Society for Education Limited Charity Accounts

Society for Education Limited Charity Accounts

SOCIETY FOR EDUCATION LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 04964185
CHARITY REGISTRATION NUMBER: 1102452
Society for Education Limited
Company Limited by Guarantee
Unaudited Financial Statements
31 December 2019
Society for Education Limited
Company Limited by Guarantee
Financial Statements
Period from 1 December 2018 to 31 December 2019
Page
Trustees' annual report (incorporating the director's report)
1
Independent examiner's report to the trustees
4
Statement of financial activities (including income and expenditure account)
5
Statement of financial position
6
Notes to the financial statements
7
Society for Education Limited
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report)
Period from 1 December 2018 to 31 December 2019
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 December 2019 .
Reference and administrative details
Registered charity name
Society for Education Limited
Charity registration number
1102452
Company registration number
04964185
Principal office and registered
36-38 Gladstone Terrace
office
Gateshead
Tyne & Wear
NE8 4EF
The trustees
R Green
S Bamberger
Company secretary
B Halle
Independent examiner
GK & Co. LLP
Hallswelle House
1 Hallswelle Road
London
NW11 0DH
Structure, governance and management
Legal and Administrative information
The charity is governed by its memorandum and Articles of Association dated 14 November 2003.
Risk Management
The trustees assess the risks under which the charity operates, and wherever possible, they put measures into place to minimise those risks.
The principal risks identified are:
Financial risk- This is minimised by having the charity operate its banking arrangements through a major clearing bank.
The trustees always ensure that the charity has sufficient funding available to meet all day to day expenditure.
Credit risk- The trustees ensure that all amounts due to the charity are settled on a timely basis.
Training
The trustees periodically assess the possible requirements training of the trustees and staff, and where found to be appropriate, arrange for for such training to take place.
Objectives and activities
The object of the charity is the advancement of education in the Jewish faith.
The trustee regularly consider the charities objectives so far as they relate to public benefit. Reference is made to Guidance issued by the Charity Commission and other organisations to ensure that the charity is fully compliant with all aspects of public benefit with specific regard to education and religious training institutions.
Strategic report
The following sections for achievements and performance and financial review form the strategic report of the charity.
Achievements and performance
During the year the Charity acquired additional investment property with a view to providing a solid income stream for the future, to generate funds for charitable expenditure.
Financial review
During the year, the Charity incurred a moderate operating surplus, which arose mainly from the newly-acquired property portfolio.
Reserves Policy
The trustees and management meet on a quarterly basis to review the reserves of the charity and its future requirements.
All future needs are considered together with the risk or contingencies that may exist.
The reserves at the end of the 2019 financial year were £589,783 (2018-£532,767) which is considered to be adequate to meet anticipated obligations for the foreseeable future.
Plans for future periods
The trustees intentions are for the charity to continue its activities in a similar manner to that applied for the current and previous years.
The trustees' annual report and the strategic report were approved on 3 May 2020 and signed on behalf of the board of trustees by:
R Green
S Bamberger
Trustee
Trustee
Society for Education Limited
Company Limited by Guarantee
Independent Examiner's Report to the Trustees of Society for Education Limited
Period from 1 December 2018 to 31 December 2019
I report to the trustees on my examination of the financial statements of Society for Education Limited ('the charity') for the period ended 31 December 2019.
Responsibilities and basis of report
As the 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 requirements of the Companies Act 2006 ('the 2006 Act’).
Having satisfied myself that the accounts of the company 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 matters have come to my attention in connection with the examination giving me cause to believe:
1. accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or
2. the financial statements do not accord with those records; or
3. the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act 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; or
4. the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
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.
GK & Co. LLP Independent Examiner
Hallswelle House 1 Hallswelle Road London NW11 0DH
3 May 20
Society for Education Limited
Company Limited by Guarantee
Statement of Financial Activities
(including income and expenditure account)
Period from 1 December 2018 to 31 December 2019
Period from 1 Dec 18 to 31 Dec 19
Year to 30 Nov 18
Unrestricted funds
Total funds
Total funds
Note
£
£
£
Income and endowments
Donations and legacies
5
2,000
2,000
2,000
Investment income
6
218,567
218,567
164,815
---------
---------
---------
Total income
220,567
220,567
166,815
---------
---------
---------
Expenditure
Expenditure on raising funds:
Property outgoings
117,183
117,183
90,816
Expenditure on charitable activities
46,368
46,368
1,439
---------
---------
---------
Total expenditure
163,551
163,551
92,255
---------
---------
---------
---------
---------
---------
Net income and net movement in funds
57,016
57,016
74,560
---------
---------
---------
Reconciliation of funds
Total funds brought forward
532,767
532,767
458,207
---------
---------
---------
Total funds carried forward
589,783
589,783
532,767
---------
---------
---------
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
Society for Education Limited
Company Limited by Guarantee
Statement of Financial Position
31 December 2019
31 Dec 19
30 Nov 18
Note
£
£
£
Fixed assets
Investments
9
2,017,480
1,951,511
Current assets
Debtors
10
14,762
28,075
Cash at bank and in hand
112
16,747
--------
--------
14,874
44,822
Creditors: amounts falling due within one year
11
447,881
439,327
---------
---------
Net current liabilities
433,007
394,505
------------
------------
Total assets less current liabilities
1,584,473
1,557,006
Creditors: amounts falling due after more than one year
12
994,690
1,024,239
------------
------------
Net assets
589,783
532,767
------------
------------
Funds of the charity
Unrestricted funds
589,783
532,767
---------
---------
Total charity funds
13
589,783
532,767
---------
---------
For the period ending 31 December 2019 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476 ;
- The directors 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 provisions applicable to companies subject to the small companies' regime.
