REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
REPORT OF THE TRUSTEES AND |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2024 |
FOR |
ACUITY PROFESSIONAL FOUNDATION |
(A COMPANY LIMITED BY GUARANTEE) |
REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
REPORT OF THE TRUSTEES AND |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2024 |
FOR |
ACUITY PROFESSIONAL FOUNDATION |
(A COMPANY LIMITED BY GUARANTEE) |
ACUITY PROFESSIONAL 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 |
Statement of Financial Position | 4 |
Notes to the Financial Statements | 5 | to | 7 |
ACUITY PROFESSIONAL FOUNDATION (REGISTERED NUMBER: 10865192) |
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. 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 objects of Acuity Professional Foundation are to provide relief of poverty, in particular amongst people living in countries who are poor by reason of being unable to earn their living by any means, including but not limited to:- |
a) The provision of general and technical advice on the establishment (including the operation) of businesses and other enterprises; and/or |
b) The provision of education, training and re-training in the skills required for employment and self-employment; and/or |
c) Such other charitable purposes beneficial to the public consistent with the objects above as the trustees shall in their absolute discretion determine (the "objects"). |
Activities and achievements |
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake. The trustees have also had regard to the Charity Commission’s guidance on public benefit when preparing this report. |
STRATEGIC REPORT |
Financial review |
Key financial performance indicators |
The trustees consider the financial position of the charity to be satisfactory. During the year, the charity generated income of £Nil (2023: £Nil) and a deficit of £Nil. Total reserves at the end of the year amounted to £Nil (2023: £Nil). |
Reserves policy |
It is our policy to maintain sufficient cash reserves to maintain the running of the charity to meet its future obligations. |
Vision & Mission Statement |
Acuity Professional Foundation's Vision and Mission Statement is to catalyse the creation of jobs and enterprises in developing countries to provide training, coaching and professional skills which when combined will create a sustainable relief from poverty. |
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. |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Governing document |
The charity is controlled by its governing documents, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. The Acuity Professional Foundation was incorporated as a company (limited by guarantee without share capital) in July 2017 and registered as a charity in February 2018. Its governing documents are the Memorandum and Articles of Association. |
ACUITY PROFESSIONAL FOUNDATION (REGISTERED NUMBER: 10865192) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31 JULY 2024 |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Governance and management |
The Trustees of Acuity Professional Foundation are normally elected for three years and may stand for re-election at the end of that period. They are all unpaid volunteers and may claim reasonable out of pocket expenses. No Trustee claimed any expenses during the period of this report. |
The Trustees are responsible for the governance of Acuity Professional Foundation. They agree the strategic direction for the charity and its major areas of work and help to resolve competing demands which may be placed on the organisation. A minimum of 2 Board of Trustee meetings are held each year. |
The day to day management of the charity is carried out by the Management Committee which is made up of the Chief Executive Officer and other Trustees. |
To provide a user focus, Acuity Professional Foundation also has a Client Advisory Group made up of the Chief Executive Officer and invited Acuity Professional Foundation service users. This committee meets bi-monthly and its purpose is to give clients the opportunity to be involved on helping Acuity Professional Foundation's services develop. |
REFERENCE AND ADMINISTRATIVE DETAILS |
Registered Company number |
Registered Charity number |
Registered office |
Trustees |
Mr Stuart Douglas McGreevy |
Mrs Teresa Da Gloria Meireles Castro Neto Fox |
Mr Simon Andrew Howitt |
Report of the trustees, incorporating a strategic report, approved by order of the board of trustees, as the company directors, on |
ACUITY PROFESSIONAL FOUNDATION |
STATEMENT OF FINANCIAL ACTIVITIES |
FOR THE YEAR ENDED 31 JULY 2024 |
2024 | 2023 |
Total | Total |
funds | funds |
Notes | £ | £ |
NET INCOME |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | - |
CONTINUING OPERATIONS |
All income and expenditure has arisen from continuing activities. |
ACUITY PROFESSIONAL FOUNDATION (REGISTERED NUMBER: 10865192) |
STATEMENT OF FINANCIAL POSITION |
31 JULY 2024 |
2024 | 2023 |
Total | Total |
funds | funds |
Notes | £ | £ |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
NET ASSETS |
FUNDS | 3 |
TOTAL FUNDS | - |
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 |
ACUITY PROFESSIONAL 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 accounts are prepared in sterling which is the functional currency of the company, rounded to nearest pound. |
The company was dormant throughout the current year and previous year. |
EXEMPTION FROM PREPARING A CASH FLOW STATEMENT |
The charitable company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland': |
• | the requirements of Section 7 Statement of Cash Flows. |
The trustees have taken advantage of the exemption of Financial Reporting Standards No 1(revised) from including a cash flow statement in the financial statement on the grounds that the charity is small. |
COMPANY STATUS |
The company is limited by guarantee. The members are listed in the trustees report. |
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. |
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. |
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 recognized in the charity 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 recognized 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 |
ACUITY PROFESSIONAL FOUNDATION |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2024 |
1. | ACCOUNTING POLICIES - continued |
FINANCIAL INSTRUMENTS |
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. |
Classification of financial liabilities |
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the charity after deducting all of its liabilities. |
Basic financial liabilities |
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies that are classified as debt, are initially recognized at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payment 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. |
2. | 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. |
3. | MOVEMENT IN FUNDS |
Net |
movement | At |
At 1.8.23 | in funds | 31.7.24 |
£ | £ | £ |
TOTAL FUNDS | - | - |
Net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
TOTAL FUNDS | - |
ACUITY PROFESSIONAL FOUNDATION |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2024 |
3. | MOVEMENT IN FUNDS - continued |
4. | RELATED PARTY DISCLOSURES |