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Tibet Relief Fund of the United Kingdom
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| Page | |
|---|---|
| Company Information | 1 |
| Report of the Trustees | 2-6 |
| Independent Examiner's Report | 7 |
| Statement of Financial Activities | 8 |
| Balance Sheet | 9 |
| Cashflow Statement | 10 |
| Notes to the Financial Statements | 11-19 |
Tibet Relief Fund of the United Kingdom
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Charity Name: Tibet Relief Fund of the United Kingdom Charity Registration Number: 1061834 Company Registration Number: 03333193 Registered office & operational address: 99 Kentish Town Road London NW1 8PB
Directors and Trustees
Mr G Bruno Mr N Bulloch Ms R Chick Sir R Ffolkes Ms Z Fleming Ms L Lepcha Mr K Macintosh Mr T Madelin Mr J Moult Mr P Muffett Mr C Purnell Mr P D Wilson
Appointed January 2022 Appointed December 2022 Appointed Chair February 2022 Resigned January 2022
Appointed January 2022 Appointed August 2022 Resigned December 2022 Appointed January 2022 Resigned January 2022 Appointed January 2022 Resigned January 2022
Treasurer
Mr N Bulloch
Appointed December 2022
Company Secretary
Philippa, Countess of Carrick
Chief Executive Officer
Philippa, Countess of Carrick
Independent Examiner
Helen Rumsey, Ensors Accountants LLP, Connexions, 159 Princes Street, Ipswich, IP1 1QJ
Bankers
Royal Bank of Scotland, Drummond House, 1 Redheughs Avenue, Edinburgh EH12 9JN
Solicitors
Birketts, Providence House, 141-145 Princes Street, Ipswich, IP1 1QJ
Investment management advisers
Rathbones, 28 St Andrew Square, Edinburgh EH2 1AF Canaccord, 88 Wood St, Barbican, London EC2V 7QR
Page 1 of 19
Tibet Relief Fund of the United Kingdom Report of the Trustees
The Trustees present their report for the year ended 30 April 2022.
The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, 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).
Company information set out on page 1 forms part of this report. This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
Trustees
The Trustees, who are directors for the purpose of company law and trustees for the purpose of charity law, who served during the year and up to the date of this report are set out on page 1.
Responsibilities of the Trustees in relation to the financial statements
The Trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and regulations.
Company law requires the Trustees to prepare financial statements for each financial year. Under that 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). Under company 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 company and of the surplus or deficit of the company for that period. In preparing these financial statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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make judgements and accounting estimates that are reasonable and prudent; and
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prepare the financial statements on the going concern basis unless it is inappropriate to assume that the company will continue on that basis.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company’s transactions, and to disclose with reasonable accuracy, at any time, the financial position of the charitable company, and to ensure financial statements comply with the Companies Act 2006. The Trustees are also responsible for safeguarding the assets of the charitable company and taking reasonable steps for the prevention and detection of fraud and other irregularities.
Structure, governance and management
The charity is constituted as a company limited by guarantee governed by its Memorandum and Articles of Association.
The charity is administered by a board of Trustees of up to nine members, who meet regularly (not less than four times a year). The Chief Executive is appointed by the Trustees to manage the day-to-day operations of the charity.
New trustees are sought to replace resigning trustees or those whose term has ended. New recruits are identified through recommendations by existing trustees and others working within relevant fields, and through advertising the vacant seats through appropriate online portals. Prospective candidates must have expertise within the Charity's fields of work and/or practical experience identified as useful for the furtherance of the Charity's work. Once suitable candidates have been identified, the Chair and one other person deputed by the Board conduct an initial interview. Following this, a shortlist is submitted to the Board for decision; the Board formally elects the candidate at the first subsequent board meeting. Trustees actively seek to ensure that the Board's diversity of skills and backgrounds is broad.
Trustees consult with legal, financial and other advisers to inform themselves of, and to keep up to date with, the responsibilities of charity trustees. New trustees are given relevant publications that set out the role of a trustee and provide guidance, and are encouraged to speak to the more experienced trustees to learn more about their duties and responsibilities. All trustees are encouraged to attend workshops held by the NCVO, DSC and others when felt applicable.
Page 2 of 19
The major risks to which the charity is exposed are regularly reviewed by trustees. Systems and procedures are in place to manage the risks, including financial management systems and governance arrangements described above. The distribution of grants is monitored to ensure accountability and transparency at all times. Clear reporting schedules are in place, and regular field visits to India and Nepal by the CEO and Programme Manager are undertaken to check and evaluate the agreed procedures and processes for project delivery. In-country Project Liaison Officers (India and Nepal) undertake further monitoring and evaluation.
A wide ranging audit of the charity's organisational framework and HR policies was undertaken in 2018/19. As part of this process, staff salaries were reviewed and adjusted to be within recommended parameters. The charity plans to carry out five-year reviews of its internal organisational framework and policies, the next due in 2024. Salaries are reviewed annually using industry standard benchmarking reports.
