REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
Report of the Trustees and |
Unaudited Financial Statements |
for the Year Ended 31 July 2024 |
for |
THE OAKGROVE FOUNDATION |
REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
Report of the Trustees and |
Unaudited Financial Statements |
for the Year Ended 31 July 2024 |
for |
THE OAKGROVE FOUNDATION |
THE OAKGROVE FOUNDATION |
Contents of the Financial Statements |
FOR THE YEAR ENDED 31 JULY 2024 |
Page |
Report of the Trustees | 1 | to | 2 |
Statement of Financial Activities | 3 |
Balance Sheet | 4 |
Notes to the Financial Statements | 5 | to | 9 |
THE OAKGROVE FOUNDATION (REGISTERED NUMBER: 09668616) |
Report of the Trustees |
FOR THE YEAR ENDED 31 JULY 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 July 2024. |
OBJECTIVES AND ACTIVITIES |
Objectives and aims |
The objects of the charity are to benefit such exclusively charitable organisations, objects and purposes in any part of the world as the directors may in their discretion think fit but having particular regards for health care and medical research within England and Wales. |
The Trustees confirm that they have had regard to the guidance on public benefit published by the Charity Commission. |
ACHIEVEMENT AND PERFORMANCE |
Charitable activities |
During the year, the charity has made Health & Medical Grants of £187,000 (2023: £26,000). |
FINANCIAL REVIEW |
Financial position |
During the year, the charity received donations of £Nil (2023 - £Nil) and £187,000 (2023 - £26,000) was expended on charitable activities. A balance of £89,849 (2023 - £277,857) was held in general reserves. |
Reserves policy |
The charity does not have a reserves policy as there are no ongoing commitments that would require funds to be retained. |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Governing document |
The charity is controlled by its governing document, the Memorandum and Articles of Association adopted on 19 June 2015, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. |
Recruitment and appointment of new trustees |
The Trustees are appointed on the basis of qualification and experience relevant to the charity's operations. |
Induction and training of new trustees |
The trustees undertake appropriate induction and training in order to understand the particular way the charity operates and to keep up-to-date with the regulatory changes that affect the charity. |
Risk management |
The major risks have been reviewed and procedures have been established to manage those risks. |
REFERENCE AND ADMINISTRATIVE DETAILS |
Registered Company number |
Registered Charity number |
Registered office |
THE OAKGROVE FOUNDATION (REGISTERED NUMBER: 09668616) |
Report of the Trustees |
FOR THE YEAR ENDED 31 JULY 2024 |
Trustees |
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. |
Approved by order of the board of trustees on |
THE OAKGROVE FOUNDATION |
Statement of Financial Activities |
(Incorporating an Income and Expenditure Account) |
FOR THE YEAR ENDED 31 JULY 2024 |
2024 | 2023 |
Unrestricted | Total |
fund | funds |
Notes | £ | £ |
EXPENDITURE ON |
Charitable activities | 2 |
NET INCOME/(EXPENDITURE) | ( |
) | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 277,857 |
THE OAKGROVE FOUNDATION (REGISTERED NUMBER: 09668616) |
Balance Sheet |
31 JULY 2024 |
2024 | 2023 |
Unrestricted | Total |
fund | funds |
Notes | £ | £ |
CURRENT ASSETS |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
NET ASSETS |
FUNDS | 8 |
Unrestricted funds | 277,857 |
TOTAL FUNDS | 277,857 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2024. |
The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 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 |
THE OAKGROVE FOUNDATION |
Notes to the Financial Statements |
FOR THE YEAR ENDED 31 JULY 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. |
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern. |
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 £. |
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. |
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure. |
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. |
Short term liquid investments and cash |
Cash at bank is held to meet short-term cash commitments as they fall due rather than for investment purposes and includes all cash equivalents held in the form of short-term highly liquid investments. Cash equivalents are short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value |
Donated goods, facilities and services |
The value of services provided by volunteers is not incorporated into the financial statements. |
Financial Instruments |
The charity only has financial assets and 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. |
Debtors |
Debtors are recognised at the settlement amount due. Prepayments are valued at the amount prepaid. |
THE OAKGROVE FOUNDATION |
Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 31 JULY 2024 |
1. | ACCOUNTING POLICIES - continued |
Creditors and provisions |
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will normally result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount. |
2. | CHARITABLE ACTIVITIES COSTS |
Grant |
funding of |
activities | Support |
(see note | costs (see |
3) | note 4) | Totals |
£ | £ | £ |
Health and medical grants | 187,000 | 1,008 | 188,008 |
3. | GRANTS PAYABLE |
2024 | 2023 |
£ | £ |
Health and medical grants | 187,000 | 26,000 |
The total grants paid to institutions during the year was as follows: |
2024 | 2023 |
£ | £ |
Children's Hospital for Wales | 25,000 | 20,000 |
University College London | 120,000 | - |
St. David's Unicorn Service | - | 1,000 |
The Butterfly Skin Charity | 30,000 | 5,000 |
Chepstow Cricket Club | 12,000 | - |
The grant to Chepstow Cricket Club was for new equipment for the club, and is considered to be for the purpose of enhancing community health. |
THE OAKGROVE FOUNDATION |
Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 31 JULY 2024 |
4. | SUPPORT COSTS |
Governance |
costs |
£ |
Health and medical grants | 1,008 |
5. | TRUSTEES' REMUNERATION AND BENEFITS |
There were no trustees' remuneration or other benefits for the year ended 31 July 2024 nor for the year ended 31 July 2023. |
Trustees' expenses |
There were no trustees' expenses paid for the year ended 31 July 2024 nor for the year ended 31 July 2023. |
6. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
Unrestricted |
fund |
£ |
EXPENDITURE ON |
Charitable activities |
NET INCOME/(EXPENDITURE) | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 277,857 |
THE OAKGROVE FOUNDATION |
Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 31 JULY 2024 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Accrued expenses |
8. | MOVEMENT IN FUNDS |
Net |
movement | At |
At 1.8.23 | in funds | 31.7.24 |
£ | £ | £ |
Unrestricted funds |
General fund | 277,857 | (188,008 | ) | 89,849 |
TOTAL FUNDS | (188,008 | ) | 89,849 |
Net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | - | (188,008 | ) | (188,008 | ) |
TOTAL FUNDS | ( |
) | (188,008 | ) |
Comparatives for movement in funds |
Net |
movement | At |
At 1.8.22 | in funds | 31.7.23 |
£ | £ | £ |
Unrestricted funds |
General fund | 304,817 | (26,960 | ) | 277,857 |
TOTAL FUNDS | 304,817 | (26,960 | ) | 277,857 |
THE OAKGROVE FOUNDATION |
Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 31 JULY 2024 |
8. | MOVEMENT IN FUNDS - continued |
Comparative net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | - | (26,960 | ) | (26,960 | ) |
TOTAL FUNDS | - | (26,960 | ) | (26,960 | ) |
9. | RELATED PARTY DISCLOSURES |
During the year, no donations were received from the trustees. There were no related party transactions for the year ended 31 July 2024 or 31 July 2023. |
10. | COMPANY LIMITED BY GUARANTEE |
The charity is a private company, incorporated in England and Wales, limited by guarantee having no share capital and, in accordance with the Memorandum of Association, every member is liable to contribute £1 towards the costs of dissolution and liabilities incurred by the charity in the event of the company being wound up. |