Charity registration number 1088950 THE BAYLIGHT FOUNDATION ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
THE BAYLIGHT FOUNDATION LEGAL AND ADMINISTRATIVE INFORMATION Trustè•s CNBKelly N Khattar Charity number 1088950 Prlnclpal address 71 Queensway London W2 4QH Ind¢pondont oxaminer Gravita AH Limilgd 30 City Road London EC1Y2AB
THE BAYLIGHT FOUNDATION CONTENTS Paga Trustees report Independent examinerfs report Slalement of financial activities Statement of financial position Notes to the financial statements 5-11
THE BAYLIGHT FOUNDATION TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2022 The Trustees present their annual report and financial slalements for the year ended 31 March 2022. The financial slalemenls have been prepared in accordance with the accounting policies set out in note 1 to the financial stslernenls and comply with the Charills governing document, the Ch8rrties Act 2011 and "Accounting and Reporting by Charities.. Sl8temenl c)f Recommended Pr8¢li¢e 8ppli¢¥ble lo charities preparing their accounts in ac¢ordan¢e with the Financial Reporting Stsndard applicablg in the UK and Republi¢ of Irgland IFRS 1021 (effective 1 January 20191" ObJ•ctlv•s and actlvltl•s The Charity's object of the Foundation is to provide funds for the benefit of research relating to education, procurement, aeslhelics and environmental issues. The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Charity should undertake. Financial review As al 31 March 2022, the charity has nel assets of £143,265. 11 is the policy of the Charity that unreslricled funds which have not been designated for a specrfic use should be maintained al a level equivalent to between three and six month's expenditure. The Trustees consider that reserves 81 this level will ensure that, in the event of a significant drop in funding, they will be able to continue the Charity's ¢urrent activities while consideration is given to ways in which additional fLJnds may be raised. This level of reseNes has been maintained throughout the year. Thè Trustees have assessed thè major risks to whi¢h th$ Charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks. Stru¢ture, go¥ernan¢e and management The charity is govemed by a declaration of trust. The charity number is 1088950. The Charity is adminislraled by the Iruslees throughout the year who have confirmed that they will remain in the office for the ensuing year. The Trustees who served during the year and up lo the dale of signature of the financial statements were.. CNBKelly N Khattar Trustees are appointed by a resolution of the trustees passed at a special meeting. The Trustees report was approved by the Board of Trustees. CNBKelly Trustee Dated.. ..Jan 2.fj.lQ23
THE BAYLIGHT FOUNDATION INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE BAYLIGHT FOUNDATION report lo the charity Iruslees on my examination of the financial slalements of The Baylighl Foundation (the Charity) for the year ended 31 March 2022 whi¢h 8re sel out on pages 3 10 11. Re5ponsibilitie5 and basis of report As the charitls trustees you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 1.the Act'l. I report in respect of my examination of yOLJr charity's financial statements carried OLJt under section 145 of the Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 14515llbl of the Act. Ind8p•ndent examlnarfs statement I have completed my examination. I confirm that no matters have come lo rlly attention in connection with the examination giving me cause lo believe that in any m8leri81 spect.. accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act,. or the financial statements do not accord with those records., or th& finan¢ial statéménts do not ¢omply with the applicablè rèquiréments ¢oncéming th¢ form and contènt of accounts set out in the Charities IAccoLJnts and Reports) Regulation$ 2008 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. 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 financial statements to be reached. Gravits AH Limited Chartered accountants Filiz Zekia FCCA 30 City Road London EC1Y2AB Dated.. 26 January 2023
THE BAYLIGHT FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2022 Unrestrl¢ted Unrestrl¢ted funds funds 2022 2021 Notès Donations and l8ga¢ies Charitable activities Other income 173,000 31,191 990 370,000 16,932 Total income 205,181 386,932 Charitable activities 295,216 284,045 Net lexpendlturellln¢ome for the yearl Net movement in funds 190,0351 102,887 Fund balances at 1 April 2f)21 233,300 130,413 Fund balan¢¢$ at 31 March 2022 143,265 233,300 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
