Charity Registration No. 1159037 Company Registration No. 09234192 (England and Wales) ## ST JOSEPH FOUNDATION UK Annual report and unaudited financial statements For the year ended 31 August 2022 ## **ST JOSEPH FOUNDATION UK Report and accounts Contents** ||**Page**| |---|---| |Information|1| |Trustees' report|2-4| |Independent examiner's report|5| |Statement of financial activities|6| |Balance sheet|7| |Statement of cash flows|8| |Notes to the financial statement|9-15| ## **ST JOSEPH FOUNDATION UK Company Information** ## **Trustees** L Pompa N Francesco E Yost **Company number** 09234192 **Charity number** 1159037 **Principal address** 29 Bramley Road London N14 4HE ## **Registered office** 29 Bramley Road London N14 4HE ## **Independent examiner** CK Partnership Ltd 1 Old Court Mews 311 Chase Road London N14 6JS 1 ## **ST JOSEPH FOUNDATION UK Trustees' report (including Directors' report) For the year ended 31 August 2022** The trustees present their report and financial statements for the year ended 31 August 2022. The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's deed, the Companies Act 2006 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)" (as amended for accounting periods commencing from 1 January 2016) ## **Objectives and activities** The charity's objectives are the advancement of education, in particular, but not exclusively, by the provision of English language teaching to students from schools in Italy. The charity seeks to advance Roman Catholic religion in association with educational activity. To achieve these objectives the charity has organised a residential school that provides an educational environment that can help develop the skills and capabilities of the students through our cultural and educational activities. In our school we have established an environment where each student can experience full integration with the language enabling them to practice and gain knowledge of the English traditions within a stimulating and secure space. The foundation furthers its charitable purposes for the public benefit through providing these facilities. We are an equal opportunity organization and are committed to a working environment that is free from any form of discrimination. Our school is committed to safeguarding and promoting the welfare of our pupils and expects all staff and volunteers to share this commitment. The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake. During the past year we have made connections with new Italian schools in new Regions, Lombardia Veneto ( Padova ), Piemonte (Turin, Novara), outside Italy we continue improving new connections in Romania, Spain, Portugal, Korea, Vietnam. We continue improving the quality of our General English courses with a new approach based on a new approach full immersion speaking skills in daily life andday skills in London. The new course programme that was launched the past year is a running program "Real Life London Experience" the purpose of this course it was designed for students that already have at least a B1 level in English is that they can have lessons in the mornings and experience and volunteer in Charities in the afternoons, the demand for this course is growing. A new course that we want to try this year " Family with nursery children program" This course program will help the families and children to enjoy and make their children familiar with a school that is not their daily school improving confidence in language, also parents will have language courses and at the end they have to perform a mini presentation to the children. We are always looking at different needs that students have not only promoting the English language but other topics, law, psychology, architecture, accounting. The good academic quality but also our "family" environment has helped our students to socialise and feel confident during our school experience. All resources available have been used to achieve the charities objectives. The charity does not generally carry out fundraising activities. No professional or commercial fundraisers are involved. The trustees are satisfied that the charities fundraising activities conform to recognised standards. 