REGISTERED COMPANY NUMBER: 08835602 (England and Wales) REGISTERED CHARITY NUMBER: 1163668
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2022
FOR
THE COMMON GOOD FOUNDATION
Accura Accountants Ltd Langley House Park Road East Finchley London N2 8EY
THE COMMON GOOD FOUNDATION
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2022
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 2 |
| Independent Examiner's Report | 3 | ||
| Statement of Financial Activities | 4 | ||
| Statement of Financial Position | 5 | ||
| Notes to the Financial Statements | 6 | to | 10 |
| Detailed Statement of Financial Activities | 11 |
THE COMMON GOOD FOUNDATION
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JANUARY 2022
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 January 2022. 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).
OBJECTIVES AND ACTIVITIES
Objectives and aims
To deepen the general public's understanding of citizenship, encourage leadership and participation of those who are disadvantaged and excluded, and emphasise both the importance of civic and religious harmony to improve the lives of people in the UK and beyond and the necessity of poor people in citizenship for the reduction of poverty.
Significant activities
The provision of lectures, the running of leadership training courses, meetings and events which includes marginalised and disadvantaged communities.
Public benefit
The goal is to promote religious harmony by seeking a meeting and conversation between people who are not talking to each other, or do not know each other. It seeks good citizenship by encouraging peaceful co-operation of matters of common concern for the public benefit and the promotion of capacity building by pooling resources and expertise to peruse mutual benefits.
FINANCIAL REVIEW
Financial position
Incoming resources increased from £176,519 in 2021 to £203,530 this year. Total expenditure increased from £153,459 in 2021 to £197,752 for the current year.
The above factors resulted in a surplus of £158,794 for the current year against a surplus of £153,016 for the year ending 31 January 2021.
Principal funding sources
Donations have been used to assist with the company's charitable aims.
Reserves policy
It is the policy of the charity to maintain unrestricted funds, which are free reserves of the charity, at a level which the trustees think appropriate after considering the future commitments of the charity and the likely administrative costs of the charity for the next year.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
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 Common Good Foundation does not have share capital governed by its Memorandum and Articles of Association dated 7th January 2014. It is registered as a charity with the Charity Commission.
The company received charitable status on 21 September 2015
Recruitment and appointment of new trustees
The trustees are elected by the members of the organisation at the Annual General meeting. The trustees have the power to co-opt persons with a particular skill to contribute to the company. It is not currently the intention of the trustees of the charity to appoint new trustees. Should this situation change in the future, the trustees will apply suitable recruitment and training procedures.
Risk management
The trustees have a duty to identify and review the risks to which the company is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
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THE COMMON GOOD FOUNDATION
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JANUARY 2022
REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number
08835602 (England and Wales)
Registered Charity number
1163668
Registered office
Langley House Park Road London N2 8EY
Trustees
Earl J R Lindsay-Bethune Chairman UK Accreditation Service L Dighton Trustee Prof A Pabst Trustee S A Nusseibeh Trustee (resigned 14.1.22) Mrs J Sinclair Trustee (appointed 23.3.21)
Independent Examiner
Accura Accountants Ltd Langley House Park Road East Finchley London N2 8EY
Approved by order of the board of trustees on 4 July 2022 and signed on its behalf by:
Prof A Pabst - Trustee
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE COMMON GOOD FOUNDATION
Independent examiner's report to the trustees of The Common Good Foundation ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 January 2022.
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 2. 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.
B Leighton Accura Accountants Ltd Langley House Park Road East Finchley London N2 8EY
4 July 2022
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THE COMMON GOOD FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JANUARY 2022
| 31.1.22 Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 203,528 Investment income 2 2 Total 203,530 EXPENDITURE ON Charitable activities General fund 197,752 NET INCOME 5,778 RECONCILIATION OF FUNDS Total funds brought forward 153,016 TOTAL FUNDS CARRIED FORWARD 158,794 |
31.1.21 Total funds £ 176,519 - |
|---|---|
| 176,519 153,459 |
|
| 23,060 129,956 |
|
| 153,016 |
The notes form part of these financial statements
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THE COMMON GOOD FOUNDATION
STATEMENT OF FINANCIAL POSITION 31 JANUARY 2022
| 31.1.22 Unrestricted fund Notes £ FIXED ASSETS Tangible assets 7 11,144 CURRENT ASSETS Cash at bank 156,679 CREDITORS Amounts falling due within one year 8 (9,029) NET CURRENT ASSETS 147,650 TOTAL ASSETS LESS CURRENT LIABILITIES 158,794 NET ASSETS 158,794 FUNDS 9 Unrestricted funds 158,794 TOTAL FUNDS 158,794 |
31.1.21 Total funds £ 5,401 154,413 (6,798) 147,615 153,016 153,016 153,016 153,016 |
|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2022.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2022 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 4 July 2022 and were signed on its behalf by:
A Pabst - Trustee
The notes form part of these financial statements
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THE COMMON GOOD FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2022
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.
The trustees are of the opinion that the charity will receive incoming funds and structure it costs over the next 12 month. They are therefore of the opinion that the charity is a going concern.
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.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Motor vehicles - 25% on reducing balance Computer equipment - 25% on reducing balance
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.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Pension costs and other post-retirement benefits
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and 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.
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continued...
THE COMMON GOOD FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JANUARY 2022
1. ACCOUNTING POLICIES - continued
Cash and cash equivalents Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.