THE BAYLIGHT FOUNDATION STATEMENT OF FINANCIAL POSITION ASAT31 MARCH 2022 2022 2021 Notès Fixad assats Tangible assets 897 1,794 Cuant assats Stocks Deblors Cash at bank and in hand 35,488 50,925 77,999 47,318 78,379 111,568 10 164,412 237,265 Creditor5'. amounts falling due within one year 11 122,0441 15,7591 Net current assets 142,368 231,506 Total assets less current liabilities 143,265 233,300 Income funds Unrestricted funds 143,265 233,300 143,265 233,300 The financial statements were approved by the Trustees on CNBKelly Trustee
THE BAYLIGHT FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Accounting policies Charity information The Baylight Foundabon is a ragistèred charity 8stablish8d undar a D88d of Trust datad 2 July 2001. 1.1 Accounting convention The financial statements have been prepared in accordance with the Charity's Igoverning documentl, the Charities Act 2011, FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland" I'FRS 102,1 and the Charities SORP 'Accounting and Reporting by Charities.. Statement ol Recommended Practi applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" (effective 1 January 20191. The Charity is a Public Benefit Entity as defined by FRS 102. The Charity has taken advantage of the provisions in the SORP for charities not to prepare a Stat8nent of Cash Flows. The financial ststements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £. The accounts have been prepared under the historical $t ¢onvenb'on. The principal accounting poli¢ies adopted are set out below. 1.2 Golng cone8rn At the time of approving the financial ststements, the Trustees have a reasonable expectation that the Charity has adequate resources lo continue in operational existence for the foreseeable future. Thus the Trustees continue lo adopt the going concem basis of accounting in preparing the financial slalemenls. 1.3 Charltable funds Unrestricted funds a available for use al the discretion of the Trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes. Restricted funds are subject to spgcific Conditions by donors as to how they may be used. The purwsgs and uses of the restricted funds are set out in the notès to the financial statements. 1.4 Incoming resources Cash donations are recognised on receipt. Other donations are recognised once the Charity h8s been notified of the donation. Income tsx recoverable in relab'on lo donations reiVed under Gift or deeds of Covenant is recognised at the time of the donation. Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a slraighl line basis over the lease term. Tumover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and SeNiS provided in the normal course of business, net of discounts, VAT and other sales related taxes.
THE BAYLIGHT FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 Accountlng pollclès {Contlnuodl 1.5 Tanglble flxed assets Tangible fixed assets are initially measured al cost and subsequently measured at cost or valuation, nel of depreciation and any impairment losses. Depreciation is recognised so as lo write off the cost or valuation of assets less their residual values over their useful lives on the following bases.. Fixtures, fittings & equipment 20 /0 slraighl line The gain or loss arising on the disposal of an asset is determined as the difference betwsen the sale pro¢eeds and the ¢arrying value of the asset, and is re¢ognised in the stslemenl of financial a¢tivities. The assets, residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively. 1.6 Impairment of fixed assets At each reporbng end date, the Charity reviews the carrying amounis of its tangible assets to determine whether there is any indication that those assets have suffered an impaimient loss. If any such indtIOn exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss lif any). 1.7 Stocks Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Slock relates to purchase of books, art work, photos etc held for sale and are recorded at cost less impairment.. Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution. 1.8 Cash and cash equivalents Cash and cash equivalents include cash in hand. 1.9 Financial instruments The Charity has elected lo apply the provisions of Section 11 'Basi¢ Financial Instruments, of FRS 102 10 all of its financial instruments. Financial instruments are recognised in the Charitys balan sheet when the Charity becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the nel amounts presented in the financial slalements, when there is a legally enforceable right lo sel off the recognised amounts and there is an intention lo settle on a nel basis or lo realise the asset and settle the liability simultaneously. Basic financial assets Basic finanaal assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaclion costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured al the present value of the future receipts discounted at a market rate of interest. Financial assets classtfied as receivable within one year are not amortised.
