| The FASD Trust Limited |
| Notes to the Accounts |
| for the year ended 31 July 2018 |
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| 1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with 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). |
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
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Intangible fixed assets |
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There are no intangible fixed assets. |
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Tangible fixed assets |
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There are no tangible fixed assets. |
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Investments |
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There are no investments. |
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Stocks |
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There are no stocks. |
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Debtors |
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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. |
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Creditors |
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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. |
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Taxation |
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The company is a registered charity and as such is not subject to Corporation Tax. |
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Provisions |
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There are no provisions. |
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Foreign currency translation |
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There are no foreign currency transactions. |
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Leased assets |
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There are no leased assets. |
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Pensions |
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There were no pension contributions. |
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| 2 |
Employees |
2018 |
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2017 |
| Number |
Number |
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Average number of persons employed by the company |
- |
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2 |
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| 3 |
Debtors |
2018 |
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2017 |
| £ |
£ |
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Trade debtors |
- |
|
414 |
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Other debtors |
- |
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- |
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- |
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414 |
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| 4 |
Creditors: amounts falling due within one year |
2018 |
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2017 |
| £ |
£ |
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Trade creditors |
18,478 |
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10,872 |
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Taxation and social security costs |
638 |
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48 |
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Other creditors |
13,817 |
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7,282 |
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32,933 |
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18,202 |
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| 5 |
Events after the reporting date |
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The charity has now ceased trading. |
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| 6 |
Capital |
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The charity is a company limited by guarantee and as such does not have a share capital. The |
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liability of the members is limited to a maximum payment of £10 in the event of a winding up. This |
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payment only being due against liabilities incurred whilst they were still a member. |
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| 7 |
Trustees Statement |
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In mid-January, Simon & Julia Brown, the Trust’s joint CEOs, resigned from their posts of their own volition. Neither of the charity’s two other employees is working. With our blessing they are seeking alternative employment. The Trust now finds itself in an exceptionally difficult financial position: there is no cash at the bank, the charity’s income streams are virtually non-existent, and prospects of new funding streams, grants or donations are poor.
The two remaining Trustees were mindful of their duties to both the charitable objectives and their duties toward the Trust’s creditors and were careful not to worsen the position of the creditors, spending two months looking for a way forward. On 31st January the Trustees met with representatives from NOFAS UK and FAS-UK who generously offered their perspectives upon the options open to the FASD Trust. Those options include transferring certain activities and roles from the FASD Trust to similar organizations with better resources.
The Trustees remain deeply grateful to those who have worked for the Trust, whether as employees or as volunteers, and who have done so much good for those for whom the FASD Trust exists and serves. We thank them warmly for all that they have done. The current state of ‘limbo’ does not advance the Trust’s charitable objectives. Accordingly, the Trustees resolved that the FASD Trust can no longer continue to operate or trade.
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| 8 |
Other information |
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The FASD Trust Limited is a private company limited by shares and incorporated in England. Its registered office is: |
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The Old Barrel Store |
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Draymans Lane |
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Marlow |
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Buckinghamshire |
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SL7 2FF |
