**TURKISH CYPRIOT WOMEN'S PROJECT** (Private Company Limited by Guarantee)
REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
COMPANY REG NO. 02984789
CHARITY NO. 1049089
**TURKISH CYPRIOT WOMEN'S PROJECT (Private Company Limited by Guarantee) Contents**
||**Page**|
|---|---|
|Legal and administrative information|1|
|Report of the trustees|2-3|
|Independent Examiners Report|4|
|Statement of Financial Activities|5|
|Balance Sheet|6|
|Accounting policies|7-8|
|Notes forming part of the financial statements|9-12|
|Detailed income & expenditure account|13|
_**Page 4 and 13 does not form part of the statutory accounts.**_
**TURKISH CYPRIOT WOMEN'S PROJECT (Private Company Limited by Guarantee) Legal and Administrative Information**
**Trustees and directors** B Tarihsever** G Ibrahim** A Kaya S Howell F Korbay ** O Aziz S Mustafa L N Eski
_** - Management committee members are also, for the purpose of the Companies Act 2006, company directors._ **Key management & personnel** S Yusuf - Executive Officer **Administration office address** 140A Falkland Road Hornsey London N8 0NP **Registered office address** 3 Gateway Mews Ringway, Bounds Green London N11 2UT **Charity registration no.:** 1049089 **Company registration no.:** 02984789 (England & Wales) **Reporting Accountants:** TKG Partnership Ltd Chartered Accountants 3 Gateway Mews Ringway London N11 2UT **Bankers:** HSBC Plc **Funding authorities:** L B Haringey Community Fund/National Lottery Awards for All The Henry Smith Charity City Bridge Trust Rosa Fund
Page 1
## **TURKISH CYPRIOT WOMEN'S PROJECT (Private Company Limited by Guarantee) Directors' & Trustees' Report for the Year Ended 31 March 2021**
The trustees are pleased to present their annual trustees' report for the year ended 31 March 2021 which is also prepared to meet the requirements for a directors report and accounts for Companies Act purposes.
The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and 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 (FRS102).
## **Structure, Governance and Management**
## Governing Document
Turkish Cypriot Women's Project Limited is a company limited by guarantee and is a registered charity. The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association. In the event of the company being wound up members are required to contribute an amount not exceeding £1.
## Recruitment & Appointment of Trustees
The trustees and directors who have served throughout the year are shown on page 1. Appointment of directors/trustees is governed by the Memorandum & Articles of Association.
New Trustees undergo training on their legal obligations as under Charity Law, the decision making process, the business plan and recent performance of the charity.
## Organisational Structure
The charity is organized so that the trustees meet regularly to manage its affairs. The Chief Executive Officer S Yusuf manages the day to day administration of the charity and reports to the Trustees at bi-monthly Trustee meetings.
## Risk Management
The trustees actively review the major risks which the charity faces on a regular basis and believe that maintaining reserves at the current levels, combined with an annual review of the controls over key financial systems, will provide sufficient resources in the event of adverse conditions.
The trustees also review non-financial risks and these risks are managed by ensuring compliance with all health and safety regulations for clients, staff and volunteers.
## Related parties
None of the trustees receive remuneration or other benefit in their capacity as trustees of the charity. Any connection between a trustee of the charity and organisations providing services to the charity must be disclosed to the full board of trustees in the same way as any contractual relationship with a related party. In the current year no such related party transactions were reported.
## Pay policy for senior staff
The directors consider that the board of directors, Charity's trustees, and senior management team comprise the key management personnel of the charity in charge of directing, controlling, running and operating the charity on a day to day basis.
The pay of senior staff, including S Yusuf is reviewed annually.
## **Purpose and objectives**
The charity's objects and its principal activities are the provision of educational, social and welfare services for the benefit of the Turkish speaking community in Greater London, particularly in Haringey, Islington, Enfield, Waltham Forest, Barnet and Hackney areas of London.
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**TURKISH CYPRIOT WOMEN'S PROJECT (Private Company Limited by Guarantee) Directors' & Trustees' Report for the Year Ended 31 March 2021 (Continued)**
## **Financial review**
Total income for the year amounted to £112,426 with total expenditure amounting to £107,315 leaving a surplus in the year of £5,111.
Accumulated reserves at the balance sheet date amounted to £375,415, of which £78,194 represent income reserves.
## **Investment powers and policy**
The trustees, having regard to the liquidity requirements of operating the charity's activities, have kept a proportion of available liquid funds in an interest bearing account to maximise the rate of return, although given current rates of interest the rate of return is minimal. The trustees will review the position and consider alternative investments to maximise returns but will continue with a risk averse policy.
