REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
Report of the Trustees and |
Unaudited Financial Statements |
for the Year Ended 31 May 2024 |
for |
International Support Foundation Limited |
REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
Report of the Trustees and |
Unaudited Financial Statements |
for the Year Ended 31 May 2024 |
for |
International Support Foundation Limited |
International Support Foundation Limited |
Contents of the Financial Statements |
for the Year Ended 31 May 2024 |
Page |
Report of the Trustees | 1 | to | 2 |
Statement of Financial Activities | 3 |
Balance Sheet | 4 |
Notes to the Financial Statements | 5 | to | 7 |
International Support Foundation Limited (Registered number: 09033481) |
Report of the Trustees |
for the Year Ended 31 May 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 May 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 objectives of the charity as set out in the company's Memorandum of Association are the promotion of religion, education and health by financial and volunteer support throughout the world and in particular in support of disaster areas and in the support of orphans.The provision of gift and food packs to underprivileged individuals at the time of religious and cultural festivals to those areas. |
Significant activities |
During the year the charity has raised money from the public by donations .The monies raised have used to support the charity's objectives . |
Public benefit |
The charity has referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the aims and objectives and in planning the charity's future activities. In particular the trustees consider how planned activities will contribute to the aims and objectives they have set. |
ACHIEVEMENT AND PERFORMANCE |
Charitable activities |
The strategies employed to achieve the charity's objectives are to accumulate reserves by fund raising activities including appeals to the public and using these funds to achieve the charity's objectives. |
Fundraising activities |
The principal fund raising sources were donations by the public. |
FINANCIAL REVIEW |
Financial position |
During the year the charity has raised £10796 (2023 £885) by donations.from its fundraising activities.and £332 in bank interest (2023 £nil).Overhead expenses amounted to £8196 (2023 £7385), leaving £2932 added to reserves. (2023 negative £ 6500 deducted from reserves.) |
An error of £53625 on the opening balances on the bank accounts has been adjusted as a prior year adjustment. This left reserves at the year end at £69597 (2023 £13040).Free reserves were also £69597 (2023 £ 13040). |
Reserves policy |
The trustees wish to establish a level of reserves (that is those funds that are freely available) that is adequate to enable the charity to operate and meet its objectives and enable the charity to continue as a going concern. |
Going concern |
The trustees have considered the position regarding going concern and have looked at forecasts and are satisfied that, with the reserves maintained, the charity has adequate resources to continue to operate for the foreseeable future. |
The charity has sufficient liquid funds to meet its liabilities as they become due and expenditure will not be authorised unless sufficient funds are in place.For these reasons the trustees continue to adopt the going concern basis for preparing these financial statements. |
FUTURE PLANS |
The trustees intend to continue collecting donations and fundraising in order to support its charitable projects. |
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. |
Recruitment and appointment of new trustees |
To become a trustee of the charity you must deliver to the company an application for membership, no person can become a trustee of the company unless they are approved by the directors. There are currently two directors/trustees. |
International Support Foundation Limited (Registered number: 09033481) |
Report of the Trustees |
for the Year Ended 31 May 2024 |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Organisational structure |
The trustees/directors make all decisions regarding strategic matters, fund raising and all expenditure. |
Induction and training of new trustees |
Existing trustees will train new trustees to familiarise them with the charity and its obligations. |
Related parties |
The related parties are the trustees none of whom are remunerated or have any benefits in kind. |
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 |
Trustees |
Company Secretary |
STATEMENT OF TRUSTEES' RESPONSIBILITIES |
The trustees (who are also the directors of International Support Foundation Limited for the purposes of company law) are responsible for preparing the Report of the Trustees 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 charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to |