Objectives and activities
The objects of Tibet Relief Fund of the United Kingdon (TRF) were updated in May 2022. The current objects are:
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to relieve need particularly amongst those who are Tibetan, ethnic Tibetans, peoples of Himalayan origin, and/or speak the Tibetan language and those who are refugees from the territories of Tibet and other areas administered or claimed by the People’s Republic of China from the areas bordering on Tibet (the ‘beneficiaries”)
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to provide for the education of the beneficiaries
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to promote sustainable development for the public benefit by:
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3.1. the relief of poverty and the improvement of the conditions of life in socially and economically disadvantaged communities; and
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3.2. promotion of a sustainable means of achieving economic growth and regeneration which meets the needs of the present and future beneficiaries.
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to advance or preserve the culture and arts of the beneficiaries by educating the general public on, and promoting a greater awareness of, the culture, beliefs, traditions, language and way of life of the beneficiaries.
Mission
TRF works to empower Tibetans to build sustainable communities and better futures through education and innovative, practical, grassroots initiatives.
Vision
A world where Tibetans can live and work with equality and security and celebrate their rich culture and traditions.
USP Statement
We are the oldest UK based charity working with Tibetans, and have the trust and respect of the Tibetan community overseas and in the UK. We are one of the few who have experience working inside Tibet. We support projects that others don’t and are agile and responsive to need. We operate the largest sponsorship programme in the Tibetan community and support grassroots initiatives informed by Tibetans. Our flexible and simple funding applications, as well as our proportionate reporting, make us the charity of choice for project partners.
We are Tibet Relief Fund of the United Kingdon.
Charity background
In 1959, shortly after the Dalai Lama escaped Tibet to begin a life in exile in India, the Council of the newly formed Tibet Society wrote to The Times (28 July) to announce the establishment of a Tibet Relief Fund and made an appeal for funds. TRF was formally registered as a charity in 1963. The Fund's original focus was to provide emergency relief for exhausted and destitute Tibetans who had made their way over the Himalayas by foot. Having been working in the field for over 60 years, our work has expanded and developed to reflect and address the changing needs of Tibetans living in long-term exile and inside Tibet.
In our work with second and third generation exiled Tibetans, we focus on sustainable community building projects and are proactive in helping solve problems endemic in long-term refugee communities both in India and Nepal. For example, we have developed a strategy to help tackle the enormous problems faced by Tibetan youth. This is now delivered through our innovative project, Empowering the Vision.
Page 3 of 19
Our work in Tibet is through partner organisations and focuses on supporting and empowering remote communities and marginalised Tibetans through education, training, healthcare and other practical aid.
Public Benefit
The Charity's trustees have paid due regard to Charity Commission guidance on public benefit. The trustees are confident that TRF's objects are in accordance with the regulations on public benefit. TRF makes grants in respect of overseas projects, and the Trustees take all reasonable steps to ensure that grants dispersed are being used for charitable purposes and provide public benefit.
Achievements and performance
In 2021/22 the charity distributed £346,916 in direct grants; £155,213 from our restricted funds (including our sponsorship programme) and £191,703 from our general (unrestricted) funds. This shows an overall 6.7% increase from the total distributed in 2020/21 (£325,077). Restricted funds distributed were £101,440 for sponsorship, which included a restricted trust grant, and £53,773 for other projects. Excluding sponsorship, most of our projects (78.1%) were supported through our general funds.
Our project work continues to be primarily with Tibetans and those of Tibetan origin living in India and Nepal (85.5%). In 2021/22 we did not support any projects inside Tibet due to the increasing difficulties and challenges. We also support projects in the UK (14.5%). These projects promote the unique culture and traditions of Tibet, and develop research skills for Tibetans to provide analysis of social conditions in Tibet.
Our sponsorship programme, which provides security, education and comfort to children, nuns, monks and elders, remains core to our work (29.2%). Excluding Sponsorship, our areas of work continue to be within five categories: Community 29.8%, Health 25.3%, Youth 18.7%, Education 13.6%, Culture 12.6%.
----- Start of picture text -----
By area of work By Country
Youth UK
18.7% Commu… 14.5%
29.8% Nepal
10.4%
Health
Culture
25.3%
12.6% India
Education
75.1%
13.6%
----- End of picture text -----
In India, our largest distributions were to Empowering the Vision, our youth empowerment initiative (£45,805), Manjushri Educational Services (£16,482) and the Community Kitchen in Delhi (£16,262). In Nepal, our biggest programme was extending grants for rent and food relief during the Covid lockdowns (£13,692).
More details of our work can be found at www.tibetrelieffund.co.uk; this is regularly upated.
Our work could not continue without the continued generosity of our donors; we thank them for their unstinting support and kindness. We also are enormously grateful to trusts, foundations and other bodies that choose to fund our work. In 2021/22 these included the Fieldrose Trust, Open Gate Trust, Onaway Trust, National Endowment for Democracy, The Paget Charitable Trust, The Bellack Charitable Foundation, Achnacarnan Trust, Hampshire & Isle of Wight Community Foundation, the Mrs E L Fleming Charitable Trust, Himbleton Charitable Trust, Moneybury Charitable Trust, JK Foundation and The Cumber Family Charitable Trust.
