Registered number: 13459363 Charity number: 1196573
EFT LONDON
(A company limited by guarantee)
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2022
EFT LONDON
(A company limited by guarantee)
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the Company, its Trustees and advisers | 1 |
| Trustees' report | 2 - 4 |
| Independent examiner's report | 5 |
| Statement of financial activities | 6 |
| Balance sheet | 7 |
| Notes to the financial statements | 8 - 14 |
(A company limited by guarantee)
EFT LONDON
REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE PERIOD ENDED 30 JUNE 2022
| Trustees | L C M S de Pontes |
|---|---|
| P Lenti | |
| D Mastrorocco | |
| Company registered number 13459363 Charity registered number 1196573 Registered office Third Floor 20 Old Bailey London EC4M 7AN Independent Examiner David Pumfrey FCA Simmons Gainsford LLP Chartered Accountants 14th Floor 33 Cavendish Square London W1G 0PW |
Page 1
EFT LONDON
(A company limited by guarantee)
TRUSTEES' REPORT FOR THE PERIOD ENDED 30 JUNE 2022
The Trustees present their annual report together with the financial statements of the Company for the period 16 June 2021 to 30 June 2022. The Annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).
Since the Company qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.
Objectives and activities
a. Policies and objectives
EFT London was established in 2021 to advance education in information technology for the benefit of the public in such ways as the trustees think fit including but not limited to the establishment, maintenance and operation of training centres and the provision of courses to teach information technology.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
Achievements and performance
a. Key Activites and Achievements
The charity was incorporated on 16 June 2021 and registration with the charity commission was completed on 15 November 2021.
The charity was setup to establish a software engineering training centre in London, England. During this first period of activity the charity signed a lease for a premise in central London that will be used as the charity's training centre. Major development work commenced in the year, with the aim to open the training centre in early 2023.
The Charity has a partnership with the worldwide brand '42', a collection of software engineering training centres located around the world.
Financial review
a. Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.
Page 2
(A company limited by guarantee)
EFT LONDON
TRUSTEES' REPORT (CONTINUED) FOR THE PERIOD ENDED 30 JUNE 2022
b. Reserves policy
The Charity's policy is to set aside funds for special purposes or as reserves against future expenditure.
c. Principal risks and uncertainties
The principal risk of the charity is the loss of key staff members and funding.
d. Financial Review
The results for the period are set out on page 6. The Trustees believe that the accounts comply with current statutory requirements, the requirements of the charity's governing document and the requirement of the SORP.
Structure, governance and management
a. Constitution
EFT London is registered as a charitable company limited by guarantee and was set up by a Trust deed.
b. Methods of appointment or election of Trustees
The management of the Company is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.
c. Organisational structure and decision-making policies
The organisation is overseen by the Board of Trustees. The Board of Trustees are responsible for ensuring safe and legal governance and financial operations.
The Board of Trustees during the year consisted of:
Lilian Cuhna Monnerat Solon de Pontes (chair) (appointed on 16 June 2021) Pedro Lenti (appointed 16 March 2022) Daniela Mastrorocco (appointed 7 July 2021)
Danielle Goncalves De Almeida Machado (appointed 7 July 2021 and resigned 15 March 2022)
Page 3
EFT LONDON
(A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE PERIOD ENDED 30 JUNE 2022
Statement of Trustees' responsibilities
The Trustees (who are also the directors of the Company for the purposes of company law) 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).
Company law requires the Trustees to prepare financial statements for each financial period. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles of the Charities SORP (FRS 102);
-
make judgments and accounting estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Small Company Provision
These financial statements have been prepared in accordance with the special provisions relating to small companies within part 15 of the Companies Act 2006.
