Charlty reglstratlon number 1088950 THE BAYLIGHT FOUNDATION ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
THE BAYLIGHT FOUNDATION LEGAL AND ADMINISTRATIVE INFORMATION Trustees CN8Kelly N Khattar Charity number 1088950 Principal address 3 Stukeley Street London WC2B 5LB Independent examiner Gr8vila11 LLP 30 City Road London EC1Y 2AB
THE BAYLIGHT FOUNDATION CONTENTS Pago Ttuslees report Independent exarninerfs report Statement of financi81 activities Statement of financial position Notes to the financial slatemenls 5-11
THE BAYLIGHT FOUNDATION TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2023 The Trustetrs present their annual report and financial statements for the year ended 31 March 2023. The financial statements have been prepared in accordance wth the accounting policies sel out in note 1 to the financial statements and comply with the Charity's goveming document, the Charities Act 2011 and "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffective 1 January 20191" Objectives and activities The Charity's obje¢t of the Foundation is lo provide funds for the benefit of research relating to education, procurement, aeslhelics and environmental issues. The Trustees have paid due regard lo guidance issued by the Charity Commission in deciding what activities the Charity should undertake. Financial r8Vi8W As at 31 March 2023, the charity has nel assets of £734. It is the policy of the Charity that unrestricted funds which have not been designated for a specrfic use should be maintained at a level equivalent to beeen three and six month's expenditure. The Trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the Charity s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year. The Trustees have assessed the major risks to which the Charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks. Structure, governance and management The charity is governed by a declaration of trLJSt. The charity number is 1088950. The Charity is administrated by the trustees 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 slalemenls 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 15, 2024
THE BAYLIGHT FOUNDATION INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE BAYLIGHT FOUNDATION report to the charity trustees on my examin81ion of the financi81 $18l&ments of Th& 88ylighl Foundation Ilhe Charilyl for the year ended 31 March 2023 which are set out on pages 3 10 11. Responsibilities and basis of report As the Charity's trustees you are responsible for the prep8r8tion of the financial ststements in 8ccord8n¢e with the requirements of the Charities Act 2011 I'lhe A¢l'l. I report in respect of my examination of your charills financial slalemenls carried out under section 145 of the Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 14515llbl of the Act. Independent examinerfs statement I have completed my examination. I confirrn that no matters have come lo my attention in connection with the examination giving me cause lo believe th81 in any material respect.. accounting records were not kept in respect of the Charity as reqijired by section 130 of the 2011 Act.. or the financial statements do not accord with those records., or the financial stslemenls do not cornply with the applicable requirements concerning the form and conlenl of accounts sel out in the Charities (Accounts Reportsl Regulations 2008 other than any requirement that the a¢¢ounts give a true and fair view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination lo which attention should be drawn in this report in order to enable a proper understsnding of the financial statements to be reached. Gravita11 LLP Chartered accountants Filiz Zekia FCCA 30 City Road London EC1Y2AB Dated.. 1610112024
THE BAYLIGHT FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2023 Unre$tri¢ted Unrestri¢ted funds funds 2023 2022 Notes wm DonatlDns and legacies Charitable aclivilie5 Other income 160,000 38,513 2,934 173,000 31,191 990 Total income 201,447 205,181 Charitable aclivilie5 343,978 295,216 Net expenditure for the yearl Net movement in funds 1142,5311 190,0351 Fund balances at 1 April 2022 143,265 233,300 Fund balancas at 31 March 2023 734 143,265 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 2023 2023 2022 Notas Fixed assets Tangible assets 897 Current assets Stocks Debtors Cash al bank and in hand 35,488 50,925 77,999 10 53,940 8,050 1,990 164,412 Cd[torS= amounts falling due within one year 11 161,2561 122,0441 Nel current assets 734 142,368 Totsl assets le$$ Current Ilabllltl¢$ 734 143,265 Income funds Unrestricted funds 734 143,265 734 143,265 The financial slalements were approvod by the Trusleos on . 15101/2024 CNBKelly Trustee