2 **ST JOSEPH FOUNDATION UK Trustees' report (including Directors' report) For the year ended 31 August 2022** ## **Trustees' report (including Directors' report) (continued)** ## **Financial review** During the year the charity has received total income of £198,461 (2021: £69,697) with total resources expended of £204,034 (2021: £123,019) resulting in a surplus of £5,995 (2021: surplus £643) for the year ended 31 August 2022. ## **Reserves policy** It is the policy of the charity that unrestricted funds should be maintained at a level equivalent to between three and six month's expenditure. The trustees considers that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity's current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year. The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks. ## **Future developments** This fourth year of trade for the charity again has been a positive year in the right direction for the growth and stability for the future years. Senior management are continually promoting and growing the charity throughout Italy and further afield, including Spain, Portugal, Poland, Romania, Philippines, and Vietnam and in the next year Korea, this has led to increased placements of students onto the charities English language courses. Special courses as the Family program has been a success so that parents can in specific periods try our school experience with their children. We also need to develop and find host families for next summer because we are starting to have this kind of request, and try to promote our programs in new countries, we also need more rooms for the summer season or try to move some bookings in other periods. ## **Structure, governance and management** The charity is a company limited by guarantee and governed by its Memorandum and Articles of Association dated 24 September 2014. It is registered as a charity with the Charity Commission. The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were: L Pompa N Francesco E Yost The Charity currently operates with the continued support of The Cooperativa Sociale Istituto San Giuseppe ("The Instituto"), a charity registered in Italy. This has led to The Istituto being heavily involved in nominating trustees. The above trustees were nominated at the date of incorporation, of which two, L Pompa and E Yost, do not hold any office with The Instituto. None of the trustees have any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up. All major policy decisions are made by the trustees. The trustees give their time freely and no remuneration or expenses were paid to the trustees or connected persons in the year. 3 **ST JOSEPH FOUNDATION UK Trustees' report (including Directors' report) For the year ended 31 August 2022** ## **Trustees' report (including Directors' report) (continued)** The trustees are responsible for the overall management and control of the charity with the daily work and implementation of policies being carried out by senior management, Leonardo Salerno. Progress is reported back to the trustees at least monthly and when needed, direct to the Chairman, N Francesco. The charity entered the Register of Charities on the 31st October 2014. The trustees meet at least 3 times a year and in an annual meeting to collectively make decisions for the charity. The trustees' report was approved by the Board of Trustees. **L Pompa N Francesco E Yost** Trustee Trustee Trustee Dated: ………….. Dated: ………….. Dated: ………….. 4 ## **ST JOSEPH FOUNDATION UK Independent examiner's report to the trustees of St Joseph Foundation UK For the year ended 31 August 2022** I report to the trustees on my examination of the financial statements of St Joseph Foundation UK (the charity) for the year ended 31 August 2022. ## **Responsibilities and basis of report** As the trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act). Having satisfied myself that the financial statements of the charity 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 charity's financial statements carried out under section 145 of the Charities Act 2011 (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** 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 386 of the 2006 Act; or - 2 the financial statements do not accord with those records; or - 3 the financial statements 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 financial statements 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 financial statements to be reached. Ravi Koppa (Senior Statutory Auditor) CK Partnership Limited Registered Auditors 1 Old Court Mews 311 Chase Road London N14 6JS ……….. 2023 5 ## **ST JOSEPH FOUNDATION UK Statement of financial activities Including income and expenditure account for the year ended 31 August 2022** |**Unrestricted**
**funds**
**Notes**
**£**
**Income from:**
School fee income
**3**
198,461
Investments
**4**
8
**Total income**
198,469
**Expenditure on:**
Raising funds
**5**
1,389
Charitable activities
**6**
200,556
Interest payable
2,089
**Total resources expended**
204,034
Other operating income
11,560
**Net income for the year/**
5,995
**Net movement in funds**
Fund balances at 1 September 2021
5,377
**Fund balances at 31 August 2022**
11,372|**Total**
**2022**
**£**
198,461
