Seeway Trust Registered Charity Number: 1074868
Ford House Eggesford Chulmleigh Devon
Report of the Trustees and Unaudited Financial Statements For the year ended 31[st] December 2023
SEEWAY TRUST
CONTENTS OF THE FINANCIAL STATEMENTS for the year ended 31[st] December 2023
| Page | |
|---|---|
| Report of the Trustees | 1 to 5 |
| Independent Examiner's Report | 6 |
| Statement of Financial Activities | 7 |
| Statement of Financial Position | 8 |
| Notes to the Financial Statements | 9 to 11 |
| Detailed Statement of Financial Activities | 12 |
SEEWAY TRUST
CONTENTS OF THE FINANCIAL STATEMENTS for the year ended 31[st] December 2023
The trustees present their report and financial statements for the year ended 31st December 2023. 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 2015).
Objectives and Aims
Seeway Trust is a Christian Charity constituted under a Trust Deed dated 28[th] February 1999. The Trust is dedicated to rescuing orphaned and abandoned children who live in impoverished areas of the world. The principal aim is to provide these children with food, a home as part of a caring family, a good education and a future in line with the Trust’s objectives which are:
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the advancement of the Christian religion world-wide;
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the relief of persons who are in need, hardship or distress and
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the advancement of education.
This is being achieved by developing strong links with long-term missionaries to identify areas of need, establish orphanages, build and equip medical and education facilities for the public benefit. Where appropriate, nongovernment organisations (NGO’s) are set up with a voluntary board of directors made up of key local members of the community who work with the missionary to oversee the day to day operations, ensure the funds are used for their designated purpose and report back to Seeway Trust.
The service offered is available to orphaned or abandoned children regardless of race, gender, disability or religion. Projects are developed with regard to the Charity Commission’s guidance on public benefit and the trustees ensure that all work undertaken is in line with the Trust’s charitable objects and aims.
Both the initial donation and additional amounts donated since have been under terms which allow the Trustees to either retain the amounts as capital or to spend them. The Trust deed gives the Trustees the power to apply the funds in such a manner as they think fit for the benefit of any charitable object or purpose. The Trustees identify projects and organisations they wish to support and the Trust is not in a position to make grants to organisations who apply speculatively.
Procedures and policy for grant making
Seeway Trust is committed to providing long-term financial support to ensure the continuity of care for orphaned and abandoned children – currently in Ghana, Tanzania, Ukraine and Zimbabwe. To this end, the Trustees meet regularly to receive reports and review the level of support based on donations received to date. The Trustees obtain written reports on the actual use of the grants given and the achievements made. Grants to Tanzania, Zimbabwe and Ghana are made monthly. Grants to the Ukraine are made annually.
Seeway Trust depends on regular donations to provide consistent support to ensure the continuity of care for orphaned and abandoned children. The success of the work is based on and determined by the relationships between Seeway Trust UK, the existing teams in Ghana, Tanzania, the Ukraine and Zimbabwe and the donors.
While the Trustees are deeply moved by the plight of children in war torn countries, the Trust does not have the resources available to provide emergency funding.
Public benefit
The Charity acknowledges its requirement to demonstrate clearly that it must have charitable purposes or “aims” that are for the public benefit. Details of how the Charity has achieved this are provided in the Trustees’ report. The Trustees confirm that they have paid due regard to the Charity Commission guidance on public benefit before deciding what activities the Charity should undertake.
SEEWAY TRUST
CONTENTS OF THE FINANCIAL STATEMENTS for the year ended 31[st] December 2023
Achievement and Performance
Charitable activities
The Trust continues to work in partnerships within Africa and the Ukraine.
1. GHANA
The COUNTRYSIDE CHILDREN’S HOME in Bawjiase in the Central region.
This Home has been supported by the Trust since 2000. As each young person has either left the Home to pursue further education or to attain work, those who have moved on still revisit the Home and the Trust retains an interest in their personal development, consequently a small monthly gift is given to the Head of the Home for general use. It is also hoped that an income generating business of growing and supplying Catfish initiated in late 2023 and managed by two young men who have grown up in the Home, being overseen and guided by an experienced older person, will further enable much needed funding to be used for business development. A personal interest has invested into this enterprise.
The SEEWAY ACADEMY in Nemanwura in the Central region.
To date, this Academy has been the biggest project undertaken by Seeway Trust in the 24 years that it has been working in Ghana. Opened in 2022 its first year has been an outstanding success, attendance numbers have steadily grown, a PTA has been formed and the Trust has funded the attendance of a Doctor and his Assistant from Accra to visit for two consecutive days each month, monitoring the health and general wellbeing of each child as required, treating them accordingly. Please see on You tube, Seeway Soundbites 2023 for video presentations.
