REGISTERED CHARITY NUMBER: 1057862
Unaudited Financial Statements for the Year Ended 31 December 2020
for
Rainbow Trust Africa
The Rowleys Partnership Ltd Chartered Accountants Charnwood House Harcourt Way Meridian Business Park Leicester Leicestershire LE19 1WP
Rainbow Trust Africa
Contents of the Financial Statements for the Year Ended 31 December 2020
| Page | |
|---|---|
| Reference and Administrative Details | 1 |
| Report of the Trustees | 2 to 7 |
| Independent Examiner's Report | 8 |
| Statement of Financial Activities | 9 |
| Balance Sheet | 10 |
| Notes to the Financial Statements | 11 to 20 |
| Detailed Statement of Financial Activities | 21 to 22 |
Rainbow Trust Africa
Reference and Administrative Details for the Year Ended 31 December 2020
TRUSTEES
PRINCIPAL ADDRESS
R A Eagle (Chairman) J E Crowther (resigned 1.9.20) D Burton T Eagle Treasurer J Watts c/o Mr Andrew Eagle Josiah Hincks Solicitors 22 De Montfort Street Leicester LE1 7GB
REGISTERED CHARITY NUMBER 1057862
INDEPENDENT EXAMINER The Rowleys Partnership Ltd Chartered Accountants Charnwood House Harcourt Way Meridian Business Park Leicester Leicestershire LE19 1WP
Page 1
Rainbow Trust Africa
Report of the Trustees for the Year Ended 31 December 2020
The trustees present their report with the financial statements of the charity for the year ended 31 December 2020. 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).
The financial statements have been prepared in accordance with the accounting policies set out in the notes to the accounts and comply with the charity's governing document, the Charities Act 2011 and 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) published in October 2019.
OBJECTIVES AND ACTIVITIES
Objectives and aims
The objects of the charity, as stated in its declaration of trust, are:
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To promote and enhance the welfare of needy communities in Africa - The relief of persons who are in conditions of need, hardship or distress, or who are aged and sick
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The advancement of education on the basis of Christian principles
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To increase opportunities in gaining employment
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To assist with improving standards of health care
The policies adopted to further the objects of the charity are:
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Running the Rainbow Africa Centre in Livingstone, Zambia
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Running a Pre-school and Primary School at the Centre
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Providing skills training
Public benefit
The trustees have had regard to the Charity Commission guidance on public benefit.
Volunteers
The charity is grateful for the commitment of its volunteers who are involved in all aspects of the charity's operations.
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Rainbow Trust Africa
Report of the Trustees for the Year Ended 31 December 2020
ACHIEVEMENT AND PERFORMANCE Charitable activities
How the charity delivers public benefit.
Developments in 2020
Due to COVID-19 the year of 2020 has, along with many worldwide institutions, been extremely difficult. COVID-19 has seriously interrupted the academic programme in all schools, and The Kings School and Rainbow Pre-school is no exception.
The intended school expansion has been affected and in the year 2020, all development of school and site facilities has essentially stopped.
In 2021 this will recommence and preparations for Grade 12 in 2022 will be brought back on track.
All church properties are in reasonable order and the work in the five villages, whilst seriously affected by COVID-19, continues as far as the authorities will allow.
On the Muzoka site the Grannies accommodation continues to house Monica Muchinou and Inonge Mubiana who live happily in their new homes. Potentially, other units are planned.
Support for needy Grannies continued through the provision of food and house repairs and we now support 16 ladies and gentlemen plus the old peoples home in Livingstone. Sadly, one Granny became sick due to COVID-19 and passed away.
The project to refurbish the existing accommodation on site continues and phase 1 is complete. Phase 2 awaits funding. The funding for this project has been raised by specific gifts for the purpose. Further maintenance programs for all areas are on-going.
Food provision to six villages continues with Mealie Meal being supplied. Our significant new US sponsor continued to support our efforts and donated significant funds to the project. The sponsor also supports our monthly provision of food supplies to the staff and children at the school.
