Charity registration number 1173078 (England and Wales)
Company registration number 09791033
REDSTONE FOUNDATION
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
REDSTONE FOUNDATION
CONTENTS
Page
Legal and administrative information
1
Trustees' report
2 - 3
Accountants' report
4
Statement of financial activities
5
Balance sheet
6
Notes to the financial statements
7 - 12
REDSTONE FOUNDATION
LEGAL AND ADMINISTRATIVE INFORMATION
- 1 -
Trustees
Mr R Cory
Mr S Donovan
Charity number
1173078
Company number
09791033
Principal address
Parklands Lodge
Charcoal Road
Altrincham
Cheshire
UK
WA14 4RT
Registered office
Riverside House
Kings Reach Business Park
Yew Street
Stockport
Cheshire
SK4 2HD
Accountants
Xeinadin
Riverside House
Kings Reach Business Park
Yew Street
Stockport
Cheshire
SK4 2HD
REDSTONE FOUNDATION
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 AUGUST 2024
- 2 -

The Trustees, who are directors for the purposes of company law, present their annual report and financial statements of the charitable company for the year ended 31 August 2024.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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)".

Objectives and activities

Objects and aims

The Redstone Foundation's objects are to advance the education of the public in the subject of engineering (in the context of modern science and technology), evolutionary computation and computer science and to promote research for the public benefit in all aspects of that subject; and to publish the useful results.

 

The Redstone Foundation aims to promote its objects through making financial awards, prizes, grants and scholarships in recognition of valuable contributions to the subjects of engineering, evolutionary computation and computer science. The foundation also carries on other activities which are consistent with its charitable objects.

 

Public benefit

The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.

Achievements and performance

Due to the impact of the Coronavirus pandemic, the Foundation has not yet been in a position to commence its activities.

Financial review

At the year end, the foundation had reserves of £675 (2023: £617).

Going concern

The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the charity.

Policy on reserves

The Trustees and Directors have approved a reserve policy of one year's charitable activities.

Structure, governance and management

Nature of governing document

Redstone Foundation was incorporated on 23 September 2015 as a private company limited by guarantee and is governed by the Memorandum and Articles of Association, as amended by special resolution dated 14 August 2020. It became a registered charity on 17 May 2017 with the charity registration number 1173078.

 

REDSTONE FOUNDATION
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 3 -

Recruitment and appointment of trustees

 

New trustees, who are also directors, are recruited by the existing trustees, either by ordinary resolution or by decision of the directors.

 

Statement of trustees' responsibilities

 

The trustees (who are also the directors of Redstone Foundation for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.

 

Company law requires the trustees to prepare financial statements for each financial period. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the trustees are required to:

 

 

The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company 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 charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Small companies provision statement

This report has been prepared in accordance with the small companies regime under the Companies Act 2006.

 

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

Mr R Cory
Trustee
23 April 2025
REDSTONE FOUNDATION
CHARTERED ACCOUNTANTS' REPORT TO THE TRUSTEES ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF REDSTONE FOUNDATION FOR THE YEAR ENDED 31 AUGUST 2024
- 4 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Redstone Foundation for the year ended 31 August 2024, which comprise the statement of financial activities and the related notes from the charity’s accounting records and from information and explanations you have given us.

This report is made to the charity's Trustees, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Redstone Foundation and state those matters that we have agreed to state to the charity's Trustees, as a body. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Redstone Foundation and the charity's Trustees as a body, for our work or for this report.

It is your duty to ensure that Redstone Foundation has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and surplus of Redstone Foundation. You consider that Redstone Foundation is exempt from the statutory audit requirement for the year, and is not required to obtain an independent examiner's report.

We have not been instructed to carry out an audit or a review of the financial statements of Redstone Foundation. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Xeinadin
Riverside House
Kings Reach Business Park
Yew Street
Stockport
Cheshire
SK4 2HD
Date:
23 April 2025
REDSTONE FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 AUGUST 2024
- 5 -
Current financial year
Unrestricted
Total
funds
2024
2024
Notes
£
£
Income from:
Donations and legacies
2
1,500
1,500

Investments

3
4
4
Total income
1,504
1,504
Expenditure on:
Charitable activities
4
1,446
1,446
Net income/(expenditure) for the year/
Net movement in funds
58
58
Fund balances at 1 September 2023
617
617
Fund balances at 31 August 2024
675
675

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.
Prior financial year
Unrestricted
Total
funds
2023
2023
Notes
£
£
Income from:

Investments

3
35
35
Total income
35
35
Expenditure on:
Charitable activities
4
2,104
2,104
Net income/(expenditure) for the year/
Net movement in funds
(2,069)
(2,069)
Fund balances at 1 September 2022
2,686
2,686
Fund balances at 31 August 2023
617
617
REDSTONE FOUNDATION
BALANCE SHEET
AS AT 31 AUGUST 2024
31 August 2024
- 6 -
2024
2023
Notes
£
£
£
£
Current assets
Debtors
8
1,411
83
Cash at bank and in hand
2,219
4,486
3,630
4,569
Creditors: amounts falling due within one year
9
(2,955)
(3,952)
Net current assets
675
617
Income funds
Unrestricted funds
General unrestricted funds
10
675
617
675
617
675
617

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 August 2024.

