REGISTERED CHARITY NUMBER: 1183875
Report of the Trustees and
Financial Statements for the Period 13th September 2019 to 13th December 2020
for
The SJL Foundation
The Richards Sandy Partnership Thorneloe House 25 Barbourne Road Worcester Worcestershire WR1 1RU
The SJL Foundation
Contents of the Financial Statements for the Period 13th September 2019 to 13th December 2020
| Page | |||
|---|---|---|---|
| Reference and Administrative Details | 1 | ||
| Report of the Trustees | 2 | to | 3 |
| Independent Examiner's Report | 4 | ||
| Statement of Financial Activities | 5 | ||
| Balance Sheet | 6 | ||
| Notes to the Financial Statements | 7 | to | 10 |
| Detailed Statement of Financial Activities | 11 |
The SJL Foundation
Reference and Administrative Details for the Period 13th September 2019 to 13th December 2020
TRUSTEES S J Lancaster Trustee L Ruff Trustee (resigned 31.10.19) K Hanson Trustee K Evans Trustee S Lancaster (appointed 1.11.19) PRINCIPAL ADDRESS Suite C, The Kays Building The Tything Worcester Worcestershire WR1 1HD REGISTERED CHARITY NUMBER 1183875 INDEPENDENT EXAMINER The Richards Sandy Partnership Thorneloe House 25 Barbourne Road Worcester Worcestershire WR1 1RU
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The SJL Foundation
Report of the Trustees for the Period 13th September 2019 to 13th December 2020
The trustees present their report with the financial statements of the charity for the period 13th September 2019 to 13th December 2020. 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 objective of the charity is to advance such charitable purposes for the benefit of the public, as the trustees see fit from time to time, in particular, but not limited to making grants to charities, or other organisations working to advance charitable purpose.
Public benefit
The trustees confirm that The SJL Foundation has complied with the duty in section 17(5) of the 2011 Charities Act to have due regard to guidance on public benefit when reviewing the charity's aims and objectives and in planning future activities.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
During the year the charity has raised funds through various fundraising events and as a result of funds raised donated £10,000 to Acorns Childrens Hospice. The charity also supported eight start-up businesses by awarding grants of £2,000 to each following an event in the Houses of Parliament.
Fundraising activities
The charities first ball was successfully held on Saturday 09th November 2019 raising a significant sum for the charity on a night of fizz, food, fun and games. Nearly 200 guests attended the Bank House Hotel in Worcester and was such a success a further event was planned for October 2020.
Unfortunately, following the Covid-19 pandemic and government guidance at the time, some planned fundraising events had to be postponed from 2020. These events has now been rescheduled, with the skydive planned for Saturday 04th December 2021 and the ball Friday 01st April 2022.
Despite the challenges of the pandemic, donations received during the year have still raised a significant amount of money for the charity in it's first year.
Fundraising Policy
Our approach to fundraising is to encourage motivated individuals and companies to help us raise voluntary funds to support our aims and activities. We ensure fundraising doesn't put members of the public or our team under undue pressure to donate and comply with UK data protection and are registered with the fundraising regulator. We have received no fundraising complaints to either staff or trustees to date.
FINANCIAL REVIEW
Financial position
As at 13th December 2020 the charity held unrestricted reserves of £2,587. Free reserves (excluding fixed assets) amounted to £1,947 and are available for use by the charity as the trustees see fit.
Reserves policy
The trustees believe minimal reserve levels are required in the charity, with very few overheads and the aim of awarding as many grants as possible. On this basis the current level of reserves is deemed acceptable.
FUTURE PLANS
The trustees plan to continue fundraising to raise enough money to allow for future grants to be awarded in line with their charitable objectives.
Postponed event (skydiving) has been rescheduled and other fundraising events are in the diary.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust and constitutes a charitable incorporated organisation (CIO). The charity is registered in England & Wales with the registration number 1183875.
Recruitment and appointment of new trustees
The existing trustees have sole power to appoint and train new trustees. New trustees are selected based on personal recommendations from contacts the existing trustees
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The SJL Foundation
Report of the Trustees for the Period 13th September 2019 to 13th December 2020
STRUCTURE, GOVERNANCE AND MANAGEMENT
Decision making
The Trustees meet regularly to consider policy, initiate fundraising projects and decide on requests for grants. Decisions are made by majority vote.
