Charity number: 1150120
CUBE FOUNDATION
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
CUBE FOUNDATION
| CONTENTS | ||
|---|---|---|
| Page | ||
| Legal and administrative details | 1 | |
| Trustees' report | 2 - 3 | |
| Independent examiner's report | 4 | |
| Statement of financial activities | 5 | |
| Balance sheet | 6 | |
| Notes to the financial statements | 7 - 12 |
CUBE FOUNDATION
LEGAL AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 DECEMBER 2020
Trustees
Ryasith Saleem Mohammed Yaseen Syed Iqbal Islam Niaz Khan
Charity registered number
1150120
Registered office
226 Darnall Road, Sheffield, South Yorkshire, S9 5AN
Page 1
CUBE FOUNDATION
TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2020
The Trustees present their annual report together with the financial statements for the year ended 31 December 2020. The financial statement has been prepared in accordance with the accounting policies set out on page 7 and comply with the charity trust deed and applicable law.
Constitution and objectives
The Cube Foundation is constituted under a trust deed dated 28 February 2012 and has a registered charity number 1150120.
Policies and objectives
The objectives of the trust are to promote the Islamic faith for public benefit.
The advancement of education for public benefit.
The relief of charitable need, poverty and sufferings in the UK and overseas.
The advancement of education of the public in conservation, protection and improvement of the physical and natural environment.
The helping of young people especially but not exclusively through education and leisure time activities, so as to develop their capabilities that they may grow to full maturity as individuals and members of society and furtherance of such purposes as are exclusively charitable under the law of England and Wales as the trustees shall time to time determine. The trustees must use the income (and may use the capital) of the trust in promoting the objectives.
Organisation
The trustees who have served during the year and since the year end are set out on page 1. Trustees are appointed by the board of Trustees. They will serve as a trustee until they resign or are removed from the board. Trustees meet regularly as and when required to discuss any project or general progress.
Income Generation
Income was generated by regular monthly donations by the parents of muslim children who regularly come for Islamic education and by other members of the local Muslim community to promote the objectives.
Risk Management
The Trustees have examined the major strategic, business and operational risks which the charity faces and confirms that systems have been established to enable regular reports to be produced so that any necessary steps can be taken to lessen those risks.
Reserves policy
The charity does not have any specific policy to maintain reserve funds. It will call the local community to donate funds when charity is short of funds and needs money for any specific project.
Page 2
CUBE FOUNDATION
TRUSTEES' REPORTS
FOR THE YEAR ENDED 31 DECEMBER 2020
Trustees’ responsibilities in relation to the financial statements
The Trustees 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 charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles of the Charities SORP;
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make judgments and accounting estimates that are reasonable and prudent;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and 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 Charities Act 1993. 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 Trustees, on 19 October 2021 and signed on their behalf by:
Mohammed Yaseen (Oct 19, 2021, 12:50pm)
Mohammed Yaseen Trustee
Page 3
CUBE FOUNDATION
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2020
Independent examiner's report to the Trustees of Cube Foundation
I report to the charity Trustees on my examination of the accounts of the company for the year ended 31 December 2020.
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.
Responsibilities and basis of report
As the Trustees of the charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').
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.
Independent examiner's statement
Your attention is drawn to the fact that the charity has prepared the accounts in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.
I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
I have completed my examination. I can confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the company as required by section 130 of the 2011 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 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. .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.
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 other to enable a proper understanding of the accounts to be reached.
Signed:
Dated: 19 October 2021
Maggie Lee ACCA
Philip Shaw & Co, 7 Duke Way, Wakefield, WF1 2ER
Page 4
CUBE FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES INCORPORATING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2020
| Unrestricted funds 2020 Note £ Incoming resources: 9,728 Donations 2 Activities in furtherance of the charity’s objective: Educational activities 3 21,712 Book sales/tuck shop 3 - Clothing banks 3 1,240 Total income and endowments 32,680 Expenditure on: Direct costs on charitable activities: Establishment and education 4 14,820 Administration costs 5 341 Total expenditure 15,161 Net income before other recognised gains and losses 17,519 Net movement in funds 17,519 Reconciliation of funds: Total funds brought forward 96,256 Total funds carried forward 113,775 |
Total funds 2020 £ 9,728 21,712 - 1,240 32,680 14,820 341 15,161 17,519 17,519 96,256 113,775 |
Total funds 2019 £ 26,100 26,591 102 2,333 |
|---|---|---|
| 55,126 | ||
| 31,847 371 |
||
| 32,218 | ||
| 22,908 22,908 73,348 |
||
| 96,256 |
The notes on pages 7 to 12 form part of these financial statements.