## **Reserves policy and going concern**
The Trustees have undertaken a review of the charity's requirements for reserves in light of the main risks to the organisation. As part of this review the charity has set up a designated fund, namely 'staff & maternity fund' reserve, in line with Charity Commission recommendations. The 'staff & maternity fund' is to cover future potential statutory liabilities (redundancy, unpaid holiday & monies in lieu of notice) should the charity cease activities and as at 31 March 2021 stands at £33,205. Unrestricted reserves as at 31 March 2021 were £44,989 which is equivalent to 3 months of running costs.
## **Plans for future periods**
The Trustees secured funding for a further year from Specialist Community Advice Services from L B Haringey for one year starting from 1 September 2020 for £45,000 per annum, renewable on a yearly basis up to three years. The Trustees are exploring further avenues for income generation to maintain existing services provided to the community.
## **Trustees responsibilities in relation to the financial statements**
The charity trustees (who are also directors of the Company for the purposes of company law) are responsible for preparing a trustees' annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
- select suitable accounting policies and apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgments and estimates that are reasonable and prudent;
- state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements.
- prepare financial statements on a going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
## **Directors and trustees**
The trustees who are directors for the purpose of company law who have served during the year and up to the date of this report are set out on page 1.
By order of the board of trustees
## **…………………………………………………………………**
**G Ibrahim 27 September 2021**
Page 3
**Turkish Cypriot Women's Project (Private Company Limited by Guarantee) Independent Examiner's report on the accounts for the year ended 31 March 2021**
I report to the trustees on my examination of the accounts of the above charity ('the Trust) for the year ended 31 March 2021.
## **Responsibilities and basis of report**
As the charity's trustees, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
## **Independent examiner's statement**
I have completed my examination. I confirm that no material matters come to my attention in connection with the examination, which gives me cause to believe that in, any material respect:
- the accoun�ng records were not kept in accordance with sec�on 130 of the Chari�es Act; or
- the accounts did not accord with the accoun�ng records; or
- the accounts did not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.
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.
## **Chrysostomos Kyprianou TKG Partnership Ltd Chartered Accountants**
**3 Gateway Mews Ringway London N11 2UT**
## **27 September 2021**
Page 4
## **TURKISH CYPRIOT WOMEN'S PROJECT (Private Company Limited by Guarantee) Statement of financial activities for the year ended 31 March 2021**
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Unrestricted/
Restricted Designated Total Total
Notes Funds Funds 2020/21 2019/20
£ £ £ £
Income:
Donations and restricted grants 3 96,533 96,533 91,621
Income from other charitable activities
Fundraising & other income 4 - 15,893 15,893 20,584
Total income 96,533 15,893 112,426 112,205
Expenditure
Expenditure on charitable activities:
Direct Charitable expenditure 5 93,786 10,782 104,568 101,502
Management and administration 6 2,747 - 2,747 3,820
Total expenditure 96,533 10,782 107,315 105,322
Net income/(expenditure) and net movements
in funds before gains and losses on investments
7 - 5,111 5,111 6,883
-
Total funds brought forward 370,304 370,304 363,421
Total funds carried forward - 375,415 375,415 370,304
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The statement of financial activities includes all gains and losses in the year. All incoming resources and resources expended derive from continuing activities.
Page 5
## **TURKISH CYPRIOT WOMEN'S PROJECT (Private Company Limited by Guarantee) BALANCE SHEET AS AT 31 MARCH 2021**
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Notes 2020/21 2019/20
£ £ £ £
Fixed Assets
Tangible fixed assets 13 297,221 293,975
Total fixed assets 297,221 293,975
Current Assets
Debtors 14 966 908
Cash at bank and in hand 113,422 108,554
Total current assets 114,388 109,462
Creditors: amounts falling due
within one year 15 (36,194) (33,133)
Net current assets 78,194 76,329
NET ASSETS 375,415 370,304
The funds of the Charity:
Unrestricted & Restricted income funds: 18 375,415 370,304
TOTAL CHARITY FUNDS 375,415 370,304
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These accounts are prepared in accordance with the special provisions of Part 15 of the Companies Act relating to small companies and constitute the annual accounts required by the Companies Act 2006 and are for circulation to members of the company.
