LIGHTSOURCE CONNECTIONS LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2022
Registered Company No: 09235272 Registered Charity No: 1168515
LIGHTSOURCE CONNECTIONS LIMITED
Contents Year ended 31 December 2022
| 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 2022
The Trustees have pleasure in presenting their report and unaudited financial statements for the year ended 31 December 2022.
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 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 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, may be appointed to be a trustee by ordinary resolution, or by a decision of the existing trustees. The
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LIGHTSOURCE CONNECTIONS LIMITED
ANNUAL REPORT OF THE TRUSTEES Year ended 31 December 2022
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: 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 2022
Achievements and performance
The following projects were undertaken and successfully completed during 2022. 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 2022:
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“Snow White” Kindergarten, Plovdiv, Bulgaria. There are one hundred and fifty-seven students between the ages of three to seven with twelve teachers, a psychologist, speech therapist and a resource teacher. The school is located in one building with three foyers, two warm connections, two corridors, four administrative offices and four children’s groups (playroom, bedroom and wardrobes) located across two floors.
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“Leo Tolstoy” Secondary School, Sofia, Bulgaria. There are nine hundred and fifty-eight students between the ages of seven to eighteen with eighty teachers. The school has four floors with forty classrooms, twelve corridors, four foyers, a dining room, two gymnasiums and four computer cabinets.
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PGRTO Trade School, Pleven, Bulgaria. There are two hundred and sixteen students between the ages of fourteen and nineteen with twenty-three teachers. The school has two buildings. In the first building (educational building) there are ten classrooms, one computer cabinet, two foyers and two corridors. In the second building (Orion training facility) there is one room for catering events and presentations, two rooms for serving, bartending and sommelier and two foyers.
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St. Cyril and Methodius Primary School, St. Lovech, Bulgaria. There are one hundred and fiftytwo students between the ages of six and fourteen with twenty teachers. The school has three floors with nineteen classrooms, four foyers, seven corridors, a dining room, two sports salons and one computer cabinet.
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“Bertolt Brecht” Language High School, Pazarzhik, Bulgaria. There are nine hundred and seventy-one students between the ages of fourteen and nineteen with sixty-five teachers across thirty-eight classes. The school has four floors, with forty-four classrooms, nine foyers, twelve corridors, four long corridors, a gymnasium and a dining room.
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“Dr. Peter Beron” Primary School, Birkova Village, Bulgaria. There are one hundred students between the ages of seven to thirteen with sixteen teachers. The school has one building with sixteen classrooms, four corridors, four foyers, a dining room, a sports room and a computer cabinet across four floors.
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LIGHTSOURCE CONNECTIONS LIMITED
ANNUAL REPORT OF THE TRUSTEES Year ended 31 December 2022
Donations
We are grateful to have received donations in excess of £6,000 this year from international donors and additional support from volunteers.
FINANCIAL REVIEW
Financial review
The charity’s performance in the year resulted in a surplus of £134,704 (2021: £101,477). Income has significantly increased due to membership fees being received from AquaSource Algae Group Limited increasing by approximately £21,000 and expenditure on charitable activities having decreased by approximately £10,000.
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 £333,714 (2021: £199,010), of which £nil (2021: £nil) 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.
Plans for future periods
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 OF THE RESPONSIBILITIES OF THE TRUSTEES
The Trustees (who are also directors of LightSource Connections Limited 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 which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Trustees are required to:
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LIGHTSOURCE CONNECTIONS LIMITED
ANNUAL REPORT OF THE TRUSTEES Year ended 31 December 2022
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP (FRS 102);
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume 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 financial statements comply with the Companies Act 2006. They are also responsible for safeguarding 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 maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies’ exemption.
This report was approved by the Trustees on 1st September 2023
Arthur Spurling
Digitally signed by Arthur Spurling Date: 2023.09.06 08:43:08 -03'00'
……………………………………… Arthur Spurling Director
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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 2022
I report to the charity trustees on my examination of the accounts of LightSource Connections Limited for the year ended 31 December 2022.
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 2022
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
……………………………………………..
