Charity registration number 1172161 (England and Wales) Company registralion number 09215408 THE SERENDIPITY FOUNDATION LIMITED ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 I PIE SERENDIPITY pOiJN-OATiON" ilMITEu LEGAL AND ADMINISTRATIVE INFORMATION Trustees V Sehgal R K Sehgal Charity number 1172161 Company number 09215408 Registered office clo Union Property Services Lld Cobalt 3.2 Silver Fox Way Cobalt Business Park Newcastle upon Tyne Tyne and Wear NE27 OQJ Independent examiner Robson Laidler Accountants Limited Fernwood House Fernwood Road Jesmond Newcastle upon Tyne NE2 1TJ Bankers N81ional Westminster Bank PIC 16 Northurnberland Slieet Newcastle upon Tyne NE17EL THE SERENDIPITY FOUNDATION LIMITED CONTENTS Page Trustees, report StateTnent of Iru51ees' responsibilities Independent examinerfs report statement of financial activities statement of financial p051tio Notes lo the financial slatement5 7-11 I acNEhuiri i T rvuThuAI IUN LIMI I cu TRUSTEES, REPORT (INCLUDING DIRECTOR'S REPORT) FOR THE YEAR ENDED 30 SEPTEMBER 2024 The trustees presenl their annual report and financial statements for the year ended 30 September 2024. The financial statements have been prepared in accordance with the accounling policies sel out in note 1 to the financial statements and comply wilh the charity's Articles of Association. the Companies Act 2006 and "Accuunting and Reporting by Charities.. Slalemenl of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 {effeclive 1 January 20191. Objectives and activities Objectives and airns The charity is established for the benefrt of the public in the UK and India with the following aims and objectives" to preserve and protect good health lo relieve financial hardship to advance educaliDn - to promote humane behaviour towards animals The charity achieves this through the provision of granls lo registered charities and other organisalions established to carry out the above activities. Public benefit The trustees confirm that they have referred to the guidance contained in the Charity Commi5510n's general guidance on public benefit when reviewing the TtU5t's aims and objectives and in planning future activitie5. Volunteers The company is not dependent upon voluntary helpers. Achievements and performance Flnanclal review Financial position During the year lo 30 September 2024 the charity received income totalling £51,200 12023.. £28,400) and incurred expenditure of £67,74912023.' £121,621) leaving the overall deficit for the year at £16.54912023.- deficit £93,221). Total free reserves for Ljse by the charity at 30 September 2024 stood at £50.481. Principal funding sources The company's income con51Sts of ad hoc donations from individuals and businesses. Reserves policy The charity rnainlains reserve5 of at le251 £3.000 which the trustees consider is sufficient to cover the charity's administrative expenditure for a period of al least 12 months_ THE SERENDIPITY FOUNDATION LIMITED TRUSTEES, REPORT (INCLUDING DIRECTOR'S REPORT) {CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 structure, governance and management Governing document The Serendipity Foundation Limited is a cornpany limited by guarantee, incorporated on 12 September 2014, and its governing document Is its Articles of Association (amended by special re501ution registered al Companies House on 16 March 2017). 11 regislered as a charity with the Charilies Commission on 20 March 2017. Recruitment and appointment of new trustees From time to time it is necessary for the charity to recruit new Iruslees lo replace those that have either resigned during their term of office, or by way of anticipating planned retirements, after the completion of a single term. Vvhen a vacancy occurs: the Board will determine the mix of skills and experience needed so as to ensure a fully functioning team of trustees and will seek to Identify individuals who appear lo have the qualitie5 and Interest in what we do. Organisational structure The Iru51ees meet on a regular basis to adminisler all matlers in respect of the charity including the payment of donations. Risk management The Iru51ees have a duty to identify and review the risk5 to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. Share Capital The company is limited by guarantee and does not have a share capital. This report has been prepared in accordance with Ihe special provisions of Part 15 of the Companies Act 2006 relating lo small companies. TrusteeslDirectors V Sehgal R K Sehg31 The trustees, report was approved by the Board of Trustees. V Sehgal Trustee Date.. rkip ITrr* I hc aERciMulri i i rvulwumi ivlw Lihii i STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 30 SEPTEMBER 2024 The trustees, who are also the directors of The Serendipity Foundation Limited for the purpose 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 Praclicel. Company law requires the trustees lo prepare financial statements for each Iinancial year which give a true and fair view of the slate of affair5 of the chartiy and of the incoming resources and application of resouTce5, including the income and expenditure, of the charitable company for that year. In preparing these financial statements, the trustees are required to. select suitable accounting policies and