REGISTERED COMPANY NUMBER: 01379554 (England and Wales) REGISTERED CHARITY NUMBER: 281010
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 31 March 2023
for
London Scrap Project Limited
KALA ATKINSON Chartered Certified Accountants
& Statutory Auditors 43 Upton Lane London E7 9PA
London Scrap Project Limited
Contents of the Financial Statements for the Year Ended 31 March 2023
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | ||
| Statement of Financial Activities | 2 | ||
| Balance Sheet | 3 | ||
| Notes to the Financial Statements | 4 | to | 8 |
| Detailed Statement of Financial Activities | 9 |
London Scrap Project Limited
Report of the Trustees for the Year Ended 31 March 2023
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2023. 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 Republic of Ireland (FRS 102) (effective 1 January 2019).
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
01379554 (England and Wales)
Registered Charity number
281010
Registered office
137 Homerton Street London E9 6AS
Trustees
Ms S Smith Mrs E Campbell (Britton) Mrs V Jackson-Reeves I Jackson- Reeves Ms V Joseph Ms S Turner M Bennet
Company Secretary
I Jackson-Reeves
Approved by order of the board of trustees on 31 May 2023 and signed on its behalf by:
Trustee
Page 1
London Scrap Project Limited
Statement of Financial Activities for the Year Ended 31 March 2023
| Unrestricted funds Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 45,280 Other trading activities 2 19,814 Investment income 3 13,500 Total 78,594 EXPENDITURE ON Raising funds - Charitable activities Charitable activity 85,112 Total 85,112 NET INCOME/(EXPENDITURE) (6,518) RECONCILIATION OF FUNDS Total funds brought forward (61,295) TOTAL FUNDS CARRIED FORWARD (67,813) |
Restricted fund £ - - - - - - - - 501,000 501,000 |
31.3.23 Total funds £ 45,280 19,814 13,500 78,594 - 85,112 85,112 (6,518) 439,705 433,187 |
31.3.22 Total funds £ 52,111 5,548 13,500 71,159 54 87,851 87,905 (16,746) 456,451 439,705 |
|---|---|---|---|
The notes form part of these financial statements
Page 2
London Scrap Project Limited
Balance Sheet 31 March 2023
| Notes FIXED ASSETS Tangible assets 7 CURRENT ASSETS Cash at bank CREDITORS Amounts falling due within one year 8 NET CURRENT ASSETS/(LIABILITIES) TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 9 Unrestricted funds Restricted funds TOTAL FUNDS |
Unrestricted funds £ (66,247) 5,638 (7,204) (1,566) (67,813) (67,813) |
Restricted fund £ 501,000 - - - 501,000 501,000 |
31.3.23 Total funds £ 434,753 5,638 (7,204) (1,566) 433,187 433,187 (67,813) 501,000 433,187 |
31.3.22 Total funds £ 434,753 8,520 (3,568) 4,952 439,705 439,705 (61,295) 501,000 439,705 |
|---|---|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
-
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
-
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 31 May 2023 and were signed on its behalf by:
I Jackson- Reeves - Trustee
The notes form part of these financial statements
Page 3
London Scrap Project Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, 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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
2. OTHER TRADING ACTIVITIES
31.3.23 31.3.22 £ £ Shop income 19,814 5,548
continued...
Page 4
London Scrap Project Limited
Notes to the Financial Statements - continued for the Year Ended 31 March 2023
3. INVESTMENT INCOME
| INVESTMENT INCOME | ||
|---|---|---|
| 31.3.23 | 31.3.22 | |
| £ | £ | |
| Rents received | 13,500 | 13,500 |
| NET INCOME/(EXPENDITURE) Net income/(expenditure) is stated after charging/(crediting): Depreciation - owned assets |
31.3.23 £ - |
31.3.22 £ 6,839 |
4. NET INCOME/(EXPENDITURE)
5. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2023 nor for the year ended 31 March 2022.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2023 nor for the year ended 31 March 2022.
6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted funds £ INCOME AND ENDOWMENTS FROM Donations and legacies 52,111 Other trading activities 5,548 Investment income 13,500 Total 71,159 EXPENDITURE ON Raising funds 54 Charitable activities Charitable activity 87,851 Total 87,905 NET INCOME/(EXPENDITURE) (16,746) RECONCILIATION OF FUNDS Total funds brought forward (44,549) TOTAL FUNDS CARRIED FORWARD (61,295) |
Restricted fund £ - - - - - - - - 501,000 501,000 |
Total funds £ 52,111 5,548 13,500 71,159 54 87,851 87,905 (16,746) 456,451 439,705 |
|---|---|---|
continued...
