Charity Registration No. 1161310
Company Registration No. 09031167 (England and Wales)
THE CONVEYANCING FOUNDATION
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2021
THE CONVEYANCING FOUNDATION
LEGAL AND ADMINISTRATIVE INFORMATION
| Trustees | Mr J L Davies |
|---|---|
| Mrs T K Davies | |
| Mr G D Evans | |
| Charity number | 1161310 |
| Company number | 09031167 |
| Registered office | Maxwell Chambers |
| 34-38 Stow Hill | |
| Newport | |
| South Wales | |
| United Kingdom | |
| NP20 1JE | |
| Independent examiner | UHY Hacker Young |
| Lanyon House | |
| Mission Court | |
| Newport | |
| South Wales | |
| United Kingdom | |
| NP20 2DW |
THE CONVEYANCING FOUNDATION
CONTENTS
| Page | |
|---|---|
| Trustees report | 1 - 2 |
| Independent examiner's report | 3 |
| Statement of financial activities | 4 |
| Balance sheet | 5 |
| Notes to the accounts | 6 - 10 |
THE CONVEYANCING FOUNDATION
TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MAY 2021
The trustees present their report and financial statements for the year ended 31 May 2021.
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 governing document, 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) (effective 1 January 2015) . ”
Objectives and activities
The Conveyancing Foundation is a not for profit organisation and has been established to help conveyancers and others in the property industry raise funds for their chosen charities. They will select in line with their objective of focusing on the relief of those in need by reason of youth, age, ill-health, disability, financial hardship or other disadvantage. The Conveyancing Foundation Legal Fee Competition enables us to raise significant and consistent donations to support our chosen charities.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Charity should undertake.
Achievements and performance
During the year we have received £73,301 (2020 - £56,532) from the free legal fee competition which has been distributed to their chosen charities.
Throughout the course of the past twelve months The Conveyancing Foundation has continued to grow and raise significant funds for various charities through its Free Legal Fee Charity Competition.
The cost of entering the competition is £1, with a £9 charity donation which, on attracting 25% Gift Aid, means that every competition entry raises £11.25 for the Foundations chosen charities.
Northern Ireland-based law firm Wilson Nesbitt continues to support the Conveyancing Foundation through the Charity Lotto raising in excess of £27,000 for their chosen Charities. In addition, Law firm Direction Law raised over £3,000 and BTMK Solicitors in excess of £2,000 for Charity.
Between June 2020 and May 2021, The Conveyancing Foundation raised £5,000 for NHS Charities Together, £3,000 was raised in aid of The Humanitarian Group Pakistan and £1,000 was donated to Epilepsy Society, Velindre Cancer Care, MS Society, Many Tears Animal Rescue, SANDS and Sparkle Appeal.
The Conveyancing Foundation also continue their fundraising initiatives in support of the Mindstep Foundation and Ty Hafan Children’s Hospice.
The Conveyancing Foundation has also taken part in various fundraising initiatives over the period and helped numerous Charities such as Caerwent Youth Club, National Deaf Children Society, Little Princess Trust, Boomerang Cardiff and Cancer Research Wales.
There is little doubt that COVID-19 impacted upon fundraising throughout the second half of 2020 and donations via the Charity Lotto Competition throughout the period July 2020 to November 2020 were lower than anticipated.
Despite the circumstances, we have experienced a significant increase in the Charity Lotto donations throughout the first half of 2021. Over the coming twelve months and into 2022 we remain confident that The Conveyancing Foundation will overcome the current challenges and achieve our target of raising in excess of £800,000 for Charity.
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THE CONVEYANCING FOUNDATION
TRUSTEES REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MAY 2021
Financial review
It is the policy of the Charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to three months expenditure. Based on the last two years this would mean the Charity maintains funds of approximately £13,518. 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. As at 31 May 2021, unrestricted funds were £90,686 (2020 - £62,702), restricted funds were £14,264 (2020 - £6,406), leaving total reserves of £104,950 (2020 - £69,108). This shows that the level of reserves has been maintained throughout the year.
