REGISTERED CHARITY NUMBER: 1179496
THE LIGHTBEAM ACADEMY
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021
THE LIGHTBEAM ACADEMY
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021
| Page | |
|---|---|
| Reference and Administrative Details | 1 |
| Report of the Trustees | 2 to 3 |
| Independent Examiner's Report | 4 |
| Statement of Financial Activities | 5 |
| Statement of Financial Position | 6 |
| Notes to the Financial Statements | 7 to 12 |
| Detailed Statement of Financial Activities | 13 to 14 |
THE LIGHTBEAM ACADEMY
REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 JULY 2021
| Trustees | Faiza Akram |
|---|---|
| Asha Khalique | |
| Nisar Raja | |
| Principal address | The BestLight Community Hub |
| Market Square | |
| Nelson | |
| BB9 7LP | |
| Registered charity number | 1179496 |
| Independent examiner | Riley Moss 2018 Limited |
| Riley House | |
| 183-185 North Road | |
| Preston | |
| Lancashire | |
| PR1 1YQ |
Page 1
THE LIGHTBEAM ACADEMY
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2021
The trustees present their report with the financial statements of the charity for the year ended 31 July 2021. 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
To provide educational, health and sports development initiatives for the public benefit, serving the communities of Pendle and East Lancashire. To provide a well-being and spiritual centre for the public benefit, serving the communities of Pendle and East Lancashire.
Review of Activities and Achievements
From the period 1st August 2020 - 31st July 2021, LightBeam Academy has seen continued growth and student numbers continue to grow - from the courses offered, to the number of children supported. Operating from our new Community Hub at Market Square, Nelson, the Academy has offered a number courses and activities over the past 12 months.
Achievement and performance Primary Education (Ages 5-11)
The Academy enrolled 30 children onto the 2020-21 Academic programme. Classes take place 6 days a week from Mondays to Saturdays with students attending 3-times a week. The focus remains on character development through a faith-based perspective. Students also learn the Arabic language. Admissions for the next Academic term have already begun and the demand for the Primary intake continues to grow strongly.
Secondary Education (Ages 11-16)
The Academy offers a 5-year Secondary education to children on the Weekends. Classes take place once a week for 2 hours and children learn a range of topics designed to instil independent reasoning and critical thinking. The course develops an understanding of civic responsibility and encourages students to take part in discussions in topics affecting them at every level.
Reception Programme (Ages 4/5)
The play-based reception programme for children aged 4-5 continues to be a success. In 2020-21, the programme saw an increase in numbers and led to the development of three classes running consecutively on Sunday mornings. In total, 32 children registered on the Reception programme. Sessions are engaging, fun and creative, ensuring children learn through play.
Fitness, Health and Wellbeing (All ages)
The Academy developed a number of pilot projects for the community to taste different activities and these proved to be very popular. Sessions included Archery, Olympic Freestyle Wrestling, Gymnastics, Yoga and fitness sessions.
Financial review
It is the policy of the charity to maintain unrestricted funds at a level which equate to approximately 3 months unrestricted expenditure. This provides sufficient funds to cover management and administration and support costs.
Page 2
THE LIGHTBEAM ACADEMY
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2021
Future plans
LightBeam Academy continues to expand and reach new audiences. Since the inception of the Academy in 2017, the Academy has grown exponentially, culminating in the acquisition of its own building - The BestLight Community Hub - a landmark building in the centre of Nelson. The new premises has allowed us to deliver more classes and expand our current service provision.
Teaching staff have been retained throughout the year with the exception of one member of staff. This is an area that the Academy needs to strengthen to ensure that there is enough cover for staff absences and leave. As the Academy grows, it is essential that continued investment is made in teaching and support staff.
The Academy continues to invest in its infrastructure as sustainability is one of the key goals of the organisation. A new website is in the early stage of development and key links are being made with local charity and voluntary groups to ensure that partnership can be developed to mutually support the work of the Academy. In this regard, Nelson & Colne College are delivering their adult learning provision from the Hub and it is being hired regularly by other local voluntary groups.
In summary, it's an exciting time at the Academy and we hope to continue and consolidate the progress made as we enter our 5th year with the hope of realising the goal of the Academy - to nurture, strengthen and nourish the hearts and minds of the next generation and to support the local community in a truly holistic manner.
