## LIGHTSOURCE CONNECTIONS LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2023
Registered Company No: 09235272 Registered Charity No: 1168515
## LIGHTSOURCE CONNECTIONS LIMITED
Contents Year ended 31 December 2023
|Page No:|Page No:|
|---|---|
|Annual Report of the Trustees|1 - 6|
|Independent Examiner’s Report|7 - 8|
|Statement of Financial Activities (incorporating the Income and Expenditure Account)|
9|
|Balance Sheet|10|
|Notes to the Financial Statements|11 - 14|
## LIGHTSOURCE CONNECTIONS LIMITED
ANNUAL REPORT OF THE TRUSTEES Year ended 31 December 2023
The Trustees have pleasure in presenting their report and unaudited financial statements for the year ended 31 December 2023.
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 4244, 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 25 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 term of office is indefinite, unless that person ceases to be a trustee by virtue of any
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## LIGHTSOURCE CONNECTIONS LIMITED
ANNUAL REPORT OF THE TRUSTEES Year ended 31 December 2023
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 wellbeing 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 2023
## Achievements and performance
The following projects were undertaken and successfully completed during 2023. 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 2023:
- “Radost (Joy)” Kindergarten, Plovdiv, Bulgaria. There are onehundred and seventeen students between the ages of three and seven years old with nine teachers. The school has two floors with four study halls, four bedrooms, four wardrobes, three corridors, a thermal bridge / corridor, two large and one small lobby, a gym, a doctor’s office, and a teacher’s room.
- Professional High School of Food Technology “Atanas Chengelev,” Peshtera, Bulgaria. There are onehundred and seventyone students between the ages of thirteen to eighteen and twenty teachers. The school is located across two buildings; a Gshaped building which has twentyone classrooms, five corridors, three lobbies, a gym and two computer halls with a separate building with another gym.
- “Children’s Paradise” Kindergarten, Velingrad, Bulgaria. There are eightyseven students between the ages of two to seven with six teachers. The school has two floors, three classrooms, three corridors, three lobbies and a gym.
- “Dr. Petar Beron” Secondary School, Bolyarovo, Bulgaria. There are onehundred and sixty students between the ages of seven to eighteen with twenty teachers. The school is located across two buildings. The small and older building has two floors, and the newer and larger building has three floors. In total there are fifteen classrooms, five corridors, four lobbies, a cafeteria, a gym and a computer hall.
- “Hristo Botev” Primary School, Samuilovo, Bulgaria. There are twohundred and ninety students between the ages of seven to fourteen with thirtythree teachers. There are two buildings. The smaller building has three classrooms, a library and a corridor. The larger building has two floors with eleven classrooms, two corridors, a lobby, two resource rooms and a computer hall.
- “Vasil Levski” Primary School, Grashevo, Bulgaria. There are seventyseven students between the ages of seven to thirteen with fifteen teachers. The school has two floors with ten classrooms, two corridors, two lobbies, a cafeteria, a gym and a computer hall.
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## LIGHTSOURCE CONNECTIONS LIMITED
ANNUAL REPORT OF THE TRUSTEES Year ended 31 December 2023
- “Dragan Manchov” Primary School, Plovdiv, Bulgaria. There are fivehundred and forty three students between the ages of seven to fourteen with fortyfive teachers. The school has four floors with twenty classrooms, six corridors, three lobbies, a cafeteria, a gym and two computer halls.
- “Nikolay Petrini” Secondary School, Yambol, Bulgaria. There are eighthundred and nineteen students between the ages of seven and fourteen with sixtyeight teachers. The school has two buildings with four floors in each and in total there are thirty classrooms, eight corridors, eight lobbies, a cafeteria, two gyms and three computer halls.
- “Dyado Ivan Arabadzhiyata” Primary School, Village of Tsaratsovo, Bulgaria. There are seventynine students between the ages of seven to thirteen with fifteen teachers. The school has two floors with twelve classrooms, two corridors, six lobbies, a canteen, a sports hall and a computer room.
