CHARITY REGISTRATION NUMBER: 1202846
Quality Studies Unaudited Financial Statements 30 September 2024
WHITESIDE AND DAVIES LTD
Chartered Certified Accountants 158 Cromwell Road Salford M6 6DE
Quality Studies
Financial Statements
Period from 26 April 2023 to 30 September 2024
| Page | |
|---|---|
| Trustees' annual report | 1 |
| Independent examiner's report to the trustees | 3 |
| Statement of financial activities | 4 |
| Statement of financial position | 5 |
| Notes to the financial statements | 6 |
Quality Studies
Trustees' Annual Report
Period from 26 April 2023 to 30 September 2024
The trustees present their report and the unaudited financial statements of the charity for the Period ended 30 September 2024.
Reference and administrative details
| Registered charity name | Quality Studies |
|---|---|
| Charity registration number | 1202846 |
| Principal office | 74-80 Markfield Road |
| London | |
| N15 4QF | |
| England | |
| The trustees | |
| Mr A Markowitz | |
| Mr M Gluck | |
| Mr S Berger | |
| Independent examiner | David Pollak |
| 158 Cromwell Road | |
| Salford | |
| M6 6DE |
Structure, governance and management
Quality Studies is a Charitable Incorporated Organisation (CIO) constituted under a Foundation. It is controlled by its governing document dated 24 April 2023 and was registered with the Charity Commission on 26 April 2023. The Directors/Trustees are responsible for the governance of the organisation and are active in all operational aspects of strategic management. Major policy decisions are decided at full directors'/trustees' meetings. The trustees ensure completeness of records through internal controls, regular reviews, and oversight procedures.
Objectives and activities
The objects of the CIO are to act as a resource for young people living in and around London by providing advice and assistance and organising programmes of physical, educational and other activities as a means of: a. advancing in life and helping young people by developing their skills, capacities and capabilities; b. advancing education;
c. relieving unemployment;
d. providing recreational and leisure time activity in the interests of social welfare for people living in the area of benefit.
The trustees have taken due heed of their obligations relating to Public Benefit Duty affecting charities, as well as to their obligations under the Equalities Act 2010. The trustees are satisfied that they meet their obligations in this respect.
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Quality Studies
Trustees' Annual Report (continued)
Period from 26 April 2023 to 30 September 2024
Achievements and performance
The charity received £102,856 in donations during the year and £71,198 was paid out in furtherance of its charitable objectives. There was an overall surplus for the year of £31,660. The trustees give their appreciation to all of the charity's donors and volunteers, who make its achievements possible.
Financial review
The charity maintains a reserves policy to hold sufficient unrestricted funds to cover 3-6 months of core operating costs. The trustees review this regularly and are satisfied the current level of reserves is adequate to support the charity's activities and manage unforeseen events.
The balance of the unrestricted funds is a surplus of £31,660.
The trustees' annual report was approved on 24 June 2025 and signed on behalf of the board of trustees by:
Mr A Markowitz Trustee
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Quality Studies
Independent Examiner's Report to the Trustees of Quality Studies
Period from 26 April 2023 to 30 September 2024
I report to the trustees on my examination of the financial statements of Quality Studies ('the charity') for the Period ended 30 September 2024.
Responsibilities and basis of report
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the charity as required by section 130 of the Act; or
-
the financial statements do not accord with those records; or
-
the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.
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 Pollak Independent Examiner
158 Cromwell Road Salford M6 6DE
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Quality Studies
Statement of Financial Activities
Period from 26 April 2023 to 30 September 2024
| Period from | 26 Apr 23 to | ||
|---|---|---|---|
| 30 Sep 24 | |||
| Unrestricted | |||
| funds | Total funds | ||
| Note | £ | £ | |
| Income and endowments | |||
| Donations and legacies | 4 | 102,856 | 102,856 |
| Investment income | 5 | 2 | 2 |
| -------------------------------- | -------------------------------- | ||
| Total income | 102,858 | 102,858 | |
| ================================ | ================================ | ||
| Expenditure | |||
| Expenditure on raising funds: | |||
| Costs of raising donations and legacies | 6 | 11,925 | 11,925 |
| Expenditure on charitable activities | 7,8 | 59,273 | 59,273 |
| -------------------------------- | -------------------------------- | ||
| Total expenditure | 71,198 | 71,198 | |
| ================================ | ================================ | ||
| -------------------------------- | -------------------------------- | ||
| Net income and net movement in funds | 31,660 | 31,660 | |
| ================================ | ================================ | ||
| Reconciliation of funds | |||
| Total funds brought forward | – | – | |
| -------------------------------- | -------------------------------- | ||
| Total funds carried forward | 31,660 | 31,660 | |
| ================================ | ================================ |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 6 to 12 form part of these financial statements.
