The trustees present their annual report and financial statements for the year ended 31 March 2025.
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 Memorandum and 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
In accordance with the Governing Document, the charitable objects of Audacious Foundation are:
1. To relieve the charitable of needs of people who are in need by reason of their youth, age, ill health, disability, financial hardship, social or economic circumstances, in such ways as the trustees shall from time to time think fit, including (but not by way of limitation) through the provision of advice, information, education and training, services, mediation, counselling and support.
2. To advance education through the provision of mentors to go into school and help children with their studies and providing English lessons to refugees and asylum seekers.
3. The relief of poverty by the provision of support and assistance to homeless people.
4. The advancement of education, the relief of poverty, hardship, sickness and distress of children aged between 8 – 11 living in greater Manchester by the provision of a children’s’ home.
5. To further such charitable purposes (charitable under English law) as the trustees see fit from time to time.
Audacious Foundation shall be non-party in politics and non-sectarian in religion and shall operate an equal opportunities policy.
Activities
In preparing this report we have complied with the duty in section 4 of the Charities Act 2006 to have due regard to public benefit guidance published by the UK Charity Commission. We have sought to demonstrate that the charity provides identifiable benefits which relate directly to its aims as stated in its Governing Document and which outweigh any potential detriment or harm. Further, the benefits are publicly available to all and are not in any way restricted to those able to pay. Any private benefits to Trustees of the charity are incidental. Audacious Foundation was created to serve the communities of Greater Manchester, addressing issues of disadvantage, hardship and poverty.
The vision of Audacious Foundation is to see communities transformed and individuals thrive in every season of life. Working with people of all ages who face disadvantage, hardship, poverty or exclusion, the mission of the Foundation is to build better futures and positively influence the growth of a stronger society. To achieve this the Foundation is committed to providing practical, relational and influential projects that are designed to address local issues, demonstrate user-centred service and deliver measurable outcomes that champion the core values of the organisation.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
In the reporting year 2024/25, Audacious Foundation delivered the following activities:
Education: School of Language, Re-work scheme, Mini-Heroes parent support group
Support: Audacious Cares
Homelessness: A-Teams, Audacious Home Housing Project
Poverty: The Big Give, 'The Lounge' community cafe
Healthcare: Stop Holiday Hunger, Healthy Schools Programme
Refugees: Love Ukraine
The results for the year ended 31 March 2025 show a surplus for the year of £558 (2024: £19,967). Incoming resources for the period were £246,808 (2024: £236,665) and resources expended were £246,250 (2024: £216,698). Fund balances at 31 March 2025 were £116,621 (2024: £116,063) of which £14,115 (2024: £8,501) were restricted and £102,506 (2024: £107,562) were unrestricted. All of the unrestricted reserves were freely available.
It is the policy of the company that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three- and six-months’ expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in income, they will be able to continue the company’s current activities whilst consideration is given to ways in which additional funds may be raised. The trustees are continuing to address the reserve levels and are working to increase both income and net profit in the future.
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.
Plans for the future
We have many exciting plans, to further advance our charitable objectives; with a team of people looking at addressing the needs of our community and making a difference in people’s lives. Our aim is to continue to deliver well on all the current projects as mentioned above and see long term sustainability for them; whilst also expanding our level of reach so that many more people can be helped.
The charity is a company, incorporated on 17 June 2016, which is limited by guarantee and was registered as a charity on 12 July 2017.
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:
When a new trustee is required the appointed trustees decide who is suitable and ask them if they are prepared to become a trustee. If so, they are given a document outlining the roles and responsibilities of a trustee and asked to accept in writing. Upon receipt of this letter a reply is sent to them confirming their appointment.
None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.
The Trustees meet four times a year and are responsible for the appointment of staff and setting the financial budgets, which are agreed at the start of each year and budget holders can authorise expenditure within their budget allowance. Any expenditure which will exceed budget must go to a trustee for approval. Budgets are reviewed and revised on a regular basis.
The trustees' report was approved by the Board of Trustees.
I report to the trustees on my examination of the financial statements of Audacious Foundation (the charity) for the year ended 31 March 2025.
Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or
the financial statements do not accord with those records; or
the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
Donations and gifts
Investments
Raising funds
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
Audacious Foundation is a private company limited by guarantee incorporated in England and Wales. The registered office is Unit 6, Deva Centre, Trinity Way, Manchester, M3 7BB.
The financial statements have been prepared in accordance with the charity's Memorandum and 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)". 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.
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.
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
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.
Grants are recognised in full in the Statement of Financial Activities in the year in which they are receivable.
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
Resources expended are recognised in the period in which they are incurred and include irrecoverable VAT. Resources expended are allocated to headings in the statement of financial activities based on the actual purpose of the expenditure. No apportionments have taken place.
Governance costs represent costs of managing and administering the charitable company as a statutory vehicle.
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.
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, 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.
Financial assets, other than those held at fair value through income and expenditure, are assessed for indicators of impairment at each reporting date. Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected.
If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in net income/(expenditure) for the year.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in net income/(expenditure) for the year.
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the charity transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
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.
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
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 no judgements or estimates which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities.
Donations and gifts
Investments
Raising funds
Community activities
Training
Hospitality and gifts
Printing, postage and stationery
Legal and professional fees
Insurance
IT costs
Bank charges
Governance costs includes payments to the independent examiner of £1,100 (2024: £950) for independent examination fees, charitable activities includes payments of £1,540 (2024: £1,360) for other services.
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
The average monthly number of employees during the year was:
On the basis of these financial statements no provision has been made for corporation tax.
The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.
The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.
The Macmillan project provides practical and emotional support to people affected by cancer in partnership with Macmillan Solutions. This includes engaging, recruiting and training volunteers to help support hundreds of people across Greater Manchester every year.
The Charity Service and Dowager Countess Eleanor Peel Trust funds were received to support the delivery of A-teams, meeting the immediate needs of men and women experiencing homelessness with our breakfast program.
Additionally, the following funds were received to support the delivery of Audacious Cares Solution, providing practical and emotional support to people living with cancer:
Action Together
Salford CVS Impact
National Lottery
Garfield Weston
All restricted funds are considered to have sufficient resources held in an appropriate form to enable them to be applied in accordance with the restrictions.
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
Unrestricted funds
Restricted funds
Unrestricted funds
Restricted funds
At the reporting end date the charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
Mr S A Keir (trustee) is also a trustee of Audacious Church , registered charity number 1129633. During the year Audacious Foundation operated a loan account with Audacious Church. At 1 April 2024, Audacious Church owed Audacious Foundation £60,681. During the year, expenses net of any income received totalled £19,956. At 31 March 2025, Audacious Church owed Audacious Foundation £80,637.