REGISTERED COMPANY NUMBER: 01934028 REGISTERED CHARITY NUMBER: 294578
REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 FOR BRITISH LEBANESE ASSOCIATION LIMITED
BRITISH LEBANESE ASSOCIATION
LIMITED CONTENTS OF THE FINANCIAL
for the year ended 31 August 2022
STATEMENTS
| Page | |
|---|---|
| Report of the Trustees | 1 to 3 |
| Independent Examiner’s Report | |
| 4 | |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 |
| Notes to the Financial Statements | 7 to 9 |
BRITISH LEBANESE ASSOCIATION LIMITED
REPORT OF THE TRUSTEES for the year ended 31 August 2022
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 August 2022.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number 01934028
Registered Charity number 294578
Registered
office 1 Hyde Park Gate London SW7 5EW
Trustees
Mrs Baria Alamuddin Sir David Richmond KBE CMG Mrs Maria Shammas MBE Mrs Lisa Zakhem
Director Director & Chairman Director & Vice-Chairman Director & Hon Secretary
Company Secretary
Mrs Lisa Zakhem
Independent examiner
Moore Kingston Smith LLP Orbital House 20 Eastern Road Romford Essex RM1 3PJ
Page 1
BRITISH LEBANESE ASSOCIATION LIMITED
REPORT OF THE TRUSTEES - CONTINUED
for the year ended 31 August 2022
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.
Recruitment and appointment of new trustees
New Trustees are appointed due to their interest in the work of the charity and their recognised experience in specific fields which will further support the work of The British Lebanese Association.
Induction and training of new trustees
New Trustees are given a full induction by the Chairman and Hon Secretary. Trustees can retire when they wish as they do not serve under a fixed term of tenure.
Organisational structure
An Executive Committee was established to incorporate 2 main objectives:-
- a) To maintain good governance and exercise effective financial management control of the Charity's business. b) To propose policy matters affecting the management and finances of the Charity to the Board and to oversee their implementation.
The Committee meets on a quarterly basis.
The Board of Trustees has overall control of the Charity's activities and meet on a quarterly basis.
Wider network
At present The British Lebanese Association does not consider itself part of a wider network.
Related parties
The British Lebanese Association has no related organisations or companies.
Risk management
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
OBJECTIVES AND ACTIVITIES Objectives and
aims
The main objects of the charity are:
-
To advance the education of the people of the United Kingdom and the people of Lebanon
-
To relieve the poverty, deprivation, and hardship of the people of Lebanon
-
To repair, maintain, improve, upkeep and preserve the heritage of Lebanese heritage sites
-
To promote sustainable development for the benefit of the general public in Lebanon
ACHIEVEMENT AND PERFORMANCE
Charitable activities
The British Lebanese Association has continued to promote and finance exhibitions and lecture events.
Fundraising activities
Various fundraising functions have been organised all of which proved to be successful.
Internal and external factors
The trustees have made full assessment of the internal and external factors that may affect these financial statements and do not deem any factors material enough to have an impact.
FINANCIAL REVIEW
Reserves policy
The trustees have established a policy whereby the funds not committed or invested in tangible fixed assets (“free reserves”) held by the charity should be sufficient to cover the associations charitable purposes, which is approximately £30,000 per annum.
The actual free reserves at 31 August 2022 were £63,035 which is £33,035 in excess of our target figure.
Principal funding sources
The British Lebanese Association is pleased and fortunate to receive funding from a number of organisations and fundraising events.
Overall the charity has experienced a difficult year, however the reserves held are well in excess of our target figure. We hope to have an improved year next year.
FUTURE DEVELOPMENTS
The British Lebanese Association will continue to fund scholarships for Lebanese students coming to the UK and to contribute to charities in Lebanon which aim to serve all communities.
Page 2
BRITISH LEBANESE ASSOCIATION LIMITED
REPORT OF THE TRUSTEES - CONTINUED for the year ended 31 August 2022
PUBLIC BENEFIT REPORT
contribute to the aims and objectives set.
Audit exemption
not been carried out for the year under review.
Statement of trustees’ responsibilities
regulations.
company for that period. In preparing these financial statements, the trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
make judgments and accounting estimates that are reasonable and prudent;
-
will continue in business.
transactions and disclose with reasonable accuracy at any time the financial position of the cha ensure that the financial statements comply with the Companies Act 2006. They are also respon charitable company and hence for taking reasonable steps for the prevention and detection of f
Act 2006.
ON BEHALF OF THE BOARD:
Mrs Lisa Zakhem - Secretary
Date: ………………………….
Page 3
INDEPENDENT EXAMINER ' S REPORT TO THE TRUSTEES OF BRITISH LEBANESE ASSOCIATION LIMITED
I report to the trustees on my examination of the accounts of the charity for the year ended 31 August 2022.
Responsibilities and basis of report
As the charity’s trustees (and also 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 charity 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 charity’s accounts as 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
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination which gives me cause to believe that in, any material respect:
-
the accounting records were not kept in accordance with section 130 of the Charities Act; or
-
the accounts did not accord with the accounting records; or
-
the accounts 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.
Steven Rushmer
Independent Examiner For and on behalf of Moore Kingston Smith LLP Chartered Accountants Orbital House 20 Eastern Road Romford Essex RM1 3PJ
Date: ………………………………
BRITISH LEBANESE ASSOCIATION LIMITED
Page 4
STATEMENT OF FINANCIAL ACTIVITIES
for the year ended 31 August 2022
| Notes INCOME FROM Donations and gifts Total EXPENDITURE ON Charitable activities 3 Net movement in funds RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
2022 Unrestrict ed Funds £ 2021 Unrestrict ed Funds £ 34,211 41,926 |
|---|---|
| 34,211 41,926 34,701 82,672 |
|
| (490) (40,746) 63,525 104,271 |
|
| 63,035 63,525 |
The notes on pages 7 to 9 form part of these financial statements.
