
Unrestricted Funds
Total Funds 2024
Unrestricted Funds
Total Funds 2023
£
£
£
£
Donations
Individual donations
3,062
3,062
Washington CC
601
601
Teesside International Airport
5,921
5,921
House of Zana
500
500
TIAL Donations
471
471
TVCA Staff Christmas raffle
342
342
Launch event cash collection
81
81
Charity Bake Sale
130
130
TAF takeoff event
481
481
TVCA Christmas Jumper day
744
744
-------
-------
--------
--------
2,249
2,249
10,084
10,084
-------
-------
--------
--------
6. Costs of raising donations and legacies
Unrestricted Funds
Total Funds 2024
Unrestricted Funds
Total Funds 2023
£
£
£
£
Costs of raising donations and legacies - Donations
4,456
4,456
----
----
-------
-------
7. Expenditure on charitable activities by fund type
Unrestricted Funds
Total Funds 2024
Unrestricted Funds
Total Funds 2023
£
£
£
£
Support costs
1,676
1,676
316
316
-------
-------
----
----
8. Expenditure on charitable activities by activity type
Support costs
Total funds 2024
Total fund 2023
£
£
£
Governance costs
1,676
1,676
316
-------
-------
----
9. Analysis of support costs
Analysis of support costs activity 1
Total 2024
Total 2023
£
£
£
Travel and subsistence
1,000
1,000
Subscriptions
170
170
Accountancy fees
420
420
240
Bank Charges
86
86
76
-------
-------
----
1,676
1,676
316
-------
-------
----
10. Independent examination fees
2024
2023
£
£
Fees payable to the independent examiner for:
Independent examination of the financial statements
420
240
----
----
11. Staff costs
The average head count of employees during the year was Nil (2023: Nil). The average number of full-time equivalent employees during the year is analysed as follows:
2024
2023
No.
No.
Number of Trustees
7
6
----
----
No employee received employee benefits of more than £60,000 during the year (2023: Nil).
12. Trustee remuneration and expenses
No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.
13. Creditors: amounts falling due within one year
2024
2023
£
£
Accruals and deferred income
420
240
----
----
14. Analysis of charitable funds
Unrestricted funds
At 1 April 2023
Income
Expenditure
At 31 March 2024
£
£
£
£
General funds
5,312
2,249
(1,676)
5,885
-------
-------
-------
-------
At 1 April 2022
Income
Expenditure
At 31 March 2023
£
£
£
£
General funds
10,084
(4,772)
5,312
----
--------
-------
-------
15. Analysis of net assets between funds
Unrestricted Funds
Total Funds 2024
£
£
Current assets
6,305
6,305
Creditors less than 1 year
(420)
(420)
-------
-------
Net assets
5,885
5,885
-------
-------
Unrestricted Funds
Total Funds 2023
£
£
Current assets
5,552
5,552
Creditors less than 1 year
(240)
(240)
-------
-------
Net assets
5,312
5,312
-------
-------
16. Financial instruments
There have been no financial instruments used in the year.