Mehr Cultural Foundation
Mehr Cultural Foundation
Registered number: 03783233
Unaudited Financial Statements
For The Year Ended
30 June 2020
Boroumand & Associates LLP
Chartered Accountants
Suite 105, Viglen House
Alperton Lane
London
HA0 1HD
Mehr Cultural Foundation
Unaudited Financial Statements
For The Year Ended
30 June 2020
Unaudited Financial Statements
Contents | |
Page | |
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Balance Sheet | 1 |
Notes to the Financial Statements | 2—3 |
Mehr Cultural Foundation
Balance Sheet
As at
30 June 2020
Balance Sheet
Registered number:
03783233
For the year ending 30 June 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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Notes | £ | £ | £ | £ | |
CURRENT ASSETS | |||||
Cash at bank and in hand |
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NET CURRENT ASSETS (LIABILITIES) |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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NET ASSETS |
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Income and Expenditure Account |
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MEMBERS' FUNDS | 3,066 | 3,121 | |||
Directors' responsibilities:
-
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. -
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. -
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime. - The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income and Expenditure Account.
The financial statements were approved by the board of directors on 1 March 2021 and were signed on its behalf by:
Director
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The notes on pages 2 to 3 form part of these financial statements.
Page 1
Mehr Cultural Foundation
Notes to the Financial Statements
For The Year Ended
30 June 2020
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland " ("FRS 102") and requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in £, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention.
1.2.
Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
1.3.
Turnover
Turnover comprises of donations, publications and other income net of Value Added Tax.
1.4.
Financial Instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to release the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, other loans and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest rate method.
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Mehr Cultural Foundation
Notes to the Financial Statements (continued)
For The Year Ended
30 June 2020
1.5.
Student Grants
All grants are paid directly to universities, colleges and institutions of higher education towards the students' tuition fees.The students take on a verbal honorary undertaking to repay their grants as soon as they are financially able to do so. Since there are no written and legally binding undertaking on the part of the students for repayment, grants are charged to the income and expenditure account as and when they occur. The students repayments are shown as a reduction in the income and expenditure account.
1.6.
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as laibilities once they are no longer at the discretion of the company.
1.7.
Cash at bank and in hand
Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short tem liquid investments with original maturity of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8.
Registrar Filing Requirements
The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the income and expenditure account, directors report, and notes to the financial statements relating to the income and expenditure account. The notes which are not included have been hidden but original note numbering has remained the same for those that are present.
2.
Average Number of Employees
3 (2019: 3)
Average number of employees, including directors, during the year was as follows:
3 (2019: 3)
3.
Company limited by guarantee
The company is limited by guarantee and has no share capital.
Every member of the company undertakes to contribute to the assets of the company, in the event of a winding up, such an amount as may be required not exceeding £1.
4.
Ultimate Controlling Party
The company's ultimate controlling party is the company's directors.
5.
General Information
Mehr Cultural Foundation
is a private company, limited by guarantee, incorporated in England & Wales, registered number
03783233
. The registered office is 68, Canons Drive, Edgware, Midddlesex, HA8 7RD.
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