then apply them consistently.. ob5eNe the methods and principles in Ihe Charities SORP.. make judgements and eslimales that are reasonable and prudent., slate whether applicable UK Accounting Standards have been followed. subject to any material dep8rtures disclosed and explained in the financial statements., and prepare the financial slaternenls on the going concern basis unless il is inappropriate lo presume that the charity will continue in operalion. The trustees are responsible foT keeping adequate accounting records Ihat disclose with reasonable accuracy at any lime the financial position of the charity 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 charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregulaTilies. THE SERENDIPITY FOUNDATION LIMITED INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE SERENDIPITY FOUNDATION LIMITED I report lo the trustees on my examination of the Iinancial statemenls of The Serendipity Foundation Limited (the charity) for the year ended 30 September 2024. Responsibilities and basis of report As the trustees of the charity land also its directors for Ihe purposes of company lawl, you are responsible for the preparation of the financial statements in accordance wilh the requiremenls of the Companies Act 2006. Having satisfied myself that the financial statements of the charity are nol required lo be audited under Part 16 of the Companies Act 2006 and are eligible for independent exatnination, I report in respect of my examination of the charity's financial statements carried oul under Section 145 of the Charities Act 2011 . In carrying out rlly examination I have followed the Diieclions given by the Charity Commission under seclion 145{5llbl of the Charities Act 2011. Independent examiner'5 Statement I have completed my examination. I confirm thal DO matters have come to my attention in connection with the examination giving me cause lo believe that in any material respect". accounting records were not kept in respect of the charity as required by section 386 of the Companies Act 2006. the financial statemen15 do not accord with those records., or the financial slalemenls do not comply with the accounting Tequirements of section 396 of the Companies Act 2006 other than any requirement that the financial stalements give a true and fair view, which is not a maller considered as part of an independent examination". or the financial slalemenls have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounling and reporting by charities applicable lo charities preparing their financial statements in accordance with the Financial Reporting Standard applicable In the UK and Republic of Ireland IFRS 1021. I have no concerns and have come across no other matters in connectlDn with Ihe examination lo which attention should be drawn in th15 report in order to enable a proper understanding of the financial stalemenls to be reached. Peter Charles Bsc FCA Robson Laidler Accountants Limited Fernwood House Fernwood Road Jesmond Newcastle upon Tyne NE2 1TJ Dated- TUC eEREYThIDITV cni IkifiATifiki i i%qiTcri IIIL irii i STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 SEPTEMBER 2024 Current financial year Unreslricted funds 2024 Total Total 2024 2023 Note5 Incorne from-. Donations and le9acies 51.200 51.200 28,400 Ex enditure on". Charitable activities 67,749 67,749 121,621 Net expenditure for the yearl Net movement in funds 116.549) {16,5491 193,2211 Fund balances al 1 October 2023 67,030 67,030 160,251 Fund balances at 30 September 2024 50,481 50,481 67,030 The statement of financial activities includes all gains and losses recogni5ed in the year. The statement of financial activities includes all gains and losses recogni5ed in the year. All income and expenditure derive from continuing activities. The statement of financial activities also complies with the requirements for an Income and expenditure account under the CompaniesAct 2006. Prior financial year Unrestricted funds 2023 2023 Notes Donations and legacies 28,400 28.400 enditure on: Charitable aclivilies 121,621 121,621 Net expenditure for the yearl Net movement in funds 193,2211 193.221) Fund balances at 1 October 2022 160,251 160,251 Fund balances at 30 September 2023 67,030 67,030 THE SERENDIPITY FOUNDATION LIMITED STATEMENT OF FINANCIAL POSITION AS AT 30 SEPTEMBER 2024 2024 2023 Notes Current assets Cash at bank and in hand 51,855 67,677 Creditors= arnounts falling due within one year (1.374) (647) Net current assets 50.481 67,030 The funds of the charity Unrestricted funds 10 50.481 67,030 50,481 67.030 The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006 for the year ended 30 Seplernber 2024. The directors acknowledge their responsibilities for complying with Ihe requirements of the Companies Act 2006 with respect to accounling records and the preparation of financial statements. The members have not required the company lo 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 lo companie5 subject to the small companie5 regirne. The financial stalernents were approved by the trustees on V•w V Sehgal Trustee Company registration number 09215408 (England and Wales) IT I HE aERENDiri i i rvuhumi iolw LIM,, E- NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 Accounting policies