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2022-12-31-accounts

DocuSign Envelope ID: 52373EA2-3523-4FBF-ACB7-3032E783B0E5

Registered number: 06356360 Charity number: 1133681

SAVILE ROW ACADEMY LIMITED

UNAUDITED

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

DocuSign Envelope ID: 52373EA2-3523-4FBF-ACB7-3032E783B0E5

SAVILE ROW ACADEMY LIMITED

CONTENTS

Page
Reference and administrative details of the Company, its Trustees and advisers 1
Trustees' report 2 - 5
Independent examiner's report 6 - 8
Statement of financial activities 9
Balance sheet 10 - 11
Notes to the financial statements 12 - 24

DocuSign Envelope ID: 52373EA2-3523-4FBF-ACB7-3032E783B0E5

SAVILE ROW ACADEMY LIMITED

REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2022

Trustees

Professor A M Ramroop OBE, CMTT Mrs J Ekblom Jarrold (appointed 7 July 2022)

Company registered number 06356360 Charity registered number 1133681 Registered office 1 Vincent Square London SW1P 2PN Accountants Wellers 1 Vincent Square London SW1P 2PN

Page 1

DocuSign Envelope ID: 52373EA2-3523-4FBF-ACB7-3032E783B0E5

SAVILE ROW ACADEMY LIMITED

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2022

The Trustees present their annual report together with the financial statements of the Company for the year 1 January 2022 to 31 December 2022. The Annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).

Since the Company qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.

Objectives and activities

a. Policies and objectives

The principal activity of the company is that of a teaching academy.

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.

b. Strategies for achieving objectives

Training courses are run for set number of students at various points throughout the year. Some of these students will then be offered employment opportunities within Maurice Sedwell (Savile Row) Ltd.

c. Main activities undertaken to further the Company's purposes for the public benefit

All activities undertaken by the charity are open to all members of the public and designed to encourage students into the academy and into employment.

Page 2

DocuSign Envelope ID: 52373EA2-3523-4FBF-ACB7-3032E783B0E5

SAVILE ROW ACADEMY LIMITED

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

Achievements and performance

a. Main achievements of the Company

During the Covid 19 pandemic, it was challenging to recruit students especially with social distancing, travel restrictions and closures. Nevertheless, Savile Row Academy Ltd persevered with fewer trainees. Over the last year, several trainees have been placed at Maurice Sedwell (Savile Row) Ltd with scholarship students also being placed in the same company.

Last year, due to low capacity, due to limited space, Savile Row Academy Ltd managed to negotiate extra space from Maurice Sedwell (Savile Row) Ltd which has continued into this year. The arrangement is working very well which has enabled Savile Row Academy Ltd to accept twelve students on each course.

Presently, we are able to deliver two courses with two groups of twelve people (24). To enable efficient delivery of the courses, Savile Row Academy Ltd had to employ more staff. All staff are former Savile Row Academy Ltd trainees who have attained the level of expertise for which we have become known.

Many Savile Row Academy Ltd trainees have been given employment opportunities at Maurice Sedwell (Savile Row) Ltd and others at Savile Row tailors.

Trainees are allowed to use the classroom on evenings, Saturdays and holidays and most take advantage of these opportunities.

Financial review

a. Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

b. Reserves policy

The reserves policy of the charity is to ensure that 6 months of operating costs are maintained at all times.

c. Principal risks and uncertainties

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.

d. Financial review

The results for the year exceeded expectations and Trustees see no reason why that should not continue.

Page 3

DocuSign Envelope ID: 52373EA2-3523-4FBF-ACB7-3032E783B0E5

SAVILE ROW ACADEMY LIMITED

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

Structure, governance and management

a. Constitution

Savile Row Academy Limited is registered as a charitable company limited by guarantee and was set up by a Trust deed. The charity is governed by its Memorandum and Articles of Association, dated 30 August 2007.

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 director who administers and manages the day-today operations of the charity.

b. Methods of appointment or election of Trustees

The management of the Company is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.

c. Related party relationships

The charity has a very close relationship with Maurice Sedwell (Savile Row) Ltd., of which A M Ramroop is a major shareholder.