The day to day running of the charity is performed by trustee, S J Lancaster.
Induction and training of new trustees
New trustees receive induction informally on trustee responsibility and the affairs of the Foundation as necessary.
Risk management
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure.
Approved by order of the board of trustees on 12th October 2021 and signed on its behalf by:
S J Lancaster - Trustee
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Independent Examiner's Report to the Trustees of The SJL Foundation
Independent examiner's report to the trustees of The SJL Foundation
I report to the charity trustees on my examination of the accounts of The SJL Foundation (the Trust) for the period 13th September 2019 to 13th December 2020.
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.
Nicholas Paul Sandy FCA The Richards Sandy Partnership Thorneloe House 25 Barbourne Road Worcester Worcestershire WR1 1RU
12th October 2021
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The SJL Foundation
Statement of Financial Activities for the Period 13th September 2019 to 13th December 2020
| Unrestricted Restricted fund fund Notes £ £ INCOME AND ENDOWMENTS FROM Donations and legacies 2 19,397 4,810 Other trading activities 3 18,477 - Total 37,874 4,810 EXPENDITURE ON Raising funds 4 3,812 4,810 Charitable activities 5 Grants awarded 31,475 - Total 35,287 4,810 NET INCOME 2,587 - TOTAL FUNDS CARRIED FORWARD 2,587 - |
Total funds £ 24,207 18,477 42,684 8,622 31,475 40,097 2,587 2,587 |
|---|---|
The notes form part of these financial statements
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The SJL Foundation
Balance Sheet 13th December 2020
| Unrestricted | Restricted | Restricted | Total | ||
|---|---|---|---|---|---|
| fund | fund | funds | |||
| Notes | £ | £ | £ | ||
| FIXED ASSETS | |||||
| Tangible assets | 10 | 640 | - | 640 | |
| CURRENT ASSETS | |||||
| Debtors | 11 | 1,669 | - | 1,669 | |
| Cash at bank | 1,779 | - | 1,779 | ||
| CREDITORS | 3,448 | - | 3,448 | ||
| Amounts falling due within one year | 12 |
(1,501) | - | (1,501) | |
| NET CURRENT ASSETS | 1,947 | - | 1,947 | ||
| TOTAL ASSETS LESS CURRENT | LIABILITIES | 2,587 | - | 2,587 | |
| NET ASSETS | 2,587 | - | 2,587 | ||
| FUNDS | 13 | ||||
| Unrestricted funds | 2,587 | ||||
| TOTAL FUNDS | 2,587 | ||||
The financial statements were approved by the Board of Trustees and authorised for issue on 12th October 2021 and were signed on its behalf by:
S J Lancaster - Trustee
The notes form part of these financial statements
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The SJL Foundation
Notes to the Financial Statements for the Period 13th September 2019 to 13th December 2020
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.
The financial statements are presented in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
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.
Donations are recognised on receipt.
Income from fundraising events is recognised when the charity has entitlement to the funds, usually at the date the event took place.
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.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 20% on cost
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 has elected to apply the provisions of Section 11' Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.
Financial instruments are recognised when the charity becomes party to contractual provisions of the instrument.
Financial assets are offset, with the net amounts presented in the accounts where there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic Financial Assets
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
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continued...
The SJL Foundation
Notes to the Financial Statements - continued for the Period 13th September 2019 to 13th December 2020
1. ACCOUNTING POLICIES - continued
FINANCIAL INSTRUMENTS
Basic Financial Liabilities
Basic financial liabilities, including trade and other payables, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future receipts, discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of the operations from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction.
