Registered number: 08787201 Charity number: 1159280
THE SPAN TRUST
(A company limited by guarantee)
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2020
THE SPAN TRUST
(A company limited by guarantee)
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the Company, its Trustees and advisers | 1 |
| Trustees' report | 2 - 5 |
| Independent examiner's report | 6 |
| Statement of financial activities | 7 |
| Balance sheet | 8 |
| Notes to the financial statements | 9 - 14 |
THE SPAN TRUST
(A company limited by guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 SEPTEMBER 2020
| Trustees | A Valik |
|---|---|
| M Gershon | |
| M Goldberger | |
| M Rose | |
| Company registered number 08787201 Charity registered number 1159280 Registered office 4th Floor 7/10 Chandos Street London W1G 9DQ Independent Examiner Tony Lawson Lawson & Co., 18 The Lagger, Chalfont St. Giles, Bucks, HP8 4DG |
Page 1
THE SPAN TRUST
(A company limited by guarantee)
TRUSTEES' REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2020
The Trustees confirm that the Annual Report and financial statements of the company comply with the current statutory requirements, the requirements of the company's governing document and the provisions of the Statement of Recommended Practice (SORP), 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 2015) as amended by Update Bulletin 1 (effective 1 January 2015).
Since the company qualifies as small under section 383, the strategic report required of medium and large companies under The Companies Act 2006 (Strategic Report and Director's Report) Regulations 2013 is not required.
a. CONSTITUTION
The company is registered as a charitable company limited by guarantee and was set up by a Trust deed.
The company is constituted under a Trust deed and is a registered charity number 1159280.
The principal object of the company is to promote, maintain and improve public buildings and areas in the local community.
b. METHOD OF APPOINTMENT OR ELECTION OF TRUSTEES
The management of the company is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.
c. ORGANISATIONAL STRUCTURE AND DECISION MAKING
The Trust was established by M Gershon, A Valik and S Jennings by Trust Deed dated 22 November 2013.
M Goldberger and M Rose were appointed as trustees on 16 August 2017. S Jennings ceased to be a trustee on 13 September 2019. At the end of the period there were four Trustees.
All new Trustees are given a copy of the Governing Document, a copy of the last set of accounts and are made aware of all the charitable activities taking place.
The Trustees have identified the major risks to which the Trust is exposed and have established policies to mitigate these risks.
The trustees as Charity trustees have control of the Trust and its investments and funds.
Page 2
THE SPAN TRUST
(A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2020
Objectives and activities
a. Policies and objectives
The charity's objectives are for the benefit of the public;
1) To advance urban regeneration through the improvement of the built environment in areas of social and economic depravation, in particular (but not by way of limitation), through the provision of maintenance or improvement of public amenities for the benefit of the local community;
2) To relieve poverty, disability, age or ill health through the carrying out of or provision of support for building projects which alleviate the charitable needs of individuals, those who care for them and their dependents;
3) To provide public recreational space or facilities for the benefit of the local community and to provide assistance to schools, hospitals, care homes and other institutions furthering charitable purposes; and
4) Such other exclusively charitable purposes as the Trustees see fit in particular but not exclusively within London and the surrounding areas.
Achievements and performance
a. INVESTMENT POLICY AND PERFORMANCE
Under the Trust Deed, the trustees have the authority to invest the funds of the charitable trust at their discretion.
Financial review
a. Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
Page 3
THE SPAN TRUST
(A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2020
b. Reserves policy
Reserves are funds which are unrestricted and not designated and which are not represented by tangible fixed assets held for charitable use.
The overall decrease in unrestricted funds during the period amounted to £20,188 (2019: £27,618).
At the year end the Trust had unrestricted reserves of £2,122 (2019: £22,310).
Reserves also include restricted fund which are used for particular purposes.
The overall decrease in restricted funds during the period amounted to £5,000 (2019:£28,388).
At the year end the Trust had restricted reserves of £nil (2019: £5,000).
The Trustees continue to meet regularly to review the position.
Structure, governance and management
Plans for future periods
a. Future developments
The Trust will provide grants to further maintain the activities undertaken to date and will honour the commitments made.
The trustees have complied with the duty in section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission.
Page 4
THE SPAN TRUST
(A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2020
Statement of Trustees' responsibilities
The Trustees (who are also the directors of the Company for the purposes of company law) 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 Company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles of the Charities SORP (FRS 102);
-
make judgments and accounting estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the members of the board of Trustees and signed on their behalf by:
A Valik
Trustee Date: 30/6/2021 | 13:13 BST
Page 5
THE SPAN TRUST
(A company limited by guarantee)
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2020
Independent examiner's report to the Trustees of The Span Trust ('the Company')
I report to the charity Trustees on my examination of the accounts of the Company for the year ended 30 September 2020.