The trustees has 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.
Structure, governance and management
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.
The trustees have delegated the day-to-day management of The Conveyancing Foundation to Lloyd Davies, Trustee.
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:
Mr J L Davies
Mrs T K Davies
Mr G D Evans
Recruitment and appointment of trustees
Any person who is willing to act as a director, and is permitted by law to do so, may be appointed to be a director by ordinary resolution or by decision of the directors. No person who is not a member shall in any circumstance be eligible to hold office as a director. In order to become a member of the company that person has to apply for membership in a form approved by the directors. Upon appointment, new trustees are given information and instruction on the responsibilities of a trustee.
Public Benefit
The Charity has complied with their duty under section 17(5) of the Charities Act 2011 to have due regard to guidance published by the Charity Commission on public benefit.
None of the trustees has 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.
The trustees r eport was approved by the Board of Trustees.
.............................. Mr G D Evans
Dated: ......................... 23 / 02 / 2022
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THE CONVEYANCING FOUNDATION
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE CONVEYANCING FOUNDATION
I report to the trustees on my examination of the financial statements of The Conveyancing Foundation (the Charity) for the year ended 31 May 2021.
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
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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
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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.
UHY Hacker Young
Lanyon House Mission Court Newport South Wales NP20 2DW United Kingdom
Dated: ......................... 23 / 02 / 2022
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THE CONVEYANCING FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MAY 2021
| Unrestricted Restricted funds funds 2021 2021 Notes £ £ Income from: Donations and legacies 2 60,343 12,958 Other trading activities 3 14,145 - Total income 74,488 12,958 Expenditure on: Charitable activities - Prevention and relief to those in need 4 46,504 5,100 Net income for the year/ Net movement in funds 27,984 7,858 Fund balances at 1 June 2020 62,702 6,406 Fund balances at 31 May 2021 90,686 14,264 |
TotalUnrestricted Restricted funds funds 2021 2020 2020 £ £ £ 73,301 51,571 4,961 14,145 25,368 - 87,446 76,939 4,961 51,604 54,885 6,500 35,842 22,054 (1,539) 69,108 40,648 7,945 104,950 62,702 6,406 |
Total 2020 £ 56,532 25,368 |
|---|---|---|
| 81,900 | ||
| 61,385 | ||
| 20,515 48,593 |
||
| 69,108 |
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.
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THE CONVEYANCING FOUNDATION
BALANCE SHEET
AS AT 31 MAY 2021
| Notes Current assets Debtors 8 Cash at bank and in hand Creditors: amounts falling due within one year 9 Net current assets Income funds Restricted funds 10 Unrestricted funds |
2021 £ 15,451 91,254 106,705 (1,755) |
£ 104,950 14,264 90,686 104,950 |
2020 £ 15,618 55,665 71,283 (2,175) |
£ 69,108 6,406 62,702 69,108 |
|---|---|---|---|---|
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 May 2021.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
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 ......................... 23 / 02 / 2022
.............................. Mr G D Evans Trustee
Company Registration No. 09031167
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THE CONVEYANCING FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2021
1 Accounting policies
Charity information
The Conveyancing Foundation is a private company limited by guarantee incorporated in England and Wales. The registered office is Maxwell Chambers, 34-38 Stow Hill, Newport, South Wales, NP20 1JE, United Kingdom.
1.1 Accounting convention
The accounts have been prepared in accordance with the Charity's governing document, 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 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 accounts have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2 Going concern
There is little doubt that COVID-19 impacted upon fundraising throughout the second half of 2020 and donations via the Charity Lotto Competition throughout the period July 2020 to November 2020 were lower than anticipated.
