Charity registration number 1187123
LIMI LONDON
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2022
LIMI LONDON
LEGAL AND ADMINISTRATIVE INFORMATION
| Trustees | Mr M A Johansson |
|---|---|
| Mrs L Johansson | |
| Charity number | 1187123 |
| Company number | CE020134 |
| Principal address | Emperor's Gate |
| 114A Cromwell Road | |
| Kensington | |
| London | |
| UK | |
| SW7 4AG | |
| Accountants | Matthew Eade FCA |
| Bright Grahame Murray | |
| Emperor's Gate | |
| 114a Cromwell Road | |
| Kensington | |
| SW7 4AG |
LIMI LONDON
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 2 |
| Accountants' report | 3 |
| Statement of financial activities | 4 |
| Balance sheet | 5 |
| Notes to the financial statements | 6 - 9 |
LIMI LONDON
TRUSTEES' REPORT FOR THE YEAR ENDED 31 MAY 2022
The trustees present their annual report and financial statements for the year ended 31 May 2022.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's trust deed, the Charities Act 2011 and "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 LIMI’s Objectives:
LIMI London is a family run grant giving charity focused on smaller and grassroots organisations and projects in London. LIMI is specifically focused on tackling issues around children causes, family poverty, the elderly and sports for social good.
Public Benefit
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
Achievements and performance
Activities during the 2021/22 year included:
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This was the second year of operation for LIMI London and our focus was to build on the connections and contacts we have made. We seek to find new opportunities and organisations to support which are aligned to our values.
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Doorstep London – Strengthening our relationship with Doorstep, we continue our support of their work through unrestricted grants.
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The Golf Trust – We work with The Golf Trust to continue supporting a project with them that was initially started in our first year of operation.
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The Toy Project – we identified the Toy Project as a suitable local charity to support through the giving of unrestricted grants and to continue supporting this year.
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The Photography Foundation – We have agreed to fund the donation of a grant to the TPF Grant winner for a social documentary photography project. Our commitment is for a minimum of 3 years.
Financial review
It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.
The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
Future 2022/23:
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Our focus for the future is to build on the contacts we have already made by creating longer term relationships with some of the charities we have already supported.
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We continue to grow our network to source and analyse more charities in the London area which fit with our values and shared goals.
Structure, governance and management
The charity is a charitable incorporated organisation.
The trustees who served during the year and up to the date of signature of the financial statements were:
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LIMI LONDON
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MAY 2022
Mr M A Johansson Mrs L Johansson
There must be at least two charity trustees. If the number falls below this minimum, the remaining trustee may act only to call a meeting of the charity trustees, or appoint a new charity trustee.
The maximum number of charity trustees is ten. The charity trustees may not appoint any charity trustee if as a result the number of charity trustees would exceed the maximum.
Apart from the first charity trustees, every trustee must be appointed for a term of three years by a resolution passed at a properly convened meeting of the charity trustees. In selecting individuals for appointment as charity trustees, the charity trustees must have regard to the skills, knowledge and experience needed for the effective administration of the CIO.
The organisational structure of LIMI London consists of a board of trustees who meet on a regular basis to consider and review the charity's activities, general progress and financial position and make decisions accordingly.
Statement of trustees' responsibilities
The trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that year.
In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. 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' report was approved by the Board of Trustees.
Mr M A Johansson
Trustee Dated: 14 December 2023
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LIMI LONDON
CHARTERED ACCOUNTANTS' REPORT TO THE TRUSTEES ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF LIMI LONDON FOR THE YEAR ENDED 31 MAY 2022
In order to assist you to fulfil your duties under the Charities Act 2011, we have prepared for your approval the financial statements of LIMI London for the year ended 31 May 2022, which comprise the statement of financial activities and the related notes from the charity’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made to the charity's trustees, as a body, in accordance with the terms of our engagement letter dated 28 January 2020. Our work has been undertaken solely to prepare for your approval the financial statements of LIMI London and state those matters that we have agreed to state to the charity's trustees, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than LIMI London and the charity's trustees as a body, for our work or for this report.
