Charity registration number 1178012
Company registration number 11194376 (England and Wales)
AVRA FOUNDATION
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Tavistock House South
Tavistock Square
Rayner Essex LLP
London
Chartered Accountants
WC1H 9LG
AVRA FOUNDATION
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
C Groves
K Haakonson
G Kangis
Secretary
K Haakonson
Charity number
1178012
Company number
11194376
Registered office
5 Hanover Square
London
W1S 1HE
Auditor
Rayner Essex LLP
Tavistock House South
Tavistock Square
London
WC1H 9LG
Bankers
UBS
5 Broadgate
London
EC2M 2QS
AVRA FOUNDATION
CONTENTS
Page
Trustees' report
1 - 2
Independent auditor's report
3 - 6
Statement of financial activities
7
Statement of financial position
8
Notes to the financial statements
9 - 14
AVRA FOUNDATION
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The Avra Foundation was incorporated on 8 February 2018 and the Trustees present their report and financial statements for the year ended 31 December 2024. The report has been prepared in accordance with Part 8 of the Charities Act 2011 and constitutes a directors' report for the purposes of company legislation.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with with The Articles of Association, the Companies Act 2006 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 objects of the Charity are that of the following charitable activities:

 

The Charity makes grants available to charitable institutions that the Trustees may select as falling within the above criteria. The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Charity should undertake in light of the charity's aims and objectives.

Achievements and performance
Financial review

The Statement of Financial Activities shows a net movement in funds for the year of a reduction of £210 (2023: £9,287), with funds brought forward of £2,490 (2023: £11,777). The closing fund balance as at 31 December 2024 is £2,280.

 

Gross income from donations for the year amounted to £1,313,689 (2023: £2,099,708) with total expenditure of £1,313,953 (2023: £2,111,444). This is split between £1,303,689 of grants payable and £10,264 of support and governance costs (2023: £2,099,695 of grants payable and £11,749 of support and governance costs).

 

The majority of the Foundation's assets are represented by accrued donations receivable and cash at bank.

Reserves policy

It is the policy of the Charity that unrestricted funds which have not been designated for a specific use should be maintained at a level to ensure they can meet the obligations of the Charity.

The Trustees have assessed the major risks to which the Charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

Structure, governance and management

The Avra Foundation is a Charitable Company Limited by Guarantee, incorporated on 8 February 2018 and registered as a charity on 18 April 2018.

 

The company was formed under a Memorandum of Association that established the objects and powers of the charity company and is governed under its Articles of Association, dated 8 February 2018.

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:

C Groves
K Haakonson
G Kangis
AVRA FOUNDATION
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -

Trustees

None of the Trustees has any beneficial interest in the company.

 

The Trustees meet regularly to manage the activities of the Charity and give their time freely without remuneration.

 

Members

The Liability of the Members is Limited. Every member of the company undertake to contribute such amount as may be required (not exceeding £1) to the company's assets if it should be wound up while he or she is a member or within one year after he or she ceases to be a member, for payment of the company's debts and liabilities contracted before he or she ceases to be a member, and of the costs, charges and expenses of winding up, and for the adjustment of the rights of contributions among themselves.

Statement of Trustees' responsibilities

The Trustees, who are also the directors of Avra 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 Charity 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;

 

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity 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 Charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Auditor

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

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

K Haakonson
Trustee
Dated: 10 April 2025
AVRA FOUNDATION
INDEPENDENT AUDITOR'S REPORT
TO THE TRUSTEES OF AVRA FOUNDATION
- 3 -

Opinion

We have audited the financial statements of Avra Foundation (the ‘Charity’) for the year ended 31 December 2024 which comprise the statement of financial activities, the statement of financial position 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 if the charitable company's affairs as at 31 December 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.

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 Charity 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 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 Charity’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, or a material misstatement of the other information. 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.

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.

AVRA FOUNDATION
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE TRUSTEES OF AVRA FOUNDATION
- 4 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Charity 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 requires us to report to you if, in our opinion:

-

the information given in the Trustees' report is inconsistent in any material respect with the financial statements; or

-

sufficient accounting records have not been kept; or

-

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

-

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

Responsibilities of Trustees

As explained more fully in the statement of Trustees' responsibilities, the Trustees, who are also the directors of the Charity 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 Charity’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

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

 

AVRA FOUNDATION
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE TRUSTEES OF AVRA FOUNDATION
- 5 -

The extent to which the audit was considered capable of detecting irregularities including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

 

 

We assessed the susceptibility of the charity’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

 

 

To address the risk of fraud through management bias and override of controls, we:

 

 

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

 

 

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations

to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

 

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

 

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.

 

AVRA FOUNDATION
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE TRUSTEES OF AVRA FOUNDATION
- 6 -

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members 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 and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Lucy Kate Ghawss FCA (Senior Statutory Auditor)
for and on behalf of Rayner Essex LLP
23 April 2025
Chartered Accountants
Statutory Auditor
Tavistock House South
Tavistock Square
London
WC1H 9LG
AVRA FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
Unrestricted
Unrestricted
funds
funds
2024
2023
Notes
£
£
Income from:
Donations and legacies
3
1,313,689
2,099,708
Interest
4
54
2,449
Total income
1,313,743
2,102,157
Expenditure on:
Charitable activities
5
1,313,953
2,111,444
Net expenditure for the year/
Net movement in funds
(210)
(9,287)
Fund balances at 1 January 2024
2,490
11,777
Fund balances at 31 December 2024
2,280
2,490

The statement of financial activities includes all gains and losses recognised in the year.

