LIGHTSOURCE CONNECTIONS LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2020
Registered Company No: 09235272 Registered Charity No: 1168515
LIGHTSOURCE CONNECTIONS LIMITED
Contents Year ended 31 December 2020
| Page No: | |
|---|---|
| Annual Report of the Trustees | 1 - 5 |
| Independent Examiner’s Report | 6 - 7 |
| Statement of Financial Activities (incorporating the Income and Expenditure Account) | 8 |
| Balance Sheet | 9 |
| Notes to the Financial Statements | 10 - 13 |
LIGHTSOURCE CONNECTIONS LIMITED
ANNUAL REPORT OF THE TRUSTEES Year ended 31 December 2020
The Trustees have pleasure in presenting their report and unaudited financial statements for the year ended 31 December 2020.
The financial statements comply with current statutory requirements, the Memorandum and Articles of Association and the Statement of Recommended Practice - Accounting and Reporting by Charities (SORP 2014 (FRS102)) issued by the Charity Commission. LightSource Connections Limited is a registered charity.
REFERENCE AND ADMINISTRATIVE INFORMATION
Charity name LightSource Connections Limited Charity registration number 1168515 (England & Wales) Company registration number 09235272 (England & Wales) Registered address Suite-B, 42-44, Bishopsgate, London, United Kingdom, EC2N 4AH
The directors of the charitable company ("the charity") are trustees for the purposes of charity law. Throughout this report directors are collectively referred to as trustees. Those serving during the year and until the date this report was approved are:
Wesley Linden Arthur Spurling Albena Spurling
Founding Member AquaSource Algae Group Limited Members The members of the charity are Wesley Linden, Arthur Spurling, Albena Spurling and Oliver Spurling Accountants Saffery Champness LLP, Trinity, 16 John Dalton Street, Manchester, M2 6HY
STRUCTURE, GOVERNANCE AND MANAGEMENT
Constitution
LightSource Connections Limited is a charity governed by its Memorandum and Articles of Association incorporated on 25th September 2014, and is constituted as a company limited by guarantee and not having a share capital.
Appointment of trustees
The first two trustees were appointed by a majority of the subscribers to the Memorandum and Articles of Association. Any person who is willing to act as a trustee, and is permitted by law to do so,
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LIGHTSOURCE CONNECTIONS LIMITED
ANNUAL REPORT OF THE TRUSTEES Year ended 31 December 2020
may be appointed to be a trustee by ordinary resolution, or by a decision of the existing trustees. The term of office is indefinite, unless that person ceases to be a trustee by virtue of any provision of the Companies Act 2006, becomes prohibited from being a trustee by law or resigns. The minimum number of trustees is one and there is no maximum.
Members’ reserve power
The members may, by special resolution, direct the trustees to take, or refrain from taking, specified action. No such special resolution invalidates anything which the trustees have done before the passing of the resolution.
Induction and training of trustees
Potential new trustees are invited to attend a trustees' meeting as observer prior to consenting to be put forward for appointment as a trustee. New trustees will be fully briefed and trained on the objective of the charity and its procedures.
The charity's trustees take final responsibility for the general and financial well-being of the charity. The trustees meet at least twice a year and communicate on a regular basis.
Risk assessment
The trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the charity, and are satisfied that systems are in place to mitigate those risks.
OBJECTIVES & ACTIVITIES
Objects
The objects of the charity are for the public benefit to:
advance education by providing comfortable and relaxing learning environments in schools designated to enhance and promote the realisation of the creative potential and awareness of children under the age of 18.
The trustees recognise their duties under the Charities Act 2011 and have referred to the Charity Commission's guidance on public benefit when reviewing the charity's activities and compiling this report.
Activities
The main activity of the charity during the year was the creation of artwork in schools: in order to facilitate comfortable and relaxing working environments for pupils to enable them to achieve their potential.
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LIGHTSOURCE CONNECTIONS LIMITED
ANNUAL REPORT OF THE TRUSTEES Year ended 31 December 2020
Achievements and performance
The following projects were undertaken and successfully completed during 2020. This includes the interior design for the walls, curtains, door frames, and doors to be in the correct colours to match the photo wallpaper which have friendly designs, positive affirmations and educational information depending on the age groups in the classrooms. The project includes the participation of the teachers, parents and children in working together to create a comfortable and relaxing learning environment. The foyers are often fitted out with recycled materials such as pallets that the children prepare and eventually end up as sitting areas that they use during their breaks. The teachers have found that when the children are involved in helping to create their environment that they respect it as it becomes their second home.
