Charity number: 1062822 Company number: 03363018
The Szilvay Foundation (A company limited by guarantee without share capital use of "Limited" exemption)
Report and Financial Statements
Year ended 31 August 2022
Contents
| Legal and administrative information | Page 1 |
|---|---|
| Report of the Trustees | Page 2 |
| Statement of Financial Activities | Page 3 |
| Balance Sheet | Page 4 |
| Notes to the accounts | Page 5 |
| Independent examiner's report | Page 11 |
Page 1
The Szilvay Foundation Legal and administrative information
Status
The organisation is a charitable company limited by guarantee without share capital use of "Limited" exemption, incorporated on 1 May 1997 and registered as a charity on 12 June 1997.
The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association.
Charity number: 1062822
Company number: 03363018
Directors and Trustees
A Wislocki, (Director and Trustee) L Ailes, (Director and Trustee) appointed 3 July 2022 M Balkwill (Director and Trustee) appointed 3 July 2022 K Di Marco (Director and Trustee) appointed 12 September 2022 C Wislocki, (Director and Trustee) Mr T Barker (Director and Trustee) resigned 3 July 2022 P Wislocki, (Director and Secretary) Deceased 20 February 2022 Ms A Wislocki, (Director and Trustee) resigned 3 July 2022 V Wislocki, (Director and Trustee) resigned 3 July 2022
Company Secretary
Mr A Wislocki
Chief executive
Mr A Wislocki
Registered office and operation address
Flat 46, Garricks House. Wadbrook Street, Kingston-Upon-Thames, Surrey, KT7 1HS
Bankers
CAFCash Limited, Kings Hill, West Malling. Kent, ME19 4TA
Accountants and independent examiners
Cole Price & Co, 258b High Street, Dorking, Surrey, RH4 1QT
Page 2
The Szilvay Foundation Report of the Trustees Year ended 31 August 2022
The Trustees present their report and the financial statements for the year ended 31 August 2022. The report also fulfils the requirements under the Companies Act of The Report Of The Directors.
Activities
Future strategy
Results
The net incoming resources for the year amounted in total to a surplus of £8,519, (2021, surplus £4,580) and are set out on page 3 of the accounts.
Advice and information
The Szilvay Foundation is a registered charity, No. 1062822.
Responsibilities of the directors
Company law requires the directors to prepare financial statements for each financial year which give a true and fair view of the state of the affairs of the charity and the company as at the balance sheet date and of its incoming resources and application of resources, including income and expenditure, for the financial year. In preparing those financial statements, the directors should follow best practice and:
-
select suitable accounting policies and the apply them consistently,
-
make judgements and estimates that are reasonable and prudent, and,
-
prepare the financial statements on the going concern basis, under which it is appropriate to assume that the company will continue on that basis.
The directors are responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and the company and to enable them to ensure that the financial statements comply with the Companies Act 2006. The directors are also responsible for safeguarding the assets of the charity and the company and for taking reasonable steps for the prevention and detection of fraud and other irregularities.
By order of the Board
A T Wislocki
29/06/2023
Page 3
The Szilvay Foundation Statement of Financial Activities Year ended 31 August 2022
| Notes Incoming resources 3 Fundraising activities Donations Investment income Merchandising Grants Total incoming resources Resources expended 4 Costs of fundraising activities Costs of merchandising Governance costs Other resources expended Total resources expended Gross transfers between funds Other recognised gains/(losses) Gains and losses on revaluation of fixed assets for the charity’s own use Gains and losses on investment assets Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward Net incoming/(outgoing) resources before other recognised gains/(losses) Net incoming (outgoing) resources before transfers |
Unrestricted funds £ 248,838 - 21 - - |
Restricted income funds £ - - - - - |
2022 £ 248,838 - 21 - - |
2021 £ 245,121 205 - - - |
|---|---|---|---|---|
| 248,859 | - | 248,859 | 245,326 | |
| 184,481 - 2,504 53,355 |
- - - - |
184,481 - 2,504 53,355 |
188,024 - 2,165 50,557 |
|
| 240,340 | - | 240,340 | 240,746 | |
| 8,519 - |
- - |
8,519 - |
4,580 - |
|
| 8,519 - - |
- - - |
8,519 - - |
4,580 - - |
|
| 8,519 80,037 |
- - |
8,519 80,037 |
4,580 75,457 |
|
| 88,556 | - | 88,556 | 80,037 |
Page 4
