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2021-07-31-accounts

Charity Number 1165556

LIVE AND LEARN

FINANCIAL STATEMENTS 31 JULY 2021

LIVE AND LEARN

FINANCIAL STATEMENTS

YEAR ENDED 31 JULY 2021

CONTENTS PAGE
Trustees and professional advisers 1
Trustees Annual Report 2-3
Independent examiner`s report to the trustees 4
Statement of financial activities 5
Balance sheet 6
Notes to the financial statements 7-9

LIVE AND LEARN

TRUSTEES AND PROFESSIONAL ADVISERS

Registered charity name LIVE AND LEARN LIVE AND LEARN
Charity number 1165556
Principal office 14 Paget Road
London
N16 5NQ
Trustees S Zieg
E M Asher
N Star
Independent examiner JS & Co Accountants Ltd
26 Theydon Road
London
E5 9NA
Bankers
 Barclays

- 1 -

LIVE AND LEARN TRUSTEES ANNUAL REPORT (continued) YEAR ENDED 31 JULY 2021

The trustees have pleasure in presenting their report and the unaudited financial statements of the charity for the year ended 31 July 2021.

REFERENCE AND ADMINISTRATIVE DETAILS

Reference and administrative details are shown in the schedule of trustees and professional advisers on page 1 of the financial statements.

THE TRUSTEES

The trustees who served the company during the period were as follows:

S Zieg E M Asher N Star

There is no chief executive officer nor any other staff employed in the charity. The day to day affairs are undertaken by the charity’s founder, S Zieg on behalf of the trustees.

All major decisions are taken collectively by the trustees.

The trustees are unpaid and details of any related party transactions are disclosed as applicable in the notes to the accounts.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Live and Learn is constituted under a deed dated 12 February 2016. It is a registered charity number 1165556 and was registered on 12 February 2016.

Recruitment and appointment of new trustees would be in line with the Trust Deed and with the consent of the trustees. The criteria set for the suitable candidate would be someone who is sensitive to the needs and demands of the organisation.

RISK REVIEW

The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the Trust, and are satisfied that systems are in place to manage our exposure to the major risks.

OBJECTIVES AND ACTIVITIES

To advance in life and help young people through:

(a) the provision of recreational and leisure time activities provided in the interest of social welfare, designed to improve their conditions of life;

(b) providing support and activities which develop their skills, capacities and capabilities to enable them to participate in society as mature and responsible individuals

To support adults with their studies

STRUCTURE AND MANAGEMENT

A Senior Carer manages the daily running of activities, reporting weekly to the Director of Services. The Director reports quarterly to the trustees on the general running of projects and more frequently where issues need to be addressed. The trustees are responsible for final decisions. Wherever possible, decisions are made in consultation with parents, users, carers and staff.

- 2 -

LIVE AND LEARN TRUSTEES ANNUAL REPORT (continued) YEAR ENDED 31 JULY 2021

RISK MANAGEMENT

The trustees have put in place systems to identify risks and review the systems regularly.

A REVIEW OF OUR ACHIEVEMENTS AND PERFORMANCES

We had very good reviews of our achievements and performances and our clients were pleased with the outcomes and greatly benefited from our services. Dentations received have greatly increased which enabled us to expand our services.

The charity received £424,988 in donations during the year which has enabled us to expand.

RESERVES

The trustees aim to maintain free reserves in unrestricted funds at a level which equates to approximately three months of unrestricted charitable expenditure.

PLANS FOR THE FUTURE

Our plan is to be able to resume with our current programmes in the future and continue to assist our clients with their needs.

Signed on behalf of the trustees

Trustee

27 May 2022

- 3 -

LIVE AND LEARN INDEPENDENT EXAMINER`S REPORT TO THE TRUSTEES OF LIVE AND LEARN YEAR ENDED 31 JULY 2021

I report to the trustees on my examination of the financial statements of Live and Learn ('the charity') for the year ended 31 July 2021.

Responsibilities and basis of report

The charity’s trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year (under Section 144(2) of the Charities Act 2011 (the 2011 Act)) and that an independent examination is required.

It is my responsibility to:

My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statements below.

Independent examiner's statement

In connection with my examination, no matter has come to my attention:

(1) which gives me reasonable cause to believe that, in any material respect, the requirements - to keep accounting records in accordance with Section 130 of the 2011 Act; and

