REGISTERED COMPANY NUMBER: 08668684 (England and Wales) REGISTERED CHARITY NUMBER: 1156392
SOCIAL SQUARE (UK) (A COMPANY LIMITED BY GUARANTEE)
REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2020
Sugarwhite Meyer Accountants Ltd First Floor 94 Stamford Hill London N16 6XS
SOCIAL SQUARE (UK)
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020
| Page | ||
|---|---|---|
| Reference and Administrative Details | 1 | |
| Report of the Trustees | 2 to | 5 |
| Independent Examiner's Report | 6 | |
| Statement of Financial Activities | 7 | |
| Balance Sheet | 8 | |
| Notes to the Financial Statements | 9 to | 13 |
SOCIAL SQUARE (UK)
REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 AUGUST 2020
TRUSTEES J Breuer M Friesel M Hopstein R Neustadt REGISTERED OFFICE Suite 6 Dominion House 91 Dunsmure Road London N16 5HT REGISTERED COMPANY 08668684 (England and Wales) NUMBER REGISTERED CHARITY 1156392 NUMBER INDEPENDENT EXAMINER Sugarwhite Meyer Accountants Ltd First Floor 94 Stamford Hill London N16 6XS BANKERS Barclays Bank plc High Road Tottenham London N17 OEY
Page 1
SOCIAL SQUARE (UK) (REGISTERED NUMBER: 08668684)
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).
Reference and administrative information
Reference and administrative information is shown on page 1 of the financial statements and forms part of this report.
OBJECTIVES AND ACTIVITIES
Objectives and aims for public benefit
The objects of the charity are the relief of poverty, advancement of education, the provision of facilities for recreation and other leisure time activities and other charitable purposes.
The trustees confirm that they have given due regard to the Charity Commission's guidance on public benefit when reviewing the charity's aims and objectives and in planning future activities, and setting the grant making policy for the year.
Page 2
SOCIAL SQUARE (UK) (REGISTERED NUMBER: 08668684)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2020
ACHIEVEMENT AND PERFORMANCE
Review of activities and achievements
Social Square (UK) was founded in response to local need with the aim of "Giving more to those who have less!" We step in and help when there is no one else to turn to, maintaining the dignity and respect of recipients and putting a smile on their faces.
We are pleased to present our annual report, describing another year in which we have once again been able to ease the lives of over 100 socially and economically disadvantaged families. We achieved this by setting up and running the following projects:
-
Discounts on Essentials: This project continued to be very successful by saving families significant sums of money on their weekly shopping and everyday essentials. A typical family saved between £1000 - £2000 per year on groceries including fruit and vegetables. Local shops provided year round discounts of 12% - 15% to those in need. We received consistently positive feedback from beneficiaries telling us how much the discounts had helped them, and most importantly, that they had not been treated any differently from full paying customers. 30 FAMILIES HELPED
-
Discount Vouchers: Twice last year, at the change of seasons, we partnered with local shops to provide discounts on clothing and essentials saving families a total of over £10,000 each time. Feedback was overwhelmingly positive as the project had allowed families to shop in a dignified manner, as well as giving their children the exciting feeling of having new clothing, rather than having to make do with shabby used stuff in poor condition. We were delighted that we were able to expand and help even more families this year than previously. 120 FAMILIES HELPED
-
Household Necessities: We continued to support people in diverse ways. We sourced funds from generous charities who specialise in the particular areas we worked in, and also from local open-handed benefactors who understood the need. We used the funds thus generated to help poor and otherwise disadvantaged families in a variety of ways. These included, but not limited to, paying families' food bills in addition to dispensing grocery staples;providing new suits to young men, as well as furniture to families in need. We are pleased to report that we were able to support and aid even more families this year than previously. 70 FAMILIES HELPED
-
Emergency Hardships: Our goal is to educate and to help prevent debt before it spirals out of control. However, emergency expenses can put a wrench in any careful budgeting. Our Emergency Hardship fund provides the help and support for just these circumstances.This includes, but not limited to, paying rent for a family in need so they can continue to have a roof over their head with their dignity intact. We also provided education and support to them. 3 FAMILIES HELPED OUT OF CRISIS
-
Wedding Grants: A wedding is a most memorable occasion. It links a couple together and is the start of a new home and family. The costs associated with setting up a new home can be prohibitive. For some, it is a necessity, not an extra. For many people who come from disadvantaged backgrounds, marriage promises hope, a fresh start. We were delighted to help out. 3 NEW COUPLES HELPED
