The Steve Sinnott Foundation - Filleted accounts

The Steve Sinnott Foundation
Registered number:		06696272
Balance Sheet
as at 31 December 2024

Notes			2024			2023
£				£
Fixed assets
Tangible assets	7		589			1,383
			589			1,383

Current assets
Investments held as current assets	8	58,001			56,377
Cash at bank and in hand		87,902			31,091
		145,903			87,468

Creditors: amounts falling due within one year	9	(1,259)			(2,726)

Net current assets			144,644			84,742

Total assets less current liabilities			145,233			86,125

Net assets			145,233			86,125

Total funds of the charity
Restricted Funds	10		-			36
Unrestricted Funds	10		145,233			86,089

Total charity funds			145,233			86,125

The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.




M Sinnott
Director
Approved by the board on 25 September 2025

The Steve Sinnott Foundation
Notes to the Accounts
for the year ended 31 December 2024


1	Accounting policies

	Basis of preparation
	The accounts have been prepared under the historical cost convention and in accordance with the Statement of Recommended Practice (SORP), Accounting and Reporting by Charities and FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard) and the Companies Act 2006. As such the charity has taken advantage of the exemption available not to present a Cash Flow statement. The Steve Sinnott Foundation meets the definition of a public benefit entity under FRS 102.

	Alternative reporting
	Income and expenditure have been analysed on a natural basis, taking advantage of small charities provision in Section 4.6 and 4.22-4.26 of the SORP.

`	Departure from the Charities (Accounts and Reports) Regulations 2008
	The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair view'. This departure has involved following SORP 2015 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 (SORP 2005) which has since been withdrawn.

	Fund Accounting
	Funds held by the charity are either: Unrestricted funds are available for the use at the discretion of the trustees in furtherance of the general objectives of the charity. Designated funds are unrestricted funds earmarked by the trustees for a particular purpose. Restricted funds are subject to restrictions on their expenditure imposed by the donor or through the terms of appeal.

	Income
	Income received from subscriptions, donations, Gift Aid Tax and activities is measured at the fair value of the consideration received or receivable. Income is recognised when the charity has entitlement to the funds, any performance conditions attached the item of income have been met, it is probable that the income will be received and the amount can be reliably measured. Accruals are made for monies received on fund generating activities that were held during the financial year but received after the financial year end up to the date these financial statements were approved by the trustee/directors. Income received in advance of the provision of services is deferred until the criteria for income recognition are met.

	Expenditure
	Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable tht a settlement will be required and the amount of the obligation can be measured reliably. Resources expended are included in the Statements of Financial Activities on an accrual basis, inclusive of any VAT which cannot be recovered. Where applicable they have been charged directly to the funds and activities to which they relate.


	Tangible fixed assets
	Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
	Plant and machinery					over 4 years

	Current Asset Investments
	Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.

	Debtors
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

	Creditors
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.


	Pensions
	Contributions to defined contribution plans are expensed in the period to which they relate.


2	Net income/(expenditure) for the year							2024		2023
£									£
	This is stated after charging:
	Depreciation of owned fixed assets							794		913
	Independent Examiner's remuneration							900		900
	Contributions to pension fund for employees							1,614		1,575
	Remuneration and benefits of key management personnel including social security costs							54,917		53,410


	Net income for the year was stated after crediting:

	Donations from Trustees							240		240

	During the year no trustees received any reimbursement of expenses (2023 : £nil)

3	Trustee Remuneration and Payments

	During the year, no Trustees received any remuneration (2023: £Nil).

4	Contribution by Volunteers

	The Trustees do voluntary work for the Foundation in addition to the extensive work of the Chief Executive across all areas. They met formally as Trustees on four occasions in 2024. Furthermore the Foundation was supported by approximately 12 volunteers, who made a valuable contribution to the day to day work of the Foundation during the year.

5	Staff costs							2024		2023
£									£

	Wages and salaries							53,797		52,509
	Social security costs							1,120		901
	Other pension costs							1,614		1,575
								56,531		54,985
	No employee received emoluments of more than £60,000.

6	Employees							2024		2023
Number									Number

	Average number of persons employed by the company							1		1


7	Tangible fixed assets
								Plant and machinery etc		Total
£									£
	Cost
	At 1 January 2024							7,987		7,987
	At 31 December 2024							7,987		7,987

	Depreciation
	At 1 January 2024							6,604		6,604
	Charge for the year							794		794
	At 31 December 2024							7,398		7,398

	Net book value
	At 31 December 2024							589		589
	At 31 December 2023							1,383		1,383


8	Investments held as current assets							2024		2023
£									£
	Fair value
	Unlisted investments							58,001		56,377
								58,001		56,377

	Net gains/(losses) on investments included in the income and expenditure account for the financial year
	Unlisted investments							1,623		4,086
								1,623		4,086


9	Creditors: amounts falling due within one year							2024		2023
£									£

	Trade creditors							330		800
	Taxation and social security costs							-		1,026
	Other creditors							929		900
								1,259		2,726


10	Movement in Funds	As at 1 January 2024		Income		Expenditure		Transfers in/(out)		As at 31 December 2024
£			£		£		£		£
	Restricted fund Haiti Earthquake Appeal	36		-		-		(36)		-
	Designated project fund	-		229,355		190,756		-		38,599
	General fund	86,089		85,162		64,653		36		106,634

	Total restricted and unrestricted funds	86,125		314,517		255,409		-		145,233

	Movement in Funds	As at 1 January 2023		Income		Expenditure		Transfers in/(out)		As at 31 December 2023
£			£		£		£		£
	Restricted fund Haiti Earthquake Appeal	36		-		-		-		36
	Designated project fund	-		120,222		195,886		75,664		-
	General fund	143,871		80,990		63,108		(75,664)		86,089

	Total restricted and unrestricted funds	143,907		201,212		258,994		-		86,125

	During the year some unrestricted income has been designated by the Trustees to be spent on project work. This income and costs directly relating to project work incurred during the year have been allocated to a designated project fund. During the year the small brought forward balance on the Restricted fund Haiti Earthquake Appeal was re-designated to the general fund as approved by the Trustees.
	At 31 December 2024 the net assets of £145,233 were analysed between the general fund (£106,634), the designated project fund (£38,599) and the restricted fund £nil.

11	Controlling party

	The company is limited by guarantee and is under the control of its Trustees as a body.

12	Other information

	The Steve Sinnott Foundation is a private company limited by guarantee and is incorporated in England. It has no share capital. The liability of each member in the event of winding up is limited to £10. As a charity, tax exemption applies to income arising and expended on its charitable activities. Its registered office is:
	Lord Lieutenants Charity Hub
	Suite 23, Building 6, Hercules Way,
	Leavesden
	Hertfordshire
	WD25 7GS