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2022-08-31-accounts

Company Registration Number - 11524316

The Charity Registration Number is :- 1185912

SPARK PROJECTS

Report and Accounts 31 August 2022

SPARK PROJECTS

Report and accounts for the year ended 31 August 2022

Contents

Board’s Notice on Cessation of Operations .......................................................................................................... 5 Reference and administrative details ................................................................................................................... 5 The charity name. .............................................................................................................................................. 5 The charity's areas operation and UK charitable registration. ........................................................................... 5 Legal structure of the charity ............................................................................................................................. 5 The Trustees in office on the date the report was approved were:- ................................................................. 5 The following persons served as Trustees during the year ended 31 August 2022 :- ........................................ 5 The principal operating address, telephone number, email and web addresses of the charity are:- ................ 6 Objects and activities of the charity ....................................................................................................................... 7 The purposes of the charity as set out in its governing document. .................................................................... 7 The main activities undertaken in relation to those purposes during the year. ................................................. 7 The main activities undertaken during the year to further the charity's purpose for the public benefit. ......... 8 The short term and longer term aims and objectives. ...................................................................................... 9 The main achievements and performance of the charity during the year. ......................................................... 9 The difference the charity's performance during the year has made to the beneficiaries of the charity. ....... 11 The degree to which the achievements and performance during the year have benefited wider society. ..... 12 Structure, governance and management of the charity ....................................................................................... 13 The methods used to recruit and appoint new charity trustees. ...................................................................... 13 The charity's organisational structure. ............................................................................................................ 13 Setting pay and remuneration of key management personnel ........................................................................ 13 The trustees' bankers and advisors ................................................................................................................. 14 Financial review ................................................................................................................................................... 15 The charity's financial position at the end of the year ended 31 August 2022 ................................................. 15 Financial review of the position at the reporting date, 31 August 2022 . ......................................................... 15 Policies on reserves. ......................................................................................................................................... 15 The major risks to which the Charity is exposed and reviews and systems to mitigate them. ........................ 16 Strategic report ................................................................................................................................................... 17 Details of The Independent Examiner .................................................................................................................. 19 Statement of the Directors Trustees' Responsibilities ......................................................................................... 20 Method of preparation of accounts - Small company provisions ..................................................................... 20 Statement of Financial Activities (including the Income and Expenditure Account) ...................................... 23 Resources applied in the year ended 31 August 2022 towards fixed assets for Charity use:- ......................... 24 Movements in revenue and capital funds for the year ended 31 August 2022 ............................................. 25 Income and Expenditure Account .................................................................................................................... 26 Balance Sheet as at 31 August 2022 ............................................................................................................... 27

NOTES TO THE ACCOUNTS .................................................................................................................................. 28 NOTES TO THE ACCOUNTS .................................................................................................................................. 28
1. Accounting policies ...................................................................................................................................... 28
Policies relating to the production of the accounts. ......................................................................................... 28
Basis of preparation and accounting convention ......................................................................................... 28
Going Concern ............................................................................................................................................. 28
Risks and future assumptions...................................................................................................................... 28
Policies relating to categories of income and income recognition. .................................................................. 28
Nature of income ......................................................................................................................................... 28
Categories of Income ................................................................................................................................... 28
Income recognition...................................................................................................................................... 29
Accounting for deferred income and income received in advance .............................................................. 29
Income from legacies ................................................................................................................................... 29
Donated goods, facilities and services ......................................................................................................... 30
Membership subscriptions .......................................................................................................................... 31
Policies relating to expenditure on goods and services provided to the charity. ............................................. 31
Recognition of liabilities and expenditure ................................................................................................... 31
Allocating costs to activities ......................................................................................................................... 31
Volunteers ................................................................................................................................................... 32
Policies relating to assets, liabilities and provisions and other matters. .......................................................... 32
Fixed Asset Investments............................................................................................................................... 32
Social Investments ....................................................................................................................................... 32
Intangible assets .......................................................................................................................................... 32
Tangible fixed assets ................................................................................................................................... 32
Accounting for capital grants and fixed asset funds. ................................................................................... 33
Stocks and work in progress ........................................................................................................................ 33
Debtors ........................................................................................................................................................ 33
Financial instruments including cash and bank balances ............................................................................. 33
Pensions - defined contribution schemes .................................................................................................... 34
Fund Accounting .......................................................................................................................................... 34
2. Liability to taxation....................................................................................................................................... 35
3 .Winding up or dissolution of the charity ...................................................................................................... 35
4. Significance of financial instruments to the charity's position ................................................................... 35
5.
The contribution of volunteers ................................................................................................................ 35
6.
Staff costs and emoluments ..................................................................................................................... 35
7.
Remuneration and payments to Trustees and persons connected with them ......................................... 37
8.
Creditors: amounts falling due within one year 2022 .................................................................... 37
9. Income and Expenditure account summary 2022 ............................................................................. 37
10. No related party transactions .................................................................................................................... 37
11. Particulars of how particular funds are represented by assets and liabilities ............................................ 37
12. Change in total funds over the year as shown in Note 11, analysed by individual funds ........................... 38
  1. Analysis of movements in funds over the year as shown in Note 12 ....................................................... 38 14. The purposes for which the funds as ........................................................................................................ 38 15. Ultimate controlling party ......................................................................................................................... 38 16. Donations, Grants and Legacies ................................................................................................................ 39 17. Expenditure on charitable activities - Direct spending ............................................................................. 39 18. Support costs for charitable activities ...................................................................................................... 40 19. Other Expenditure - Governance costs ..................................................................................................... 41 20. Total Charitable expenditure .................................................................................................................... 41 21. Expenditure on raising funds and costs of investment management ..................................................... 41 22. Analysis of income by activity .................................................................................................................... 42 23. Analysis of charitable expenditure by activity ............................................................................................ 42 24. Analysis of non charitable expenditure by activity .................................................................................... 43

SPARK PROJECTS

Company Registration Number – 1152431

Trustees' Annual Report for the year ended 31 August 2022

The Trustees present their Report and Accounts for the year ended 31 August 2022, which also comprises the Directors' Report required by the Companies Act 2006.

Board’s Notice on Cessation of Operations

In May 2022, following an extensive strategic review (outlined under the relevant section below), the Board concluded that the Charity, in its current form, was unlikely to resolve the structural immediate challenges. As a result, the Board agreed to cease operations before August 31, 2022. All liabilities are to be paid off by that date, and excess funds to be donated to causes consistent with the Charity’s objectives (see separate section).

Reference and administrative details

The charity name.

The legal name of the charity is:- SPARK PROJECTS.

The charity is also known by its operating name, Spark Projects.

The charity's areas operation and UK charitable registration.

The charity is registered in England & Wales with the Charity Commission in England & Wales (CCEW) with charity number 1185912.

The charity does not operate in any overseas jurisdictions.

Legal structure of the charity

The charity is constituted as a company limited by guarantee, registered under the Companies Acts. The governing document of the charity is the Memorandum and Articles of Association establishing the company under company legislation.

There are no restrictions in the governing documents on the operation of the Charity or on its investment powers other than those imposed by Charity Law.

By operation of law all, trustees are directors under the Companies Act 2006 and all directors are trustees under Charities legislation and have responsibilities, as such, under both company and charity legislation.

The trustees are all individuals.

The Trustees in office on the date the report was approved were:-

Georgios Konaris, Vivian Chang, Ioanna Lykidis and Eleni Potamianou

The following persons served as Trustees during the year ended 31 August 2022 :-

The trustees who served as a trustee in the reporting period were as shown above, and there were no changes during the year, or in the period between the year end and the approval of the accounts.

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SPARK PROJECTS Company Registration Number – 1152431

Trustees' Annual Report for the year ended 31 August 2022

Name of Trustee First Appointed Re-appointed
Georgios Konaris 17-Aug-18 17-Aug-19
Vivian Chang 17-Aug-18 17-Aug-21
Ioanna Lykidis 17-Aug-18 17-Aug-22
Eleni Potamianou 17-Aug-18 17-Aug-22

At the Annual General Meeting Georgios Konaris, Vivian Chang, Ioanna Lykidis and Eleni Potamianou retire as trustees, but are eligible for reappointment.

All the trustees are also members of the charity.