Charity information The Serendipity Foundation Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is clo Union Property SeTvices Ltd, Cobalt 3.2 Silver Fox Way, Cobalt Business Park, Newcastle upon Tyne. Tyne and Wear, NE27 OQJ. 1.1 Accounting convention The financial slalements have been prepared in accordance with the charity'5 MernorandLJrn and Articles of Association, the Companies Act 2006. FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" I'FRS 102") and the Charrties SORP "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounls in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102)" (effective l January 20191. The charity is a Public Benefit Entity as defined by FRS 102. The charity has taken advantage of the PTovision5 in the SORP for charities not to prepare a Statement of Cash Flows. The financial 51alements are prepared in UK sterling which is the functional currency of the charity. Monetary amourits in these financial slatenients are rounded to the nearest £1. The financial statements have been prepared under Ihe historical cost convention. The principal accoLJnling policies adopted are set out below. 1.2 Income All income is recognised in the Statement of Financial Activities once the charity has entiilemenl lo the funds, it is probable that the income will be received and the amount can be measured reliably. 1.3 Expenditure Liabilities are recognised as expenditure as soon as there is a legal 01 constructive obligation committing the charity lo that expenditure. Il is probable thal a Iransfei of economic benefits will be required in settlement and the amount of Ihe obligation can be rneasured reliably. Expenditure is accounted for on an accrua15 basis and has been classified under headings that aggregale all cost related lo the category. Where costs cannot be directly allributed to particular headings they have been allocated lo activilies on a basis con51slenl wilh the use of resources. Grants offered subject to conditions which have not been met al the year end dale are noted as a commitment but not accrued as expenditure. 1.4 Cash and cash equivalents Cash and cash equivalents comprises cash in hand and current balan￿$ with banks and other inslilulions, which are readily convertible lo known amounts of cash and which are subject to insignificant risk of change in value_ 1.5 Taxation The charity 15 exempt from corporalion lax on 115 charitable activities. 1.6 Fund accounting Unre5tricled funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular testricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular reslficled purposes. Further explanation of the nature and purpose of each fund is included in the nole5 to the financial slatemenls. THE SERENDIPITY FOUNDATION LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 Accounting policies (Continued) 1.7 Debtors and creditors receivablelpayable within one year Debtors and creditors with no stated interesl rate and receivable or payable within one year are recorded al transaction price. Any losses arising from impairment are recognised in the profil and loss account in other administrative expenses. Income frorn donations and legacies Unrestricted funds 2024 Unrestricted funds 2023 Donations and gifts 51,200 28.400 Expenditure on charitable activities Unrestricted Unrestricted funds funds 2024 2023 Direct costs Grant funding of activities (see note 41 67.022 120,890 Share of support and governance costs15ee note Sl Governance 727 731 67,749 121,620 Analysis by fund Unrestricted funds 67,749 121,621 Grants payable Unrestricted Unrestricted ftjnds funds 2023 2024 Grants to institulions.. Marie Curie Poppy Ann Coleby Newcastle West End Foodbank SRMO Khalsa Aid Ahbap Dernegi Track Worfd Itravel for Indian priest in UK) Donations lo other Institutions < £2,500 53,893 62,000 3,000 10,000 10,000 15,000 15,028 4.328 8,801 5,862 67,022 120,890 I HE SER=',4 iniTV rni ikiTh ATI uirii i Ivv•Yuniiv ITCn NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 Grants payable Icontinuedl Commitmen The remaining PDtenlial commitment as al 30 September 2024 is £55,509, subject to the recipient meeting the conditions of grant. Support cost5 allocated to activities 2024 2023 Independent examination fee 727 731 Analysed between: Unre51ricted funds 727 731 Trustees None of the Iru5tee5 {or any persons connecled wrth them) received any remuneration 01 benefits from the charity during the year. Employees The average monthly number of employees during the yearwas.. 