The notes at pages 9 to 12 form part of these accounts
Approved by the trustees on 27 September 2021
**………………………………………………………………… B Tarihsever Trustee & Company Director**
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**TURKISH CYPRIOT WOMEN'S PROJECT (Private Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2021**
## **Accounting policies**
The principal accounting policies adopted, judgments and key sources of estimation uncertainty in the preparation of financial statements are as follows
## **Basis of Preparation**
The Financial statements have been prepared in accordance with Accounting and Reporting of charities : SORP applicable to charities preparing their accounts in accordance with Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective date 1 January 2015) - Charities SORP (FRS 102), the financial reporting standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Turkish Cypriot Women's Project meet the definition of Charity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy (notes).
## **Reconciliation with previous GAAP**
In preparing the accounts the trustees have considered whether in applying the accounting policies required by FRS 102 and the Charities SORP FRS 102, the reinstatement of comparative item was required.
At the date of transition no other restatements were required.
## **Incoming resources**
Income (including income from government and other grants) is recognised when the charity has entitlement to the funds, any performance conditions attached to the items of income have been met, it is probable that the income will be received and the amount can be measured reliably.
## **Interest and investment income receivable**
Interest on funds held on deposit and income from investments held is included when receivable and the amount can be measured reliable by the charity.
## **Fund accounting**
Unrestricted funds are available to spend on activities that further any of the purposes of charity. Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside for a specific purpose. Restricted funds are donations or grants which the donor has specified are to be solely used for a particular purpose or area of the Trust's work or projects being undertaken by the Trust.
## **Expenditure and irrecoverable VAT**
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following headings:
-cost of raising funds comprise the cost of commercial trading
- expenditure on charitable activities includes the cost of operating the advice centre and outreach services
- management and administration includes support costs for those functions that assist the work of the charity
Irrecoverable VAT is charged as a cost against the activity for which the expenditure has been incurred.
## **Taxation**
As a grant aided charity with charitable status the charity's activities do not create a charge to corporation tax.
## **Operating leases**
Rentals paid under operating leases are charged to income on a straight line basis over the lease term.
## **Tangible fixed assets**
Tangible fixed assets for use by the charity are stated at cost less depreciation.
Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
- office equipment - 25% straight line basis
- freehold property - no depreciation provided
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**TURKISH CYPRIOT WOMEN'S PROJECT (Private Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2021**
## **Debtors**
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
## **Cash at bank and in hand**
Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of less than three months from the date of acquisition or opening of the deposit or similar account.
## **Creditors and provisions**
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or
## **Financial instruments**
The trust has only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. The charity does not acquire put options, derivatives or other complex financial instruments and does not therefore face any financial risk.
## **Pensions**
The Trust operates a defined contribution pension scheme.
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**TURKISH CYPRIOT WOMEN'S PROJECT (Private Company Limited by Guarantee) Notes to the financial statements for the year ended 31 March 2021**
## **1 Legal status of the Trust**
The Trust is a company limited by guarantee and has no share capital. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity.
|**2 Financial performance of the charity**
Income
Expenditure on charitable activities
Expenditure on management and administration
Depreciation
Net income
Total funds brought forward
Total funds carried forward
**Represented by:**
Unrestricted funds - designated
Unrestricted funds - general
**3 Income from Donations, Grants & Income Generation**
**Grants receivable**
Community Fund/National Lottery Awards for All
City Bridge Trust (London Community Response Fund)
Rosa Fund
L B Haringey - Housing Related Support
L B Haringey - Specialist Community Advice Service
The Henry Smith Charity (Community Match Challenge Grant)
L B Haringey (VCS Grant)
Add: Deferred income brought forward (Note 16)
Less: Deferred income brought forward (Note 16)
**4 Income from other charitable activities**
Fundraising
Interest receivable
**5 Analysis of expenditure on charitable activities**
Staff & agency costs
Other running costs
Depreciation|**2020/21**
**£**
112,426
103,486
2,747
1,082
107,315
5,111
370,304
375,415
330,426
44,989
375,415
-
6,274
8,410
-
45,000
40,800
3,000
103,484
26,256
129,740
(33,207)
96,533
15,871
22
15,893
80,103
23,383
1,082
104,568|**2019/20**
**£**
112,205
100,468
3,820
1,034
105,322
6,883
363,421
370,304
322,180
48,124
370,304
9,496
-
-
34,434
27,000
22,300
-
93,230
24,647
117,877
(26,256)
91,621
20,499
85
20,584
84,620
15,848
1,034
101,502|
|---|---|---|
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## **TURKISH CYPRIOT WOMEN'S PROJECT (Private Company Limited by Guarantee) Notes to the financial statements for the year ended 31 March 2021**
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2020/21 2019/20
£ £
6 Analysis of governance and support cost
Reporting accountant fee & accountancy 1,582 1,332
Legal & professional 1,165 2,478
Other - 10
2,747 3,820
7 Net income /(expenditure) for the year
This is stated after charging:
Depreciation -owned assets 1,082 1,034
Reporting accountants remuneration 750 750
8 Analyses of staff costs, trustee remuneration and expenses, and the cost of key
management personnel
Wages and salaries 76,076 80,910
Employers national insurance 1,821 2,578
Pension costs 2,206 1,132
80,103 84,620
The average number of staff employed during the year
were as follows:
Direct charitable 4 4
4 4
The number of employees whose emoluments as defined for taxation purposes
amounted to over £60,000 in the year were as follows: - -
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## **9 Trustees' remuneration**
The trustees were not paid or received any other benefits from the Charity during the year in their capacity as trustees.