These financial statements were approved by the board of trustees and authorised for issue on 3 May 20 , and are signed on behalf of the board by:
R Green
S Bamberger
Trustee
Trustee
Society for Education Limited
Company Limited by Guarantee
Notes to the Financial Statements
Period from 1 December 2018 to 31 December 2019
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 36-38 Gladstone Terrace, Gateshead, Tyne & Wear, NE8 4EF.
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, 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.
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, non-charitable 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.
Investments
Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impairment.
Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in income or expenditure. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value taken through income or expenditure. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value taken through income or expenditure. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
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. 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. Limited by guarantee
The society is Limited by Guarantee and as such, the members may each be called upon to make a payment of up to £1 in the event of the winding up of the charity.
5. Donations and legacies
Unrestricted Funds
Total Funds 2019
Unrestricted Funds
Total Funds 2018
£
£
£
£
Donations
Donations receivable
2,000
2,000
2,000
2,000
-------
-------
-------
-------
6. Investment income
Unrestricted Funds
Total Funds 2019
Unrestricted Funds
Total Funds 2018
£
£
£
£
Income from investment properties
218,567
218,567
164,815
164,815
---------
---------
---------
---------
7. Independent examination fees
Period from
1 Dec 18 to
Year to
31 Dec 19
30 Nov 18
£
£
Fees payable to the independent examiner for:
Independent examination of the financial statements
1,440
1,440
-------
-------
8. Trustee remuneration and expenses
No remuneration or other benefits from employment with the charity or a related entity were received by any trustee.
9. Investments
Investment properties
£
Cost or valuation
At 1 December 2018
1,951,511
Additions
65,969
------------
At 31 December 2019
2,017,480
------------
Impairment
At 1 December 2018 and 31 December 2019
Carrying amount
At 31 December 2019
2,017,480
------------
At 30 November 2018
1,951,511
------------
All investments shown above are held at valuation.
Investment properties
As all investment properties have been newly acquired, they have been valued at the year end by the trustees and are considered to be stated at the fair open market value.
10. Debtors
31 Dec 19
30 Nov 18
£
£
Prepayments and accrued income
14,762
28,075
--------
--------
11. Creditors: amounts falling due within one year
31 Dec 19
30 Nov 18
£
£
Bank loans and overdrafts
26,969
26,636
Accruals and deferred income
828
1,800
Other creditors
420,084
410,891
---------
---------
447,881
439,327
---------
---------
12. Creditors: amounts falling due after more than one year
31 Dec 19
30 Nov 18
£
£
Bank loans and overdrafts
994,690
1,024,239
---------
------------
13. Analysis of charitable funds
Unrestricted funds
At 1 December 2018
Income
Expenditure
At 31 December 2019
£
£
£
£
General funds
532,767
220,567
(163,551)
589,783
---------
---------
---------
---------
At 1 December 2017
Income
Expenditure
At 30 November 2018
£
£
£
£
General funds
458,207
166,815
(92,255)
532,767
---------
---------
--------
---------
14. Analysis of net assets between funds
Unrestricted Funds
Total Funds 2019
£
£
Investments
2,017,480
2,017,480
Current assets
14,874
14,874
Creditors less than 1 year
(447,881)
(447,881)
Creditors greater than 1 year
(994,690)
(994,690)
------------
------------
Net assets
589,783
589,783
------------
------------
Unrestricted Funds
Total Funds 2018
£
£
Investments
1,951,511
1,951,511
Current assets
44,822
44,822
Creditors less than 1 year
(439,327)
(439,327)
Creditors greater than 1 year
(1,024,239)
(1,024,239)
------------
------------
Net assets
532,767
532,767
------------
------------