8
198,469
1,389
200,556
2,089
204,034
11,560
5,995
5,377
11,372|**Total**
**2021**
**£**
69,697
-
69,697
300
122,623
96
123,019
53,965
643
4,734
5,377| |---|---|---| The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006. 6 ## **ST JOSEPH FOUNDATION UK Balance Sheet as at 31 August 2022** |**Notes**
**Fixed assets**
Tangible assets
10
**Current assets**
Debtors
12
Cash at bank and in hand
**Creditors: amounts falling due**
**within one year**
13
**Net current assets**
**Total assets less current**
**liabilities**
**Creditors: amounts falling due**
**after more than one year**
14
**Net assets**
**Income funds**
Unrestricted funds|**2022**
**£**
11,905
54,000
2,780
56,780
(19,813)
36,967
48,872
(37,500)
11,372
11,372
11,372|**2021**
**£**
14,082
30,612
24,571
55,183
(28,638)
26,545
40,627
(35,250)
5,377
5,377
5,377| |---|---|---| The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 August 2022. No member of the company has deposited a notice, pursuant to section 476, requiring an audit of these financial statements. The trustees acknowledge their responsibilities for ensuring that the charity keeps accounting records which comply with section 386 of the Act and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its incoming resources and application of resources, including its income and expenditure, for the 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 company. These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The financial statements were approved by the Trustees on .............. 2023 L Pompa N Francesco **Trustee Trustee** 7 ## **ST JOSEPH FOUNDATION UK Statement of Cash flow for the year ended 31 August 2022** |**Notes**
**£**
**Cash flows from operating activities**
Cash generated from/(absorbed by)
16
operations
**Investing activities**
Purchase of tangible fixed assets
-
Interest received
8
**Net cash generated from/(used in) investing**
**activities**
**Financing activities**
Repayment of bank loans
-
**Net cash used in financing activities**
**Net increase in cash and cash equivalents**
Cash and cash equivalents at beginning of year
**Cash and cash equivalents at end of year**|**2022**

**£**
(21,799)
8
-
(21,791)
24,571
2,780|**£**
-
-
-|**2021**

**£**
(7,034)
-
-
(7,034)
31,605
24,571| |---|---|---|---| 8 **ST JOSEPH FOUNDATION UK Notes to the Financial Statements for the year ended 31 August 2022** ## **1 Accounting policies** ## _**Charity information**_ St Joseph Foundation UK is a private company limited by guarantee incorporated in England and Wales. The registered office is 29 Bramley Road, London, N14 4HE. ## **1.1** _**Accounting convention**_ The accounts have been prepared in accordance with the charity's deeds, the Companies Act 2006 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)" (as amended for accounting periods commencing from 1 January 2016). The charity is a Public Benefit Entity as defined by FRS 102. The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention. 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 unless the funds have been designated for other purposes. ## **1.4** _**Incoming resources**_ Income is recognised at the fair value of services provided and is derived from language course fees arising in the United Kingdom. ## **1.5** _**Resources expended**_ Resources expended are included in the Statement of Financial Activities on an accrual basis. ## **1.6** _**Tangible fixed assets**_ Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: Leasehold improvements 5% straight line Fixtures, fittings and equipment 10% straight line The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year. 9 ## **ST JOSEPH FOUNDATION UK Notes to the Financial Statements for the year ended 31 August 2022** ## **1 Accounting policies (continued)** ## **1.7** _**Impairment of fixed assets**_ At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for impairment annually, and whenever there is an indication that the asset may be impaired. ## **1.8** _**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. ## **1.9** _**Financial instruments**_ The charity 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 charity's balance sheet when the charity becomes party to the contractual provisions of the instrument. 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. ## _**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. ## _**Derecognition of financial assets**_ Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the charity transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party. ## _**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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. 10 ## **ST JOSEPH FOUNDATION UK Notes to the Financial Statements for the year ended 31 August 2022** ## **1.9** _**Financial instruments (continued)**_ ## _**Basic financial liabilities (continued)**_ 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. ## **1.10** _**Employee benefits**_ The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits. ## **2 Critical accounting estimates and judgements** In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. ## **3 School fee income** |**School fee income**
