The Troy Trust, working title Bees for DevelopmentTrust Charity No. 1078803 Trustees. Reportand Unaudited Accounts 30 April 2024
The Troy Trust, working title Bees for Development Trust Contents Pages Trustees, Annual Report Independent Examiner's Report Statement of Financial Activities 2to3 Balance Sheet Statement of Cash flows Notes to the Accounts 8t015 Detailed Statement of Financial Activities 16to17 Page I
The Troy Trust. working title Bees for Development Trust Trustees Annual Report The trustees present their report with the unaudited financial statements of the charity for the year ended 30 April 2024. REFERENCE AND ADMINISTRATIVE DAlLs Charity No. 1078803 Trustees The followingtrustees served during the year.. S. Brown C. Cooper M. Krefta S. Shaw P. Smith R. Spencer Accountants Aubrey& Co Accountancy Limited 19 Church Street Ross onwye HR9 5HN OBJEcfivES AND AcfiviTIES The purpose of the charity as set out in its governing document is the relief of poverty in any part of the developing world, in particular but not exclusively through the advancement of the craft of beekeeping. In previous years, the main activities undertaken in relation to those purposes was the provision of training and information resources. particularly in Ghana, Ethiopia and Uganda to enable people to generate income from beekeeping. However, as noted in last year's report, a new Charitable Incorporated Organisation (CIO) called Bees for Development l Bfd CIO- charity number 1198116) has been formed, and the activities of the charity were transferred shortly before the beginning of this financial year, to Bees for Development CIO. Charity 1198116. The new CIO has many trustees in common with the charity, and the trustees are satisfied that the new CIO is appropriately managed. The trustees of the CIO have had regard to Charity Commission guidance on public benefit in the determination of services to be provided and the identif ication of beneficiaries. POLICY ON SOCIAL INVEsfMENT Most of the CIO'S activities are Social investment in that the objective is to create local centre5 of expertise and promote sharing of this knowledge to ensure long-term continued benefits from the work. POLICY ON GRANT MAKING The charity does not provide grants, it engages long-term with individuals and organisation5 in its key areas of activity. Projects are evaluated for feasibility within the available budgetlresources and the expected benefits. The charity works with a number of volunteers who bring specific knowledge and skills to its work, therebv extending the scope of activities that the charity is able to undertake. Page 2
The Troy Trust, working title Bees for Development Trust Trustees Annual Report ACHIEVEMENTS AND PERFORMANCE As mentioned above, the activities of this charity were transferred to Bees for Development CIO, charitv number 1198116, shortly before the beginning of this financial year. Following this transfer of activity, the assets of the charity were transferred to Bees for Development CIO during this financial year underthe terms of a Deed of Transfer, and this transfer is reflected as an expense in Note 9 to these accounts. FINANCIAL REVIEW At the end of the period the Trust's total reserves stood at £12,125 of which none were restricted funds. As the charity now exists solely for the collection of income due for onward transfer to another charity, no specific reserves policy is applied. Funds are transferred periodically so as to maintain a limited balance on the charity's bank accounts. Funds are held on deposit with the charity's bankers. No attive investment strategy has been followed in the vear under review. Since the charity exists solely to collect legacy income from donors, the potential impact of this is limited. The risks associated with the administration of funds collected has been transferred to Bfd CIO, and thei r future management will be undertaken in that organisation. PLANS FOR FUTURE PERIODS The charity has now ceased operation, but will remain inexistence for a limited period to facilitate ongoing collection of legacies, donations and similar contributions. Any such income will be transferred to Bee5 for Development CIO (Charity No 11981161 after deduction of certain expenses such as bank charges and accounting fee5. STRucfuRE, GOVERNANCE AND MANAGEMENT The charity is governed by a Trust Deed and 15 con5ituted as a Charitable Trust. While the activity of the charity is now limited to the collection of legacy income and its transfer to the successor charity, the trustees continue to monitor the composition of the board to ensure that is has an appropriate balance of skills. Statement of trustees, responsibilities in relation to the financial statements The charity trustees are responsible for preparing a trustees, annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards Iunited Kingdom Generally Accepted Accounting Practice). The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust deed. The Trustee5 are also responsible for safeguarding the assets of the charity and hence taking reasonable step5 for the prevention and detection of fraud and other irregularities. Signed on behalf of the charity's trustees p&£• P. Smith Trustee Date.....1 9th February 2025 Page 3