THE BAYLIGHT FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 Accountlng pollclès {Contlnuodl Impalrment of flnanclal assets Financial assets, other than those held at fair value through income and expenditure, are assessed for indicators of impairment at each reporting dale. Financial assets are irllpaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial aet, th& estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted al the asset's original effective interest rate. The impairmenl loss is recognised in net incomellexpenditurel for the year. If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the irnpairmenl not previously been recognised. The impairment roversal is re¢ognised in n&t in¢om&llexpendilurel for tho ygar. Derecognition of financial assets Financial assets are derecognised only when the Contractual rights to the cash flows from the asset expire or are setued, or when the Charity transfers the financial asset and substantially all the risks and rewards of ownership lo another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred lo another party that is able to sell the asset in ils entirety lo an unrelated third party. Basic financial liabilities Basic financial liabilities, including Credttors and trade loan balances from connected antilles are initially re¢ognisèd at transaction prica unlèss thè arrangémènt ¢onstitutès a financing transaction, whèrè thè débt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are nol amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-¢urr8nl liabilili8s. Trade Creditors are rtr¢ognised initially al transartion price and subsequently measured at amortised cost using the effective interest method. Derecognition of financial liabilities Financial liabilities are derecognised when the Charity's contractual obligations expire or are discharged or cancelled. Donations and legacies Unrèstrlctsd Unrestricted funds funds 2022 2021 Donations and gifts 173,000 370,000
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THE BAYLIGHT FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 Other income Unrestricted funds Total 2022 2021 Other income 990 Other income relates to insurance claim for lost revenue. Charitable activities Charitable Charitable Expenditure Expenditure 2022 2021 Security Costs Rent payable Media expenses Cleaning costs Marketing and exhibition costs Motor, trav81 and 8nt8rtaining Printing, postage and stationery Depreciation maintenan expenses Sundry expenses Light & Heal Rates Cost of goods sold Bad Debts Bank charges Stock write off Bank interest 219,065 2,176 2,835 47,000 258,194 1,079 425 29 897 2,685 86 7,508 11,001 31 1,996 98 897 2,533 58 1,001 5,578 1,750 427 11,830 15 295,216 284,045 295,216 284,045 Accountancy fees were paid by Baylighl Properties Limtted. Trustees None of the Trustees lor any persons connected with them) received any remuneration or benefits frcm the Charity during the year.
THE BAYLIGHT FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 Employees There were no employees during the year. Tangible fixed assets Fixtures, fittings & equipment Cost At 1 April 2021 4,485 At 31 March 2022 4,485 Depreciation and impaimient At 1 April 2021 Depreciation charged in the year 2,691 897 At 31 March 2022 3,588 Carrylng amount Al 31 March 2022 897 At 31 March 2021 1,794 stocks 2022 2021 Stock 35,488 47,318 stock is slated after provisions for impairment of £11,83012021'. £nill. 10 Debtors 2022 2021 Amounts falling due within one year.. Trade debtors Other debtors Prepayments and accrued income 2,139 675 75,565 360 50,565 50,925 78,379 Trade debtors disclosed above are classified as loans and receivables and are therefore measured at amortised cost. Trade debtors are staled after provisions for impairment of £3,74612021.. £1,996) 10-
THE BAYLIGHT FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 11 Creditors.. arnounts falling due within one year 2022 2021 Trade creditors Other creditors Accruals and deferred income 19,987 1,000 1,057 5,759 22,044 5,759 12 Operating lease commitments At the reporting end dale the Charty had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows.. 2022 2021 Within one year Beeen two and five years 219,065 69,020 219.065 288,085 288,085 507,150 13 Related party transa¢tion$ Transactions with related parties During the year the Charity entered into the following transactions with related parties.. Sale of goods 2022 Donations payable 2022 2021 2021 Olher related parties 47,000 Donations receivable 2022 2021 Rent payable 2022 2021 Other related parties 173,ODO 245,000 219,065 258,194 173,000 245,000 219,065 258,194 Donations payable include £47,000 12021.. £nill made to charities where a trustee of this charity is also a trustee of the receiving charity.
Full Accounts (002) TBF 2022 Final Audit Report 2023-01-26 Created." 2023-01-25 By.. Ewa Handerek-marek lewa@baylight.co.ukl Stslus. Signed Transaction ID.. CBJCHBCAABAAa1Gry)IB79DBdSpkV6F65rTEAW15yvjzy "Full Accounts (002) TBF 2022" History Document created by Ewa Handerek.Marek lewa@baylighl.co.ukl 2023-01-25- 5..23..34 PM GMT- IP address.. 95 141.23 130 . Document emailed lo crispin@baylight.co.uk for signature 2023-01-25- 5".24".41 PM GMT Email viewed by ¢rispin@baylight.¢o.uk 2023-01.2fj. 9.'42.'07 AM GMT- IP address.. 87.252.38.106 Signer crispin@baylight.co.uk entered name al signing as ck 2023-01-26- 9."42..36 AM GMT- IP address". 87 252.38 106 Document e-signed by ck 1crispin@baylighl.co.ukl Signature Dale.. 202&01-26- 9'.42.'38 AM GMT- TIM8 Sourca.. $erv8r- IP addr8s8". 87.252.38.106 Agreement completed. 2023-01-26- 9..42..38 AM GMT Adobe Acrobat Slgn