- “Chernorizets Hrabar” Primary School, Varna, Bulgaria. There are six hundred and fifty students between the ages of seven to fourteen with fiftyfour teachers. There are four floors with thirty classrooms, four corridors, nine lobbies, a large and small sports hall, two computer rooms, a medical office, an assembly hall and a canteen.
- “Plamache” PreSchool, Yambol, Bulgaria. There are twohundred and fortynine children between the ages of ten months to seven years old with sixteen teachers, a speech therapist, a psychologist, a resource teacher and a music teacher. The school is situated over two buildings each with three floors. In total there are ten after school classrooms, ten bedrooms, ten wardrobes, four corridors, eight lobbies and nine subject rooms.
- “Father Paisiy” Primary School, Beloslav, Bulgaria. There are sixty students between the ages of six and ten years old with six teachers. There are two floors with six classrooms, a corridor, two lobbies, a canteen, a sports hall and a computer room.
- “Elisaveta Bagryana” Vocational Secondary School of Clothing, Byala Slatina, Bulgaria. There are onehundred and eightysix students between the ages of fifteen to nineteen with twenty teachers. The school has three floors with twentyone classrooms, eight corridors, four lobbies, a sports hall and two computer rooms.
- “Vasil Levski” Vocational Secondary School of Construction, Architecture and Geodesy, Varna, Bulgaria. There are sixhundred and ten students between the ages of fourteen to nineteen with fifty teachers. The school has three floors with twentytwo classrooms, four corridors, three lobbies and six computer rooms.
- “First of June” PreSchool, Blagoevgrad, Bulgaria. There are twohundred and thirtyeight students between the ages of one year and eight months to seven years old with sixteen teachers, a music teacher, a resource teacher, a psychologist and two speech therapists. The school is located across two buildings with three floors. In total there are twelve after school classrooms, twelve wardrobes, twelve bedrooms, four lobbies, a sports hall and sixteen subject rooms.
- “St Cyril and St. Methodius” Primary School, Yambol, Bulgaria. There are threehundred and thirtyseven students between the ages of six to eleven years old with thirtytwo teachers. The school has two buildings with three floors. In total there are seventeen
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## LIGHTSOURCE CONNECTIONS LIMITED
ANNUAL REPORT OF THE TRUSTEES Year ended 31 December 2023
classrooms, three corridors, three lobbies, a canteen, two sports halls and a computer room.
- “St Cyril and St. Methodius” Secondary School, Vidin, Bulgaria. There are fourhundred and fifty students between the ages of six to nineteen years old with fiftyfour teachers. The school has four floors with two wings and in total there are fiftyfive classrooms, fourteen corridors, twelves foyers, a canteen, two sports halls and three computer rooms.
- “Academician Kiril Popov” Secondary School of Mathematics, Plovdiv, Bulgaria. There are onethousand, twohundred and thirtynine students between the ages of twelve and eighteen with ninetyfive teachers. The school has three floors with twentyone classrooms, three corridors, three foyers, a sports hall and five computer rooms.
## Donations
We are grateful to have received a grant in excess of CAN$37,500 this year from the Ignatov Family Foundation and other donations of nearly £900 from various people.
## FINANCIAL REVIEW
## Financial review
The charity’s performance in the year resulted in a surplus of £74,841 (2022: £134,704). Income has decreased slightly due to membership fees being received from AquaSource Algae Group Limited decreasing by approximately £25,000. However much of this was offset by a large donation this year from the Ignatov Family Foundation. The reduction in net surplus is mainly due to expenditure on charitable activities having increased by £51,766 due to the availability of funds to carry out further charitable works this year.
## 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 £408,555 (2022: £333,714), of which £1,372 (2022: £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.
5
##
##
## 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 2023
I report to the charity trustees on my examination of the accounts of LightSource Connections Limited for the year ended 31 December 2023.
## 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:
1. 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
3. 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
4. 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 2023
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
……………………………………………..
11 July 2024
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 2023
|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
9,10|Restricted
2023
Unrestricted
2023
Total
2023
Total
2022
£
£
£
£
21,669
144,335
166,004
174,347
320
320
74|
|---|---|
||21,669
144,655
166,324
174,421|
||18,556
38,718
57,274
42,035
34,209
34,209
(2,318)|
||18,556
72,927
91,483
39,717|
|||
||3,113
71,728
74,841
134,704|
||
333,714
333,714
199,010|
||3,113
405,442
408,555
333,714|
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 11 to 14 form part of these accounts.