Approved by order of the members of the board of Trustees and signed on their behalf by:
L C M S de Pontes
Date: 23/1/2023 | 13:19 GMT
Page 4
(A company limited by guarantee)
EFT LONDON
INDEPENDENT EXAMINER'S REPORT FOR THE PERIOD ENDED 30 JUNE 2022
Independent examiner's report to the Trustees of EFT London ('the Company')
I report to the charity Trustees on my examination of the accounts of the Company for the period ended 30 June 2022.
Responsibilities and basis of report
As the Trustees of the Company (and 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 the Company's accounts 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
Since the Company's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of ICAEW, which is one of the listed bodies.
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
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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 Pumfrey FCA Simmons Gainsford LLP Chartered Accountants 14th Floor 33 Cavendish Square London W1G 0PW 23/1/2023 | 13:19 GMT
Page 5
EFT LONDON
(A company limited by guarantee)
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE PERIOD ENDED 30 JUNE 2022
| Note Income from: Donations and legacies 3 Other income 4 Total income Expenditure on: Charitable activities 5 Total expenditure Net movement in funds Reconciliation of funds: Net movement in funds Total funds carried forward |
Unrestricted funds 2022 £ 430,000 2 430,002 122,539 122,539 307,463 307,463 307,463 |
Total funds 2022 £ 430,000 2 |
|---|---|---|
| 430,002 | ||
| 122,539 | ||
| 122,539 | ||
| 307,463 | ||
| 307,463 | ||
| 307,463 |
The Statement of financial activities includes all gains and losses recognised in the period.
The notes on pages 8 to 14 form part of these financial statements.
Page 6
EFT LONDON (A company limited by guarantee) REGISTERED NUMBER: 13459363
BALANCE SHEET AS AT 30 JUNE 2022
| Note Fixed assets Tangible assets 8 Current assets Debtors 9 Cash at bank and in hand Creditors: amounts falling due within one year 10 Net current assets Total assets less current liabilities Creditors: amounts falling due after more than one year 11 Total net assets Charity funds Unrestricted funds 12 Total funds |
596,172 87,640 683,812 (157,876) |
2022 £ 631,527 631,527 525,936 1,157,463 (850,000) 307,463 307,463 307,463 |
|---|---|---|
The Company was entitled to exemption from audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit for the period in question in accordance with section 476 of Companies Act 2006.
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
L C M S de Pontes
Date: 23/1/2023 | 13:19 GMT
The notes on pages 8 to 14 form part of these financial statements.
Page 7
(A company limited by guarantee)
EFT LONDON
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2022
1. General information
EFT London is a registerd charity and Private Limited Company by guarantee without share capital, incorporated in England and Wales. Company registration 13459363, Charity registration number 1196573. The address of the registered office is Third Floor, 20 Old Bailey, London, EC4M 7AN.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
EFT London 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.
2.2 Income
All income is recognised once the Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
2.3 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Company's objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
2.4 Tangible fixed assets and depreciation
Tangible fixed assets are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
Page 8
(A company limited by guarantee)
EFT LONDON
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2022
2. Accounting policies (continued)
2.4 Tangible fixed assets and depreciation (continued)
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following bases:
- Short-term leasehold property Over the period from the date asset first brought into use until exipry of lease - Fixtures and fittings Over the period from the date asset first brought into use until exipry of lease
2.5 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
2.6 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
2.7 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.
2.8 Financial instruments
The Company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
2.9 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Company and which have not been designated for other purposes.
