COMPANY REGISTRATION NUMBER: 14709098 CHARITY REGISTRATION NUMBER: 1207847
Friends of Sage Limited
Company Limited by Guarantee Unaudited Financial Statements
For the period ended
31 August 2024
COHEN ARNOLD
Chartered accountants New Burlington House 1075 Finchley Road LONDON NW11 0PU
Friends of Sage Limited
Company Limited by Guarantee
Financial Statements
Period from 6 March 2023 to 31 August 2024
| Pages | |
|---|---|
| Trustees' annual report (incorporating the director's report) | 1 to 2 |
| Independent examiner's report to the trustees | 3 |
| Statement of financial activities (including income and expenditure | |
| account) | 4 |
| Statement of financial position | 5 |
| Notes to the financial statements | 6 to 11 |
Friends of Sage Limited
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report)
Period from 6 March 2023 to 31 August 2024
The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the period ended 31 August 2024.
Reference and administrative details
Registered charity name Friends of Sage Limited Charity registration number 1207847 Company registration number 14709098 Principal office and registered New Burlington House office 1075 Finchley Road London NW11 0PU The trustees Mr S J Goldberg (Appointed 6 March 2023) Mr A J Goldberg (Appointed 24 March 2023) Mr M Rosenthal (Appointed 6 March 2023) Independent examiner David Goldberg FCA DChA New Burlington House 1075 Finchley Road LONDON NW11 0PU
Structure, governance and management
The charity was incorporated on the 6 March 2023 and is an incorporated charity registered with the Charity Commission (Registration No. 1207847). The charity is governed by its Trust Deed.
The day to day affairs of the charity are administered by the Board of Trustees.
It is not currently the intention of the trustees of the charity to appoint new trustees. Should the situation change in the future, the trustees will apply suitable recruitment and training procedures.
Objectives and activities
The objectives of the charity are the relief of the elderly for the public benefit by providing support to assist in the maintenance of the service of the Service to the Aged care home with the aim of providing care to the elderly of the Jewish faith and to further such purposes which are exclusively charitable within the laws of England and Wales as may be determined from time to time by the charity Trustees, through the making of grants.
The Trustees confirm their compliance with the duty to have due regard to the public benefit guidance published by the Charity Commission when reviewing the charity's aims and objectives and in planning future activities.
- 1 -
Friends of Sage Limited Company Limited by Guarantee Trustees. Annual Report (ID¢orporating lh¢ Director's Report) (conhnue4J Period from 6 March 2023 to 31 August 2024 A¢hievements and perforniance The financial results of the charity for the period ended 31 August ?024 are llY refl¢cted in ihe atiached Financial Staiements together with the Notes therein. During ihe accounting period donations recelved from a fidraiSing gala dinner and other activiti¢s raised £19?.6?3. Finallcial review The Statem¢rLt of Statemeni of Financial Activities shows a nei deficit for the period of £7.J49 and iotal reserves of £7.349 (deficit). Reserves Policy It is the policy of the charity to maintain unrestricted hnds which are the free reserve of the charity, at a level ivhi¢h the trustees think appropriate after considering the fuwre commitments of the charity and the likely athnini5trdtive costs of the charity for the nLxi year. As at 31 August 2024 the ¢hority had £7.349 {deficit) Unrestricied Funds. Risk Managcmcnt The trusiees hai'e identified and reN'ieM"ed the major risk% io ivhich the charitv is exposed. in parti¢ular those related to the op¢rations and finance of the charit).. and are saiisfied ihat systems are in place to mangge those risks. Smal] company provisiotts This report has been prepared in COrdanCe with the provisions applicable to companies ¢ntiiled to the small companies exempiion. The trnstees, annual report was approved on ...?.Apnl 2025 irustee5 by.. . and signed on behalf of th¢ board of MrSJG Trustee dbe
