Childrens Hope Foundation Statutory Information

Transcription

1 Childrens Hope Foundation Statutory Information REGISTERED OFFICE Childrens Hope Foundation No 15, 1 st Floor Princeton Mews London Road Kingston upon Thames Surrey, KT2 6PT REGISTERED CHARITY NUMBER REGISTERED COMPANY NUMBER TRUSTEES Mr Brian Dodds IP Mrs Zarina Kheraj MBE Mrs Sylvia Dodds Cllr Mrs Seema Kumar Mr Michael Colin Browne Mr Paul Jorgensen Mr Asvin Patel Resigned 18 th January 2008 Resigned 18 th January 2008 Appointed 18 th January 2008 Appointed 18 th January 2008 Appointed 18 th January 2008 COMPANY SECRETARY Michael Colin Browne REGISTERED AUDITORS McAk & Co No15, 1 st Floor Princeton Mews London Road Kingston upon Thames Surrey, KT2 6PT Bankers 9arclays Bank Pic 1 North End Croydon Surrey CR91RN

2 REPORT OF THE TRUSTEES OF CHILDRENS HOPE FOUNDATION Trustees of Childrens Hope Foundation have pleasure in presenting their report and financial statements for the year ended 31 March 2008 Objects of the Charity Childrens Hope Foundation is a national charity which was established in December 1996 to provide equipment, facilities and grants for children who were disadvantaged by disability, illness or extreme circumstances and for the relief of poverty and advancement of education CHF's mission is to improve the quality of life of children and young people affected by their illness, disability or poverty, in a responsive and age appropriate manner by responding in a practical way to the needs of the children hardest hit by their situation Structure Governance and Management Childrens Hope Foundation is a registered charity (no: ) and a company limited by guarantee, governed by its Memorandum and Articles of Association The trust deed provides for a minimum of 3 and a maximum of 12 trustees and the board currently consists of 5 trustees who manage the business of Childrens Hope Foundation The trustees receive no remuneration for their services to Childrens Hope Foundation To further develop and strengthen the mix of skills on the board, We are continuing to seek to recruit and appoint new trustees, with appropriate experience, including legal, personnel, advertising and media/pro The chair of trustees along with the Chief Executive will be responsible for the induction, of any new trustee, which would include awareness of a trustee's responsibilities, the governing document, administrative procedures and history and mission of the charity New trustees would also receive copies of the previous year's annual report and accounts and a copy of the Charity Commission leaflet 'The Essential Trustee; What You Need to Know' and the NCVO publication "The Good Trustee Guide" Risk Management In the opinion of the trustees and with the benefit of experience, there are adequate internal controls in place to cover any significant risks to the Charity They will, however, continue to monitor and review the risk assessment process on an ongoing basis Activities and Achievements During the year Childrens Hope Foundation has continued to support individuals and institutions in 3 main areas, equipment, education and welfare As planned, the Trustees have established relationships with several equipment suppliers which now enables applicants to select the equipment best suited to the child, either online or through a local store, with delivery made direct to the beneficiary and invoices sent to and settled directly by the charity In the area of equipment the charity have continued to support children with disability with the provision of equipment to help or improve their mobility The requests have been varied and have ranged from specially adapted car seats to disabled trikes and small wheelchairs In the area of education the charity has focused on the provision of computer equipment for children missing their education through illness or disability and this year we have been able to help 15 children with computers or other computer equipment Through the provision of books and equipment for schools where sufficient resources do not exist, many in the third world, we have been able to assist in many case enabling more than 500 children to benefit immediately although those benefits will continue for many years