A special mention must also be given to those who are no longer with us and remembered us in their Will; these gifts are always very moving to receive and play an important part in our funding.
We would also like to express our enormous appreciation of our small team of staff who always show tremendous commitment, enthusiasm and support in ensuring Tibet Relief Fund’s work is implemented and furthered to the highest standards.
Financial Review, Reserve Policy and Going Concern
The figures for the year are set out in the attached accounts, as are the funding sources. Our observations and comments earlier in this report shows how expenditure has supported the key objectives of the Charity.
Page 4 of 19
In 2022, the percentage of allocations of staff costs and other support costs during the year between charitable activities and the cost of generating funds was reviewed and updated. The impact of this review is that more costs have been allocated to charitable activities. The Trustees believe this is more appropriate, and dovetails with the current charitable objectives of the Charity.
The reserve policy is to maintain a reserve of at least three months running costs (£90,000 to cover key support costs including rent, staff, premises expenses and services) within unrestricted funds. The trustees believe this provides a sufficient buffer to cover the vagaries and fluctuations in both income generation and requirements to make charitable expenditure. The unrestricted funds as at 30 April 2022 were £55,908, but excluding funds invested in tangible fixed assets of £42,656, there were free reserves of £13,252 (2021: £35,621).
The trustees have income generation strategies in place to meet the policy and future growth. The trustees have reviewed the circumstances of the Charity and consider that adequate resources continue to be available to fund the activities of the Charity for the foreseeable future. This will be achieved by further drawdowns from the Endowment Fund.
In 2018/19, the Charity developed a three-year organisational strategy, which we continue to work to. Most of the targets of the strategy have now been implemented or achieved. In 2022, we reviewed this strategy and believe its direction and aims are still relevant.
Funds held at the end of the year
At the year end, the Charity held fund balances of £1,036,948. This includes restricted funds £86,317 relating to sponsorship and projects, and expendable endowment funds of £894,723.
Fundraising performance
The income raised achieved targets set for the year. Most income comes through our appeals and donations from individuals. Our direct fundraising costs were in line with the budgets set for the year. We continue to grow and increase our scope of work and this is reflected in our outgoings as we develop a stronger operating base to be able to manage this growth efficiently and effectively. We have increased our charitable activities year on year over the last five years.
Grant making policy
The Charity has established its grant making policy to achieve its objectives for the public benefit and to improve the lives of Tibetans living in exile in India, Nepal and the rest of the world, and, working through partner agencies, in Tibet. The CEO develops and sets the framework for funding projects. The trustees approve this. At quarterly trustee meetings, trustees scrutinise grants extended. The day to day administration of grants, monitoring of projects, and processing and handling applications is delegated to the CEO.
Endowment Fund
In 2012, the charity benefited from a substantial legacy from a long-term supporter. In accordance with prior discussions, this was invested through investment fund managers and set up as an expendable endowment fund. The income and drawdowns from this fund have enabled the charity to expand its scope of work. Within this period of expansion, the charity has been able to build capacity organisationally and develop more efficient and effective processes for sustainability of work and projects undertaken. Grants have also increased year on year. The trustees agree the level of drawdowns each year, in accordance with the agreed role of the fund in seeking to expand the charity's scope of work and sustainability.
Investment policy and performance
The Charity holds fixed asset investments within its endowment fund; these comprise of share portfolios managed on behalf of the charity by two investment fund management companies. Trustees review performance of these funds on an annual basis. Excepting these funds, surplus cash maintained in accordance with the charity’s reserve policy is invested in bank accounts. The return from the cash investment has significantly reduced due to the continued low interest rates. The performance for 2021/22 matched the trustees' expectations and was within the norms of those achieved by the sector as a whole.
Plans for the future
The priorities for Tibet Relief Fund going forward are:
Page 5 of 19
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to maintain and adapt as circumstances arise the organisational strategic plan; this to include a strategic fundraising plan;
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to develop new sources of income generation in line with the fundraising plan whilst maintaining and developing existing ones;
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to continue to work within agreed budgets for fixed support costs and carefully target additional fundraising expenditure in line with our fundraising strategy;
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to continue to support existing projects as appropriate and, as financial resources permit, to add new ones;
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to maintain adequate reserves.
Independent Examiner
Helen Rumsey of Ensors Accountants LLP has expressed her willingness to continue as the charity's Independent Examiner.
