REGISTERED COMPANY NUMBER: 05041479 (England and Wales) REGISTERED CHARITY NUMBER: 1115840
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020
FOR
VISTA EDUCATION AND TRAINING LIMITED
Raffingers LLP Chartered Certified Accountants 19-20 Bourne Court Southend Road Woodford Green Essex IG8 8HD
VISTA EDUCATION AND TRAINING LIMITED
CONTENTS OF THE FINANCIAL STATEMENTS for the year ended 31 August 2020
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 3 |
| Independent Examiner's Report | 4 | ||
| Statement of Financial Activities | 5 | ||
| Balance Sheet | 6 | ||
| Notes to the Financial Statements | 7 | to | 12 |
VISTA EDUCATION AND TRAINING LIMITED (REGISTERED NUMBER: 05041479)
REPORT OF THE TRUSTEES for the year ended 31 August 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 31 August 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).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The objects of the charity are the advancement of education to advance the Jewish faith and the relief of poverty, both in the United Kingdom and overseas.
The charity aims to:-
-
Enable the hard-to-reach people we serve to achieve qualifications and acquire skills;
-
Meet the training needs of the community in a culturally sensitive environment;
-
Ensure members of the community do not have to go to mainstream providers in order to gain qualifications;
-
Promote employability and building confidence and self-esteem; and
-
Impact on the community, families and parents through education and accessibility to resources and training.
Public benefit
The board referred to the guidance contained in the Charity Commission's general guidance on public benefit, and 'The Advancement of Religion for the Public Benefit' in particular, when reviewing the aim and objectives and in in planning the charity's future activities. In particular, the trustees consider how the planned activities will contribute to the aims and objectives set.
Grantmaking
The charity also provided grants to qualifying institutions and individuals. During the year, the charity made grants totalling £55,620 (2019 - £19,219).
ACHIEVEMENT AND PERFORMANCE
Charitable activities
Vista Education and Training Limited is the leading, most experienced and longest established accredited vocational training centre in Stamford Hill, North London.
Vista Education and Training Limited provided vocational training programmes which provided courses for over 300 beneficiaries. Funding from the London Borough of Hackney continued during the period.
FINANCIAL REVIEW
Financial position
The financial results for the year to 31 August 2020 are shown in the attached financial statements.
Total income increased from £215,857 to £245,490 and total expenditure increased from £201,564 to £268,325 in comparison with the previous period.
There was a net decrease in funds of £22,835 (2019 - increase of £14,293) and the charity had reserves of £9,617 (2019 - £32,452) at the year end.
Investment policy and objectives
Under its trust deed the charity has the powers to invest in any way the trustees wish.
Reserves policy
The trustees have established the level of reserves (that is those funds that are freely available) that the charity ought to have. Reserves are needed to bridge the funding gaps between spending on educational and grant activities and receiving resources through voluntary donations and grants. The trustees consider that the ideal level of reserves for the year ended 31 August 2020 would be three months of resources expended which approximates to £65,000 (2019 - £50,000).
The actual free reserves at the year end were £9,617 (2019- £32,452) which is less than our target figure. The trustees have not undertaken any formal charitable commitments and consider that the charity will generate sufficient income from donations to fund its ongoing activities.
Page 1
VISTA EDUCATION AND TRAINING LIMITED (REGISTERED NUMBER: 05041479)
REPORT OF THE TRUSTEES for the year ended 31 August 2020
FUTURE PLANS
Vista Education and Training Limited will continue to expand and develop its training and educational programmes and grant making activities.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, its memorandum and articles of association, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
Vista Education and Training Limited was incorporated on 11 February 2004 as amended by special resolution dated on 20 July 2006.
Recruitment and appointment of new trustees
New trustees will be appointed due to their interest in the work of the charity and their recognised experience in specific fields which will further the work of the charity.
Organisational structure
The board of Trustees administers the charity. The Board meets regularly.
Induction and training of new trustees
Any new trustee will be fully briefed on the history of the trust, and its objectives and plans, as well as the management and operational processes. Trustees can retire when they wish as they do not serve under a fixed term of tenure.