- | select suitable accounting policies and then apply them consistently; |
- | observe the methods and principles in the Charity SORP; |
- | make judgements and estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. |
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
Approved by order of the board of trustees on |
International Support Foundation Limited |
Statement of Financial Activities |
for the Year Ended 31 May 2024 |
Period |
1.4.22 |
Year Ended | to |
31.5.24 | 31.5.23 |
Unrestricted | Restricted | Total | Total |
funds | fund | funds | funds |
as restated |
Notes | £ | £ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
Investment income | 2 |
Total |
EXPENDITURE ON |
Charitable activities |
NET INCOME/(EXPENDITURE) | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward |
As previously reported |
Prior year adjustment | 5 |
As restated |
TOTAL FUNDS CARRIED FORWARD | 13,040 |
CONTINUING OPERATIONS |
All income and expenditure has arisen from continuing activities. |
Surplus and Deficit Account 968 |
Posting discrepancies were found in the reserve accounts listed below. This is because the brought forward postings in the current year are not equal to the figures carried forward by IRIS at the end of last year. Please check your postings in the brought forward account for the surplus and deficit account 968. |
Unrestricted |
funds | Total funds |
£ | £ |
Brought forward - 968/1 | 13,040 | 13,040 |
Prior year adjustment - 496 | 53,625 | 53,625 |
66,665 | 66,665 |
Carried forward | 13,040 | 13,040 |
Difference | (53,625 | ) | (53,625 | ) |
Post to relevant accounts (see ICHA chart of accounts for further details) |
International Support Foundation Limited (Registered number: 09033481) |
Balance Sheet |
31 May 2024 |
31.5.24 | 31.5.23 |
Unrestricted | Restricted | Total | Total |
funds | fund | funds | funds |
as restated |
Notes | £ | £ | £ | £ |
CURRENT ASSETS |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 | ( |
) | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
NET ASSETS |
FUNDS | 7 |
Unrestricted funds | 13,040 |
TOTAL FUNDS | 13,040 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024. |
The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 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 |
International Support Foundation Limited |
Notes to the Financial Statements |
for the Year Ended 31 May 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. |
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. |
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. |
At present there are no restricted funds. |
Financial instruments |
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments.Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. |
2. | INVESTMENT INCOME |
Period |
1.4.22 |
Year Ended | to |
31.5.24 | 31.5.23 |
as restated |
£ | £ |
Deposit account interest |
3. | TRUSTEES' REMUNERATION AND BENEFITS |
There were no trustees' remuneration or other benefits for the year ended 31 May 2024 nor for the period ended 31 May 2023. |
Trustees' expenses |
There were no trustees' expenses paid for the year ended 31 May 2024 nor for the period ended 31 May 2023. |
International Support Foundation Limited |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2024 |
4. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
Unrestricted | Restricted | Total |
funds | fund | funds |
as restated |
£ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
EXPENDITURE ON |
Charitable activities |
NET INCOME/(EXPENDITURE) | ( |
) | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward | 19,540 | - |
TOTAL FUNDS CARRIED FORWARD | 13,040 | - | 13,040 |
5. | PRIOR YEAR ADJUSTMENT |
An error of £53625 on the opening balances on the bank accounts has been adjusted . |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.5.24 | 31.5.23 |
as restated |
£ | £ |
Other creditors |
Accruals and deferred income |
7. | MOVEMENT IN FUNDS |
Prior | Net |
year | movement | At |
At 1.6.23 | adjustment | in funds | 31.5.24 |
£ | £ | £ | £ |
Unrestricted funds |
General fund | 13,040 | 53,625 | 2,932 | 69,597 |
TOTAL FUNDS | 53,625 | 2,932 | 69,597 |
Net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 11,128 | (8,196 | ) | 2,932 |
TOTAL FUNDS | ( |
) | 2,932 |
International Support Foundation Limited |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2024 |
7. | MOVEMENT IN FUNDS - continued |
Comparatives for movement in funds |
Net |
movement | At |
At 1.4.22 | in funds | 31.5.23 |
£ | £ | £ |
Unrestricted funds |
General fund | 19,540 | (6,500 | ) | 13,040 |
TOTAL FUNDS | 19,540 | (6,500 | ) | 13,040 |
Comparative net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 885 | (7,385 | ) | (6,500 | ) |
TOTAL FUNDS | 885 | (7,385 | ) | (6,500 | ) |
8. | RELATED PARTY DISCLOSURES |