The principal operating address, telephone number, email and web addresses of the charity are:- 27 Old Gloucester Street London WC1N 3AX

email: info@sparkprojects.org web address: www.sparkprojects.org

The registered office of the charity for Companies Act purposes is the same as the operating address shown above.

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SPARK PROJECTS Company Registration Number – 1152431

Trustees' Annual Report for the year ended 31 August 2022

Objects and activities of the charity

The purposes of the charity as set out in its governing document.

Spark Projects’ objects are restricted specifically, only for the public benefit to promote digital literacy in underprivileged children, in Greece, who have limited exposure to and familiarity with technology.

The main activities undertaken in relation to those purposes during the year.

The below discussion describes the types of activities the Charity runs and relates them to the Charity’s purposes. The specific activities the Charity ran during the reporting period are discussed below, under The main achievements and performance of the charity during the year.

Our primary operation is the provision of educational activities to help under-privileged children develop digital skills. To that end, we enter into partnerships with nonprofit organisations who work with such groups of children, for example orphanages and after- school community centres (the Hosts). At each Host's premises, we offer classes in digital skills by qualified teachers, whom we employ for this purpose. The Host provides the children and physical space, and we bring the rest.

We select a set of educational goals, appropriate for each group of children, broadly following the European Commission's digital competence framework ("DigComp"). We then put together a curriculum of hands-on, educational activities to achieve these goals. In order to maintain the children’s focus, especially given that we run exclusively after-school classes, class instruction is entirely in the form of interactive activities and handson projects.

We customize each activity, when needed, according to the educational requirements, and also the interests, of each group of children. We do so both to facilitate engagement, but also to take the opportunity and demonstrate showcase the relevance of digital skills to the children’s particular interests.

We provide the necessary equipment, including laptops, projectors, printers and robotics kits; we also provide the teachers, and educational material and software licenses. We do so entirely at our own cost, and only ask children and Hosts for their time and engagement.

Class size and composition

We aim to keep class sizes relatively small, around 10 children, although we try to accommodate specific requirements related to each Host and group of children. The composition of each class is determined in coordination with the Host, who are generally close to the children and have a better understanding of their individual needs and existing group dynamics.

Children Target Age

We currently focus on children between the ages of 9 and 14 years. We have found classes with younger children to be less effective, while older children’s schedules are hard to reconcile. However, we try and do accommodate exceptions to this rule.

Choosing a Host

We carefully vet the Hosts we partner with, and we have a policy in place that describes this process. Away official documents like articles of incorporation and financials, some of the things we look at are the company’s objectives, their philosophy on child education and child welfare, their approach and past experience with similar partnerships, and their reputation. Above all, we focus on the quality of the people, both management and staff. All are nonprofit organisations.

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SPARK PROJECTS

Company Registration Number – 1152431

Trustees' Annual Report for the year ended 31 August 2022

We also assess what impact we can have – we prioritize organisations that have no current activities building digital skills, and that can only offer children little digital support and little or no access to computers. Other considerations include the number of children in a Host, the suitability of the space, and accessibility of the location - that is, how taxing the commute is to teachers, and how well we would be able to monitor the programme.

Finally, in addition to partnering with private, nonprofit institutions, we have explored, and continue to explore, working with the municipal sector, for example by plugging in to municipal welfare programs, as a way to expand our reach.

Safeguarding Children

Classes are run by qualified, experienced, carefully vetted teachers, who work for Spark Projects. We keep the number of teachers small to ensure quality and oversight. Management makes occasional visits to observe the activities and solicit feedback.

Before the start of classes, we run sessions with relevant Host staff who have worked with the children (social workers, teachers and managers) to discuss the programme and identify any particular problems and needs, whether with individual children or entire groups, and we maintain a strong communication with the Host staff throughout the school year.

We have internal policies in place to guide the teachers and protect the children, including a Child Protection Policy and E-Safety Policy, in addition to general rules and procedures and codes of conduct for staff and Trustees. We look for any indication of child harm, including instances ofphysical or cyber bullying and any inappropriate online activity perpetrated by or against one of the participating children. Any serious matter will be reported from the teacher to the Safeguarding Officer.

Finally, we have a clear, easy-to-use complaint procedure, with reports handled by the Compliance Officer.

The main activities undertaken during the year to further the charity's purpose for the public benefit.

As above, the below discussion describes the types of activities the Charity runs, and relates them to their public benefit. The specific activities the Charity ran during the reporting period are discussed below, under The main achievements and performance of the charity during the year.

Our beneficiaries are underprivileged children, who have not had the instruction and exposure to the use of technology that their peers take for granted. These are typically children who will be entering the labour force around 2025 to 2030. We believe that familiarity with, and competence in, the use of technology will be a requirement for these children to participate in life as equals, both professionally and socially, now and also as adults. This is consistent with major public policy efforts - e.g. the United Kingdom Digital Strategy (2017) states that “We will ensure adults in England who lack core digital skills will not have to pay to access the basic digital skills training they need, mirroring the approach taken for adult literacy and numeracy”. Similarly, the European Commission’s 2020 Strategy, states that “People need digital competence to be able to participate and benefit from digital opportunities - but also to mitigate possible risks […] This is clearly a challenge that must be addressed today.”

An ancillary benefit is that, should some children pursue ICT further, they may later find professional options that help them better integrate, overcoming other sources of social exclusion, such as ones associated to racial or ethnic origin, or very severe financial strain. Although by no means easy, it may be possible as technical jobs are relatively agnostic to such factors.

The Trustees have had regard to the Charity Commission's guidance on public benefit in managing the activities of the charity.

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SPARK PROJECTS Company Registration Number – 1152431

Trustees' Annual Report for the year ended 31 August 2022

The short term and longer term aims and objectives.

As discussed above, the Charity has decided to cease its operations at the end of this reporting period, which coincides with the end of the academic year 2021-22. As a result there is no objective other than a smooth winding down of operations (discussed below) and a disposition of the limited assets in the Charity’s disposal (discussed above).

The main achievements and performance of the charity during the year.

In 2021-22, Spark partnered with three Hosts to run digital literacy classes, catering to approximately 70 children, across 12 classes.

We continued our work with SOS Villages’ KEMPY Activity Centre, Christodoulio Foundation and Agia Anna Foundation. Additionally, we continue exploring opportunities for new partnerships which, for the school year 2021-2, led to adding two new host organisations in ActionAid and METAdrasi.

We are also proud to report that we participated in the pan-european, multicultural, participatory art project The Walk, promoting human rights, including specifically the rights of refugees. Through a dedicated project, we invited a mixed group of refugee and local children to work together and create a collaborative music video, singing in their native tongues, and making friends in the process. The work of everyone involved was exceptional. More on this below, under A song with a Spark!

PARTNERSHIPS - RENEWED

Two partnerships were continuations of the 2020-21 programme, at SOS Villages’s KEMPY centre in Kipseli (SOS Activity Centre) and at the Christodoulio Foundation; while one partnership was the continuation of our 2018-2020 partnership with the Agia Anna Foundation.

SOS Villages’ KEMPY Activity Centre

The KEMPY Activity Centre opened its doors relatively recently, in March 2019 and has grown into a hub for the local community. The Centre runs a back-to-back schedule of after school activities and classes, from 2pm to 8pm, on weekdays. There is structure, children generally adhere to a schedule, and the Centre has quickly turned into a hub for the local community. Activities include school support classes, music and arts and crafts.

For 2021-22, we worked with 5 classes catering to 32 children. This was our third year at KEMPY, programme has been generally quite successful, despite the substantial obstacles during the Covid years of 2020 and 2021, in large part through the considerable support of the organization.

Christodoulio Foundation

Christodoulio is a small nonprofit foster center in Chaidari, Athens, offering a home to around 30 young girls who are no longer with their families. Spark first partnered with Christodoulio in February of 2018, and we have been running classes for approximately 12 kids ever since. a class for 10 primary-school children since, plus a small group of 12-14 year old children, who have since graduated from the Spark programme.

After trying a pilot of monthly visits (“light-touch instruction”) for 2020-21, we decided to go back in 2021-22 with full weekly classes, which had proved substantially more effective, and very well received by the kids and the organization.

