**COMPANIES HOUSE REGISTERED NO: 6356360**
# **CHARITY REGISTERED NUMBER: 1133681**
**SAVILE ROW ACADEMY LIMITED**
**DIRECTORS' AND TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020**
**KEMPTON EMSDEN & CO.**
**CHARTERED ACCOUNTANTS 34 NAPIER ROAD BROMLEY KENT BR2 9JA**
**SAVILE ROW ACADEMY LIMITED**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
|**Company Number:**|6356360|
|---|---|
|**Registered Charity Number:**|1133681|
|**Director:**|Professor A M Ramroop, OBE, CMTT|
|**Trustees:**|Professor A M Ramroop, OBE, CMTT|
||Dr K I F Khan - resigned 31.12.2020|
||Ms R Singer - appointed 31.12.2020|
||Mr A Wong CBE - appointed 31.12.2020|
|**Registered Office:**|34 Napier Road|
||Bromley|
||Kent|
||BR2 9JA|
|**Accountants:**|Kempton Emsden & Co.|
||Chartered Accountants|
||34 Napier Road|
||Bromley|
||Kent|
||BR2 9JA|
**SAVILE ROW ACADEMY LIMITED**
## **FOR THE YEAR ENDED 31 DECEMBER 2020**
## **CONTENTS**
||**Page**|
|---|---|
|Trustees' Report|1|
|Independent Examiner's Report|3|
|Statement of Financial Activities|4|
|Detailed Analysis of Funds|5|
|Balance Sheet|6|
|Notes|7|
|Income and Expenditure Account|14|
**SAVILE ROW ACADEMY LIMITED**
## **TRUSTEES' ANNUAL REPORT**
## **FOR THE YEAR ENDED 31 DECEMBER 2020**
The Trustees present their report and the financial statements of the charity for the year ended 31 December 2020. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) "Accounting and Reporting by Charities" (FRS102) in preparing the annual report and financial statements of the charity.
## **Structure, Governance and Management**
## **Governing document**
The charity is governed by its Memorandum and Articles of Association, dated 30 August 2007.
## **Organisation**
The charity is a limited company, incorporated on 30 August 2007. The company was registered as a charity on 22 January 2010, number 1133681. The charity is run by a Principal who administers and manages the day-to- operations of the charity.
## **Relationships with other groups, charities and individuals**
The charity has a very close relationship with Maurice Sedwell (Savile Row) Ltd., of which A.M. Ramroop is a director and ultimate shareholder.
## **Risk policy**
The trustees have examined the major strategic, business and operational risks which the charity faces and confirm that systems have been established to enable regular reports to be produced so that the necessary steps can be taken to lessen these risks.
## **Objectives and activities**
The principal activity of the company is that of teaching tailoring skills to students who do not want to go on to higher education.
## **Achievements and performance**
This year has been an uneventful year with Savile Row Academy (SRA) with cancellations and refunds of student fees.
Due to social distancing, lockdowns and quarantine measures SRA has not been able to operate normally.
Although our capacity is ten students due to limited space, we could now only accommodate seven.
Presently, we are able to deliver two courses with two groups of six persons (6). To enable efficient delivery of the courses SRA have had to employ more staff. All staff are former SRA trainees who have attained the level of expertise for which we have become known.
Trainees are allowed to use the classroom on evenings, Saturdays and holidays. Most take advantage of these opportunities.
## **Financial review**
New course guides have been written, students interviewed and SRA Hand Book reviewed for 2022. Due to unaffordability of premises on Savile Row, the school will be relocated.
## **Plans for future periods**
It is expected that another summer course will not be delivered in 2022 unless new premises are found by April 2022.
## **Research and development**
The courses will be redesigned to be delivered in three years.