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

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
AVRA FOUNDATION
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2024
31 December 2024
- 8 -
2024
2023
Notes
£
£
£
£
Current assets
Debtors
11
338,689
-
Cash at bank and in hand
12,616
13,115
351,305
13,115
Creditors: amounts falling due within one year
13
(349,025)
(10,625)
Net current assets
2,280
2,490
Income funds
Unrestricted funds - general
2,280
2,490
2,280
2,490

The Trustees 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 financial statements were approved by the Trustees on 10 April 2025
K Haakonson
Trustee
Company registration number 11194376
AVRA FOUNDATION
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
1
Accounting policies
Charity information

Avra Foundation is a private company limited by guarantee incorporated in England and Wales. The registered office and principal office of the Charity is 5 Hanover Square, London, W1S 1HE.

1.1
Accounting convention

The financial statements have been prepared in accordance with the Charity's Articles of Association, the Companies Act 2006, 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 applying FRS 102 Update Bulletin 1 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

The Charity has a single fund which is wholly unrestricted.

 

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes.

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.

AVRA FOUNDATION
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 10 -
1.5
Resources expended

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 settlement will be required and the amount of the obligation can be measured reliably.

 

Expenditure is recognised on an accruals basis as the liability is incurred. Expenditure includes any attributable VAT that cannot be reclaimed and is reported as part of the expenditure to which it relates.

 

Cost of generating funds comprises the costs associated with handling the donations from the donors.

 

Charitable expenditure comprises those costs incurred by the Charity in the furtherance of its activities. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

 

Governance costs include those costs associated with meeting the constitutional and statutory requirements of the Charity and include the audit fees and costs linked to the strategic management of the Charity.

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.

1.7
Financial instruments
The Charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments' and Section 12 ‘Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Charity's balance sheet when the Charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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.

AVRA FOUNDATION
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 11 -
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.

 

There are not considered to be any estimates or assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities of the company.

3
Donations and legacies
Unrestricted
Unrestricted
funds
funds
general
general
2024
2023
£
£
Donations and gifts
1,313,689
2,099,708
Donations and gifts
Donations from companies under common control
800,000
2,083,600
Donations from related parties
513,689
16,108
1,313,689
2,099,708
4
Interest income
Unrestricted
Unrestricted
funds
funds
general
general
2024
2023
£
£
Interest receivable from bank
54
2,449
AVRA FOUNDATION
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
5
Expenditure on charitable activities
2024
2023
£
£
Grant funding of activities (see note 6)
1,303,689
2,099,695
Share of support costs (see note 7)
264
949
Share of governance costs (see note 7)
10,000
10,800
1,313,953
2,111,444
6
Grants payable
2024
2023
£
£
Grants to institutions:
UBS Optimus Foundation UK
965,000
1,800,000
University of Maryland Baltimore Foundation
-
16,095
West London Zone
338,689
228,600
St Peter's College
-
45,000
Great Ormond Street Hospital Childrens Charity
-
10,000
1,303,689
2,099,695

During 2022 the foundation approved a grant not exceeding £567,289 over 3 years to West London Zone as agreed under the terms of the 'Grant Letter', dated 24 August 2022.

The grant instalments are conditional upon the grantee having received the prior instalment of the Life Chance Fund and still being eligible for the Life Chance Fund funding.

 

During the year all conditions of the grant were met and the final instalment of £338,689 was payable. Therefore at the year end, this amount has been accrued as all conditions were met before the year end.

 

During 2024 the foundation approved a grant not exceeding £1,000,000 over 1 year to UBS Optimus Foundation UK as agreed under the terms of the 'Grant Letter', dated 19 July 2024.

 

The amounts granted to UBS Optimus Foundation UK under this agreement are subsequently granted to Common Seas C.I.C with an additional 10% matched by UBS Optimus Foundation UK.

 

The grant instalments are determined at the discretion of the Foundation Trustees but having regard to the cash requirements submitted by the end grant recipients. The Foundation may suspend or terminate its obligation to make payments or reduce the total amount of the grant.

AVRA FOUNDATION
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
7
Support costs
Support costs
Governance costs
2024         Total
Support costs
Governance costs
2023           Total
£
£
£
£
£
£
Exchange (gains)/losses
(122)
-
(122)
600
-
600

Bank charges

386
-
386
349
-
349
Audit fees
-
10,000
10,000
-
10,800
10,800
Accountancy
-
-
-
-
-
-
Legal and professional
-
-
-
-
-
-
264
10,000
10,264
949
10,800
11,749
Analysed between
Charitable activities
264
10,000
10,264
949
10,800
11,749
8
Net movement in funds
2024
2023
£
£
The net movement in funds is stated after charging/(crediting):
Exchange (gains)/losses
(122)
600
Fees payable for the audit of the charity's financial statements
10,000
10,800
9
Trustees
None of the Trustees (or any persons connected with them) received any remuneration or benefits from the Charity during the year.
10
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.
11
Debtors
2024
2023
Amounts falling due within one year:
£
£
Accrued donations receivable
338,689
-

 

AVRA FOUNDATION
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 14 -
12
Loans and overdrafts
2024
2023
£
£
Bank overdrafts
36
125
Payable within one year
36
125
13
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank overdrafts
12
36
125
Accrued grants payable
338,689
-
Accruals and deferred income
10,300
10,500
349,025
10,625
14
Related party transactions

Incoming donations made to the Foundation during the year were made by companies under common control and other related parties to the Avra Foundation.

 

Included within grants payable, are amounts payable to UBS Optimus Foundation UK. These amounts are subsequently granted to Common Seas C.I.C. with an additional 10% matched by UBS Optimus Foundation UK. Common Seas C.I.C. is a not-for-profit enterprise under common influence to the Avra Foundation.

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