THE SYMBOL TRUST REPORTS & ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023 Registered Charity Number 1097042
THE SYMBOL TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2023 Trustees: B Naziri C Wood M Longley P Mitchell S Hinton M Christian R Duggan Principal Office.. CIO Hop Stitch & Jumper Unil 32 Royal Star Arcade Maidslone Kent Independent Examiner.. Mr. L.C. Seal FCCA FAIA Blain Pritchard Limited 74 College Road Maidstone Kent ME15 6SL Bankets.. National Westminster PLC Sevenoaks Branch 67 High Street Sevenoaks Kent TN13 1A Registered Charity.. 1097042
THE SYMBOL TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2023 The Trustees present their report together with the financial statemenls of the charity for the year ended 31 ' December 2023. The financial statements have been prepared in accordance wilh the Accounting Policies set out in Note 1 to the accounts and comply with the charity s trust deed, the Charities Act 2011 and Accounting & Reporting by Charilies.. Statement of Recommended Practice applicable to charities. Objectives and activities The Symbol Trusl (The Trust} is a charity dedicated to promoting effective and innovative solutions to help meet the needs of people with learning disabilities, together with their families and carers. The Trust aims lo work collaboratively and supportively with parents, carers and provider organisations to further the provision of services to people with learning disabilities andlor other additional needs. Our ambition is to see a more equitable society where language enrichment and other social and life skills can unlock true potential in people with learning disabilities. The Trust's objectives and activities aim lo lead to an increase in the understanding, knowledge and practice of professionals, carers and heallhlsocial care purchasers, about the real opportunities for this client group, in order that they can fulfil their full polenlial. The Iruslees hold The Trust's funds and its income in order to apply them to meet the following objecliv8s and activities., To support research programmes; To enable the publication of work and dissemination of information about the models of good practise., To support the development of The Trust's non-slatutory seNices, e.g. specialist services for people with Down Syndrome, To provide the funding for individual children and adults lo access specialist speech and language therapy and other professional therapeutic support in exceptional circumstances, where funding cannot be secured through other means, To provide start-up funding in order to contribute lo the professional knowledge base through the provision of training and development programmes and practice development schemes., To provide grants lo organisalions to fund projects that align with the objectives of The Trusl., To assist in the funding of a retail establishment to bring education, training and work to people wilh learning disabilities across Kent., To bring theatre opportunities to Kent by providing theatre space and by using inclusive theatre techniques allowing people with learning disabilities to devise, create and perform alongside their non-disabled peers- To provide supported living accommodation for adults with learning difficulties or other additional needs in suitable locations across Kent in order to provide opportunities for their personal development. Organisations are able to apply for grants from The Trust to assist with the funding of projects or activities that f311 within The Trust's objective5. To apply for a grant, The Trust's grant making policy requires an organisalion to provide a business plan to The Trust giving full details of the project l activity, a full costing together with the organisations financial contribution and the origins of their conlribulion, and the benefit the project l activity would provide lo the recipients. The business plan would be reviewed by the Trustees against the aims and objectives of The Trust, and their available funds, and approved or declined as appropriate. No new applications were received during 2023. The Trust acknowledges its requirement to demonstrate clearly that it has charilable purposes or 'aims' that are for the public benefit. Details of how the charity has achieved this are provided in this report. The Trustees confirm that they have complied with their duty to have due regard to the Charity Commission guidance on public benefil before deciding what activities the charity should undertake.