Page 1
## **SAVILE ROW ACADEMY LIMITED**
## **TRUSTEES' ANNUAL REPORT**
## **FOR THE YEAR ENDED 31 DECEMBER 2020**
## **Trustees' responsibilities in relation to the financial statements**
The trustees (who are also directors of 31 December 2020 for the purposes of company law) are responsible for preparing the Trustees' Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charitable company for that period. In preparing these financial statements, the trustees are required to:
- select suitable accounting policies and apply them consistently;
- observe the methods and principles in the Charities SORP 2015 (FRS102);
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on a going concern basis unless it is inappropriate to presume that the charitable company will continue in operation.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
This report was approved by the board of directors and trustees on 23 September 2021 and signed on its behalf.
......................................................... **A M RAMROOP** – O.B.E. C.M.TT. **TRUSTEE**
Page 2
**INDEPENDENT EXAMINER'S REPORT**
## **TO THE TRUSTEES OF SAVILE ROW ACADEMY LIMITED**
## **FOR THE YEAR ENDED 31 DECEMBER 2020**
I report to the charity trustees on my examination of the accounts of the company for the year ended 31 December 2020 which are set out on pages 4 to 14
## **Responsibilities and basis of report**
As the charity trustees of the company (and also its director 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 company'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**
Since the company's gross income exceeded £250,000 your examiner must be a member of a body listed in Section 145 of the 2011 Act. I confirm that I am qualified to undertake this examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.
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 that in any material respect:
1. 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
3. 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
4. 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 (FRS102).
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.
........................................ Dated: 23 September 2021 Kempton Emsden & Co. Chartered Accountants 34 Napier Road Bromley Kent BR2 9JA
Page 3
## **SAVILE ROW ACADEMY LIMITED**
## **STATEMENT OF FINANCIAL ACTIVITIES**
|**Income and endowments from:**
Charitable activities
Investments
Other income
**Total income and endowments**
**Expenditure on:**
Raising funds
Charitable activities
Other
**Total resources expended**
**Net movement in funds**
**Total funds brought forward**
**Total funds carried forward**|**FOR THE YEAR ENDED 31 DECEMBER 2020**
**Total**
**Total**
**Unrestricted** **Funds**
**Funds**
**Funds**
**2020**
**2019**
**£**
**£**
**£**
185,635
185,635
250,914
22,031
22,031
8,836
2,153
2,153
1,991
**–––––––**
**–––––––**
**–––––––**
209,819
209,819
261,741
**–––––––**
**–––––––**
**–––––––**
148,266
148,266
230,787
11,034
11,034
46,668
15,826
15,826
49,190
**–––––––**
**–––––––**
**–––––––**
175,126
175,126
326,645
**–––––––**
**–––––––**
**–––––––**
34,693
34,693
(64,904)
£113,437
£113,437
178,341
**–––––––**
**–––––––**
**–––––––**
£148,130
£148,130
£113,437|
|---|---|
**======= ======= =======**
All income and expenditure derive from continuing activities.
Page 4
**SAVILE ROW ACADEMY LIMITED**
## **STATEMENT OF FINANCIAL ACTIVITIES**
## **DETAILED ANALYSIS OF MOVEMENTS IN FUNDS**
## **FOR THE YEAR ENDED 31 DECEMBER 2020**
|||**2020**|||**2019**||
|---|---|---|---|---|---|---|
||**£**||**£**|**£**||**£**|
|**General Fund**|||||||
|Balance brought forward|113,437|||178,341|||
|Surplus/(deficit) for the year|34,693|||(64,904)|||
||**–––––––**|||**–––––––**|||
||||148,130|||113,437|
||||**–––––––**|||**–––––––**|
|**Total funds at 31 December 2020**|||£148,130|||£113,437|
||||**=======**|||**=======**|
Page 5
## **COMPANY NUMBER: 6356360**
## **SAVILE ROW ACADEMY LIMITED**
## **BALANCE SHEET**
## **AT 31 DECEMBER 2020**
||**Note**||**2020**|||**2019**|
|---|---|---|---|---|---|---|
|||**£**||**£**|**£**|**£**|
|**Tangible fixed assets**|||||||
|Investments||||431||29,313|
|**Current assets**|||||||
|Debtors|11|353,555|||300,666||
|Bank accounts||74,886|||4,268||
|||**–––––––**|||**–––––––**||
|||428,441|||304,934||
|**Creditors**|||||||
|Amounts falling due within|||||||
|one year|12|278,870|||220,809||
|||**–––––––**|||**–––––––**||
|**Net current assets**||||149,571||84,125|
|||||**–––––––**||**–––––––**|
|**Total assets less current liabilities**||||150,002||113,438|
|**Provisions for liabilities**||||(1,871)||-|
|||||**–––––––**||**–––––––**|
|**Net assets**||||£148,131||£113,438|
|||||**=======**||**=======**|
|**Capital funds**|||||||
|Called up share capital||||1||1|
|Unrestricted funds||||148,130||113,437|
|||||**–––––––**||**–––––––**|
|**Total funds**||||£148,131||£113,438|
|||||**=======**||**=======**|
For the year ending 31 December 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
Director's responsibilities:
The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476;
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These financial statements have been prepared in accordance with the special provisions relating to the small companies regime within Part 15 of the Companies Act 2006. Approved by the trustees on 23 September 2021 and signed on their behalf.
