FOTAC - Accounts
Trustees' report for the year ended 1 January 2007
The Trustees have pleasure in presenting their Report and financial statements for the year ended 1 January 2007.
Download FOTAC Accounts 2007 here (PDF).
Objectives of the charity
Friends of Treatment Action Campaign (FOTAC) has the following objectives;-
1)The preservation and protection of good health and relief of poverty, sickness and distress among people living with HIV/Aids primarily but not exclusively in South Africa through the provision of antiretoviral and / or other medical treatments, ancillary facilities and services.
2) The advancement of education of the general public in all matters relating to the treatment of HIV/Aids primarily in South Africa.
Statutory Information
FOTAC was registered as a charity in England and Wales on the 21 September 2004. The constitution of FOTAC was adopted on 2 June 2004 and amended on 24 August 2004.
Review of the year
The financial statements show a surplus for the year of £118,266 (2006 £736).
The charity received a grant from Comic Relief during the year of £115,968 (2006 £NIL). The trustees are extremely grateful to Comic Relief and the grant is being used for the three year TAC/FOTAC Mpumalanga Treatment Literacy Project. The grant is used exclusively for this project.
Statement of Trustees' Responsibilities
The trustees are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice.
Charity law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the profit or loss of the charity for that period in preparing these 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 have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue to operate.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the company and 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.
Statement of Financial Activities for the year ended 1 January 2007
Balance Sheet 1 January 2007
Signed on behalf of the Trustees/Executive Committee
Andrew Feinstein
Chairperson
Statement of cash flows year ended 1 January 2007
Notes
1. ACCOUNTING POLICIES
a) Basis of Accounting
The accounts are prepared under the historical cost convention in accordance with applicable accounting standards, and the Accounting and Reporting by Charities: Statement of Recommended Practice (SORP) issued in March 2005. The accounts for the year to 1 January 2006 were prepared on a receipts and payments basis but in the opinion of the Trustees there is no necessity to restate the comparative figures as the amounts involved are immaterial.
b) Incoming Resources
All incoming resources are included in the SOFA when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy.
2. INCOME
Grant Receivable from Comic Relief.
In October 2006 a grant was of £115,968 was received from Comic Relief. The total grant is expected to be £359,109 with the balance of £243,141 due in the next two years. The grant is for a HIV & Aids literacy programme in Mpumalanga Province in South Africa.
2. SUPPORT AND GRANTS
4. GOVERNANCE COSTS
5. TRUSTEES' REMUNERATION
No trustee received any remuneration during either the current or preceding financial year. 2 Trustees received reimbursed travel expenses of £76 (2006 £nil).
6. DEBITORS
7. CREDITORS
8. RESTRICTED FUND
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