Plans for future periods

Following on from last year when new course guides were written, students were interviewed and the Savile Row Academy Hand Book reviewed for 2023. It is expected that another summer course will be delivered in 2023 and one four-day course (over 10 months) will be the new format in future. This will enable potential students to have a choice as to whether they wish to enrol on the longer or shorter course

Page 4

DocuSign Envelope ID: 52373EA2-3523-4FBF-ACB7-3032E783B0E5

SAVILE ROW ACADEMY LIMITED

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

Statement of Trustees' responsibilities

The Trustees (who are also the directors of the Company for the purposes of company law) are responsible for preparing the Trustees' 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. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the 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 Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by order of the members of the board of Trustees and signed on their behalf by:

................................................ Professor A M Ramroop OBE

31-10-23 Date:

Page 5

DocuSign Envelope ID: 52373EA2-3523-4FBF-ACB7-3032E783B0E5

SAVILE ROW ACADEMY LIMITED

INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2022

Independent Examiner's Report to the Trustees of Savile Row Academy Limited ('the Company')

I report to the charity Trustees on my examination of the accounts of the Company for the year ended 31 December 2022.

Responsibilities and Basis of Report

As the Trustees of the Company (and 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 the Company's accounts 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.

Page 6

DocuSign Envelope ID: 52373EA2-3523-4FBF-ACB7-3032E783B0E5

SAVILE ROW ACADEMY LIMITED

INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

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 the examination because I am a member of ICAEW, 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:

  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 (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.

Page 7

DocuSign Envelope ID: 52373EA2-3523-4FBF-ACB7-3032E783B0E5

SAVILE ROW ACADEMY LIMITED

INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

This report is made solely to the Company's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Company's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Company and the Company's Trustees as a body, for my work or for this report.

Signed: Mr Matthew Wyatt

31-10-23 Dated: FCA

Wellers 1 Vincent Square London SW1P 2PN

Page 8

DocuSign Envelope ID: 52373EA2-3523-4FBF-ACB7-3032E783B0E5

SAVILE ROW ACADEMY LIMITED

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2022

Note
Income from:
Charitable activities
3
Investments
4
Other income
5
Total income
Expenditure on:
Charitable activities
6
Total expenditure
Net income before taxation
Taxation
11
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2022
£
241,005
18,642
-
259,647
153,747
153,747
105,900
(3,458)
102,442
190,162
102,442
292,604		 Total
funds
2022
£
241,005
18,642
-
259,647
153,747
153,747
105,900
(3,458)
102,442
190,161
102,442
292,604		 Total
funds
2021
£
222,520
16,307
1,950
240,777
195,628
195,628
45,149
(3,118)
42,031
148,130
42,031
190,161

The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 12 to 24 form part of these financial statements.

Page 9

DocuSign Envelope ID: 52373EA2-3523-4FBF-ACB7-3032E783B0E5

SAVILE ROW ACADEMY LIMITED REGISTERED NUMBER: 06356360

BALANCE SHEET AS AT 31 DECEMBER 2022

Note
Fixed assets
Investments
12
Current assets
Debtors
13
Cash at bank and in hand
Creditors: amounts falling due within one
year
14
Net current assets
Total assets less current liabilities
Net assets excluding pension asset
Total net assets
Charity funds
Restricted funds
16
Unrestricted funds
16
Total funds		 429,393
169,546
598,939
(306,756)		 2022
£
421
421
292,183
292,604
292,604
292,604
-
292,604
292,604		 347,509
160,449
507,958
(318,121)		 2021
£
325
325
189,837
190,162
190,162
190,162
-
190,162
190,162

Page 10

DocuSign Envelope ID: 52373EA2-3523-4FBF-ACB7-3032E783B0E5

SAVILE ROW ACADEMY LIMITED REGISTERED NUMBER: 06356360

BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2022

The Company was entitled to exemption from audit under section 477 of the Companies Act 2006.

The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

................................................ Professor A M Ramroop OBE

31-10-23

Date:

The notes on pages 12 to 24 form part of these financial statements.

Page 11

DocuSign Envelope ID: 52373EA2-3523-4FBF-ACB7-3032E783B0E5

SAVILE ROW ACADEMY LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

1. Accounting policies

1.1 Basis of preparation of financial statements

The financial statements 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Savile Row Academy Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

1.2 Income

All income is recognised once the Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.

1.3 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Company's objectives, as well as any associated support costs.

All expenditure is inclusive of irrecoverable VAT.

1.4 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Company; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

Page 12

DocuSign Envelope ID: 52373EA2-3523-4FBF-ACB7-3032E783B0E5

SAVILE ROW ACADEMY LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

1. Accounting policies (continued)

1.5 Taxation

The Company is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Company is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

1.6 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities.

1.7 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

1.8 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

1.9 Liabilities and provisions

Liabilities 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.

1.10 Financial instruments

The Company 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 with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

1.11 Pensions

The Company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Company to the fund in respect of the year.