...................................................
## **A M RAMROOP** - Director
The annexed notes form part of these financial statements.
Page 6
**SAVILE ROW ACADEMY LIMITED**
**NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31 DECEMBER 2020**
## 1. **Accounting policies**
The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with 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 (FRS102) issued on 16 July 2014 (as updated through Bulletin 1 published on 2 February 2016 and Update Bulletin 2 published on 5 October 2018) the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS102), the Companies Act 2006 and UK Generally Accepted Practice.
The financial statements are prepared on a going concern basis under the historical convention (modified to include certain items at fair value). The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest pound.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years unless otherwise stated.
## **Incoming resources**
All incoming resources are included in the SOFA when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy. Tuition fees relating to future periods are included in deferred income.
## **Resources expended**
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. The irrecoverable element of VAT is included with the item of expense to which it relates.
## **Fund accounting**
General funds are unrestricted funds which are available for use at the discretion of the trustees to further the objectives of the charity.
## **Investments**
Investments in shares are carried at fair value, as determined by the company's US investment brokers. Revaluation surpluses and losses are recognised in the profit and loss account.
## **Investment Income**
Income from investments is accounted for on an accruals basis where material.
Page 7
**SAVILE ROW ACADEMY LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31 DECEMBER 2020**
## **Foreign exchange**
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction.
## **Intangible assets**
Intangible fixed assets are stated at cost less amortisation and impairment. Amortisation has been provided at rates calculated to write off the cost of intangible fixed assets over their expected useful lives as follows:
Trade mark expenses 10% per annum of cost.
## **Pension costs**
The company operates a defined contribution pension scheme with NEST and the pension charge represents the amounts payable by the company to the fund in respect of the year.
## **Grants received**
Covid Job Retention Scheme Grants received are credited to income when the salaries to which the grants relate are paid.
## **Financial instruments**
The charity has financial assets and liabilities that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value including transaction costs and subsequently carried at amortised cost using the effective interest method.