THE SYMBOL TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2023 Achievements and Performance No fundraising activities took place during the year ended 3151 December 2023. The start of 2023 continued lo see a rise in the cost of living. The Symbol Trust remains operating in these challenging economic environments and, as many of our core costs continue to rise, income streams remain at risk. Nonetheless, we continue to do everything we can to continue lo support our tenants lo continue to enjoy their homes and reduce costs were possible. Considering the significant impact the increase in energy prices, during the second quarter of the year, an imperative focus of the Trustees has been sustainability. Specifically, how The Symbol Trust can support its tenants to future-proof their running costs by developing a more sustainablelrenewable approach to their energy consumption. As a result, following their last meeting, funding has been unanimously approved by the Trustees to support a sustainability project for each property. Therefore, The Symbol Turst in 2024 will be focussing on fundraising for Sustainability projects. The Trustees confirm that the Charity has, after the impact of COVID, achieved ils objectives for the year ended 2023 by the continued provision of an excellent range of accommodalion to people with learning disabilities. The provision of supported living a¢¢ommodalion remains one of The Trust's key objectives and will continue in future years. This will enable The Trust lo meet our stated aims and will continue to assist people with learning disabilities lead an independent life with appropriate support. Financial revlew Income resources for the year ended 31st December 2023 totalled £628,236 Resources expended tolalled £775,174 giving a shortfall of £146, 938 The Trustees have considered the ongoing requirements ofThe Trust as they relate lo their plans for the 2023 financial year. The Trustees aim to relain free reserves in unrestricted funds sufficient to cover support and governance costs for a minimum of three months. Reserves in the form of unrestricted funds held as at 31$1 December 2023 are £42. 075, The Trustees have idenlified th8ir principal Financial Risks for the year as follows.. . loss of rental income due to tenants leaving unexpecledly., an unforeseen rise in demand for services., fluctuations in investments Ilow interest returns on investments., inadequate reseNes and cash flow., cash flow sensitivities (inability lo meet commitments I lack of liquidity to cover costs, etc.); compliance with donor imposed restrictions on donations., dependency on limited income sources (The Trust's main source of income is from rents received from supported living accommodation, although The Trust's income is augmented by grants and donations), Ihe future of contracts to provide supported living accommodation. The shop (Unit 32. Royal Star Arcade, Hight Street , Maidstone, Kent) will close as of 1$1 January 2024. The Trustees have continued lo monitor these risks during the year and to mitigate them where required.
THE SYMBOL TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2023 No further specific factors have been identified that could affect the Tnist s financial performance or position going fornvard, although Trustees remain cognisant of, and are n70nitoring. any unforeseen legislative or other Changes thal could occur. The Trustees have considered both the major financial and non-financial risks lo which they are exposed and have established systems and procedures to manage those risks. The Trustees are mindful of the responsibilities they carry under current legislation, in particular the Charities Act 2011, Children Acts 1989 & 2004 and later amendments, Health & Safety regulations, and Disability legislation in so far as they may apply In addition, they are also mindful of Ihe risk of abuse of the charity in respect of potential money laundering andlor lerrorisl financing. The Trust has not made any specific financial plans for the year ending 2024 bul will continue to actively monitor all risks. Any plans that can be made will be made as appropriate al the lime. In the meantime, The Trust will continue to meet its aims and objectives as far as il is possible to do so. It is confirmed that no Trustee has been paid any remuneration or received any other benefits from any employment within the