The Troy Trust. working title Bees for Development Trust Independent Examiner5 Report Independent Examiner's Report to the trustees of The Troy Trust, working title Bees for Development Trust I report to the trustees on my examination of the financial statement5 of The Troy Trust, working title Bees for Development Trust for the year ended 30 April 2024. Responsibilities and basis of report As the charity's trustees you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 20111'the Act'l. I report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145{Sllbl of the Act. Independent examiner's statement As the charity's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that l am qualified to undertake the examination by being a qualified member of ICAEW. I have completed my examination. I can 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: the accounting records were not kept in respect of the charity as required by section 130 of the Act- or the financial statements do not accord with those records; or the financial statements do not comply with the applicable requirement5 concerning the form and content of financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements 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 thi5 report in order to enable a proper understanding of the financial statements to be reached. Aubrey & Co Accountancy Limited 19 Church Street Ross on Wye HR9 5HN Page 4
The Troy Trust, working title Bees for Development Trust Statement of Financial Activities for the year ended 30 April 2024 Unrestricted Restricted funds 2024 funds Total funds Total funds 2024 2024 2023 Note5 Income and endowments from: Donations and legacies Charitable activities Other trading activities Investments 216,165 12,530 177 90 32,000 216,255 44.530 177 3,310 115 601,889 165,832 21,498 4,239 180 3,310 115 Other Total 232,297 32,090 264,387 793,638 Expenditure on: Charitable activities Other 360 701,582 360 813,205 350 494,918 111,623 Totsl 701,942 111,623 813,565 495,268 Net gains on investments Net lexpenditure)/income Transfers between funds 1469,6451 (79,5331 1549,1781 298,370 Net {expenditurel/income before other gains/{10sse5) 1469,6451 179,5331 1549,1781 298,370 Other gains and losses Net movement in funds 1469,6451 179,5331 1549.1781 298,370 Reconciliation of funds: Total funds brought forward 481,766 79,533 561.299 262,929 Total funds carried fonvard 12,121 12,121 561,299 Page 5
The Troy Trust, working title Bees for DevelopmentTrust Balancesheet at 30 April 2024 Charity No. 1078803 2024 2023 Current a55ets Debtor5 Cash at bank and in hand li 6,569 584.000 590.569 129,2701 13,681 13,681 11,5601 12,121 Creditors: Amount falling due within one year Net current assets 12 561,299 Total assets less current liabilities 12,121 561,299 Net assets excluding pension asset or liability 12,121 561,299 Total net assets 12,121 561,299 The funds of the charity Restrirted funds Restricted income funds 13 79.533 79,533 Unrestricted funds General funds 13 12,121 481,766 12,121 481,766 Reserves 13 Total funds 12,121 561,299 Approved by the trustees on And signed on their behalf by: P. Smith Trustee Date...19tM February 2025 Page 6
The Troy Trust. working title Bees for Development Trust Statement of Cash flows for the year ended 30 April 2024 2024 2023 Cash flows from operating activities Net (expenditure}/income per Statement of Financial Activities 1549,178) 298,370 Adjustments for: Dividends, interest and rents from investments Other gains/losses Decrease/llncrease) in trade and other receivables (Decrea5el/lncrease in trade and other payables 13,4251 (4,419) 6,569 (27,7101 {6,5691 28,058 Net cash (used in)/provided by operating activities 1573,7441 315,440 Cash flows from investing activities Dividends, interest and rents from investments 3,425 4,419 Net cash from investing activities 3,425 4,419 Net cash from financing artivities Net Idecrease)lincrease in Cash and cash equivalents 1570,3191 319,859 Cash and cash equivalents at the beginning of the year 584,000 264.141 Cash and cash equivalents at the end of the year 13,681 584,000 Component5 of cash and cash equivalents Cash and bank balances 13,681 584,000 13,681 584,000 Page 7
The Troy Trust, working title Bees for Development Trust Note5 to the Accounts forthe year ended 30 April 2024 l Accounting policies Basi5 of preparation The financial statements have been prepared in accordance with Statement of Recommended Practice.. Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102} issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021 and the Charities Act 2011. Change in basis of accounting or to previous accounts There has been no change to the accounting policies (valuation rules and method of accounting) since last year and no changes have been made to accounts for previous years. Fund accounting Unrestricted funds These are available for use at the discretion of the trustees in furtherance of the general objects of the th3rity. These are unrestricted funds earmarked by the trustees for particular purposes. These are unrestricted funds which include a revaluation reserve representing the restatement of investment assets at their market values. These are available for use subject to restrictions imposed by the donor or through terms of an appeal. Designated funds Revaluation funds Restricted funds Income Recognition of income Income is included in the Statement of Financial Activities ISOFAI when the charity becomes entitled to, and virtually certain to receive, the income and the amount of the income can be measured with sufficient reliability. Incomewith related Where income has related expenditure the income and related expenditure is expenditure reported gross in the SOFA. Donations and legacies Voluntary income