Friends of Sage Limited Company Limited by Guarantee IndepeDd¢nt Examiner's Report to the Truslees of Friends of Sage Limited Perlod from 6 March 2023 to 31 Augusl 2024 I report to the trust¢es on my examination of the financial statements of Friends of Sage Limited ('the charity,) for the period ended 31 August 2024. Responsibilities and basis of report As th¢ trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requiremenls of the Companies Act 2006 {'th¢ 2006 Act,). Having satisfied myself that the accounts of the company are not r¢quired to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in resp¢Gt of my examination of the charity's accounts as caled out under section 145 of the Charities Act 2011 ('the 2011 Act,). In carying oul my examination I have followed the Directions giv¢n by the Charity Commission under section 145(5Xb) of th¢ 2011 Act. Independent examlner's statement I have completed my examination. l ¢onfim] th&t no matters have come to my attention in COnnli0n with the examination giving me cause to believe.. accountin8 records We not kept in respect of ih¢ charity as required by section 386 of the 2006 A¢t' or the financial statem¢nts do not accord with those records. or the financial statemenls do not comply with ihe accounting requirements of section 396 of the 2006 Act other Ihan any requiremcnt that the accounts give a 'lrue and fair, view which is not a matter consid¢red as part of Mn ind¢pendent examination. or the financial statements have not been prepared in accordanc¢ with the methods and principles of the Statemenl of Recomin¢nded Practice for accounting and reporting by charilies applicabl¢ to charili¢s preparing iheir accounts in accordance with the Financial Reporting Standard applicable in the UK And Republic of Ireland (FRS 102), I have no concerns and hav¢ Gome acro$s no other matters in cOnntIon with the examinalion to which attention should be drawn in this report in order to enable a proper und¢rstsndin8 of the accounts to be r¢a¢hed. erg FCA DChA ndent Examin¢r New Burlington House 1075 Fin¢hley Road LONDON NWI I OPU 2 April 2025
Friends of Sage Limited
Company Limited by Guarantee
Statement of Financial Activities (including income and expenditure account)
Period from 6 March 2023 to 31 August 2024
| Period from | 6 Mar 23 to | ||
|---|---|---|---|
| 31 Aug 24 | |||
| Unrestricted | |||
| funds | Total funds | ||
| Note | £ | £ | |
| Income and endowments | |||
| Donations and legacies | 5 | 192,623 | 192,623 |
|
|
||
| Total income | 192,623 | 192,623 | |
|
|
||
| Expenditure | |||
| Expenditure on raising funds: | |||
| Costs of raising donations and legacies | 6 | 191,251 | 191,251 |
| Expenditure on charitable activities | 7,8 | 8,721 | 8,721 |
|
|
||
| Total expenditure | 199,972 | 199,972 | |
|
|
||
|
|
||
| Net expenditure and net movement in funds | (7,349) | (7,349) | |
|
|
||
| Reconciliation of funds | |||
| Total funds brought forward | – | – | |
|
|
||
| Total funds carried forward | (7,349) | (7,349) | |
|
|
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 6 to 11 form part of these financial statements.
- 4 -
Friends of Sage Limited Company Limited bv Guarantee Statement of Financial Position 31 August 2024 31 Aug 24 Nat¢ Current #ssets D¢bwrs Cash at bank and in hand 12 36,448 17,988 54.436 Creditors: amounts falling due within one year Net current liabilitie5 13 61,785 7,349 (7,J49) Total Sets less current liabilities Fund$ of tho ebarity Unrestri¢ted fun¢ls {7.3491 {7,349) Totsl cbArity funds 15 For the period ending 31 August ?0?4 th¢ charity was entitled to exempiion from audit under section 477 of the Companies Act 9006 relating to Small companies. Dir¢¢tors' r¢sponsibilities: The members have not required the companv w obiain an audit of its financial statcments for the period in question in accordance with section 476. The directors acknowledge ihcir r¢sponsibilitÈes for complying with the requirem¢nts of the Act with respeci io accounting records and th¢ preparation of financial statements. Thes¢ financÈal statements have been prepared in a¢cordance with the provisions applicable to companies subjeet to the sÉnall ¢ompanies' regime. These financial SLiiements ivere approi'ed by the board of trustees and authori5ed for on 2.Ap.ril 2Q25 . and are signed on IhaIr of the board by: Mrsj Trust¢e dberg The Dotes On P8e$ 6 to li form PArt of ibese fiN4neil st4t*thtbts.
Friends of Sage Limited
Company Limited by Guarantee
Notes to the Financial Statements
Period from 6 March 2023 to 31 August 2024
1. General information
The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is New Burlington House, 1075 Finchley Road, London, NW11 0PU.
