REGISTERED COMPANY NUMBER: 03625736 (England and Wales) REGISTERED CHARITY NUMBER: 1073111
SQUARE FOUNDATION LIMITED (A COMPANY LIMITED BY GUARANTEE)
REPORT OF THE TRUSTEES AND
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2020
Sugarwhite Meyer Accountants Ltd First Floor 94 Stamford Hill London N16 6XS
SQUARE FOUNDATION LIMITED
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
| Page | ||
|---|---|---|
| Reference and Administrative Details | 1 | |
| Report of the Trustees | 2 | |
| Independent Examiner's Report | 3 | |
| Statement of Financial Activities | 4 | |
| Balance Sheet | 5 to | 6 |
| Notes to the Financial Statements | 7 to | 10 |
SQUARE FOUNDATION LIMITED
REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 30 SEPTEMBER 2020
TRUSTEES Mr A M Surkis Mr J J Fried COMPANY SECRETARY Y M Ciment REGISTERED OFFICE 47 East Bank London N16 5PZ REGISTERED COMPANY 03625736 (England and Wales) NUMBER REGISTERED CHARITY 1073111 NUMBER INDEPENDENT EXAMINER Sugarwhite Meyer Accountants Ltd First Floor 94 Stamford Hill London N16 6XS BANKERS National Westminster Bank Plc 250 Regent Street London W1B 3BN
Page 1
SQUARE FOUNDATION LIMITED (REGISTERED NUMBER: 03625736)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2020
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 30 September 2020. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
Reference and administrative information
Reference and administrative information is shown on page 1 of the financial statements and forms part of this report.
OBJECTIVES AND ACTIVITIES
Objects for public benefit
The objects of the charity are the advancement of the Orthodox Jewish Religion and Orthodox Jewish Education, the relief of poverty as well as general charitable activities.
The trustees confirm that they have referred to the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning future activities.
ACHIEVEMENT AND PERFORMANCE
Review of activities and achievement
The trustees are pleased with the results for the year. The charity continues to maintain its properties, one used as a synagogue and one used as a school by another charity.
FINANCIAL REVIEW
Reserves policy
The trustees do not seek to maintain reserves, other than to ensure that they can continue the activities of the charity. Reserves at the year end were £1,574,044 (22019 - £1,543,569).
STRUCTURE, GOVERNANCE AND MANAGEMENT
Constitution
The charity is constituted as a limited company and is governed by its Memorandum and Articles of Association dated 3 September 1998.
Organisational structure
The power to appoint new trustees is vested in the current board. New trustees are appointed based on personal competence, specialist skills and experience. They are induced into the working of the charity by the current board. They are also encouraged to read the Charity Commission's various publications on trustees.
Risk management
The trustees have reviewed the major risks that the charity faces and confirm that they have established systems to mitigate them.
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
Approved by order of the board of trustees on 9 June 2021 and signed on its behalf by:
Mr A M Surkis - Trustee
Page 2
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF SQUARE FOUNDATION LIMITED
Independent examiner's report to the trustees of Square Foundation Limited ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 30 September 2020.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
-
accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the accounting requirements of section 396 of the 2006 Act 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
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
I have no concerns and 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.
E Meyer FCA BSc Institute of Chartered Accountants in England and Wales Sugarwhite Meyer Accountants Ltd First Floor 94 Stamford Hill London N16 6XS
9 June 2021
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SQUARE FOUNDATION LIMITED
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 30 SEPTEMBER 2020
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies Other trading activities 2 Total EXPENDITURE ON Charitable activities 3 Charitable activities NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
2020 Unrestricted fund £ 22,010 18,061 40,071 9,596 30,475 1,543,569 1,574,044 |
2019 Total funds £ 22,588 18,061 |
|---|---|---|
| 40,649 10,905 |
||
| 29,744 1,513,825 |
||
| 1,543,569 |
The notes form part of these financial statements
Page 4
SQUARE FOUNDATION LIMITED (REGISTERED NUMBER: 03625736)
BALANCE SHEET 30 SEPTEMBER 2020
| Notes FIXED ASSETS Tangible assets 9 CURRENT ASSETS Cash at bank CREDITORS Amounts falling due within one year 10 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS Amounts falling due after more than one year 11 NET ASSETS FUNDS Unrestricted funds: General fund TOTAL FUNDS |
2020 Total funds £ 1,765,077 2,444 (49,974) (47,530) 1,717,547 (143,503) 1,574,044 1,574,044 1,574,044 |
2019 Total funds £ 1,766,323 2,290 (48,791) (46,501) 1,719,822 (176,253) 1,543,569 1,543,569 1,543,569 |
|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2020.
