**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 2023**
## **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|
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) resigned 9 January 2024
M Balkwill (Director and Trustee) appointed 3 July 2022
K Di Marco (Director and Trustee) resigned 16 January 2024
C Wislocki, (Director and Trustee)
M Kohler, Director and Trustee) appointed 24 January 2024
S L Mehta, (Director and Trustee) appointed 24 Hanuary 2024
## **Chief executive**
Mr A Wislocki
## **Registered office and operation address**
Appledore, Home Lane, North Devon EX34 8LR
## **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 2023**
The Trustees present their report and the financial statements for the year ended 31 August 2023. The report also fulfils the requirements under the Companies Act of The Report Of The Directors.
## **Activities**
After the difficulties related to the Covid pandemic in 2020-21 and the passing of Pat Wislocki in 2022, the newly appointed Board of Trustees started meeting regularly with the aim of furthering the goals and ambitions of the founders.
We experienced almost full recovery in the number of pupils attending our weekly music classes and were able to run a full program catering for an age range from pre-school children starting at the age of 18 months to 18 year olds, However, financial constraints exacerbated by the cost of living crisis limited the year's intake of new kindergarten pupils to no more than 40. The Foundation is acutely aware of this and is striving to expand what it can offer, first and foremost by dedicating time and resources to teacher training, and by running a wide range of in-person courses at least twice a year.
Although the Foundation had an operating deficit for the first post-Covid year this is largely the result of the investment it is putting in place for the future.
We have continued to provide successful support to the music department at Kings Cross Academy.
## **Future strategy**
The Board of Trustees continues to strengthen the organisation in terms of governance and administration and have increased the management team. The requirement to concentrate on a stronger training faculty is being addressed. With the relaxation of Covid restrictions we have able to restart in-person training as opposed to online training only. The provision of regular residential training courses remains a priority and the Board plans to resume these over the next year.
## **Results**
The net incoming resources for the year amounted in total to a deficit of £18,923, (2022, surplus £8,519) 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**
30/05/2024
Page 3
## **The Szilvay Foundation Statement of Financial Activities Year ended 31 August 2023**
|**Notes**
**Incoming resources**
**3**
Fundraising activities
Donations
Investment income
Merchandising
Grants
**Total incoming resources**
**Resources expended**
**4**
Costs of fundraising activities
Costs of merchandising
Charitable activities
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**
**£**
245,386
3,653
181
37
-|**Restricted**
**income**
**funds**
**£**
-
-
-
-
-|**2023**
**£**
**245,386**
**3,653**
**181**
**37**
**-**|**2022**
**£**
248,838
-
21
-
-|
|---|---|---|---|---|
||249,256|-|**249,256**|248,858|
||199,010
456
1,345
3,154
64,214|-
-
-
-
-|**199,010**
**456**
**1,345**
**3,154**
**64,214**|184,482
-
-
2,504
53,355|
||268,179|-|**268,178**|240,340|
||(18,923)
-|-
-|**(18,923)**
**-**|8,518
-|
||(18,923)
-
-|-
-
-|**(18,923)**
**-**
**-**|8,518
-
-|
||(18,923)