2. INVESTMENT INCOME
3.
| INVESTMENT INCOME | ||
|---|---|---|
| 31.1.22 | 31.1.21 | |
| £ | £ | |
| Deposit account interest | 2 | - |
| NET INCOME/(EXPENDITURE) | ||
| Net income/(expenditure) is stated after charging/(crediting): | ||
| 31.1.22 | 31.1.21 | |
| £ | £ | |
| Depreciation - owned assets | 3,715 | 1,801 |
4. TRUSTEES' REMUNERATION AND BENEFITS
Trustees' expenses
One trustee was reimbursed for travel and subsistence expenses for attendance at meetings of £136.
5. STAFF COSTS
The average monthly number of employees during the year was as follows:
| 31.1.22 | 31.1.21 | |
|---|---|---|
| Staff | 3 | 2 |
| The number of employees whose employee benefits (excluding employer pension costs) exceeded | £60,000 was: | |
| 31.1.22 | 31.1.21 | |
| £80,001 - £90,000 | 1 | 1 |
The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:
continued...
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THE COMMON GOOD FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JANUARY 2022
6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
7.
| INCOME AND ENDOWMENTS FROM Donations and legacies EXPENDITURE ON Charitable activities General fund NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD TANGIBLE FIXED ASSETS COST At 1 February 2021 Additions At 31 January 2022 DEPRECIATION At 1 February 2021 Charge for year At 31 January 2022 NET BOOK VALUE At 31 January 2022 At 31 January 2021 |
Unrestricted fund £ 176,519 153,459 23,060 129,956 153,016 Motor Computer vehicles equipment Totals £ £ £ - 13,393 13,393 5,999 3,459 9,458 5,999 16,852 22,851 - 7,992 7,992 1,500 2,215 3,715 1,500 10,207 11,707 4,499 6,645 11,144 - 5,401 5,401 |
Unrestricted fund £ 176,519 153,459 23,060 129,956 153,016 Motor Computer vehicles equipment Totals £ £ £ - 13,393 13,393 5,999 3,459 9,458 5,999 16,852 22,851 - 7,992 7,992 1,500 2,215 3,715 1,500 10,207 11,707 4,499 6,645 11,144 - 5,401 5,401 |
|---|---|---|
| 23,060 129,956 |
||
| 153,016 | ||
| Totals £ 13,393 9,458 22,851 7,992 3,715 11,707 11,144 5,401 |
continued...
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THE COMMON GOOD FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JANUARY 2022
| 8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade creditors Amounts owed to participating interests Social security and other taxes Accrued expenses 9. MOVEMENT IN FUNDS At 1.2.21 £ Unrestricted funds General fund 153,016 TOTAL FUNDS 153,016 Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 203,530 TOTAL FUNDS 203,530 Comparatives for movement in funds At 1.2.20 £ Unrestricted funds General fund 129,956 TOTAL FUNDS 129,956 |
31.1.22 31.1.21 £ £ 462 96 - 121 6,407 4,541 2,160 2,040 9,029 6,798 Net movement At in funds 31.1.22 £ £ 5,778 158,794 5,778 158,794 Resources Movement expended in funds £ £ (197,752) 5,778 (197,752) 5,778 Net movement At in funds 31.1.21 £ £ 23,060 153,016 23,060 153,016 |
|---|---|
continued...
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THE COMMON GOOD FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JANUARY 2022
9. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 176,519 176,519 |
Resources Movement expended in funds £ £ (153,459) 23,060 (153,459) 23,060 |
Resources Movement expended in funds £ £ (153,459) 23,060 (153,459) 23,060 |
|---|---|---|---|
| 23,060 |
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund TOTAL FUNDS |
At 1.2.20 £ 129,956 129,956 |
Net movement in funds £ 28,838 28,838 |
At 31.1.22 £ 158,794 |
|---|---|---|---|
| 158,794 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 380,049 380,049 |
Resources Movement expended in funds £ £ (351,211) 28,838 (351,211) 28,838 |
Resources Movement expended in funds £ £ (351,211) 28,838 (351,211) 28,838 |
|---|---|---|---|
| 28,838 |
10. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 January 2022.
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THE COMMON GOOD FOUNDATION
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JANUARY 2022
| 31.1.22 | 31.1.21 | |
|---|---|---|
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Donations | 203,528 | 166,519 |
| Grants | - | 10,000 |
| 203,528 | 176,519 | |
| Investment income | ||
| Deposit account interest | 2 | - |
| Total incoming resources | 203,530 | 176,519 |
| EXPENDITURE | ||
| Charitable activities | ||
| Wages | 144,474 | 113,212 |
| Social security | 12,991 | 10,818 |
| Pensions | 2,466 | 1,762 |
| Telephone | 716 | 515 |
| Postage and stationery | 28 | - |
| Sundries | 80 | 164 |
| Travel | 4,251 | 136 |
| Computer costs | 2,501 | 1,228 |
| Rent | 7,610 | 9,658 |
| Insurance | 550 | 1,054 |
| Projects and research | 2,118 | 903 |
| Subscriptions | - | 41 |
| Motor expenses | 1,998 | - |
| Motor vehicles | 1,500 | - |
| Computer equipment | 2,215 | 1,801 |
| 183,498 | 141,292 | |
| Support costs | ||
| Finance | ||
| Bank charges | 68 | 32 |
| Governance costs | ||
| Accountancy fees | 4,386 | 2,535 |
| Bookkeeping | 9,800 | 9,600 |
| 14,186 | 12,135 | |
| Total resources expended | 197,752 | 153,459 |
| Net income | 5,778 | 23,060 |
This page does not form part of the statutory financial statements
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