2021-12-31-accounts - Latin Community Network

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Charity number: 1194468

LATIN COMMUNITY NETWORK

Trustees Report and Financial Statements

For the period ended 31 December 2021

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LATIN COMMUNITY NETWORK Contents Page

For the period ended 31 December 2021

Report of the Trustees 1 to 2 Statement of Financial Activities 3 Statement of Financial Position 4 Notes to the Financial Statements 5 to 7

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LATIN COMMUNITY NETWORK Report of the Trustees

For the period ended 31 December 2021

The Trustees present their report and the financial statements for the charity for the period ended 31 December 2021. The Trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and the Republic of Ireland (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

Our aim is to empower Latin youths to build a brighter future through a personal growth mindset journey via mentorship programmes and tailor-made events in collaboration with successful individuals from all walks of life.

We are a resource for young people

We run mentoring program, physical, educational and other activities

We help young people develop their skills, capacities and capabilities to enable them to participate in society as independent, mature and responsible individuals;

We aim to advance education

We aim to relieve unemployment

We aim to provide recreational and leisure time activity in the interests of social welfare for people living in the area who have need by reason of their youth, age, infirmity or disability, poverty or social and economic circumstances with a view to improving the conditions of life of such persons.

Statement on public benefit

The trustees have considered the Charity Commision's guidance on public benefit, including the guidance 'public benefit: running a charity (PB2)'.

Volunteers

There are volunteers who assist the charity in achieving its objectives.

FINANCIAL REVIEW

The year ended with a net surplus of £70.

Reserves

The Trustees believes that unrestricted funds which have not been designated for a specific use should be maintained so that in the event of a significant drop in funding, they will be able to continue the charity's activities and aim to achieve reserve levels of three to six months of running costs.

Going concern

At the time of approving the accounts, 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 accounts.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The Latin Community Network is a Charitable Incorporated Organisation (CIO) registered on 14 May 2021 and is controlled by its governing document, CIO - Foundation registered on 14 May 2021. Its charity registration number is 1194468.

Recruitment and appointment of trustees

Trustees are elected by existing trustees in accordance with the governing documents. A retiring trustee may be re-elected. New trustees are inducted.

REFERENCE AND ADMINISTRATIVE INFORMATION

Name of Charity LATIN COMMUNITY NETWORK Charity registration number 1194468 Principal address 38 Clonmore Street London SW18 5EX

Trustees

The trustees and officers serving during the year and since the year end were as follows:

Edward Guzman Paola Andrea Saavedra Angela Serna

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LATIN COMMUNITY NETWORK Report of the Trustees Continued For the period ended 31 December 2021

Approved by the Board of Trustees and signed on its behalf by

.............................................................................

13 November 2022

Edward Guzman

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LATIN COMMUNITY NETWORK Statement of Financial Activities

For the period ended 31 December 2021

Notes Income and endowments from: Donations and legacies 2 Total Expenditure on: Charitable activities 3/4 Total Net income Total funds carried forward	Unrestricted funds £ 105
	105
	(35)
	(35)
	70
	70

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LATIN COMMUNITY NETWORK Statement of Financial Position

As at 31 December 2021

Notes Current assets Cash at bank and in hand Net current assets Total assets less current liabilities Net assets The funds of the charity Unrestricted income funds 8 Total funds	£ 2021 70
	70
	70
	70

	70
	70
	70

The financial statements were approved and authorised for issue by the Board and signed on its behalf by:

Edward Guzman Trustee

13 November 2022

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LATIN COMMUNITY NETWORK Notes to the Financial Statements

For the period ended 31 December 2021

1. Accounting Policies

Basis of accounting

The financial statements have been prepared under the historical cost convention, except for investments which are included at market value and the revaluation of certain fixed assets and 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 (FRS 102), and the Charities Act 2011.

LATIN COMMUNITY NETWORK meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).

Going concern

Funds

Funds consists of voluntary donations and donations from fund raising activities.

Incoming resources

All incoming resources are included in the statement of financial activities when the Charity is entitled to the income and the amount can be quantified with reasonable accuracy.

Resources expended

Liabilities are recognised as resources expended when there is a legal or constructive obligation committing the Charity to the expenditure.

Taxation

The charity is exempt from corporation tax on its charitable activities.

2. Income from donations and legacies

Unrestricted funds Donations received	2021 £ 105
	105

3. Costs of charitable activities by fund type

	2021
	£
Unrestricted funds
Support costs	35

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LATIN COMMUNITY NETWORK Notes to the Financial Statements Continued

For the period ended 31 December 2021

4. Costs of charitable activities by activity type

Support costs Charitable Activities 5. Analysis of support costs Charitable Activities Support and Management 6. Staff costs and emoluments Voluntary Staff 7. Trustee remuneration and related party transactions There were no trustees remuneration in the year. There were no related party transactions in the year.	2021 £ 35 2021 £ 35 2021 1
	1

8. Movement in funds

Unrestricted Funds

General General	Incoming resources £ 105 105	Outgoing resources £ (35) (35)	Balance at 31/12/2021 £ 70
			70

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Notes to the Financial Statements Continued

LATIN COMMUNITY NETWORK

For the period ended 31 December 2021

Purpose of unrestricted Funds

General

Unrestricted funds are available for use for any purpose that meets the aims and objectives of the charity unless the funds have been designated for other purposes.

9. Analysis of net assets between funds

Unrestricted funds General General	Net current assets / (liabilities) Net Assets £ £ 70 70
	70 70

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