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Quality Studies
Statement of Financial Position
30 September 2024
| 30 Sep 24 | ||
|---|---|---|
| Note | £ | |
| Fixed assets | ||
| Tangible fixed assets | 14 | 26,990 |
| Current assets | ||
| Cash at bank and in hand | 5,630 | |
| Creditors: amounts falling due within one year | 15 | 960 |
| ----------------------- | ||
| Net current assets | 4,670 | |
| ---------------------------- | ||
| Total assets less current liabilities | 31,660 | |
| ---------------------------- | ||
| Net assets | 31,660 | |
| ============================ | ||
| Funds of the charity | ||
| Unrestricted funds | 31,660 | |
| ---------------------------- | ||
| Total charity funds | 16 | 31,660 |
| ============================ |
These financial statements were approved by the board of trustees and authorised for issue on 24 Jun 25, and are signed on behalf of the board by:
Mr A Markowitz Trustee
The notes on pages 6 to 12 form part of these financial statements.
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Quality Studies
Notes to the Financial Statements
Period from 26 April 2023 to 30 September 2024
1. General information
The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is 74-80 Markfield Road, London, N15 4QF, England.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Charities Act 2011.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the charity's ability to continue.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.
Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.
Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
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Quality Studies
Notes to the Financial Statements (continued)
Period from 26 April 2023 to 30 September 2024
3. Accounting policies (continued)
Incoming resources
All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:
-
income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
-
legacy income is recognised when receipt is probable and entitlement is established.
-
income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers.
-
income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
-
expenditure on raising funds includes the costs of all fundraising activities, events, noncharitable trading activities, and the sale of donated goods.
-
expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
-
other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
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Quality Studies
Notes to the Financial Statements (continued)
Period from 26 April 2023 to 30 September 2024
3. Accounting policies (continued)
Tangible assets (continued)
An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
| Short leasehold property | - | 10% straight line |
|---|---|---|
| Fixtures and fittings | - | 20% straight line |
| Books | - | 10% straight line |
The Sefer Torah is not depreciated.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs.
Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.
Debt instruments are subsequently measured at amortised cost.
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Quality Studies
Notes to the Financial Statements (continued)
Period from 26 April 2023 to 30 September 2024
3. Accounting policies (continued)
Financial instruments (continued)
Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment.
Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised.