The Szilvay Foundation Balance Sheet At 31 August 2022
| Notes Fixed assets Tangible fixed assets 9 Current assets Stock and work in progress 10 Debtors 11 Cash at bank and in hand 12 Net current assets/(liabilities) Total assets less current liabilities Total net assets Funds of the Charity 13 Unrestricted funds Restricted income funds Total funds Creditors: amounts falling due within one year |
£ £ 1,435 1,435 4,647 8,572 74,542 87,761 (640) 87,121 88,556 88,556 83,556 5,000 88,556 2022 |
£ £ 1,435 1,435 4,647 8,572 74,542 87,761 (640) 87,121 88,556 88,556 83,556 5,000 88,556 2022 |
£ £ 2,631 2,631 4,468 8,571 70,048 83,087 (5,681) 77,406 80,037 80,037 75,037 5,000 80,037 2021 |
£ £ 2,631 2,631 4,468 8,571 70,048 83,087 (5,681) 77,406 80,037 80,037 75,037 5,000 80,037 2021 |
|---|---|---|---|---|
| 1,435 87,121 |
2,631 77,406 |
|||
| 87,761 (640) |
83,087 (5,681) |
|||
| 88,556 | 80,037 | |||
| 88,556 | 80,037 | |||
| 83,556 5,000 |
75,037 5,000 |
|||
| 88,556 | 80,037 |
The company was entitled to exemption from audit under s477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to small companies subject to the small companies regime and in accordance with FRS102 SORP.
Signed on behalf of all the Trustees on 29/06/2023
A T Wislocki (Trustee)
Page 5
The Szilvay Foundation Notes to the accounts Year ended 31 August 2022
1 Basis of preparation
- 1.1 Basis of accounting
These accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts.
The accounts have been prepared in accordance the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014; and with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102); and with the Charities Act 2011; and with the Companies Act 2006.
- 1.2 Reconciliation with previous Generally Accepted Accounting Practice
In preparing the accounts, the Trustees have considered whether in applying the accounting policies required by FRS 102 and the Charities SORP FRS 102 the restatement of comparative items is required. In their opinion no restatement of comparative items is required.
- 1.3 Going Concern
During the year the charity received a non-returnable local government grant amounting to £10,000 as part of the UK's Covid 19 financial assistance program. Notwithstanding the pandemic, in light of (a) the strong cash position of the charity in relation to its net current liabilities at the balance sheet date, (b) its positive trading record for the year, (c) its increasing revenue base, and, (d) its current positive cash flow, in the opinion of the Trustees the charity remains a going concern.
2 Accounting policies
2.1 Incoming resources
2.1.1 Recognition of incoming resources
These are included in the Statement of Financial Activities (SoFA) when:
-
the charity becomes entitled to the resources;
-
the Trustees are virtually certain they will receive the resources; and
-
the monetary value can be measured with sufficient reliability.
2.1.2 Incoming resources with related expenditure
Where incoming resources have related expenditure (as with fundraising or contract income) the incoming resources and related expenditure are reported gross in the SoFA without offsetting of assets and liabilities, or income and expenses, unless required or permitted by the FRS 102 SORP or FRS 102.
2.1.3 Grants and donations
Grants and donations are only included in the SoFA when the charity has unconditional entitlement to the resources.
2.1.4 Tax reclaims on donations and gifts
Gift Aid receivable is included in income when there is a valid declaration from the donor. Any Gift Aid amount recovered on a donation is considered to be part of that gift and is treated as an addition to the same fund as the initial donation unless the donor or the terms of the appeal have specified otherwise.
2.1.5 Gifts in kind
Gifts in kind are accounted for at a reasonable estimate of their value to the charity or the amount actually realised. Gifts in kind for sale or distribution are included in the accounts as gifts only when sold or distributed by the charity. Gifts in kind for use by the charity are included in the SoFA as incoming resources when receivable.
2.1.6 Donated services and facilities
These are only included in incoming resources (with an equivalent amount in resources expended) where the benefit to the charity is reasonably quantifiable, measurable and material. The value placed on these resources is the estimated value to the charity of the service or facility received.
2.1.7 Volunteer help
The value of any voluntary help received is not included in the accounts but is described in the Trustees’ annual report.
2.1.8 Investment income
This is included in the accounts when receivable.