received by way of grants, donations and gifts is included in the the SoFAwhen receivable and only when the Charity has unconditional entitlement to the income. Tax reclaims on Income from tax reclaims is included in the SOFA at the same time as the donations and gifts gift/donation to which it relates. Donated services These are only included in income (with an equivalent amount in expenditure) and facilities where the benefit to the Charity is reasonably quantifiable. measurable and material. Volunteer help The value of any volunteer help received is not included in the accounts. Investment income This is included in the accounts when receivable. Gains/llosses} on This include5 any gain or10ss resulting from revaluing investments to market value revaluation of fixed at the end of the year. assets Gainslllossesl on investment assets This includes any gain or Ioss on the sale of investments. Page 8
The Troy Trust, working title Bees for Development Trust Notes to the Accounts Expenditure Recognition of expenditure Expenditure is recognised on an accruals basis. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates. Expenditure on These comprise the costs associated with attracting voluntary income, fundraising raising funds trading cost5 and investment management costs. Expenditure on These comprise the costs incurred by the Charity in the delivery of its activitie5 and charitable activities services in the furtherance of its objects, including the making of grants and governance costs. All grant expenditure is accounted for on an actual paid basis plus an accrua I for grants that have been approved by the trustees at the end of the year but not yet paid. These include those costs associated with meeting the constitutional and statutory requirements of the Charity, including any auditlindependent examination fees, costs linked to the strategic management of the Charity, together with a share of other administration costs. These are support costs not allocated to a particular activity. Grants payable Governance costs Other expenditure Taxation The charity is exempt from tax on its charitable activities. Freehold investment property Investment properties are measured initially at cost and subsequently at fair value at each balance sheet date and are not depreciated. All gains or10sses are taken to the Statement of Financial Activities as they arise. stocks Stock is included at the lower of cost or net realisable value. Donated items of stock are recognised at fair value which 15 the amount the charity would have been willing to pay for the items on the open market. Trade and other debtors Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Cash and cash equivalents Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial p051tion, bank overdrafts are shown within borrowings or current li a bilities. In the Statement of Cash Flows, cash and cash equivalents are Shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management. Trade and other creditors Short term creditors are measured at the transaction price. Other creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably 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 and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. Page 9
The Troy Trust, working title Bee5 for Development Trust Notes to the Accounts Research and development Expenditure on research and development is written off in the year in which it is incurred. Foreign currencies Monetary assets and liabilities denominated in currencies other than the functional currency of the charity are translated at the rates of exchange prevailing at the end of the reporting period. Transactions in currencies other than the functional currency of the charity are recorded at the rate of exchange on the date that the transaction occurred. All exchange differences are are taken into account in arriving at net incomelexpenditure. Leased assets Where the charity enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease. Leases which do not transfer substantially all the risks and rewards of ownership to charity are classified as operating leases. Assets held under finance leases are initially recognised as 355ets of the charity at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance Sease obligation. Lease payments are apportioned between finance expenses and reduction ofthe lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the charity's policy on borrowing costs. Assets held under finance leases are depreciated in the same way as owned a55ets. Operating lease payments are recognised as an expense on a straight-line basis overthe lease term, In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised a5 a reduction of rental expense on a straight-line basis. Pension costs The charity operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the charity pays fixed contributions into a separate entlty. Once the contributions have been paid the charity has no further payments obligations. The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the charity in independently administered funds. Receipt of donated goods, facilities and services All donated goods. facilities and service5 received are recognised within incoming resources and expenditure at an estimate of the value to the charity. Page 10
