The trustees present their annual report and financial statements for the year ended 30 June 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 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)".
The charity's objectives are to advance the education and relieve the poverty, financial hardship and unemployment of young people, in particular (but without limitation) by developing their skills, education, capacities and capabilities to enable them to participate in society as mature and responsible individuals and by providing them with mentoring, advice and guidance. The policies adopted in furtherance of these objectives are to make grants to organisations, to provide services, to sponsor or to undertake research and to act as an umbrella or resource body and investment into high performing youth employment programmes that help meet our core mission and are in accordance with our articles.
Ending systemic and structural youth unemployment.
By the number of young people our funding supports to find, gain and stay in work.
During the Covid-19 pandemic, 16-24 year olds lost their jobs at 3-5 times the rate of every other age group. There is unprecedented growing demand for digital skills leaving young people from significantly disadvantaged backgrounds in an increasingly tech-enabled work environment, they are at even higher risk of being left behind.
- Research and development about the effects of covid-19 on young people furthest from the labour market and how to bridge the increasing gap between education and employment for this age group.
- Development of a fundraising strategy that aligns with our objects to develop a programme that enables free access for significantly disadvantaged young people (16-24) to online skills based learning programmes that enable them to transition more successfully into work with a focus on digital and green skills development as a priority area.
The Foundation is run by volunteers who do not receive remuneration for this work.
Development of a Green Skills programme for young people across England and Wales.
The charity continues its operation with income from private grants and donations of £0 (2024: £30,816). Expenditure on charitable activities amounted to £28,697 (2024: £79,355). Included in charitable expenditure are grants totalling £25,600 (2024: £76,400).
For the current year the charity's primary focus is on the development of our original bursary programme. At the year end, the charity had reserves of £(1,402) (2024: £73,990). It is the policy of the charity that unrestricted funds which have not been designated for specific use should be maintained at a level equivalent to three months expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity's current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has not been maintained throughout the year.
The trustees have assessed the major risks to which the charity is expose, and are satisfied that systems are in place to mitigate exposure to the major risks.
The charity is a company limited by guarantee and is governed by the Articles of Association set up on 20 June 2016.
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:
Trustees shall be appointed by the Board by resolution of the trustees. The trustees may from time to time at their discretion determine any criteria for appointment as a trustee. None of the trustees (or any persons connected with them) received any remuneration during the year.
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 Board of Trustees is ultimately responsible for the decision making of the charity and also its day to day operations.
There were no employees during the year. There were no employees whose annual remuneration was £60,000 or more.
The trustees' report was approved by the Board of Trustees.
I report to the trustees on my examination of the financial statements of Hundo Foundation Limited (the charity) for the year ended 30 June 2025.
Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the Companies Act 2006 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. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.
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 Companies Act 2006.
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 Companies Act 2006 other than any requirement that the financial statements 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 financial statements 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.
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
Hundo Foundation Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Camburgh House, 27 New Dover Road, Canterbury, Kent, CT1 3DN.
The financial statements have been prepared in accordance 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)". 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 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.
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.
Unlisted equity investments are initially recorded at costs, and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impairment.
Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure.
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.
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.
The average monthly number of employees during the year was:
The investment represents the cost of a 2.0% holding in the ordinary shares of Hundo Limited, an unquoted company in which the trustees E M O'Callaghan and P E Collins have a financial interest.
On 25 February 2026 Hundo Limited went into liquidation. On this basis the value of the investment has been written down to £nil.
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.
During the year the charity entered into the following transactions with related parties:
During the year, funds of £25,600 were donated to Hundo Ltd, a company which has 2 directors in common. At the year end, there is a balance of £1,000 included in creditors that relates to grants due to Hundo Ltd.