Charity registration number 1080864
Company registration number 03439788 (England and Wales)
SAMBROS FOUNDATION
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
SAMBROS FOUNDATION
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Mr A B Siddiqui
Mr Mohammad Muddassir
Charity number
1080864
Company number
03439788
Registered office
183-189 The Vale
Acton
London
United Kingdom
W3 7RW
Accountants
Reddy Siddiqui LLP
183-189 The Vale
Acton
London
United Kingdom
W3 7RW
SAMBROS FOUNDATION
CONTENTS
Page
Trustee report
1 - 2
Accountants' report
3
Statement of financial activities
4
Balance sheet
5
Notes to the financial statements
6 - 9
SAMBROS FOUNDATION
TRUSTEE REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 1 -

The trustees present their annual report and financial statements for the year ended 31 December 2022.

The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Companies Act 2006 and the Statement of Recommended Practice, "Accounting and Reporting by Charities", issued in March 2005.
Objectives and activities

The principal activity of the charity during the year continued to be the provision of donations for education and health to deserving individuals.

The charity achieves the above by providing donation to such persons.

Public benefit

The trustees have referred to the Charity Commission's general guidance on public benefit when reviewing the Charity's aims and objectives and in planning its future activities. In particular the trustees consider how planned activities will contribute to the aims and objectives of the Charity.

 

Achievements and performance

The Charity successfully achieved its goals during the year by contributing to the construction of an education center and covering educational expenses for children, as well as providing healthcare and maintenance support for elderly individuals, albeit on a smaller scale.

Financial review
Review of the transactions and financial position of the charity have been shown in the statement of financial activites,  balance sheet and notes

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 trustees consider 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 trustees have 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
This is a company limited by guarantee and has no share capital

The trustees, and one of them is also the directors for the purpose of company law, and who served during the year were:

Mr A B Siddiqui
Mr Mohammad Muddassir

None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.

The charity has no connected charity.
SAMBROS FOUNDATION
TRUSTEE REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 2 -

The Trustee report was approved by the Board of Trustees.

Mr A B Siddiqui
Trustee
30 September 2023
SAMBROS FOUNDATION
CHARTERED ACCOUNTANTS' REPORT TO THE TRUSTEES ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF SAMBROS FOUNDATION FOR THE YEAR ENDED 31 DECEMBER 2022
- 3 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Sambros Foundation for the year ended 31 December 2022, which comprise the statement of financial activities and the related notes from the charity’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, we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made to the charity's trustees, as a body, in accordance with the terms of our engagement letter dated 1 October 2020. Our work has been undertaken solely to prepare for your approval the financial statements of Sambros Foundation and state those matters that we have agreed to state to the charity's trustees, 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 Sambros Foundation and the charity's trustees as a body, for our work or for this report.

It is your duty to ensure that Sambros Foundation 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 Sambros Foundation. You consider that Sambros Foundation 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 Sambros Foundation. 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.

Reddy Siddiqui LLP
30 September 2023
Chartered Accountants
183-189 The Vale
Acton
London
W3 7RW
United Kingdom
SAMBROS FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2022
- 4 -
Unrestricted
Unrestricted
funds
funds
2022
2021
Notes
£
£
Income from:
Donations and legacies
3
7,430
9,277
Expenditure on:
Charitable activities
4
6,698
9,455
Other
8
97
104
Total expenditure
6,795
9,559
Net income/(expenditure) for the year/
Net movement in funds
635
(282)
Fund balances at 1 January 2022
5,810
6,092
Fund balances at 31 December 2022
6,445
5,810

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.
SAMBROS FOUNDATION
BALANCE SHEET
AS AT 31 DECEMBER 2022
31 December 2022
- 5 -
2022
2021
Notes
£
£
£
£
Current assets
Cash at bank and in hand
6,685
6,050
Creditors: amounts falling due within one year
10
(240)
(240)
Net current assets
6,445
5,810
Income funds
Unrestricted funds
6,445
5,810
6,445
5,810

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 December 2022.

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.

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 and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Trustees on 30 September 2023
Mr A B Siddiqui
Trustee
Company registration number 03439788
SAMBROS FOUNDATION
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 6 -
1
Accounting policies
Charity information

Sambros Foundation is a private company limited by guarantee incorporated in England and Wales. The registered office is 183-189 The Vale, Acton, London, W3 7RW, United Kingdom.

1.1
Accounting convention

The financial statements have been prepared in accordance with the charity's [governing document], the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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 2019). 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 not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts 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, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees 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 trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
1.4
Income
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.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
SAMBROS FOUNDATION
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 7 -
1.5
Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

Liabilities are recognised when resources are expended. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category.

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.

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 payments 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 operations from suppliers. Amounts 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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

SAMBROS FOUNDATION
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 8 -
2
Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Donations and legacies
Unrestricted
Unrestricted
funds
funds
2022
2021
£
£
Donations and gifts
7,430
9,277
4
Charitable activities
General Education and medical
General Education and medical
2022
2021
£
£
Charitable expenditure heading 1
6,458
9,215
Share of governance costs (see note 5)
240
240
6,698
9,455
5
Support costs
Support costs
Governance costs
2022
2021
£
£
£
£
Accountancy
-
240
240
240
-
240
240
240
Analysed between
Charitable activities
-
240
240
240

Governance costs includes payments for accountancy fee of £240 (2021: £240).

SAMBROS FOUNDATION
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 9 -
6
Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
7
Employees

The average monthly number of employees during the year was:

2022
2021
Number
Number
Total
-
0
-
0
There were no employees whose annual remuneration was more than £60,000.
8
Other
Unrestricted
Unrestricted
funds
funds
2022
2021
£
£
Financing costs
84
91
Other expenditure
13
13
97
104
9
Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxationof Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

10
Creditors: amounts falling due within one year
2022
2021
£
£
Accruals and deferred income
240
240
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