Responsibilities and basis of report
As the Trustees of the Company (and 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 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
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.
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.
Signed: Dated: 30/6/2021 | 16:59 BST Tony Lacs son Tony Lawson Chartered Accountant
Lawson & Co 18 The Lagger Chalfont St. Giles Bucks, HP8 4DG
Page 6
THE SPAN TRUST
(A company limited by guarantee)
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 30 SEPTEMBER 2020
| Note Income from: Donations and legacies 3 Investments 4 Total income Expenditure on: Charitable activities Total expenditure Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2020 £ 30,000 - 30,000 50,188 50,188 (20,188) 22,310 (20,188) 2,122 |
Restricted funds 2020 £ - - - 5,000 5,000 (5,000) 5,000 (5,000) - |
Total funds 2020 £ 30,000 - 30,000 55,188 55,188 (25,188) 27,310 (25,188) 2,122 |
Total funds 2019 £ 37,500 10 |
|---|---|---|---|---|
| 37,510 93,516 |
||||
| 93,516 (56,006) 83,316 (56,006) |
||||
| 27,310 |
The notes on pages 9 to 14 form part of these financial statements.
Page 7
THE SPAN TRUST
(A company limited by guarantee) REGISTERED NUMBER: 08787201
BALANCE SHEET AS AT 30 SEPTEMBER 2020
| 2020 | 2020 | 2019 | ||||
|---|---|---|---|---|---|---|
| Note | £ | £ | ||||
| Current assets | ||||||
| Cash at bank and in hand | 4,227 | 30,410 | ||||
| 4,227 | 30,410 | |||||
| Creditors: amounts falling due within one | ||||||
| year | 8 | (2,105) | (3,100) | |||
| Net current assets | 2,122 | 27,310 | ||||
| Total net assets | 2,122 | 27,310 | ||||
| Charity funds | ||||||
| Restricted funds | 9 | - | 5,000 | |||
| Unrestricted funds | 9 | 2,122 | 22,310 | |||
| Total funds | 2,122 | 27,310 |
The Company was entitled to exemption from audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
A Valik Trustee Date: 30/6/2021 | 13:13 BST
The notes on pages 9 to 14 form part of these financial statements.
Page 8
(A company limited by guarantee)
THE SPAN TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
1. General information
The company is a company limited by guarantee. The members of the company are the Trustees named on page . In the event of the company being wound up, the liability in respect of the guarantee is limited to £1 per member of the company.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with 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 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
The Span Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
2.2 Going concern
The accounts have been prepared on a going concern basis. The Trustees have reviewed the yearend commitments and reserve levels of the Company together with post year-end donations received and reasonable expectations of donations going forwards and believe the Company will continue to raise sufficient funds to enable it to continue furthering its charitable purposes and meet its year-end commitments.
2.3 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.
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 investment income is recognised at the time the investment income is receivable.
Page 9
(A company limited by guarantee)
THE SPAN TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
2. Accounting policies (continued)
2.4 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 operations, including support costs and costs relating to the governance of the company apportioned to charitable activities.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
2.5 Cash at bank and in hand
Cash is represented by cash in hand and deposits with dinancial institutions repayable without penalty on notice of not more than 24 hours.
2.6 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.
2.7 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.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
Page 10
THE SPAN TRUST
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
3. Income from donations and legacies
| Unrestricted | Total | Total | |
|---|---|---|---|
| funds | funds | funds | |
| 2020 | 2020 | 2019 | |
| £ | £ | £ | |
| Donations | 30,000 | 30,000 | 37,500 |
4. Investment income
| Investment income Analysis of expenditure by expenditure type Grants made Tuition fees paid directly Expenditure on governance Total 2020 |
Unrestricted funds 2020 £ - Other costs 2020 £ 49,868 2,175 3,145 55,188 |
Total funds 2020 £ - Total funds 2020 £ 49,868 2,175 3,145 55,188 |
Total funds 2019 £ 10 |
|---|---|---|---|
| Total funds 2019 £ 82,276 2,850 8,390 |
|||
| 93,516 |
5. Analysis of expenditure by expenditure type
Page 11
THE SPAN TRUST
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
6. Analysis of grants
| Grants made Tuition fees paid directly Total 2020 Total 2019 |
Unrestricted funds 2020 £ 38,118 2,175 40,293 64,016 |
Restricted funds 2020 £ 5,000 - 5,000 21,110 |
Endowment funds 2020 £ - - - 41,420 |
Total funds 2020 £ 43,118 2,175 45,293 126,546 |
Total funds 2019 £ 82,276 2,850 |
|---|---|---|---|---|---|
| 85,126 | |||||
At the year end, the Charity was committed to paying grants amounting to £20,800 (2019: £25,500).