Page 9
EFT LONDON
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2022
3. Income from donations and legacies
| Unrestricted funds 2022 £ Donations 430,000 Other incoming resources Interest Receivable |
Total funds 2022 £ 430,000 |
|---|---|
| Total funds 2022 £ 2 |
4. Other incoming resources
5. Analysis of expenditure by activities
| Activities | |||
|---|---|---|---|
| undertaken | Support | Total | |
| directly | costs | funds | |
| 2022 | 2022 | 2022 | |
| £ | £ | £ | |
| Providing education in information technology | 44,807 | 77,732 | 122,539 |
Analysis of direct costs
| Licenses Computer costs |
Activities 2022 £ 42,271 2,536 44,807 |
Total funds 2022 £ 42,271 2,536 |
|---|---|---|
| 44,807 |
Page 10
(A company limited by guarantee)
EFT LONDON
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2022
5. Analysis of expenditure by activities (continued)
Analysis of support costs
| Staff costs Bank fees Accountancy fees Foreign exchange differences Advertising and marketing Consulting Postage, freight and courier Insurance Interest paid Legal fees Travel |
Activities 2022 £ 18,573 43 4,740 (2,109) 4,664 2,308 4,621 39 1,648 42,440 765 77,732 |
Total funds 2022 £ 18,573 43 4,740 (2,109) 4,664 2,308 4,621 39 1,648 42,440 765 |
|---|---|---|
| 77,732 |
6. Independent examiner's remuneration
| 2022 | |
|---|---|
| £ | |
| Fees payable to the Company's independent examiner for the independent examination of | |
| the Company's annual accounts | 2,500 |
7. Employees
The average number of employees, including the Trustees, during the year was 4.
Included in expenditure is £18,573 of salaries paid to a trustee.
No employee recieved total employee benefits of more than £60,000 in the year.
Page 11
(A company limited by guarantee)
EFT LONDON
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2022
8. Tangible fixed assets
| Cost or valuation Additions At 30 June 2022 Net book value At 30 June 2022 |
Leasehold improvements £ 365,048 365,048 365,048 |
Fixtures and fittings £ 266,479 266,479 266,479 |
Total £ 631,527 |
|---|---|---|---|
| 631,527 | |||
| 631,527 |
| 9. Debtors Due after more than one year Other debtors Due within one year Prepayments and accrued income |
2022 £ 283,019 313,153 |
|---|---|
| 596,172 |
10. Creditors: Amounts falling due within one year
| Trade creditors Other creditors Accruals and deferred income |
2022 £ 150,232 2,563 5,081 |
|---|---|
| 157,876 |
Page 12
EFT LONDON
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2022
11. Creditors: Amounts falling due after more than one year
| 2022 | |
|---|---|
| £ | |
| Other loans | 850,000 |
12. Statement of funds
Statement of funds - current period
| General Funds Total Funds |
Income £ 430,002 |
Expenditure £ (122,539) |
Balance at 30 June 2022 £ 307,463 |
|---|---|---|---|
Designated Funds
The training centre fund - this fund represents the capital expenditure in regards to the lease of the training centre at 30 Millbank, London net of any loans used to finance this expenditure. At the year end, the capitalised cost is exactly matched by outstanding loans and therefore the fund balance is zero. The training centre is the charity's place of learning whereby seminars, conferences, lectures and courses will be held.
General Funds
The general funds are used to meet both the direct and support costs of running the training centre.
Page 13
(A company limited by guarantee)
EFT LONDON
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2022
13. Analysis of net assets between funds
Analysis of net assets between funds - current period
| Unrestricted funds 2022 £ Tangible fixed assets 631,527 Debtors due after more than one year 283,019 Current assets 400,793 Creditors due within one year (157,876) Creditors due in more than one year (850,000) Total 307,463 |
Total funds 2022 £ 631,527 283,019 400,793 (157,876) (850,000) |
|---|---|
| 307,463 |
14. Operating lease commitments
At 30 June 2022 the Company had commitments to make future minimum lease payments under noncancellable operating leases as follows:
| Not later than 1 year Later than 1 year and not later than 5 years |
2022 £ 572,550 2,290,200 |
|---|---|
| 2,862,750 |
15. Related party transactions
During the year, cash donations of £310,000 were received from entities controlled by a Trustees close relative.
At the balance sheet date, included in other loans, is an amount of £730,000 owed to a Trustees close relative The loan carries an interest rate of SONIA pro-rata-die and £1,036 of interest is included in accruals at the year end.
Page 14