THE DIAMOND TRUST
TRUSTEES’ REPORT
FOR THE YEAR ENDED 5 APRIL 2021
The trustees present their report and accounts for the year ended 5 April 2021.
The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the trust’s deed, the Companies Act 2006 and the Statement of Recommended Practice. “Accounting and Reporting by Charities” issued in March 2005.
Structure, governance and management
The trust was founded as a charitable trust under a Deed of Declaration dated 21 August 1990.
The trustees, who are also the directors for the purpose of company law, and who served during the year were:
V P Watson D J Watson A Rogers T Skeggs
A brief resume of all Trustees is given below:
V P Watson is a Director of The Diamond Trust Trading Company Ltd. He is a member of Northchurch Baptist Church. Born 1950
D J Watson is the wife of V P Watson and is a retired housewife. She is a member of Northchurch Baptist Church. Born 1950
A Rogers is the sister of V P Watson and a member of Northwood Hills Evangelical Church. Born 1961.
T Skeggs is a Director of The Diamond Trust Trading Company Ltd. She is a member of Northchurch Baptist Church. Born 1966
The Trustees hold board meeting once a year. At these meetings the Trustees review performance and set goals. Future programmes and events are proposed.
The Trustees have assessed the major risks to which the trust is exposed and are satisfied that systems are in place to mitigate exposure to major risks.
Objectives and activities
The Diamond Trust is a charity with the goal to share with those in need around the world. The Diamond Trust’s main revenue is derived from The Diamond Trust Trading Company Ltd, from which net profits are donated to various charities or reinvested in the company.
As set out in the Trust Deed, the charitable objectives of The Diamond Trust, which all serve to promote public benefit are as follows:
- The annual income of the Trust Fund shall be paid or applied by the Trustees for such charitable purpose or charitable purposes as The Trustees shall from time to time in their absolute discretion think fit.
The Trust continues to work to these key objectives:
-
To sensitively identify needs in line with its mandate
-
Encourage networking opportunities to benefit the Trust.
The Trustees have paid due regard to guidance issued by The Charity Commission in deciding what activities the Trust should undertake. THE DIAMOND TRUST
TRUSTEES’ REPORT
FOR THE YEAR ENDED 5 APRIL 2021
Financial Review
2021 saw a small increase in funds over the £25,000 threshold for reporting. This was due to a one of designated gift from one of the Trustees.
The Trust has no formal reserves policy in place.
Plans for the future
The Trust is not expecting an increase in funds during the next financial year. As far as funds allow, we will continue to support those with whom we already have a relationship.
Statement of Trustees’ responsibilities
The Trustees, who are also the Directors of The Diamond trust for the purpose of company law, are responsible for preparing the Trustees’ Report and the accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the Trust and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.
In preparing these accounts, the Trustees are required to:
-
Select suitable accounting policies and then apply them consistently
-
Observe the methods and principles in the Charities SORO
-
Make judgments and estimates that are reasonable and prudent
-
Prepare the accounts on an ongoing concern basis unless it is inappropriate to presume that the trust will continue in operation.
The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the Trust and enable them to ensure that the accounts comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Trust and for taking reasonable steps for the prevention and detection of fraud and other irregularities.
On behalf of the board of Trustees
V P Watson
Trustee Dated: 23[rd] December 2021
THE DIAMOND TRUST
INCOME & EXPENDITURE ACCOUNT FOR THE YEAR ENDED 5 APRIL 2021
| Gifts, donations and other receipts Gift aid ( Mr & Mrs Watson) Gift Aid (Ms T A Skeggs) Donations from DTTC Return of Loan Tax refunds Tax refunded on convenants and gift aid Receipts earned from assets Bank Interest Less: Grants Accountancy Tax payments Bank Charges Net (expenditure) / income Funds brought forward Funds carried forward |
### ### £ £ £ £ 14600 8,850 600 11500 11,100 2213 2370 28,913 22,320 1 15 1 15 -21165 -22,080 - - - 7749 255 4351 4,096 12,100 4,351 |
### ### £ £ £ £ 14600 8,850 600 11500 11,100 2213 2370 28,913 22,320 1 15 1 15 -21165 -22,080 - - - 7749 255 4351 4,096 12,100 4,351 |
|---|---|---|
| 255 4,096 |
||
| 4,351 |
THE DIAMOND TRUST
BALANCE SHEET FOR THE YEAR ENDED 5 APRIL 2021
| Current assets Cash at bank Loan to P J Watson Loan to DTTC Net assets Funds brought forward Net (expenditure) / income for the year Fund carried forward |
05 April 2021 05 April 2020 £ £ £ £ 12,100 4351 - - - - 12,100 4,351 12,100 4,351 4,351 4,096 7,749 255 12,100 4,351 |
05 April 2021 05 April 2020 £ £ £ £ 12,100 4351 - - - - 12,100 4,351 12,100 4,351 4,351 4,096 7,749 255 12,100 4,351 |
|---|---|---|
| 4,351 | ||
| 4,096 255 |
||
| 4,351 |
THE DIAMOND TRUST
ACCOUNTS
FOR THE YEAR ENDED 5 APRIL 201
CHARITY COMMISSION FOR ENGLAND AND WALES Independent examinerfs report on the accounts Section A Independent Examiner's Report Report to the Intea81 members of On accounts for the year ended 5/4 /20 Charlty no (If any) 100056( sot out on pages I report to the trustees on my examination of the accounts of the above charty (Ihe Trusf) for the year ended Responslbllltles and As the chanty trustees of the Trust, you are responsible for the preparation basis of report of the accounts in accordance wrth the requirements of the Charities Act 2011 (Ihe ACV). I report in resFect of my examination of the Trust's accounts caled OLrt urKler section 145 of the 2011 Act arKI in carying OLrt my examination, I have followed the applicable Diredions given by the Charity Commission under section 145(5)(b) of the Act. I have completed my examination. I confimi that no material matters have come to my attention (other than that disclosed below ") in connection with the examinakn'on which gprfes me cause to believe that in, any material Indépendent examiner's statement accounting records were not kept in accordance wth section 130 of the Act or the accounts do not accord wrth the accounting records I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in order to enable a proper understanding of the accounts to be reached. . Please delete the words in the brackgts rf they do not appty. Signed: 10/1120 Name: Relevant professlonal qualiflcation(s) or body {if any): Address: HP4 JLV IER October 2018
S¢ction B Disclosure Only cornplete rf the examiner needs to highlight matters of concem (see CC32, Independent examination of charity accounts.. directions and guidance for examiners). Give here brlef details of any itgm8 that tho examiner wlshes to disclose. IER October 2018