9
##
##
||`Notes`|`2023`|`2022`|
|---|---|---|---|
|||`£`|`£`|
|`Fixedassets`||||
|`Tangibleassets`|`6`|
`1,372`|
`-`|
|||`1,372`|`-`|
|`Currentassets`||||
|`Debtors`|`7`|`35`|`35`|
|`Stock`||`3,113`|`-`|
|`Cashatbankandinhand`||`416,203`|`339,285`|
|`Totalcurrentassets`||
`419,351`|
`339,320`|
|`Creditors:Amountsfallingduewithinoneyear`|`8`|
`(12,168)`|
`(5,606)`|
|`Netcurrentassets`||
`407,183`|
`333,714`|
|`Totalassetslesscurrentliabilities`||
`408,555`|
`333,714`|
|`Representedby:`||
|
|
|`Unrestrictedfunds`|`9`|`405,442`|`333,714`|
|`Restrictedfunds`|`10`|`3,113`|`-`|
|||
`408,555`
|
`333,714`
|
## LIGHTSOURCE CONNECTIONS LIMITED
NOTES ON THE ACCOUNTS Year ended 31 December 2023
## 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.
11
## LIGHTSOURCE CONNECTIONS LIMITED
NOTES ON THE ACCOUNTS Year ended 31 December 2023
## 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|2023
2022
£
£
143,438
168,029
22,566
6,318
320
74
166,324
174,421|
|---|---|
## 4 Resources expended on charitable activities and support costs
|Mural expenditure
Legal and professional
Independent examination
Accountancy fees
Other costs|2023
2022
£
£
57,274
42,035
6,651
215
1,615
1,535
921
533
25,022
(4,601)|
|---|---|
||91,483
39,717|
The charity does not directly employ any staff. During the year the Ignatov Family Foundation supplied 3 volunteer to support the Charity.
## 5 Trustees’ expenses
Expenses totalling £8,671 (2022: £2,983) were incurred by two 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. Amounts totalling £3,881 (2022: £nil) were reimbursed to Trustees during the year, and therefore, amounts outstanding and owed to Trustees at the yearend were £8,671 (2022: £3,881).
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## LIGHTSOURCE CONNECTIONS LIMITED
NOTES ON THE ACCOUNTS Year ended 31 December 2023
## 6 Tangible fixed assets
||Plant and machinery etc.|
|---|---|
||£|
|Cost||
|At 1 January 2023|5,308|
|Additions|2,058|
|At 31 December 2023|7,366|
|Depreciation||
|At 1 January 2023|5,308|
|Charge for the year|686|
|At 31 December 2023|5,994|
|Net book value||
|At 31 December 2023|1,372|
|At 31 December 2022||
## 7 Sundry debtors and prepayments
|Prepayments
undry creditors and accruals
Accountancy creditor
Trade creditors
Sundry creditors|2023
2022
£
£
35
35|
|---|---|
||35
35|
||2023
2022
£
£
1,815
1,725
1,682
8,671
3,881|
||12,168
5,606|
## 8 Sundry creditors and accruals
13
## LIGHTSOURCE CONNECTIONS LIMITED
NOTES ON THE ACCOUNTS Year ended 31 December 2023
## 9 Unrestricted funds
|Unrestricted funds||
|---|---|
|Balance brought forward
Surplus for the year
Balance at 31 December 2023
Restricted funds
Balance brought forward
Surplus for the year
Balance at 31 December 2023|2023
2022
£
£
333,714
199,010
71,728
134,704|
||405,442
333,714|
||2023
2022
£
£
3,113
|
||3,113
|
## 10 Restricted funds
During the year a donation of £21,669 (CAN $37,500) was received from the Ignatov Family Foundation for the specified purpose of purchasing photo wallpaper. The Trustees have complied with the requirements of this grant receipt and accordingly all funds have been spent in the year on photo wallpaper supplies with £3,113 of materials unused at the yearend and included as stock.
## 11 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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