2. TANZANIA
The Partnership enjoyed with Seeway Tanzania has now been in existence since 2005. It is a hugely successful work in northern Tanzania whereby rescued children of all ages to adulthood have been supported, cared for and educated. Families have also been supported by the building of goat sheds and giving other stock on, so as to grow and bring extra incomes in for themselves and others.
Gradual visits have been reintroduced to Seeway Tanzania in 2022 post covid and into 2023, by other educational partnerships, such as Nord Anglia, various UK churches and individuals both in the USA and UK. Seeway Trust sends monthly financial support to Tanzania to further the great work undertaken there. It has indeed been a privilege to have been in partnership with Seeway Tanzania and would invite you to visit the Seeway Tanzania web site which offers all the up-to-date information for anyone to read and watch.
3. UKRAINE
By contrast our partners in this ravaged, war-torn country have indeed drawn hugely on their faith and spiritual fervour in order to survive and carry on with the feeding programme of children and adults in the western region of Ukraine. With the daily dangers ever drawing nearer to them, and virtually no or little supplies in place anywhere, Ps Lena, has been able to continue to feed because the community close to them have supplied the Church from their own supplies. Together with the high Bank charges made to Seeway Trust if funds were sent monthly, an annual amount is now sent around July and offsetting the Bank costs means more can be received out there. With this gift the dry goods that are available can be stored and used in the winter months when weather conditions are so life threatening.
4. ZIMBABWE
Although not being at war, this nation has suffered incredible hardships at every turn in the day to day living experiences underpinned by the most politically destructive forces throughout. Those with whom we partner with there, continue to manage themselves but also give out to the homeless and low paid workers. Each week the Dustbin men are given some food and drink for themselves and families. The Trust sends funding each month via a UK bank account which can be accessed there, though not without its issues at times. Seeway Trust are privileged to partner with the Nicholsons and all that they do in the name of the Lord.
SEEWAY TRUST
CONTENTS OF THE FINANCIAL STATEMENTS for the year ended 31[st] December 2023
REPORT OF THE TRUSTEES for the year ended 31st December 2023
In summary
By the end of the first quarter of 2023, the Trust had experienced two resignations of Trustees due to retirement of one and increasing, conflicting pressures of work for another. The remaining two Trustees carried on with the running of Seeway Trust calling on its Independent Examiner for advice as and when needed. The Trust sincerely thanks the Examiner for all professional services available at such a time.
By the beginning of the second quarter of 2023 a new Treasurer had been appointed to undertake the day-today management of the Trusts finances.
Abroad, Seeway Trust continues to develop relationships with like-minded indigenous people in developing countries who have a heart to "rescue children". We are extremely grateful to all our supporters who are so generous in their giving. Through their financial support, we are able to provide vulnerable children with a safe home, a hope and a future, while showing them the practical outworking of the love of our Lord Jesus Christ thus enabling them to become responsible adults, capable of caring for their own families and being an influence for good in their communities.
At home, Seeway continues to work with individuals and local Churches who practically partner with the Trust to enable so much more to be done. On a personal level, micro financial initiatives have yielded funds, used to further the work of the Trust, e.g. a young married couple, now based in South Africa are supported monthly, who are now with YWAM (Youth With A Mission) a charitable organisation sending out people into structured initiatives worldwide to work alongside those in poorer, under developed places in giving them the Gospel of Jesus but also bringing about ways of relief of hardship, so that lives are improved.
Also in Orissa India, an Indian care worker now based in North Devon, partners with Seeway Trust each month. These funds are matched through Seeway and then sent to Orissa monthly, for a small rural Christian School in a largely Hindu area, to be given resources to advance the education of those who attend the school.
SEEWAY TRUST
CONTENTS OF THE FINANCIAL STATEMENTS for the year ended 31[st] December 2023
Reference and Administration Details
Registered name
Seeway Trust
Registered Charity number 1074868
Principal address Ford House Eggesford Devon EX18 7JY
Trustees Name Position Appointments/Resignations Mrs Sally Bainborough Secretary Mr George Bainborough Chair
Independent Examiner Michael King MAAT Member of the Association of Accounting Technicians 53 Fountain Fields High Bickington Devon EX37 9AP
Bankers:
The Co-operative Bank plc PO Box 250 Delf House Skelmersdale WN8 6WT
Approved by the board of trustees on 11[th] October2024 and signed on its behalf by:
............................................. George Bainborough, Chair
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF SEEWAY TRUST
Independent examiner's report to the trustees of Seeway Trust
I report to the charity trustees on my examination of the accounts of Seeway Trust (the Trust) for the year ended 31[st] December 2023.
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
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 confirm that there are no other matters to which your attention should be drawn to enable a proper understanding of the accounts to be reached.