Despite the circumstances, we have experienced a significant increase in the Charity Lotto donations throughout the first half of 2021. Over the coming twelve months and into 2022 we remain confident that The Conveyancing Foundation will overcome the current challenges and achieve our target of raising in excess of £800,000 for Charity.
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.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
1.4 Incoming resources
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.
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THE CONVEYANCING FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MAY 2021
1 Accounting policies
(Continued)
1.5 Resources expended
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.
1.6 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.
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses .
2 Donations and legacies
| Unrestricted | Restricted | Total | Unrestricted | Restricted | Total | |
|---|---|---|---|---|---|---|
| funds | funds | funds | funds | |||
| 2021 | 2021 | 2021 | 2020 | 2020 | 2020 | |
| £ | £ | £ | £ | £ | £ | |
| Donations and gifts | 60,343 | 12,958 | 73,301 | 51,571 | 4,961 | 56,532 |
3 Other trading activities
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2021 | 2020 | |
| £ | £ | |
| Fundraising events | 14,145 | 25,368 |
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THE CONVEYANCING FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MAY 2021
4 Charitable activities - Prevention and relief to those in need
| Bank charges Donations Free legal fee winners Share of governance costs (see note 5) Analysis by fund Unrestricted funds Restricted funds |
2021 £ 295 43,764 6,525 50,584 1,020 51,604 46,504 5,100 51,604 |
2020 £ 235 55,117 5,013 |
|---|---|---|
| 60,365 1,020 |
||
| 61,385 | ||
| 54,885 6,500 |
||
| 61,385 |
5 Support costs
| Support costs Governance costs £ £ Accountancy - 1,020 - 1,020 Analysed between Charitable activities - 1,020 |
2021Support costs Governance costs £ £ £ 1,020 - 1,020 1,020 - 1,020 1,020 - 1,020 |
2020 £ 1,020 |
|---|---|---|
| 1,020 | ||
| 1,020 |
6 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the Charity during the year.
None of the trustees made any donations to the Charity during the year.
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THE CONVEYANCING FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MAY 2021
7 Employees
The average monthly number of employees during the year was:
| 2021 | 2020 | ||
|---|---|---|---|
| Number | Number | ||
| Total | - | - | |
| 8 | Debtors | ||
| 2021 | 2020 | ||
| Amounts falling due within one year: | £ | £ | |
| Other debtors | 15,451 | 15,618 | |
| 9 | Creditors: amounts falling due within one year | ||
| 2021 | 2020 | ||
| £ | £ | ||
| Accruals and deferred income | 1,755 | 2,175 |
10 Restricted funds
The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:
| Movement | in funds | Movement | in funds | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Balance at | Incoming | Resources | Balance at | Incoming | Resources | Balance at |
||||
| 1 | June 2019 | resources | expended | 1 June 2020 | resources | expended | 31 |
May 2021 | ||
| £ | £ | £ | £ | £ | £ | £ | ||||
| Wilson Nesbit | 7,945 | 4,961 | (6,500) | 6,406 | 12,958 | (5,100) | 14,264 | |||
| Restricted funds relate to the free legal competition activity | through Wilson Nesbit. | |||||||||
| Analysis of net assets between funds | ||||||||||
| Unrestricted | Restricted | TotalUnrestricted | Restricted | Total | ||||||
| 2021 | 2021 | 2021 | 2020 | 2020 | 2020 | |||||
| £ | £ | £ | £ | £ | £ | |||||
| Fund balances are | ||||||||||
| represented by: | ||||||||||
| Current assets/(liabilities) | 90,686 | 14,264 | 104,950 | 62,702 | 6,406 | 69,108 | ||||
| 90,686 | 14,264 | 104,950 | 62,702 | 6,406 | 69,108 |
11 Analysis of net assets between funds
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THE CONVEYANCING FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MAY 2021
12 Related party transactions
There were no disclosable related party transactions during the year (2020 - none) .
There was no remuneration paid to key management personnel during the year (2020 - none).
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