Wise Academy - Charities report - 18.1

Wise Academy - Charities report - 18.1

WISE ACADEMY - Company Information

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IRIS Accounts Production v18.2.0.360 Other Company accounts True False Pounds 1.11.16 31.10.17 31.10.17 FY Ali Al-kateb Ali Al-kateb FRS 102 Unaudited Large and medium-sized companies regime for accounts Full Charities SORP True True True False True False True iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pure087239692016-10-31087239692017-10-31087239692016-11-012017-10-31087239692015-10-31087239692015-11-012016-10-31087239692016-10-3108723969ns0:CharitableCompanyLimitedByGuarantee2016-11-012017-10-3108723969ns15:PoundSterling2016-11-012017-10-3108723969ns0:Trustee22016-11-012017-10-3108723969ns11:FRS1022016-11-012017-10-3108723969ns11:AuditExempt-NoAccountantsReport2016-11-012017-10-3108723969ns11:LargeMedium-sizedCompaniesRegimeForAccounts2016-11-012017-10-3108723969ns11:FullAccounts2016-11-012017-10-3108723969ns11:CharitiesSORP2016-11-012017-10-3108723969ns16:EnglandWales2016-11-012017-10-3108723969ns11:RegisteredOffice2016-11-012017-10-3108723969ns0:Trustee12016-11-012017-10-3108723969ns0:Trustee32016-11-012017-10-3108723969ns10:WithinOneYear2017-10-3108723969ns10:WithinOneYear2016-10-3108723969ns10:AfterOneYear2017-10-3108723969ns10:AfterOneYear2016-10-3108723969ns10:FurnitureFittingsToolsEquipment2016-11-012017-10-310872396922016-11-012017-10-3108723969ns10:OwnedAssets2016-11-012017-10-3108723969ns10:OwnedAssets2015-11-012016-10-3108723969ns10:FurnitureFittings2016-10-3108723969ns10:FurnitureFittings2016-11-012017-10-3108723969ns10:FurnitureFittings2017-10-3108723969ns10:FurnitureFittings2016-10-3108723969ns10:IncreaseDecreaseDueToTransitionFromPreviousStandard2015-11-012016-10-3108723969ns10:IncreaseDecreaseDueToTransitionFromPreviousStandard2015-10-3108723969ns10:IncreaseDecreaseDueToTransitionFromPreviousStandardns10:WithinOneYear2015-10-3108723969ns10:AfterOneYearns10:IncreaseDecreaseDueToTransitionFromPreviousStandard2015-10-31
REGISTERED COMPANY NUMBER: 08723969 (England and Wales)
REGISTERED CHARITY NUMBER: 1156628
Report of the Trustees and
Financial Statements for the Year Ended 31 October 2017
for
Wise Academy
Wise Academy
Contents of the Financial Statements
for the Year Ended 31 October 2017










Page

Report of the Trustees 1

Statement of Financial Activities 2

Balance Sheet 3 to 4

Notes to the Financial Statements 5 to 8

Reconciliation of Income and Expenditure 9

Reconciliation of Funds 10 to 11

Wise Academy
Report of the Trustees
for the Year Ended 31 October 2017
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 October 2017. 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 2015).

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.

REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
08723969 (England and Wales)

Registered Charity number
1156628

Registered office
336 Pinner Road
Harrow
London
HA1 4LB

Trustees
A Al-Katib
Ali Al-kateb
M Walji

Approved by order of the board of trustees on 20 July 2018 and signed on its behalf by:



Ali Al-kateb - Trustee
Page 1
Wise Academy
Statement of Financial Activities
for the Year Ended 31 October 2017
31.10.17 31.10.16

Unrestricted
fund		 Total
funds
Notes £    £   
INCOME AND ENDOWMENTS FROM
Donations and legacies 45,683 47,714
Total 45,683 47,714

EXPENDITURE ON
Raising funds 2 81,283 30,406
Other - 3,142
Total 81,283 33,548
NET INCOME/(EXPENDITURE) (35,600 ) 14,166
RECONCILIATION OF FUNDS

Total funds brought forward 25,742 11,576
TOTAL FUNDS CARRIED FORWARD (9,858 ) 25,742
The notes form part of these financial statements
Page 2
Wise Academy
Balance Sheet
At 31 October 2017
31.10.17 31.10.16

Unrestricted
fund		 Total
funds
Notes £    £   
FIXED ASSETS
Tangible assets 6 93 374

CURRENT ASSETS
Debtors 7 3,709 2,225
Cash at bank 14,025 36,393
17,734 38,618

CREDITORS
Amounts falling due within one year 8 (2,108 ) (2,550 )

NET CURRENT ASSETS 15,626 36,068
TOTAL ASSETS LESS CURRENT
LIABILITIES

15,719
36,442
CREDITORS
Amounts falling due after more than one year 9 (25,577 ) (10,700 )

NET ASSETS/(LIABILITIES) (9,858 ) 25,742
FUNDS 10
Unrestricted funds (9,858 ) 25,742
TOTAL FUNDS (9,858 ) 25,742
The notes form part of these financial statements
Page 3 continued...
Wise Academy
Balance Sheet - continued
At 31 October 2017
The charitable company is entitled to exemption from audit under
Section 477 of the Companies Act 2006 for the year ended 31 October 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended
31 October 2017 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
special provisions of Part 15 of the Companies Act 2006 relating to
charitable small companies.