Risk management
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
The trustees have a risk management strategy which comprises:
-
an annual review of the risks the charity may face;
-
the establishment of systems and procedures to mitigate those risks identified in the plan;
-
the implementation of procedures designed to minimise any potential impact on the charity should those risks
-
materialise.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number
05041479 (England and Wales)
Registered Charity number
1115840
Registered office
19-20 Bourne Court Southend Road Woodford Green Essex IG8 8HD
Trustees
Rabbi S Lew Dr H J T C Loewenthal Mr J H Korer
Company Secretary
Rabbi S Lew
Page 2
VISTA EDUCATION AND TRAINING LIMITED (REGISTERED NUMBER: 05041479)
REPORT OF THE TRUSTEES for the year ended 31 August 2020
REFERENCE AND ADMINISTRATIVE DETAILS Independent Examiner Raffingers LLP Chartered Certified Accountants 19-20 Bourne Court Southend Road Woodford Green Essex IG8 8HD
Approved by order of the board of trustees on 20 August 2021 and signed on its behalf by:
Rabbi S Lew - Trustee
Page 3
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF VISTA EDUCATION AND TRAINING LIMITED
Independent examiner's report to the trustees of Vista Education and Training Limited ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 August 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 2. 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
-
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.
Mr Suda Ratnam FCCA Raffingers LLP Chartered Certified Accountants 19-20 Bourne Court Southend Road Woodford Green Essex IG8 8HD
20 August 2021
Page 4
VISTA EDUCATION AND TRAINING LIMITED
STATEMENT OF FINANCIAL ACTIVITIES
for the year ended 31 August 2020
| 2020 Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations, grants and legacies 2 61,756 Charitable activities 3 Grants, vocational training and advice 183,734 Total 245,490 EXPENDITURE ON Charitable activities 4 Grants, vocational training and advice 268,325 NET INCOME/(EXPENDITURE) (22,835) RECONCILIATION OF FUNDS Total funds brought forward 32,452 TOTAL FUNDS CARRIED FORWARD 9,617 |
2019 Total funds £ 50,821 165,036 |
|---|---|
| 215,857 201,564 |
|
| 14,293 18,159 |
|
| 32,452 |
The notes form part of these financial statements
Page 5
VISTA EDUCATION AND TRAINING LIMITED (REGISTERED NUMBER: 05041479)
BALANCE SHEET
31 August 2020
| 2020 Unrestricted fund Notes £ FIXED ASSETS Tangible assets 10 16,641 CURRENT ASSETS Debtors 11 - Cash at bank 9,798 9,798 CREDITORS Amounts falling due within one year 12 (16,822) NET CURRENT ASSETS (7,024) TOTAL ASSETS LESS CURRENT LIABILITIES 9,617 NET ASSETS 9,617 FUNDS 13 Unrestricted funds 9,617 TOTAL FUNDS 9,617 |
2019 Total funds £ - 5,578 38,547 44,125 (11,673) 32,452 32,452 32,452 32,452 32,452 |
|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2020.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 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.
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 20 August 2021 and were signed on its behalf by:
Rabbi S Lew - Trustee
The notes form part of these financial statements
Page 6
VISTA EDUCATION AND TRAINING LIMITED
NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 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.
Exemption from preparing cash flow statement
The financial statements do not include a cash flow statement because the charitable company, as a small reporting entity, is exempt from the requirements to prepare such a statement under Charities SORP (FRS 102) Update Bulletin 1, Module 14.
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.
Grants payable are included in the period when any relevant conditions are met by the receiving entity. Payment of later instalments of a grant usually requires satisfactory progress reports from the project.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Charitable activities
Charitable activities comprise those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Governance costs
Governance costs comprise those costs associated with meeting the constitutional and strategic requirements of the charity and the costs linked to the strategic management of the charity.
Allocation and apportionment of costs
Overhead and support costs have been allocated first between charitable activity and governance. Overhead and support costs relating to charitable activities have been apportioned based on staff time and usage.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - 33% on reducing balance
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
continued...
Page 7
VISTA EDUCATION AND TRAINING LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 August 2020
1. ACCOUNTING POLICIES - continued
Fund accounting
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Cash at bank and in hand
Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less than three months form the date of acquisition. Deposits for more than three months but less than one year have been disclosed as short term deposits.
Creditors and provision
Creditors and provision are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Creditors and provision are recognised at the moment the charity anticipates it will pay to settle the debt. They have been discounted to the present value of the future cash payments where such discounting is material.
Pension costs and other post-retirement benefits
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
Debtors
Debtors are recognised at their settlement amount, less any provision for non-recoverability. Prepayments are valued at the amount prepaid. They have been discounted to be present value of the future cash receipt where such discounting is material
Financial instruments
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments.
Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value except for bank loans which are subsequently measured at the carrying value plus accrued interest less repayments. The financing charge to expenditure is at a constant rate calculated using the effective interest method.
Government grants
Government grants, including non-monetary grants shall not be recognised until there is reasonable assurance that:
(a) the entity will comply with the conditions attaching to them; and
(b) the grants will be received.
continued...