Signed:
Michael King MAAT Member of the Association of Accounting Technicians 53 Fountain Fields High Bickington Devon EX37 9AP
Date: 20[th] September 2024
SEEWAY TRUST
STATEMENT OF FINANCIAL ACTIVITIES for the Year ended 31[st] December 2023
| Notes Income and Endowments Donations and legacies 2 Investment income 3 Total Incoming Resources Expenditure Raising funds Charitable activities Advancement of the Christian Faith 4/5 Total Resources Expended Net Incoming / (Outgoing) resources Transfer between funds Reconciliation of Funds Total Funds brought forward Total Funds carried forward |
2023 2022 Unrestricted funds Restricted funds Total Total £ £ £ £ 16,815 145,106 161,921 180,672 0 0 0 0 |
|---|---|
| 16,815 145,106 161,921 180,672 |
|
| 0 0 0 3,088 148,447 151,535 197,216 |
|
| 3,088 148,447 151,535 197,216 |
|
| 13,727 (3,341) 10,386 (16,544) |
|
| (56) 56 0 0 (3,441) 0 (3,441) (16,544) 5,436 21,189 26,625 43,169 19,107 17,904 37,011 26,625 |
The notes form part of these financial statements
SEEWAY TRUST
STATEMENT OF FINANCIAL POSITION At 31[st] December 2023
| Notes Current Assets Debtors 6 Cash at bank Current Liabilities Amounts falling due within one year 7 Current Assets less Current Liabilities Total Assets less Current Liabilities Funds Restricted funds 8 Unrestricted funds Total funds |
2023 2022 Unrestricted funds Restricted funds Total Total £ £ £ £ 0 0 0 0 19,357 17,904 37,261 26,875 |
|---|---|
| 19,357 17,904 37,261 26,875 |
|
| (250) 0 (250) (250) 19,107 17,904 37,011 26,625 |
|
| 19,107 17,904 37,011 26,625 |
|
| 17,904 17,904 21,189 19,107 19,107 5,436 |
|
| 19,107 17,904 37,011 26,625 |
……………………………………………………..
George Bainborough Chair
The notes form part of these financial statements
SEEWAY TRUST NOTES TO THE FINANCIAL STATEMENTS
1. Accounting Policies
Basis of preparing the financial statements and assessment of going concern
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 2015)', 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.
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.
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.
Taxation
The charity is exempt from tax on its charitable activities.
Debtors
Trade and other debtors are recognised at the settlement amount. Prepayments are valued at the amount prepaid.
Cash at bank and in hand
Cash at bank and in hand includes cash, current bank accounts and deposit bank accounts with no withdrawal limitations.
Creditors
Creditors are recognised where then charity has a present obligation resulting from a past event that will result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are recognised at their settlement amount.
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.
The notes form part of these financial statements
SEEWAY TRUST NOTES TO THE FINANCIAL STATEMENTS
2. Donations and Legacies
| Donations Gift Aid received Donations Gift Aid received |
Unrestricted Restricted 2023 £ £ £ 15,619 130,877 146,496 1,196 14,229 15,425 |
|---|---|
| 16,815 145,106 161,921 |
|
| Unrestricted Restricted 2022 £ £ £ 9,227 166,257 175,484 531 4,657 5,188 |
|
| 9,758 170,914 180,672 |
3. Investment income
| Investment income | ||
|---|---|---|
| Interest income Interest income Expenditure on charitable activities Church charitable activities Support costs Church charitable activities Support costs Analysis of support costs Independent examiner Office costs Computer equipment Trustee expenses Travel costs Bank fees |
Unrestricted £ 0 |
Restricted 2023 £ £ 0 0 |
| Unrestricted £ 0 |
Restricted 2022 £ £ 0 0 |
|
| Unrestricted £ 902 2,186 |
Restricted 2023 £ £ 147,638 148,540 809 2,995 |
|
| 3,088 | 148,447 151,535 |
|
| Unrestricted £ 11,432 862 |
Restricted 2022 £ £ 184,922 196,354 0 862 |
|
| 12,294 | 184,922 197,216 |
|
| 2023 2022 250 250 0 0 1,345 610 0 0 500 0 900 2 2,995 862 |
4. Expenditure on charitable activities
5. Analysis of support costs
6. Debtors
Prepayments and accrued income
| 2023 | 2022 | ||
|---|---|---|---|
| £ | £ | ||
| 0 | 0 | ||
| 0 | 0 |
The notes form part of these financial statements
