REGISTERED COMPANY NUMBER: 08546676 (England and Wales) REGISTERED CHARITY NUMBER: 1153804
Report of the Trustees and Unaudited Financial Statements for the Year Ended 31st July 2023
for
LONDON LEARNING FOUNDATION
Simpson Wreford & Partners Chartered Accountants Suffolk House George Street Croydon Surrey CR0 0YN
LONDON LEARNING FOUNDATION
Contents of the Financial Statements for the year ended 31st July 2023
| Page | |
|---|---|
| Report of the Trustees | 1 to 2 |
| Independent Examiner's Report | 3 |
| Statement of Financial Activities | 4 |
| Balance Sheet | 5 |
| Notes to the Financial Statements | 6 to 9 |
| Detailed Statement of Financial Activities | 10 |
LONDON LEARNING FOUNDATION
Report of the Trustees for the year ended 31st July 2023
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 31st July 2023. 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 London Learning Foundation (LLF) was formed in May 2013 as a wholly-owned charitable subsidiary of London Learning Consortium. The London Learning Foundation aims to develop and support projects that promote health and wellbeing to young people and adults over the age of 18 within the borough of Croydon.
Significant activities
The foundation has undertaken all its activities for the year ending 31 July 2023 and will continue to remain open for community initiatives going forward.
Financial review
The charity reports income of £26,637 (2022: £25,206), derived from community grants and traineeship incentives. Charitable expenditure has increased to £25,976 for the year (2022: £22,328), resulting in net surplus for the year of £661 (2022: £2,878).
As at the balance sheet date the charity reports assets of £8,669 (2022: £45,718), liabilities of £nil (2022: £37,710), and a net asset position of £8,669 (2022: £8,008). All reserves held are unrestricted.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
Induction and training of new trustees
Any person who is willing to act as a Trustee of the Charity and is permitted to be so appointed by the law and the Articles, may be appointed to be a Trustee:
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a) by Ordinary Resolution;
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by a decision of the Trustees with the prior written agreement of the parent company London Learning
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b) Consortium (LLC); or
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c) by notice in writing from LLC.
Before agreeing to become a trustee they will be informed of the Trust's structure, objectives and activities, and their responsibilities as a trustee.
Once appointed trustees will be supported by the Board of Trustees in any area of induction or training needed. Regular updates are provided at the meetings with regards to governance issues and changes to charity regulations.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
08546676 (England and Wales)
Registered Charity number
1153804
Page 1
LONDON LEARNING FOUNDATION
Report of the Trustees for the year ended 31st July 2023
Registered office
Christopher Wren Yard 119 High Street Croydon CR0 1QG
Trustees
E Argenio - resigned 21 January 2024 I Blades - appointed 13 February 2024 N Owen D Vallero - resigned 22 January 2024 A Wilson
Independent Examiner
John Millidge ACA Simpson Wreford & Partners Chartered Accountants Suffolk House George Street Croydon Surrey CR0 0YN
25th March 2024 Approved by order of the board of trustees on ............................................. and signed on its behalf by:
........................................................................ Hi \ ‘ Fa VV \f ey A Wilson - Trustee
Page 2
Independent Examiner's Report to the Trustees of London Learning Foundation
Independent examiner's report to the trustees of London Learning Foundation ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31st July 2023.
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:
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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
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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
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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.
John Millidge ACA
Simpson Wreford & Partners Chartered Accountants Suffolk House George Street Croydon Surrey CR0 0YN
Date: 25 March 2024
Page 3
LONDON LEARNING FOUNDATION
Statement of Financial Activities for the year ended 31st July 2023
| 31.7.23 | 31.7.22 | ||
|---|---|---|---|
| Unrestricted | Total | ||
| fund | funds | ||
| Notes | £ | £ | |
| INCOME AND ENDOWMENTS FROM | |||
| Charitable activities | |||
| Charitable Activities | 23,637 | 22,206 | |
| Other income | 3,000 | 3,000 | |
| Total | 26,637 | 25,206 | |
| EXPENDITURE ON | |||
| Charitable activities | |||
| Charitable Activities | 25,976 | 22,328 | |
| NET INCOME | 661 | 2,878 | |
| RECONCILIATION OF FUNDS | |||
| Total funds brought forward | 8,008 | 5,130 | |
| TOTAL FUNDS CARRIED FORWARD | 8,669 | 8,008 | |
The notes form part of these financial statements
Page 4
LONDON LEARNING FOUNDATION
Balance Sheet 31st July 2023
| 31.7.23 | 31.7.22 | ||
|---|---|---|---|
| Unrestricted | Total | ||
| fund | funds | ||
| Notes | £ | £ | |
| CURRENT ASSETS | |||
| Debtors | 4 | 8,035 | 847 |
| Cash at bank | 634 | 44,871 | |
| CREDITORS | 8,669 | 45,718 | |
| Amounts falling due within one year | 5 | - | (37,710) |
| NET CURRENT ASSETS | 8,669 | 8,008 | |
| TOTAL ASSETS LESS CURRENT LIABILITIES | 8,669 | 8,008 | |
| NET ASSETS | 8,669 | 8,008 | |
| FUNDS | 6 | ||
| Unrestricted funds | 8,669 | 8,008 | |
| TOTAL FUNDS | 8,669 | 8,008 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st July 2023.