Approved by the Trustees on 19 January 2023 and signed on their behalf by:
Mr Nick Bulloch Treasurer
Page 6 of 19
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Tibet Relief Fund of the United Kingdom
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| 2022 | 2021 | ||||||
|---|---|---|---|---|---|---|---|
| **Unrestricted ** | Restricted Endowment |
Total | Total | ||||
| Notes | £ | £ | £ | £ | £ | ||
| Income and endowments from: | |||||||
| Donations and Legacies | 3 | 304,136 | 226,761 | - | 530,897 | 472,681 | |
| Charitable activities | 4 | 7,275 | - | - | 7,275 | 5,630 | |
| Investments | 5 | 24,525 | - | - | 24,525 | 34,276 | |
| Trading activities | 6 | 31,230 | - | - | 31,230 | 31,735 | |
| Total incoming resources | 367,166 | 226,761 | - | 593,927 | 544,322 | ||
| Expenditure on: | |||||||
| Raising funds | |||||||
| Seeking Donations and Legacies | 7 | 102,522 | - | - | 102,522 | 237,070 | |
| Trading activities | 7 | 34,037 | - | - | 34,037 | 49,013 | |
| Investment management costs | 7 | - | - | 8,066 | 8,066 | 9,858 | |
| Charitable activities | 7 | 565,509 | 181,848 | - | 747,357 | 606,553 | |
| Total resources expended | 702,068 | 181,848 | 8,066 | 891,982 | 902,494 | ||
| Gains/losses on investment assets | 15 | - | - | 16,223 | 16,223 | 178,591 | |
| Net (outgoing)/incoming resources | |||||||
| before transfers | -334,902 | 44,913 | 8,157 | -281,832 | -179,581 | ||
| Transfers between funds | 19 | 300,000 | - | -300,000 | - | - | |
| Net movement on funds | -34,902 | 44,913 | -291,843 | -281,832 | -179,581 | ||
| Total funds brought forward | 90,810 | 41,404 | 1,186,566 | 1,318,780 | 1,498,361 | ||
| Total funds carried forward | 55,908 | 86,317 | 894,723 | 1,036,948 | 1,318,780 |
The statement of financial activities includes all gains and losses in the year. All incoming resources and resources expended derive from continuing activities.
Page 8 of 19
Tibet Relief Fund of the United Kingdom
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| 2022 | 2021 | ||
|---|---|---|---|
| Notes | £ | £ | |
| Fixed Assets | |||
| Tangible assets | 14 | 42,656 | 55,189 |
| Investments | 15 | 936,130 | 1,203,459 |
| 978,786 | 1,258,648 | ||
| Current Assets | |||
| Stock | 1,000 | 1,000 | |
| Debtors | 16 | 23,781 | 64,104 |
| Cash at bank and in hand | 47,499 | 16,413 | |
| 72,280 | 81,517 | ||
| Creditors: amounts falling due | |||
| within one year | 17 | 14,118 | 21,385 |
| Net Current Assets | 58,162 | 60,132 | |
| Net Assets | 1,036,948 | 1,318,780 | |
| Represented by | |||
| Restricted funds | 86,317 | 41,404 | |
| Unrestricted funds | 55,908 | 90,810 | |
| Endowment funds | 894,723 | 1,186,566 | |
| Total funds | 19 | 1,036,948 | 1,318,780 |
For the financial year ended 30 April 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006. No member of the company has deposited a notice, pursuant to section 476, requiring an audit of these financial statements under the requirements of the Companies Act 2006.
The directors acknowledge their responsibilities for ensuring that the company keeps accounting records which comply with section 386 of the Act and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit or loss for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to accounts, so far as applicable to the company.
These financial statements have been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.
Approved by the Trustees on 19 January 2023 and signed on their behalf by:
Mr Nick Bulloch
Company Number: 3333193
Page 9 of 19
Tibet Relief Fund of the United Kingdom
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| 2022 2021 £ £ Cash flows from operating activities: Cash flows from Investing activities: Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the reporting year Cash and cash equivalents at the end of the reporting year Cash in hand Cash at bank Reconciliation of net movement in funds to net cash flow used in operating activities Net movement in funds for the reporting period (as per the statement of financial activities) Adjustments for: Analysis of changes in net funds Opening net funds Change in net funds Closing net funds Net cash used in operating activities (see below) Net cash generated by investing activities Net cash used in operating activities (as above) -276,362 -380,530 Dividends and interest from investments 24,525 34,276 Purchase of fixed assets -629 -58,205 Proceeds from sale of investments 345,710 758,619 Purchase of investments -62,158 -382,992 307,448 351,698 31,086 -28,832 16,413 45,245 47,499 16,413 Relating to: 100 100 47,399 16,313 47,499 16,413 -281,832 -179,581 Depreciation and loss on disposal of fixed assets 13,162 15,893 Dividends and interest from investments -24,525 -34,276 Gains on investments -16,223 -178,591 (Increase)/decrease in debtors 40,323 -14,926 (Decrease)/Increase in creditors -7,267 10,851 Investment in subsidiary write off - 100 -276,362 -380,530 Cash at bank 16,313 Cash in hand 100 16,413 Increase in bank account 31,086 |
2022 2021 £ £ Cash flows from operating activities: Cash flows from Investing activities: Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the reporting year Cash and cash equivalents at the end of the reporting year Cash in hand Cash at bank Reconciliation of net movement in funds to net cash flow used in operating activities Net movement in funds for the reporting period (as per the statement of financial activities) Adjustments for: Analysis of changes in net funds Opening net funds Change in net funds Closing net funds Net cash used in operating activities (see below) Net cash generated by investing activities Net cash used in operating activities (as above) -276,362 -380,530 Dividends and interest from investments 24,525 34,276 Purchase of fixed assets -629 -58,205 Proceeds from sale of investments 345,710 758,619 Purchase of investments -62,158 -382,992 307,448 351,698 31,086 -28,832 16,413 45,245 47,499 16,413 Relating to: 100 100 47,399 16,313 47,499 16,413 -281,832 -179,581 Depreciation and loss on disposal of fixed assets 13,162 15,893 Dividends and interest from investments -24,525 -34,276 Gains on investments -16,223 -178,591 (Increase)/decrease in debtors 40,323 -14,926 (Decrease)/Increase in creditors -7,267 10,851 Investment in subsidiary write off - 100 -276,362 -380,530 Cash at bank 16,313 Cash in hand 100 16,413 Increase in bank account 31,086 |