3 , ahead Educational visits have again helped more than 200 children enjoy extra curricular activities In the area of welfare, assistance has been mainly for household items or for holidays/days out and in the past year the charity has been able to help in more than 25 individual cases as well as enabling schools, with tremendous support from the business community, to attend extra curricular activities including museum trips and pantomime visits Financial Review, Policy and Reserves The attached financial statements have been prepared to comply with the requirements of the Statement of Recommended Practice (the SORP) issued in March 2005 Total incoming resources of 247,388 is a good improvement on last year and the board is confident that that improvement will continue in the coming year Growth of the charity's fundraising strategy continues strongly and a number of new areas opened, will help the charity build its incoming resources and maintain its future development Fundraising costs of 68,288 achieved a fundraising ratio of 275 pence spent on fundraising per pound raised with which, although the trustees are not happy, does show a significant reduction of 125 pence compared to the last financial year Further effort is still required from all in order to reduce this again in the coming year Expenditure on charitable activities was significantly increased at 115,761 The Trustees are confident that the fundraising ratio will continue to reduce significantly in the coming year while direct expenditure on charitable activities will increase further, as new income streams develop Childrens Hope Foundation is still fully committed to the following; Raising adequate unrestricted funds, which will enable it to fulfil the need of a disadvantaged child within 3 months of a request being received Continuing to broaden the funding mix, which will increase its voluntary income and enable it to reduce the waiting time to within 1 month of a request being made? Childrens Hope Foundation aims to build a reserve equivalent to a minimum of six months expenditure, thus always being able to fulfil any request promised, irrespective of income at any particular moment in time The Trustees are aware that the level of reserves at 31 March 2008 is slightly below that target and will aim to build reserves in the coming year until sufficient level is reached Notwithstanding the above policy the Trustees will always, as a matter of priority, apply reserves for the benefit of children and young persons disadvantaged by illness, disability or poverty whilst maintaining an appropriate level of reserves at any given paint in time Principal Funding sources In the past year the charity's main funding has been from street collections as well as voluntary donations made direct to the charity Several functions and events have been held throughout the year The charity also further developed its' partnership with commercial participators and this is resulting in an increasing level of income, which it is hoped will continue to build in the coming year Trust fundraising also, has developed well and is expected to continue to develop in the coming year Since these areas are growing well, we feel it is appropriate to further expand the funding mix and over the next two years intend to develop legacy fund raising as part of our long term funding strategy

4 Employees and Volunteers The charity employs 3 full time staff Each member of staff undertakes more than one area of activity and costs apportioned on the basis of an estimate of the proportion of time spent by staff on those activities The allocation has been based on the Trustees' judgement as to the nature of the expenditure and the level of activity carried out in each area In addition the charity is supported by 11 volunteers in the area of fundraising who receive no remuneration and one volunteer in the office for one day per week The value of this support has not been included in these financial statements Future Plans The Trustees intend to continue to provide support in a similar way to the recent past continuing the emphasis on three areas of giving but retaining flexibility as to the timing and scale of support The Trustees also intend to continue to raise funds, in support of its objectives, in the same manner in the future However, the development of Trust fundraising and commercial partnerships will continue during 2008/9 and the planning and introduction of Legacy Fundraising and Payroll Giving will be developed during the coming two years It is also hoped that the board will have more success in the recruitment of Trustees with skills relevant to the operation and development of the charity Statement of Trustee's Responsibilities Charity Law requires the Trustees to prepare financial statements for each financial year which show a true and fair view of the state of affairs of the charity and its financial activities for that period In preparing those financial statements, the Trustees are required to; select suitable accounting policies and then apply them consistently; make judgements and estimates that are reasonable and prudent; state whether applicable accounting standards and statements of recommended practice have been followed, subject to any departures disclosed and explained in the financial statements; and Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operational existence The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 1993 They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities Independent Examiner The Trustees intend to ask the existing auditors to undertake the independent examination of the charity in the following year Approved by the Board and signed on its behalf ~ Mrs S Kumar Chairperson

5 REGISTERED COMPANY NUMBER: (England and Wales) REGISTERED CHARITY NUMBER: " REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS For The Year Ended 31 March 2008 FOR CIDLDRENS HOPE FOUNDAnON McAk&CO Accountants No1S, 1st Floor, Princeton Mews, London Road, Kingston Upon Thames Surrey KT26PT ~~~~~~