Page 6
The Szilvay Foundation Notes to the accounts Year ended 31 August 2022
2 Accounting policies (continued)
2.1.9 Investment gains and losses
This includes any gain or loss on the sale of investments and any gain or loss resulting from revaluing investments to market value at the end of the year.
2.2 Expenditure and liabilities
2.2.1 Liability recognition
Liabilities are recognised where it is more likely than not that there is a legal or constructive obligation committing the charity to pay out resources and the amount of the obligation can be measured with reasonable certainty. The charity has creditors which are measured at settlement amounts less any trade discounts.
2.2.2 Governance costs
Include costs of the preparation and examination of statutory accounts, the costs of Trustee meetings and cost of any legal advice to Trustees on governance or constitutional matters.
2.2.3 Support Costs
Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, e.g. allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage.
2.2.4 Financial Instruments
The charity accounts for basic financial instruments on initial recognition as per paragraph 10.7 FRS102 SORP. Subsequent measurement is as per paragraphs 11.17 to 11.19, FRS102 SORP.
2.3 Assets
2.3.1 Tangible fixed assets for use by charity
These are capitalised if they can be used for more than one year, and cost at least £500. They are valued at cost or a reasonable value on receipt. The depreciation rates and methods are disclosed in note 9.
2.3.2 Stocks and work in progress
These are valued at the lower of cost or market value.
2.3.3 Debtors
Debtors (including trade debtors and loans receivable) are measured on initial recognition at settlement amount after any trade discounts or amount advanced by the charity. Subsequently, they are measured at the cash or other consideration expected to be received.
3 Analysis of incoming resources
| Notes Fundraising activities Fees receivable Total fundraising activities Donations Donations and gifts Tax reclaim on donations and gifts Total donations Investment income Bank interest received Total investment income Merchandising Grants Total incoming resources |
Unrestricted funds £ 248,838 |
Restricted income funds £ |
2022 £ 248,838 |
2021 £ 245,121 |
|---|---|---|---|---|
| 248,838 | - | 248,838 | 245,121 | |
| - - |
- - |
- - |
205 - |
|
| - | - | - | 205 | |
| 21 | 21 | - | ||
| 21 | - | 21 | - | |
| - - |
- - |
- - |
||
| 248,859 | - | 248,859 | 245,326 |
Page 7
The Szilvay Foundation Notes to the accounts Year ended 31 August 2022
4 Analysis of resources expended
| Analysis of resources expended | ||||
|---|---|---|---|---|
| Notes Cost of fundraising activities Teachers' and lecturers' fees Hall and room hire Course and concert expenses Advertising and promotion Total cost of fundraising activities Merchandising costs Purchases for resale Total merchandising costs Governance costs 6, 7 Accountancy Trustee expenses Compliance costs Total governance costs Other resources expended Staff costs 5 Premises costs Administrative and secretarial fees Communications Travel and subsistence Entertaining Sundry administrative expenses Insurance Bank charges Equipment repairs Depreciation Subscriptions Total other resources expended Total resources expended |
Unrestricted funds £ 174,524 9,957 - - |
Restricted income funds £ |
2022 £ 174,524 9,957 - - |
2021 £ 174,104 8,335 5,250 335 |
| 184,481 | - | 184,481 | 188,024 | |
| - | - | - | ||
| - | - | - | - | |
| 1,694 762 48 |
1,694 762 48 |
1,397 728 40 |
||
| 2,504 | - | 2,504 | 2,165 | |
| 24,201 289 23,970 1,644 125 - 727 859 186 158 1,196 - |
24,201 289 23,970 1,644 125 - 727 859 186 158 1,196 - |
24,708 520 19,458 1,008 - 600 455 852 84 453 1,880 540 |
||
| 53,355 | - | 53,355 | 50,557 | |
| 240,340 | - | 240,340 | 240,746 |
Page 8
The Szilvay Foundation Notes to the accounts Year ended 31 August 2022
5 Staff costs and numbers
| Gross wages, salaries and benefits in kind Pension costs Average number of full-time equivalent employees in the year Analysis of employee numbers by sector Directors (unpaid) - fundraising Directors (unpaid) - administration Staff - administration 6 Trustee expense payments Number of Trustees to whom expenses were paid Nature of the expenses: travel and subsistence costs for Trustee meetings Total amount paid 7 Fees for examination or audit of the accounts Independent examiner’s or auditors' fees for reporting on the accounts Other fees paid to the independent examiner or auditor: accountancy services, payroll and advice |
2022 £ 22,706 1,495 |
2021 £ 23,248 1,460 |
|---|---|---|
| 24,201 | 24,708 | |
| 2022 Number 6 |
2021 Number 6 |
|
| 3 2 1 |
3 2 1 |
|
| 6 | 6 | |
| 2022 Number 5 |
2021 Number 6 |
|
| 2022 £ 762 |
2021 £ 728 |
|
| 2022 £ 180 1,514 |
2021 £ 150 1,247 |
|
| 1,694 | 1,397 |
As a registered charity, the company is exempt from Corporation Tax on its charitable activities.