|---|---|
| 24,525 34,276 -629 -58,205 345,710 758,619 -62,158 -382,992 |
|
| 307,448 351,698 |
|
| 31,086 -28,832 16,413 45,245 |
|
| 47,499 16,413 |
|
| 100 100 47,399 16,313 |
|
| 47,499 16,413 |
|
| ctivities -281,832 -179,581 13,162 15,893 -24,525 -34,276 -16,223 -178,591 40,323 -14,926 -7,267 10,851 - 100 |
|
| -276,362 -380,530 |
|
| 16,313 100 16,413 31,086 |
|
| Cash at bank Cash in hand |
47,399 100 |
| 47,499 |
Page 10 of 19
Tibet Relief Fund of the United Kingdom
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1. Accounting Policies
Charity information
The Charity is a company limited by guarantee domiciled and incorporated in England and Wales. The members of the company are also the trustees as named on page 1. In the event of the Charity being wound up, the liability in respect of the guarantee is limited to £10 per member. The registered office for the Charity is 99 Kentish Town Road, London, NW1 8PB.
(a) Basis of preparation
The accounts have been prepared in accordance with FRS 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (“FRS 102”), “Accounting and Reporting by Charities” the Statement of Recommended Practice for charities applying FRS 102, the Charities Act 2011, UK Generally Accepted Accounting Practice as it applies from 1 January 2019 and the Companies Act 2006.
The Charity meets the definition of a public benefit entity under FRS 102. The accounts have been prepared under the historical cost convention, modified to include the revaluation of investments. The accounts are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £.
(b)[Going Concern]
At the time of approving the financial statements, the trustees have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
(c) Fund accounting
Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the Charity and have not been designated for other purposes.
Restricted funds are subject to restrictions on their expenditure imposed by the donor or through the terms of an appeal. Costs of raising and administering such funds are borne by the funds so far as practicable.
Endowment funds were created from the Legacy left to the Charity by the late Vanya Kewley Lambert. The income from this fund is unrestricted. The capital can be spent if the Trustees so determine.
(d) Incoming resources
All incoming resources are included in the financial statements when the Charity is entitled to the income, the amount can be quantified with reasonable reliability and there is sufficient certainty that the receipt of the income is considered probable. The following specific policies are applied to particular categories of income:
-
Legacies: entitlement is usually the earlier of the date on which the Charity is aware that probate has been granted, the estate account being finalised (with notification that a distribution will be made) and cash received. Where the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material.
-
Donations and sponsorship income is accounted for on the basis of amounts receivable. Donations for activities restricted by the wishes of the donor are taken to “restricted funds” where these wishes are legally binding on the Trustees.
-
Interest on funds held on deposit is included upon notification of the interest paid or payable by the Bank. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. This is normally upon notification by our investment advisor of the dividend yield of the investment portfolio.
-
Sale of goods represents the invoiced amounts of goods sold during the year.
-
Income tax reclaimed represents gift aid on donations and sponsorship income received during the year.
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(d) Incoming resources (continued)
-
Grants are included in the Statement of Financial Activities on a receivable basis, when there is reasonable assurance that the grant conditions will be met and the grants will be received. This includes grants from Charitable Trusts and the Govenment grants in relation to the Coronavirus Job Retention Scheme (CJRS) and the Foreign, Commonwealth and Development Office (FCDO).
-
No amounts are included in the financial statements for services donated by volunteers.
(e) Resources expended
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 settlement will be required and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis including VAT. The following specific policies are applied to specific categories of expenditure:
-
Central support costs are allocated to raising funds, charitable and governance activities on the basis of staff time spent on these activities.
-
Charitable activities includes grants made, direct costs associated with project delivery, communication, educational and awareness raising activities, apportionment of governance costs and an apportionment of support costs as shown in note 7.
-
Grants are charged to the statement of financial activities when a constructive obligation exists, notwithstanding that they may be paid in future accounting periods. Grants are shown as project and sponsorship payments within the notes to the accounts. Costs incurred as part of the grant decision-making processes prior to the award of a grant and monitoring costs incurred following the award of a grant are shown as project management costs within the notes to the accounts.
-
Raising funds costs are those incurred in seeking voluntary contributions including the costs of publicity, investment management fees and costs of trading activities.