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SPARK PROJECTS

Company Registration Number – 1152431

Trustees' Annual Report for the year ended 31 August 2022

Agia Anna Foundation

The Agia Anna Foundation (www.idryma-agianna.gr) is another small, regional all-girl foster centre, with limited access to funding. They house approximately 22 children in total, albeit with a very wide age range, which we have generally tried to accommodate by splitting approximately 11 participants in two classes. After a break during Covid, in 2021-22 we were back at Agia Anna, and the programme remained well received.

PARTNERSHIPS – NEW

Action Aid

The Action Aid Hellas Community Centre in Athens offers support to vulnerable groups facing financial difficulties and economic exclusion. They work to empower both children and adults through access to social and financial services, career counselling and educational activities. The Centre has recently increased its focus on the surrounding local community, becoming a hub for the residents of the Kolonos neighborhood, where it is located.

We partnered with Action Aid in October of 2021, offering classes to 12 children aged 9-12, split in two groups. The partnership was very productive. In our work with ActionAid we appreciated their strong focus on the quality and goals of activities. The programme was successful and very promising for future work. We do note however that, as with other organizations, the small size of the groups was a major drawback.

METAdrasi

METAdrasi is a non-profit organization founded in 2009, focused on the reception and integration of refugees and migrants of all ages in Greece. Among many programs, they run an educational centre where they provide tutoring in languages (Greek, English, German), mathematics and homework support to over 200 children, aged 6 - 18. We began a partnership with Metadrasi in the autumn of 2021, at their educational centre in Tavros, Athens, offering classes to 13 refugee children aged 9-14.

A SONG WITH A SPARK!

In the Summer and Autumn of 2021, Walk Productions organized The Walk, an international, participatory public art project following the journey of a 12-foot puppet of a 10 year old Syrian refugee child ( Amal ), initially across Europe from Turkey to the UK. Throughout its journey, Amal and its team visited a number of cities, inviting activities by local organizations, in support of human rights in general, but also specifically refugees.

We are proud to report that Spark, too, participated. For five weekends in the Autumn of 2021, in the music studios of Musikarama, inspired by Little Amal's journey through Europe, Spark invited a mixed group of refugee and local children, from a number of organizations, to come together to play music and to sing, in Arabic, English, Farsi and Greek, to record a music video and to learn a little about digital editing of sound and video in the process.

The group included children from Afghanistan, Bangladesh, Egypt, Iran, Somalia, Syria and Greece, joining us from a range of organizations including ActionAid, Ευρωπαϊκή Έκφραση, Metadrasi, Polyphonica, SOS Children’s Villages and The Home Project.

The music sessions were directed by our collaborating musicians, Giannis Zarias and Minas Liakos, while Spark's teachers Fotini Markopoulou and Yannis Yataganis ran the digital editing sessions, and Christos Devaris was in charge of videography, from capturing to editing the final cut.

The project was very successful, and concluded with a meeting in a municipal space where children and their families and friends came to watch the final product, and a number of them then jumped on stage to share with us some of their own music.

A blog of this journey, and the final music video, can be found on Spark’s website (tab: A song with a Spark! )

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SPARK PROJECTS Company Registration Number – 1152431

Trustees' Annual Report for the year ended 31 August 2022

PARTNERSHIPS – NOT RENEWED

We regret to report that we decided against renewing our pilot refugee programme from 2020-21 with Evropaiki Ekfrasi. Even though there was a clear need for digital literacy, and a number of children recognized it and actively sought it, in the end it was not possible to find a set of productive activities, accommodating the constraints of the population and the space. There was an unavoidable transience, with most of the children expecting to be relocated. This hampered motivation and focus, while the turnover made hard to structure a curriculum.

We found that the conditions required a very different programme, likely through a collection of short modules with very narrow scope, allowing for optional enrollment, coupled with “clinic” sessions offering individualized help with basic skills. But such a program would be prohibitively costly, especially given the small size of the host organization and small and fluctuating number of likely participants.

We opted not to renew our “light-touch assistance” pilot with the Christodoulio Foundation, and instead to offer again full but smaller classes, since we had the capacity to accommodate this at little extra cost and children responded very well to it.

COVID UPDATE

By the summer of 2021, the rules around Covid had been materially relaxed, and there was the expectation that the 2021-2 school year would be unlikely to see a continuation of lockdowns and remote schooling. At any rate, through our extensive preparations for virtual activities in the summer of 2020, and our further work during the 2020-1 school year, we were well set up to respond to further remote classes, should they be required.

As it turned out, they were not, and our activities in 2021-2 were not materially affected by Covid, other than through occasional absences of participants who were infected.

The difference the charity's performance during the year has made to the beneficiaries of the charity.

Our view on this remains unchanged to that expressed in our previous reports, except that in 2021-2 we were little affected by Covid.

Most of our beneficiaries do not have access to digital tools and media other than through a smartphone, if that. They do attend computer classes at school, but at 45 minutes per week it is not sufficient to build any skills or develop a familiarity with digital tools. In addition, help and oversight at home (whether with their parents, or staff at foster centres) is typically absent when it comes to digital devices. All this creates a large gap between them and a typical child their age, who would be likely to have access some to a computer or tablet at home, adequate connectivity, time to explore and practice, some adult assistance and oversight, and some education in safe and appropriate online behaviour.

Through our activities, participating children have been given, above else, more exposure, more time with digital activities. They have developed a number of basic skills, but have also grown more familiar with digital tools, and how their uses keep expanding. They also have a better understanding of risks and online behaviour, and have had someone to discuss these matters with. Finally, their self-reliance and selfconfidence with digital tools have both grown.

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SPARK PROJECTS Company Registration Number – 1152431

Trustees' Annual Report for the year ended 31 August 2022

The degree to which the achievements and performance during the year have benefited wider society.

In most ways, the way the Charity has benefited wider society echoes our activities in previous years. Our core goals are as relevant as ever: Children participating in our activities typically come from groups or communities with very little digital penetration, among children but also adults. This can over time exacerbate a social and economic marginalization, that is often already present. The digital gap between these children and their peers widens, if anything, as they approach adulthood, which restricts their options in higher education or professional life, but also causes a social and civic exclusion, or at least marginalisation.

By helping reduce the digital gap, we believe we are bringing these children closer to participating as equals socially and professionally. To a smaller extent, improved digital literacy of children can spill over to their parents or guardians. But in both cases, at a higher level, we believe that improved digital literacy will help these groups and communities, over time, be and feel less marginalised. It must be, however, stressed that this is a long process.

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SPARK PROJECTS Company Registration Number – 1152431

Trustees' Annual Report for the year ended 31 August 2022

Structure, governance and management of the charity

The methods used to recruit and appoint new charity trustees.

The initial Trustees are still serving their first terms or have been re-appointed. There has been no need to replace a retiring Trustee, and the Board has found that there is no reason, at this time, to appoint additional Trustees; that a policy for adding Trustees is not needed for the time being; and that the Board will consider the matter again as needs of the organisation change or closer to the retirement of existing Trustees.

In terms of the process, new Trustees are appointed by a Resolution of the Board of Trustees. The usual term of office for a Trustee shall be three (3) years, at the end of which they shall retire. A Trustee shall be eligible for reappointment by the Trustees for up to a further two terms, each of three (3) years, except that no Trustee shall serve for more than nine (9) consecutive years, unless the Trustees consider it would be in the best interests of the Charity for a particular Trustee to continue to serve beyond that period and that Trustee is reappointed in accordance with the Articles.

The charity's organisational structure.

The Board deals primarily with strategic decisions about the Charity, oversight of operations and fulfilling all regulatory obligations.

For the management of the Charity's operations and activities, the Board has created four Officer roles, with appointees as follows

Other roles, all reporting to the Managing Director:

Setting pay and remuneration of key management personnel

Neither the Board nor Officers take remuneration. The only remunerated persons are the

Project Manager and the teachers, all of whom have employment contracts with Spark Projects.

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SPARK PROJECTS

Company Registration Number – 1152431

Trustees' Annual Report for the year ended 31 August 2022

The trustees' bankers and advisors

Bankers

Barclays Bank UK Plc

27 Soho Square, London W1D 3QR

Accountants

United Kingdom

Mr Abhijit Gupta B.Sc. (Hons.) MBA FCCA

A GUPTA & CO.