Page 8
## **SAVILE ROW ACADEMY LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31 DECEMBER 2020**
## 2. **Income**
|||**Unrestricted**|**Total**|**Total**|
|---|---|---|---|---|
|||**Funds**|**Funds**|**Funds**|
|||**2020**|**2020**|**2019**|
|||**£**|**£**|**£**|
||**Charitable activities**||||
||Tuition fees|185,635|185,635|250,914|
|||**–––––––**|**–––––––**|**–––––––**|
|||185,635|185,635|250,914|
|||**–––––––**|**–––––––**|**–––––––**|
||**Investment income**||||
||Bank interest received|-|-|17|
||Loan interest receivable|27,165|27,165|-|
||Dividends received|-|-|165|
||(Loss)/profit on disposal of investments|(4,614)|(4,614)|5,922|
||Loss on foreign exchange|(263)|(263)|(1,326)|
||Fair value changes|(257)|(257)|4,058|
|||**–––––––**|**–––––––**|**–––––––**|
|||22,031|22,031|8,836|
|||**–––––––**|**–––––––**|**–––––––**|
||**Other income**||||
||Employment allowance|625|625|1,991|
||Covid Job Retention Scheme Grants|1,528|1,528|-|
|||**–––––––**|**–––––––**|**–––––––**|
|||2,153|2,153|1,991|
|||**–––––––**|**–––––––**|**–––––––**|
|3.|**Expenditure on raising funds**||||
|||**2020**|**2020**|**2019**|
|||**£**|**£**|**£**|
||Marketing|-||1,857|
||Rent, rates and service charges|144,000||120,000|
||Travelling|-||77|
||Printing, postage and stationery|-||942|
||Computer expenses|565||581|
||Legal and professional charges|2,512||104,180|
||Book-keeping|454||2,815|
||Bank charges|689||289|
||Sundry expenses|46||46|
|||**–––––––**||**–––––––**|
||||148,266|230,787|
||||**=======**|**=======**|
Page 9
**SAVILE ROW ACADEMY LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31 DECEMBER 2020**
|4.|**Expenditure on charitable activities**||||
|---|---|---|---|---|
|||**2020**|**2020**|**2019**|
|||**£**|**£**|**£**|
||Training materials|2,057||3,243|
||Teaching staff|-||19,066|
||Teaching fees|8,977||24,300|
||Recruitment costs|-||59|
|||**–––––––**||**–––––––**|
||||11,034|46,668|
||||**=======**|**=======**|
|5.|**Other costs**||||
|||**2020**|**2020**|**2019**|
|||**£**|**£**|**£**|
||Accountancy|2,400||1,920|
||Corporation Tax on interest receivable|5,161||-|
||Wages and salaries|7,417||22,251|
||Employer's NIC|625||1,887|
||Employer's pension contributions|223||612|
||Director's remuneration|-||20,000|
||Employer's NIC|-||2,070|
||Pension contributions|-||450|
|||**–––––––**||**–––––––**|
||||15,826|49,190|
||||**=======**|**=======**|
|6.|**Profit before tax**||||
||||**2020**|**2019**|
||||**£**|**£**|
||This is stated after charging:||||
||Pension costs||223|1,493|
||||**========**|**========**|
Page 10
**SAVILE ROW ACADEMY LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31 DECEMBER 2020**
## 7. **Trustees' emoluments**
|**Trustees' emoluments**|||
|---|---|---|
||**2020**|**2019**|
||**£**|**£**|
|Director's remuneration|-|20,000|
|Employer's NIC|-|2,070|
|Pension contributions|-|450|
||**––––––**|**––––––**|
||£ -|£22,520|
||**======**|**======**|
The director is accruing benefits under a money purchase pension scheme. Ansel Wong, a trustee, received £1,200 from the charity for teaching services in January 2020. The trustees have not otherwise received remuneration, benefits or re-imbursement of expenses during the year.