(f) Fixed assets
Fixed assets are stated at cost less accumulated depreciation. The costs of minor additions or those costing below £500 are not capitalised. Depreciation is provided at rates calculated to write off the cost of each asset over its expected useful life as follows:
Leasehold Improvements - 20% on cost (over the term of the lease)
Office Equipment - 25% net book value Fixtures & Fittings - 15% net book value
(g)[Impairment of fixed assets]
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
(h)[Stocks]
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
(i)[Investments]
Investments are stated at market value. Any gain or loss on revaluation is taken to the Statement of Financial Activities.
(j) Financial instruments
Financial instruments are recognised in the Balance Sheet when the Charity becomes party to the contractual provision of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legal enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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(j) Financial instruments continued
Basic financial assets
Basic financial assets include trade and other receivables and cash and bank balances. These are initially measured at transaction price, including transaction costs and are subsequently carried at amortised cost using the effective interest method, unless the transaction constitutes a financing transaction, where the transaction is measured at the present value of the future receipts.
Impairment of financial assets
Financial assets are assessed for indicators of impairment each year. Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. This impairment is recognised in the SOFA.
De-recognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when the charity transfers the financial asset and substantially all the risks and rewards of ownership to another entity.
Classification of financial liabilities
Financial liabilities are classified according to the substance of the contractual arrangements entered into.
Basic financial liabilities
Basic financial liabilities, including trade and other payables, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of operations from suppliers. Accounts payable are classified as a current liability if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
De-recognition of financial liabilities
Financial liabilities are derecognised when, and only when, the charity’s obligations are discharged, cancelled, or they expire.
(k) Leases
Rentals paid under operating leases are charged to the profit and loss account when incurred.
(l) Foreign currency translation
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to the SOFA.
(m) Pension contributions
The Charity contributes to a group personal pension scheme for participating employees.
(n) Employee benefits policy
The costs of short-term employee benefits are recognised as a liability and an expense.
(o) Cash and Cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less.
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2. Judgements and key sources of estimation uncertainty
In application of the Charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of revision and future periods where the revision affects both the current and future periods.
| 3. 4. 5. 6. |
Donations and Legacies 2022 2021 |
Donations and Legacies 2022 2021 |
|---|---|---|
| Donations 163,819 6,783 - 170,602 179,362 Legacies 76,086 - - 76,086 18,049 Sponsorship programme - 133,543 - 133,543 128,487 Sponsorship donations - 740 - 740 495 Virtual gifts 4,533 4,533 7,599 Grants from Trusts 12,478 59,008 - 71,486 49,720 Income tax reclaimed 49,325 - 49,325 48,910 Government grants (CJRS) 2,428 - 2,428 1,879 Other government grants (FCDO) - 22,154 22,154 38,180 304,136 226,761 - 530,897 472,681 Comparative 264,251 208,430 - 472,681 Total Total £ £ £ £ £ Unrestricted Restricted Endowment |
||
| 304,136 226,761 - 530,897 472,681 264,251 208,430 - 472,681 |
||
| Charitable activities | ||
| Sale of goods made or provided by beneficiaries Comparative |
7,275 - - 7,275 5,630 5,630 - - 5,630 |
|
| Investments | ||
| Bank interest Dividends Comparative |
591 - 591 843 23,934 - 23,934 33,433 24,525 - - 24,525 34,276 34,276 - - 34,276 |
|
| Trading activities | ||
| Sale of goods Raffle Comparative |
27,549 - - 27,549 26,260 3,681 - - 3,681 5,475 31,230 - - 31,230 31,735 31,735 - - 31,735 |
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| Costs of raising Trading Charitable Activities Investment 2022 2021 |
Donations costs Costs of Sponsorship Youth Health Community Culture Education Management Total Total |
& Legacies goods sold Programme Projects Projects Projects Projects Projects Fees |
£ £ £ £ £ £ £ £ £ £ £ £ |
Costs directly allocated to activities | Project payments - - - - 1,800 45,805 62,085 73,205 30,950 33,431 247,276 223,542 |
Sponsorship payments - - - - 99,640 - - - - - 99,640 101,535 |
Project delivery, education and | communication costs 1,171 937 469 3,475 3,475 3,475 3,474 3,475 3,474 23,425 18,165 |