Chartered Certified Accountants

2 Highview Gardens, Edgware Middlesex HA8 9UE United Kingdom

Greece

Mr L. Katsikis

K. & T. Veltiston Accounting Center O.E.

18, Char. Trikoupi Street, Athens 10679, Greece

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SPARK PROJECTS Company Registration Number – 1152431

Trustees' Annual Report for the year ended 31 August 2022

Financial review

The charity's financial position at the end of the year ended 31 August 2022

The financial position of the charity at 31 August 2022 and comparatives for the prior period, as more fully detailed in the accounts, can be summarised as follows:-

Net income
Unrestricted Revenue Funds available for the
general purposes of the charity
Total Funds		 2022
£
(23,808)
(1)
(1)		 2021
£
23,806
23,807

23,807

Financial review of the position at the reporting date, 31 August 2022 .

At the end of the reporting period, the Charity had a cash balance of £0. The Charity has no liabilities. At the end of the period, the Charity ceased its operations and planned to wind down. No fees or expenses were expected. The Trustees consider the financial performance by the charity during the year to have been satisfactory.

Policies on reserves.

The Board did not establish a policy for reserves. Because of the general predictability of the charity’s expenses and the commitment of the Trustees to fund and provide liquidity to the Charity, the Board did not find that a specific reserve policy was necessary, but did continually monitor the Charity’s liquidity.

Going Concern

Ceased operations on August 31 2022.

Availability and adequacy of assets of each of the funds

As noted above, the charity has ceased its operations and expects to delist.

The Charity no longer has any liabilities or obligations of any sort. The Board is satisfied that the charity's lack of assets at this point is appropriate given the above.

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SPARK PROJECTS

Company Registration Number – 1152431

Trustees' Annual Report for the year ended 31 August 2022

The major risks to which the Charity is exposed and reviews and systems to mitigate them.

Given the Charity’s cessation of operations and intention to wind down, there are no risks relating to future operations of the Charity.

Having said that, the Charity is exposed to certain risks by virtue of its past operations. The Charity’s general policies and practices aimed at reducing those risks. In particular, there is a strong set of policies and procedures relating to children welfare and protecting against any type of harm, which are summarized below. We are pleased to report that, since the launch of Spark Projects, no incidents have been reported or come to our attention. No specific risk has been identified, and no mitigation planning has been deemed necessary

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SPARK PROJECTS Company Registration Number – 1152431

Trustees' Annual Report for the year ended 31 August 2022

Strategic report

Since the launch of the Charity in August 2018, Spark Projects has managed to help many children with their digital skills and their understanding of and confidence around digital media and digital tools. We have expended substantial efforts in our search for an operating model that works well, in the sense of having lasting impact to our beneficiaries, and being scalable and acceptably efficient.

To that end, we have pivoted a number of times looking for the right partnerships, class composition, educational goals and mix of activities. We also looked at a number of ways of improving our effectiveness, from providing volunteer assistant teachers, offering tutoring to the staff of our partner organisations, and trying to bring the parents into the picture through a number of initiatives.

OUR WORK SO FAR

Since we started in 2018, we have offered classes to about 350 children, across 11 organisations.

At the same time, there are a number of unresolved challenges, which by May 2022 had come to a head:

As such, we should review whether, ultimately, it is advisable to continue this project, and if so in what form.

THE CHALLENGES

Challenges with operations

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SPARK PROJECTS Company Registration Number – 1152431

Trustees' Annual Report for the year ended 31 August 2022

Other critical challenges

STRATEGIC REVIEW

To address these issues, Spark underwent a thorough analysis of its operations and the space Spark operates in, including the beneficiaries, parents and caregivers, and organisations offering after-school care of various types. Four strategies were identified as the most and were considered by the Board:

No change: No material change in strategy. We would keep looking for partnerships that would helps us be effective and scale, and we would also keep improving the set of activities we offer to our beneficiaries.

Adopt project-based curriculum: Instead of the current strategy of enrolling children for the entire school year, and using the same activities for all children in any given class, under this scenario we would offer a cycle of heavily project-based, 2-month modules. Children would only sign up for the projects they are interested in. The projects themselves need not have a core digital component, and indeed the focus would be on projects that both capture the children’s curiosity and produce a tangible “product” that children can take home, enjoy, or otherwise feel ownership over. Participants would develop digital skills only indirectly, through the use of tools assisting the project.

The key benefit of this approach is that it would help show digital skills as tools relevant to concrete tasks, activities and projects they would find important or exciting. This in turn would address one of the central challenges we have encountered.

In terms of potential difficulties with this approach, these would include reconciling children’s own schedules - given that they would not be signing up for the entire school year – and ensuring that enrolment and attendance don’t suffer; ensuring that enough digital skills can indeed be acquired in this indirect manner; and dealing with children with different skills, depending on which projects they may have participated in. We note that such issues are typical of elective courses at university, but contrary to a university, we would be rather limited in mechanisms to address them.

We conducted a limited market research and did not find many organisations following this approach, and certainly not in Greece.

Use own space: A final step would be to set up our own space, instead of going to our partners’ facilities. The

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SPARK PROJECTS

Company Registration Number – 1152431

Trustees' Annual Report for the year ended 31 August 2022

main benefits would be that we would have substantially more control over our schedule, eliminating conflicts across the schedules of our partner organisations; we would eliminate the need for our teachers to commute to our partners’ facilities; and it would allow for extensive collaboration across our teachers, which is not currently possible.

The main challenge, beyond additional and very material overhead, would be that we would bear the burden of enrolling children. The difficulties are twofold. First, to build recognition and reputation in the local communities; second, to reconcile our class schedule with children’s individual after-school schedules. To date, we dealt with the former by simply working with children within our partner organisations, who had done the ultimate enrolling themselves; and, by using specific time slots within those organisations daily schedules, we ensured there would be no direct conflict for the children. We have not tried to quantify at this stage the severity of these difficulties and to what extent they could be effectively addressed.

Focus on adults: A radical change in strategy, whereby we would shift our focus to our partner organisations and the beneficiaries’ parents, instead of our current approach whereby the main focus are the children. The thesis is that it is near-impossible to have lasting impact on the children’s digital skills without a change in their immediate environment and some support from adults in their lives, be it at school, at home or at the afterschool centers they attend. We would look to prove, for lack of a better word, to our partner organizations or to the parents, the importance of digital literacy, and help them with the steps required to achieve it. Our ultimate goal would be for them to integrate digital literacy into their primary educational goals and schedule regular, effective activities.

This strategy would require a major overhaul to our operations and staffing. We would benefit from our material understanding of the space and challenges, and our existing relationships, but both our potential goals and strategies for attaining them would need to be markedly different from ones employed to date.

DECISION AND DISTRIBUTION OF RESIDUAL FUNDS

Following a detailed review, the Board concluded that none of these strategies were advisable and that the Charity has reached a point where it is better to wrap up its operations and wind down. The Board decided that any remaining funds be gifted to a suitable nonprofit organization. To that end, in August 2023 and after fulfilling all its outstanding financial obligations, the Board transferred the residual balance of approx.. £3,150 to Christodoulio foster centre, with which Spark has partnered over four years, to be used to support digital activities.

Details of The Independent Examiner

Abhijit Gupta FCCA

Member of A GUPTA & CO. Chartered Certified Accountants

2 Highview Gardens Edgware Middlesex HA8 9UE

19

SPARK PROJECTS Company Registration Number – 1152431

Trustees' Annual Report for the year ended 31 August 2022

Statement of the Directors Trustees' Responsibilities

The charity's trustees are responsible for the preparation of the accounts in accordance with the terms of the Companies Act 2006, the Charities Act 2011 and the Charities (Accounts and Reports) Regulations 2008. Notwithstanding the explicit requirement in the extant statutory regulations,the Charities (Accounts and Reports) Regulations 2008, to prepare the financial statements in accordance with the SORP 2005, in view of the fact that the SORP 2005 has been withdrawn, the Trustees determined to interpret this responsibility as requiring them to follow current best practice and prepare the accounts according to the FRS 102 SORP (Statement of Recommended Practice for Accounting and Reporting by Charities) 2015, (as amended by the Bulletin issued in October 2018 and applicable to all accounting periods beginning on or after 1st January 2019), (The SORP).