SEEWAY TRUST NOTES TO THE FINANCIAL STATEMENTS
7. Creditors: amounts falling due within one year
| Accruals and deferred income 8. Movement in Funds Balance Income Expenditure Unrestricted Funds 1st Jan 2023 General Fund 5,436 16,815 (3,088) Reserve 0 0 0 Total Funds 5,436 16,815 (3,088) Unrestricted Funds Balance Income Expenditure 1st Jan 2022 General Fund 5,583 9,758 (12,294) Reserve 0 0 0 Total Funds 5,583 9,758 (12,294) Restricted Funds Balance Income Expenditure 1st Jan 2023 Ghana 8,554 48,422 (53,266) Tanzania 6,253 61,028 (57,622) Ukraine 1,643 2,988 (3,525) Zimbabwe 4,795 25,468 (26,834) Project Exodus (56) Assemblies of God 0 7200 (7200) Total Funds 21,189 145,106 (148,447) Restricted Funds Balance Income Expenditure 1st Jan 2022 Ghana 21,100 109,080 (121,626) Tanzania 9,659 37,093 (38,899) Ukraine 0 1,844 (201) Zimbabwe 6,827 21,647 (22,890) Project Exodus 0 1,250 (1,306) Total Funds 37,586 170,914 (184,922) |
Accruals and deferred income 8. Movement in Funds Balance Income Expenditure Unrestricted Funds 1st Jan 2023 General Fund 5,436 16,815 (3,088) Reserve 0 0 0 Total Funds 5,436 16,815 (3,088) Unrestricted Funds Balance Income Expenditure 1st Jan 2022 General Fund 5,583 9,758 (12,294) Reserve 0 0 0 Total Funds 5,583 9,758 (12,294) Restricted Funds Balance Income Expenditure 1st Jan 2023 Ghana 8,554 48,422 (53,266) Tanzania 6,253 61,028 (57,622) Ukraine 1,643 2,988 (3,525) Zimbabwe 4,795 25,468 (26,834) Project Exodus (56) Assemblies of God 0 7200 (7200) Total Funds 21,189 145,106 (148,447) Restricted Funds Balance Income Expenditure 1st Jan 2022 Ghana 21,100 109,080 (121,626) Tanzania 9,659 37,093 (38,899) Ukraine 0 1,844 (201) Zimbabwe 6,827 21,647 (22,890) Project Exodus 0 1,250 (1,306) Total Funds 37,586 170,914 (184,922) |
2023 2022 £ £ 250 250 250 250 Transfers Balance 31st Dec 2023 (56) 19,107 0 0 |
|---|---|---|
| 5,436 16,815 (3,088) |
(56) 19,107 |
|
| Balance Income Expenditure 1st Jan 2022 5,583 9,758 (12,294) 0 0 0 |
Transfers Balance 31st Dec 2022 2,389 5,436 0 0 |
|
| 5,583 9,758 (12,294) |
2,389 5,436 |
|
| Balance Income Expenditure 1st Jan 2023 8,554 48,422 (53,266) 6,253 61,028 (57,622) 1,643 2,988 (3,525) 4,795 25,468 (26,834) (56) 0 7200 (7200) |
Transfers Balance 31st Dec 2023 3,710 9,659 1,106 3,429 56 0 0 |
|
| 21,189 145,106 (148,447) |
56 17,904 |
|
| Balance Income Expenditure 1st Jan 2022 21,100 109,080 (121,626) 9,659 37,093 (38,899) 0 1,844 (201) 6,827 21,647 (22,890) 0 1,250 (1,306) |
Transfers Balance 31st Dec 2022 0 8,554 (1,600) 6,253 0 1,643 (789) 4,795 0 (56) |
|
| 37,586 170,914 (184,922) |
(2,389) 21,189 |
9. Trustee remuneration and benefits
None of the trustees have been paid any remuneration or received any benefits from an employment with the charity or a related entity.
The notes form part of these financial statements
SEEWAY TRUST
The following pages do not form part of the Financial Statements
DETAILED STATEMENT OF FINANCIAL ACTIVITIES
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2023 2022 2021
£ £ £
Donations and legacies
Donations 146,496 175,484 114,968
Gift Aid received 15,425 5,188 8,877
Total income from donations and legacies 161,921 180,672 123,845
Investment income
Interest received 0 0 0
Total income from investment income 0 0 0
Total incoming resources 161,921 180,672 123,845
Fundraising costs 0 0 0
Charitable activities
Ghana
General expenses 53,266 121,626 48,340
Tanzania
General expenses 57,622 38,899 35,504
Ukraine
General expenses 3,525 201 3,480
Zimbabwe
General expenses 26,834 22,890 18,502
General expenses 602 11,432 624
Assemblies of God 7200 0
Project Exodus 300 1,306 1,200
Total expenditure on charitable activities 149,349 196,354 106,650
Support costs
Independent examiner 250 250 250
Office costs 0 1,111
Computer equipment 1345 610 820
Trustee expenses 0 0
Travel costs 500 0 1,074
Bank charges 91 2 5
Total support costs 2,186 862 3,262
Total resources expended 151,534 197,216 110,912
Net incoming/(outgoing) resources 10,386 (16,544) 12,933
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