-
Help for Widows & Orphans: Losing the head of the household is painful. When this happened to a young and jolly father and the sole breadwinner in the family, the pain of death, after a short and excruciating illness, was compounded. We cannot bring the father back, but we are pleased to report that we have continued sourcing donations from friends of the family as well as local philanthropists to help ease the plight of the widow and her children in a dignified way. 1 WIDOW, 4 ORPHANS SUPPORTED
-
Covid-19 Relief: As Covid-19 struck our shores, wreaking havoc on many lives, no-one was spared, whether emotionally, physically, financially or in all 3 ways. With businesses suddenly shut, during the first lockdown and no way of earning money, many families were lost. Unfortunately, more people were knocking at our doors. We reached out to our existing benefactors, as well as new donors, who were eager to help out. We are pleased to report that we provided emergency assistance in whatever way was needed, including, but not limited to, providing food, paying bills etc. 20 FAMILIES HELPED
Our approach is discreet and confidential. We know it can be extremely uncomfortable for disadvantaged people to request assistance and so we made sure that our users could retain their self-respect and dignity despite their difficult circumstances.
Page 3
SOCIAL SQUARE (UK) (REGISTERED NUMBER: 08668684)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2020
Our strategy is to ensure that our help is locally targeted and we aim to fill a special niche in the community both, with the range of people we help, and with our diverse and unique projects. Our objective is to assist when there is no one else.
We constantly evaluate the success of our projects, and heartily welcome feedback, suggestions and even criticism to improve outcomes and ensure our input is effective.
The trustees are delighted with the success of this sixth year; our goal is to help more people in the year ahead. We plan to redouble Social Square (UK)'s fundraising efforts to enable us to help even more potential beneficiaries, primarily within our existing projects, however, we are open to expanding the scope of our activities as the need arises. Future plans include, but are not limited to: providing access to better employment and training opportunities; breakfast club for young people and more.
We are grateful to our faithful, generous and loyal funders for being our partners in enabling Social Square (UK) to support our disadvantaged service users with the resources they require so that they are able to access a better quality of life for themselves and their families.
FINANCIAL REVIEW
Reserves policy
The trustees aim to retain reserves of approximately three months' running costs to ensure continuation of the activities of the charity. Unrestricted funds at the year end were £22,720 (2019 - £3,077) and restricted reserves £3,626 (2019 - £2,853).
STRUCTURE, GOVERNANCE AND MANAGEMENT
Charity constitution
The charity is constituted as a company limited by guarantee and is governed by its Memorandum and Articles of Association dated 29 August 2013.
Page 4
SOCIAL SQUARE (UK) (REGISTERED NUMBER: 08668684)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2020
STRUCTURE, GOVERNANCE AND MANAGEMENT
Organisational structure
Social Square (UK) has a board of trustees who are responsible for managing the charity and ensuring that it runs in accordance with the latest legislation. They have a broad range of backgrounds and an appropriate mix of gender, skills and expertise in running this type of service.
They are well known in the community and have hands on knowledge of what is needed. They are also committed to take part in training to ensure that they have the skills and knowledge necessary for their role as trustees.
Mr Jonathan Breuer
Mr Breuer has served on the board of several charities. He is a qualified therapist and has a unique understanding of people as well as a strong motivation to make a difference to the disadvantaged and impoverished. Additionally, as a freelance computer programmer, he has worked for a variety of businesses and charities where he has implemented computer systems with much success. He has a keen business sense and brings with him financial and legal knowledge very relevant to the successful running of the organisation and to all aspects of community and charitable work.
Mr Mordechai Friesel
Mr Friesel is Director of Refuah Diagnostics, and deals with patients coping with cancer, renal failure, infertility, mental health and other chronic diseases on a daily basis. He volunteers as a senior ambulance technician (EMT) both for the NHS and a private ambulance service, and is a well-respected individual in the community and beyond. He has a passion for helping people and has an excellent reputation as a volunteer activist who is frequently called upon for medical advice and assistance by numerous organisations and individuals. He has amassed a wealth of knowledge and many years' experience in the private and voluntary sector and is eager to take the organisation forward in every possible way.