(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

Balazs Nezmi FCCA Chartered accountant

Js& Co Accountants Ltd 26 Theydon Road London E5 9NA

27 May 2021

- 4 -

LIVE AND LEARN

STATEMENT OF FINANCIAL ACTIVITIES

for the year ended 31 July 2021

Notes
£
£
£
INCOMING RESOURCES
Restricted
funds
Unrestricted
funds
Total 2021
Incoming resources from generated funds
Public Sector Grants
0
0
0
Other grants and donations
3
0
455,718
455,718
Total Incoming resources
0
455,718
455,718
RESOURCES EXPENDED
4
Costs of charitable activities
Services running Cost
10,000
458,370
468,370
Governance costs
1,326
1,326
Total resources expended
10,000
459,696
469,696
NET INCOMING/(OUTGOING)
-10,000
-3,978
-13,978
RESOURCES
RECONCILIATION OF FUNDS
Total funds brought forward
10,000
-48,189
-38,189
TOTAL FUNDS CARRIED FORWARD
0
-52,167
-52,167		 Notes
£
£
£
INCOMING RESOURCES
Restricted
funds
Unrestricted
funds
Total 2021
Incoming resources from generated funds
Public Sector Grants
0
0
0
Other grants and donations
3
0
455,718
455,718
Total Incoming resources
0
455,718
455,718
RESOURCES EXPENDED
4
Costs of charitable activities
Services running Cost
10,000
458,370
468,370
Governance costs
1,326
1,326
Total resources expended
10,000
459,696
469,696
NET INCOMING/(OUTGOING)
-10,000
-3,978
-13,978
RESOURCES
RECONCILIATION OF FUNDS
Total funds brought forward
10,000
-48,189
-38,189
TOTAL FUNDS CARRIED FORWARD
0
-52,167
-52,167		 £
Total 2020
10,000
294,412
0
455,718
455,718
10,000
458,370
468,370
1,326
1,326
10,000
459,696
469,696
-10,000
-3,978
-13,978
10,000
-48,189
-38,189
0
-52,167
-52,167		 304,412
340,239
2,403
342,642
-38,230
41
-38,189

The Notes form part of the financial statements

-5-

LIVE AND LEARN

2021
Notes
£
£
CURRENT ASSETS:
Debtors
Cash at bank and in hand
25
25
CREDITORS: amounts falling
due within one year
5
-2,192
Net Current assets/(liabilities)
-2,167
CREDITORS: amounts falling
6
-50,000
due after more than one year
NET ASSETS:
-52,167
FUNDS
7
Restricted funds
0
Unrestricted funds
-52,167
TOTAL FUNDS
-52,167
Approved by the board of Trustees on:
And signed on their behalf by:
BALANCE SHEET
31-Jul-21
27 May 2022		 2020
£
£
13,068
13,068
-1,257
11,811
-50,000
-38,189
10,000
-48,189
-38,189		 2020
£
£
13,068
13,068
-1,257
11,811
-50,000
-38,189
10,000
-48,189
-38,189
-50,000
-38,189
10,000
-48,189
-38,189

Trustee

The Notes form part of these financial statements

-6-

LIVE AND LEARN

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2021

1 ACCOUNTING POLICIES

Accounting convention

These accounts have been prepared in accordance with the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (FRSSE) (effective January 2015). In preparing the accounts, the charity follows best practice as laid down in the Statement of Recommended Practice “Accounting and Reporting by Charities” (SORP) issued in March 2005. Where there is a conflict between the FRSSE and the SORP, the SORP has been adopted in accordance with paragraph 419ff of the SORP.

Incoming resources

All incoming resources are included in the statement of financial activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy.

Resources expended

Expenditure is accounted for on accurals 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 consitent with the use of resources

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

2 TRUSTEES REMUNERATION AND BENEFITS

There were no trustees remuneration or other benefits for the year ended 31 July 2021.

Trustees Expenses

There were no trustees expenses paid for the year ended 31 July 2021.

-7-

LIVE AND LEARN

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 July 2021

INCOMING RESOURCES

INCOMING RESOURCES
Incoming resources from generated funds
Public Sector Grants
3 Other grants and donations
Total incoming resources
4 RESOURCES EXPENDED
Services running Cost
Children Activity
Children Education
Covid Family support
Grants
Refreshments
Printing, Postage & Stationary
Travel
Fundraising cost
Rent
Repairs
Governance costs
Accountancy
Professional fees
Bank charges
Total resources expended
NET INCOME FOR THE YEAR
RECONCILIATION OF FUNDS
NET INCOME FOR YEAR
Total Funds Brought Forward
Total Funds Carried Forward		 Restricted
Unrestricted
£
£
0
455,718
0
455,718
152,675
241,660
10,000
19,833
6,875
803
69
11,565
24,000
890
10,000
458,370
936
390
0
1,326
10,000
459,696
-10,000
-3,978
-10,000
-3,978
10,000
-48,189
0
-52,167		 Total 2021
£
0
455,718
455,718
152,675
241,660
10,000
19,833
6,875
803
69
11,565
24,000
890
468,370
936
0
390
1,326
469,696
-13,978
-13,978
-38,189
-52,167		 Total 2020
£
10,000
294,412
304,412
120,756
135,078
0
29,020
9,990
975
0
11,420
33,000
33,000
373,239
936
600
867
2,403
375,642
-71,230
-71,230
41
-71,189

-8-

LIVE AND LEARN

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 July 2021

5
CREDITORS
DUE WITHIN ONE YEAR
Accruals
other creditors
6
CREDITORS
DUE AFTER MORE THAN ONE YEAR
Bank loan
7
Restricted funds
Grants
Unrestricted funds
General fund
TOTAL FUNDS		 At 01.08.20
£
10,000
-48,189		 2021
£
1,872
320
2,192
2021
£
50,000
50,000
Net movement
in funds
£
-10,000
-3,978
-13,978		 2020
£
936
321
1,257
2020
£
50,000
50,000
At 31.07.21
£
0
-52,167
-48,189 -52,167

Net movement in funds, included in the above are as follows:

Restricted funds
Grants
Unrestricted funds
General fund
TOTAL FUNDS		 Incoming
Rescources
resources
expended
£
£
0
10,000
455,718
459,696
455,718
469,696		 Movement in
funds
£
-10,000
-3,978
-13,978

-9-