Charity Registration Number: 1055608
SAINT KYREL TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
SAINT KYREL TRUST
CONTENTS FOR THE YEAR ENDED 31 MARCH 2021
| Page | |
|---|---|
| Members of the Board and Professional advisors | 1 |
| Trustees Annual Report | 2-3 |
| Independent Examiner's Report | 4 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 |
| Notes to the Financial Statements | 7-10 |
Page 1
SAINT KYREL TRUST MEMBERS OF THE BOARD AND PROFESSIONAL ADVISORS FOR THE YEAR ENDED 31 MARCH 2021
Registered Charity Name St Kyrel Trust Charity Registration Number 1055608 Date of Trust Deed 10 April 1996 Registered Address P.O.Box 10318 London W14 8FP Trustees Mr A Khir Mr M Henein Mr E Elias (chairman) Mr S Farag Mrs R Barsoum Bankers Barclays Bank plc South Kensington London National Westminster Bank Bedford Independent Examiners Key Business Consultants LLP Chartered Accountants Unit 5 Drakes Courtyard 291 Kilburn High Road London NW6 7JR
Page 2
SAINT KYREL TRUST TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2021
The Trustees present their report and unaudited financial statements of the Trust for the year ended 31 March 2021.
Reference and administrative details
Reference and administrative details are shown in the schedule of members of the board and professional advisers on page 1 of the financial statements.
The Trustees
The trustees who served the charity during the year were as follows:
Mr A Khir Mr M Henein Mr E Elias (chairman) Mr S Farag Mrs R Barsoum
Structure, Governance and Management
Background and Scope
The Trust was created by a deed dated 10 April 1996 as a Trust, exclusively for charitable purposes. The Trust was registered with the Charity Commissioners on 23 May 1996, charity registration number 1055608. There was one addition to the Trustees in the year. New Trustees are appointed by the existing Trustees.
Objectives and Activities
Aims and Objectives for the Public Benefit
The objectives of the charity are:
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To relieve the poverty amongst Christian students in Egypt.
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To advance the Christian religion by preaching the Gospel
The charity helps poor Coptic students to complete their education by providing sponsorship and supporting their physical needs.
Achievements and performance
Grants amounting to £314,200 (2020: £327,930) were made during the year.
Financial Review and Reserve Policy
Income is made up of donations and Gift Aid receipts which totalled £353,397 (2020: £249,829), including arrears of Gift Aid. A profit of £45,754 (2020: Deficit of £99,523) was generated in the year. During the year the Trust held a concert as a fund raising event and will hold another in the following year.
Page 3
SAINT KYREL TRUST TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2021
Continued
Future Developments
The Trustees intend to continue to support as many students as resources permit.
Responsibilities of the Trustees
The charity's trustees are responsible for preparing the Trustees Annual Report and financial statements in accordance with applicable law and regulations.
The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year. Under the law the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). The trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and the income and expenditure of the charity for that period.
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a) Selected suitable accounting policies and then applied them consistently.
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b) Observe the methods and principles in the Charities SORP;
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c) Made judgements and estimates that are reasonable and prudent
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d) Stated whether applicable, accounting standards and statements of recommended practice have been followed, subject to any departures disclosed and explained in the financial statements; and
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e) Prepared the financial statements on a going concern basis unless it is inappropriate to presume that the charity will continue in business.
The Trustees are responsible for keeping proper 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 Charities Act 2011 and Charities SORP 2005. They are also responsible for safeguarding theasstes of the Trust and hence for the prevention and detection of fraud and other irregularities.
For and on behalf of the Trustees:
Mr A Khir Trustee
23 January 2022 Date of approval.
Page 4
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF SAINT KYREL TRUST
I report on the accounts of the Trust for the year ended 31 March 2021, which are set out on pages 5 to 10.
