Company Registration No. 06940038 (England and Wales)
TOUCH TRUST FOUNDATION LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
PAGES FOR FILING WITH REGISTRAR
TOUCH TRUST FOUNDATION LIMITED
COMPANY INFORMATION
Directors
Mr P R Fears
Ms K Williams
Ms H Hughes
(Appointed 20 April 2018)
Mr C Last
(Appointed 20 April 2018)
Company number
06940038
Registered office
Wales Millennium Centre
Bute Place
Cardiff Bay
CARDIFF
UK
CF10 5AL
Accountants
Baldwins
1-3 Waters Lane Chambers
Waters Lane
NEWPORT
UK
NP20 1LA
TOUCH TRUST FOUNDATION LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
3 - 5
TOUCH TRUST FOUNDATION LIMITED
BALANCE SHEET
AS AT 31 MARCH 2019
31 March 2019
- 1 -
2019
2018
Notes
£
£
£
£
Current assets
Debtors
3
24,157
4,148
Cash at bank and in hand
10,509
783
34,666
4,931
Creditors: amounts falling due within one year
4
(10,976)
(4,931)
Net current assets
23,690
-
Reserves
Income and expenditure account
23,690
-
The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.
true
For the financial year ended 31 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he 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 and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 20 December 2019 and are signed on its behalf by:
Ms K Williams
Director
Company Registration No. 06940038
TOUCH TRUST FOUNDATION LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2019
- 2 -
Income and expenditure
Notes
£
Balance at 1 April 2017
466
Year ended 31 March 2018:
Profit and total comprehensive income for the year
23,618
Distributions to parent charity under gift aid
(24,084)
Balance at 31 March 2018
-
Year ended 31 March 2019:
Profit and total comprehensive income for the year
23,690
Balance at 31 March 2019
23,690
TOUCH TRUST FOUNDATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
- 3 -
1
Accounting policies
Company information
Touch Trust Foundation Limited is a
private
company
limited by guarantee
incorporated in England and Wales.
The registered office is
Wales Millennium Centre, Bute Place, Cardiff Bay, CARDIFF, UK, CF10 5AL.
1.1
Accounting convention
These 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 the 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
sterling
, which is the functional currency of the company.
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.
The company has taken advantage of the exemption under section 400 of the
Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group
.
Touch Trust Foundation Limited is a wholly owned subsidiary of Touch Trust Limited. Consolidated accounts have not been prepared by the parent company due to the group falling below the relevant thresholds.
1.2
Income and expenditure
Income and expenses are included in the financial statements as they become receivable or due.
Expenses include VAT where applicable as the company cannot reclaim it.
1.3
Cash at bank and in hand
Cash and cash equivalents
are basic financial assets
and
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.
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 realise the asset and settle the liability simultaneously.
TOUCH TRUST FOUNDATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
1
Accounting policies (Continued)
- 4 -
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, loans from
fellow group companies 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
paymen
ts 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. A
m
ounts 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 method.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.5
Taxation
The company is exempt from corporation tax, it being a company not carrying on a business for the purposes of making a profit.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 0 (2018 - 0).
3
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
24,157
4,148
TOUCH TRUST FOUNDATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
- 5 -
4
Creditors: amounts falling due within one year
2019
2018
£
£
Amounts owed to group undertakings
10,326
4,281
Other creditors
650
650
10,976
4,931
5
Members' liability
The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.
6
Related party transactions
During the year the company donated £nil (2018: £24,084) to Touch Trust Limited. The company paid management charges to Touch Trust Limited of £18,000 (2018: £16,000). The amount outstanding at the year end totalled £10,326 (2018: £4,931).
7
Parent company
The parent company of Touch Trust Foundation Limited is Touch Trust Limited.
Touch Trust Limited is a registered company in England and Wales whose registered office is The Wales Millennium Centre, Bute Place, Cardiff, CF10 5AL.