BABYLON TRUST LIMITED Charity Accounts

BABYLON TRUST LIMITED Charity Accounts

BABYLON TRUST LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 07046224
CHARITY REGISTRATION NUMBER: 1136944
BABYLON TRUST LIMITED
Company Limited by Guarantee
Unaudited Financial Statements
31 October 2022
BABYLON TRUST LIMITED
Company Limited by Guarantee
Financial Statements
Year ended 31 October 2022
Page
Trustees' annual report (incorporating the director's report)
1
Independent examiner's report to the trustees
3
Statement of financial activities (including income and expenditure account)
4
Statement of financial position
5
Notes to the financial statements
6
BABYLON TRUST LIMITED
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report)
Year ended 31 October 2022
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 year ended 31 October 2022 .
Reference and administrative details
Registered charity name
BABYLON TRUST LIMITED
Charity registration number
1136944
Company registration number
07046224
Principal office and registered
424 EDGWARE ROAD
office
LONDON
W2 1EG
The trustees
Mr Shakir Shabaa
Mrs Ola Hussein
Independent examiner
SALAM HASAN BSc FCCA
THE WIMBLEDON ARCHES
1 ARCHWAY CLOSE
LONDON
SW19 8UL
Structure, governance and management
The trust is incorporated on 16 October 2009 and is registered as a charity on 16 July 2010 and governed by the memorandum and articles of association when it was incorporated on 16 October 2009 and amended on 16 June 2010.
Babylon Trust has a Management Committee of 2 trustees who meet regularly and are responsible for the strategic direction and policies of the charity.
The Management Committee has conducted a review of the major risks to which the charity is exposed to and continues to monitor this on an ongoing basis. Where appropriate, systems or procedures have been established to mitigate the risks the charity faces. Internal control risks are minimised by the implementation of procedures for authorisation of all transactions and projects. Procedures are in place to ensure compliance with health and safety of staff, volunteers, clients and visitors to the office. These procedures are periodically reviewed to ensure that they continue to meet the needs of the charity.
Objectives and activities
1) The promotion of racial harmony for the public benefit
2) To act as a resource for young people and their parents by providing career advice and assistance
and organising programmes of physical, educational and other activities.
3) For any other charitable purpose according in the Laws of England and Wales as the trustees may from time to time think fit.
The charity's object and its activity continue to be that of working with the young people for promoting the racial harmony through integration. In addition, the trustees continue to reach out to support families of children in the Middle East who are being forced into shunning education in favour of joining the workforce in order to assist their families.
Achievements and performance
The Trustees consider that the performance of the charity this year has been satisfactory.
Financial review
The statement of financial activities shows a net deficit for the year of £28,796. The general fund stands at £52,877.
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
The trustees' annual report was approved on 25 July 2023 and signed on behalf of the board of trustees by:
Mr Shakir Shabaa
Trustee
BABYLON TRUST LIMITED
Company Limited by Guarantee
Independent Examiner's Report to the Trustees of BABYLON TRUST LIMITED
Year ended 31 October 2022
I report to the trustees on my examination of the financial statements of BABYLON TRUST LIMITED ('the charity') for the year ended 31 October 2022.
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
Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Association of Chartered Certified Accountants, which is one of the listed bodies.
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.
SALAM HASAN BSc FCCA Independent Examiner
THE WIMBLEDON ARCHES 1 ARCHWAY CLOSE LONDON SW19 8UL
25 July 2023
BABYLON TRUST LIMITED
Company Limited by Guarantee
Statement of Financial Activities
(including income and expenditure account)
Year ended 31 October 2022
2022
2021
Unrestricted funds
Total funds
Total funds
Note
£
£
£
Income and endowments
Donations and legacies
5
299,008
299,008
263,897
---------
---------
---------
Total income
299,008
299,008
263,897
---------
---------
---------
Expenditure
Expenditure on raising funds:
Costs of raising donations and legacies
6
285,361
285,361
211,137
Expenditure on charitable activities
7
42,443
42,443
29,124
---------
---------
---------
Total expenditure
327,804
327,804
240,261
---------
---------
---------
---------
---------
---------
Net (expenditure)/income and net movement in funds
( 28,796)
( 28,796)
23,636
---------
---------
---------
Reconciliation of funds
Total funds brought forward
81,673
81,673
58,037
---------
---------
---------
Total funds carried forward
52,877
52,877
81,673
---------
---------
---------
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
BABYLON TRUST LIMITED
Company Limited by Guarantee
Statement of Financial Position
31 October 2022
2022
2021
Note
£
£
£
Fixed assets
Tangible fixed assets
11
409
545
Current assets
Debtors
12
28,517
28,517
Cash at bank and in hand
62,392
100,610
--------
---------
90,909
129,127
Creditors: amounts falling due within one year
13
1,774
1,313
--------
---------
Net current assets
89,135
127,814
--------
---------
Total assets less current liabilities
89,544
128,359
Creditors: amounts falling due after more than one year
14
36,667
46,686
--------
---------
Net assets
52,877
81,673
--------
---------
Funds of the charity
Unrestricted funds
52,877
81,673
--------
--------
Total charity funds
15
52,877
81,673
--------
--------
For the year ending 31 October 2022 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 year 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 25 July 2023 , and are signed on behalf of the board by:
Mr Shakir Shabaa
Trustee
BABYLON TRUST LIMITED
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 31 October 2022
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 424 EDGWARE ROAD, LONDON, W2 1EG.