The following schools have been completed in 2020:
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Georgi Stoykov Rakovski High School, Varna, Bulgaria. There are six hundred and ninety-two students between the ages of fourteen and nineteen years old with forty-nine teachers. The school has two floors, fourteen classrooms, three computer labs, four corridors, one foyer and one sports hall.
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Panayot Volov Secondary School, Shumen, Bulgaria. There are six hundred and two students between the ages of seven to nineteen and fifty-three teachers. The school has three floors, thirty-five classrooms, eight hallways, eight foyers, one canteen and one sports hall.
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Otets Paisiy Primary School, Ruse, Bulgaria. There are seven hundred and eleven students between the ages of six to fourteen with sixty-six teachers. The school has two floors, thirty classrooms, ten corridors, three foyers, one dining room and two sports halls.
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Hristo Smirnenski Primary School, Ruse, Bulgaria. There are ninety-seven students between the ages of seven to thirteen with fifteen teachers. The school has two floors, with seven classrooms, two corridors, one foyer, one canteen, one sports hall and one library.
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Hristo Botev Primary School, Asenovgrad, Bulgaria. There are four hundred and ninety-six students between the ages six to fourteen with forty-two teachers. There are two buildings that comprise this school each with three floors. There are twenty-six classrooms, five corridors, three foyers, one canteen and one sports hall.
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Otets Paisiy Elementary School, Simeonovgrad, Bulgaria. There are two hundred and twenty students between the ages of five and ten with eighteen teachers. The school has three floors, fourteen classrooms, six corridors, two foyers, one sports hall and a canteen.
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Alen Mak Kindergarten, Harmanli, Bulgaria. There are two hundred and sixty students between the ages of one and seven with nineteen teachers. The school has two floors, fifteen rooms, four corridors and four foyers.
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Vasil Levski Secondary School, Manole, Bulgaria. There are two hundred and sixty-eight students between the ages of seven to nineteen with twenty-six teachers. The school has three floors, twenty-nine classrooms, ten corridors, one foyer, one canteen and one sports hall.
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LIGHTSOURCE CONNECTIONS LIMITED
ANNUAL REPORT OF THE TRUSTEES Year ended 31 December 2020
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Gotse Delchev Secondary School, Sofia, Bulgaria. There are seven hundred and ten students between the ages of seven to nineteen with sixty-eight teachers. There are two wings to the school; the first wing has two floors and the second wing has four floors. Across both wings there are fifty-three classrooms, nine corridors, ten foyers, one canteen, one sports hall and one dance hall.
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National High School of Mathematics and Natural Science “Alademician Lubomir Chakalov,” Sofia, Bulgaria. There are one thousand, two hundred and twelve students between the ages of fourteen and nineteen with ninety-one teachers. The school has four floors, thirty-six classrooms, eight corridors, eight foyers, one canteen, one sports hall and one dance hall.
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The “Yaen Sandanski” Science and Math Secondary School, Gotse Delchev, Bulgaria. There are seven hundred and one students between the ages of eleven to nineteen with fifty-five teachers. The school has four floors with thirty-six classrooms, eight corridors, four foyers, one canteen and one sports hall.
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The “Ivan Gyuzelev” Science and Math High School, Gabrovo, Bulgaria. There are six hundred and forty-five students between the ages of fourteen and eighteen with forty-five teachers. The school has four floors with fifty-eight class rooms, eight corridors, eight foyers, one canteen, one sports hall, one acting hall, one library and one swimming pool.
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The “Sv.Sv. Kiril and Metodiy” Secondary School, Yakoruda, Bulgaria. There are five hundred and twenty-six students between the ages of seven to nineteen with fifty teachers. The school has four floors with twenty-nine classrooms, nine corridors and two foyers.
FINANCIAL REVIEW
Financial review
The charity’s performance in the year resulted in a surplus of £28,381 (2019: £51,867). Income has reduced slightly due to a small reduction in membership fees being received from AquaSource Algae Group Limited and expenditure on charitable activities has increased by approximately £21,000.