THE BAYLIGHT FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 A¢UntIng policies Charity information The B8ylight Found8bon is 8 registered charity established under 8 Deed of Trust dated 2 July 2001. 1.1 Accounting convention The finan¢i81 $181emenls have been prepared in accordance with the Charity's Igoveming documenll, the Charities A¢1 2011, FRS 102 "The Finan¢i81 Reporting Stsndard appli¢able in the UK and Republic of Ireland. I'FRS 102,1 and the Charities SORP 'A¢¢ounling and Reporting by Charities.. Ststemenl of R8comménd8d Practicè applicabl8 to charitias prèparing thèir accounts in accordancé with thè Financigl Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. leffe¢tive 1 JanLJary 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 Statunent of Cash Flows. The financial statements are prepared in sterling, which is the ftJn¢tional ¢urren¢y of the Charity. Monetsry amounts in these financial ststements ar8 rounded to tha nearèst £. The accounts have been prepared under the historical cost convention. The principal accounting policies adopted are sel out below. 1.2 Going concern Al the lime of approving the financial slalements, the Tru51ees have a reasonable expectslion that the Charity ha5 adequate resources lo continue in operational existence for the foreseeable future. Thus the Trustees ontinue lo adopt the going concern basis of accounting in preparing the financial statements. 1.3 Charitable funds Unrestricted funds are available for use at 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 specific conditions by donors as to how they may be used. The purtx)ses and uses of the restricted funds are set out in the notes ID the financial slalements. 1.4 Incoming resources Cash donations are recognised on receipt. Other donations are recognised once the Charity has been notified of the donation. Income tax recoverable in relation to donations reiVed under Gift Aid 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 temi of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carying amount of the leased asset and recognised on a straight line basis over the lease term. Turnover is measured al the fair value of the consideration received or re1vable and represents amounts receivable for goods and services provided in the normal course of business, nel of discounts, VAT and other sales related taxes.
THE BAYLIGHT FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Accounting policiès {Continu8d) 1.5 Tangible fixed assets Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases.. Fixtures, fittings & equipment 200/D slraighl line The gain or loss arising on the disposal ol an asset is determined as the difference between the sale prOedS and the carrying value of the asset, and is recognised in the ststement of financial activities. 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 Al each reporting end dale, the Charty vIewS the carrying amounts of ils tsngible asset5 to determine whether there is any indication th81 those assets have suffered an irnp8irmenl loss. If 8ny such indtIon exists, the recoverable amount of the asset is ests'mated in order to deltrrmine the exlenl of the impairment loss lif any). 1.7 Stocks Stocks are stated at the lower of cost and estimated selling price less costs lo complete and sell. Stock relates lo 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 ¢ash equivalents in¢lude cash in hand. 1.9 Financial instrum¢nts The Charily has elected to apply the provisions of Section 11 'Basic Finanaal Instruments, of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Charity's balance sheet when the Charity becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the finanaal slatemenls, when there is a legally enforable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include debtors and cash and bank balans, are initially measured at transaction price including transaction costs and are subsequently carried al amortised cost using the effective interest method unless the arrangement constitutes a financing Iransaclion, where the transaction is measured al the present value of the future receipts discounted al a market rate of interest. Financial assets lassified as receivable within one year are not amortised.