In particular, the Companies Act 2006 and charity law require the Board of Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity as at the end of the financial year and of the surplus or deficit of the charity. In preparing those financial statements the Board is required to :-

The law requires that the trustees must not approve the accounts unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of the surplus or deficit of the charity for the year.

The Trustees are also responsible for maintaining adequate accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which are sufficient to show and explain the charity's transactions and enable them to ensure that the financial statements comply with the Companies Act 2006 and comply with regulations made under the Charities Act. 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 irregularities.

The Trustees are also responsible for the contents of the Trustees' report, and the statutory responsibility of the Independent Examiner in relation to the Trustees' report is limited to examining the report and ensuring that, on the face of the report, there are no material inconsistencies with the figures disclosed in the financial statements.

Method of preparation of accounts - Small company provisions

The financial statements are set out on pages 28 to 43.

The financial statements have been prepared implementing the FRS 102 SORP (Statement of Recommended Practice for Accounting and Reporting by Charities) 2015, (as amended by the Bulletin issued in October 2018 and applicable to all accounting periods beginning on or after 1st January 2019), (The SORP), and in accordance with the Financial Reporting

These financial statements have been prepared in accordance with the provisions in Part 15 of the

20

SPARK PROJECTS Company Registration Number – 1152431

Trustees' Annual Report for the year ended 31 August 2022

Companies Act 2006. applicable to companies subject to the small companies regime.

This report was approved by the board of trustees on 10 August 2023.

Georgios Konaris

Director and Trustee

21

SPARK PROJECTS Company Registration Number – 1152431

Report of the Independent Accountant to the Trustees of the charitable company on the accounts for the year ended 31 August 2022

We report on the financial statements of SPARK PROJECTS for the year ended 31 August 2022, as set out on pages 12 to 20, which comprise the Statement of Financial Activities, the Income and Expenditure Account, the Balance Sheet and the related notes to the financial statements, including a summary of significant accounting policies. In our opinion, the accompanying financial statements of the charitable company are prepared, in all material respects, in accordance with the Companies Act 2006 and with charity law applicable within the jurisdiction of England & Wales and the accounts have been prepared in accordance with FRS 102 SORP (Statement of Recommended Practice for Accounting and Reporting by Charities) 2015, (as amended by the Bulletin issued in October 2018 and applicable to all accounting periods beginning on or after 1st January 2019), (The SORP), published by the Charity Commission in England & Wales (CCEW) , effective January 2016, under the historical cost convention, and in accordance with the accounting policies set out on page 19, which framework constitutes the applicable United Kingdom Generally Accepted Accounting Practice.

Respective responsibilities of the directors and the accountant

As described on page 9, you, the charitable company's Trustees, who are also the Directors of the Company for the purposes of Company law, are responsible for the preparation of the accounts.

The Trustees consider that the audit requirement of Section 144(1) of the Charities Act 2011 (the Act) does not apply, and that there is no requirement in the memorandum and articles of the charity for the conducting of an audit, and that the accounts do not require an audit in accordance with Part 16 of the Companies Act 2006 and that no member or members have requested an audit pursuant to Section 476 of the Companies Act 2006. The Trustees also consider the charitable company to be exempt from the requirement to be subject to Independent Examination.

Our responsibility is to prepare accounts upon the basis of the information supplied to us, without conducting any formal scrutiny.

No statement of opinion

We have not carried out any audit procedures and have relied upon information supplied to us by the Trustees, and the information supplied by the Trustees in the course of the examination is not subjected to audit tests or enquiries, and consequently we do not express an audit or other assurance opinion on the view given by the accounts.

Signed:-

Abhijit Gupta FCCA - Independent Accountant

A GUPTA & CO. Chartered Certified Accountants

2 Highview Gardens

Edgware Middlesex HA8 9UE

This report was signed on 27 August 2023

22

SPARK PROJECTS Company Registration Number – 1152431

Statement of Financial Activities (including the Income and Expenditure Account) for the year ended 31 August 2022, as required by the Companies Act 2006)

SORP Ref Current year

` Funds
2022
£
Income & Endowments from:
Donations & Legacies
A1
42,777
Expenditure on:
Raising funds
Charitable activities
B1
B2
-
65,810
Total expenditure
B
65,810
Net income for the year
(23,033)
Net income after transfers
A-B-C
(23,808)
Net movement in funds
(23,808)
Reconciliation of funds:-
E
Total funds carried forward
(1)		 Current year
Current year

Restricted
Funds
Total Funds
2022
2022
£
£
-
42,777
-
-
-
65,810
-
65,810
-
(23,033)
-
(23,808)
-
(23,808)
-
(1)		 Prior Year
Total Funds
2021
£
60,511
-
36,705
36,705
23,806
23,806
23,806
23,806

The 'SORP Ref' indicated above is the classification of income set out in the formal SORP documents. As required by paragraph 4.60 of the SORP, the brought forward and carried forward funds above have been agreed to the Balance Sheet.

A separate Statement of Total Recognised Gains and Losses is not required as this statement includes all recognised gains and loses.

All the prior year transactions were unrestricted items, and no further analysis is required

All activities derive from continuing operations.

The notes attached on pages 28 to 43 form an integral part of these accounts.

23

SPARK PROJECTS Company Registration Number – 1152431

Resources applied in the year ended 31 August 2022 towards fixed assets for Charity use:-

Funds generated in the year as detailed in the SOFA
Net resources available to fund charitable activities		 2022
£
(23,808)
(23,808)		 2021
£
23,806
23,806

The resources applied on fixed assets for charity use represents the cost of additions less proceeds of any disposals.

The notes attached on pages 28 to 43 form an integral part of these accounts.

24

SPARK PROJECTS Company Registration Number – 1152431

Movements in revenue and capital funds for the year ended 31 August 2022

Revenue accumulated funds Unrestricted
Funds 2022		 Restricted Funds
2022		 Total Funds 2022 Total Funds
2021
£ £ £ £
Recognised gains and losses (23,033) - (23,033) 23,806
before transfers
774 - 774 23,806
Closing revenue funds -1 - -1 23,806
Summary of Funds Unrestricted Restricted Total Funds Total Funds
and Designated Funds 2022 2022 2021
Funds 2022
Revenue accumulated funds - - - 23,806

The notes attached on pages 28 to 43 form an integral part of these accounts.

25

SPARK PROJECTS Company Registration Number – 1152431

Income and Expenditure Account

for the year ended 31 August 2022 as required by the Companies Act 2006

Income
Income from operations
Investment income
Gross income in the year before exceptional items
Gross income in the year including exceptional items
Expenditure
Charitable expenditure, excluding depreciation and amortisation
Fundraising costs
Governance costs
Realised losses on disposals of social investments which are programme
related
Total expenditure in the year
Net income before tax in the financial year
Tax on surplus on ordinary activities
Net income after tax in the financial year
Retained surplus for the financial year		 2022
£
42,777
42,777
42,777
64,160
-
1,650
-
65,810
(23,033)
-
(23,033)
(23,033)		 2021
£
60,511
60,511
60,511
35,055
-
1,650
-
36,705
23,806
-
23,806
23,806

All activities derive from continuing operations

In accordance with the provisions of the Companies Act 2006, the headings and subheadings used in the Income and Expenditure account have been adapted to reflect the special nature of the charity's activities.

The notes attached on pages 28 to 43 form an integral part of these accounts.

26

SPARK PROJECTS

Company Registration Number – 1152431

Balance Sheet as at 31 August 2022

Note SRP Ref 2022 2021
£ £
Current assets B
Cash at hand and in bank B4 - 26,183
Creditors: amounts falling due within 8 C1 - (3,150)
one year
Net Current Assets - 23,033
The total net assets of the charity - 23,033

The total net assets of the charity are funded by the funds of the charity, as follows:-

Note SRP Ref 2022 2021
£ £
Restricted Funds - -
Unrestricted Funds
Unrestricted Revenue Funds 14 D3 - 23,033
Designated Funds - 23,033
Total charity funds - 23,033

The 'SORP Ref' indicated above is the classification of Balance Sheet items as set out in the formal SORP documents. As required by paragraph 4.60 of the SORP, the brought forward and carried forward funds above have been agreed to the SOFA.

The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.

The member has not required the company to obtain an audit in accordance with section 476 of the Act.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.

