Company registration number 04770377 (England and Wales)
SFIA FOUNDATION
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
SFIA FOUNDATION
COMPANY INFORMATION
Directors
Mr M J Lillycrop
Mr R G Deri
Mr C W Fechner
Ms Holly Porter
(Appointed 1 December 2023)
Mr Colin Sellers
(Appointed 1 February 2024)
Secretary
JTC (UK) Limited
Company number
04770377
Registered office
The Scalpel, 18th Floor
52 Lime Street
London
United Kingdom
EC3M 7AF
Auditor
Azets Audit Services
Carnac Place
Cams Hall Estate
Fareham
Hampshire
United Kingdom
PO16 8UY
SFIA FOUNDATION
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
SFIA FOUNDATION
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Current assets
Debtors
4
79,602
75,351
Cash at bank and in hand
360,791
489,193
440,393
564,544
Creditors: amounts falling due within one year
5
(248,185)
(301,925)
Net current assets
192,208
262,619
Creditors: amounts falling due after more than one year
6
(977)
(52,640)
Net assets
191,231
209,979
Reserves
Income and expenditure account
191,231
209,979
Members' funds
191,231
209,979

The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.true

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 22 October 2024 and are signed on its behalf by:
Mr R G Deri
Director
Company Registration No. 04770377
SFIA FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information

SFIA Foundation is a private company limited by guarantee incorporated in England and Wales. The registered office is The Scalpel, 18th Floor, 52 Lime Street, London, United Kingdom, EC3M 7AF.

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 amounts 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
Income and expenditure

Income and expenses are included in the financial statements as they become receivable or due.

 

Income represents accreditation fees and royalties, excluding value added tax.

 

Accreditation fees are invoiced annually in advance at the point of contract renewal, so a deferred income adjustment is put through to ensure that revenue is recognised in the period it relates to.

 

Royalties are invoiced in arrears, so an accrued income adjustment is put through to ensure that revenue is recognised in the period it relates to.

 

Expenses exclude value added tax where the company can reclaim it.

1.3
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Development costs relating to separately identifiable projects with clearly defined income streams are capitalised and amortised over the estimated future income stream of the project. Expenditure ceases to be capitalised and amortisation commences once the development phase is complete.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Development costs
36 months from the completion of the development phase
1.4
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.

SFIA FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
1.5
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.

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 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 business 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.

1.6
Taxation

The company is exempt from corporation tax, it being a company not carrying on a business for the purposes of making a profit.

1.7
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

SFIA FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.8
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 year was:

2024
2023
Number
Number
Total
-
0
-
0
3
Intangible fixed assets
Other
£
Cost
At 1 April 2023 and 31 March 2024
21,267
Amortisation and impairment
At 1 April 2023 and 31 March 2024
21,267
Carrying amount
At 31 March 2024
-
0
At 31 March 2023
-
0
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
72,157
62,568
Other debtors
7,445
12,783
79,602
75,351
SFIA FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Taxation and social security
260
4,466
Other creditors
247,925
297,459
248,185
301,925
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
977
52,640
7
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.

8
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
James Reilly ACCA
Statutory Auditor:
Azets Audit Services
2024-03-312023-04-01false24 October 2024CCH SoftwareCCH Accounts Production 2024.210No description of principal activityThis audit opinion is unqualifiedMr A ThilthorpeM D RichmondMr M J LillycropMr R G DeriMr C W FechnerR BrugeaudMs Holly PorterMr Colin SellersJTC (UK) Limitedfalsefalse047703772023-04-012024-03-3104770377bus:Director32023-04-012024-03-3104770377bus:Director42023-04-012024-03-3104770377bus:Director52023-04-012024-03-3104770377bus:Director72023-04-012024-03-3104770377bus:Director82023-04-012024-03-3104770377bus:CompanySecretary12023-04-012024-03-3104770377bus:Director12023-04-012024-03-3104770377bus:Director22023-04-012024-03-3104770377bus:Director62023-04-012024-03-3104770377bus:RegisteredOffice2023-04-012024-03-31047703772024-03-31047703772023-03-3104770377core:CurrentFinancialInstrumentscore:WithinOneYear2024-03-3104770377core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3104770377core:Non-currentFinancialInstrumentscore:AfterOneYear2024-03-3104770377core:Non-currentFinancialInstrumentscore:AfterOneYear2023-03-3104770377core:CurrentFinancialInstruments2024-03-3104770377core:CurrentFinancialInstruments2023-03-3104770377core:RetainedEarningsAccumulatedLosses2024-03-3104770377core:RetainedEarningsAccumulatedLosses2023-03-3104770377core:IntangibleAssetsOtherThanGoodwill2023-04-012024-03-3104770377core:DevelopmentCostsCapitalisedDevelopmentExpenditure2023-04-012024-03-31047703772022-04-012023-03-3104770377core:IntangibleAssetsOtherThanGoodwill2023-03-3104770377core:IntangibleAssetsOtherThanGoodwill2024-03-3104770377core:IntangibleAssetsOtherThanGoodwill2023-03-3104770377core:WithinOneYear2024-03-3104770377core:WithinOneYear2023-03-3104770377core:Non-currentFinancialInstruments2024-03-3104770377core:Non-currentFinancialInstruments2023-03-3104770377bus:CompanyLimitedByGuarantee2023-04-012024-03-3104770377bus:SmallCompaniesRegimeForAccounts2023-04-012024-03-3104770377bus:FRS1022023-04-012024-03-3104770377bus:Audited2023-04-012024-03-3104770377bus:FullAccounts2023-04-012024-03-31xbrli:purexbrli:sharesiso4217:GBP