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:
1. To relieve the poverty amongst Christian students in Egypt.
2. 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.
- a) Selected suitable accounting policies and then applied them consistently.
- b) Observe the methods and principles in the Charities SORP;
- c) Made judgements and estimates that are reasonable and prudent
- 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
- 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:-
- a) Examine the accounts (under Section 145(1) (a) of the 2011 Act;
- 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
- 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:-
1. Which gives reasonable cause to believe that in, any material respect, the requirements to ensure that
- a) proper accounting records (in accordance with Section 130 and 131 of the Act); and
- b) accounts are prepared which agree with the accounting records and comply with the accounting requirements of the Act; or
2. 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|