It is your duty to ensure that LIMI London has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and deficit of LIMI London. You consider that LIMI London is exempt from the statutory audit requirement for the year, and is not required to obtain an independent examiner's report.
We have not been instructed to carry out an audit or a review of the financial statements of LIMI London. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Bright Grahame Murray Chartered Accountants
Emperor's Gate 114a Cromwell Road Kensington London SW7 4AG
14 December 2023
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LIMI LONDON
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MAY 2022
| Unrestricted Unrestricted | Unrestricted Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2022 | 2021 | ||
| Notes | £ | £ | |
| Income from: | |||
| Donations and legacies | 2 | - | 65,000 |
| Expenditure on: | |||
| Charitable activities | 3 | 14,491 | 34,017 |
| Net (expenditure)/income for the year/ | |||
| Net movement in funds | (14,491) | 30,983 | |
| Fund balances at 1 June 2021 | 30,983 | - | |
| Fund balances at 31 May 2022 | 16,492 | 30,983 |
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
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LIMI LONDON
BALANCE SHEET
AS AT 31 MAY 2022
| Notes Current assets Cash at bank and in hand Net current assets Income funds Unrestricted funds |
2022 £ 16,492 |
£ 16,492 16,492 16,492 |
2021 £ 30,983 |
£ 30,983 |
|---|---|---|---|---|
| 30,983 | ||||
| 30,983 |
The financial statements were approved by the Trustees on 14 December 2023
Mr M A Johansson Trustee
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LIMI LONDON
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2022
1 Accounting policies
Charity information
LIMI London is a Charitable Incorporated Organisation. The principal office is 114a Cromwell Road, London, SW7 4AG
1.1 Accounting convention
The financial statements have been prepared in accordance with the charity's governing document, the Charities Act 2011 and "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)". The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2 Going concern
As set out in the trustees' report during the early part of 2020 the international community was impacted by the COVID-19 pandemic, which caused significant disruption to UK businesses. The trustees have assessed the risk that the charity is not a going concern, with reference to its financial position and performance. The charity forecasts that it is able to continue to meet all of its obligations.
The trustees are not aware of any significant impact from the COVID-19 pandemic on the charity's operations. However, the trustees continue to assess its impact on an ongoing basis.
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
- Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
1.4 Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
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LIMI LONDON
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MAY 2022
1 Accounting policies
(Continued)
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
1.5 Expenditure
All expenditure is accounted for on an accruals basis and has been listed under headings that aggregate all costs related to that activity.
1.6 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Basic financial assets
Basic financial assets, which include debtors 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. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts 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 creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
1.7 Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
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LIMI LONDON
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MAY 2022
2 Donations and legacies
| Donations and gifts Grants payable Grants to institutions: Doorstep London The Together Project The Golf Trust The Toy Project Eleanor Ramsden - Support costs Support costs Governance costs £ £ Legal and professional - - Accountancy - 1,650 Computer expenses - 216 - 1,866 Analysed between Charitable activities - 1,866 |
Total Unrestricted funds 2022 2021 £ £ - 65,000 Charitable Expenditure Charitable Expenditure 2022 2021 £ £ 5,000 15,000 - 5,000 4,875 4,875 1,500 1,500 1,250 - 12,625 26,375 2022Support costs Governance costs 2021 £ £ £ £ - - 4,525 4,525 1,650 - 2,910 2,910 216 - 207 207 1,866 - 7,642 7,642 1,866 - 7,642 7,642 |
|---|---|
3 Grants payable
4 Support costs
Governance costs includes payments for accountancy of £1,650 (2021: £2,910 for independent examination).
5 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
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LIMI LONDON
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MAY 2022
6 Employees
The average monthly number of employees during the year was:
| 2022 | 2021 | |
|---|---|---|
| Number | Number | |
| Total | - | - |
There were no employees whose annual remuneration was more than £60,000.
7 Taxation
The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxationof Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.
8 Related party transactions
There were no disclosable related party transactions during the year (2021 - none).
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