THE BAYLIGHT FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Accounting policiès {Continu8d) Impairment of linancial assets Financial assets, other than those held at fair value through income and expenditure, are assessed for indicators of impairment at each reporting date. Financial assets are impaired where there is objecl've evidence that, as a result of One or more events that occurred after the initial recognition of the financial asset, the 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 at the asset's original effective interest rate. The impairment loss is recognised in net incomellexpendilurel for the year. If there is a decrease in the impairment loss arising from an event occurring after the imp8irmenl w8S recognised, the imp8imenl is reversed. The reversal is such that the current carrying amount does not exceed what the carrying 8mounl would have been, had the impaimenl not previously been recognised. The impairment reversal is re¢ognised in nel incomellexpendilurel for the year. Derecognition of financial assets Financial assets are dere¢ognised only when the conlra¢lual rights lo the cash flows from the asset expire or are settled, or when the Charity transfers the financial asset and substantially all the risks and rewards of ownèrship to anothèr entity, or if somè significant risks and rowards of ownèrship arg retsin8d but control of Ihg asset has transferred lo another party that is able to $911 the asset in its enb'rety to an unrelated third paty. BasiG financial liabilities Basic finanual liabilities, including creditors and trad8 loan balancès from connectèd 8ntiti8s arè initially rècognised at transaction price unless the arrangemènt constitutes a financing transaction, where debt 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 not amortised. Debt instruments are subsequently carried at aM0sed cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or setvices 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-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Darecognition of financial liabilities Financial liabilities are derecognised when the Charity's contractual obligations expire or are discharged or cancelled. Donations and legacies Unrestricted Unrestri¢ted funds funds 2023 2022 Donations and gifts 160,000 173,000
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THE BAYLIGHT FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Other in¢ome Unrestricted Unrestricted funds funds 2023 2022 Other income 2,934 990 Other income relates to cleaning services. Charitable activities Charitable Charitablo Expenditure Expenditure 2023 2022 Charitable donations Rent payable Media expenses Event costs Cleaning costs Insur8n¢e Markeling and exhibition costs Motor, travel and entertaining Printing, postage and stslionery Depreciation Maintenance expenses Sundry expenses Light & Heat Rates Bad Debts Bank charges Stock write off 60,636 219,065 373 100 5,939 503 814 32 219,065 2,176 2,835 47,000 12 897 6,849 117 6,039 5,302 897 2,533 58 1,001 5,578 1,750 427 1,790 3S,488 343,978 295,216 343,978 295,216 A¢¢ountsncy fees were paid by Baylight Properties Limited. 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 2023 Employees There were no employees during the year. Tangiblo fixed assets Flxtures, Ilttlng8 & equlpmènt Cost Al 1 April 2022 4,485 At 31 March 2023 4,485 Depre¢iatron and impairment At 1 April 2022 Depreciation charged in the year 3,588 897 At 31 Mah 2023 4,485 Carrying amount Al 31 Mar¢h 2023 Al 31 March 2022 897 Stocks 2023 2022 Stock 35,488 Stock is ststed after provisions for impairment of nil12022.. £11,830). 10 Debtors 2023 2022 Amounts falling due within one year: Trade debtors Other debtors Prepayments and a¢¢rued income 3,015 360 50,565 360 50,565 53,940 50,925 Trade debtors disclosed above are classified as loans and receivables and are therefore measured al amortised St. Trade dèbtors are staled after provisions for impaimient of £3,74612022.. £3,746> 10-
THE BAYLIGHT FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 11 Creditors.. amounts falling due within one year 2023 2022 Trade creditors Other creditors Accruals and deferred income 60,256 1,000 19,987 1,000 1,057 61,256 22,044 12 Operating lease commitments Al the reporting end dale the Ch8ri1y had oulstsnding ¢ommrf(ments for future minimum lease payments under non-c8n¢ellable oper8ting le8ses, which fall due as follows.. 2023 2022 Within one year Between two and five years 69,020 219,065 69,020 69,020 288,085 13 Related party transactions Transactions with related parties During the year the Charity entered into the following transactions with related parties.. Sale Of goods 2023 Donations payable 2023 2022 2022 Other related parties 54,636 47,000 54,636 47,000 Donatlons rècolvablè 2023 2022 Rènt payablè 2023 2022 Other related parties 160,000 173,000 219,065 219,065 160,000 173,000 219,065 219,065 Donations payable include £54,63612022'. £47,000) made to charities where a trustee of this charity is also a trustee or Chair of the receiving ¢harity-