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Donations and legacies
| Unrestricted | Total Funds | Total Funds | ||
|---|---|---|---|---|
| Funds | 2024 | |||
| £ | £ | |||
| Donations | ||||
| Donations received | 102,856 | 102,856 | ||
| ================================ | ================================ | |||
| 5. | Investment income | |||
| Unrestricted | Total Funds | |||
| Funds | 2024 | |||
| £ | £ | |||
| Bank interest receivable | 2 | 2 | ||
| ============== | ============== | |||
| 6. | Costs of raising donations and legacies | |||
| Unrestricted | Total Funds | |||
| Funds | 2024 | |||
| £ | £ | |||
| Fundraising costs | 11,925 | 11,925 | ||
| ============================ | ============================ |
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Quality Studies
Notes to the Financial Statements (continued)
Period from 26 April 2023 to 30 September 2024
7. Expenditure on charitable activities by fund type
| Unrestricted | Total Funds | |||
|---|---|---|---|---|
| Funds | 2024 | |||
| £ | £ | |||
| Charitable activities | 17,741 | 17,741 | ||
| Support costs | 41,532 | 41,532 | ||
| ---------------------------- | ---------------------------- | |||
| 59,273 | 59,273 | |||
| ============================ | ============================ | |||
| 8. | Expenditure on charitable activities by activity type | |||
| Activities | ||||
| undertaken | Support |
Total funds | ||
| directly | costs | 2024 | ||
| £ | £ | £ | ||
| Charitable activities | 17,741 | 40,572 | 58,313 | |
| Governance costs | – | 960 | 960 | |
| ---------------------------- | ---------------------------- | ---------------------------- | ||
| 17,741 | 41,532 | 59,273 | ||
| ============================ | ============================ | ============================ | ||
| 9. | Analysis of support costs | |||
| Analysis of | ||||
| support costs | Total 2024 | |||
| £ | £ | |||
| Premises | 39,224 | 39,224 | ||
| Finance costs | 95 | 95 | ||
| Governance costs | 960 | 960 | ||
| Depreciation | 1,253 | 1,253 | ||
| ---------------------------- | ---------------------------- | |||
| 41,532 | 41,532 | |||
| ============================ | ============================ | |||
| 10. | Net income | |||
| Net income is stated after charging/(crediting): | ||||
| 30 Sep 24 | ||||
| £ | ||||
| Depreciation of tangible fixed assets | 1,253 | |||
| ======================= | ||||
| 11. | Independent examination fees | |||
| Period from | ||||
| 26 Apr 23 to | ||||
| 30 Sep 24 | ||||
| £ | ||||
| Fees payable to the independent examiner for: | ||||
| Independent examination of the financial statements | 960 | |||
| ============== | ||||
| 12. | Staff costs |
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Quality Studies
Notes to the Financial Statements (continued)
Period from 26 April 2023 to 30 September 2024
12. Staff costs (continued)
The average head count of employees during the Period was Nil.
No employee received employee benefits of more than £60,000 during the year (2023: Nil).
13. Trustee remuneration and expenses
No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.
14. Tangible fixed assets
| Short | |||||
|---|---|---|---|---|---|
| leasehold | Fixtures and |
||||
| property | fittings | Books | Sefer Torah | Total | |
| £ | £ | £ | £ | £ | |
| Cost | |||||
| At 26 April 2023 | – | – | – | – | – |
| Additions | 2,600 | 3,960 | 2,008 | 19,675 | 28,243 |
| ----------------------- | ----------------------- | ----------------------- | ---------------------------- | ---------------------------- | |
| At 30 September 2024 | 2,600 | 3,960 | 2,008 | 19,675 | 28,243 |
| ======================= | ======================= | ======================= | ============================ | ============================ | |
| Depreciation | |||||
| At 26 April 2023 | – | – | – | – | – |
| Charge for the period | 260 | 792 | 201 | – | 1,253 |
| ----------------------- | ----------------------- | ----------------------- | ---------------------------- | ---------------------------- | |
| At 30 September 2024 | 260 | 792 | 201 | – | 1,253 |
| ======================= | ======================= | ======================= | ============================ | ============================ | |
| Carrying amount | |||||
| At 30 September 2024 | 2,340 | 3,168 | 1,807 | 19,675 | 26,990 |
| ======================= | ======================= | ======================= | ============================ | ============================ |
15. Creditors: amounts falling due within one year
Accruals and deferred income
30 Sep 24 £ 960 ==============
16. Analysis of charitable funds
Unrestricted funds
At At 26 Apr 2023 Income Expenditure 30 Sep 2024 £ £ £ £ General funds – 102,858 (71,198) 31,660 ============== ================================ ============================ ============================
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Quality Studies
Notes to the Financial Statements (continued)
Period from 26 April 2023 to 30 September 2024
17. Analysis of net assets between funds
| Unrestricted | Total Funds | |
|---|---|---|
| Funds | 2024 | |
| £ | £ | |
| Tangible fixed assets | 26,990 | 26,990 |
| Current assets | 5,630 | 5,630 |
| Creditors less than 1 year | (960) | (960) |
| ---------------------------- | ---------------------------- | |
| Net assets | 31,660 | 31,660 |
| ============================ | ============================ |
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