Fundraising direct costs 9,320 414 - 414 1,760 1,761 1,761 1,761 1,761 1,761 20,713 19,132 |
Postage 764 153 - 153 5,353 245 245 245 245 245 7,648 7,050 |
Cost of sales - 7,503 - 4,606 - - - - - 12,109 18,201 |
Merchandising costs - 3,147 - 1,932 - - - - - 5,079 5,292 |
Bank charges 127 77 - 76 38 38 38 38 38 38 508 91 |
Volunteer expenses - - - - |
Recruitment expenses 804 301 - 301 101 100 101 100 101 101 2,010 320 |
Legal & consultancy expenses 164 42 8,066 39 168 98 97 98 97 97 8,966 10,062 |
Travel and subsistence 593 223 - 222 74 74 74 74 74 74 1,482 1,801 |
Support & Governance costs | allocated to activities | Rent, rates, insurance 8,890 2,300 - 2,133 9,131 5,290 5,290 5,290 5,290 5,290 48,904 35,792 |
Office expenses & depreciation 6,714 1,737 - 1,611 6,896 3,995 3,995 3,995 3,995 3,995 36,933 74,012 |
Staff (exc Governance costs) 59,977 15,520 - 14,392 61,604 35,691 35,690 35,690 35,690 35,690 329,944 326,876 |
Casual staff 9,045 402 - 402 1,709 1,708 1,708 1,708 1,709 1,709 20,100 34,100 |
Staff training 206 53 - 50 211 123 123 123 123 123 1,135 2,134 |
Governance 4,747 1,228 - 1,139 4,875 2,825 2,824 2,824 2,824 2,824 26,110 24,389 |
102,522 34,037 8,066 27,939 196,835 101,228 117,506 128,625 86,372 88,852 891,982 902,494 |
The basis of allocation of support costs (staff costs, rent, and office expenses) is the time spent by staff members on the various activities, based on management estimates. | Of the £144,625 (2021: £295,941) expenditure on raising funds £136,559 (2021: 286,083) was charged to unrestricted funds and £8,066 (2021: £9,858) to endowment funds. | Of the £747,357 (2021: £606,553) expenditure on Charitable Activities £565,905 (2021:£403,567) was charged to unrestricted funds and £181,848 (2021: £202,986) to | restricted funds. |
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| **8. ** | Analysis of Governance costs | 2022 | 2021 | |
|---|---|---|---|---|
| £ | £ | |||
| Staff costs | 11,089 | 10,764 | ||
| Independent examination/accountancy | 9,804 | 9,527 | ||
| Legal fees | 5,217 | 4,098 | ||
| 26,110 | 24,389 | |||
| **9. ** | Net movement in funds | 2022 | 2021 | |
| This is stated after charging: | £ | £ | ||
| Depreciation | 13,162 | 13,180 | ||
| Loss on disposal of investments | - | 100 | ||
| Loss on disposal of fixed assets | - | 2,713 | ||
| Independent examiners' remuneration | 3,520 | 3,520 | ||
| 10. | Staff Costs and Numbers | 2022 | 2021 | |
| Staff costs were as follows: | £ | £ | ||
| Salaries and wages | 306,087 | 300,891 | ||
| Social security costs | 24,895 | 26,910 | ||
| Pension contributions | 10,051 | 9,839 | ||
| 341,033 | 337,640 | |||
| Casual labour | 20,100 | 34,100 | ||
| 361,133 | 371,740 |
One employee received emoluments of between £70,001 and £80,000 (2021: £70,001 and £80,000)
The average number of employees during the year was 9 (2021: 9).
11. Trustee Remuneration, Key Management Remuneration & Related Party Transactions
No Trustee received any remuneration or were reimbursed expenses during the year or in the prior year.
Aggregate Compensation of Key Management for the year was £85,175 (2021: £82,638)
During the year the Trustees made donations to the company totalling £672 (2021: £1,995)
12. Other Financial Commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
| 2022 | 2021 | ||||
|---|---|---|---|---|---|
| £ | £ | ||||
| Within | 1 | year | 43,691 | 46,526 | |
| Within | 2 | to 5 years | 97,303 | 140,994 | |
| 140,994 | 187,520 |
13. Pension scheme
The company operates a defined contribution retirement benefit scheme for all qualifying employees. The assets of the scheme are held separately from those of the company. The company contributes a specified percentage of payroll costs to the retirement benefit scheme to fund the benefits. The only obligation of the company with respect to the scheme is to make the specified contributions.
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14. Fixed Assets
| Leasehold | Office | Fixtures & | ||
|---|---|---|---|---|
| Improvements | Equipment | Fittings | Total | |
| £ | £ | £ | £ | |
| Cost | ||||
| At 1 May 2021 | 54,600 | 9,378 | 15,948 | 79,926 |
| Additions | - | 629 | - | 629 |
| At 30 April 2022 | 54,600 | 10,007 | 15,948 | 80,555 |
| Accumulated Depreciation | ||||
| At 1 May 2021 | 10,920 | 4,753 | 9,064 | 24,737 |
| Charge for the year | 10,920 | 1,209 | 1,033 | 13,162 |
| At 30 April 2022 | 21,840 | 5,962 | 10,097 | 37,899 |
| Net Book Value | ||||
| At 30 April 2022 | 32,760 | 4,045 | 5,851 | 42,656 |
| At 30 April 2021 | 43,680 | 4,625 | 6,884 | 55,189 |
15. Fixed Asset Investments
| Total | |
|---|---|
| £ | |
| At 1 May 2021 | 1,203,459 |
| Additions | 62,158 |
| Disposals | -345,710 |
| Revaluation | 16,223 |
| At 30 April 2022 | 936,130 |
| Quoted Securities | |
| (historical cost of £808,551) | 902,475 |
| Cash deposits | 33,655 |
| 936,130 |
There were no investments outside the UK and no single investment represented more than 5% of the total investments.