Mrs Mirel Hopstein
Mrs Hopstein has recently been appointed Operations Director in a local organisation dealing with disabled children. She has a unique understanding of working in the voluntary sector combined with a passion for helping disadvantaged people. Furthermore, she has previously worked in sales in a busy printing company and her knowledge of marketing and design is an asset to Social Square (UK), along with her many years of business experience. Additionally, she is the wife of a successful volunteer activist involved in many facets of communal activities. Together they are regularly called upon to assist the economically deprived and socially isolated.
Mrs Resi Neustadt
Mrs Neustadt is a housewife and mother of a large family. She has a keen understanding of the difficulties with which those with large families face and has a strong interest in helping to make their lives easier. She has lived in London all her life and is cognisant of local issues and challenges. A doer by nature, she is eager to find solutions and implement them.
Risk review
The trustees have confirmed that there are no major risks to which the charity is exposed.
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
Approved by order of the board of trustees on 27 May 2021 and signed on its behalf by:
M Hopstein - Trustee
Page 5
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF SOCIAL SQUARE (UK)
Independent examiner's report to the trustees of Social Square (UK) ('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
-
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.
E Meyer FCA BSc Sugarwhite Meyer Accountants Ltd First Floor 94 Stamford Hill London N16 6XS
27 May 2021
Page 6
SOCIAL SQUARE (UK)
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2020
| Unrestricted Restricted fund fund Notes £ £ INCOME AND ENDOWMENTS FROM Donations and legacies 2 56,509 8,995 Investment income 3 2 - Total 56,511 8,995 EXPENDITURE ON Raising funds 4 3,869 - Charitable activities 5 Charitable activities 32,999 8,222 Total 36,868 8,222 NET INCOME/(EXPENDITURE) 19,643 773 RECONCILIATION OF FUNDS Total funds brought forward 3,077 2,853 TOTAL FUNDS CARRIED FORWARD 22,720 3,626 |
2020 Total funds £ 65,504 2 65,506 3,869 41,221 45,090 20,416 5,930 26,346 |
2019 Total funds £ 42,865 5 42,870 3,613 70,475 74,088 (31,218) 37,148 5,930 |
|---|---|---|
The notes form part of these financial statements
Page 7
SOCIAL SQUARE (UK) (REGISTERED NUMBER: 08668684)
BALANCE SHEET 31 AUGUST 2020
| Notes CURRENT ASSETS Debtors 10 Cash at bank CREDITORS Amounts falling due within one year 11 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 13 Unrestricted funds: General fund Restricted funds: Restricted funds TOTAL FUNDS |
2020 £ 923 31,233 32,156 (5,810) 26,346 26,346 26,346 22,720 3,626 26,346 |
2019 £ 808 6,239 7,047 (1,117) 5,930 5,930 5,930 3,077 2,853 5,930 |
|---|---|---|
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 27 May 2021 and were signed on its behalf by:
J Breuer - Trustee
The notes form part of these financial statements
Page 8
SOCIAL SQUARE (UK)
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.
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.
Support costs are those incurred to assist the work of the charity but are not direct charitable activities.
Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements.
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.
Going concern
There are no material uncertainties about the charity's ability to continue.