Reserves policy
The trustees have reviewed the charity's needs for reserves in line with guidance issued by the Charity Commission. The trustees do not consider that holding a minimum level of reserves is necessary due to the nature of the charity and the fact that the charity’s day to day operating costs are minimal. Should the nature of the charity change, the trustees will review the position at that point. The current level of reserves is £97,533 (2019: £69,152), of which £766 (2019: £1,531) is held in fixed assets.
Funding may be received from other charitable organisations, public funding bodies, donors and sponsors. In the period under review, most funding came from Members’ subscriptions.
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LIGHTSOURCE CONNECTIONS LIMITED ANNUAL REPORT OF THE TRUSTEES Year ended 31 December 2020 Plans for future perii>ds The charity intends to continue to advance education by providing comfortable and relaxing learning environments in Schools designated to enhance and promote the realisation of the creative potential and awareness of children under the age of 18, being the key objective of the charity. STATEMENT OFTHE RESPONSIBILITIESOFTHE TRuEE5 The Trustee5 (who are also directors of Lightsource Connections Limited for the purposes of company lawl are responsible for preparing the Trustees. report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards Iunited Kingdom Generally Accepted Accounting Practicel. Company law require5 the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incominE rèsources and application of resources. including the income and expenditure. of the charitable company for that period. In preparing these financial statements, the Tfustees are required to: select 5Ultable accounting policie5 and then apply them consistèt)tly' observe the methods and principles in the Charities SORP (FR5 1021- make judgements and estim3tes that are reasonable and prudent- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financhal statement5- and prepare the financial statemerhts on the going concern basis unless it is inappropriate to presLJme that the charity will continue in business. The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the fiftancial statements comply with the Companies Act 2006. They are also re5pon5ible for safegtjarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees are responsible for the Maintenan and integrity of the corporate and financial information included on the charitable companrf5 web51te. Legislation in the United Kingdom governing the preparation and di55emÈnation of financial statements may differ from leg451ation in other jurisdictions. Thi5 report has been prepared in accordance wTrth the provisions applicable to companies entitled to the sm311 companies. exemption. This report was approved by the Trustees on 20th August 2021 rthur SpurlinB Director
LIGHTSOURCE CONNECTIONS LIMITED
INDEPENDENT EXAMINER’S REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF LIGHTSOURCE CONNECTIONS LIMITED
Year ended 31 December 2020
I report to the charity trustees on my examination of the accounts of LightSource Connections Limited for the year ended 31 December 2020.
Respective responsibilities of trustees and examiner
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’). You are satisfied that the accounts of the Company are not required by charity or company law to be audited and have chosen instead to have an independent examination.
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.
Basis of independent examiner’s report
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 statement below.
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:
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accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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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
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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.
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LIGHTSOURCE CONNECTIONS LIMITED
INDEPENDENT EXAMINER’S REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF LIGHTSOURCE CONNECTIONS LIMITED
Year ended 31 December 2020
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.
Martyn Dobinson FCA
……………………………………………..
23 August 2021
Date: …………………………………
Trinity 16 John Dalton Street Manchester M2 6HY
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LIGHTSOURCE CONNECTIONS LIMITED
STATEMENT OF FINANCIAL ACTIVITIES (incorporating the Income and Expenditure account) Year ended 31 December 2020
| Notes Income from: Donations Interest Total 3 Expenditure on: Charitable activities Support costs Total 4 Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward 9 |
Unrestricted 2020 Unrestricted 2019 £ £ 98,119 107,167 25 9 |
|---|---|
| 98,144 107,176 |
|
| 60,061 39,389 9,702 15,920 |
|
| 69,763 55,309 |
|
| 28,381 51,867 |
|
| 69,152 17,285 |
|
| 97,533 69,152 |
All incoming resources and resources expended are derived from continuing activities.
All recognised gains and losses are included in the Statement of Financial Activities.
The notes on pages 10 to 13 form part of these accounts.