88,556|-
-|**(18,923)**
**88,556**|8,518
80,037|
||69,633|-|**69,633**|88,555|
Page 4
## **The Szilvay Foundation Balance Sheet At 31 August 2023**
|**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**|**£**
**£**
**1,531**
**1,531**
**4,630**
**25,405**
**42,454**
**72,489**
**(4,387)**
**68,102**
**69,633**
**69,633**
**64,633**
**5,000**
**69,633**
**2023**|**£**
**£**
**1,531**
**1,531**
**4,630**
**25,405**
**42,454**
**72,489**
**(4,387)**
**68,102**
**69,633**
**69,633**
**64,633**
**5,000**
**69,633**
**2023**|**£**
**£**
1,435
1,435
4,647
8,572
74,543
87,762
**(640)**
87,122
88,556
88,556
83,556
5,000
88,556
**2022**|**£**
**£**
1,435
1,435
4,647
8,572
74,543
87,762
**(640)**
87,122
88,556
88,556
83,556
5,000
88,556
**2022**|
|---|---|---|---|---|
|||**1,531**
**68,102**||1,435
87,122|
||**72,489**
**(4,387)**||87,762
**(640)**||
||||||
|||**69,633**||88,556|
|||**69,633**||88,556|
|||**64,633**
**5,000**||83,556
5,000|
|||**69,633**||88,556|
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 30/05/2024**
## **A T Wislocki (Trustee)**
Page 5
## **The Szilvay Foundation Notes to the accounts Year ended 31 August 2023**
## **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.
## **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 2023**
## **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**
**£**
245,386|**Restricted**
**income**
**funds**
**£**|**2023**
**£**
**245,386**|**2022**
**£**
248,838|
|---|---|---|---|---|
||245,386|-|**245,386**|248,838|
||3,653
-|-
-|**3,653**
**-**|-
-|
||3,653|-|**3,653**|-|
||181||**181**|21|
||181|-|**181**|21|
||37
-||**37**
**-**|-
-|
||249,256|-|249,256|248,858|
Page 7
## **The Szilvay Foundation Notes to the accounts Year ended 31 August 2023**
## **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**
**£**
179,888
18,539
-
583|**Restricted**
**income**
**funds**
**£**|**2023**
**£**
**179,888**
**18,539**
**-**
**583**|**2022**
**£**
174,524
9,957
-
-|
||199,010|-|**199,010**|184,481|
||456||**456**|-|
||456|-|**456**|-|
||2,058
1,061
35||**2,058**
**1,061**
**35**|1,694
762
48|
||3,154|-|**3,154**|2,504|
||29,497
-
28,163
1,356
1,380
-
263
804
384
641
1,626
100||**29,497**
**-**
**28,163**
**1,356**
**1,380**
**-**
**263**
**804**
**384**
**641**
**1,626**
**100**|24,201
289
23,970
1,644
125
-
727
859
186
158
1,196
-|
||64,214|-|**64,214**|53,355|
||**266,834**|**-**|**266,834**|**240,340**|
Page 8
## **The Szilvay Foundation Notes to the accounts Year ended 31 August 2023**
## **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|**2023**
**£**
**27,937**
**1,560**|**2022**
**£**
**22,706**
**1,495**|
|---|---|---|
||**29,497**|24,201|
||**2023**
**Number**
7|**2022**
**Number**
6|
||3
2
2|3
2
1|
||**7**|6|
||**2023**
**Number**
5|**2022**
**Number**
6|
||**2023**
**£**
**1,061**|**2022**
**£**
762|
||**2023**
**£**
**225**
**1,833**|**2022**
**£**
150
1,544|
||**2,058**|1,694|
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 2023**
|**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
1,722|**Total**
**£**
**24,807**
**1,722**|
|---|---|---|---|---|
||||26,529|**26,529**|
||||Straight line
25%
23,372
1,626|**23,372**
**1,626**|
||||24,998|**24,998**|
||||1,531|**1,531**|
||||1,435|**1,435**|
||||**2023**
**£**
**4,630**|**2022**
**£**
**4,647**|
||||**4,630**|4,647|
||**2023**
**£**
**16,838**
**8,500**
**67**|**2022**
**£**
**-**
**8,500**
**72**|**2023**
**£**
**-**
**-**
**-**|**2022**
**£**
-
-
-|
||**25,405**|8,572|**-**|-|
Page 10
## **The Szilvay Foundation Notes to the accounts Year ended 31 August 2023**
## **12 Creditors**
|**Creditors**|||||
|---|---|---|---|---|
|Trade creditors
Other creditors
Accruals and deferred income|Amounts falling due within one
year||Amounts falling due after
more than oneyear||
||**2023**
**£**
**3,672**
**-**
**715**|**2022**
**£**
**-**
**-**
**640**|**2023**
**£**
**-**
**-**
**-**|**2022**
**£**
**-**
**-**
**-**|
||**4,387**|640|**-**|-|
## **13 Movement of funds**
|**Movement of funds**|||||
|---|---|---|---|---|
|**Unrestricted funds:**
General fund
**Restricted funds:**
**Total funds:**|**Fund**
**balances**
**brought**
**forward**
**£**
83,556|**Incoming**
**resources**
**£**
249,256|**Resources**
**expended**
**£**
(268,179)|**Fund**
**balances**
**carried**
**forward**
**£**
**64,633**|
||83,556|249,256|(268,179)|**64,633**|
||5,000|-|-|**5,000**|
||88,556|249,256|(268,179)|**69,633**|
## **14 Analysis of net assets between funds**
|**Analysis of net assets between funds**||||
|---|---|---|---|
|Fixed assets
Net current assets
**Total net assets**|**Unrestricted**
**funds**
**£**
1,531
63,102|**Restricted**
**income**
**funds**
**£**
-
5,000|**Total**
**£**
**1,531**
**68,102**|
||64,633|5,000|**69,633**|
Page 11
## **The Szilvay Foundation Independent examiner's report to the Trustees of The Szilvay Foundation Year ended 31 August 2023**
I report on the accounts of the company for the year ended 31 August 2023, 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;
- 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:
- accounting records were not kept in accordance with section 386 of the Companies Act 2006; or
- 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
30/05/2024