The financial statements have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006. applicable to companies subject to the small companies regime.

Georgios Konaris

----- Start of picture text -----
Trustee
----- End of picture text -----

Approved by the board of trustees on 10 August 2023

The notes attached on pages 28 to 43 form an integral part of these accounts.

27

SPARK PROJECTS

Notes to the Accounts for the year ended 31 August 2022

NOTES TO THE ACCOUNTS

1. Accounting policies

Policies relating to the production of the accounts.

Basis of preparation and accounting convention

The accounts have been prepared on the accruals basis, under the historical cost convention, and in accordance with Financial Reporting Standard 102, (effective 1st January 2016) and 'FRS 102 SORP (Statement of Recommended Practice for Accounting and Reporting by Charities) 2015, (as amended by the Bulletin issued in October 20 applicable to all accounting periods beginning on or after 1st January 2019), (The SORP), published by the C Commission in England & Wales (CCEW) , effective January 2016, , and in accordance with all applicable la charity's jurisdiction of registration, except that the charity has prepared the financial statements in accordance with FRS 102 SORP (Statement of Recommended Practice for Accounting and Reporting by Charities) 2015, (as the Bulletin issued in October 2018 and applicable to all accounting periods beginning on or after 1st January SORP), in preference to the previous SORP, the SORP 2005, which has been withdrawn, notwithstanding th extant statutory regulations, the Charities (Accounts and Reports) Regulations 2008 refer explicitly to the SO has been done to accord with current best practice.

Going Concern

Ceased operations on August 31 2022.

Risks and future assumptions

The charity is a public benefit entity.

Policies relating to categories of income and income recognition.

Nature of income

Gross income represents the value, net of value added tax and discounts, of goods provided to customers an carried out in respect of services provided to customers.

Categories of Income

Income is categorised as income from exchange transactions (contract income) and income from non-exchan transactions (gifts), investment income and other income.

Income from exchange transactions is received by the charity for goods or services supplied under contrac entitlement is subject to fulfilling performance related conditions. The income the charity receives is approxim value to the goods or services supplied by the charity to the purchaser.

28

SPARK PROJECTS

Notes to the Accounts for the year ended 31 August 2022

Income from a non-exchange transaction is where the charity receives value from the donor without provid value in exchange, and includes donations of money, goods and services freely given without giving equal value in exchange.

Income recognition

Income, whether from exchange or non exchange transactions, is recognised in the statement of financial act on a receivable basis, when a transaction or other event results in an increase in the charity’s assets or a red liabilities and only when the charity has legal entitlement, the income is probable and can be measured reliably.

Dividends are accrued when the shareholder’s right to receive payment is established.

Income subject to terms and conditions which must be met before the charity is entitled to the resources is no until the conditions have been met.

All income is accounted for gross, before deducting any related fees or costs.

Accounting for deferred income and income received in advance

Where terms and conditions relating to income have not been met or uncertainty exists as to whether the cha any terms or conditions otherwise within its control, income is not recognised but is deferred as a liability until that the terms or conditions imposed can be met.

Any grant that is subject to performance-related conditions received in advance of delivering the goods and s required by that condition, or is subject to unmet conditions wholly outside the control of the recipient charity, for as a liability and shown on the balance sheet as deferred income. Deferred income is released to income reporting period in which the performance-related or other conditions that limit recognition are met.

When income from a grant or donation has not been recognised due to the conditions applying to the gift not within the control of the recipient charity, it is disclosed as a contingent asset if receipt of the grant or donatio once those conditions are met.

Where time related conditions are imposed or implied by a funder, then the income is apportioned to the time concerned,and, where applicable, is accounted for as a liability and shown on the balance sheet as deferred i When grants are received in advance of the expenditure on the activity funded by them, but there are no spec related conditions, then the income is not deferred.

Any condition that allows for the recovery by the donor of any unexpended part of a grant does not prevent re the income concerned, but a liability to any repayment is recognised when repayment becomes probable.

Income from legacies

Income from legacies is recognised when the charity has sufficient evidence that a gift has been left to them, required, probate has been granted, the executor is satisfied that the property in question will not be required claims in the estate, that it is probable that the amount will be

29

SPARK PROJECTS

Notes to the Accounts for the year ended 31 August 2022

received by the charity, and the amount to be r be estimated with sufficient accuracy, and that any conditions attached to the legacy are either within the con charity or have been met.

Where a payment is received from an estate or is notified as receivable by the executors after the reporting d before the accounts are authorised for issue but it is clear that the payment had been agreed by the executor end of the reporting period, then the amount concerned is treated as an adjusting event and accrued as inco accounting period if receipt is probable.

Where the charity has established entitlement to a legacy but there is uncertainty as to the amount of the pay of the legacy are disclosed as a contingent asset until the criteria for income recognition are met. Where a leg to the interest of a life tenant, the legacy is not recognised as income until the death of the life tenant.

If it is doubtful that full settlement of a legacy debtor will be received, then an adjustment is made to reduce th the legacy debtor and legacy income rather than charging the adjustment as expenditure in the Statement of Activities

Donated goods, facilities and services

Donated fixed assets are recognised at the current fair value. All such donations are recognised as donation debited to fixed assets.

Donated goods that are not fixed assets are accounted for at a fair value, unless it is impractical to reliably value of the donated items.

In the absence of any direct evidence of fair value of donated goods, then a value is derived from the cost of donor or, in the case of goods that are expected to be sold, the estimated resale value after deducting any an costs of sales.

If it is impracticable to measure the fair value of goods donated for resale, or the costs of valuation outweigh t the donated goods are recognised as income when sold, with an equivalent amount being recognised as an e

The costs of goods donated for distribution to beneficiaries is deemed to be the fair value of those goods upo When the goods are distributed freely or for a nominal consideration, then the carrying amount is adjusted at sale, to the value at the point of distribution and the adjustment is shown as a cost of donations made.

The carrying amount of any stock held for distribution is assessed for impairment at the reporting date. All do are recognised as donation income, and debited to trading stock.When trading stock is subsequently sold, o to meet an expense, then the carrying value of the stock is recognised as an expense. In accordance with the goods donated for distribution to beneficiaries, or for consumption by the charity are included in 'legacies and Goods donated for resale are included in 'Income from other trading activities'

The cost of any stock of goods donated for distribution to beneficiaries is deemed to be the fair value of those time of their receipt. If the goods held are to be distributed freely or for a nominal consideration, then the carr is subsequently adjusted to reflect the lower of deemed cost adjusted for any loss of service potential and rep cost. Replacement cost is the economic cost incurred if the charity was to replace the service potential of the goods at its own expense in the most economic manner.

Donated services and facilities (including seconded staff and use of property) are included in

30

SPARK PROJECTS

Notes to the Accounts for the year ended 31 August 2022

the accounts of the value of the gift to the charity.

All donated services and facilities are recognised as donation income when received,(provided the value of th measured reliably) and recognised as an expense with an equivalent value.

Membership subscriptions

The income and any associated Gift Aid or other tax refund from a membership subscription received by the nature of a gift, is accounted for on the same basis as a donation.

The income from a membership subscription received by the charity where the subscription purchases the rights or benefits is recognised as income from charitable activities.

Policies relating to expenditure on goods and services provided to the charity.

Recognition of liabilities and expenditure

A liability, and the related expenditure, is recognised when a legal or constructive obligation exists as a result event, and when it is more likely than not that a transfer of economic benefits will be required in settlement, a amount of the obligation can be measured or reliably estimated..

Liabilities arising from future funding commitments and constructive obligations, including performance relate where the timing or the amount of the future expenditure required to settle the obligation are uncertain, give r provision in the accounts, which is reviewed at the accounting year end. The provision is increased to reflect in liabilities, and is decreased by the utilisation of any provision within the period, and reversed if any provisio required. These movements are charged or credited to the respective funds and activities to which the provis

Allocating costs to activities

Direct costs that are specifically related to an activity are allocated to that activity. Shared direct costs and su are apportioned between activities.

The basis for apportionment, which is consistently applied, and proportionate to the circumstances, is :-

Staffing - on the basis of time spent in connection with any particular activity.

Staffing - on a per capita basis, based on the number of of people employed within any particular activity.

Premises related costs - on the proportion of floor area occupied by a particular activity.