2024 Number 2023 Number Total There were no employees whose annual remuneration was more than £60.000. Taxation The charity is exempt from taxation on Its activities because all ils income is applied for charilable purposes. Creditor5'. amounts falling due within one year 2024 2023 Accruals and deferred income 1,374 647 THE SERENDIPITY FOUNDATION LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 10 Unrestricted funds The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as lo how they may be used. These include designated funds which have been set aside out of unrestricted funds by the truslees for specific purposes. At 1 October 2023 Incoming resources Resources expended At30 September 2024 General funds 67.030 51,200 {67.749) 50,481 Previous yeaT- At 1 October 2022 Incoming resources Resources expended At30 Septgmber 2023 General funds 160.251 28,400 (121.6211 67.030 11 Analysis of net assets between funds Unrestricted funds 2024 At 30 September 2024: Current assetsl(Iiabilities) 50,481 50,481 Unrestricted funds 2023 At 30 September 2023= Current assetsllliabililies) 67.030 67,030 THE SERENDIPITY FOJNDAI ION LIMI I ED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 12 Related party transactions Transactions with related parties During the year the charity entered into the following transactions with relaled parties.. Donations receivable 2024 2023 Other related parties 50,000 3,650 50.000 3,650 11 Robson Laidler Accountants Limited Fernwood House Fernwood Road Jesmond Newcastle upon Tyne NE2 1TJ Dear Sirs THE SERENDIPITY FOUNDATION LIMITED YEAR ENDED 30 SEPTEMBER 2024 Dear Sirs The following representations are made on the basis of enquiries of management and staff with relevant knowledge and experience such as we consider necessary in connection with your report on the charitable companys financial statements for the year ended 30 September 2024. These enquiries have included inspection of supporting documentation where appropriate. All representations are made to the best of our knowledge and belief. GENERAL 1. We acknowledge that the work performed by you is substantially less in scope than an audit performed in accordance with International Standards on Auditing (UK and Ireland) and that you do not express an audit opinion. 2. We confirm that the charitable company qualifies as small in accordance with the conditions set out in chapter 1 of part 15 of the Companies Act 2006. 3. We confirm that the charitable company was entitled to exemption under section 144 of the Charities Act 2011 from the requirement to have its financial statements for the financial year ended 30 September 2024 audited. We also confirm that Ihe members have not required the company to obtain an audit of its financial statements for the financial year in accordance with section 476 of the Companies Act 2006. 4. We have fulfilled our responsibilities as directors I trustees as set out in the terms of your engagement letter dated 25 September 2024 under the Companies Act 2006 for preparing financial statements in accordance with applicable law and United Kingdom Accounting Standards (UK Generally Accepted Accounting Practice), for being satisfied that they give a true and fair view. 5. All the transactions undertaken by the charitable company have been properly reflected and recorded in the accounting records. 6. All the accounting records and related financial information, including minutes of all managemenl and trustee meetings and correspondence with The Charity Commission have been made available to you for the purpose of your work. ASSETS AND LIABILITIES 7. The Gharitable company has satisfactory title to all assets and there are no liens or encumbrances on the charitable company's assets, except for those thal are disclosed as applicable in the notes to the financial statements. 8. All actual liabilities, contingent liabilities and guarantees given to third parties have been recorded or disclosed as applicable. 9. We have no plans or intentions that may materially alter the carrying value and where relevant the fair value measurements or classification of assets and liabilities reflected in the financial statements. I Akln ADDAklnCAACklTQ 11. The charitable company has not granted any adVan￿S or credits to. or made guarantees on behalf of directors I trustees other than those disclosed in the financial statements. LEGAL CLAIMS 12. We have disclosed to you all claims in connection with litigation that have been, or are expected to be, received and such matters, as appropriate: have been properly accounted for and disclosed as applicable in the financial statements. LAWS AND REGULATIONS 13. We have disclosed to you all known instances of non-cotnpliance or suspected non- compliance with laws and regulations whose effects should be considered when preparing the financial statements. RELATED PARTIES 14. Related party relationships and transactions have been appropriately accounted for and disclosed as applicable in the financial statements. We have disclosed to you all relevant information concerning such relationships and transactions and are not aware of any other matters which require disclosure in order to comply with the requirements of company law or accounting standards. SUBSEQUENT EVENTS 15. All events subsequent to the date of the financial statements which require adjustment or disclosure have been properly accounted for and di￿lOSed as applicable. GOING CONCERN 16. We believe thal the charitable company's financial statements should be prepared on a going concern basis on the grounds that current and future sources of funding or support will be more than adequate for the charitable company's needs. We have considered a period of twelve monlhs from the date of approval of the financial statements. We believe that no further disclosures relating to the charitable company's ability to continue as a going concern need to me made in the financial statements. Yours faithfully Signed on behalf of the board of directors The Serendipity Foundation Limited Date....