Structure, governance and management Governing document
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
Approved by order of the board of trustees on 30 May 2022 and signed on its behalf by:
Faiza Akram - Trustee
Page 3
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE LIGHTBEAM ACADEMY
Independent examiner's report to the trustees of The Lightbeam Academy
I report to the charity trustees on my examination of the accounts of The Lightbeam Academy (the Trust) for the year ended 31 July 2021.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.
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.
Farook Patel Riley Moss 2018 Limited Riley House 183-185 North Road Preston Lancashire PR1 1YQ
30 May 2022
Page 4
THE LIGHTBEAM ACADEMY
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JULY 2021
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2021 2020
Unrestricted Restricted Total Total
fund fund funds funds
Notes £ £ £ £
Income and endowments from
Donations and legacies 2 87,674 45,010 132,684 21,571
Other trading activities 3 70,625 - 70,625 47,107
Other income 24,524 - 24,524 18,877
Total 182,823 45,010 227,833 87,555
Expenditure on
Charitable activities 4
Charitable activities 82,849 11,147 93,996 59,234
Other 2,807 - 2,807 4,960
Total 85,656 11,147 96,803 64,194
NET INCOME 97,167 33,863 131,030 23,361
Transfers between funds 13 (96,882) 96,882 - -
Net movement in funds 285 130,745 131,030 23,361
Reconciliation of funds
-
Total funds brought forward 34,644 34,644 11,283
Total funds carried forward 34,929 130,745 165,674 34,644
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The notes form part of these financial statements
Page 5
THE LIGHTBEAM ACADEMY
STATEMENT OF FINANCIAL POSITION 31 JULY 2021
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2021 2020
Unrestricted Restricted Total Total
fund fund funds funds
Notes £ £ £ £
Fixed assets
Tangible assets 10 3,342 236,882 240,224 219,001
Current assets
Stocks 11 4,500 - 4,500 2,000
Cash at bank and in hand 28,888 33,863 62,751 54,943
33,388 33,863 67,251 56,943
Creditors
Amounts falling due within one year 12 (1,801) (140,000) (141,801) (241,300)
Net current assets 31,587 (106,137) (74,550) (184,357)
Total assets less current liabilities 34,929 130,745 165,674 34,644
NET ASSETS 34,929 130,745 165,674 34,644
Funds 13
Unrestricted funds 34,929 34,644
Restricted funds 130,745 -
Total funds 165,674 34,644
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The financial statements were approved by the Board of Trustees and authorised for issue on 30 May 2022 and were signed on its behalf by:
Faiza Akram - Trustee
Asha Khalique - Trustee
Nisar Raja - Trustee
The notes form part of these financial statements
Page 6
THE LIGHTBEAM ACADEMY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021
1. Accounting policies
Basis of preparing the financial statements
The financial statements of the charity, 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 Charities Act 2011. 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
Expenditure is recognised on an accrual basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates.
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Support costs are those costs incurred directly in support of expenditure on the objects of the charity and include project management.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:
Fixtures & Fittings
25% Straight Line Method
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Taxation
The charity is exempt from 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.
Financial instruments
The charity only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost. Financial assets held at amortised cost comprise cash and bank in hand. Financial liabilities held at amortised cost comprise all creditors except social security and other taxes.
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THE LIGHTBEAM ACADEMY
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JULY 2021
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2. Donations and legacies
2021 2020
£ £
Donations 132,684 21,571
3. Other trading activities
2021 2020
£ £
Tuition Fee income 62,689 43,024
Shop income 7,936 4,083
70,625 47,107
4. Charitable activities costs
Direct Support
Costs (see costs (see
note 5) note 6) Totals
£ £ £
Charitable activities 60,632 33,364 93,996
5. Direct costs of charitable activities
2021 2020
£ £
Staff costs 47,596 33,370
Classroom activities 13,036 10,452
60,632 43,822
6. Support costs
Governance
Support Finance costs Totals
£ £ £ £
Charitable activities 31,872 1,114 378 33,364
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7. Trustees' remuneration and benefits
There were no trustees' remuneration or other benefits for the year ended 31 July 2021 nor for the year ended 31 July 2020.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 July 2021 nor for the year ended 31 July 2020.
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THE LIGHTBEAM ACADEMY NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JULY 2021
8. Staff costs
The average monthly number of employees during the year was as follows:
| Teaching Admin |
2021 11 6 17 |
2020 7 3 10 |
|---|---|---|
No employees received emoluments in excess of £60,000.