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 Companies Act 2006.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.
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.
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.
- 6 -
Friends of Sage Limited
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Period from 6 March 2023 to 31 August 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.
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.
- 7 -
Friends of Sage Limited
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Period from 6 March 2023 to 31 August 2024
3. Accounting policies (continued)
Financial instruments (continued)
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.
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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises.
4. Limited by guarantee
The charity is a company limited by guarantee and has no share capital. The liability of each trustee in the event of winding up is limited to a sum not exceeding £10.
- 8 -
Friends of Sage Limited
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Period from 6 March 2023 to 31 August 2024
5. Donations and legacies
| 5. | Donations and legacies | ||
|---|---|---|---|
| Unrestricted | Total Funds | ||
| Funds | 2024 | ||
| £ | £ | ||
| Donations | |||
| Donations receivable | 192,623 | 192,623 | |
|
|
||
| 6. | Costs of raising donations and legacies | ||
| Unrestricted | Total Funds | ||
| Funds | 2024 | ||
| £ | £ | ||
| Fundraising costs | 191,251 | 191,251 | |
|
|
||
| 7. | Expenditure on charitable activities by fund type | ||
| Unrestricted | Total Funds | ||
| Funds | 2024 | ||
| £ | £ | ||
| Support costs | 8,721 | 8,721 | |
|
|
||
| 8. | Expenditure on charitable activities by activity type | ||
| Total funds | |||
| Support costs | 2024 | ||
| £ | £ | ||
| Governance costs | 8,721 | 8,721 | |
|
|
||
| 9. | Independent examination fees | ||
| Period from | |||
| 6 Mar 23 to | |||
| 31 Aug 24 | |||
| £ | |||
| Fees payable to the independent examiner for: | |||
| Independent examination of the financial statements | 2,400 | ||
|
10. Staff costs
The total staff costs and employee benefits for the reporting period are analysed as follows:
| Period from | |
|---|---|
| 6 Mar 23 to | |
| 31 Aug 24 | |
| £ | |
| Wages and salaries | 53,877 |
| Employer contributions to pension plans | 7,940 |
| Other employee benefits | 7,656 |
|
|
| 69,473 | |
|
- 9 -
Friends of Sage Limited
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Period from 6 March 2023 to 31 August 2024
10. Staff costs (continued)
The average head count of employees during the period was 2.
No employee received employee benefits of more than £60,000 during the year (2023: Nil).
11. Trustee remuneration and expenses
There was no remuneration paid to the trustees. The charity did not meet any individual expenses incurred by the trustees for services provided to the charity.
12. Debtors
| Debtors | |
|---|---|
| 31 Aug 24 | |
| £ | |
| Other debtors | 36,448 |
|
|
| Creditors: amounts falling due within one year | |
| 31 Aug 24 | |
| £ | |
| Social security and other taxes | 1,097 |
| Other creditors | 60,688 |
|
|
| 61,785 | |
|
13. Creditors: amounts falling due within one year
14. Pensions and other post retirement benefits
Defined contribution plans
The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £7,940.
15. Analysis of charitable funds
Unrestricted funds
| Unrestricted funds | ||||||
|---|---|---|---|---|---|---|
| At | 6 | At 31 | ||||
| March | August | |||||
| 2023 | Income | Expenditure | 2024 | |||
| £ | £ | £ | £ | |||
| General funds | – | 192,623 | (199,972) | (7,349) | ||
|
|
|
|
|||
| 16. | Analysis of net assets between funds | |||||
| Unrestricted | Total Funds | |||||
| Funds | 2024 | |||||
| £ | £ | |||||
| Current assets | 54,436 | 54,436 | ||||
| Creditors less than 1 year | (61,785) | (61,785) | ||||
|
|
|||||
| Net liabilities | (7,349) | (7,349) | ||||
|
|
- 10 -
Friends of Sage Limited
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Period from 6 March 2023 to 31 August 2024
17. Related parties
Included in Other Creditors ( Note 13 ) are amounts aggregating £58,287 due to Service to the Aged Limited of which Mr S J Goldberg , a Trustee of this Charity , is also a Trustee.
- 11 -