Page 5
London Scrap Project Limited
Notes to the Financial Statements - continued for the Year Ended 31 March 2023
7. TANGIBLE FIXED ASSETS
| Fixtures Freehold and property fittings £ £ COST At 1 April 2022 and 31 March 2023 750,000 16,023 DEPRECIATION At 1 April 2022 and 31 March 2023 315,250 16,022 NET BOOK VALUE At 31 March 2023 434,750 1 At 31 March 2022 434,750 1 8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Social security and other taxes VAT Accrued expenses 9. MOVEMENT IN FUNDS At 1.4.22 £ Unrestricted funds General fund (61,295) Restricted funds Restricted fund 501,000 TOTAL FUNDS 439,705 Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 78,594 TOTAL FUNDS 78,594 |
Motor vehicles Totals £ £ 18,200 784,223 18,198 349,470 2 434,753 2 434,753 31.3.23 31.3.22 £ £ 2,576 440 1,634 1,634 2,994 1,494 7,204 3,568 Net movement At in funds 31.3.23 £ £ (6,518) (67,813) - 501,000 (6,518) 433,187 Resources Movement expended in funds £ £ (85,112) (6,518) (85,112) (6,518) |
|---|---|
continued...
Page 6
London Scrap Project Limited
Notes to the Financial Statements - continued for the Year Ended 31 March 2023
9. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| At 1.4.21 £ Unrestricted funds General fund (44,549) Restricted funds Restricted fund 501,000 TOTAL FUNDS 456,451 Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 71,159 TOTAL FUNDS 71,159 A current year 12 months and prior year 12 months combined position is as follows: At 1.4.21 £ Unrestricted funds General fund (44,549) Restricted funds Restricted fund 501,000 TOTAL FUNDS 456,451 |
Net movement At in funds 31.3.22 £ £ (16,746) (61,295) - 501,000 (16,746) 439,705 Resources Movement expended in funds £ £ (87,905) (16,746) (87,905) (16,746) Net movement At in funds 31.3.23 £ £ (23,264) (67,813) - 501,000 (23,264) 433,187 |
|---|---|
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds | Incoming Resources resources expended £ £ |
Movement in funds £ |
|---|---|---|
| General fund | 149,753 (173,017) |
(23,264) |
| TOTAL FUNDS | 149,753 (173,017) |
(23,264) |
continued...
Page 7
London Scrap Project Limited
Notes to the Financial Statements - continued for the Year Ended 31 March 2023
10. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 March 2023.
Page 8
London Scrap Project Limited
Detailed Statement of Financial Activities for the Year Ended 31 March 2023
| Detailed Statement of Financial Activities for the Year Ended 31 March 2023 |
||
|---|---|---|
| 31.3.23 | 31.3.22 | |
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Subscriptions | 45,280 | 52,111 |
| Other trading activities | ||
| Shop income | 19,814 | 5,548 |
| Investment income | ||
| Rents received | 13,500 | 13,500 |
| Total incoming resources | 78,594 | 71,159 |
| EXPENDITURE | ||
| Other trading activities | ||
| Purchases | - | 54 |
| Charitable activities | ||
| Wages and NIC | 58,784 | 54,286 |
| Rates and water | 6,108 | 6,013 |
| Insurance | 5,670 | 5,229 |
| Light and heat | 2,736 | 2,545 |
| Telephone | 2,511 | 2,464 |
| Postage and stationery | 68 | 46 |
| Sundries | 1,093 | 1,736 |
| Travel and motor | 2,570 | 2,797 |
| Repair and maintenance | 2,238 | 2,213 |
| Freehold property | - | 6,250 |
| Fixtures and fittings | - | 351 |
| Motor vehicles | - | 238 |
| Support costs | 81,778 | 84,168 |
| Finance | ||
| Bank charges | 334 | 189 |
| Governance costs | ||
| Accountancy and legal fees | 3,000 | 3,494 |
| Total resources expended | 85,112 | 87,905 |
| Net expenditure | (6,518) | (16,746) |
This page does not form part of the statutory financial statements
Page 9