9. Comparatives for the statement of financial activities
| Unrestricted Restricted fund fund £ £ Income and endowments from Donations and legacies 21,571 - Other trading activities 47,107 - Other income 18,877 - Total 87,555 - Expenditure on Charitable activities Charitable activities 59,234 - Other 4,960 - Total 64,194 - NET INCOME 23,361 - Reconciliation of funds Total funds brought forward 11,283 - Total funds carried forward 34,644 - |
Total funds £ 21,571 47,107 18,877 87,555 59,234 4,960 64,194 23,361 11,283 34,644 |
|---|---|
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THE LIGHTBEAM ACADEMY
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JULY 2021
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10. Tangible fixed assets
Freehold Computer
property equipment Totals
£ £ £
Cost
-
At 1 August 2020 219,001 219,001
Additions 17,881 4,456 22,337
At 31 July 2021 236,882 4,456 241,338
Depreciation
-
Charge for year 1,114 1,114
Net book value
At 31 July 2021 236,882 3,342 240,224
-
At 31 July 2020 219,001 219,001
11. Stocks
2021 2020
£ £
Stocks 4,500 2,000
12. Creditors: amounts falling due within one year
2021 2020
£ £
Trade creditors 1,801 1,800
Other creditors 140,000 239,500
141,801 241,300
13. Movement in funds
Net Transfers
movement between At
At 1.8.20 in funds funds 31.7.21
£ £ £ £
Unrestricted funds
General fund 34,644 97,167 (96,882) 34,929
Restricted funds
Restricted funds - 33,863 96,882 130,745
TOTAL FUNDS 34,644 131,030 - 165,674
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THE LIGHTBEAM ACADEMY
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JULY 2021
13. Movement in funds - continued
Net movement in funds, included in the above are as follows:
| Incoming resources £ Unrestricted funds General fund 182,823 Restricted funds Restricted funds 45,010 TOTAL FUNDS 227,833 Comparatives for movement in funds At 1.8.19 £ Unrestricted funds General fund 11,283 TOTAL FUNDS 11,283 Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 87,555 TOTAL FUNDS 87,555 |
Resources Movement expended in funds £ £ (85,656) 97,167 (11,147) 33,863 (96,803) 131,030 Net movement At in funds 31.7.20 £ £ 23,361 34,644 23,361 34,644 Resources Movement expended in funds £ £ (64,194) 23,361 (64,194) 23,361 |
|---|---|
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THE LIGHTBEAM ACADEMY
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JULY 2021
13. Movement in funds - continued
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund Restricted funds Restricted funds TOTAL FUNDS |
At 1.8.19 £ 11,283 - 11,283 |
Net movement in funds £ 120,528 33,863 154,391 |
Transfers between funds £ (96,882) 96,882 - |
At 31.7.21 £ 34,929 130,745 165,674 |
|---|---|---|---|---|
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Restricted funds Restricted funds TOTAL FUNDS |
Incoming resources £ 270,378 45,010 315,388 |
Resources Movement expended in funds £ £ (149,850) 120,528 (11,147) 33,863 (160,997) 154,391 |
|---|---|---|
14. Related party disclosures
There were no related party transactions for the year ended 31 July 2021.
15. Restricted fund
This fund represents amounts held in order to repay loans (Karze Hasna) provided for the purchase of the building at Market Square, Nelson, that is to be the hub of the charity's activities.
Page 12
THE LIGHTBEAM ACADEMY
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JULY 2021
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2021 2020
£ £
Income and endowments
Donations and legacies
Donations 132,684 21,571
Other trading activities
Tuition Fee income 62,689 43,024
Shop income 7,936 4,083
70,625 47,107
Other income
Council Grant 11,589 10,000
Job Retention Scheme 12,935 8,877
24,524 18,877
Total incoming resources 227,833 87,555
Expenditure
Charitable activities
Wages 47,596 33,370
Classroom activities 13,036 10,452
60,632 43,822
Other
Shop purchases 2,807 4,960
Support costs
Support
Insurance 655 156
Light and heat 12,245 2,600
Telephone 965 756
Postage and stationery 625 -
Advertising 1,558 1,910
Sundries 14,403 815
Rent 285 6,220
Repairs and maintenance 200 190
Accountancy fees 936 936
Professional fees - 1,804
31,872 15,387
Finance
Bank charges - 25
-
Computer equipment 1,114
1,114 25
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This page does not form part of the statutory financial statements
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THE LIGHTBEAM ACADEMY
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JULY 2021
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2021 2020
£ £
Finance
Governance costs
Legal fees 378 -
Total resources expended 96,803 64,194
Net income 131,030 23,361
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This page does not form part of the statutory financial statements
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