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COMPANY REGISTRATION NUMBER: 14173480
CHARITY REGISTRATION NUMBER: 1204047
Spice Up Ltd
Company Limited by Guarantee
Unaudited Financial Statements
30 August 2024
Spice Up Ltd
Company Limited by Guarantee
Financial Statements
Year ended 30 August 2024
Page
Trustees' annual report (incorporating the director's report)
1
Independent examiner's report to the trustees
3
Statement of financial activities (including income and expenditure account)
5
Statement of financial position
6
Statement of cash flows
7
Notes to the financial statements
8
Spice Up Ltd
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report)
Year ended 30 August 2024
The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 30 August 2024 .
Reference and administrative details
Registered charity name
Spice Up Ltd
Charity registration number
1204047
Company registration number
14173480
Principal office and registered
Flat A, 118 Osbaldeston Road
office
N16 6NJ
London
The trustees
Mr Y Berkovitz
Ms R Gluck
Mr M Schwartz
Independent examiner
. Chaim Weberman - Stamp It Ltd.
Structure, governance and management
.
The charity is controlled by its governing document, its memorandum and articles of association, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
Recruitment and appointment of new trustees
It is not currently the intention of the trustees of the charity to appoint new trustees. Should this situation change in the future, the trustees will apply suitable recruitment and training procedures. The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
Objectives and activities
.
The charity aims to relieve the needs of disadvantaged young people and to improve their life prospects through:
(a) the provision of recreational and leisure time activities provided in the interest of social welfare, designed to improve their conditions of life; (b) providing support and activities which develop their skills, capacities and capabilities to enable them to participate in society as mature and responsible individuals. (c) to further such charitable purposes as the trustees see fit from time to time.
Achievements and performance
.
During the year the charity generated total income of £40,390 (2023: £5,450) and incurred expenses of £29,299 (2023: £600), resulting in net incoming resources of £11,091 (2023: £4,850). .
Financial review
.
Reserves Policy
.
The charity will maintain reserves equivalent to at least 3 months of core running costs. This level of reserves is intended to provide financial stability, ensuring that the charity can continue its essential operations in the event of unexpected funding shortfalls or unforeseen expenses. The Reserves Policy is reviewed annually to ensure it remains appropriate for the charity's needs and circumstances .
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
The trustees' annual report was approved on 15 March 2025 and signed on behalf of the board of trustees by:
Mr Y Berkovitz
Trustee
Spice Up Ltd
Company Limited by Guarantee
Independent Examiner's Report to the Trustees of Spice Up Ltd
Year ended 30 August 2024
I report to the trustees on my examination of the financial statements of Spice Up Ltd ('the charity') for the year ended 30 August 2024.
.
Responsibilities and basis of report
.
As the charity’s trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).
Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act. .
.
Independent examiner statement
.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view which is not a matter considered as part of an independent examination; or
4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). . I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
. Chaim Weberman - Stamp It Ltd.
Independent Examiner
44 Fairholt Road
London
N16 5HW
.
15 May 2025
Spice Up Ltd
Company Limited by Guarantee
Statement of Financial Activities
(including income and expenditure account)
Year ended 30 August 2024
2024
2023
Unrestricted funds
Total funds
Total funds
Note
£
£
£
Income and endowments
Donations and legacies
5
40,390
40,390
5,450
--------
--------
-------
Total income
40,390
40,390
5,450
--------
--------
-------
Expenditure
Expenditure on charitable activities
6,7
29,299
29,299
600
--------
--------
-------
Total expenditure
29,299
29,299
600
--------
--------
-------
--------
--------
-------
Net income and net movement in funds
11,091
11,091
4,850
--------
--------
-------
Reconciliation of funds
Total funds brought forward
4,850
4,850
--------
--------
-------
Total funds carried forward
15,941
15,941
4,850
--------
--------
-------
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
Spice Up Ltd
Company Limited by Guarantee
Statement of Financial Position
30 August 2024
2024
2023
Note
£
£
Current assets
Cash at bank and in hand
16,841
5,450
Creditors: amounts falling due within one year
12
900
600
--------
-------
Net current assets
15,941
4,850
--------
-------
Total assets less current liabilities
15,941
4,850
--------
-------
Net assets
15,941
4,850
--------
-------
Funds of the charity
Unrestricted funds
15,941
4,850
--------
-------
Total charity funds
13
15,941
4,850
--------
-------
For the year ending 30 August 2024 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
These financial statements were approved by the board of trustees and authorised for issue on 15 March 2025 , and are signed on behalf of the board by:
Mr Y Berkovitz
Trustee
Spice Up Ltd
Company Limited by Guarantee
Statement of Cash Flows
Year ended 30 August 2024
2024
2023
£
£
Cash flows from operating activities
Net income
11,091
4,850
Adjustments for:
Accrued expenses
300
600
--------
-------
Cash generated from operations
11,391
5,450
--------
-------
Net cash from operating activities
11,391
5,450
--------
-------
Net increase in cash and cash equivalents
11,391
5,450
Cash and cash equivalents at beginning of year
5,450
--------
-------
Cash and cash equivalents at end of year
16,841
5,450
--------
-------
Spice Up Ltd
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 30 August 2024
1. General information
The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is Flat A, 118 Osbaldeston Road, N16 6NJ, London.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Companies Act 2006.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the charity's ability to continue.