The Breakfast Club now supports thirty pupils who, if not for the project, would come to school hungry. This project is funded by specific donations from a church in Leicestershire.
Under the direction of Head teacher Janet Shamboko, The King's School enjoyed continuing success, and despite the massive interruptions of the COVID pandemic, we still enjoyed a superb pass rate for the Grade 7 external examination. This was again the best result by any school in Livingstone. In addition almost all Grade 9 pupils gained secondary school places.
2021 will see the school moving to full secondary provision. We do not foresee any delay to the planned expansion, despite the pandemic. The project will require many additions to equipment, some staffing increases and as stated above, additional buildings over the remaining 2 years of the programme.
The Sponsored Child programme has remained reasonably static in 2020, again we will look to expand this provision once we are able to run our full programme again. There are 100 (103 last year) children benefitting from this programme.
On Call Africa have terminated their use of our facilities.
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Rainbow Trust Africa
Report of the Trustees for the Year Ended 31 December 2020
On site in Livingstone: It is the charity's intention to pursue the installation of solar products to make the property more sustainable. This is subject to quality solar installations and funds being available.
Fundraising activities
The charity relies on voluntary donations from churches and individuals for its income. The charity does not employ professional fundraising bodies.
FINANCIAL REVIEW
Income generation
In total, the charity's gross income increased from £286,739 to £407,514. The charity's main sources of income are in the form of donations received and gift aid reclaimed together with the income generated in Zambia. In 2020, the charity also received specific, restricted gifts from a US sponsor to provide food to villages and other food related provisions.
Resources expended and services
The charity's expenditure for the year was £216,366 (2019: £295,133), of which £192,087 was expended at the Livingstone Centre in Zambia (2019: £234,139). £116,492 of this was spent on salaries employing the staff who further the work of the charity in Zambia (2019: £144,940).
Tangible fixed assets and depreciation
There were no additions to fixed assets in the year.
Reserves policy
The trustees are responsible for setting a reserves policy taking into account the administrative overheads of the charity.
Donations made to the charity for a specific purpose have to be recorded as restricted funds because the usage is specified by the donors. All other funds may be referred to as unrestricted funds. At 31 December 2020 the level of reserves held in restricted funds amounted to £165,680.
The level of reserves held in unrestricted funds at 31 December 2020 amounted to £388,783 which is considered sufficient to ensure that future calls upon the charity can be met.
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Rainbow Trust Africa
Report of the Trustees for the Year Ended 31 December 2020
FINANCIAL REVIEW Restricted funds
Restricted funds were held during the year for the following purposes:
Child Sponsorship/School Fund - set up to provide for the education, clothing and subsistence of a number of children attending the Rainbow Pre-School and King's School. 3/8ths of the non-attributable centre costs are allocated to this project.
Village Outreach - set up with the dual purpose of taking evangelism and medical care into the villages surrounding Livingstone, Zambia.
Granny Fund - set up to support grannies who are looking after children whose parents have died from Aids/HIV.
Church Development - Roof/Meeting Place - monies raised to support the re-building and repairs to the various church buildings supported.
New Guest House (Burton House) - This is a restricted fund for the purpose of building an additional accommodation building on the site in Livingstone which is for the use of the trustees who carry out work at the base. This project is now complete.
FUTURE PLANS
The trustees anticipate further involvement of short term teams visiting to assist and support our work. The need for assistance includes general maintenance on the Livingstone and Muzoka sites and the growth and nurturing of village churches as well as support for the needy Grannies and medical outreach to remote villages.
New projects will include the further development of additional purpose built duplex homes for several of the Grannies on the secure Muzoka site. This initiative has been driven by the increase in unwelcome interference, theft and vandalism of a number of such homes in Livingstone.
The major single project in the next two years will be the school expansion as described above.
The project to refurbish the existing accommodation on site continues throughout the year. The funding for this project has been raised by specific gifts for the purpose. There is now in place an on-going maintenance programme for all buildings on our complexes at Livingstone and Muzoka, this will continue. Bookings for our accommodation in 2020 ceased due to COVID-19.
