Charity Registration No. 02829250
Company Registration No. 01514075 (England and Wales)
ROSEDEAN LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2020
PAGES FOR FILING WITH REGISTRAR
ROSEDEAN LIMITED
LEGAL AND ADMINISTRATIVE INFORMATION
Trustee
Mr D J Buchler
Charity number
02829250
Company number
01514075
Principal address
6 Grosvenor Street
London
W1K 4PZ
Registered office
37 Warren Street
London
W1T 6AD
Accountants
Silver Levene (UK) Limited
Chartered Certified Accountants
37 Warren Street
London
W1T 6AD
ROSEDEAN LIMITED
CONTENTS
Page
Trustee's report
1
Accountants' report
2
Statement of financial activities
3
Balance sheet
4
Notes to the financial statements
5 - 8
ROSEDEAN LIMITED
TRUSTEE'S REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 AUGUST 2020
- 1 -
The trustee present their report and financial statements for the year ended 31 August 2020.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's
Memorandum and Articles of Association
, the Companies Act 2006 and “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)” (as amended for accounting periods commencing from 1 January 2016)
Objectives and activities
The
objects are to support religious and educational institutions in furtherance of the objectives for which it was established and has responded generously to appeals received from various charitable organisations. There has been no change in these during the year.
The trustee has paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
Achievements and performance
Financial review
It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month's expenditure. The trustee considers that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity's current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.
The trustee has assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
Structure, governance and management
The charity is a company limited by guarantee.
The trustee, who are also the directors for the purpose of company law, and who served during the year
and up to the date of signature of the financial statements
were:
Mr D J Buchler
None of the trustee has any beneficial interest in the company. All of the trustee are members of the company and guarantee to contribute £1 in the event of a winding up.
The trustee's
r
eport was approved by the Board of
Trustee.
Mr D J Buchler
Trustee
Dated: 23 June 2021
ROSEDEAN LIMITED
ACCOUNTANTS' REPORT TO THE TRUSTEE ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF ROSEDEAN LIMITED FOR THE YEAR ENDED 31 AUGUST 2020
- 2 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Rosedean Limited for the year ended 31 August 2020, set out on pages to 8 from the charity’s accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.
Our work has been undertaken solely to prepare for your approval the financial statements of Rosedean Limited and state those matters that we have agreed to state to the charity's trustee, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Rosedean Limited and the charity's trustee as a body, for our work or for this report.
It is your duty to ensure that Rosedean Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and deficit of Rosedean Limited. You consider that Rosedean Limited is exempt from the statutory audit requirement for the year, and is not required to obtain an independent examiner's report.
We have not been instructed to carry out an audit or a review of the financial statements of Rosedean Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Silver Levene (UK) Limited
Chartered Certified Accountants
37 Warren Street
London
W1T 6AD
23 June 2021
ROSEDEAN LIMITED
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 AUGUST 2020
- 3 -
2020
2019
Notes
£
£
Income from:
Donations
2
11,000
9,000
Expenditure on:
Charitable activities
3
11,380
9,079
Net expenditure for the year/
Net movement in funds
(380)
(79)
Fund balances at 1 September 2019
1,010
1,089
Fund balances at 31 August 2020
630
1,010
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
ROSEDEAN LIMITED
BALANCE SHEET
AS AT 31 AUGUST 2020
31 August 2020
Company Registration No. 01514075
- 4 -
2020
2019
Notes
£
£
£
£
Current assets
Debtors
7
1,000
-
Cash at bank and in hand
648
2,028
1,648
2,028
Creditors: amounts falling due within one year
8
(1,018)
(1,018)
Net current assets
630
1,010
Income funds
Unrestricted funds
630
1,010
630
1,010
The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 August 2020.
The directors acknowledge their responsibilities for ensuring that the charity keeps accounting records which comply with section 386 of the Act and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its incoming resources and application of resources, including its income and expenditure, for the 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 company.
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.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the Trustee on 23 June 2021
Mr D J Buchler
Trustee
ROSEDEAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2020
- 5 -
1
Accounting policies
Charity information
Rosedean Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is 37 Warren Street, London, W1T 6AD.
1.1
Accounting convention
The financial statements have been prepared in accordance with the Companies Act 2006 and “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)” (as amended for accounting periods commencing from 1 January 2016). The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The financial statements are prepared in
sterling
, which is the functional currency of the charity.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
At the time of approving the financial statements, the trustee have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustee
continue
to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Charitable funds
Unrestricted funds are available for use at the discretion of the trustee in furtherance of their charitable objectives.
1.4
Incoming resources
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
1.5
Resources expended
Expenditure is accounted for on an accruals basis.
Expenditure comprises all costs associated with the furtherance of charitable objectives.
1.6
Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
ROSEDEAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2020
1
Accounting policies
(Continued)
- 6 -
1.7
Financial instruments
The charity 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 charity's
balance sheet
when the charity 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 realise 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.
Basic financial liabilities
Basic financial liabilities, including creditors
and
bank loans 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 p
aymen
ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amorti
sed.
2
Donations
2020
2019
£
£
Donations
11,000
9,000
ROSEDEAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2020
- 7 -
3
Charitable activities
2020
2019
£
£
Donations funding of activities (see note 4)
11,287
8,986
Share of support costs
78
78
Share of governance costs
15
15
11,380
9,079
Analysis by fund
Unrestricted funds
11,380
11,380
For the year ended 31 August 2019
Unrestricted funds
9,079
9,079
4
Donations payable
2020
2019
£
£
Donations to institutions:
Other
11,287
8,986
5
Trustee
The trustee
(or any persons connected with
him
)
did not
receive any remuneration during the year.
6
Employees
The average monthly number of employees during the year was:
2020
2019
Number
Number
Total
ROSEDEAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2020
- 8 -
7
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
1,000
-
8
Creditors: amounts falling due within one year
2020
2019
£
£
Director's loan
1,018
1,018
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