The financial statements were approved by the Board of Trustees on 20 July 2018 and were signed on its behalf by:




Ali Al-kateb -Trustee
The notes form part of these financial statements
Page 4
Wise Academy
Notes to the Financial Statements
for the Year Ended 31 October 2017
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 2015)',
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.

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 - 25% on cost

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.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

2. RAISING FUNDS

Raising donations and legacies

31.10.17 31.10.16
£    £   
Support costs 21,500 -


3. NET INCOME/(EXPENDITURE)

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

31.10.17 31.10.16
£    £   
Depreciation - owned assets 281 280

Page 5
Wise Academy
Notes to the Financial Statements - continued
for the Year Ended 31 October 2017
4. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 October 2017 nor for the year ended
31 October 2016.

Trustees' expenses
There were no trustees' expenses paid for the year ended 31 October 2017 nor for the year ended
31 October 2016.

5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES


Unrestricted
fund
£   
INCOME AND ENDOWMENTS FROM
Donations and legacies 47,714
Total 47,714

EXPENDITURE ON
Raising funds 30,406
Other 3,142
Total 33,548
NET INCOME/(EXPENDITURE) 14,166
RECONCILIATION OF FUNDS

Total funds brought forward 11,576
TOTAL FUNDS CARRIED FORWARD 25,742

6. TANGIBLE FIXED ASSETS

Fixtures and
fittings
£   
COST
At 1 November 2016 and 31 October 2017 1,122
DEPRECIATION
At 1 November 2016 748
Charge for year 281
At 31 October 2017 1,029
NET BOOK VALUE
At 31 October 2017 93
At 31 October 2016 374
Page 6
Wise Academy
Notes to the Financial Statements - continued
for the Year Ended 31 October 2017
7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.17 31.10.16
£    £   
Other debtors 3,709 1,872
Prepayments - 353
3,709 2,225

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.17 31.10.16
£    £   
Trade creditors - 1,350
Other creditors 908 -
Accrued expenses 1,200 1,200
2,108 2,550

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

31.10.17 31.10.16
£    £   
Other creditors 25,577 10,700

10. MOVEMENT IN FUNDS





At 1.11.16		 Net
movement in
funds

At 31.10.17
£    £    £   
Unrestricted funds
General fund 25,742 (35,600 ) (9,858 )

TOTAL FUNDS 25,742 (35,600 ) (9,858 )

Net movement in funds, included in the above are as follows:

Incoming
resources		 Resources
expended		 Movement in
funds
£    £    £   
Unrestricted funds
General fund 45,683 (81,283 ) (35,600 )

TOTAL FUNDS 45,683 (81,283 ) (35,600 )

Page 7
Wise Academy
Notes to the Financial Statements - continued
for the Year Ended 31 October 2017
10. MOVEMENT IN FUNDS - continued


Comparatives for movement in funds




At 1.11.15		 Net
movement in
funds

At 31.10.16
£    £    £   

Unrestricted Funds
General fund 11,576 14,166 25,742

TOTAL FUNDS 11,576 14,166 25,742
Comparative net movement in funds, included in the above are as follows:

Incoming
resources		 Resources
expended		 Movement in
funds
£    £    £   
Unrestricted funds
General fund 47,714 (33,548 ) 14,166

TOTAL FUNDS 47,714 (33,548 ) 14,166

11. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 October 2017.

Page 8
Wise Academy
Reconciliation of Income and Expenditure
for the Year Ended 31 October 2016




UK GAAP		 Effect of
transition to
FRS 102

FRS 102
Notes £    £    £   
INCOME AND ENDOWMENTS FROM
Donations and legacies 47,714 - 47,714
EXPENDITURE ON
Raising funds 30,406 - 30,406
Other 3,142 - 3,142
Total 33,548 - 33,548
NET INCOME/(EXPENDITURE) 14,166 - 14,166
Page 9
Wise Academy
Reconciliation of Funds
At 1 November 2015
(Date of Transition to FRS 102)




UK GAAP		 Effect of
transition to
FRS 102

FRS 102
Notes £    £    £   
- - -
TOTAL ASSETS LESS CURRENT LIABILITIES - - -
- - -
FUNDS
TOTAL FUNDS - - -
Page 10
Wise Academy
Reconciliation of Funds
At 31 October 2016




UK GAAP		 Effect of
transition to
FRS 102

FRS 102
Notes £    £    £   
FIXED ASSETS
Tangible assets 374 - 374

CURRENT ASSETS
Debtors 2,225 - 2,225
Cash at bank 36,393 - 36,393
38,618 - 38,618

CREDITORS
Amounts falling due within one year (2,550 ) - (2,550 )

NET CURRENT ASSETS 36,068 - 36,068
TOTAL ASSETS LESS CURRENT LIABILITIES 36,442 - 36,442
CREDITORS
Amounts falling due after more than one year (10,700 ) - (10,700 )

NET ASSETS/(LIABILITIES) 25,742 - 25,742
FUNDS
Unrestricted funds 25,742 - 25,742
TOTAL FUNDS 25,742 - 25,742
Page 11