A significant programme for the Livingstone centre is the installation of solar power on site (see above). We envisage that this will continue in the form of further site lighting and office provision.
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document
The charity is controlled by its governing document, a deed of trust dated 20 November 1995, and constitutes an unincorporated charity.
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Rainbow Trust Africa
Report of the Trustees for the Year Ended 31 December 2020
STRUCTURE, GOVERNANCE AND MANAGEMENT Recruitment and appointment of new trustees
Trustees are selected by the other members of the trustee board. Trustees serve a term of four years after which they may submit themselves for re-election.
Mr Ewart Crowther resigned as a Trustee on 1st September 2020.
In selecting the new trustees, they seek to identify people who regularly attend events and functions organised by the charity and are willing to volunteer to help to raise funds on behalf of the charity. Potential trustees are invited to attend trustees' meeting as observers and are given more details of the charity's aims and activities and if all agree, they are then proposed as new trustees at a subsequent trustees' meeting. This process allows due consideration of the persons eligibility, personal competence, specialist knowledge and skills.
Organisational structure
The charity trustees are responsible for the general control and management of the charity. All the trustees give their time freely and receive no remuneration or other benefit but are reimbursed for their expenses. Notwithstanding his resignation in 2020, Mr. Ewart Crowther remains active with the charity's work in Zambia and is still remunerated for this. The amounts paid in respect of ministry fees and expenses are in accordance with the trust deed.
Governance and internal control
The systems of internal control are designed to provide reasonable but not absolute assurance against material misstatement or loss. They include:
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A strategic plan and an annual budget approved by the trustees;
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Regular consideration by the trustees of financial results and variances from budget:
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Delegation of authority and segregation of duties;
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Identification and management of risk.
The trustees have reviewed the adequacy of the charity's internal controls and are pleased to report that the charity's financial controls, in particular, conform with guidelines issued by the Charity Commission.
Induction and training of new trustees
The new trustees are introduced to their new roles and given copies of the trust deed and guide to the policies and procedures adopted by the charity. Publications from the Charity Commission are also provided including the guidance on charities and public benefit, thus ensuring that the new trustees are aware of the scope of their responsibilities under the Charities Act. The process adopted by the charity is that the new trustees work with the existing trustees assisting on particular activities and projects run by the charity. Once the new trustees has gained enough experience then they are given task of leading particular activity and project and accordingly reporting progress at the trustees' meeting.
Risk management
The trustees have assessed the risks the charity faces and have drawn up a risk plan which identifies the major risks by area of activity, the nature of those risks, the likelihood of those risks happening and the measures taken to manage them. The trustees review the risk plan regularly at their meetings. The trustees are satisfied that systems are in place or arrangements are in hand to manage the risks that have been identified. Systems are also in place to review the charity's finances and these are supported by the review of the charity's policies on a regular basis.
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Rainbow Trust Africa
Report of the Trustees for the Year Ended 31 December 2020
Approved by order of the board of trustees on 29 October 2021 and signed on its behalf by:
R A Eagle (Chairman) - Trustee
Page 7
Independent Examiner's Report to the Trustees of Rainbow Trust Africa
Independent examiner's report to the trustees of Rainbow Trust Africa
I report to the charity trustees on my examination of the accounts of Rainbow Trust Africa (the Trust) for the year ended 31 December 2020.
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 registered member of ICAEW 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:
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accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
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the accounts do not accord with those records; or
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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.