Page 8
VISTA EDUCATION AND TRAINING LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 August 2020
2. DONATIONS, GRANTS AND LEGACIES
| 2020 | 2019 | |||
|---|---|---|---|---|
| £ | £ | |||
| Donations, grants and training | 41,376 | 50,821 | ||
| Coronavirus job retention scheme grant | 20,380 | - | ||
| 61,756 | 50,821 | |||
| 3. | INCOME FROM CHARITABLE ACTIVITIES | |||
| 2020 | 2019 | |||
| Activity | £ | £ | ||
| Income from charitable | ||||
| activities | Grants, vocational training and advice | 183,734 | 165,036 |
4. CHARITABLE ACTIVITIES COSTS
| Grants, vocational training and advice 5. GRANTS PAYABLE |
Direct Costs £ 184,776 |
Grant funding of activities (see note 5) £ 55,620 |
Support costs (see note 6) £ 27,929 |
Totals £ 268,325 |
|---|---|---|---|---|
Grants to institutions during the year included the following:
| 6. | 2020 | 2019 | |
|---|---|---|---|
| £ | £ | ||
| LSGS | 43,603 | 6,361 | |
| Various smaller grants | 12,017 | 12,858 | |
| 55,620 | 19,219 | ||
| SUPPORT COSTS Governance Management costs Totals £ £ £ Grants, vocational training and advice 23,648 4,281 27,929 |
continued...
Page 9
VISTA EDUCATION AND TRAINING LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 August 2020
7. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
| 2020 | 2019 | ||
|---|---|---|---|
| £ | £ | ||
| Depreciation - owned assets | 8,196 | - |
8. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 August 2020 nor for the year ended 31 August 2019.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 August 2020 nor for the year ended 31 August 2019.
9. STAFF COSTS
The average monthly number of employees during the year was as follows:
| Administration Charitable |
2020 2 9 11 |
2019 2 9 |
|---|---|---|
| 11 |
No employees received emoluments in excess of £60,000.
10. TANGIBLE FIXED ASSETS
| TANGIBLE FIXED ASSETS | |
|---|---|
| Computer | |
| equipment | |
| £ | |
| COST | |
| At 1 September 2019 | 24,300 |
| Additions | 24,837 |
| At 31 August 2020 | 49,137 |
| DEPRECIATION | |
| At 1 September 2019 | 24,300 |
| Charge for year | 8,196 |
| At 31 August 2020 | 32,496 |
| NET BOOK VALUE | |
| At 31 August 2020 | 16,641 |
| At 31 August 2019 | - |
continued...
Page 10
VISTA EDUCATION AND TRAINING LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 August 2020
| 11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other debtors 12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade creditors Social security and other taxes Other creditors 13. MOVEMENT IN FUNDS At 1.9.19 £ Unrestricted funds General fund 32,452 TOTAL FUNDS 32,452 Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 245,490 TOTAL FUNDS 245,490 Comparatives for movement in funds At 1.9.18 £ Unrestricted funds General fund 18,159 TOTAL FUNDS 18,159 |
2020 2019 £ £ - 5,578 2020 2019 £ £ 9,706 3,494 796 788 6,320 7,391 16,822 11,673 Net movement At in funds 31.8.20 £ £ (22,835) 9,617 (22,835) 9,617 Resources Movement expended in funds £ £ (268,325) (22,835) (268,325) (22,835) Net movement At in funds 31.8.19 £ £ 14,293 32,452 14,293 32,452 |
|---|---|
continued...
Page 11
VISTA EDUCATION AND TRAINING LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 August 2020
13. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 215,857 215,857 |
Resources Movement expended in funds £ £ (201,564) 14,293 (201,564) 14,293 |
|---|---|---|
A current year 12 months and prior year 12 months combined position is as follows:
| Net | |||
|---|---|---|---|
| movement | At | ||
| At 1.9.18 | in funds | 31.8.20 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 18,159 | (8,542) | 9,617 |
| TOTAL FUNDS | 18,159 | (8,542) | 9,617 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 461,347 461,347 |
Resources Movement expended in funds £ £ (469,889) (8,542) (469,889) (8,542) |
|---|---|---|
14. RELATED PARTY DISCLOSURES
During the year the charity employed several individuals who were related to the trustee, Rabbi S Lew. Salaries paid to these individuals were as follows:
| Current | Previous | |
|---|---|---|
| £ | £ | |
| Mrs H Lew | 30,000 | 30,000 |
| Mrs R Lew | 1,841 | 3,307 |
| Mrs Z Vogel | 12,215 | 12,217 |
Page 12