SAINT KYREL TRUST
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
| Page | |||
|---|---|---|---|
| Report ofthe 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 |
| DetailedStatementofFinancialActivities | 11 |
|
REGISTERED CHARITY NUMBER: 1055608
REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 FOR
SAINT KYREL TRUST
Prescott Gendy Aslam & Co Hollington House Flitton Hill Maulden Bedfordshire MK45 2BE
SAINT KYREL TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025
The trustees present their report with the financial statements of the charity for the year ended 31 March 2025. 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.
ACHIEVEMENTS AND PERFORMANCE
Charitable activities
The mission of St Kyrel Trust is to support deprived Coptic Students in Egypt to transform their future by ensuring they have the opportunity for education.The charity has supported several thousand of y young people in Egypt to gain qualifications to help them to break the poverty cycle within their families and to the transformation of their communities. Grants amounting to £349,314 (2024 : £381,3373) were made during the year.
Fundraising activities
Income is made up of donations and Gift Aid receipts which totalled £462,022 (2024: £402,649).
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 £110,158 for the year ( 2024 : £21,091).
At 31 March 2025, as shown in the Statement of Financial position, the charity had net assets of £603,630 ( 2024 £4793,472) 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 Mrs R M Barsoum Dr M Henein S Farag A Khir
Page 1
SAINT KYREL TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025
REFERENCE AND ADMINISTRATIVE DETAILS
Independent Examiner Prescott Gendy Aslam & Co Hollington House Flitton Hill Maulden Bedfordshire MK45 2BE
Approved by order of the board of trustees on 12 January 2026 and signed on its behalf by:
E Elias - Trustee
Page 2
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF SAINT KYREL TRUST
Independent examiner's report to the trustees of Saint Kyrel Trust
| report to the charity trustees on my examination of the accounts of Saint Kyrel Trust (the Trust) for the year ended 31 March 2025.
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’).
| 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 | 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. | can confirm that | am qualified to undertake the examination because | am a member of the Association of Chartered Certified Accountants, which is one of the listed bodies.
| have completed my examination. | confirm that no material examination giving me cause to believe that in any material respect:
| confirm that no material matters have come to my attention in connection with the
|
-
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.
| 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: ....ccccececeeeeeeeeneceeerneereeeeeeee
Page 3
SAINT KYREL TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025
----- Start of picture text -----
||||||
|---|---|---|---|---|
|31.3.25|31.3.24|
|Unrestricted|Total|
|fund|funds|
|Notes|£|£|
|INCOME|AND|ENDOWMENTS|FROM|
|Donations|and|legacies|462,022|402,649|
|Other trading|activities|2|-|2,842|
|Investment|income|3|20,294|19,844|
|Total|482,316|425,335|
|EXPENDITURE|ON|
|Raising|funds|4|17,873|18,925|
|Charitable|activities|
|Other|resources|expended|88|-|
|Grants|to|Institutions|4,254|-|
|Grants|to|Individuals|345,060|381,337|
|Other|4,883|3,982|
|Total|372,158|404,244|
|NET INCOME|110,158|21,091|
|RECONCILIATION|OF|FUNDS|
|Total|funds|brought forward|493,472|472,381|
|TOTAL FUNDS CARRIED|FORWARD|603,630|493,472|
----- End of picture text -----
The notes form part of these financial statements
Page 4
SAINT KYREL TRUST
BALANCE SHEET 31 MARCH 2025
| 31.3.25 | 31.3.24 | ||
|---|---|---|---|
| Unrestricted | Total | ||
| fund | funds | ||
| Notes | £ | £ | |
| FIXED ASSETS | |||
| Tangible assets | 7 | 261,776 | 261,776 |
| CURRENTASSETS | |||
| Debtors | 8 | 59,674 | 53,052 |
| Cash at bank | 302,497 | 210,778 | |
| 362,171 | 263,830 | ||
| CREDITORS | |||
| Amounts falling due within one year | 9 | (15,029) | (14,669) |
| NETCURRENTASSETS | 347,142 | 249,161 | |
| TOTAL ASSETS LESS CURRENT LIABILITIES | 608,918 | 510,937 | |
| CREDITORS | |||
| Amounts falling due after more than one year | 10 | (5,288) | (17,465) |
| NETASSETS | 603,630 | 493,472 | |
| FUNDS | 12 | ||
| Unrestricted funds | 603,630 | 493,472 | |
| TOTALFUNDS | 603,630 | 493,472 |
The financial statements were approved by the Board of Trustees and authorised for issue on 12 January 2026 and were signed on its behalf by: “ 2 ee ~—_——
Trustee
The notes form part of these financial statements
Page 5
SAINT KYREL TRUST
-
ACCOUNTING POLICIES
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
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.
OTHER TRADING ACTIVITIES
| 2. | OTHER TRADING ACTIVITIES | ||
|---|---|---|---|
| 31.3.25 | 31.3.24 | ||
| £ | £ | ||
| Other Income | - | 2,842 | |
| 3. | INVESTMENT INCOME | ||
| 31.3.25 | 31.3.24 | ||
| £ | £ | ||
| Rents received | 19,320 | 19,200 | |
| Deposit account interest | 974 | 644 | |
| 20,294 | 19,844 |
Page 6
continued...
SAINT KYREL TRUST
NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2025
4. RAISING FUNDS
INVESTMENT MANAGEMENT COSTS
| INVESTMENT MANAGEMENT COSTS | ||
|---|---|---|
| 31.3.25 | 31.3.24 | |
| £ | £ | |
| Property Service Charges | 1,500 | 900 |
| Property repairs | 220 | 2,824 |
| Mortgage Interest | 1,526 | 2,236 |
| 3,246 | 5,960 |
- TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees’ remuneration or other benefits for the year ended 31 March 2025 nor for the year ended 31 March 2024.