The members have not required the company to obtain an audit of its financial statements for the year ended 31st July 2023 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 ............................................. and were signed on its behalf by: 25th March 2024
............................................. A Wilson - Trustee
The notes form part of these financial statements
Page 5
LONDON LEARNING FOUNDATION
Notes to the Financial Statements for the year ended 31st July 2023
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.
The financial statements have been prepared in sterling, the functional currency of the charity, and monetary amounts in these financial statements have been rounded to the nearest £.
Going concern
The charity is reliant upon voluntary grant income and donations to fund its activities. After reviewing the plans for a period of at least twelve months from the date of approval of the financial statements, the trustees believe that while funding opportunities remain tight for the charity, there are no material uncertainties regarding going concern and therefore that the financial statements are appropriately prepared on the going concern basis.
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.
Related party exemption
The charitable company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
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.
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.
Financial instruments
The charitable company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Balance Sheet when the charitable company becomes party to the contractual provisions of the instrument.
continued...
Page 6
LONDON LEARNING FOUNDATION
Notes to the Financial Statements - continued for the year ended 31st July 2023
1. ACCOUNTING POLICIES - continued
Financial instruments
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
2. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31st July 2023 nor for the year ended 31st July 2022.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31st July 2023 nor for the year ended 31st July 2022.
3. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES | |
|---|---|
| Unrestricted | |
| fund | |
| £ | |
| INCOME AND ENDOWMENTS FROM | |
| Charitable activities | |
| Charitable Activities | 22,206 |
| Other income | 3,000 |
| Total | 25,206 |
| EXPENDITURE ON | |
| Charitable activities | |
| Charitable Activities | 22,328 |
| NET INCOME | 2,878 |
| RECONCILIATION OF FUNDS | |
| Total funds brought forward | 5,130 |
| TOTAL FUNDS CARRIED FORWARD | 8,008 |
continued...
Page 7
LONDON LEARNING FOUNDATION
Notes to the Financial Statements - continued for the year ended 31st July 2023
| 4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | |||
|---|---|---|---|---|
| 31.7.23 | 31.7.22 | |||
| £ | £ | |||
| Amounts owed by group undertakings | 7,188 | - | ||
| Prepayments and accrued income | 847 | 847 | ||
| 8,035 | 847 | |||
| 5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | |||
| Amounts owed to group undertakings | 31.7.23 £ - |
31.7.22 £ 37,710 |
||
| 6. | MOVEMENT IN FUNDS | |||
| Unrestricted funds | At 1.8.22 £ |
Net movement in funds £ |
At 31.7.23 £ |
|
| General fund | 8,008 | 661 | 8,669 | |
| TOTAL FUNDS | 8,008 | 661 | 8,669 | |
| Net movement in funds, included in the above are as follows: | ||||
| Unrestricted funds | Incoming resources £ |
Resources expended £ |
Movement in funds £ |
|
| General fund | 26,637 | (25,976) | 661 | |
| TOTAL FUNDS | 26,637 | (25,976) | 661 | |
| Comparatives for movement in funds | ||||
| Unrestricted funds | At 1.8.21 £ |
Net movement in funds £ |
At 31.7.22 £ |
|
| General fund | 5,130 | 2,878 | 8,008 | |
| TOTAL FUNDS | 5,130 | 2,878 | 8,008 | |
continued...
Page 8
LONDON LEARNING FOUNDATION
Notes to the Financial Statements - continued for the year ended 31st July 2023
6. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | Movement | |
|---|---|---|---|---|
| resources | expended | in funds | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | 25,206 | (22,328) | 2,878 | |
| TOTAL FUNDS | 25,206 | (22,328) | 2,878 | |
7. RELATED PARTY DISCLOSURES
No disclosure has been made of transactions with other wholly owned group companies in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', as the company is itself a wholly owned subsidiary of London Learning Consortium Community Interest Company.
Page 9
LONDON LEARNING FOUNDATION
| Detailed Statement of Financial Activities | |||
|---|---|---|---|
| for the year ended 31st July 2023 | |||
| 31.7.23 | 31.7.22 | ||
| £ | £ | ||
| INCOME AND ENDOWMENTS | |||
| Charitable activities | |||
| Grants | 23,637 | 22,206 | |
| Other income | |||
| Traineeship incentive | 3,000 | 3,000 | |
| Total incoming resources | 26,637 | 25,206 | |
| EXPENDITURE | |||
| Charitable activities | |||
| Salaries | 17,770 | 13,266 | |
| Project delivery costs | (3,184) | 3,184 | |
| LLC support costs | 10,977 | 5,985 | |
| Office costs | - | 100 | |
| Accountancy | 413 | (207) | |
| 25,976 | 22,328 | ||
| Total resources expended | 25,976 | 22,328 | |
| Net income | 661 | 2,878 | |
This page does not form part of the statutory financial statements
Page 10