charity. and that there have been no Trustee expenses incurred or paid during the reporting period. The Trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Structure, Governance and Management The Trust is a charity constituted and governed by a Trust Deed dated 91h October 2002, and is governed by a Board of Trustees, led by the Chair of the Board, who work in accordance with the Trust Deed. All decision making is undertaken by trustees at board meetings and on a majority voting basis. No éecision making is delegated to other persons. Where a decision is urgently required, this may be undertaken on an informal basis by a quorum and ratified at the next trustee meeting. Recruitment of new Trustees is undertaken by the existing trustees by personal recommendation and is based on the needs of The Trust and the individual's skills and knowledge. New trustees are then formally appointed to the Board of Trustees. Appropriate training is provid&d lo new Trustees to ensure that they are aware of the responsibililies that come with their office. The Trust provides grants to fund projects to a number of organisations. One of the organisalions with which The Trust co-operates in the pursuit of its charitable objectives is Symbol Family Support Services Ltd (Symbol FSS}, The Trust inleracls with Symbol FSS in two ways. Firstly, The Trust liaises with Symbol FSS Ltd regarding any issues (for example, repairs, improvements, general maintenance. elc.) that arise in connection with the Trust's properties which are o¢¢upied by clients of Symbol FSS. Secondly, Symbol FSS have in previous years submitted business plans to The Trust for funding for projects that align with the objectives of The Trust for which no statutory funding is available. No grants have been awarded to Symbol FSS during the 2023 financial year. In accordance with the Charities Statement of Recommended Practice {SORPI, Symbol FSS is classified as a 'related party,. The Trust a150 notes that Symbol UK Limited is a related party to Symbol FSS, although they do not undertake any work with The Trust and no grants have been requested by or awarded lo Symbol UK
THE SYMBOL TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2022 All Trustees are mindful of the responsibilities they carry under current legislation, in particular the Charities Act 2011, Children Acts 1989 & 2004 and later amendments. Health & Safety regulations, and Disability legislation in so far as they rnay apply. I n addition, they are also mindful of the risk of abuse of the charity in respect of potential money laundering andlor terrorist financing, Reference and administrative details Details of all Trustees names, the address of the principal office, and all other relevant reference and administrative details are contained on Page 1 of this report. In accordance with the Charities Statement of Recommended Practice ISORP), Symbol FSS is classified as a 'related party . The Trust also notes that Symbol UK Limited is a related party to Symbol FSS. although they do not undertake any work with The Trust and no grants have been requested by or awarded lo Symbol UK. While The Trust is a separate and legally independent charity, it is also required to disclose that two of its Iruslees are in paid employment with Symbol FSS from whom they receive remuneration. Neither individual is a key management position in Symbol FSS and provide their knowledge and expertise to The Trust in Iheir own lime as unpaid Trusl88s. although in accordance with SORP both are considered to be disclosable related parties. Independent Examiners A resolution will be proposed at the Annual General Meeting on 31st October 2024 that Mr Lee Seal FCCA FAIA, a director of Blain Pritchard Limited to be re-appointed as Independent Examiner lo the Symbol Trust for the year 2024. The Report of the trustees was approved on 31S1 October 2024 and signed by Mr Barry Naziri Chair of Trustees
THE SYMBOL TRUST BALANCE SHEET FOR THE YEAR ENED 31ST DECEMBER 2023 2023 2022 Note FIXED ASSETS Plant & Machinery Furniture & Fittings Motor Vehicles 390 1,377 390 1,377 CURRENT ASSETS Debtors Stock Prepayments Cash at Bank and in hand 5 7,015 24,955 19,403 84,459 126,766 4,106 70,984 82,105 256,583 CREDITORS ." AMOUNTS FALLING DUE WITH ONE YEAR Creditors Tax Accruals 11,241 59,382 (3,937) 8,502 24,179 35,420 63,947 47,075 194,013 FUNDS General Fund (unrestricted) Restricted Funds 10 42,075 5,000 159,246 34,767 47,075 194,013 47,075 194,013