1.12 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Company and which have not been designated for other purposes.

Investment income, gains and losses are allocated to the appropriate fund.

Page 13

DocuSign Envelope ID: 52373EA2-3523-4FBF-ACB7-3032E783B0E5

SAVILE ROW ACADEMY LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

2. General information

Savile Row Academy Limited is a charitable company incorporated in England and Wales. The registered office address is 1 Vincent Square, London, SW1P 2PN.

3. Income from charitable activities

Unrestricted
funds
2022
£
Tuition fees
241,005
Unrestricted
funds
2021
£
Tuition fees
222,520		 Total
funds
2022
£
241,005
Total
funds
2021
£
222,520

4. Investment income

Unrestricted
funds
2022
£
Bank interest received
251
Loan interest receivable
18,391
18,642		 Total
funds
2022
£
251
18,391
18,642

Page 14

DocuSign Envelope ID: 52373EA2-3523-4FBF-ACB7-3032E783B0E5

SAVILE ROW ACADEMY LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

4. Investment income (continued)

Bank interest received
Loss on disposal of investments
Loan interest receivable
Fair value changes		 Unrestricted
funds
2021
£
5
(5)
16,409
(102)
16,307		 Total
funds
2021
£
5
(5)
16,409
(102)
16,307

5. Other incoming resources

Total
funds
2022
£
Unrestricted Total
funds funds
2021 2021
£ £
Employment allowance 1,950 1,950

6. Analysis of expenditure on charitable activities Summary by fund type

Unrestricted
funds Total
2022 2022
£ £
Expenditure for tuition fees 153,747 153,747

Page 15

DocuSign Envelope ID: 52373EA2-3523-4FBF-ACB7-3032E783B0E5

SAVILE ROW ACADEMY LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

6. Analysis of expenditure on charitable activities (continued)

Summary by fund type (continued)

Unrestricted
funds Total
2021 2021
£ £
Expenditure for tuition fees 195,628 195,628

Page 16

DocuSign Envelope ID: 52373EA2-3523-4FBF-ACB7-3032E783B0E5

SAVILE ROW ACADEMY LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

7. Analysis of expenditure by activities

Tuition fees
Tuition fees
Analysis of direct costs
Marketing
Consultancy
Sundry expenses
Rent & rates
Travelling
Computer expenses
Legal & professional
Bookkeeping
Bank and credit card charges
Interest paid		 Activities
undertaken
directly
2022
£
111,676
Activities
undertaken
directly
2021
£
155,483		 Support
costs
2022
£
42,070
Support
costs
2021
£
40,145
Total
funds
2022
£
11,342
6,875
708
68,000
9,283
833
8,654
3,913
1,957
111
111,676		 Total
funds
2022
£
153,746
Total
funds
2021
£
195,628
Total
funds
2021
£
3,975
-
299
144,000
57
840
2,845
1,054
2,413
-
155,483

Page 17

DocuSign Envelope ID: 52373EA2-3523-4FBF-ACB7-3032E783B0E5

SAVILE ROW ACADEMY LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

7. Analysis of expenditure by activities (continued)

Analysis of support costs

Staff costs
Governance costs
Staff costs
Governance costs		 Tuition fees
2022
£
39,670
2,400
42,070
Tuition fees
2021
£
37,505
2,640
40,145		 Total
funds
2022
£
39,670
2,400
42,070
Total
funds
2021
£
37,505
2,640
40,145

8. Independent examiner's remuneration

The independent examiner's remuneration amounts to an independent examiner fee of £2,400 ( 2021 - £2,640 ).

9. Staff costs

2022
£
Wages and salaries
39,670
39,670
The average number of persons employed by the Company during the year was as follows:
2022
No.
Teaching and administration
2		 2021
£
37,505
37,505
2021
No.
2

Page 18

DocuSign Envelope ID: 52373EA2-3523-4FBF-ACB7-3032E783B0E5

SAVILE ROW ACADEMY LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

9. Staff costs (continued)

No employee received remuneration amounting to more than £60,000 in either year.

10. Trustees' remuneration and expenses

During the year, one or more Trustees has been paid remuneration or has received other benefits from an employment with the Company. The trustee to whom remuneration has been paid was J Ekblom Jarrold and this has been paid for her teaching work at the Savile Row Academ Limited, without which the courses could not be held. The total paid for the year was £24,148 (2021: £24,846) . Pension contributions under auto enrolment totalled £723 (2021: £nil) .

During the year ended 31 December 2022, no Trustee expenses have been incurred (2021 - £NIL) .

