Square Foundation Limited - Charities report - 22.1

REGISTERED COMPANY NUMBER: 03625736 (England and Wales)

REGISTERED CHARITY NUMBER: 1073111

SQUARE FOUNDATION LIMITED

(A COMPANY LIMITED BY GUARANTEE)

REPORT OF THE TRUSTEES AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2021

Page

Reference and Administrative Details

1

Report of the Trustees

2

Independent Examiner's Report

3

Statement of Financial Activities

4

Balance Sheet

5

to

6

Notes to the Financial Statements

7

to

10

TRUSTEES

Mr A M Surkis

Mr J J Fried

COMPANY SECRETARY

Y M Ciment

REGISTERED OFFICE

47 East Bank

London

N16 5PZ

REGISTERED COMPANY NUMBER

03625736 (England and Wales)

REGISTERED CHARITY NUMBER

1073111

INDEPENDENT EXAMINER

Sugarwhite Meyer Accountants Ltd

First Floor

94 Stamford Hill

London

N16 6XS

BANKERS

National Westminster Bank Plc

250 Regent Street

London

W1B 3BN

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 30 September 2021. 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).

Reference and administrative information

Reference and administrative information is shown on page 1 of the financial statements and forms part of this report.

OBJECTIVES AND ACTIVITIES

Objects for public benefit

The objects of the charity are the advancement of the Orthodox Jewish Religion and Orthodox Jewish Education, the relief of poverty as well as general charitable activities.

The trustees confirm that they have referred to the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning future activities.

ACHIEVEMENT AND PERFORMANCE

Review of activities and achievement

The trustees are pleased with the results for the year. The charity continues to maintain its properties, one used as a synagogue and one used as a school by another charity.

FINANCIAL REVIEW

Reserves policy

The trustees do not seek to maintain reserves, other than to ensure that they can continue the activities of the charity. Reserves at the year end were £1,605,893 (2020 - £1,574,044).

STRUCTURE, GOVERNANCE AND MANAGEMENT

Constitution

The charity is constituted as a limited company and is governed by its Memorandum and Articles of Association dated 3 September 1998.

Organisational structure

The power to appoint new trustees is vested in the current board. New trustees are appointed based on personal competence, specialist skills and experience. They are induced into the working of the charity by the current board. They are also encouraged to read the Charity Commission's various publications on trustees.

Risk management

The trustees have reviewed the major risks that the charity faces and confirm that they have established systems to mitigate them.

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

Approved by order of the board of trustees on 18 August 2022 and signed on its behalf by:

Mr A M Surkis - Trustee

Independent examiner's report to the trustees of Square Foundation Limited ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 30 September 2021.

Responsibilities and basis of report

As the charity's trustees of the Company (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 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 your 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 Company as required by section 386 of the 2006 Act; or

2.	the accounts do not accord with those records; or

3.	the accounts 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 accounts 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.

E Meyer FCA BSc

Institute of Chartered Accountants in England and Wales

Sugarwhite Meyer Accountants Ltd

First Floor

94 Stamford Hill

London

N16 6XS

18 August 2022

2021

2020

Unrestricted

Total

fund

funds

Notes

£

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

21,960

22,010

Other trading activities

2

18,061

18,061

Total

40,021

40,071

EXPENDITURE ON

Charitable activities

3

Charitable activities

8,172

9,596

NET INCOME

31,849

30,475

RECONCILIATION OF FUNDS

Total funds brought forward

1,574,044

1,543,569

TOTAL FUNDS CARRIED FORWARD

1,605,893

1,574,044

2021

2020

Total

Total

funds

funds

Notes

£

£

FIXED ASSETS

Tangible assets

9

1,764,003

1,765,077

CURRENT ASSETS

Cash at bank

2,548

2,444

CREDITORS

Amounts falling due within one year

10

(51,224

)

(49,974

)

NET CURRENT ASSETS

(48,676

)

(47,530

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,715,327

1,717,547

CREDITORS

Amounts falling due after more than one year

11

(109,434

)

(143,503

)

NET ASSETS

1,605,893

1,574,044

FUNDS

Unrestricted funds:

General fund

1,605,893

1,574,044

TOTAL FUNDS

1,605,893

1,574,044

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2021 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 18 August 2022 and were signed on its behalf by:

Mr A M Surkis - Trustee

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.

Support costs are those incurred to assist the work of the charity but are not direct charitable activities.

Governance costs

Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

12.5% on reducing balance

Library

-

10% on reducing balance

Taxation

The charity is exempt from corporation tax on its charitable activities.

Financial instruments

The charity only has financial assets and liabilities of a kind that qualify as basic financial instruments.

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 amount expected to be received or paid and not discounted.

Going concern

There are no material uncertainties about the charity's ability to continue.

2.	OTHER TRADING ACTIVITIES

2021

2020

Unrestricted

Total

funds

funds

£

£

Rental income

18,061

18,061

3.	CHARITABLE ACTIVITIES COSTS

Direct

Support

Costs (see

costs (see

note 4)

note 5)

Totals

£

£

£

Charitable activities

7,212

960

8,172

4.	DIRECT COSTS OF CHARITABLE ACTIVITIES

2021

2020

£

£

Premises Costs

7,212

8,636

5.	SUPPORT COSTS

Governance

costs

£

Charitable activities

960

Support costs, included in the above, are as follows:

2021

2020

Charitable

Total

activities

activities

£

£

Independent examiner's fee

270

270

Independent examiner's other fees

690

690

960

960

6.	NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

2021

2020

£

£

Depreciation - owned assets

1,074

1,246

7.	TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 30 September 2021 nor for the year ended 30 September 2020.

Trustees' expenses

There were no trustees' expenses paid for the year ended 30 September 2021 nor for the year ended 30 September 2020.

8.	AVERAGE STAFF NUMBERS

The average number of staff in the year was Nil ( 2020 - Nil).

9.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

and

property

fittings

Library

Totals

£

£

£

£

COST

At 1 October 2020 and 30 September 2021

1,755,915

82,269

10,089

1,848,273

DEPRECIATION

At 1 October 2020

-

75,107

8,089

83,196

Charge for year

-

896

178

1,074

At 30 September 2021

-

76,003

8,267

84,270

NET BOOK VALUE

At 30 September 2021

1,755,915

6,266

1,822

1,764,003

At 30 September 2020

1,755,915

7,162

2,000

1,765,077

No depreciation is provided on freehold property.

10.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts (see note 12)

32,818

31,568

Other creditors

17,446

17,446

Accruals and deferred income

960

960

51,224

49,974

11.	CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans (see note 12)

109,434

143,503

12.

LOANS

An analysis of the maturity of loans is given below:

2021

2020

£

£

Amounts falling due within one year on demand:

Bank loans

32,818

31,568

Amounts falling due between two and five years:

Bank loans - 2-5 years

61,560

79,906

Amounts falling due in more than five years:

Repayable by instalments:

Bank loans more 5 yr by instal

47,874

63,597

13.	SECURED DEBTS

The following secured debts are included within creditors:

2021

2020

£

£

Bank loans

142,252

175,071

The bank loans are secured by legal charges over the charity's properties.

14.	RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 30 September 2021.