8 Taxation
Page 9
The Szilvay Foundation Notes to the accounts Year ended 31 August 2022
| 9 Tangible fixed assets Cost or valuation: Balance brought forward Additions Balance carried forward Accumulated depreciation and impairment provisions : Basis Rate per annum Balance brought forward Charged in the year Balance carried forward Net book value: Balance carried forward Balance brought forward 10 Stock and work in progress Stocks of finished goods relating to merchandising activities 11 Debtors Trade debtors Other debtors Prepayments and accrued income |
Amounts falling due within one year |
Amounts falling due within one year |
Plant & equipment £ 24,807 - |
Total £ 24,807 - |
|---|---|---|---|---|
| 24,807 | 24,807 | |||
| Straight line 25% 22,176 1,196 |
22,176 1,196 |
|||
| 23,372 | 23,372 | |||
| 1,435 | 1,435 | |||
| 2,631 | 2,631 | |||
| 2022 £ 4,647 |
2021 £ 4,468 |
|||
| 4,647 | 4,468 | |||
| 2022 £ - 8,500 72 |
2021 £ - 8,500 71 |
2022 £ - |
2021 £ - |
|
| 8,572 | 8,571 | - | - |
Page 10
The Szilvay Foundation Notes to the accounts Year ended 31 August 2022
12 Creditors
| Creditors | ||||
|---|---|---|---|---|
| Trade creditors Other creditors Accruals and deferred income |
Amounts falling due within one year |
Amounts falling due after more thanone year |
||
| 2022 £ - - 640 |
2021 £ 5,078 - 603 |
2022 £ - - - |
2021 £ - - - |
|
| 640 | 5,681 | - | - |
13 Movement of funds
| Movement of funds | ||||
|---|---|---|---|---|
| Unrestricted funds: General fund Restricted funds: Total funds: |
Fund balances brought forward £ 75,037 |
Incoming resources £ 248,859 |
Resources expended £ (240,340) |
Fund balances carried forward £ 83,556 |
| 75,037 | 248,859 | (240,340) | 83,556 | |
| 5,000 | - | - | 5,000 | |
| 80,037 | 248,859 | (240,340) | 88,556 |
14 Analysis of net assets between funds
| Analysis of net assets between funds | |||
|---|---|---|---|
| Fixed assets Net current assets Total net assets |
Unrestricted funds £ 1,435 82,121 |
Restricted income funds £ - 5,000 |
Total £ 1,435 87,121 |
| 83,556 | 5,000 | 88,556 |
Page 11
The Szilvay Foundation Independent examiner's report to the Trustees of The Szilvay Foundation Year ended 31 August 2022
I report on the accounts of the company for the year ended 31 August 2022, which are set out on pages 1 to 10.
Respective responsibilities of Trustees and examiner
The Trustees (who are also the directors of the company for the purposes of company law) are responsible for the preparation of the accounts. The Trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 (the Charities Act) and that an independent examination is required on the basis that the charity’s gross income for the year exceeded £25,000 although it did not exceed £250,000.
Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to:
-
examine the accounts under section 145 of the Charities Act;
-
to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the Charities Act;
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to state whether particular matters have come to my attention.
Basis of independent examiner’s report
My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the Trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a ‘true and fair' view and the report is limited to those matters set out in the statement below.
Independent examiner’s statement
In connection with my examination, no material matters have come to my attention which gives me cause to believe that, in any material respect:
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accounting records were not kept in accordance with section 386 of the Companies Act 2006; or
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the accounts do not accord with such records; or
-
the accounts do not comply with the accounting requirements under section 396 of the Companies Act 2006 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 accounts have not been prepared in accordance with the Charities SORP (FRS102).
I 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 accounts to be reached.
Richard Price
Cole Price & Co Accountants 258b High Street Dorking Surrey RH4 1QT
29/06/2023