Page 5
CUBE FOUNDATION
| BALANCE SHEET AS AT 31 DECEMBER 2020 Note £ Fixed assets Tangible assets 9 Current assets Debtors 10 313 Cash at bank and in hand 8,148 8,461 Creditors:amounts falling due within one (6,966) year 11 Net current liabilities Net assets Charity Funds Unrestricted funds Restricted funds Total funds |
2020 £ 112,280 1,495 113,775 113,775 - 113,775 |
£ - 9,335 9,335 (25,500) |
2019 £ 112,421 (16,165) |
|---|---|---|---|
| 96,256 | |||
| 96,256 - |
|||
| 96,256 |
The financial statements were approved and authorised for issue by the Trustees on 19 October 2021 and signed on their behalf, by:
Mohammed Yaseen (Oct 19, 2021, 12:50pm)
M Yaseen
The notes on pages 7 to 12 form part of these financial statements.
Page 6
CUBE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
1. Accounting policies
1.1 Basis of preparation of financial statements
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 and Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and Charities Act 2011.
Cube Foundation constitutes a public benefit entity as defined by FRS 102.
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.
For legacies, entitlement is taken as the earlier of the date on which either: the company is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the Trust that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the company has been notified of the executor's intention to make a distribution. Where legacies have been notified to the company, or the company is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material.
Donated services or facilities are recognised when the company has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use of the company of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), the general volunteer time of the Friends is not recognised and refer to the Trustees' report for more information about their contribution.
On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the company which is the amount the company would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.
Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
Page 7
CUBE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
1. Accounting policies (continued)
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.
Governance costs are those incurred in connection with administration of the company and compliance with constitutional and statutory requirements.
Charitable activities and Governance costs are costs incurred on the company's educational operations, including support costs and costs relating to the governance of the company apportioned to charitable activities.
1.4 Tangible fixed assets and depreciation
A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying value of fixed assets and their recoverable amounts are recognised as impairments. Impairment losses are recognised in the Statement of financial activities incorporating income and expenditure account.
Tangible fixed assets are carried at cost, net of depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
- Freehold property 0% straight line - Office equipment 18% reducing balance
1.5 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 Bank.
1.6 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.
1.7 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.
Page 8
CUBE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
1. Accounting policies (continued)
1.8 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. Liabilities are recognised at the amount that the company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised within interest payable and similar charges.
1.9 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.
Page 9
CUBE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
2. Income from donations
| . | Income from donations | |||
|---|---|---|---|---|
| Unrestricted | Total | Total | ||
| funds | funds | funds | ||
| 2020 | 2020 | 2019 | ||
| £ | £ | £ | ||
| Donations | 9,728 | 9,728 | 26,100 | |
| 3. | Activities in furtherance of the charity’s objective | |||
| Total | Total | |||
| 2020 | 2020 | 2019 | ||
| £ | £ | £ | ||
| Educational fees | 21,712 | 21,712 | 26,591 | |
| Book sales/tuck shop | - | - | 102 | |
| Clothing banks | 1,240 | 1,240 | 2,333 | |
| 22,952 | 22,952 | 29,026 | ||
| 4. | Direct costs on charitable activities |
| . Income from donations |
. Income from donations |
. Income from donations |
. Income from donations |
|||
|---|---|---|---|---|---|---|
| Unrestricted funds 2020 £ Donations 9,728 3. Activities in furtherance of the charity’s objective 2020 £ Educational fees 21,712 Book sales/tuck shop - Clothing banks 1,240 22,952 4. Direct costs on charitable activities |
Total funds 2020 £ 9,728 |
Total funds 2019 £ 26,100 |
||||
| Educational fees Book sales/tuck shop Clothing banks Direct costs on charitable activities |
2020 £ 21,712 - 1,240 22,952 |
Total 2020 £ 21,712 - 1,240 22,952 |
Total 2019 £ 26,591 102 2,333 29,026 |
|||
| Unrestricted Funds 2020 £ Salaries 8,861 Light and heat 1,897 Insurance 129 Repairs and maintenance - Rates 164 Telephone and stationery 138 Web hosting 508 Relief work - General office costs 1,696 Motor expenses - Training - Cleaning 72 Gift aid 1,355 14,820 |
Total funds 2020 £ 8,861 1,897 129 - 164 138 508 - 1,696 - - 72 1,355 14,820 |
Total funds 2019 £ 24,450 1,631 535 1,162 152 554 372 1,500 781 24 1,058 - - 31,847 |
Page 10
CUBE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
5. Governance costs
| Unrestricted 2020 £ Accountancy fees 200 Depreciation 141 341 |
Total 2020 £ 200 141 341 |
Total 2019 £ 200 171 371 |
|---|---|---|
6. Turnover
All turnover arose within the United Kingdom.
