REGISTERED CHARITY NUMBER: 1055608
REPORT OF THE TRUSTEES AND
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
FOR
SAINT KYREL TRUST
Prescott Gendy Aslam & Co Hollington House Flitton Hill Maulden Bedfordshire MK45 2BE
SAINT KYREL TRUST
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 2 |
| Independent Examiner's Report | 3 | ||
| Statement of Financial Activities | 4 | ||
| Balance Sheet | 5 | ||
| Notes to the Financial Statements | 6 | to | 10 |
| Detailed Statement of Financial Activities | 11 |
SAINT KYREL TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024
The trustees present their report with the financial statements of the charity for the year ended 31 March 2024. The trustees have adopted the provisions of 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 (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The objectives of the charity are to relieve the poverty amongst Christian students in Egypt and to advance the Christian religion by preaching the Gospel..
Significant activities
The charity helps poor Coptic students in Egypt to complete their education by providing grants to support their basic everyday financial necessities to enable them to continue their education and gain qualifications that will make a difference to theirs and their family's lives.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
The charity helps poor Coptic students to complete their education by providing sponsorship and supporting their physical needs.
Grants amounting to £381,337 (2023 : £307,053) were made during the year.
Fundraising activities
Income is made up of donations and Gift Aid receipts which totalled £402,649(2023: £399,782).
During the year the Trust held a dinner as a fund raising event .
FINANCIAL REVIEW
Financial position
The statement of the financial position is set out on pages 4 and 5 and shows results in the year.
The charity reported a surplus on funds of £21,091 for the year ( 2023: £93,406).
At 31 March 2024, as shown in the Statement of Financial position, the charity had net assets of £493,472 ( 2023: £472,381) mainly held in Fixed Assets and in funds in bank accounts.
FUTURE PLANS
The Trustees intend to continue to support as many students as resources permit.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Charity number
1055608
Principal address
PO Box 10318 London W14 8FP
Trustees
E Elias G Shahata A W G Michail (resigned 8.10.23) Mrs R M Barsoum Dr M Henein S Farag A Khir
Page 1
INT KYREL TRUST RE R TrIE YEAR ENDED 31 M_ARCH 2QZ4 REFERENCE AND ADMINISTRATNE (>ETAU Ind•p•nd•nt Eumln•r PreSCtt Gendy Asl•n & Co Holliryton House Flth Hill MaukJen Bedthshife MK45 2BE yov&J ty (thr ofthe bo•rf oltrus1 ¢ •rKI on rts b•h•ll by E Elw- Trustee Poge 2
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF SAINT KYREL TRUST
Independent examiner's report to the trustees of Saint Kyrel Trust
I report to the charity trustees on my examination of the accounts of Saint Kyrel Trust (the Trust) for the year ended 31 March 2024.
Responsibilities and basis of report
As the charity trustees of the Trust 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 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
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Association of Chartered Certified Accountants, which is one of the listed bodies.
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or 2. the accounts do not accord with those records; or
-
the accounts do 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.
George Gendy, FCCA The Association of Chartered Certified Accountants
Prescott Gendy Aslam & Co Hollington House Flitton Hill Maulden Bedfordshire MK45 2BE
Date: .............................................
Page 3
SAINT KYREL TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024
| 31.3.24 Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 402,649 Other trading activities 2 2,842 Investment income 3 19,844 Total 425,335 EXPENDITURE ON Raising funds 4 18,925 Charitable activities Grants to Individuals 381,337 Other 3,982 Total 404,244 NET INCOME 21,091 RECONCILIATION OF FUNDS Total funds brought forward 472,381 TOTAL FUNDS CARRIED FORWARD 493,472 |
31.3.23 Total funds £ 399,782 3,241 17,550 |
|---|---|
| 420,573 | |
| 13,598 307,053 6,516 |
|
| 327,167 | |
| 93,406 378,975 |
|
| 472,381 |
The notes form part of these financial statements
Page 4
LANC_E SHEET 1 PAARCH 202 31324 Unrestncled 31323 Total nds FIXED ASSErs 281.776 281,778 CLNtRENT ASSETS 53,052 210.778 48,657 207,526 Caih al bank 263.830 254.183 CRELNTORS Arnounls l¥lling wthin orn (14,869) (14,e681 NET CURRENT ASSETS 249.181 239.515 TOTAL ASSETS LESS CLKtRENT LIA81UTIES 510.937 9)1.291 CREDITORS ts f•llir¥J duo •ft•r m¢x• lft an• >•ar 10 {17,465) 128,910) NET ASSETS 493.4n 472,381 FUNDS UnrnstrKl•J funds 12 493,472 472.381 TOTAL FUNDS 493,472 472.381 The finano•l st•t•m•nts vAre apprOd by tho Board ol Trust••s and outhorlsed for Mu• arKI **rè 5gned on rts b•holf by Trustèe The notes forn part of these finanoal ststements Pag8 5
SAINT KYREL TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
1. ACCOUNTING POLICIES
BASIS OF PREPARING THE FINANCIAL STATEMENTS
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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 (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.
INCOME
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
EXPENDITURE
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
TAXATION
The charity is exempt from tax on its charitable activities.
FUND ACCOUNTING
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
2. OTHER TRADING ACTIVITIES
3.
| OTHER TRADING ACTIVITIES | ||
|---|---|---|
| 31.3.24 | 31.3.23 | |
| £ | £ | |
| Other Income | 2,842 | 3,241 |
| INVESTMENT INCOME | ||
| 31.3.24 | 31.3.23 | |
| £ | £ | |
| Rents received | 19,200 | 17,550 |
| Deposit account interest | 644 | - |
| 19,844 | 17,550 |
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continued...