All incoming resources and resources expended derive from continuing activities.
The charitable company has no recognised gains or losses other than the net movement in funds for the year.
Page 5
BRITISH LEBANESE ASSOCIATION LIMITED
BALANCE SHEET
At 31 August 2022
| Notes CURRENT ASSETS Debtors 6 Cash at bank CREDITORS Amounts falling due within one year 7 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS Unrestricted funds TOTAL FUNDS |
2022 Unrestricted Funds £ 2021 Unrestrict ed Funds £ 197 - 66,138 66,641 |
|---|---|
| 66,335 66,641 (3,300) (3,116) |
|
| 63,035 63,525 |
|
| 63,035 63,525 |
|
| 63,035 63,525 |
|
| 63,035 63,525 |
|
| 63,035 63,525 |
For the financial year ended 31 August 2022 the charitable company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the charitable company to obtain an audit of its financial statements for the year in question in accordance with section 476 of the Companies Act 2006.
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared in accordance with the special provisions relating to small companies within part 15 of the Companies Act 2006.
The financial statements were approved by the Board of Trustees on ………………. and were signed on its behalf by:
………………………………. Sir David Richmond - Trustee
The notes on pages 7 to 9 form part of these financial statements.
Page 6
BRITISH LEBANESE ASSOCIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2022
1. ACCOUNTING POLICIES
Company information
British Lebanese Association Limited is a private company limited by guarantee domiciled and incorporated in England and Wales. The registered office is 1 Hyde Park Gate, London, SW7 5EW.
Accounting convention
The financial statements have been prepared under the historical cost convention. The financial statements have been prepared in accordance with 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 effective 1 January 2015 (The FRS 102 Charities SORP), the Companies Act 2006 and Charities Act 2011.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound.
The trustees confirm that the charitable company meets the definition of a public benefit entity under FRS102.
Going concern
The trustees have at the time of approving the financial statements, a reasonable expectation that the charitable company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Income
Income is included on the Statement of Financial Activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy.
Expenditure
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.
Allocation and apportionment of costs
Overhead and support cost relating to charitable activities have been apportioned based on usage.
Financial Instruments
All of the company’s financial assets and liabilities are basic, measured at amortised cost.
Cash and cash equivalents
Cash and cash equivalents include cash in hand and deposits held at call with banks.
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.
Cash flow statement
The charitable company has not prepared a statement of cash flows as it qualifies as a small charity.
BRITISH LEBANESE ASSOCIATION LIMITED
Page 78
NOTES TO THE FINANCIAL STATEMENTS - CONTINUED for the year ended 31 August 2022
2. CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
In the application of the charitable company’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods. Actual results may differ from these estimates.
In the opinion of the trustees there are no critical accounting estimates or judgements.
3. EXPENDITURE
| 2022 | 2021 | |||
|---|---|---|---|---|
| Direct costs | Support | Direct costs | Support | |
| costs | costs | |||
| £ | £ | £ | £ | |
| Charitable activities | ||||
| Donations | 17,144 | - | 59,379 | - |
| IT and other direct costs | - | 260 | - | 276 |
| Accountancy | - | 2,500 | - | 2,000 |
| Ofce services | - | 8,471 | - | 11,100 |
| Foreign exchange | - | - | - | 537 |
| General expenses | - | 3,720 | - | 3,600 |
| Legal fees | - | 1,880 | - | 3,058 |
| Subscriptions | - | - | - | 160 |
| Advertising & marketing | - | (300) | - | 1,438 |
| Bank charges | - | 1,026 | - | 1,124 |
| 17,1 | 17,557 | 59,3 | 23,293 | |
| 44 | 79 |
4. EMPLOYEES
The average number of employees during the year was nil (2021: nil).
5. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 August 2022 nor for the year ended 31 August 2021.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 August 2022 nor for the year ended 31 August 2021 .
There are no other related party transactions.
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||
|---|---|---|---|
| 2022 | 2021 | ||
| £ | £ | ||
| Other debtors | 197 | - |
BRITISH LEBANESE ASSOCIATION LIMITED NOTES TO THE FINANCIAL STATEMENTS - CONTINUED for the year ended 31 August 2022
7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021 £ £ Trade creditors 1,800 1,150 Other creditors 1,500 1,966
3,300 3,116
8. COMPANY STATUS
The charity is a company limited by guarantee not having share capital. In the event of winding up, under the terms of Memorandum of Association each member guarantees to contribute a sum not exceeding £10.
Page 9
BRITISH LEBANESE ASSOCIATION LIMITED DETAILED STATEMENT OF FINANCIAL ACTIVITIES
for the year ended 31 August 2022
| INCOME Donations and Donations Total income EXPENDITURE Charitable activities Donations Governance costs Accountancy Support costs IT and other direct costs Ofce services Advertising Bookkeeping Subscriptions Legal expenses Finance Bank charges Foreign exchange Total expenditure Net expenditure |
2022 £ 2021 34,211 41,926 |
|---|---|
| 34,211 41,926 17,144 59,379 2,500 2,000 260 276 8,471 11,100 (300) 1,428 3,720 3,600 - 160 1,880 3,058 |
|
| 33,675 81,011 1,026 1,124 - 537 |
|
| 34,701 82,672 (490) (40,746) |
This page does not form part of the statutory financial statements.