Non specific support costs - on the basis of the usage of resources, in terms of time taken, capacity used, request made or other measures

Estimation techniques used in apportioning costs - give details

31

SPARK PROJECTS

Notes to the Accounts for the year ended 31 August 2022

Volunteers

In accordance with the SORP, and in recognition of the difficulties in placing a monetary value on the contribution of volunteers, the contribution of volunteers is not included within the income of the charity.

Policies relating to assets, liabilities and provisions and other matters.

Fixed Asset Investments

Fixed asset investments in quoted shares, traded bonds, investment properties and similar investments are s at cost upon acquisition and at their market value at the balance sheet date at the end of the financial period properties are not depreciated.

Fixed asset investments in unlisted equities are shown at the balance sheet date at the best estimate of their where practicable. Where valuation techniques are considered unreliable or where, in the opinion of the trust outweigh the benefits to the users of the accounts, the investment is included at cost, and a review is undertaken at each year end as to whether the asset should be written down.

All gains on fixed asset investments, whether realised or unrealised, are included in row B4 of the Statement Activities.

Social Investments

Any realised gains or losses on any programe related investment assets are included in row A5 of the Statem Financial Activities (The SOFA). All gains on other social investments, whether realised or unrealised, are inc B4 of the Statement of Financial Activities

Intangible assets

Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years, which eq amortisation at 20% straight line.

Tangible fixed assets

Tangible fixed assets are measured at their original cost value, or subsequent revaluation, or if donated, as d above. Cost value includes all costs expended in bringing the asset into its intended working condition. Depreciation has been provided at the following rates in order to write off the assets to their anticipated residual value after their estimated useful lives.

Freehold premises 0 % straight line
Leasehold premises 2 % straight line
Plant and machinery 20 % straight line
Motor vehicles 25 % straight line

A regular annual review of the likelihood of asset impairment is undertaken

32

SPARK PROJECTS

Notes to the Accounts for the year ended 31 August 2022

Accounting for capital grants and fixed asset funds.

Gifts of tangible fixed assets or grants of a capital nature, given for the purposes of acquiring specific assets utilised in the furtherance of the objects of the charity, are credited to fixed asset funds after the donated asse received or sums have been properly expended on the restricted purpose.

Where the terms of the gift require the charity to hold the asset on an ongoing basis for a specific purpose, th asset fund so created is categorised as a restricted fixed asset fund, and the relevant restrictions are noted in asset notes.

Where the terms of the gift are met once the asset is acquired, so allowing the charity to use the asset on an basis, including the right to receive the proceeds of any future sale of the asset on an unrestricted basis, then asset fund so created is categorised as a designated fixed asset fund.

When assets are acquired for the furtherance of the charity's objects, utilising the charity's own unrestricted f transfer is made from unrestricted funds to a designated fixed asset fund.

Whether acquired with unrestricted or restricted funds, the asset acquired is initially shown in the balance sh cost of acquisition or subsequent revaluation.

As the related assets are depreciated, in accordance with the depreciation policy, in order to reflect the dimun asset,a transfer is made from the relevant fixed asset funds to either unrestricted or restricted revenue funds, appropriate to the terms of the original gift, if any.

The effect of this policy is that the aggregate of all fixed asset funds shall equate to the net book value of fixe

In the first year that this policy was adopted, a transfer to fixed asset funds was made equivalent to the net bo the assets.

Any residual liability to the donor arising from, for example, the asset's future sale, is disclosed as a continge unless the event that would trigger repayment of the grant becomes probable in which case a liability for rep recognised.

Insofar as this policy relates to Government grants and to the extent that it may be a departure from the FRS (Statement of Recommended Practice for Accounting and Reporting by Charities) 2015, (as amended by the issued in October 2018 and applicable to all accounting periods beginning on or after 1st January 2019), (The such departure is justified on the basis that it is in order to comply with the SORP.

Stocks and work in progress

Stock is valued at the lower of cost and net realisable value.

Debtors

Debtors are measured at their recoverable amounts at the balance sheet date.

Financial instruments including cash and bank balances

Cash held by the charity is included at the amount actually held and counted at the year end. Bank balances, credit or overdrawn, are shown at the amounts properly reconciled to the bank statements.

33

SPARK PROJECTS

Notes to the Accounts for the year ended 31 August 2022

Pensions - defined contribution schemes

The charity has no employees in the United Kingdom and does not operate a pension scheme. The charity does have employees in Greece, where it contributes to the state pension scheme through social security & welfare payments.

Fund Accounting

Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objective charity.

Designated funds are unrestricted funds earmarked by the Trustees for particular purposes.

Restricted funds are subjected to restrictions on their expenditure imposed by the donor or through the terms or as implied by law.

There are no endowment funds.

34

SPARK PROJECTS

Notes to the Accounts for the year ended 31 August 2022

2. Liability to taxation

The Trustees consider that the charity satisfies the tests set out in Paragraph 1 Schedule 6 of the Finance A c t 2 0 1 0 f o r UK corporation tax purposes. Accordingly, the Charity is potentially exempt from taxation in respect of income of capital gains received within categories covered by chapter 3 part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively on the specific charitable objects of the charity and for no other purpose. Value Added Tax is not recoverable by the Charity and is therefore included in the relevant costs in the Statement of Financial Activities.

3 .Winding up or dissolution of the charity

If upon winding up or dissolution of the charity there remain any assets, after the satisfaction of all debts and assets represented by the accumulated fund shall be transferred to some other charitable body or bodies objects to the charity.

4. Significance of financial instruments to the charity's position

No financial instruments were used other than cash.

5. The contribution of volunteers

The Charity did not use volunteers in the reporting period.

6. Staff costs and emoluments

Salary costs
Gross Salaries excluding trustees and key management personnel
Total salaries, wages and related costs
The average number of part time staff employed in the year was
The average number of full time staff employed in the year was
The estimated full time equivalent number of all staff employed in the year was		 2022
£
43,980
43,980
0
3
3

35

SPARK PROJECTS

Notes to the Accounts for the year ended 31 August 2022

The estimated equivalent number of full time staff deployed in different activities in the year was:-

Engaged on charitable activities
Engaged on publicity activities
Engaged on fundraising activities
Engaged on management and administration
The estimated full time equivalent number of all staff employed as above		 3
0
0
0
~~3~~

Neither the trustees nor any persons connected with them have received any remuneration from the charity o entity, either in the current or prior year.

The number of employees whose emoluments including taxable benefits but excluding employer's pension contributions fall into the following bands were:

2022
£
£60,001 to £70,000 0
£70,001 to £80,000 0
£80,001 to £90,000 0
£90,001 to £100,000 0
The pension details of such higher paid staff were :- 0
Contributions for the provision of money purchase pension 0
Numbers of such staff to whom benefits are accruing :-
Under money purchase pension schemes 0
Under defined benefits pension schemes 0
Highest paid employee
The remuneration in the year year was 10,950
Pension contributions paid by the employer 3,955
Other benefits paid 0
Compensation/Termination payments 0

36

SPARK PROJECTS

Notes to the Accounts for the year ended 31 August 2022

7. Remuneration and payments to Trustees and persons connected with them

No trustees or persons connected with them received any remuneration from the charity, or any related entity

8. Creditors: amounts falling due within one year
Trade creditors
Other creditors
Total Creditors
9. Income and Expenditure account summary
At 1 September 2021
Surplus after tax for the year
At 31 August 2022		 2022
£
-
-
-
2022
£
23,806
(23,033)
(2)

10. No related party transactions

There were no transactions with related parties in the year.

11. Particulars of how particular funds are represented by assets and liabilities

At 31 August 2022
Current Assets
Current Liabilities
At 1 September 2021		 Unrestricted
funds
£
Designated
funds
£
Restricted
funds
£
-
-
-
-
-
-
-
-
Unrestricted
Designated
Restricted
funds
£
funds
£
funds
£
23,033
-
-

37

SPARK PROJECTS

Notes to the Accounts for the year ended 31 August 2022

12. Change in total funds over the year as shown in Note 11, analysed by individual funds

Unrestricted Revenue Funds
Total unrestricted and designated funds
Total charity funds		 Funds brought forward
from 2021
Movement in
funds in 2022
Transfer
between
funds in 2022
See Note 13
See Note 13
23,807
(23,033)
(774)
23,807
(23,033)
(775)
23,807
(23,033)
(775)

13. Analysis of movements in funds over the year as shown in Note 12

Unrestricted and designated funds:-
Unrestricted Revenue Funds		 Income
Expenditure
Other Gains & Losses
2022
£
2022
£
2022
£
42,777
(65,810)
42,777
(65,810)
-

Gains and losses are detailed in notes

14. The purposes for which the funds as

Unrestricted and designated funds:-

Unrestricted Revenue Funds

These funds are held for the meeting the objectives of the charity provide reserves for future activities, and, subject to charity legislation, are free from all restrictions on their use.