SAINT KYREL TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
4. RAISING FUNDS
INVESTMENT MANAGEMENT COSTS
| INVESTMENT MANAGEMENT COSTS | ||
|---|---|---|
| 31.3.24 | 31.3.23 | |
| £ | £ | |
| Property Service Charges | 900 | 1,200 |
| Property Legal Fees | - | 1,352 |
| Property repairs | 2,824 | 783 |
| Mortgage Interest | 2,236 | 1,613 |
| 5,960 | 4,948 |
5. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023.
TRUSTEES' EXPENSES
There were no trustees' expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023.
6.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted | |
|---|---|
| fund | |
| £ | |
| INCOME AND ENDOWMENTS FROM | |
| Donations and legacies | 399,782 |
| Other trading activities | 3,241 |
| Investment income | 17,550 |
| Total | 420,573 |
| EXPENDITURE ON | |
| Raising funds | 13,598 |
| Charitable activities | |
| Grants to Individuals | 307,053 |
| Other | 6,516 |
| Total | 327,167 |
| NET INCOME | 93,406 |
| RECONCILIATION OF FUNDS | |
| Total funds brought forward | 378,975 |
| TOTAL FUNDS CARRIED FORWARD | 472,381 |
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continued...
SAINT KYREL TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
7. TANGIBLE FIXED ASSETS
| COST At 1 April 2023 and 31 March 2024 NET BOOK VALUE At 31 March 2024 At 31 March 2023 8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other debtors 9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Bank loans and overdrafts (see note 11) Trade creditors Other creditors 10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR Bank loans (see note 11) 11. LOANS An analysis of the maturity of loans is given below: Amounts falling due within one year on demand: Bank loans Amounts falling between one and two years: Bank loans - 1-2 years Amounts falling due between two and five years: Bank loans - 2-5 years 12. MOVEMENT IN FUNDS At 1.4.23 £ Unrestricted funds General fund 472,381 TOTAL FUNDS 472,381 |
31.3.24 £ 53,052 31.3.24 £ 11,068 1 3,600 14,669 31.3.24 £ 17,465 31.3.24 £ 11,068 11,068 6,397 Net movement in funds £ 21,091 21,091 |
Freehold property £ 261,776 |
|---|---|---|
| 261,776 | ||
| 261,776 | ||
| 31.3.23 £ 46,657 31.3.23 £ 11,068 - 3,600 14,668 31.3.23 £ 28,910 31.3.23 £ 11,068 11,068 17,842 At 31.3.24 £ 493,472 |
||
| 493,472 |
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continued...
SAINT KYREL TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
12. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Incoming resources £ Unrestricted funds General fund 425,335 TOTAL FUNDS 425,335 Comparatives for movement in funds At 1.4.22 £ Unrestricted funds General fund 378,975 TOTAL FUNDS 378,975 Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 420,573 TOTAL FUNDS 420,573 A current year 12 months and prior year 12 months combined position is as follows: At 1.4.22 £ Unrestricted funds General fund 378,975 TOTAL FUNDS 378,975 |
Resources Movement expended in funds £ £ (404,244) 21,091 (404,244) 21,091 Net movement At in funds 31.3.23 £ £ 93,406 472,381 93,406 472,381 Resources Movement expended in funds £ £ (327,167) 93,406 (327,167) 93,406 Net movement At in funds 31.3.24 £ £ 114,497 493,472 114,497 493,472 |
Resources Movement expended in funds £ £ (404,244) 21,091 (404,244) 21,091 Net movement At in funds 31.3.23 £ £ 93,406 472,381 93,406 472,381 Resources Movement expended in funds £ £ (327,167) 93,406 (327,167) 93,406 Net movement At in funds 31.3.24 £ £ 114,497 493,472 114,497 493,472 |
|---|---|---|
| 93,406 | ||
| At 31.3.24 £ 493,472 |
||
| 493,472 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 845,908 845,908 |
Resources Movement expended in funds £ £ (731,411) 114,497 (731,411) 114,497 |
Resources Movement expended in funds £ £ (731,411) 114,497 (731,411) 114,497 |
|---|---|---|---|
| 114,497 |
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SAINT KYREL TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
13. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 March 2024.
Page 10
SAINT KYREL TRUST
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024
| 31.3.24 | 31.3.23 | |
|---|---|---|
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Donations | 348,519 | 306,198 |
| Gift aid | 54,130 | 93,584 |
| 402,649 | 399,782 | |
| Other trading activities | ||
| Other Income | 2,842 | 3,241 |
| Investment income | ||
| Rents received | 19,200 | 17,550 |
| Deposit account interest | 644 | - |
| 19,844 | 17,550 | |
| Total incoming resources | 425,335 | 420,573 |
| EXPENDITURE | ||
| Raising donations and legacies | ||
| Postage and stationery | 330 | - |
| Other trading activities | ||
| Fund raising dinner | 10,840 | 8,650 |
| Conference expenses | 1,000 | - |
| Concert Expenses | 795 | - |
| 12,635 | 8,650 | |
| Investment management costs | ||
| Property Service Charges | 900 | 1,200 |
| Property Legal Fees | - | 1,352 |
| Property repairs | 2,824 | 783 |
| Mortgage Interest | 2,236 | 1,613 |
| 5,960 | 4,948 | |
| Charitable activities | ||
| Grants to individuals | 381,337 | 307,053 |
| Support costs | ||
| Governance costs | ||
| Accountancy | 3,600 | 3,600 |
| Professional Fees | - | 2,500 |
| Bank interest | 382 | 416 |
| 3,982 | 6,516 | |
| Total resources expended | 404,244 | 327,167 |
| Net income | 21,091 | 93,406 |
This page does not form part of the statutory financial statements
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