Respective Responsibilities of Trustees and Examiner
The charity's trustees are responsible for the preparation of accounts. The charity's trustees consider that an audit is not required for this year under Section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
It my responsibility to:-
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a) Examine the accounts (under Section 145(1) (a) of the 2011 Act;
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b) To follow the procedures laid down in the General Directions given by the Charity Commisssioners under Section 145 (5)(b) of the 2011 Act; and
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c) To state whether particular matters have required attention
Basis of Independent Examiners Report
The examination was carried out in acordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the Charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from you as Trustees concerning any such matter. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the financial statements present a 'true and fair view' and the report is limited to those matters set out in the statement below.
Independent Examiner's Statement
In connection with the examination, no matter has come to my attention:-
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Which gives reasonable cause to believe that in, any material respect, the requirements to ensure that
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a) proper accounting records (in accordance with Section 130 and 131 of the Act); and
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b) accounts are prepared which agree with the accounting records and comply with the accounting requirements of the Act; or
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to which, in my opinion, attention should be drawn in order to enable a proper
understanding of the accounts to be reached.
Key Business Consultants LLP Chartered Accountants Unit 5 Drakes Courtyard 291 Kilburn High Road roo London NW6 7JR Date: 23 January 2022
Page 5
SAINT KYREL TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2021
| Notes Incoming Resources Income resources from generated funds: Voluntary Income 2 Investment Income 3 Total Incoming Resources Resources Expended Cost of Generating Funds: Investment management costs 4 Charitable activities: Grant making 5 Governance costs 6 Total Resources Expended Reconciliation of Funds Total Funds brought forward at 1 April 2020 Total Funds carried forward at 31 March 2021 Net Incoming Resources before recognised gains/(losses) |
2021 2020 £ £ 358,397 249,829 18,939 16,743 377,336 266,572 8,435 33,055 314,200 327,930 1,947 5,110 324,582 366,095 52,754 (99,523) 320,954 420,477 373,708 320,954 Unrestricted Funds |
2021 2020 £ £ 358,397 249,829 18,939 16,743 377,336 266,572 8,435 33,055 314,200 327,930 1,947 5,110 324,582 366,095 52,754 (99,523) 320,954 420,477 373,708 320,954 Unrestricted Funds |
|---|---|---|
| 266,572 | ||
| 33,055 327,930 5,110 |
||
| 366,095 | ||
| (99,523) 420,477 |
||
| 320,954 |
The Statement of Financial Activities includes all gains and losses in the year and therefore a statement of total recognised gains and losses has not been prepared.
All of the above amounts relate to continuing activities.
Page 6
SAINT KYREL TRUST BALANCE SHEET AS AT 31 MARCH 2021
| Fixed Assets Tangible Assets Cash at bank and in hand Debtors Liabilities Net Current Assets TOTAL NET ASSETS Represented by: UNRESTRICTED FUNDS TOTAL ASSETS LESS CURRENT LIABILITIES Creditors: Amounts falling due after more than one year Creditors: Amounts falling due within one year |
Notes 9 10 11 13 11 12 |
2021 261,776 139,583 35,361 (12,783) 162,161 423,937 (50,229) 373,708 373,708 |
2020 261,776 99,733 35,361 (14,283) |
|---|---|---|---|
| 120,811 | |||
| 382,587 (61,633) |
|||
| 320,954 | |||
| 320,954 |
These statements were approved by the members of the committee on the 11 January 2022 and are signed on their behalf:
Mr A Khir Trustee
Page 7
SAINT KYREL TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2021
1. ACCOUNTING POLICIES
a) Basis of Accounts Preparation
The financial statements have been prepared under the historical cost convention and in accordance with the Statement of Recommended Practice "Accounting and Reporting by Charities" (SORP 2005), issued in March 2005, the Financial Reporting Standard for Smaller Entities and the Companies Act 2006.
b) Voluntary Income
Grants and donations are recognised in the SOFA when the conditions of receipt have been complied with.
c) Interest Receivable and Investment Income
Interest receivable and other investment income is credited to the Statement of Financial Activities when received.
d) Gift Aid
Gift Aid is recognised on the basis of claims made and acknowledged as payable by HMRC. Claims have been acknowledged for the last four years and receipt of funds is pending.
e) Resources Expended
Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the Charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category.
a) Charitable activities - the costs of charitable activities includes grants made. b) Governance Costs - governance costs comprise all costs involving the public accountability of the Charity and its compliance with regulation and good practice.
f) Investment Property
Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.
g) Foreign Exchange
Assets and liabilities expressed in foreign currency are translated into sterling at the appropriate rates of exchange rate ruling at the end of the financial year. Differences on exchange arising during the year are taken through the statement of Financial Activities.
