Charity Registration No. 1156623
JOHN SYKES FOUNDATION
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
JOHN SYKES FOUNDATION
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Mr. J J Sykes Miss. A E Sykes Mr. C J Sykes (Appointed 15 June 2020) Mr. A J Strong
Charity number
1156623 United Kingdom
JOHN SYKES FOUNDATION
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 |
| Independent examiner's report | 2 |
| Statement of financial activities | 3 |
| Balance sheet | 4 |
| Notes to the financial statements | 5 - 8 |
JOHN SYKES FOUNDATION
TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2020
The trustees present their report and financial statements for the year ended 31 December 2020.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Charities Act 2011 and "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 trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
Structure, governance and management
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
The trustees who served during the year and up to the date of signature of the financial statements were: Mr. J J Sykes
Miss. A E Sykes Mr. C J Sykes (Appointed 15 June 2020) Mr. A J Strong
The trustees' r eport was approved by the Board of Trustees.
Miss. A E Sykes
Trustee Dated: 27 September 2021
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JOHN SYKES FOUNDATION
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF JOHN SYKES FOUNDATION
I report to the trustees on my examination of the financial statements of John Sykes Foundation (the charity) for the year ended 31 December 2020.
Responsibilities and basis of report
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).
I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act . In carrying out my examination I have followed all the applicable 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 financial statements in accordance with 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) 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 now been withdrawn.
I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
1 accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
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2 the financial statements do not accord with those records; or
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3 the financial statements 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.
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 financial statements to be reached.
Koichi Nicholas
Dated: 27 September 2021
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JOHN SYKES FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2020
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2020 | 2019 | ||
| Notes | £ |
£ | |
| Income from: | |||
| Donations and legacies | 2 | 28,998 | 4,667 |
| Investments | 3 | 101 | 156 |
| Total income | 29,099 | 4,823 | |
| Expenditure on: | |||
| Raising funds | 4 | 923 | 3,599 |
| Charitable activities | 5 | 5,152 | 5,417 |
| Total resources expended | 6,075 | 9,016 | |
| Net income/(expenditure) for the year/ | |||
| Net movement in funds | 23,024 | (4,193) | |
| Fund balances at 1 January 2020 | 833 | 5,026 | |
| Fund balances at 31 December 2020 | 23,857 | 833 |
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
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JOHN SYKES FOUNDATION
BALANCE SHEET
AS AT 31 DECEMBER 2020
| Notes Current assets Cash at bank and in hand Net current assets Income funds Unrestricted funds |
2020 £ 23,857 |
£ 23,857 23,857 23,857 |
2019 £ 833 |
£ 833 833 833 |
|---|---|---|---|---|
The financial statements were approved by the Trustees on 27 September 2021
Miss. A E Sykes Trustee
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JOHN SYKES FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
1 Accounting policies
1.1 Accounting convention
The financial statements have been prepared in accordance with the Charities Act 2011 and "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 charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling , which is the functional currency of the charity. Monetary a mounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
1.4 Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
1.5 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
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JOHN SYKES FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
1 Accounting policies
(Continued)
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future p aymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
1.6 Taxation
The Charity is exempt from tax on its charitable activities
2 Donations and legacies
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2020 | 2019 | |
| £ | £ | |
| General donations | 30 | 1,068 |
| Sykes family | 3,045 | 3,599 |
| Covid funding | 25,000 | - |
| Sykes Family administration costs reimbursed | 923 | - |
| 28,998 | 4,667 |
3 Investments
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2020 | 2019 | |
| £ | £ | |
| Interest receivable | 101 | 156 |
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JOHN SYKES FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
4 Raising funds
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2020 | 2019 | |
| £ | £ | |
| Trading costs | ||
| Support costs | 923 | 3,599 |
| 923 | 3,599 |
5 Charitable activities
| Community recognition Advancement of education Relief of those in need as a result of financial hardship Relief of those in need as a result of ill health Relief of those in need as a result of disability Support costs Support costs Governance costs £ £ Rates and water 827 - Advertising 59 - Stationery 2 - Professional fees 35 - 923 - Analysed between Trading 923 - |
Charitable Expenditure Heading 1 Charitable Expenditure Heading 1 2020 2019 £ £ 1,053 497 3,819 4,327 270 526 10 12 - 55 5,152 5,417 5,152 5,417 2020 Support costs Governance costs 2019 £ £ £ £ 827 2,782 - 2,782 59 402 - 402 2 375 - 375 35 40 - 40 923 3,599 - 3,599 923 3,599 - 3,599 |
|---|---|
6 Support costs
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JOHN SYKES FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
7 Trustees
None of the trustees (or any persons connected with them) received any remuneration , benefits or expenses from the charity during the year.
8 Employees
The average monthly number of employees during the year was:
| 2020 | 2019 | |
|---|---|---|
| Number | Number | |
| Total | - | - |
9 Related party transactions
There were no disclosable related party transactions during the year (2019 - none).
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Document Activity Report
Document Sent Mon, 27 Sep 2021 10:25:06 GMT Document Approval Status Pending Approval Activity Summary Annabelle Sykes Pending
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