The directors 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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Trustees on 23 April 2025
Mr R Cory
Trustee
Company registration number 09791033
REDSTONE FOUNDATION
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 7 -
1
Accounting policies
Charity information

The charity is limited by guarantee, incorporated in England & Wales, and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £1 towards the assets of the charity in the event of liquidation.

 

The address of its registered office is:

Riverside House

Yew Street

Kings Reach Business Park

Stockport

Cheshire

SK4 2HD

 

The principal place of business is:

Parklands Lodge

Charcoal Road

Bowdon

Altrincham

WA14 4RT

1.1
Accounting convention

Statement of compliance

The financial statements have been prepared in accordance with 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 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). They also comply with the Companies Act 2006 and Charities Act 2011.

 

Basis of preparation

Redstone Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

1.2
Going concern

The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the charity.

1.3
Charitable funds

Unrestricted income funds are general funds that are available for use at the trustees's discretion in furtherance of the objectives of the charity.

 

1.4
Income

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of the income receivable can be measured reliably.

 

Donations and legacies

Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the charity before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting period.

REDSTONE FOUNDATION
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 8 -
1.5
Expenditure

All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.

 

Charitable activities

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

Support costs

Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage.

 

Governance costs

These include the costs attributable to the charity’s compliance with constitutional and statutory

requirements, including audit, strategic management and trustees’s meetings and reimbursed expenses.

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.

REDSTONE FOUNDATION
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 9 -
1.7
Financial instruments

Debt instruments which meet the following conditions are subsequently measured at amortised cost using the effective interest method:

 

(a) The contractual return to the holder is (i) a fixed amount; (ii) a positive fixed rate or a positive variable rate; or (iii) a combination of a positive or a negative fixed rate and a positive variable rate.

 

(b) The contract may provide for repayments of the principal or the return to the holder (but not both) to be linked to a single relevant observable index of general price inflation of the currency in which the debt instrument is denominated, provided such links are not leveraged.

 

(c) The contract may provide for a determinable variation of the return to the holder during the life of the instrument, provided that (i) the new rate satisfies condition (a) and the variation is not contingent on future events other than (1) a change of a contractual variable rate; (2) to protect the holder against credit deterioration of the issuer; (3) changes in levies applied by a central bank or arising from changes in relevant taxation or law; or (ii) the new rate is a market rate of interest and satisfies condition (a).

 

(d) There is no contractual provision that could, by its terms, result in the holder losing the principal amount or any interest attributable to the current period or prior periods.

 

(e) Contractual provisions that permit the issuer to prepay a debt instrument or permit the holder to put it back to the issuer before maturity are not contingent on future events, other than to protect the holder against the credit deterioration of the issuer or a change in control of the issuer, or to protect the holder or issuer against changes in levies applied by a central bank or arising from changes in relevant taxation or law.

 

(f) Contractual provisions may permit the extension of the term of the debt instrument, provided that the return to the holder and any other contractual provisions applicable during the extended term satisfy the conditions of paragraphs (a) to (c).

 

Debt instruments that are classified as payable or receivable within one year on initial recognition and which meet the above conditions are measured at the undiscounted amount of the cash or other consideration expected to be paid or received, net of impairment.

 

With the exception of some hedging instruments, other debt instruments not meeting these conditions are measured at fair value through profit or loss.

 

Commitments to make and receive loans which meet the conditions mentioned above are measured at cost (which may be nil) less impairment.

 

1.8
Taxation

The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

REDSTONE FOUNDATION
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 10 -
2
Donations and legacies
Unrestricted
Total
funds
2024
2023
£
£
Donations and gifts
1,500
-
0
3
Income from investments
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
Interest receivable
4
35
4
Charitable activities

Charitable Expenditure

Charitable Expenditure

2024
2023
£
£
Share of support costs (see note 5)
540
1,114
Share of governance costs (see note 5)
908
990
1,446
2,104
5
Support costs allocated to activities
2024
2023
£
£
Professional fees
539
1,114
Governance costs
907
990
1,446
2,104
Analysed between:
Charitable activities
1,446
2,104
6
Trustees
None of the Trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
REDSTONE FOUNDATION
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
6
Trustees
(Continued)
- 11 -

No trustees, nor any persons connected with them, have received any remuneration from the charity during the year.

7
Taxation

The charity is a registered charity and is therefore exempt from taxation.

8
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
1,411
83
9
Creditors: amounts falling due within one year
2024
2023
£
£
Trustees current accounts
-
89
Other creditors
2,048
2,048
Accruals and deferred income
907
1,815
2,955
3,952
10
Unrestricted funds
Movement in funds
Movement in funds
Balance at
1 September 2022

Resources expended

Balance at
1 September 2023
Incoming resources
Resources expended
Balance at
31 August 2024
£
£
£
£
£
£
General
2,686
(2,069)
617
1,504
(1,446)
675
2,686
(2,069)
617
1,504
(1,446)
675
11
Analysis of net assets between funds
Unrestricted
funds
2024
£
At 31 August 2024:
Current assets/(liabilities)
675
675
REDSTONE FOUNDATION
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
11
Analysis of net assets between funds
(Continued)
- 12 -
Unrestricted
funds
2023
£
At 31 August 2023:
Current assets/(liabilities)
617
617
12
Related party transactions

During the period the charity made the following related party transactions:

 

R Cory

(Trustee)

During the year R Cory agreed to donate £1,500 to the charity.

 

At the balance sheet date the amount due from R Cory was £1,411 (2023 - £89 creditor).

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