2. VOLUNTARY INCOME
| 2. VOLUNTARY INCOME | ||
|---|---|---|
| 2021 | 2020 | |
| £ | £ | |
| Donations received | 358,397 | 249,829 |
Page 8
SAINT KYREL TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2021
| 3. INVESTMENT INCOME 2021 £ Interest Receivable 30 Other Income 3,262 Property Income 15,648 18,939 4. INVESTMENT MANAGEMENT COSTS 2021 £ Flat Expenses 3,206 Fundraising costs 4,103 Bank Interest on Property Loan 1,126 8,435 5. CHARITABLE ACTIVITIES 2021 £ Grant Payable 314,200 During the year ended 31 March 2021 the Trust made grants of £314,200 (2020: £327,930) to poor Coptic students in Egypt and NIL (2020: NIL) to a |
2020 £ 243 - 16,500 |
|---|---|
| 16,743 | |
| 2020 £ 2,736 28,508 1,810 |
|
| 33,055 | |
| 2020 £ 327,930 |
|
| UK Church. |
| 6. GOVERNANCE COSTS Bank Charges Accountancy There were no employees during the year. |
2021 £ 447 1,500 1,947 |
2020 £ 610 4,500 |
|---|---|---|
| 5,110 | ||
Page 9
SAINT KYREL TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2021
7. TRUSTEES' REMUNERATION
No trustee received any remuneration during the year (2020:NIL) and none of the trustees were reimbursed any expenses incurred in the performance of his or her duties (2020:NIL). No trustee had any interest in any contract with the Trust during the financial year.
8. TAXATION
Saint Kyrel Trust is a registered charity and is therefore not liable to income tax or corporation tax on the income derived from its charitable activities, as it falls within the various exemptions available to registered charities.
| 9 FIXED ASSETS Investment Property at cost plus improvments |
2021 £ 261,776 |
2020 £ 261,776 |
|---|---|---|
This property is included at original cost. This is thought to be less than the current open market value.
| 10. DEBTORS Debtors 11. CREDITORS Amounts falling due within 1 year Accruals Loan |
2021 £ 35,361 35,361 2021 £ - 12,783 12,783 |
2020 £ 35,361 |
|---|---|---|
| 35,361 | ||
| 2020 £ 1,500 12,783 |
||
| 14,283 |
Amounts falling due after more than one year
The bank loan is repayable by installments over the following periods after more than one year:
| Due within 1 to 2 years Due within 2 to 5 years Due after 5 years |
12,783 37,445 0 50,229 |
12,783 38,350 10,500 |
|---|---|---|
| 61,633 |
The bank loan is secured by a charge over the investment property
Page 10
SAINT KYREL TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2021
12. UNRESTRICTED INCOME FUNDS
| Balance as at | ||||||
|---|---|---|---|---|---|---|
| Balance as at | Incoming |
Outcoming | Gains & | 31 March | ||
| 1 April 2020 | Resources | Resources | (losses) | 2021 | ||
| General Funds | 320,954 | 377,336 | (324,582) | - | 373,708 |
13. ANALYSIS OF NET ASSETS BETWEEN FUNDS
| Unrestricted Income Funds Total Funds 2021 £ Tangible Assets 261,776 Current Assets 174,944 Creditors: Amounts falling due within one year (12,783) Creditors: Amounts falling due after more than one year (50,229) Net Assets 373,708 |
Total Funds 2020 £ 261,776 135,094 (14,283) (61,633) |
|---|---|
| 320,954 |