7. Net income/(expenditure)
This is stated after charging:
| 2020 £ Depreciation of tangible fixed assets: 141 - owned by the charity During the year, no Trustees received any remuneration (2019 - £NIL). During the year, no Trustees received any benefits in kind (2019 - £NIL). During the year, no Trustees received any reimbursement of expenses (2019 - £NIL). Staff costs Staff costs were as follows: 2020 £ Wages and salaries 8,861 The average number of persons employed by the company during the year was as follows: 2020 No. Admin 6 |
2019 £ 171 2019 £ 24,450 2019 No. 10 |
|---|---|
8. Staff costs
No employee received remuneration amounting to more than £15,000 in either year.
Page 11
CUBE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
9. Tangible fixed assets
| 9. Tangible fixed assets |
||||
|---|---|---|---|---|
| Cost At 1 January 2020 Additions At 31 December 2020 Depreciation At 1 January 2020 Charge for the year At 31 December 2020 Net book value At 31 December 2020 At 31 December 2019 10. Debtors Prepayments 11. Creditors: Amounts falling due after one year Interest free loans (repayable on demand) |
Freehold property £ 111,640 - 111,640 - - - 111,640 111,640 |
Office equipment £ 2,809 - 2,809 2,028 141 2,169 640 781 2020 £ 313 2020 £ 6,966 |
Total £ 114,449 - 114,449 2,028 141 2,169 112,280 112,421 2019 £ - |
|
| 2019 £ 25,500 |
Page 12
Issuer Shipleys Tax Planning Document generated Tue, 19th Oct 2021 11:22:01 BST Document fingerprint de04c62878c0d96a6e1f75be5348b43e
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Tue, 19th Oct 2021 12:50:57 BST Mohammed Yaseen - Signer (eb7aa78e1949c46cf4d1784ee2ad95f2) Audit history log Date Action Tue, 19th Oct 2021 12:50:57 BST The envelope has been signed by all parties. (82.132.247.137) Tue, 19th Oct 2021 12:50:57 BST Mohammed Yaseen signed the envelope. (82.132.247.137) Tue, 19th Oct 2021 12:47:16 BST Mohammed Yaseen viewed the envelope. (82.132.247.137) Tue, 19th Oct 2021 12:46:59 BST Mohammed Yaseen opened the document email. (82.132.247.137) Tue, 19th Oct 2021 11:22:56 BST Document emailed to party email (18.130.222.62) Tue, 19th Oct 2021 11:22:56 BST Sent the envelope to Mohammed Yaseen for signing. (80.235.216.252) Tue, 19th Oct 2021 11:22:25 BST Mohammed Yaseen has been assigned to this envelope (80.235.216.252) Tue, 19th Oct 2021 11:22:12 BST Document generated with fingerprint de04c62878c0d96a6e1f75be5348b43e (80.235.216.252) Tue, 19th Oct 2021 11:22:01 BST Envelope generated by Maggie Lee (80.235.216.252)