The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2020 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
-
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
-
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The notes form part of these financial statements
Page 5
SQUARE FOUNDATION LIMITED (REGISTERED NUMBER: 03625736)
BALANCE SHEET - continued 30 SEPTEMBER 2020
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 9 June 2021 and were signed on its behalf by:
Mr A M Surkis - Trustee
The notes form part of these financial statements
Page 6
SQUARE FOUNDATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. 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.
Support costs are those incurred to assist the work of the charity but are not direct charitable activities.
Governance costs
Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 12.5% on reducing balance Library - 10% on reducing balance
Taxation
The charity is exempt from corporation tax on its charitable activities.
Financial instruments
The charity only has financial assets and liabilities of a kind that qualify as basic financial instruments.
Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs.
Current assets and current liabilities are subsequently measured at the amount expected to be received or paid and not discounted.
Going concern
There are no material uncertainties about the charity's ability to continue.
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SQUARE FOUNDATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2020
| 2. | OTHER TRADING ACTIVITIES | |||
|---|---|---|---|---|
| 2020 | 2019 | |||
| Unrestricted | Total | |||
| funds | funds | |||
| £ | £ | |||
| Rental income | 18,061 | 18,061 | ||
| 3. | CHARITABLE ACTIVITIES COSTS | |||
| Direct | Support | |||
| Costs (see | costs (see | |||
| note 4) | note 5) | Totals | ||
| £ | £ | £ | ||
| Charitable activities | 8,636 | 960 | 9,596 | |
| 4. | DIRECT COSTS OF CHARITABLE ACTIVITIES | |||
| 2020 | 2019 | |||
| £ | £ | |||
| Premises Costs | 8,636 | 9,990 | ||
| 5. | SUPPORT COSTS | |||
| Governance | ||||
| costs | ||||
| £ | ||||
| Charitable activities | 960 | |||
| Support costs, included in the above, are as follows: | ||||
| 2020 | 2019 | |||
| Charitable | Total | |||
| activities | activities | |||
| £ | £ | |||
| Independent examiner's fee | 270 | 270 | ||
| Independent examiner's other fees | 690 | 690 | ||
| General expenses | - | (45) | ||
| 960 | 915 | |||
| 6. | NET INCOME/(EXPENDITURE) | |||
| Net income/(expenditure) is stated after charging/(crediting): | ||||
| 2020 | 2019 | |||
| £ | £ | |||
| Depreciation - owned assets | 1,246 | 1,417 |
Page 8
SQUARE FOUNDATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2020
7. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 30 September 2020 nor for the year ended 30 September 2019.
Trustees' expenses
There were no trustees' expenses paid for the year ended 30 September 2020 nor for the year ended 30 September 2019.
8. AVERAGE STAFF NUMBERS
The average number of staff in the year was Nil ( 2019 - Nil).
9. TANGIBLE FIXED ASSETS
| COST At 1 October 2019 and 30 September 2020 DEPRECIATION At 1 October 2019 Charge for year At 30 September 2020 NET BOOK VALUE At 30 September 2020 At 30 September 2019 |
Freehold property £ 1,755,915 - - - 1,755,915 1,755,915 |
Fixtures and fittings £ 82,269 74,083 1,024 75,107 7,162 8,186 |
Library £ 10,089 7,867 222 8,089 2,000 2,222 |
Totals £ 1,848,273 |
|---|---|---|---|---|
| 81,950 1,246 |
||||
| 83,196 | ||||
| 1,765,077 | ||||
| 1,766,323 |
No depreciation is provided on freehold property.
10.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Bank loans and overdrafts (see note 12) Other creditors Accruals and deferred income |
2020 £ 31,568 17,446 960 49,974 |
2019 £ 30,385 17,446 960 |
|---|---|---|
| 48,791 |
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SQUARE FOUNDATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2020
| 11. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 2020 £ Bank loans (see note 12) 143,503 12. LOANS An analysis of the maturity of loans is given below: 2020 £ Amounts falling due within one year on demand: Bank loans 31,568 Amounts falling due between two and five years: Bank loans - 2-5 years 79,906 Amounts falling due in more than five years: Repayable by instalments: Bank loans more 5 yr by instal 63,597 13. SECURED DEBTS The following secured debts are included within creditors: 2020 £ Bank loans 175,071 The bank loans are secured by legal charges over the charity's properties. 14. RELATED PARTY DISCLOSURES There were no related party transactions for the year ended 30 September 2020. |
2019 £ 176,253 |
2019 £ 176,253 |
|---|---|---|
| 2019 £ 30,385 97,860 78,393 2019 £ 206,638 |
2019 £ 30,385 |
|
| 97,860 | ||
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