Language course income|**2022**
**£**
198,461
198,461|**2021**
**£**
69,697
69,697| |---|---|---| ## **4 Investments** |**Unrestricted**
**funds**
**2022**
**£**
8
8|**Total**
**2021**
**£**
-
-| |---|---| 11 ## **ST JOSEPH FOUNDATION UK** ## **Notes to the Financial Statements** **for the year ended 31 August 2022** |**5**
**Raising funds**
Fundraising and publicity
Advertising
**6**
**Charitable activities**
Provision of language courses
School catering
Total charitable activities
**Analysis by fund**
Unrestricted funds
**7**
**Support costs**
**Support**
**costs**
**£**
Staff costs
56,802
Depreciation
2,176
Insurance
8,666
Repairs and maintenance
10,931
Premises costs and other
expenditure
28,146
Legal and professional
-
Accountancy
-
106,721
Analysed between
Charitable activities
106,721
Student travel costs and other expenditure
Share of support costs (see note 7)
Share of governance costs (see note 7)|**Governance**
**costs**
**£**
-
-
-
-
-
195
3,000
3,195
3,195|**2022**
**£**
1,389
1,389
**2022**
**£**
38,013
24,596
28,031
90,640
106,721
3,195
109,916
200,556
200,556
**2022**
**£**
56,802
2,176
8,666
10,931
28,146
195
3,000
109,916
109,916|**2021**
**£**
300
300
**2021**
**£**
-
170
-
170
119,453
3,000
122,453
122,623
122,623
**2021**
**£**
73,452
2,332
27,256
2,641
13,772
-
3,000
122,453
122,453| |---|---|---|---| The allocation of support and governance costs have been allocated to the Charity's sole charitable activity, being the provision of language courses 12 **ST JOSEPH FOUNDATION UK Notes to the Financial Statements for the year ended 31 August 2022** ## **8 Trustees** None of the trustees (or any persons connected with them) received any remuneration during the year. ## **9 Employees** ## **Number of employees** The average monthly number of employees during the year was: |Administration and support
**Employment costs**
Wages and salaries, Pensions and Employer's NI|**2022**
**Number**
4
**2022**
**£**
56,802|**2021**
**Number**
4
**2021**
**£**
73,452| |---|---|---| There were no employees whose annual remuneration was £60,000 or more. ## **10 Tangible fixed assets** |**Cost**
At 1 September 2021
At 31 August 2022
**Depreciation and impairment**
At 1 September 2021
Charge for the year
At 31 August 2022
**Net book value**
At 31 August 2022
At 31 August 2021|**Leasehold**
**improvements**
**£**
15,676
15,676
10,740
784
11,524
4,152
4,936|**Fixtures,**
**fittings &**
**equipment**
**£**
15,478
15,478
6,332
1,393
7,725
7,753
9,146|**Total**
**£**
31,154
31,154
17,072
2,177
19,249
11,905
14,082| |---|---|---|---| 13 ## **ST JOSEPH FOUNDATION UK** ## **Notes to the Financial Statements** **for the year ended 31 August 2022** |**11**
**Financial instruments**
Measured at amortised cost
**12**
**Debtors**
Trade debtors
Other debtors
**13**
**Creditors: amounts falling due within one year**
Bank loans and overdrafts
Trade creditors
Taxation and social security costs
Accruals
Pension liability
Wages control account
Other creditors
**14**
**Creditors: amounts falling due after one year**
Bank loans
The loan is interest free and unsecured.
**Carrying amount of financial assets**
Debt instruments measured at amortised cost
**Carrying amount of financial liabilities**|**2022**
**£**
54,000
57,313
**2022**
**£**
54,000
-
54,000
**2022**
**£**
4,500
3,000
314
5,000
477
2,401
4,121
19,813
**2022**
**£**
37,500|**2021**
**£**
24,612
63,888
**2021**
**£**
24,612
6,000
30,612
**2021**
**£**
9,000
3,000
2,927
5,000
317
7,698
696
28,638
**2021**
**£**
35,250| |---|---|---| ## **15 Related party transactions** There were no disclosable related party transactions during the year (2021 - none). 14 ## **ST JOSEPH FOUNDATION UK Notes to the Financial Statements for the year ended 31 August 2022** |**16**
**Cash generated from operations**
Surplus for the year
Adjustments for:
Movements in working capital:
Decrease/(Increase) in debtors
(Decrease)/increase in creditors
Investment income recognised in statement of financial activities
Loss on disposal of tangible fixed assets
Depreciation and impairment of tangible fixed assets
**Cash generated from/(absorbed by) operations**|**2022**
**£**
5,995
(8)
-
2,177
(23,388)
(6,575)
(21,799)|**2021**
**£**
643
-
-
2,332
(19,012)
9,003
(7,034)| |---|---|---| 15