Report of the Trustees and
Unaudited Financial Statements
for the Year Ended 31 December 2022
for
XANDA FOUNDATION
REGISTERED COMPANY NUMBER: CE014469 (England and Wales) REGISTERED CHARITY NUMBER: 1178994
K J Pittalis and Partners LLP Chartered Certified Accountants Global House 303 Ballards Lane London N12 8NP
XANDA FOUNDATION
Contents of the Financial Statements FOR THE YEAR ENDED 31 DECEMBER 2022
| Page | |
|---|---|
| Report of the Trustees | 1 to 2 |
| Independent Examiner's Report | 3 |
| Statement of Financial Activities | 4 |
| Balance Sheet | 5 |
| Notes to the Financial Statements | 6 to 7 |
| Detailed Statement of Financial Activities | 8 |
XANDA FOUNDATION
Report of the Trustees FOR THE YEAR ENDED 31 DECEMBER 2022
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2022. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The charity is primarily dedicated to general charitable purposes and actively engages in education and training programs. In line with its mission, the charity seeks to advance education for the public benefit by providing or assisting in the provision of free technology-based educational courses and advice and support. This educational outreach is particularly focused on individuals who are socially and economically disadvantaged, aiming to bridge gaps and create opportunities. Their reach extends to various beneficiary groups, including other Charities or Voluntary Bodies, as well as diverse Defined Groups. In their mission to serve, they also provide support and assistance to the broader community, encompassing the General Public and humanity at large. The charity fulfills its objectives by making grants to organisations and by offering valuable advocacy, advice, and information services.
FINANCIAL REVIEW
Financial position
The charity's financial policy outlines the maintenance of unrestricted funds at a level equivalent to three to six months' expenditure, ensuring financial stability. This approach allows the charity to continue its current activities in the face of a significant funding decrease while exploring opportunities to raise additional funds. The trustees have assessed and mitigated major risks with comprehensive controls, both financial and non-financial, to ensure compliance at all levels. They believe that maintaining current reserve levels, combined with regular reviews of financial controls, will provide ample resources even in adverse conditions.
Going concern
During the approval of the financial accounts, the trustees hold a reasonable expectation that the charity possesses sufficient resources to maintain its operational activities in the foreseeable future. As a result, the trustees choose to apply the going concern accounting basis when preparing the accounts. It Is noteworthy that the charity benefits from ongoing financial support, which is generously provided by friends of Xanda Foundation.
In addition, the trustees remain committed to monitoring the evolving situation and diligently adhere to government directives.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
CE014469 (England and Wales)
Registered Charity number
1178994
Registered office
Trustees
A Constantine A Homans C Passmore
Page 1
XANDA FOUNDATION
Report of the Trustees FOR THE YEAR ENDED 31 DECEMBER 2022
REFERENCE AND ADMINISTRATIVE DETAILS
Independent Examiner
K J Pittalis and Partners LLP Chartered Certified Accountants Global House 303 Ballards Lane London N12 8NP
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The trustees (who are also the directors of Xanda Foundation for the purposes of company law) are responsible for preparing the Report of the Trustees 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 those financial statements, the trustees are required to
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charity SORP;
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make judgements and estimates that are reasonable and prudent;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to 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.
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
Approved by order of the board of trustees on 23 October 2023 and signed on its behalf by:
A Constantine - Trustee
Page 2
Independent Examiner's Report to the Trustees of Xanda Foundation
Independent examiner's report to the trustees of Xanda Foundation ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2022.
Responsibilities and basis of report
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').
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.
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 (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
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.
Mr John Kyriacos Pittalis FCCA
K J Pittalis and Partners LLP Chartered Certified Accountants Global House 303 Ballards Lane London N12 8NP
23 October 2023
Page 3
XANDA FOUNDATION
Statement of Financial Activities FOR THE YEAR ENDED 31 DECEMBER 2022
| 31/12/22 | 31/12/21 | ||
|---|---|---|---|
| Unrestricted | |||
| fund | Total funds | ||
| Notes | £ | £ | |
| INCOME AND ENDOWMENTS FROM | |||
| Donations and legacies | 1,288 | - | |
| EXPENDITURE ON | |||
| Donations | 1,288 | - | |
| NET INCOME | - | - | |
| RECONCILIATION OF FUNDS | |||
| Total funds brought forward | - | - | |
| TOTAL FUNDS CARRIED FORWARD | - | - |
The notes form part of these financial statements
Page 4
XANDA FOUNDATION
Balance Sheet 31 DECEMBER 2022
| 31/12/22 | 31/12/21 | ||
|---|---|---|---|
| Unrestricted | |||
| fund | Total funds | ||
| Notes | £ | £ | |
| NET CURRENT ASSETS | - | - | |
| TOTAL ASSETS LESS CURRENT | |||
| LIABILITIES | - | - | |
| NET ASSETS | - | - | |
| FUNDS | 4 | ||
| TOTAL FUNDS | - | - |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
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(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
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(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 23 October 2023 and were signed on its behalf by:
A Constantine - Trustee
The notes form part of these financial statements
Page 5
XANDA FOUNDATION
Notes to the Financial Statements FOR THE YEAR ENDED 31 DECEMBER 2022
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
2. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2022 nor for the year ended 31 December 2021.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2022 nor for the year ended 31 December 2021.
Page 6
continued...
XANDA FOUNDATION
Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2022
3. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Total funds | |
|---|---|
| £ | |
| NET INCOME | - |
| TOTAL FUNDS CARRIED FORWARD | - |
4. MOVEMENT IN FUNDS
| MOVEMENT IN FUNDS | |||
|---|---|---|---|
| Net | |||
| movement | At | ||
| At | 1.1.22 | in funds | 31.12.22 |
| £ | £ | £ | |
| TOTAL FUNDS | - | - | - |
| Net movement in funds, included in the above are as follows: | |||
| Incoming | Resources | Movement | |
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 1,288 | (1,288) | - |
| TOTAL FUNDS | 1,288 | (1,288) | - |
5. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 December 2022.
Page 7
XANDA FOUNDATION
Detailed Statement of Financial Activities FOR THE YEAR ENDED 31 DECEMBER 2022
| 31/12/22 | 31/12/21 | |
|---|---|---|
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Donations | 1,288 | - |
| Total incoming resources | 1,288 | - |
| EXPENDITURE | ||
| Donations | ||
| Donations | 1,288 | - |
| Total resources expended | 1,288 | - |
| Net income | - | - |
This page does not form part of the statutory financial statements
Page 8