P Swann-Jones FCA ICAEW The Rowleys Partnership Ltd Chartered Accountants Charnwood House Harcourt Way Meridian Business Park Leicester Leicestershire LE19 1WP
Date: 29 October 2021
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Rainbow Trust Africa
Statement of Financial Activities for the Year Ended 31 December 2020
| Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 2 310,921 Other trading activities 3 - Investment income 4 - Total 310,921 EXPENDITURE ON Charitable activities 5 Livingstone Centre 4,598 Other Charitable Expenditure 7,694 Other 7 13,581 Total 25,873 NET INCOME/(EXPENDITURE) 285,048 Transfers between funds 17 (38,866) Net movement in funds 246,182 RECONCILIATION OF FUNDS Total funds brought forward 142,601 TOTAL FUNDS CARRIED FORWARD 388,783 |
Restricted funds £ 29,796 66,797 - 96,593 187,489 3,004 - 190,493 (93,900) 38,866 (55,034) 220,714 165,680 |
31.12.20 31.12.19 Total Total funds funds £ £ 340,717 169,332 66,797 117,402 - 5 407,514 286,739 192,087 234,139 10,698 30,959 13,581 30,035 216,366 295,133 191,148 (8,394) - - 191,148 (8,394) 363,315 371,709 554,463 363,315 |
|---|---|---|
The notes form part of these financial statements
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Rainbow Trust Africa
Balance Sheet 31 December 2020
| Notes FIXED ASSETS Tangible assets 11 CURRENT ASSETS Stocks 12 Debtors 13 Cash at bank CREDITORS Amounts falling due within one year 14 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 17 Unrestricted funds Restricted funds TOTAL FUNDS |
31.12.20 £ 352,663 24 24,645 203,038 227,707 (25,907) 201,800 554,463 554,463 388,783 165,680 554,463 |
31.12.19 £ 362,780 97 15,040 11,960 27,097 (26,562) 535 363,315 363,315 142,601 220,714 363,315 |
|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 29 October 2021 and were signed on its behalf by:
R A Eagle (Chairman) - Trustee
The notes form part of these financial statements
Page 10
Rainbow Trust Africa
Notes to the Financial Statements for the Year Ended 31 December 2020
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.
Rainbow Trust Africa is an unincorporated charity registered in England and Wales. The address of the charity is given in the charity information on page 1 of these financial statements.
The accounts have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair view'. This departure has involved following the 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 issued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
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.
No amounts are included in the financial statements for services donated by volunteers.
For legacies, entitlement is the earlier of the charity being notified of an impending distribution or the legacy being received. At this point income is recognised. On occasion legacies will be notified to the charity however it is not possible to measure the amount expected to be distributed. On these occasions, the legacy is treated as a contingent asset and disclosed.
Income from trading activities includes income earned from school and accommodation fees and is recognised when it has been received.
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.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
continued...
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Rainbow Trust Africa
Notes to the Financial Statements - continued for the Year Ended 31 December 2020
1. ACCOUNTING POLICIES - continued
Tangible fixed assets
Freehold property - 2% on cost Fixtures and fittings - 25% on cost Motor vehicles - 25% on cost
Tangible fixed assets are stated at cost less depreciation. Assets are capitalised where they can be used for more than one year and cost over £250.
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Taxation
The charity is exempt from tax on its charitable activities. Expenses are inclusive of VAT where applicable.
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.
Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.
Cash and cash equivalents
Cash and cash equivalents comprise cash in hand and cash on deposit.
Going concern
The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.
Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.
continued...