15. Ultimate controlling party

The charity is under the control of its legal members.

Every member of the charity is obliged to contribute such amount as may be required not exceeding £10 to the assets of the the event of its being wound up while he or she is a member, or within one year after he or she ceases to be

38

SPARK PROJECTS

Detailed analysis of income and expenditure for the year ended 31 August 2022 as required by the SORP 2015

This analysis is classified by conventional nominal descriptions and not by activity.

16. Donations, Grants and Legacies

SORP Current year Current year Current year Prior Year
Ref Unrestricted Restricted Total Funds Total Funds
Funds Funds 2022 2021
2022 2022 £ £
£ £
Donations and gifts from 42,777 - 42,777 60,511
individuals
Georgios Konaris
Total donations and gifts 42,777 - 42,777 60,511
from individuals
Total Donations, Grants and
Legacies
Total Donations, Grants and A1 42,777 - 42,777 60,511
Legacies

17. Expenditure on charitable activities - Direct spending

Current Year
Gross wages and salaries - charitable
activities
Total direct spending
B2a		 Current year
Unrestricted
Funds
2022
£
43,980
**43,980 **		 Current year
Restricted
Funds
2022
£
-
**- **		 Current year
Total Funds
2022
£
43,980
**43,980 **		 Prior Year
Total Funds
2021
£
31,600
31,600

39

SPARK PROJECTS

Detailed analysis of income and expenditure for the year ended 31 August 2022 as required by the SORP 2015

18. Support costs for charitable activities

Current year Current Current Current Prior Year
Current Year Unrestricted
Funds		 year
Restricted		 year Total
Funds		 Total Funds
Funds
2022 2022 2022 2021
£ £ £ £
Administrative overheads
Equipment expenses 3,698 - 3,698 1,854
Software licences and expenses 788 - 788 1,168
Sundry expenses 13 - 13 330
Professional fees paid to advisors other than the auditor or examiner
Accountancy fees other than
examination or audit fees		 1,654 - 1,654 -
Financial costs
100 - 100 103
Bank charges
Support costs before reallocation 16,627 - 16,627 3,455

Professional fees paid to advisors other than the auditor or examiner

Less support costs reallocated to specific activities

To costs of raising funds - - -

The basis of allocation of costs between activities is described under accounting policies

40

SPARK PROJECTS

Detailed analysis of income and expenditure for the year ended 31 August 2022 as required by the SORP 2015

19. Other Expenditure - Governance costs

Current Year
Independent Examiner's fees
Total Governance costs		 Current year
Unrestricted
Funds
2022
£
1,650
**1,650 **		 Current year
Restricted
Funds
2022
£
-
-		 Current year
Total Funds
2022
£
1,650
1,650		 Prior Year
Total Funds
2021
£
1,650
1,650

20. Total Charitable expenditure

Current year
Unrestricted
Funds
2022
£
Current
year
Restricted
Funds
2022
£
Current
Year
Total
Funds
2022
£
Prior Year
Total
Funds
2021
£
Total direct spending
B2a
43,980
-
43,980
31,600
Total Governance costs
B2e
1,650
-
1,650
1,650
Total charitable expenditure
B2
65,810
-
65,810
36,705
expenditure in the prior year was unrestricted.
xpenditure on raising funds and costs of investment management
Current Year
Reallocated from support costs
-
-
-
-
Total fundraising costs
B1
-
-
-
-
Current year
Unrestricted
Funds
Current year
Restricted
Funds
Current year
Total Funds
Prior Year
Total Funds
2022
2022
2022
2021
£
£
£
£		 Current year
Unrestricted
Funds
2022
£
Current
year
Restricted
Funds
2022
£
Current
Year
Total
Funds
2022
£
Prior Year
Total
Funds
2021
£
Total direct spending
B2a
43,980
-
43,980
31,600
Total Governance costs
B2e
1,650
-
1,650
1,650
Total charitable expenditure
B2
65,810
-
65,810
36,705
expenditure in the prior year was unrestricted.
xpenditure on raising funds and costs of investment management
Current Year
Reallocated from support costs
-
-
-
-
Total fundraising costs
B1
-
-
-
-
Current year
Unrestricted
Funds
Current year
Restricted
Funds
Current year
Total Funds
Prior Year
Total Funds
2022
2022
2022
2021
£
£
£
£		 Current year
Unrestricted
Funds
2022
£
Current
year
Restricted
Funds
2022
£
Current
Year
Total
Funds
2022
£
Prior Year
Total
Funds
2021
£
Total direct spending
B2a
43,980
-
43,980
31,600
Total Governance costs
B2e
1,650
-
1,650
1,650
Total charitable expenditure
B2
65,810
-
65,810
36,705
expenditure in the prior year was unrestricted.
xpenditure on raising funds and costs of investment management
Current Year
Reallocated from support costs
-
-
-
-
Total fundraising costs
B1
-
-
-
-
Current year
Unrestricted
Funds
Current year
Restricted
Funds
Current year
Total Funds
Prior Year
Total Funds
2022
2022
2022
2021
£
£
£
£		 Current year
Unrestricted
Funds
2022
£
Current
year
Restricted
Funds
2022
£
Current
Year
Total
Funds
2022
£
Prior Year
Total
Funds
2021
£
Total direct spending
B2a
43,980
-
43,980
31,600
Total Governance costs
B2e
1,650
-
1,650
1,650
Total charitable expenditure
B2
65,810
-
65,810
36,705
expenditure in the prior year was unrestricted.
xpenditure on raising funds and costs of investment management
Current Year
Reallocated from support costs
-
-
-
-
Total fundraising costs
B1
-
-
-
-
Current year
Unrestricted
Funds
Current year
Restricted
Funds
Current year
Total Funds
Prior Year
Total Funds
2022
2022
2022
2021
£
£
£
£
- - -
-

All the expenditure in the prior year was unrestricted.

21. Expenditure on raising funds and costs of investment management

This analysis is classified by activity and not by conventional nominal descriptions.

41

SPARK PROJECTS

Activity analysis of Income and expenditure for the for the year ended 31 August 2022

22. Analysis of income by activity

SOFA ref 2022 2021
£ £
Activity
Summary of Total Income, including the items above
Donations & Legacies A1 42,777 60,511
Categories of income
Income from exchange transactions 42,777 60,511

23. Analysis of charitable expenditure by activity

Activity
Summary of charitable costs by activity
Total Governance costs
-
as detailed in Note 24
A1. Expenditure of charitable
activities directly attributable
to
B4. Administrative overheads
B5. Professional Fees
B6. Financial costs
Total charitable
-
Direct
costs
2022
£		 1,650
Support
costs
2022
£		 -
-
Grant
funding of
activities
2022
£		 1,650
43,980
13,827
2,699
100
62,256
Total
2022
£		 1,650
Total
2021
£
1,650 36,705

The basis of allocation of costs between activities is described under accounting policies

The breakdown of this expenditure by type of spending (ie nominal classification) is detailed in Note 24.

42

SPARK PROJECTS

Activity analysis of Income and expenditure for the for the year ended 31 August 2022

Analysis of support and governance costs by charitable activities

Governance Finance Human Other Total
Resources Overheads
Activity
.
After analysis 1,650 - - - 1,650
24. Analysis of non charitable expenditure by activity
Governance costs
costs
Other Expenditure - Governance costs as detailed in Note 24		 Governance
2022
0
1,650		 Governance
costs
2021
£
1,650

The breakdown of this expenditure by type of spending (ie by nominal classification and by fund) is detailed in note 19.

43

SPARK PROJECTS

Activity analysis of Income and expenditure for the for the year ended 31 August 2022

44