REGISTERED COMPANY NUMBER: (England and Wales) REGISTERED CHARITY NUMBER: 1194357
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
FOR
THE LONDON NEIGHBOURHOOD SCHOLARSHIP TRUST
KBSP Partners LLP Chartered Accountants Harben House Harben Parade Finchley Road LONDON NW3 6LH
THE LONDON NEIGHBOURHOOD SCHOLARSHIP TRUST
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2023
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 2 |
| Independent Examiner's Report | 3 | ||
| Statement of Financial Activities | 4 | ||
| Balance Sheet | 5 | ||
| Notes to the Financial Statements | 6 | to | 8 |
| Detailed Statement of Financial Activities | 9 |
THE LONDON NEIGHBOURHOOD SCHOLARSHIP TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MAY 2023
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 May 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
ACHIEVEMENT AND PERFORMANCE
Charitable activities
The Trust was successful in raising sufficient funds for three scholarships of £30,000 each. The scholarships were awarded to young Londoners commencing architectural studies in London schools of architecture in October 2022. They will each receive £10,000 a year for the three years of their undergraduate degree. They have each been matched with a mentor through the LNS network and will supported throughout their studies by the mentor who will also seek work experience opportunities for them. The students were selected after an intensive application and interview process and a celebration was held in September 2022 to launch the charity and congratulate the first scholars.
In December 2022 the Trustees agreed to amend the terms and programme of the awards in order to benefit more students and in cognisance of a challenging financial market with less donors coming forward to provide support. Scholars will now receive £5,000 per year for 3 years and the application deadline will be in October to allow our partners at the London schools of architecture to promote the scholarship opportunity to their students.
The Trustees are pleased with the clear evidence of public benefit delivered through these first three scholarship recipients, all of whom are doing well in their studies and have reported that the scholarship has allowed them to fund course related expenses and compete on a level playing field with their peers.
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document
The Charity is controlled by its governing document, a deed of trust and constitutes a charitable incorporated organisation.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number
(England and Wales)
Registered Charity number
1194357
Registered office
Harben House, Harben Parade Finchley Road London NW3 6LH
Trustees
S Lewis J Bhalla L Billingham A Singh Kalra
Independent Examiner
KBSP Partners LLP Chartered Accountants Harben House Harben Parade Finchley Road LONDON NW3 6LH
Approved by order of the board of trustees on 30 January 2024 and signed on its behalf by:
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THE LONDON NEEGHBOURHOOD SCHOLARSHEP TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MAY 2023 S Lewis- Trustee Page 2
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE LONDON NEIGHBOURHOOD SCHOLARSHIP TRUST
Independent examiner's report to the trustees of The London Neighbourhood Scholarship Trust ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 May 2023.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
-
accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
-
the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
David Myerson FCA
KBSP Partners LLP Chartered Accountants Harben House Harben Parade Finchley Road LONDON NW3 6LH
30 January 2024
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THE LONDON NEIGHBOURHOOD SCHOLARSHIP TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MAY 2023
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period
6.5.21
year ended to
31.5.23 31.5.22
Unrestricted Total
fund funds
Notes £ £
INCOME AND ENDOWMENTS FROM
Donations and legacies 79,775 39,755
Investment income 2 76 -
Total 79,851 39,755
EXPENDITURE ON
Charitable activities
Grants 30,496 -
Other 2,499 1,136
Total 32,995 1,136
NET INCOME 46,856 38,619
RECONCILIATION OF FUNDS
-
Total funds brought forward 38,619
TOTAL FUNDS CARRIED FORWARD 85,475 38,619
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The notes form part of these financial statements
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THE LONDON NEIGHBOURHOOD SCHOLARSHIP TRUST
BALANCE SHEET 31 MAY 2023
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2023 2022
Unrestricted Total
fund funds
Notes £ £
CURRENT ASSETS
Cash at bank 86,435 52,449
CREDITORS
Amounts falling due within one year 6 (960) (13,830)
NET CURRENT ASSETS 85,475 38,619
TOTAL ASSETS LESS CURRENT LIABILITIES 85,475 38,619
NET ASSETS 85,475 38,619
FUNDS 7
Unrestricted funds 85,475 38,619
TOTAL FUNDS 85,475 38,619
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The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
-
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
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(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 30 January 2024 and were signed on its behalf by:
S Lewis - Trustee
The notes form part of these financial statements
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THE LONDON NEIGHBOURHOOD SCHOLARSHIP TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2023
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
2. INVESTMENT INCOME
| period 6.5.21 year ended to 31.5.23 31.5.22 £ £ Deposit account interest 76 - |
|---|
| NET INCOME/(EXPENDITURE) Net income/(expenditure) is stated after charging/(crediting): period 6.5.21 year ended to 31.5.23 31.5.22 £ £ Accountancy 960 1,080 |
3. NET INCOME/(EXPENDITURE)
continued...
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THE LONDON NEIGHBOURHOOD SCHOLARSHIP TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MAY 2023
4. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 May 2023 nor for the period ended 31 May 2022.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 May 2023 nor for the period ended 31 May 2022.
| 5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES INCOME AND ENDOWMENTS FROM Donations and legacies EXPENDITURE ON Other NET INCOME TOTAL FUNDS CARRIED FORWARD 6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Accrued expenses 7. MOVEMENT IN FUNDS At 1.6.22 £ Unrestricted funds General fund 38,619 TOTAL FUNDS 38,619 Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 79,851 TOTAL FUNDS 79,851 |
Unrestricted fund £ 39,755 1,136 38,619 38,619 2023 2022 £ £ 960 13,830 Net movement At in funds 31.5.23 £ £ 46,856 85,475 46,856 85,475 Resources Movement expended in funds £ £ (32,995) 46,856 (32,995) 46,856 |
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continued...
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THE LONDON NEIGHBOURHOOD SCHOLARSHIP TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MAY 2023
7. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Unrestricted funds General fund |
Net movement At in funds 31.5.22 £ £ 38,619 38,619 |
|
|---|---|---|
| TOTAL FUNDS | 38,619 38,619 |
|
| Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 39,755 |
Resources Movement expended in funds £ £ (1,136) 38,619 |
|
| TOTAL FUNDS | 39,755 | (1,136) 38,619 |
8. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 May 2023.
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THE LONDON NEIGHBOURHOOD SCHOLARSHIP TRUST
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MAY 2023
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period
6.5.21
year ended to
31.5.23 31.5.22
£ £
INCOME AND ENDOWMENTS
Donations and legacies
Donations 79,775 39,755
Investment income
Deposit account interest 76 -
Total incoming resources 79,851 39,755
EXPENDITURE
Charitable activities
Grants to individuals 30,000 -
Other
administration costs 1,473 -
Support costs
Management
Advertising 235 -
Computer costs 261 -
496 -
Finance
Bank charges 66 56
Governance costs
Accountancy 960 1,080
Total resources expended 32,995 1,136
Net income 46,856 38,619
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This page does not form part of the statutory financial statements
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