The Troy Trust, working title Bees for Development Trust Notes to the Accounts 2 Statement of Financial Activities- prioryear Unrestricted Restricted funds funds 2023 2023 Income and endowments from: Donations and legacies Charitable artivitie5 Other trading activities Investments Other 601,489 9,863 21,498 4,239 180 400 155,969 Total 637,269 156,369 Expenditure on: Charitable activities 350 Other 357,139 137,779 Total 357,489 137,779 Net income 279.780 18,590 Net income before other gains/{losses) Other gains and losses: Net movement in funds 279,780 18,590 279,780 18,590 Reconciliation of funds: Total funds brought forward Total funds carried forward 201,986 60,943 481,766 79,533 3 Income from donations and legacie5 Unrestricted Restricted Total 2024 Donations and Contributions from individuals and organisations Gift Aid recovered Legacies and bequests 90,453 45 90,498 12,285 113,427 216.165 45 12.330 113,427 216,255 90 4 Income from charitable activities Unrestricted Restricted Total 2024 Events income 12,530 12,530 32,0(hJ 44,530 Grant income 32,000 32,000 12,530 Page 11
The Troy Trust, working title Bees for Development Trust Notes to the Accounts 5 Income from other trading activitie5 Unrestricted Total 2024 Sales of goods and Services Courses income 177 177 177 177 6 Income from investments Unrestricted Total 2024 Interest receivable from bank 3,310 3,310 deposits 3,310 3,310 7 Other income Unrestricted Totsl 2024 Sponsored subscriptions/Charities Trust income 115 115 115 115 8 Expenditure on charitable activities Unrestrirted Total 2024 Governance costs Independent Examiners fees 360 360 360 360 9 Other expenditure Unrestricted Restricted Total 2024 Project Expenditure Transferto Beesfor Development CIO 3,205 3,205 698,377 111,623 810,000 701,582 111,623 813,205 10 Staff costs No employee received emoluments in excess of £60,000. Page 12
The Troy Trust, working title Bees ft>r Development Trust Notes to the Accounts 11 Debtor5 2024 Other debtors 12 Creditors: amounts falling due within one year 2024 Other creditors Accruals 1,560 Page 13
The Troy Trust, working title Bees for Development Trust Notes to the Accounts 13 Movement in funds Incoming resources Resources expended (including Atlmay other 2023 gaInsO55es) Restricted funds: Restricted income funds: Ethiopia Core Support Ghana Buzz Club 29.526 5,513 15,667 129,5261 15,5131 115,6671 132,0001 11,2051 17001 Ghana Bee the Voice Ethiopia More Bees Ukraine Beekeepers Bees for Batwall Uganda Making Beekeeping Work for People with Disabilities Other projects 32,000 90 1,115 700 26,912 Ic(J (26.912) iioo) Total 79.533 32,090 {111,6231 Unrestricted funds: General funds 481,766 232,297 {701,9421 Total funds 264 387 813 565 Purposes and restrictions in relation to the funds: Restricted funds: Ethiopia Core Support To provide core support to Bees for Development Ethiopia for staff salaries and overhead costs not covered by specific project budgets Supporting beekeeping clubs in primary schools so that young people can learn about bees, beekeeping and nature. Professional women beekeepers training programme Professional women beekeepers training programme To support beekeeeprs in Ukraine Enabling Batwa people to earn money through selling honey and beeswax and to enhance their Social standing within their communities Uganda Making Beekeeping Aim to enable people with disabilities, achieve a greater level of economic Work for People with and social empowerment- through beekeeping Disabilities Other projects Ghana Buzz Club Ghana Bee the Voice Ethiopia More Bees Ukraine Beekeepers Bees for Batwall To provide projects that meet the aims and objectives of the charity Page 14
The Troy Trust, working title Bees for Development Trust Notes to the Accounts 14 Analysis of net assets between funds Unrestricted funds Net current assets 12,121 15 Reconciliation of net debt Atlmay 2023 Cash flows Cash and cash equivalents 584,000 584,000 {570,3191 {570,319} Net debt Page 15
The TroyTrust, workingtitle Bees for DevelopmentTrust Detailed Statement of Financial Activities for the year ended 30 April 2024 Unrestricted funds 2024 Restricted funds Total funds 2024 Total funds 2023 2024 Income and endowments from: Donations and legacies Donations and Contributions from individuals and organisations Gift Aid recovered Legacies and bequests 90,453 45 90,498 548,105 12,285 113,427 216,165 45 12,330 113,427 216,255 27,889 25,895 601,889 90 Charitable activities Events income 12,530 12,530 32,000 44,530 9,863 155,969 165,832 32,000 32,000 Grant income 12,530 Other trading activities Sales of goods and Services Courses income 177 177 5,269 16,229 21,498 177 177 Investments Interest receivable from bank deposits 3,310 3,310 4,239 3,310 3,310 4,239 Other Sponsored subscriptionslcharities Trust income 115 115 180 115 115 180 232,297 32,090 264,387 793,638 Total income and endowments Expenditure on: Governance costs Independent Examiners fees 360 360 350 360 360 350 360 360 350 Total of expenditure on charitable artivitles Other expenditure Project Expenditure Transferto Beesfor 3,205 3,205 494,918 698,377 111,623 810,000 Development CIO 701,582 701,582 111,623 111,623 813,205 813,205 494,918 494,918 Total of expenditure of other costs 701,942 111,623 813,565 495,268 Page 16
The Troy Trust, working title Bees for Development Trust Detailed Statement of Financial Activitie5 Net (expenditure)/income 1469,6451 {79,5331 {549,178) 298,370 Net (expenditure)/income before other gains/llosses) Other Gains 1469,6451 {79,5331 {549,178) 298,370 Net movement in funds {469,645) 179.533} 1549,178) 298,370 Reconciliation of funds: Total funds brought forward 481,766 79,533 561,299 262,929 Total funds carrled forward 12,121 12,121 561,299 Page 17