## 8. **Staff costs**
The average number of persons employed by the company, including the director, during the year was as follows:
||**2020**|**2019**|
|---|---|---|
|Teaching and administration|1|4|
||**======**|**======**|
|The aggregate payroll costs of these persons were as follows:|||
||**2020**|**2019**|
||**£**|**£**|
|Wages and salaries|7,417|59,748|
|Social security|625|5,096|
|Other pension costs|223|1,493|
||**––––––**|**––––––**|
||£ 8,265|£66,337|
||**======**|**======**|
Page 11
**SAVILE ROW ACADEMY LIMITED**
**NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31 DECEMBER 2020**
|9.|**Intangible fixed assets**||
|---|---|---|
|||**Patents**|
|||**£**|
||Cost:||
||At 1 January 2020|1,331|
|||**–––––**|
||At 31 December 2020|1,331|
|||**–––––**|
||Amortisation:||
||At 1 January 2020|1,331|
|||**–––––**|
||At 31 December 2020|1,331|
|||**–––––**|
||Net book value:||
||At 31 December 2020|£ -|
|||**=====**|
||At 31 December 2019|£ -|
|||**=====**|
|10.|**Fixed asset investments**||
|||**Listed**|
|||**£**|
||Cost||
||At 1 January 2020|29,314|
||Additions|6,789|
||Deficit on revaluation|(273)|
||Disposals|(35,399)|
|||**–––––––**|
||At 31 December 2020|431|
|||**–––––––**|
||Net Book Values:||
||As at 31 December 2020|£ 431|
|||**=======**|
||As at 31 December 2019|£ 29,314|
|||**=======**|
Page 12
## **SAVILE ROW ACADEMY LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31 DECEMBER 2020**
## 11. **Debtors and prepayments**
Amounts falling due within one year:
|Amounts falling due within one year:|||
|---|---|---|
||**2020**|**2019**|
||**£**|**£**|
|Tuition debtors|6,301|-|
|Maurice Sedwell (Savile Row) Ltd|336,146|293,847|
|Prepayments and accrued income|11,013|-|
|Alexander Investments - cash balance|95|6,819|
||**–––––––**|**–––––––**|
||£353,555|£300,666|
||**=======**|**=======**|
## 12. **Creditors**
Amounts falling due within one year:-
|Amounts falling due within one year:-|||
|---|---|---|
||**2020**|**2019**|
||**£**|**£**|
|Sundry creditors|8,364|8,372|
|Other taxes & PAYE|214|222|
|Corporation tax payable|3,291|-|
|Accruals and deferred income|267,001|212,215|
||**–––––––**|**–––––––**|
||£278,870|£220,809|
||**=======**|**=======**|
## 13. **Related party transactions**
The charity has a very close relationship with Maurice Sedwell (Savile Row) Ltd., which is a wholly owned subsidiary of Maurice Sedwell Ltd., of which A M Ramroop, the director, is the sole shareholder. At the Balance Sheet date Maurice Sedwell (Savile Row) Ltd. owed the charity £336,146 (2019 - £293,847). The loan is repayable on demand. Interest has been charged on the loan at 6% per annum. Rent was payable by the charity to Maurice Sedwell (Savile Row) Ltd. of £144,000 (2019 - £120,000).
Page 13
**SAVILE ROW ACADEMY LIMITED**
## **INCOME AND EXPENDITURE ACCOUNT**
## **FOR THE YEAR ENDED 31 DECEMBER 2020**
|||**2020**|||**2019**|
|---|---|---|---|---|---|
||**£**||**£**|**£**|**£**|
|**Turnover**||||||
|Tuition fees|||185,635||250,914|
|Bank interest received|||-||17|
|Loan interest receivable|||27,165||-|
|Dividends received|||-||165|
|(Loss)/profit on disposal of investments|||(4,614)||5,922|
|Loss on foreign exchange|||(263)||(1,326)|
|Fair value changes|||(257)||4,058|
|Employment allowance|||625||1,991|
|Covid Job Retention Scheme Grants|||1,528||-|
|||**––––––––**|||**––––––––**|
||||209,819||261,741|
|**Resources Expended**||||||
|Staff costs - administration|8,265|||47,270||
|Marketing|-|||1,857||
|Rent, rates and service charges|144,000|||120,000||
|Travelling|-|||77||
|Printing, postage and stationery|-|||942||
|Computer expenses|565|||581||
|Legal and professional charges|2,512|||104,180||
|Book-keeping|454|||2,815||
|Bank charges|689|||289||
|Sundry expenses|46|||46||
|Training materials|2,057|||3,243||
|Teaching staff|-|||19,066||
|Teaching fees|8,977|||24,300||
|Recruitment costs|-|||59||
|Accountancy|2,400|||1,920||
|Corporation Tax on interest receivable|5,161|||-||
||**––––––––**|||**––––––––**||
|||(175,126)|||(326,645)|
|||**––––––––**|||**––––––––**|
|**Net income over expenditure for the year**||£|34,693||£ (64,904)|
|||**========**|||**========**|
Page 14