11. Taxation

Corporation tax
Current tax on net income for the year
Taxation on net income		 2022
£
3,458
3,458		 2021
£
3,118
3,118

The tax assessed for the year is lower than ( 2021 - lower than ) the standard rate of corporation tax in the UK of 19% ( 2021 - 19% ). The differences are explained below:

Net income before tax
Net income multiplied by the standard rate of corporation tax in the UK of 19
(2021 - 19%).
Effects of:
Non-taxable income less expenses not deductible for tax purposes, other
than goodwill and impairment
Total tax charge for the year		 2022
£
105,900
20,121
(16,663)
3,458		 2021
£
45,149
8,578
(5,460)
3,118

There are no factors considered likely to affect future tax charges.

Page 19

DocuSign Envelope ID: 52373EA2-3523-4FBF-ACB7-3032E783B0E5

SAVILE ROW ACADEMY LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

12. Fixed asset investments

Cost or valuation
At 31 December 2022
Net book value
At 31 December 2022
At 31 December 2021
Debtors
Due within one year
Trade debtors
Amounts owed by group undertakings
Other debtors
Creditors: Amounts falling due within one year
Trade creditors
Corporation tax
Other taxation and social security
Other creditors
Accruals and deferred income		 2022
£
20,000
409,393
-
429,393
2022
£
15,000
8,549
505
6,600
276,102
306,756		 Trade
investments
£
421
421
421
2021
£
945
346,468
96
347,509
2021
£
716
4,988
421
6,600
305,396
318,121

13. Debtors

14. Creditors: Amounts falling due within one year

Page 20

DocuSign Envelope ID: 52373EA2-3523-4FBF-ACB7-3032E783B0E5

SAVILE ROW ACADEMY LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

15. Financial instruments

2022 2021
£ £
Financial assets
Financial assets measured at fair value through income and expenditure 169,546 160,449

Financial assets measured at fair value through income and expenditure comprise cash at bank.

Page 21

DocuSign Envelope ID: 52373EA2-3523-4FBF-ACB7-3032E783B0E5

SAVILE ROW ACADEMY LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

16. Statement of funds

Statement of funds - current year

Unrestricted funds
General Funds - all funds
Share capital		 Balance at 1
January
2022
£
190,161
1
190,162		 Income
£
259,647
-
259,647		 Expenditure
£
(153,747)
-
(153,747)		 Taxation
£
(3,458)
-
(3,458)		 Balance at
31
December
2022
£
292,603
1
292,604

Page 22

DocuSign Envelope ID: 52373EA2-3523-4FBF-ACB7-3032E783B0E5

SAVILE ROW ACADEMY LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

16. Statement of funds (continued)

Statement of funds - prior year

----- Start of picture text -----
Balance at
Balance at 31
1 January December
2021 Income Expenditure 2021
£ £ £ £
Unrestricted funds
General Funds - all funds 148,130 240,777 (198,745) 190,162
----- End of picture text -----

17. Summary of funds

Summary of funds - current year

General funds Balance at 1
January
2022
£
190,162		 Income
£
259,647
Balance at
1 January
2021
£
148,130		 Expenditure
£
(153,747)
Income
£
240,777		 Taxation
£
(3,458)
Expenditure
£
(198,745)		 Balance at
31
December
2022
£
292,604
Balance at
31
December
2021
£
190,162
Summary of funds - prior year
General funds

Page 23

DocuSign Envelope ID: 52373EA2-3523-4FBF-ACB7-3032E783B0E5

SAVILE ROW ACADEMY LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

18. Analysis of net assets between funds

Analysis of net assets between funds - current year

Unrestricted
funds
2022
£
Trade investments
421
Current assets
598,939
Creditors due within one year
(306,756)
Total
292,604		 Total
funds
2022
£
421
598,939
(306,756)
292,604

Analysis of net assets between funds - prior year

Trade investments
Current assets
Creditors due within one year
Total		 Unrestricted
funds
2021
£
325
507,958
(318,121)
190,162		 Total
funds
2021
£
325
507,958
(318,121)
190,162

19. Pension commitments

The charity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the charity in an independently administered fund. The pension cost charge represents contributions payable by the charity to the fund and amounted to £723 (2021: £nil) .

20. 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 also the sole shareholder. At the balance sheet date, Maurice Sedwell (Savile Row) Ltd owed the charity £409,394 (2021: £346,468) . The loan is repayable on demand. Interest has been charged on the loan at 5% per annum. Rent and rates was payable by the charity to Maurice Sedwell (Savile Row) Ltd of £68,000 (2021: £144,000).

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