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Rainbow Trust Africa
Notes to the Financial Statements - continued for the Year Ended 31 December 2020
2. DONATIONS AND LEGACIES
| Unrestricted funds £ Donations 68,921 Gift aid 15,000 Legacies 227,000 310,921 OTHER TRADING ACTIVITIES School fees Accommodation fees INVESTMENT INCOME Deposit account interest |
31.12.20 Restricted Total funds funds £ £ 29,796 98,717 - 15,000 - 227,000 29,796 340,717 Restricted funds £ 66,675 122 66,797 Unrestricted funds £ - |
31.12.20 Restricted Total funds funds £ £ 29,796 98,717 - 15,000 - 227,000 29,796 340,717 Restricted funds £ 66,675 122 66,797 Unrestricted funds £ - |
Unrestricted Restricted funds funds £ £ 113,402 31,440 24,490 - - - 137,892 31,440 31.12.20 Total Restricted funds funds £ £ 66,675 116,066 122 1,336 66,797 117,402 31.12.20 Total Unrestricted funds funds £ £ - 5 |
Unrestricted Restricted funds funds £ £ 113,402 31,440 24,490 - - - 137,892 31,440 31.12.20 Total Restricted funds funds £ £ 66,675 116,066 122 1,336 66,797 117,402 31.12.20 Total Unrestricted funds funds £ £ - 5 |
31.12.19 Total funds £ 144,842 24,490 - 169,332 31.12.19 Total funds £ 116,066 1,336 117,402 31.12.19 Total funds £ 5 |
|---|---|---|---|---|---|
| 31.12.20 Total funds £ 66,675 122 66,797 31.12.20 Total funds £ - |
|||||
3. OTHER TRADING ACTIVITIES
4. INVESTMENT INCOME
continued...
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Rainbow Trust Africa
Notes to the Financial Statements - continued for the Year Ended 31 December 2020
5. CHARITABLE ACTIVITIES COSTS
| CHARITABLE ACTIVITIES COSTS | |
|---|---|
| Direct | |
| Costs (see | |
| note 6) | |
| £ | |
| Livingstone Centre | 192,087 |
| Other Charitable Expenditure | 10,698 |
| 202,785 |
6. DIRECT COSTS OF CHARITABLE ACTIVITIES
| Staff costs Repairs Insurance Heat, light and rates Telephone Postage and stationery Vehicle costs Sundries School expenses Subsistence Travel costs Child sponsorship expenses Container fees Youth trip expenses Depreciation |
Unrestricted funds £ - - 1,503 - - - 690 - - - 6,191 - - - 3,908 12,292 |
Restricted funds £ 116,492 1,619 - 6,583 714 635 9,805 5,640 1,196 38,596 - 3,004 - - 6,209 190,493 |
31.12.20 Total funds £ 116,492 1,619 1,503 6,583 714 635 10,495 5,640 1,196 38,596 6,191 3,004 - - 10,117 202,785 |
Unrestricted funds £ - - 3,192 - - - 6,866 451 - - 3,824 - 9,448 19,054 4,453 47,288 |
Restricted funds £ 144,940 13,527 - 8,649 1,138 541 7,231 15,793 - 14,893 - 4,889 - - 6,209 217,810 |
31.12.19 Total funds £ 144,940 13,527 3,192 8,649 1,138 541 14,097 16,244 - 14,893 3,824 4,889 9,448 19,054 10,662 265,098 |
|---|---|---|---|---|---|---|
continued...
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Rainbow Trust Africa
Notes to the Financial Statements - continued for the Year Ended 31 December 2020
7. OTHER
| Bank charges Ministry fees Marketing Foreign exchange (gain)/loss Independent examiner's fees Accountancy fees (Zambia) |
Unrestricted funds £ 462 19,956 216 (12,857) 3,954 1,850 13,581 |
31.12.20 Total funds £ 462 19,956 216 (12,857) 3,954 1,850 13,581 |
Unrestricted funds £ 811 19,956 216 3,082 3,840 2,130 30,035 |
31.12.19 Total funds £ 811 19,956 216 3,082 3,840 2,130 30,035 |
|---|---|---|---|---|
8. TRUSTEES' REMUNERATION AND BENEFITS
During the year one trustee (2019: one), Ewart Crowther, was engaged in remunerated ministry. The amount paid in respect of ministry fees and expenses, in accordance with the trust deed, was £19,956 (2019: £19,956). No amount was paid to any trustee for the services of being a trustee.
Trustees' expenses
One trustee (2019: two) was reimbursed flights and travel expenses totalling £6,191 (2019: £3,824).
9. STAFF COSTS
The total remuneration paid to the staff employed at the Livingstone Centre amounted to £116,492 (2019: £144,940).