7. Governance Costs
| Independent examiner's fees Legal and professional fees Consultancy fees Printing, postage and stationery Subscriptions |
Unrestricted funds 2020 £ 456 237 1,900 - 552 3,145 |
Total funds 2020 £ 456 237 1,900 - 552 3,145 |
Total funds 2019 £ 456 463 7,050 9 412 |
|---|---|---|---|
| 8,390 |
Page 12
THE SPAN TRUST
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
8. Creditors: Amounts falling due within one year
| Other creditors Accruals |
2020 £ - 2,105 2,105 |
2019 £ 250 2,850 |
|---|---|---|
| 3,100 |
Page 13
THE SPAN TRUST
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
9. Statement of funds
Statement of funds - current year
| Balance at 1 October 2019 £ Income £ Expenditure £ Unrestricted funds General Funds - all funds 22,310 23,250 (43,438) Restricted funds Restricted Funds - all funds 5,000 6,750 (11,750) Total of funds 27,310 30,000 (55,188) Statement of funds - prior year Balance at 1 October 2018 £ Income £ Expenditure £ Transfers in/out £ Unrestricted funds General Funds 49,928 37,510 (71,806) 6,678 Restricted funds Restricted Funds 33,388 - (21,710) (6,678) Total of funds 83,316 37,510 (93,516) - |
Balance at 30 September 2020 £ 2,122 |
|---|---|
| - | |
| 2,122 | |
| Balance at 30 September 2019 £ 22,310 |
|
| Unrestricted funds General Funds Restricted funds Restricted Funds Total of funds |
|
| 5,000 | |
| 27,310 |
10. Related Party Transactions
No trustees received remuneration or re-imbursement of expenses during either the current or prior year.
During the year the Trust received £30,000 (2019: £30,000) of donations from Span Group Limited, a company controlled by some of the trustees of the Charity.
Page 14
Certificate Of Completion
Envelope Id: EDC272AF8EEF44F19E9D1E1AB3F8C7B9 Subject: Please DocuSign: The Span Trust Source Envelope: Document Pages: 16 Signatures: 3 Certificate Pages: 2 Initials: 0 AutoNav: Enabled EnvelopeId Stamping: Disabled Time Zone: (UTC) Dublin, Edinburgh, Lisbon, London
Status: Completed
Envelope Originator: Matthew Pearson 4th Floor, Cavendish Square London, London W1G 9DQ Matthew.Pearson@sgllp.co.uk IP Address: 5.148.134.126
| Record Tracking | ||
|---|---|---|
| Status: Original | Holder: Matthew Pearson | Location: DocuSign |
| 30/6/2021 | 10:04 | Matthew.Pearson@sgllp.co.uk |
| Signer Events | Signature | Timestamp |
| A Valik | Sent: 30/6/2021 | |
| sandy@spangroup.com | A Valite | Viewed: 30/6/2021 |
| Member | Signed: 30/6/2021 | |
| Security Level: Email, Account Authentication (None) |
Signature Adoption: Pre-selected Style | |
| Using IP Address: 77.100.9.113 | ||
| Electronic Record and Signature Disclosure: | ||
| Not Offered via DocuSign | ||
| Tony Lawson | Sent: 30/6/2021 | |
| mail@lawsonsaccountants.co.uk | Tony Lacsson | Viewed: 30/6/2021 |
| Security Level: Email, Account Authentication | Signed: 30/6/2021 | |
| (None) | ||
| Signature Adoption: Pre-selected Style | ||
| Using IP Address: 109.152.10.31 | ||
| Electronic Record and Signature Disclosure: | ||
| Not Offered via DocuSign | ||
| In Person Signer Events | Signature | Timestamp |
| Editor Delivery Events | Status | Timestamp |
| Agent Delivery Events | Status | Timestamp |
| Intermediary Delivery Events | Status | Timestamp |
| Certified Delivery Events | Status | Timestamp |
| Carbon Copy Events | Status | Timestamp |
| Rajiv Thakerar | Sent: 30/6/2021 | |
| rajiv.thakerar@sgllp.co.uk | Viewed: 30/6/2021 | |
| SIMMONS GAINSFORD LLP | ||
| Security Level: Email, Account Authentication | ||
| (None) | ||
| Electronic Record and Signature Disclosure: | ||
| Not Offered via DocuSign | ||
| Witness Events | Signature | Timestamp |
| Notary Events | Signature | Timestamp |
|---|---|---|
| Envelope Summary Events | Status | Timestamps |
| Envelope Sent | Hashed/Encrypted | 30/6/2021 |
| Certified Delivered | Security Checked | 30/6/2021 |
| Signing Complete | Security Checked | 30/6/2021 |
| Completed | Security Checked | 30/6/2021 |
| Payment Events | Status | Timestamps |