Company Registration No. 12338881 (England and Wales)
LGB ALLIANCE
(A COMPANY LIMITED BY GUARANTEE)
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2020
LGB ALLIANCE
(A COMPANY LIMITED BY GUARANTEE)
COMPANY INFORMATION
Directors
M Clark
(Appointed 28 November 2019)
K R Harris
(Appointed 28 November 2019)
B Jackson
(Appointed 28 November 2019)
Company number
12338881
Registered office
Kemp House
152 - 160 City Road
London
EC1V 2NX
Accountants
Howard Wilson
36 Crown Rise
Watford
Hertfordshire
WD25 0NE
LGB ALLIANCE
(A COMPANY LIMITED BY GUARANTEE)
CONTENTS
Page
Directors' report
1
Accountants' report
2
Income and expenditure account
3
Balance sheet
4
Notes to the financial statements
5 - 7
LGB ALLIANCE
(A COMPANY LIMITED BY GUARANTEE)
DIRECTORS' REPORT
FOR THE PERIOD ENDED 30 NOVEMBER 2020
- 1 -
The directors present their annual report and financial statements for the period ended 30 November 2020.
Principal activities
The company was incorporated on 28 November 2019. The principal activity of the company is to promote equality and diversity for the public benefit, in particular by the elimination of discrimination on the grounds of sexual orientation, advancing education and raising awareness in equality and diversity in respect of lesbian, gay & bisexual people and conducting or commissioning research on equality and diversity issues and publishing the useful results to the public.
The company applied for charitable status during the year and this was granted on 20 April 2021 (charity number 1194148).
Directors
The directors who held office during the period and up to the date of signature of the financial statements were as follows:
M Clark
(Appointed 28 November 2019)
K R Harris
(Appointed 28 November 2019)
B Jackson
(Appointed 28 November 2019)
A Sinnott
(Appointed 28 November 2019 and resigned 2 June 2021)
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
K R Harris
Director
23 August 2021
LGB ALLIANCE
(A COMPANY LIMITED BY GUARANTEE)
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF LGB ALLIANCE FOR THE PERIOD ENDED 30 NOVEMBER 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 LGB Alliance for the period ended 30 November 2020 which comprise the income and expenditure account, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance
.
This report is made solely to the Board of Directors of LGB Alliance, as a body, in accordance with the terms of our engagement letter dated 17 July 2020. Our work has been undertaken solely to prepare for your approval the financial statements of LGB Alliance
and state those matters that we have agreed to state to the Board of Directors of LGB Alliance, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than LGB Alliance and its Board of Directors as a body, for
our work or for this report.
It is your duty to ensure that LGB Alliance 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 surplus
of LGB Alliance. You consider that LGB Alliance is exempt from the statutory audit
requirement for the period.
We have not been instructed to carry out an audit or a review of the financial statements of LGB Alliance. 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.
Howard Wilson
23 August 2021
Chartered Accountants
36 Crown Rise
Watford
Hertfordshire
WD25 0NE
LGB ALLIANCE
(A COMPANY LIMITED BY GUARANTEE)
INCOME AND EXPENDITURE ACCOUNT
FOR THE PERIOD ENDED 30 NOVEMBER 2020
- 3 -
Period
ended
30 November
2020
£
Income
120,152
Administrative expenses
(85,782)
Operating surplus
34,370
Interest receivable and similar income
3
Surplus before taxation
34,373
Tax on surplus
Surplus for the financial period
34,373
LGB ALLIANCE
(A COMPANY LIMITED BY GUARANTEE)
BALANCE SHEET
AS AT
30 NOVEMBER 2020
30 November 2020
- 4 -
2020
Notes
£
£
Current assets
Debtors
3
8,812
Cash at bank and in hand
26,161
34,973
Creditors: amounts falling due within one year
4
(600)
Net current assets
34,373
Reserves
Income and expenditure account
34,373
Members' funds
34,373
For the financial period ended 30 November 2020 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 period 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 board of directors and authorised for issue on 23 August 2021 and are signed on its behalf by:
K R Harris
Director
Company Registration No. 12338881
LGB ALLIANCE
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2020
- 5 -
1
Accounting policies
Company information
LGB Alliance is a
private
company
limited by guarantee
incorporated in England and Wales.
The registered office is
Kemp House, 152 - 160 City Road, London, EC1V 2NX.
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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
At the time of approving the financial statements, despite the ongoing and potential effects of COVID-19, the
true
directors
have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. The
directors
continue to adopt the going concern basis of accounting in preparing the financial statements and no adjustments to the results or the carrying values declared in these financial statements are required, and none have been made.
1.3
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.
1.4
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated
.
1.5
Cash and cash equivalents
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.
1.6
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.
LGB ALLIANCE
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2020
1
Accounting policies
(Continued)
- 6 -
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.
1.7
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2020
Number
Total
4
3
Debtors
2020
Amounts falling due within one year:
£
Other debtors
8,812
LGB ALLIANCE
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2020
- 7 -
4
Creditors: amounts falling due within one year
2020
£
Other creditors
600
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
At the balance sheet date a director, K Harris, owed the company £3,812. This was repaid after the year end.
LGB ALLIANCE
(A COMPANY LIMITED BY GUARANTEE)
MANAGEMENT INFORMATION
FOR THE PERIOD ENDED 30 NOVEMBER 2020