6 CHILDRENS HOPE FOUNDATION CONTENTS OF THE FINANCIAL STATEMENTS Page Report of the Trustees 1 to 2 Accountants' Report 3 Statement offinancial Activities 4 Balance Sheet 5 to 6 Notes to the Financial Statements 7t09 l""i Detailed Statement of Financial Activities 10 to 11! ~~~~~~

7 CEULDRENS HOPE FOUNDATION REPORT OF THE TRUSTEES II' The trustees who are also directors I of the charity for the purposes of the Companies Act 1985, present their report with the fmandal statements of the charity for the year ended 31 March 2008 The trustees have adopted the provisions of the Statement ofrecommended Practice (SORP) 'Accounting and Reporting by Charities' issued in March 2005 REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number (England and Wales) Registered Charity number Registered office NoI5,lstFloor, Princeton Mews London Road Kingston Upon Thames Surrey KT26PT Trustees Mrs ZKheraj BDodds resigned MrsS MDodds resigned Councillor S Kumar MCBrowne appointed P Jorgensen appointed A Patel appointed Company Secretary MCBrowne Accountants McAk&CO Accountants NoI5,lstFloor, Princeton Mews, London Road, Kingston Upon Thames Surrey KT26PT STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 1985 Recruitment and appointment of new trustees In order to ensure a strong mix of skills on the board,new trustees would be recruited and appointed by the existing trustees The chair of the trustees together with the Chief Executive are responsible for the induction of any new trustrees Related parties None of trustees were paid any remuneration or expenses by the charity during the year (2005 none) Page 1

8 CHILDRENS HOPE FOUNDATION REPORT OF THE TRUSTEES STRUCTURE,GOVERNANCEANDNL\NAGEMENT 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 OBJECTIVES AND ACTIVITIES Objectives and aims The Charity was established to provide equipment,facilities and grants for children wo were disadvantaged by disability,illness or extreme circumstance and for the relief ofpoverty and advancement ofeducation Analysis of Grants made to Institutions Total Amount paid Equipment 51,426 Education Welfare 2, ~ Volunteers The charity is supported by four volunteers in the area of fund raising who receive no remunerationthe value this support is not included in these fmancial statements ACHIEVEMENT AND PERFORMANCE Charitable activities During the year the charity has continued to support individuals and institutions in three main areas, equipment,education and welfare The charity will continue to focus on these area ofactivities in the future Fundraising activities In the past year the charity's main funding has been from street collections as well as voluntary donations directly made to the charity The charity holds several functions through out the year and also entered in to an agreement with a commercial participator which is expected to grow in the future years FINANCIAL REVIEW Reserves policy The trustees aim to build a reserve equivalent to a minimum of six months expenditure,thus always being able to fulfil any request promised,irrespective of income at any particular moment in time The trustees believe the level of reserves at the year end are not adequate but will continue to build reserves until sufficient level is reached Principal funding sources The charity continues to rely on street donations and voluntary donations as its main income ON BEHALF OF THE BOARD : /#~/~/ M C Browne Secretary " 14 January 2009, Page 2

