FOUNDATION FOR RESEARCH AND EDUCATION IN ECONOMICS
FINANCIAL STATEMENTS
30 SEPTEMBER 2021
Charity Number 270958
STUART MAURICE
Accountants
Radiant House 28-30 Fowler Road Hainault Essex IG6 3UT
FINANCIAL STATEMENTS
YEAR ENDED 30 SEPTEMBER 2021
| CONTENTS | PAGE |
|---|---|
| Trustees Annual Report | 1 |
| Statement of Financial Activities | 3 |
| Balance sheet | 4 |
| Notes to the financial statements | 5 |
FOUNDATION FOR RESEARCH & EDUCATION IN ECONOMICS
TRUSTEES ANNUAL REPORT
YEAR ENDED 30 SEPTEMBER 2021
The trustees have pleasure in presenting their report and the unaudited financial statements of the charity for the year ended 30 September 2021.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered charity name Foundation for Research and Education in Economics Charity registration number 270958 Principal office 23 Great Smith Street London SW1P 3BL
THE TRUSTEES
The trustees who served the company during the period were as follows:
Dr E Butler Dr M Pirie Accountants Stuart Maurice Accountants Radiant House 28-30 Fowler Road Hainault Essex IG6 3UT Bankers Metro Bank One Southampton Row London WC1B 5HA
STRUCTURE, GOVERNANCE AND MANAGEMENT
OBJECTIVES AND ACTIVITIES
The Foundation exists for the funding of research, conferences and publications in the general field of social sciences.
ACHIEVEMENTS AND PERFORMANCE
FINANCIAL REVIEW
The charity is not exposed to any major risks
No Grants or Donations were awarded during the year.
PLANS FOR FUTURE PERIODS
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FOUNDATION FOR RESEARCH & EDUCATION IN ECONOMICS
TRUSTEES ANNUAL REPORT (continued)
YEAR ENDED 30 SEPTEMBER 2021
RESPONSIBILITIES OF THE TRUSTEES
The charity's trustees are responsible for preparing the Trustees Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2006. The trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Signed on behalf of the trustees
Dr E Butler Trustee
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FOUNDATION FOR RESEARCH & EDUCATION IN ECONOMICS
STATEMENT OF FINANCIAL ACTIVITIES
YEAR ENDED 30 SEPTEMBER 2021
| Total | |||
|---|---|---|---|
| Funds | Total Funds | ||
| 2021 | 2020 | ||
| Note | £ | £ | |
| INCOMING RESOURCES | |||
| Incoming resources from generating funds: | |||
| Voluntary income | 2 | --- | --- |
| Activities for generating funds | 3 | – | – |
| Investment income | 4 | – | – |
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| TOTAL INCOMING RESOURCES | -- | -- | |
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| RESOURCES EXPENDED | |||
| Costs of generating funds: | |||
| Costs of generating voluntary income | 5 | -- | - |
| Fundraising trading: cost of goods sold and other costs | 6 | -– | - |
| Exceptional costs of charitable activities | 7/8 | -- | 1,000 |
| Governance costs | 9 | – | – |
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| TOTAL RESOURCES EXPENDED | -- | 1,000 | |
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| NET INCOMING/(OUTGOING) RESOURCES FOR THE YEAR | – | – | |
| RECONCILIATION OF FUNDS | |||
| Total funds brought forward | 183 | 1,183 | |
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| TOTAL FUNDS CARRIED FORWARD | 183 | 183 | |
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The Statement of Financial Activities includes all gains and losses in the year and therefore a statement of total recognised gains and losses has not been prepared.
All of the above amounts relate to continuing activities.
The notes on pages 5 to 6 form part of these financial statements.
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FOUNDATION FOR RESEARCH & EDUCATION IN ECONOMICS
BALANCE SHEET
30 SEPTEMBER 2021
| 2021 | 2020 | |||
|---|---|---|---|---|
| Note | £ | £ | ||
| CURRENT ASSETS | ||||
| Cash at bank | 183 | 1,183 | ||
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| NET CURRENT ASSETS | 183 | 1,183 | ||
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| TOTAL ASSETS LESS CURRENT LIABILITIES | 183 | 1,183 | ||
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| FUNDS | ||||
| Unrestricted income funds | 11 | 183 | 1,183 | |
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| TOTAL FUNDS | 183 | 1,183 | ||
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These financial statements were approved by the members of the committee on the 5th April 2022 and are signed on their behalf by:
Dr E Butler Trustee
The notes on pages 5 to 6 form part of these financial statements.
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FOUNDATION FOR RESEARCH & EDUCATION IN ECONOMICS
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 SEPTEMBER 2021
1. ACCOUNTING POLICIES
Basis of accounting
The financial statements have been prepared under the historical cost convention and in accordance with applicable United Kingdom accounting standards, the Statement of Recommended Practice "Accounting and Reporting by Charities" issued in March 2005 (SORP 2005) and the Charities Act 2011.
Fixed assets
All fixed assets are initially recorded at cost.
2. VOLUNTARY INCOME
| VOLUNTARY INCOME | |||
|---|---|---|---|
| Unrestricted | Total Funds | Total Funds | |
| Funds | 2021 | 2020 | |
| £ | £ | £ | |
| Donations | |||
| Donations type 1 | -- | -- | -- |
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| COSTS OF GENERATING VOLUNTARY INCOME | |||
| Total Funds | Total Funds | ||
| 2021 | 2020 | ||
| £ | £ | ||
| Costs of generating income - Other activity 1 | -- | -- | |
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| COSTS OF CHARITABLE ACTIVITIES BY FUND TYPE | |||
| Total Funds | Total Funds | ||
| 2021 | 2020 | ||
| £ | £ | ||
| Exceptional costs of charitable activities | -- | 1,000 | |
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3. COSTS OF GENERATING VOLUNTARY INCOME
4. COSTS OF CHARITABLE ACTIVITIES BY FUND TYPE
5. STAFF COSTS AND EMOLUMENTS
No salaries or wages have been paid to employees, including the members of the committee, during the year.
6. UNRESTRICTED INCOME FUNDS
| Balance at | Incoming | Balance at | |
|---|---|---|---|
| 1 October 2021 | resources | 30 September 2020 | |
| £ | £ | £ | |
| Designated Fund 1 - desc in a/cs | – | – | 0 |
| General Funds | 183 | – | 1,183 |
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|
| 183 | – | 1,183 | |
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FOUNDATION FOR RESEARCH & EDUCATION IN ECONOMICS
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 SEPTEMBER 2021
7. ANALYSIS OF NET ASSETS BETWEEN FUNDS
| Net current | ||
|---|---|---|
| assets | Total | |
| £ | £ | |
| Unrestricted Income Funds | 183 | 183 |
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| Total Funds | 183 | 183 |
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