TRUSTEES' EXPENSES
There were no trustees' expenses paid for the year ended 31 March 2025 nor for the year ended 31 March 2024.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted | |
|---|---|
| fund | |
| £ | |
| INCOME AND ENDOWMENTS FROM | |
| Donations and legacies | 402,649 |
| Othertrading activities Investment income |
2,842 19,844 |
| Total | 425,335 |
| EXPENDITURE ON | |
| Raising funds | 18,925 |
| Charitable activities | |
| Grants to Individuals | 381,337 |
| Other | 3,982 |
| Total | 404,244 |
| NET INCOME | 21,091 |
| RECONCILIATION OF FUNDS | |
| Total funds broughtforward | 472,381 |
| TOTALFUNDSCARRIEDFORWARD | 493,472 |
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continued...
SAINT KYREL TRUST
NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2025
| 7. | TANGIBLE FIXED ASSETS | |||
|---|---|---|---|---|
| Freehold | ||||
| property | ||||
| £ | ||||
| COST | ||||
| At 1 April 2024 and 31 March 2025 | 261,776 | |||
| NET BOOKVALUE | ||||
| At 31 March 2025 | 261,776 | |||
| At 31 March 2024 | 261,776 | |||
| 8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONEYEAR | |||
| 31.3.25 | 31.3.24 | |||
| £ | £ | |||
| Other debtors | 59,674 | 53,052 | ||
| 9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONEYEAR | |||
| 31.3.25 | 31.3.24 | |||
| £ | £ | |||
| Bank loans and overdrafts (see note 11) | 11,068 | 11,068 | ||
| Trade creditors | 1 | 1 | ||
| Other creditors | 3,960 | 3,600 | ||
| 15,029 | 14,669 | |||
| 10. | CREDITORS: AMOUNTS FALLING DUEAFTER MORE THAN | ONEYEAR | ||
| 31.3.25 | 31.3.24 | |||
| £ | £ | |||
| Bank loans (see note 11) | 5,288 | 17,465 | ||
| 11. | LOANS | |||
| An analysis ofthe maturity ofloans is given below: | ||||
| 31.3.25 | 31.3.24 | |||
| £ | £ | |||
| Amounts falling due within one yearon demand: | ||||
| Bank loans | 11,068 | 11,068 | ||
| Amounts falling between one and two years: | ||||
| Bank loans - 1-2 years | 5,288 | 11,068 | ||
| Amounts falling due between two and five years: | ||||
| Bank loans -2-5 years | - | 6,397 | ||
| 12. | MOVEMENT IN FUNDS | |||
| Net | ||||
| At 1.4.24 | movement in funds |
At 31.3.25 |
||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | 493,472 | 110,158 | 603,630 | |
| TOTALFUNDS | 493,472 | 110,158 | 603,630 |
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continued...
SAINT KYREL TRUST
NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2025
12. MOVEMENT IN FUNDS- continued
Net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 482,316 | (372,158) | 110,158 |
| TOTAL FUNDS | 482,316 | (372,158) | 110,158 |
| Comparatives for movement in funds | |||
| Net | |||
| movement | At | ||
| At 1.4.23 | in funds | 31.3.24 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 472,381 | 21,091 | 493,472 |
| TOTAL FUNDS | 472,381 | 21,091 | 493,472 |
| Comparative net movement in funds, included in the above are as follows: | |||
| Incoming | Resources | Movement | |
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 425,335 | (404,244) | 21,091 |
| TOTAL FUNDS | 425,335 | (404,244) | 21,091 |
| A current year 12 months and prioryear 12 months combined position is as follows: | |||
| Net | |||
| movement | At | ||
| At 1.4.23 | in funds | 31.3.25 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 472,381 | 131,249 | 603,630 |
| TOTALFUNDS | 472,381 | 131,249 | 603,630 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 907,651 | (776,402) | 131,249 |
| TOTALFUNDS | 907,651 | (776,402) | 131,249 |
Page 9
continued...
SAINT KYREL TRUST
NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2025
13. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 March 2025.
Page 10
SAINT KYREL TRUST
.
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025
| 31.3.25 | 31.3.24 | |
|---|---|---|
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Donations Gift aid |
402,035 59,987 |
348,519 54,130 |
| 462,022 | 402,649 | |
| Othertrading activities | ||
| Other Income | - | 2,842 |
| Investment income | ||
| Rents received | 19,320 | 19,200 |
| Deposit account interest | 974 | 644 |
| 20,294 | 19,844 | |
| Total incoming resources | 482,316 | 425,335 |
| EXPENDITURE | ||
| Raising donations and legacies | ||
| Postage and stationery | 353 | 330 |
| Othertrading activities | ||
| Fund raising dinner | 12,846 | 10,840 |
| Conference expenses | 1,428 | 1,000 |
| Concert Expenses | - | 795 |
| 14,274 | 12,635 | |
| Investment management costs | ||
| Property Service Charges | 1,500 | 900 |
| Property repairs | 220 | 2,824 |
| Mortgage Interest | 1,526 | 2,236 |
| 3,246 | 5,960 | |
| Charitable activities | ||
| Sundries Grants to individuals |
88 349,314 |
- 381,337 |
| 349,402 | 381,337 | |
| Support costs | ||
| Governance costs | ||
| Accountancy | 3,960 | 3,600 |
| Bank interest | 403 | 382 |
| Pay pal charges | 520 | - |
| 4,883 | 3,982 | |
| Total resourcesexpended | 372,158 | 404,244 |
| Netincome | 110,158 | 21,091 |
This page does not form part of the statutory financial statements
Page 11