9 REPORT OF THE ACCOUNTANTS TO THE TRUSTEES OF CHILDRENS HOPE FOUNDATION We report on the [mandai statements for the year ended 31 March 2008 set out on pages four to nine Respective responsibilities of trustees and reporting accountants As described on pages five to six the charitable company's trustees are responsible for the preparation of the [mandai statements, and considers that the charitable company is exempt from an audit It is our responsibility to carry out procedures designed to enable us to report our opinion ~ Basis of opinion Our work was conducted in accordance with the Statement of Standards for Reporting Accountants, and so our procedures consisted of comparing the financial statements with the accounting records kept by the charitable company, and making such limited enquires of the officers of the charitable company as we considered necessary for the purposes ofthis report These procedures provide only the assurance expressed in our opinion Opinion In our opinion: (a) the [mancial statements are in agreement with the accounting records kept by the charitable company under Section 221 of the Companies Act 1985; (b) having regard only to, and on the basis of, the information contained in those accounting records: (i) the financial statements have been drawn up in a manner consistent with the accounting requirements specified in Section 249C(6) ofthe Act; and (ii) the charitable company satisfied the conditions for exemption from an audit of the financial statements for the year specified in Section 249A(4) of the Act and did not, at any time within that year, fall within any of the categories ofcompanies not entitled to the exemption specified in Section 249B( 1) ~~IH~ McAk&CO Accountants NoI5,lstFloor, Princeton Mews, London Road, Kingston Upon Thames Surrey KT26PT 14 January 2009 " Page 3

10 CHILDRENS HOPE FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES INCOMING RESOURCES Incoming resources from generated funds Voluntary income Activities for generating funds Investment income Total incoming resources RESOURCES EXPENDED Costs of generating funds Costs ofgenerating voluntary income Fundraising trading; cost of goods sold and other costs Notes Unrestricted funds 229,752 17, ,388 67, , Total funds 237,007 (24,973) ,372 74, ,166 Net incoming/(outgoing) resources available for charitable application 179, ,206 Charitable activities Welfare Education Equipment General Treatment Governance costs Total resources expended 2,492 22,615 66,192 21,344 3,118 15, ,826 2,136 30,838 94,862, , ,967 " NET INCOMING/(OUTGOING) RESOURCES RECONCILIATION OF FUNDS 47,562 (19,595) " Total funds brought forward 2,153 21,748 TOTAL FUNDS CARRIED FORWARD 49,715 2,153 The notes form part ofthese financial statements Page 4

11 cmldrens HOPE FOUNDATION BALANCE SHEET At 31 March 2008 FIXED ASSETS Tangible assets Notes Unrestricted funds Total funds 1,174 CURRENT ASSETS Debtors Cash at bank and in hand CREDITORS Amounts falling due within one year NET CURRENT ASSETS 8 9 2,326 49,976 52,302 (3,467) 48,835 2,326 11,114 13,440 (12,461 ) 979 ~ I TOTAL ASSETS LESS CURRENT LIABILITIES 49,715 2,153 NET ASSETS 49,715 2,153 " FUNDS Unrestricted funds TOTAL FUNDS 10 49,715 49,715 2,153 2,153,, The notes fonn part ofthese fmandal statements PageS continued "

12 t CHILDRENS HOPE FOUNDATION BALANCESHEETCONTmUED At 31 March 2008 The charitable company is entitled to exemption from audit under Section 249A(2) of the Companies Act 1985 for the year ended 31 March 2008 The trustees have not required the charitable company to obtain an audit of its fmancial statements for the year ended 31 March 2008 in accordance with Section 249B(2) of the Companies Act 1985 The trustees acknowledge their responsibilities for (a) ensuring that the charitable company keeps accounting records that comply with Section 221 of the Companies Act 1985 and (b) preparing fmancial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each fmancial year and of its surplus or deficit for each financial year in accordance with the requirements of Section 226 and which otherwise comply with the requirements of the Companies Act 1985 relating to financial statements, so far as applicable to the charitable company These fmancial statements have been prepared in accordance with the special provisions of Part VII of the Companies Act 1985 relating to small charitable companies and with the Financial Reporting Standard for Smaller Entities (effective January 2007) " The fmancial statements were approved by the Board oftrustees on 14 January 2009 and were signed on its behalf by: " M C Browne Trustee r Councillor S Kumar Trustee,, The notes form part of these fmancial statements Page 6