2. DONATIONS AND LEGACIES
----- Start of picture text -----
|||
|---|---|
|£|
|Donations|24,207|
|OTHER TRADING ACTIVITIES|
|£|
|Fundraising events|18,477|
|RAISING FUNDS|
|RAISING DONATIONS AND LEGACIES|
|£|
|Subscriptions|50|
|Travel costs|64|
|Printing, postage & stationary|47|
|Sundry fundraising costs|792|
|Annual ball costs|7,669|
|8,622|
----- End of picture text -----
3. OTHER TRADING ACTIVITIES
4. RAISING FUNDS
5. CHARITABLE ACTIVITIES COSTS
----- Start of picture text -----
||||||
|---|---|---|---|---|
|Grant|
|funding of|
|Direct|activities|Support|
|Costs (see|(see note|costs (see|
|note 6)|7)|note 8)|Totals|
|£|£|£|£|
|Grants awarded|2,400|26,000|3,075|31,475|
----- End of picture text -----
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The SJL Foundation
Notes to the Financial Statements - continued for the Period 13th September 2019 to 13th December 2020
6. DIRECT COSTS OF CHARITABLE ACTIVITIES
| Start-up business event GRANTS PAYABLE Grants awarded The total grants paid to institutions during the period was as follows: Acorns Hospice The total grants paid to individuals during the period was as follows: Start-up business grants of £2,000 each |
£ 2,400 £ 26,000 £ 10,000 £ 16,000 |
|---|---|
7. GRANTS PAYABLE
8. SUPPORT COSTS
| SUPPORT COSTS | SUPPORT COSTS | |
|---|---|---|
| Governance Management Finance costs |
Totals | |
| Grants awarded | £ £ £ 1,051 524 1,500 |
£ 3,075 |
| Support costs, included in the above, are as follows: | ||
| Advertising | Grants awarded £ 1,051 |
|
| Bank charges | 364 | |
| Depreciation of tangible fixed assets | 160 | |
| Accounts & examination fees | 1,500 | |
| 3,075 |
9. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the period ended 13th December 2020.
TRUSTEES' EXPENSES
There were no trustees' expenses paid for the period ended 13th December 2020.
10. TANGIBLE FIXED ASSETS
| TANGIBLE FIXED ASSETS | |
|---|---|
| COST Additions |
Fixtures and fittings £ 800 |
| DEPRECIATION Charge for year |
160 |
| NET BOOK VALUE At 13th December 2020 |
640 |
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The SJL Foundation
Notes to the Financial Statements - continued for the Period 13th September 2019 to 13th December 2020
11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | |||
|---|---|---|---|
| £ | |||
| Prepayments and accrued income | 1,669 | ||
| CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | |||
| Accruals and deferred income | £ 1,501 |
||
| MOVEMENT IN FUNDS | |||
| Unrestricted funds | Net movement in funds £ |
At 13.12.20 £ |
|
| General fund | 2,587 | 2,587 | |
| TOTAL FUNDS | 2,587 | 2,587 | |
| Net movement in funds, included in the above are as follows: | |||
| Unrestricted funds | Incoming resources £ |
Resources expended £ |
Movement in funds £ |
| General fund | 37,874 | (35,287) | 2,587 |
| Restricted funds | |||
| Donation towards fundraising event | 4,810 | (4,810) | - |
| TOTAL FUNDS | 42,684 | (40,097) | 2,587 |
12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
13. MOVEMENT IN FUNDS
Restricted Donations
During the year £4,810 was received from SJL (Worcester) Ltd to cover the food costs for the ball held in 2019. This donation was spent in full during the year.
14. RELATED PARTY DISCLOSURES
During the year the charity received donations from SJL (Worcester) Limited totalling £12,855, including £4,810 being restricted for ball costs. SJL (Worcester) limited is wholly owned by founding trustee S J Lancaster and as at 13 December 2020, the company owed the charity £829 for donations taken on the charity's behalf.
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The SJL Foundation
Detailed Statement of Financial Activities for the Period 13th September 2019 to 13th December 2020
£
| INCOME AND ENDOWMENTS Donations and legacies Donations Other trading activities Fundraising events Total incoming resources EXPENDITURE Raising donations and legacies Subscriptions Travel costs Printing, postage & stationary Sundry fundraising costs Annual ball costs Charitable activities Start-up business event Grants to institutions Grants to individuals Support costs Management Advertising Finance Bank charges Depreciation of tangible fixed assets Governance costs Accounts & examination fees Total resources expended Net income |
24,207 18,477 42,684 50 64 47 792 7,669 8,622 2,400 10,000 16,000 28,400 1,051 364 160 524 1,500 40,097 2,587 |
|---|---|
This page does not form part of the statutory financial statements
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