2. DONATIONS AND LEGACIES
| 2020 | 2019 | |||
|---|---|---|---|---|
| Unrestricted | Restricted | Total | Total | |
| funds | funds | funds | funds | |
| £ | £ | £ | £ | |
| Donations | 56,509 | 8,995 | 65,504 | 42,865 |
Page 9
SOCIAL SQUARE (UK)
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2020
| 3. INVESTMENT INCOME 2020 Unrestricted Restricted Total funds funds funds £ £ £ Interest received 2 - 2 4. RAISING FUNDS Raising donations and legacies 2020 Unrestricted Restricted Total funds funds funds £ £ £ Postage and stationery 3,828 - 3,828 General expenses 11 - 11 Advertising 30 - 30 3,869 - 3,869 5. CHARITABLE ACTIVITIES COSTS Grant funding of activities Support (see note costs (see 6) note 7) £ £ Charitable activities 38,663 2,558 6. GRANTS PAYABLE 2020 £ Charitable activities 38,663 The total grants paid to institutions during the year was as follows: 2020 £ Relief of poverty - The total grants paid to individuals during the year was as follows: 2020 £ Relief of poverty 38,663 |
2019 Total funds £ 5 2019 Total funds £ 3,408 205 - 3,613 Totals £ 41,221 |
2019 Total funds £ 5 |
|---|---|---|
| 2019 Total funds £ 3,408 205 - |
||
| 3,613 | ||
| 2019 £ 69,502 |
||
| 2019 £ 15,150 |
||
| 2019 £ 54,352 |
Page 10
SOCIAL SQUARE (UK)
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2020
7. SUPPORT COSTS
| Charitable activities Support costs, included in the above, are as follows: Sundries Independent examiner's fee Independent examiner's other fees General expenses |
Governance Other costs Totals £ £ £ 1,572 986 2,558 2020 2019 Charitable Total activities activities £ £ 1,572 - 480 480 480 480 26 13 2,558 973 |
|---|---|
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. AVERAGE STAFF NUMBERS
The average number of staff in the year was Nil (2019 - Nil).
10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| 2020 | 2019 | |
|---|---|---|
| £ | £ | |
| Other debtors | 923 | 808 |
Page 11
SOCIAL SQUARE (UK)
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2020
| 11. | CREDITORS: AMOUNTS FALLING DUE WITHIN | CREDITORS: AMOUNTS FALLING DUE WITHIN | ONE YEAR | ONE YEAR | |||
|---|---|---|---|---|---|---|---|
| 2020 | 2019 | ||||||
| £ | £ | ||||||
| Trade creditors | 4,850 | 157 | |||||
| Accruals and deferred income | 960 | 960 | |||||
| 5,810 | 1,117 | ||||||
| 12. | ANALYSIS OF NET ASSETS BETWEEN FUNDS | ||||||
| 2020 | 2019 | ||||||
| Unrestricted | Restricted | Total | Total | ||||
| fund | fund | funds | funds | ||||
| £ | £ | £ | £ | ||||
| Current assets | 28,530 | 3,626 | 32,156 | 7,047 | |||
| Current liabilities | (5,810) | - | (5,810) | (1,117) | |||
| 22,720 | 3,626 | 26,346 | 5,930 | ||||
| 13. | MOVEMENT IN FUNDS | ||||||
| Net | |||||||
| movement | At | ||||||
| At 1.9.19 | in funds | 31.8.20 | |||||
| £ | £ | £ | |||||
| Unrestricted funds | |||||||
| General fund | 3,077 | 19,643 | 22,720 | ||||
| Restricted funds | |||||||
| Restricted funds | |||||||
| 2,853 | 773 | 3,626 | |||||
| TOTAL FUNDS | 5,930 | 20,416 | 26,346 | ||||
| Net movement in funds, included in the above are as follows: | |||||||
| Incoming | Resources | Movement | |||||
| resources | expended | in funds | |||||
| £ | £ | £ | |||||
| Unrestricted funds | |||||||
| General fund | 56,511 | (36,868) | 19,643 | ||||
| Restricted funds | |||||||
| Restricted funds | |||||||
| 8,995 | (8,222) | 773 | |||||
| TOTAL FUNDS | 65,506 | (45,090) | 20,416 |
Page 12
SOCIAL SQUARE (UK)
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2020
13. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Net | |||
|---|---|---|---|
| movement | At | ||
| At 1.9.18 | in funds | 31.8.19 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 3,398 | (321) | 3,077 |
| Restricted funds | |||
| Restricted funds | |||
| 33,750 | (30,897) | 2,853 | |
| TOTAL FUNDS | 37,148 | (31,218) | 5,930 |
| Comparative net movement in funds, included in the above are as follows: | |||
| Incoming | Resources | Movement | |
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 36,368 | (36,689) | (321) |
| Restricted funds | |||
| Restricted funds | |||
| 6,502 | (37,399) | (30,897) | |
| TOTAL FUNDS | 42,870 | (74,088) | (31,218) |
14. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 August 2020.
Page 13