6 September 2023 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 2022
| 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 2022 Unrestricted 2021 £ £ 174,347 160,763 74 39 |
|---|---|
| 174,421 160,802 |
|
| 42,035 52,332 (2,318) 6,993 |
|
| 39,717 59,325 |
|
| 134,704 101,477 |
|
| 199,010 97,533 |
|
| 333,714 199,010 |
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 2022
| Notes | 2022 | 2021 | |
|---|---|---|---|
| £ | £ | ||
| Fixed assets | |||
| Tangible assets | 6 | - | - |
| ────── | ────── | ||
| - | - | ||
| Current assets | |||
| Debtors | 7 | 35 | 35 |
| Cash at bank and in hand | 339,285 | 201,408 | |
| ────── | ────── | ||
| Total current assets | 339,320 | 201,443 | |
| Creditors: Amounts falling due within one year | 8 | (5,606) | (2,433) |
| ────── | ────── | ||
| Net current assets | 333,714 | 199,010 | |
| ────── | ────── | ||
| ────── | ────── | ||
| Total assets less current liabilities | 333,714 | 199,010 | |
| ════ | ════ | ||
| Represented by: | |||
| Unrestricted funds | 9 | 333,714 | 199,010 |
| ────── | ────── | ||
| 333,714 | 199,010 | ||
| ════ | ════ |
For the financial year ended 31 December 2022, the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
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 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 1st September 2023 and signed on their behalf by:
Arthur Spurling Director
The notes on pages 10 to 13 form part of these accounts. Registered Company No: 09235272 Registered Charity No: 1168515
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LIGHTSOURCE CONNECTIONS LIMITED
NOTES ON THE ACCOUNTS Year ended 31 December 2022
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 2022
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 Resources expended on charitable activities and support costs Mural expenditure Legal and professional Independent examination Accountancy fees Other costs |
2022 2021 £ £ 168,029 146,412 6,318 14,351 74 39 |
|---|---|
| 174,421 160,802 |
|
| 2022 2021 £ £ 42,035 52,332 215 1,428 1,535 1,375 533 362 (4,601) 3,828 |
|
| 39,717 59,325 |
4 Resources expended on charitable activities and support costs
The charity does not directly employ any staff.
5 Trustees’ expenses
Expenses totalling £2,983 (2021: £898) were incurred by 2 Trustees during the year for travel, subsistence and accommodation whilst working for the Charity, and for other costs paid for on behalf of the Charity, and which the Charity has therefore agreed to reimburse. No amounts were reimbursed to Trustees during the year (2021: £1,032), and therefore, the amounts outstanding and owed to Trustees at the year-end were £3,881 (2021: £898).
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LIGHTSOURCE CONNECTIONS LIMITED
NOTES ON THE ACCOUNTS
Year ended 31 December 2022
6 Tangible fixed assets
| Cost At 1 January 2022 Additions At 31 December 2022 Depreciation At 1 January 2022 Charge for the year At 31 December 2022 Net book value At 31 December 2022 At 31 December 2021 7 Sundry debtors and prepayments Prepayments 8 Sundry creditors and accruals Accountancy creditor Sundry creditors |
Plant and machinery etc. £ 5,308 - 5,308 5,308 - 5,308 - - 2022 2021 £ £ 35 35 35 35 2022 2021 £ £ 1,725 1,535 3,881 898 5,606 2,433 |
Plant and machinery etc. £ 5,308 - 5,308 5,308 - 5,308 - - 2022 2021 £ £ 35 35 35 35 2022 2021 £ £ 1,725 1,535 3,881 898 5,606 2,433 |
|---|---|---|
| 5,308 | ||
| 5,308 - |
||
| 5,308 | ||
| - | ||
| - | ||
| 2021 £ 35 35 2021 £ 1,535 898 2,433 |
||
| 35 | ||
| 2022 £ 1,725 3,881 |
||
| 5,606 |
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LIGHTSOURCE CONNECTIONS LIMITED
NOTES ON THE ACCOUNTS
Year ended 31 December 2022
9 Unrestricted funds
| Balance brought forward Surplus for the year Balance at 31 December 2022 |
2022 2021 £ £ 199,010 97,533 134,704 101,477 |
|---|---|
| 333,714 199,010 |
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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