The Charity Commission for England and Wales Charity Registration Number 1055608
SAINT KYREL TRUST
Financial Statements
31 March 2022
SAINT KYREL TRUST Report and accounts Contents
| 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 |
SAINT KYREL TRUST Members of the Board and Professional advisors
Trustees
Mr E Elias (Chairman) Mr M Henein Mr A Khir Mr S Farag Mrs R Barsoum Mr A Michail (Appointed on 1 April 2022)
Independent Examiners
Key Business Consultants LLP Unit 5 Drakes Courtyard 291 Kilburn High Road London NW6 7 JR
Bankers
Barclays Bank plc South Kensington London National Westminster Bank Bedford
Registered office
PO Box 10318 London W14 8FP
Charity Registration Number
1055608 The Charity Commission for England and Wales
1
SAINT KYREL TRUST Trustees' Report
The Trustees present their report and unaudited Financial Statements for the Trust for the year ended 31 March 2022.
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.
Trustees
The following persons served as Trustees during the year:
Mr E Elias (Chairman) Mr M Henein Mr A Khir Mr S Farag Mrs R Barsoum Mr A Michail (Appointed on 1 April 2022)
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:
-
To relieve the poverty amongst Christian students in Egypt.
-
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 £294,700 (2021: £314,200) were made during the year.
Financial Review and Reserve Policy
Income is made up of donations and Gift Aid receipts which totalled £355,214 (2021: £358,397), including arrears of estimated Gift Aid. A surplus of £33,933 (2021: £52,754) 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.
Future Developments
The Trustees intend to continue to support as many students as resources permit.
2
SAINT KYREL TRUST Trustees' Report
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.
This report was approved by the board on 12 January 2023 and signed on its behalf.
Mr E Elias Trustee
3
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 2022, as follows:
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:-
- 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
- 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 London NW6 7 JR
12 January 2023
4
SAINT KYREL TRUST Statement of Financial Activities for the year ended 31 March 2022
| Incoming Resources Income resources from generated funds: Voluntary Income Investment Income Total Incoming Resources Resources Expended Cost of Generating Funds: Investment management costs Charitable activities: Grant making Governance costs Total Resources Expended Reconciliation of Funds Total Funds brought forward at 1 April 2021 Total Funds carried forward at 31 March 2022 Net Incoming Resources before recognised gains/(losses) |
2022 2021 £ £ 326,548 358,397 (1,086) 18,940 325,462 377,337 21,199 8,435 294,700 314,200 4,297 1,948 320,196 324,583 5,266 52,754 373,709 320,954 378,975 373,709 Unrestricted Funds |
2022 2021 £ £ 326,548 358,397 (1,086) 18,940 325,462 377,337 21,199 8,435 294,700 314,200 4,297 1,948 320,196 324,583 5,266 52,754 373,709 320,954 378,975 373,709 Unrestricted Funds |
|---|---|---|
| 377,337 8,435 314,200 1,948 |
||
| 324,583 | ||
| 52,754 | ||
| 320,954 | ||
| 373,709 |
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.
5
SAINT KYREL TRUST Charity Registration Number: 1055608 Balance Sheet as at 31 March 2022
| Notes 2022 £ Fixed assets Tangible assets 3 261,776 Current assets Debtors 4 28,667 Cash at bank and in hand 139,965 168,632 Creditors: amounts falling due within one year 5 (12,783) Net current assets 155,849 Total assets less current liabilities 417,625 Creditors: amounts falling due after more than one year 6 (38,650) Total Net assets 378,975 Represented by: UNRESTRICTED FUNDS 378,975 Mr E Elias Trustee Approved by the board on 12 January 2023 |
2021 £ 261,776 35,361 139,583 174,944 (12,783) 162,161 423,937 (50,228) 373,709 373,709 |
2021 £ 261,776 35,361 139,583 174,944 (12,783) 162,161 423,937 (50,228) 373,709 373,709 |
|---|---|---|
| 423,937 (50,228) |
||
| 373,709 | ||
| 373,709 |
6
SAINT KYREL TRUST Notes to the Accounts for the year ended 31 March 2022
1 Accounting policies
Basis of 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.
Voluntary Income
Grants and donations are recognised in the SOFA when the conditions of receipt have been complied with.
Interest Receivable and Investment Income
Interest receivable and other investment income is credited to the Statement of Financial Activities when received.
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.
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.
Investment Property
Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.
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 Employees Average number of persons employed by the company |
2022 Number 6 |
2021 Number 5 |
|---|---|---|
7
SAINT KYREL TRUST Notes to the Accounts
for the year ended 31 March 2022
3 Tangible fixed assets
| Cost At 1 April 2021 At 31 March 2022 Depreciation At 31 March 2022 Net book value At 31 March 2022 At 31 March 2021 4 Debtors Debtors 5 Creditors: amounts falling due within one year Loan 6 Creditors: amounts falling due after one year Due within 1 to 2 years Due within 2 to 5 years The bank loan is secured by a charge over the investment property 7 Loans Creditors include: Secured bank loans 8 Unrestricted Income Funds General Funds 373,709 325,462 The bank loans are secured against the investment property. The bank loan is repayable by installments over the following periods after more than one year: Balance as at 1 April 2021 Incoming Resources |
2022 £ 28,667 |
Land and buildings £ 261,776 |
|---|---|---|
| 261,776 | ||
| - | ||
| 261,776 | ||
| 261,776 | ||
| 2021 £ 35,361 |
||
| 2022 £ 12,783 |
2021 £ 12,783 |
|
| 2022 £ - 38,650 |
2021 £ - 50,228 |
|
| 38,650 | 50,228 | |
| 2022 £ 51,433 |
2021 £ 63,011 |
|
| (320,196) Outcoming Resources |
378,975 Balance as at 31 March 2022 |
There were no gains and losses during the year.
8
SAINT KYREL TRUST Notes to the Accounts for the year ended 31 March 2022
8 Analysis of Net Assets between Funds
Unrestricted Income Funds
| Unrestricted Income Funds | ||
|---|---|---|
| Tangible Assets Current Assets Creditors: Amounts falling due within one year Net Assets Creditors: Amounts falling due after more than one year |
Total Funds 2022 £ 261,776 168,632 (12,783) (38,650) 378,975 |
Total Funds 2021 £ 261,776 174,944 (12,783) (50,228) |
| 373,709 |
9
SAINT KYREL TRUST Detailed Statement of Financial Activities for the year ended 31 March 2022
| Voluntary Income Donations Received Investment Income Interest receivable Other Income Property Income Charitable Activities Grant Payable Investment Management Costs Flat Expenses Fundraising Costs Bank Interest on Property Loan Governance Costs Bank charges Legal Expenses Accountancy Fees |
2022 £ 326,548 12 422 (1,520) (1,086) 294,700 19,900 324 975 21,199 697 600 3,000 4,297 5,266 |
2021 £ 358,397 |
|---|---|---|
| 30 3,262 15,648 |
||
| 18,940 | ||
| 314,200 | ||
| 3,206 4,103 1,126 |
||
| 8,435 | ||
| 448 - 1,500 |
||
| 1,948 | ||
| 52,754 |
10