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 accounts have been prepared under the historical cost convention, as modified by the revaluation of certain fixed assets and investments measured at market value. The accounts have been prepared in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015), and the requirements of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015) (SORP 2015).
Going concern
There are no material uncertainties about the charity's ability to continue.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees in the furtherance of the general objectives of the charity. Designated funds are unrestricted funds earmarked by the Management Committee for particular purposes. Restricted funds are for specific use as directed by the donor.
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.
Tangible assets
All fixed assets are initially recorded at cost.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
25% straight line
Equipment
-
25% straight line
4. Limited by guarantee
Limited by guarantee.
5. Donations and legacies
Unrestricted Funds
Total Funds 2022
Unrestricted Funds
Total Funds 2021
£
£
£
£
Donations
Donations
261,623
261,623
197,338
197,338
Gifts
HMRC gift aid
37,385
37,385
63,559
63,559
Other donations and legacies
Other income
–
–
3,000
3,000
---------
---------
---------
---------
299,008
299,008
263,897
263,897
---------
---------
---------
---------
6. Costs of raising donations and legacies
Unrestricted Funds
Total Funds 2022
Unrestricted Funds
Total Funds 2021
£
£
£
£
Costs of raising donations and legacies - Donations
251,045
251,045
201,191
201,191
Events and functions
34,316
34,316
9,946
9,946
---------
---------
---------
---------
285,361
285,361
211,137
211,137
---------
---------
---------
---------
7. Expenditure on charitable activities by activity type
Support costs
Total funds 2022
Total fund 2021
£
£
£
Governance costs
41,410
41,410
28,701
--------
--------
--------
8. Net (expenditure)/income
Net (expenditure)/income is stated after charging/(crediting):
2022
2021
£
£
Depreciation of tangible fixed assets
136
181
----
----
9. Independent examination fees
2022
2021
£
£
Fees payable to the independent examiner for:
Independent examination of the financial statements
1,000
750
Other financial services
2,000
1,750
-------
-------
3,000
2,500
-------
-------
10. Staff costs
The average head count of employees during the year was 1 (2021: 1 ). The average number of full-time equivalent employees during the year is analysed as follows:
2022
2021
No.
No.
Number of administrative staff
1
1
----
----
No employee received employee benefits of more than £60,000 during the year (2021: Nil).
11. Tangible fixed assets
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 1 November 2021 and 31 October 2022
66
6,956
7,022
----
-------
-------
Depreciation
At 1 November 2021
65
6,412
6,477
Charge for the year
–
136
136
----
-------
-------
At 31 October 2022
65
6,548
6,613
----
-------
-------
Carrying amount
At 31 October 2022
1
408
409
----
-------
-------
At 31 October 2021
1
544
545
----
-------
-------
12. Debtors
2022
2021
£
£
Prepayments and accrued income
3,500
3,500
Other debtors
25,017
25,017
--------
--------
28,517
28,517
--------
--------
13. Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
75
75
Other creditors
1,699
1,238
-------
-------
1,774
1,313
-------
-------
14. Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
36,667
46,686
--------
--------
15. Analysis of charitable funds
Unrestricted funds
At 1 November 2021
Income
Expenditure
At 31 October 2022
£
£
£
£
General funds
81,673
299,008
(327,804)
52,877
--------
---------
---------
--------
At 1 November 2020
Income
Expenditure
At 31 October 2021
£
£
£
£
General funds
58,037
263,897
(240,261)
81,673
--------
---------
---------
--------