The average monthly number of employees during the year was as follows:
| 31.12.20 | 31.12.19 | |
|---|---|---|
| Livingstone Centre staff | 76 | 78 |
No employees received emoluments in excess of £60,000.
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Rainbow Trust Africa
Notes to the Financial Statements - continued for the Year Ended 31 December 2020
10. AMOUNTS PAYABLE TO INDEPENDENT EXAMINER
The amount paid to the independent examiner for the independent examination was £1,545 (2019: £1,500) and £2,409 (2019: £2,340) for other accountancy services.
11. TANGIBLE FIXED ASSETS
| Freehold property £ COST At 1 January 2020 and 31 December 2020 491,307 DEPRECIATION At 1 January 2020 129,238 Charge for year 9,826 At 31 December 2020 139,064 NET BOOK VALUE At 31 December 2020 352,243 At 31 December 2019 362,069 12. STOCKS Stocks 13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade debtors Tax |
Fixtures and fittings £ 35,850 35,139 291 35,430 420 711 |
Motor vehicles £ 33,296 33,296 - 33,296 - - 31.12.20 £ 24 31.12.20 £ 9,645 15,000 24,645 |
Totals £ 560,453 197,673 10,117 207,790 352,663 362,780 31.12.19 £ 97 31.12.19 £ 6,287 8,753 15,040 |
|---|---|---|---|
continued...
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Rainbow Trust Africa
Notes to the Financial Statements - continued for the Year Ended 31 December 2020
14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Other creditors | 31.12.20 £ 25,907 25,907 |
31.12.19 £ 26,562 26,562 |
|---|---|---|
16. ANALYSIS OF NET ASSETS BETWEEN FUNDS
| Unrestricted fund £ Fixed assets 122,082 Current assets 274,495 Current liabilities (7,794) 388,783 |
Restricted funds £ 230,581 61,204 (126,105) 165,680 |
31.12.20 Total funds £ 352,663 335,699 (133,899) 554,463 |
31.12.19 Total funds £ 362,780 85,984 (85,449) 363,315 |
|---|---|---|---|
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Rainbow Trust Africa
Notes to the Financial Statements - continued for the Year Ended 31 December 2020
17. MOVEMENT IN FUNDS
| Net movement At 1.1.20 in funds £ £ Unrestricted funds General fund 142,601 285,048 Restricted funds Child Sponsorship/Library 142,801 (51,148) Health Centre Fund 1,280 (24,519) Grannies Fund 28,297 (1,831) Accommodation Fund - (15,627) New Guest House (Burton House) 44,706 (482) Accommodation Upgrades 2,366 - Church Roof/Meeting Place 1,264 (293) 220,714 (93,900) TOTAL FUNDS 363,315 191,148 Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 310,921 Restricted funds Child Sponsorship/Library 91,001 Health Centre Fund 5,470 Grannies Fund - Accommodation Fund 122 New Guest House (Burton House) - Church Roof/Meeting Place - 96,593 TOTAL FUNDS 407,514 |
Transfers between At funds 31.12.20 £ £ (38,866) 388,783 - 91,653 23,239 - - 26,466 15,627 - - 44,224 - 2,366 - 971 38,866 165,680 - 554,463 Resources Movement expended in funds £ £ (25,873) 285,048 (142,149) (51,148) (29,989) (24,519) (1,831) (1,831) (15,749) (15,627) (482) (482) (293) (293) (190,493) (93,900) (216,366) 191,148 |
|---|---|
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Rainbow Trust Africa
Notes to the Financial Statements - continued for the Year Ended 31 December 2020
17. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Unrestricted funds General fund Restricted funds Child Sponsorship/Library Health Centre Fund Grannies Fund Accommodation Fund New Guest House (Burton House) Accommodation Upgrades Church Roof/Meeting Place TOTAL FUNDS |
At 1.1.19 £ 100,927 190,731 - 30,940 - 45,188 2,366 1,557 270,782 371,709 |
Net movement in funds £ 60,574 (47,930) 1,280 (2,643) (18,900) (482) - (293) (68,968) (8,394) |
Transfers between funds £ (18,900) - - - 18,900 - - - 18,900 - |
At 31.12.19 £ 142,601 142,801 1,280 28,297 - 44,706 2,366 1,264 220,714 363,315 |
|---|---|---|---|---|
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Restricted funds Child Sponsorship/Library Health Centre Fund Grannies Fund Accommodation Fund New Guest House (Burton House) Church Roof/Meeting Place TOTAL FUNDS |
Incoming resources £ 137,897 141,762 5,744 - 1,336 - - 148,842 286,739 |
Resources Movement expended in funds £ £ (77,323) 60,574 (189,692) (47,930) (4,464) 1,280 (2,643) (2,643) (20,236) (18,900) (482) (482) (293) (293) (217,810) (68,968) (295,133) (8,394) |
|---|---|---|
Transfers amounting to £38,866 were made from unrestricted funds to restricted funds to cover the overspend in these funds.