## **10 Related party transactions**
There were no related party transactions to be disclosed during the year under review.
## **11 Government Grants**
Income from grants comprises of grant funding made available by funding authorities and private entities to fund specific projects undertaken by the Charity. See note 4 for more information and to the amount and sources of these grants.
## **12 Corporation Tax**
The Charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.
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**TURKISH CYPRIOT WOMEN'S PROJECT (Private Company Limited by Guarantee) Notes to the financial statements for the year ended 31 March 2021**
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Freehold Office
Property Equipment Total
13 Tangible fixed assets £ £ £
Cost:
At 1 April 2020 293,975 30,584 324,559
Additions - 4,328 4,328
Disposals /write offs - (26,884) (26,884)
At 31 March 2021 293,975 8,028 302,003
Depreciation
-
At 1 April 2020 30,584 30,584
-
Charge in year 1,082 1,082
Disposals /write offs (26,884) (26,884)
At 31 March 2021 - 4,782 4,782
Net book value
At 31 March 2021 293,975 3,246 297,221
At 31 March 2020 293,975 - 293,975
14 Debtors 2020/21 2019/20
Amounts due within one year:
Prepayments and accrued income
Accrued income - -
Other debtors & prepayments 966 908
966 908
15 Creditors
Amounts falling due within one year:
Other taxation & social security 1,583 896
Other creditors & accruals 34,611 32,237
36,194 33,133
16 Deferred income (included in other creditors & accruals)
Deferred income comprise advance receipt of grant funding for 2018/19
Balance as at 1 April 2020 26,256 24,647
Amount released to income earned from charitable activities (26,256) (24,647)
Amount deferred in the year 34,611 26,256
Balance as at 31 March 2021 34,611 26,256
Grants deferred in year:
The Henry Smith Charity 11,457 18,583
-
L B Haringey - Specialist Community Advice Service 21,750
-
Community Fund/National Lottery Awards for All 7,673
33,207 26,256
17 Analysis of charitable funds
Analysis of movement in designated funds
Functional fixed assets reserve
Balance at 1 April 2020 293,975 295,009
Movement in year (1,082) (1,034)
Inter Fund transfer 4,328 -
Balance at 31 March 2021 297,221 293,975
Staff & maternity fund:
Balance at 1 April 2020 28,205 18,205
Inter-fund transfers 5,000 10,000
Balance at 31 March 2021 33,205 28,205
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**TURKISH CYPRIOT WOMEN'S PROJECT (Private Company Limited by Guarantee) Notes to the financial statements for the year ended 31 March 2021**
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2020/21 2019/20
17 Analysis of charitable funds (continued) £ £
Analysis of movement in unrestricted funds
Unrestricted - General reserve:
Balance at 1 April 2020 48,124 40,207
Movement in year 5,111 7,917
Inter-fund transfers (8,246) -
Balance at 31 March 2021 44,989 48,124
Analysis of movement in restricted funds
Restricted - General reserve:
- -
Balance at 1 April 2020
- -
Movement in year
Inter-fund transfers - -
Balance at 31 March 2021 - -
18 Analysis between fund balances
2020/21
Restricted Unrestricted Total
£ £ £
-
Tangible fixed assets 297,221 297,221
Cash at bank and in hand - 113,422 113,422
-
Other net current assets/ (liabilities) (35,228) (35,228)
-
375,415 375,415
2019/20
Restricted Unrestricted Total
£ £ £
-
Tangible fixed assets 293,975 293,975
Cash at bank and in hand - 108,554 108,554
-
Other net current assets/ (liabilities) (32,225) (32,225)
-
370,304 370,304
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## **19 Post-balance sheet events**
The trustees, having made enquiries with senior members of staff confirm that there are no post balance sheet events which require disclosure in the financial statements.
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