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LIGHTSOURCE CONNECTIONS LIMITED BALANCE SHEET As at 31 December 2020 Notes 2020 2019 Fixed assets Tangible asset5 766 1.531 766 1,531 Current assets Debtors Cash at bank and in hand 35 99.254 35 76,796 Total current assets 99.289 76,831 Creditors: Amounts falling due within one year 12,5221 19.2101 Net Current assets 96.767 67.621 Total assets less current liabilities 97.533 69,152 Represented by.. Unrestricted funds 97,533 69,152 97.533 69.152 For the financial year ended 31 December 2020. the company wa5 entitled to exemption from audit under sertiorh 477 of the Companies Act 2¢X)6. The directors acknowledge their responsibilities for complying with the requirements of the Act 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 vear in question in accordance with settion 476. These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies, regime. The financial statement5 were approved by the Trustees on behalf b nd signed on their ur Spurling Oirector The notes on pages 10 to 13 form part of these accounts. Registered Company No= 09235272 Registered Charity No.. 1168515
LIGHTSOURCE CONNECTIONS LIMITED
NOTES ON THE ACCOUNTS Year ended 31 December 2020
1 ACCOUNTING POLICIES
BASIS OF ACCOUNTING
The financial statements have been prepared in accordance with the Accounting and Reporting by Charities (Charities SORP (FRS102)), Statement of Recommended Practice applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2015), the Financial Reporting Standard in the UK and Republic of Ireland (FRS102) and the Charities Act 2011.
The accounting policies have been applied consistently (except as otherwise stated).
LightSource Connections Limited meets the definition of a public benefit entity under FRS102.
Accounting Convention
The financial statements are prepared under the historical cost convention.
Going Concern
The financial statements have been prepared on a going concern basis. The charity has adequate reserves and a satisfactory level of contracted future income.
Income
Donations and other income are accounted for in the period to which they relate.
Expenditure
All expenditure is charged in the year to which it relates.
Assets
The charity does not own any fixed assets other than expendable items of office equipment and computer equipment.
Debtors
Debtors are recognised at the settlement amount due after any trade discounts offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Accrued income is recognised for donations relating to the year that are yet to be received.
Creditors
Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amounts. Deferred income is recognised when services have been billed for in advance of the services being delivered.
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LIGHTSOURCE CONNECTIONS LIMITED
NOTES ON THE ACCOUNTS Year ended 31 December 2020
Financial Instruments
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
2 Taxation
As a charity the organisation is exempt from United Kingdom Income and Corporation Tax on its charitable activities.
3 Incoming resources from charitable activities
| Members donations Miscellaneous income Bank interest |
2020 £ 2019 £ 92,824 5,295 25 106,158 1,009 9 |
|---|---|
| 98,144 107,176 |
4 Resources expended on charitable activities and support costs
| Mural expenditure Legal and professional Independent examination Accountancy fees Other costs |
2020 £ 2019 £ 60,061 215 1,330 611 7,546 39,389 3,813 1,290 3,503 7,314 |
|---|---|
| 69,763 55,309 |
The charity does not directly employ any staff.
5 Trustees’ expenses
No remuneration or expenses were paid to Trustees during the year (2019: £nil).
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LIGHTSOURCE CONNECTIONS LIMITED
NOTES ON THE ACCOUNTS Year ended 31 December 2020
6 Tangible fixed assets
| Cost At 1 January 2020 Additions At 31 December 2020 Depreciation At 1 January 2020 Charge for the year At 31 December 2020 Net book value At 31 December 2020 At 31 December 2019 undry debtors and prepayments Prepayments undry creditors and accruals Accountancy creditor Sundry creditors |
Plant and machinery etc. £ 5,308 - 5,308 3,777 765 4,542 766 1,531 2020 2019 £ £ 35 35 35 35 2020 2019 £ £ 1,490 2,970 1,032 6,240 2,522 9,210 |
Plant and machinery etc. £ 5,308 - 5,308 3,777 765 4,542 766 1,531 2020 2019 £ £ 35 35 35 35 2020 2019 £ £ 1,490 2,970 1,032 6,240 2,522 9,210 |
|---|---|---|
| 5,308 | ||
| 3,777 765 |
||
| 4,542 | ||
| 766 | ||
| 1,531 | ||
| 2019 £ 35 35 2019 £ 2,970 6,240 9,210 |
||
| 35 | ||
| 2020 £ 1,490 1,032 |
||
| 2,522 |
7 Sundry debtors and prepayments
8 Sundry creditors and accruals
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LIGHTSOURCE CONNECTIONS LIMITED
NOTES ON THE ACCOUNTS
Year ended 31 December 2020
9 Unrestricted funds
| Balance brought forward Surplus for the year Balance at 31 December 2020 |
2020 2019 £ £ 69,152 17,285 28,381 51,867 |
|---|---|
| 97,533 69,152 |
10 Related party transactions
The trustees do not consider that there are any related party transactions that would need to be disclosed.
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