Details of the restricted funds are included in the Trustees Report.
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Rainbow Trust Africa
Notes to the Financial Statements - continued for the Year Ended 31 December 2020
18. EMPLOYEE BENEFIT OBLIGATIONS
The charity makes contributions to a defined contribution pension scheme for the benefit of its employees. A provision of £16,000 for pension contributions is included in accruals (2019: £16,000).
The original contracts of employment were replaced with short term contracts with specific pension terms. The cost of the contributions are written off against profits in the year they are payable.
19. RELATED PARTY DISCLOSURES
During the year £11,710 (2019: £13,077) of donations were received without conditions from trustees.
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Rainbow Trust Africa
Detailed Statement of Financial Activities for the Year Ended 31 December 2020
| 31.12.20 | 31.12.19 | |
|---|---|---|
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Donations | 98,717 | 144,842 |
| Gift aid | 15,000 | 24,490 |
| Legacies | 227,000 | - |
| 340,717 | 169,332 | |
| Other trading activities | ||
| School fees | 66,675 | 116,066 |
| Accommodation income | 122 | 1,336 |
| 66,797 | 117,402 | |
| Investment income | ||
| Deposit account interest | - | 5 |
| Total incoming resources | 407,514 | 286,739 |
| EXPENDITURE | ||
| Charitable activities | ||
| Wages | 116,492 | 144,940 |
| Repairs | 1,619 | 13,527 |
| Insurance | 1,503 | 3,192 |
| Heat, light and rates | 6,583 | 8,649 |
| Telephone | 714 | 1,138 |
| Postage and stationery | 635 | 541 |
| Vehicle costs | 10,498 | 14,097 |
| Sundries | 5,637 | 16,244 |
| School expenses | 1,196 | - |
| Subsistence | 38,596 | 14,893 |
| Travel costs | 6,191 | 3,824 |
| Child sponsorship expenses | 3,004 | 4,889 |
| Container fees | - | 9,448 |
| Youth trip expenses | - | 19,054 |
| Depreciation | 10,117 | 10,662 |
| 202,785 | 265,098 | |
| Support costs |
This page does not form part of the statutory financial statements
Page 21
Rainbow Trust Africa
Detailed Statement of Financial Activities for the Year Ended 31 December 2020
| 31.12.20 | 31.12.19 | |
|---|---|---|
| £ | £ | |
| Support costs | ||
| Finance | ||
| Bank charges | 462 | 811 |
| Other | ||
| Ministry fees | 19,956 | 19,956 |
| Marketing | 216 | 216 |
| Foreign exchange (gain)/loss | (12,857) | 3,082 |
| 7,315 | 23,254 | |
| Governance costs | ||
| Independent examiner's fees | 3,954 | 3,840 |
| Accountancy fees (Zambia) | 1,850 | 2,130 |
| 5,804 | 5,970 | |
| Total resources expended | 216,366 | 295,133 |
| Net income/(expenditure) | 191,148 | (8,394) |
This page does not form part of the statutory financial statements
Page 22