| **16. ** | Debtors | 2022 | 2021 |
|---|---|---|---|
| £ | £ | ||
| Other debtors and prepayments | 11,160 | 49,981 | |
| Tax recoverable | 12,621 | 14,123 | |
| 23,781 | 64,104 |
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17. Creditors: Amounts Falling Due Within One Year
| 2022 | 2021 | ||||
|---|---|---|---|---|---|
| £ | £ | ||||
| Trade | creditors | and | accruals | 14,118 | 21,385 |
| 14,118 | 21,385 |
18. Analysis of Net Assets Between Funds
| Unrestricted | Unrestricted | **Restricted ** | Endowment | Total | |
|---|---|---|---|---|---|
| Funds | Funds | Funds | Funds | ||
| £ | £ | £ | £ | ||
| Tangible fixed assets | 42,656 | - | - | 42,656 | |
| Investments | 33,655 | - | 902,475 | 936,130 | |
| Current assets | -6,285 | 86,317 | -7,752 | 72,280 | |
| Current liabilities | -14,118 | - | - | -14,118 | |
| Net assets at 30 April 2022 | 55,908 | 86,317 | 894,723 | 1,036,948 | |
| Tangible fixed assets | 55,189 | - | - | 55,189 | |
| Investments | 16,893 | - | 1,186,566 | 1,203,459 | |
| Current assets | 35,113 | 46,404 | - | 81,517 | |
| Current liabilities | -16,385 - | 5,000 | - | -21,385 | |
| Net assets at 30 April 2021 | 90,810 | 41,404 | 1,186,566 | 1,318,780 |
19 Movements in Funds
| Movements in Funds | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| At 1 May Incoming |
Outgoing | **Investment ** | At 30 April | |||||||
| **2021 Resources ** | Resources | Transfers | Gains | 2022 | ||||||
| £ £ |
£ | £ | £ | £ | ||||||
| Restricted funds | 41,404 226,761 |
181,848 | - | - | 86,317 | |||||
| Unrestricted funds | 90,810 367,166 |
702,068 | 300,000 | - | 55,908 | |||||
| Endowment Funds | 1,186,566 - |
8,066 | -300,000 | 16,223 | 894,723 | |||||
| 1,318,780 593,927 |
891,982 | - | 16,223 | 1,036,948 | ||||||
| Restricted funds | ||||||||||
| Sponsorship (India & Nepal) | 20,318 134,282 |
121,472 | - | - | 33,128 | |||||
| Projects in UK, India & Nepal | 18,266 34,427 |
27,913 | - | - | 24,780 | |||||
| Projects in UK and Tibet | 2,213 1,581 |
237 | - | - | 3,557 | |||||
| Projects in UK | 607 | 56,471 | 32,226 | - | - | 24,852 | ||||
| 41,404 226,761 |
181,848 | - | - | 86,317 |
The Endowment Funds were created from the Legacy left to the charity by the late Vanya Kewley Lambert. Although her Will did not impose any restrictions on the use of the legacy, based on discussions with Vanya Kewley Lambert prior to her passing and other evidence the trustees feel this should be treated as an Expendable Endowment. The transfer relates to the release of endowment funds to unrestricted funds as authorised by the trustees.
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19. Movements in Funds (continued)
Comparative information in respect of the preceding period is as follows:
| At 1 May | At 1 May | Incoming | Incoming | Outgoing | **Investment ** | **Investment ** | At 30 April | |||
|---|---|---|---|---|---|---|---|---|---|---|
| 2020 | Resources | **Resources ** | Transfers | Gains | 2021 | |||||
| £ | £ | £ | £ | £ | £ | |||||
| Restricted funds | 35,960 | 208,430 | 202,986 | - | - | 41,404 | ||||
| Unrestricted funds | 44,568 | 335,892 | 689,650 | 400,000 | - | 90,810 | ||||
| Endowment Funds | 1,417,833 | - | 9,858 | -400,000 | 178,591 | 1,186,566 | ||||
| 1,498,361 | 544,322 | 902,494 | - | 178,591 | 1,318,780 | |||||
| Restricted funds | ||||||||||
| Sponsorship (India & Nepal) | 12,143 | 128,982 | 120,807 | - | - | 20,318 | ||||
| Projects in UK, India & Nepal | 20,785 | 32,100 | 34,619 | - | - | 18,266 | ||||
| Projects in Tibet | 2,699 | 958 | 1,444 | - | - | 2,213 | ||||
| Projects in UK & Rest of world | 333 | 46,390 | 46,116 | - | - | 607 | ||||
| 35,960 | 208,430 | 202,986 | - | - | 41,404 |
20. Share Capital
The Charity is a company limited by guarantee and accordingly does not have a share capital. Every member of the company undertakes to contribute such an amount as may be required (not exceeding £10) to the company’s assets if it should be wound up whilst they are a member, or within one year after they cease to be a member, to cover the liabilities of the company.
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