Judgements and key sources of estimation uncertainty
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 preparation of these accounts did not require the trustees to make any significant judgments or estimates.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
Incoming resources
All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income: - income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. - legacy income is recognised when receipt is probable and entitlement is established. - income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. - income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates: - expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods. - expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities. - other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
Financial instruments
A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. Debt instruments are subsequently measured at amortised cost. Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Limited by guarantee
In the event of wind up, the trustees will contribute to the assets of the company by such amount as may be required for:
(1) payments of debts and liabilities of the company contracted before they cease to be a member; (2) payments of costs, charges and expenses of winding up, and;(3) adjustment of the rights of the contributors among the trustees, not exceeding the amount specified in the guarantee.
5. Donations and legacies
Unrestricted Funds
Total Funds 2024
Unrestricted Funds
Total Funds 2023
£
£
£
£
Donations
Donations
40,390
40,390
5,450
5,450
--------
--------
-------
-------
6. Expenditure on charitable activities by fund type
Unrestricted Funds
Total Funds 2024
Unrestricted Funds
Total Funds 2023
£
£
£
£
Educational and experiential retreat
7,200
7,200
Cultural and heritage exhibition
4,450
4,450
Cultural and travel programme
1,895
1,895
Career guidance and skills training
2,256
2,256
Self awareness programme and mentorship
5,662
5,662
Community outreach event
4,228
4,228
Distributions to individuals
2,000
2,000
Support costs
1,608
1,608
600
600
--------
--------
----
----
29,299
29,299
600
600
--------
--------
----
----
7. Expenditure on charitable activities by activity type
Activities undertaken directly
Grant funding of activities
Support costs
Total funds 2024
Total fund 2023
£
£
£
£
£
Educational and experiential retreat
7,200
7,200
Cultural and heritage exhibition
4,450
4,450
Cultural and travel programme
1,895
1,895
Career guidance and skills training
2,256
2,256
Self awareness programme and mentorship
5,662
5,662
Community outreach event
4,228
4,228
Distributions to individuals
2,000
2,000
Governance costs
1,608
1,608
600
--------
-------
-------
--------
----
25,691
2,000
1,608
29,299
600
--------
-------
-------
--------
----
8. Analysis of grants
2024
2023
£
£
Grants to individuals
Grants to individuals
2,000
-------
----
Total grants
2,000
-------
----
9. Independent examination fees
2024
2023
£
£
Fees payable to the independent examiner for:
Independent examination of the financial statements
900
600
----
----
10. Staff costs
The average head count of employees during the year was Nil (2023: Nil).
No employee received employee benefits of more than £60,000 during the year (2023: Nil).
11. Trustee remuneration and expenses
no remuneration or other benefits from employment with the charity or a related entity were received by the trustees;
12. Creditors: amounts falling due within one year
2024
2023
£
£
Accruals and deferred income
900
600
----
----
13. Analysis of charitable funds
Unrestricted funds
At 31 August 2023
Income
Expenditure
At 30 August 2024
£
£
£
£
General funds
4,850
40,390
(29,299)
15,941
-------
--------
--------
--------
At 31 August 2022
Income
Expenditure
At 30 August 2023
£
£
£
£
General funds
5,450
(600)
4,850
----
-------
----
-------
14. Financial instruments
15. Analysis of changes in net debt
At 31 Aug 2023
Cash flows
At 30 Aug 2024
£
£
£
Cash at bank and in hand
5,450
11,391
16,841
-------
--------
--------