13 t 1 ACCOUNTING POLICIES CIDLDRENS HOPE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS Accounting convention The financial statements have been prepared under the historical cost convention, and in accordance with the Financial Reporting Standards for Smaller Entities (effective January 2007), the Companies Act 1985 and the requirements ofthe Statement ofrecommended Practice, Accounting and Reporting by Charities Incoming resources All incoming resources are included on the Statement of Financial Activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy Resources expended Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure Tangible fixed assets Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life 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 ofthe 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 ofthe nature and pwpo~e of each fund is included in the notes to the fmandal statements 2 ACTNITIES FOR GENERATING FUNDS Fundraising events 17,086 18,070 Linden's Biggee Weekend (43,043) 17,086 (24,973 ) " 3 INVESTMENT INCOME " Deposit account interest " ", Page 7

14 CHILDRENS HOPE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS CONTINUED 4 NET INCOMING/(OUTGOING) RESOURCES Net resources are stated after chargingl(crediting): Depreciation owned assets TRUSTEES' REMUNERATION AND BENEFITS There were no trustees' remuneration or other benefits for the year ended 31 March 2008 nor for the year ended 31 March 2007 Trustees' Expenses There were no trustees' expenses paid for the year ended 31 March 2008 nor for the year ended 31 March STAFF COSTS ~ ) " Wages and salaries Social security costs ,180 6, ,350 4,969 75, ,319 " 7 TANGmLE FIXED ASSETS Plant and machinery etc COST At 1 Apri12007 and 31 March ,256 DEPRECIATION At 1Apri12007 Charge for year At 31 March ,376 8, " NET BOOK VALUE At 31 March 2008 At 31 March DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 880 1,174 Trade debtors , ,326 Page 8

15 I CIDLDRENS HOPE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS CONTINUED 9 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade creditors 1,651 9,892 Taxation and social security 1,816 2, MOVEMENT IN FUNDS 3,467 12,461 Net movement in At 1407 funds At Unrestricted funds General fund 2,153 47,562 49,715 TOTAL FUNDS 2,153 47,562 49,715 Net movement in funds, included in the above are as follows: Incoming Resources Movement in resources expended funds Unrestricted funds General fund 247,388 (199,826) 47,562 TOTAL FUNDS 247,388 (199,826) 47,562 ", Page 9

16 t CIDLDRENS HOPE FOUNDATION DETAILED STAIEMENT OF FINANCIAL ACTIVITIES INCOMING RESOURCES Voluntary income Street Collections 94, ,068 Donations 131, ,396 Commercial participators 4,400 2, , ,007 Activities for generating funds Fundraising events 17,086 18,070 Linden's Biggee Weekend (43,043) 17,086 (24,973) Investment income Deposit account interest l'i, ilt lilt, Total incoming resources 247, ,372 RESOURCES EXPENDED Costs of generating voluntary income Wages 37,750 34,757 Social security 5,571 3,162 Fund raisers 11,828 21,211 Light and heat (527) Telephone 2,899 4,788 Postage and stationery 3,530 4,478 Sundries 709 Travelling expense 5,707 6,905 67,994 74,774 Fundraising trading: cost ofgoods sold and other costs ", Plant and machinery Fixtures and fittings Computer equipment ", , Charitable activities Wages 21,344 48,732 Rates and water 11,754 13,157 Insurance 1, ", Carried forward 34,105 62,861 ", ", This page does not form part ofthe statutory fmancial statements Page 10 ",

17 CHILDRENS HOPE FOUNDATION DETAILED STATEMENT OF FINANCIAL ACTIVITIES Governance Charitable activities Brought folward Postage and stationery Advertising Grants to institutions Grants to individuals costs Wages Social security, Accountancy Computer Consumables Legal & professional fees Office expense Bank charges ,105 62, ,392 2,847 60,835 39,213 16,429 23, , ,636 10,086 19, ,807 1,410 1, ,425 2, ,676 r Total resources expended 15,777 28, , ,967, Net income/(expenditure) 47,562 (19,595) This page does not form part ofthe statutory fmancial statements Page 11