THE SYMBOL TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENED 31ST DECEMBER 2023 Note Unrestricted Fund Restricted Fund Total 3111212023 Total 31112122 Income Resources Donations & Charib'e$ 248 5,000 5.248 96,320 Grants 27,013 Other Income 622.989 622,989 540,896 623,236 5,000 628,236 664,229 ReSoUrS Expended Charitable Expenditure 674,842 34.767 709.609 593,53e Grant5 for charitable purposes Administration & Management 65,565 65,565 35,682 740,407 34,767 775.174 629,218 Net loulgoinglllncoming resources 117,171 29,767 -146,938 35,011 Fund Balance 1 Sl January 2023 159.245 34,767 194.012 159,002 42,075 5,000 47,075 194,013
THE SYMBOL TRUST FINANCIAL SCHEDULES FOR THE YEAR ENED 31ST DECEMBER 2023 Unrestricted Fund Restricted Fund Total 31112123 Total 31112122 (AI ANALYSIS OF INCOMING RESOURCES Donations & Charities Grants 248 5,000 5,248 96,320 27,013 248 5,000 5,248 123,333 181 OTHER INCOME Rent Shop Hopshed Utilities Recharged Other Income 503,705 19,402 503,705 19,402 449,337 30,842 98,804 1,078 98,804 1,078 60,717 622,989 622,989 540,896 TOTAL INCOME 623,236 5,000 628,236 664.229
THE SYMBOL TRUST FINANCIAL SCHEDULES FOR THE YEAR ENED 31 ST DECEMBER 2023 Unrestricted Fund Reslricled Fund Total 31112123 Total 31112122 ICI ANALYSIS OF RESOURCES EXPENED Charitable Expenditure Rent Paid Shop cost of goods Shop direct expenses Hopshed Direct Expenses Utilities Recharges Other Expenses 538,045 19,402 538,045 19,402 423,312 36,666 7,610 117.394 117,394 34,767 75,023 50,925 34,767 674,842 34.767 709,609 593,536 ID) Administration Expenses Light & Heat Advertising Contractors & Consultancy General Rates Premises Insurance Motor Expenses Telephone & Internel Legal Fees Professional fees IT Expenses Cleaning Insurance Fund Raising Grants Paid Equipment Hire & Repairs Bank Charges Sundry Expenses Disposal of Assets Depreciation 403 403 1,534 32,520 13,537 1,030 32,520 13.537 1,030 20,366 123 1.643 447 447 654 -120 810 306 630 873 3,637 389 50 2,253 3,637 389 50 2,253 8,925 803 1,473 8,925 803 1,473 5,103 677 3,124 -1,250 1,209 98 98 65,565 65,565 35,682 Total Expended 740,407 34,767 775,174 629,218
THE SYMBOL TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2023 NOTE 1 BASIS OF PREPARATION Basis of accounting These accounts have been prepared on the basis of historic cost and in accordance with Accounting and Reporting by Charities (SORP FRS 1021, And with the Charities Act 2011 Statement of Recommended Practise NOTE 2 ACCOUNTING POLICIES INCOMING RESOURCES These are included in the Slalement of Financial Activities when the resources are paid into the Trust's bank accounts. INCOMING RESOURCES WITH RELATED EXPENDITURE Where incoming resources have related expenditure las with fundraising or contract income). the incoming resources and related expenditure are reported gross GRANTS AND DONATIONS Grants and donations are included in the Financial Activities when the charity has unconditional entitlement to resources. TAX RECLAIMS ON DONATIONS AND GIFTS Incoming resource from lax reclaims are included in the Financial Activities when the r8sources are received in the Trust's bank accounts. GIFTS IN KIND Gifts in kind are accounted for at a reasonable estimate of Iheir value to the charity or the 8mount actually realised. Gifts in kind for sale or distribution are included in accounts as gifts only when sold or distributed by the charity. Gifts in kind for any other use by th8 charity are included in the activities as incoming resources when received DONATED SERVICES AND FACILITIES These are only included in incoming resources (with an equivalent amount in resources expended) where the benefit to the charity is reasonably quantifiable, measurable and material. INVESTMENT INCOME This is included in the accounts when receivable. 10
THE SYMBOL TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2023 EXPENDITURE AND LIABILITIES LIABILITY RECOGNITION Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to pay out resources. GOVERNANCE COSTS Include costs of the preparation and examination of Statutory Accounts, the costs of trustee meetings and the cost of any legal advice on governance or constitutional matters. GRANTS PAYABLE WITHOUT PERFOMANCE CONDITIONS These are only recognised in accounts when a commitmenl has been made and there have been no conditions to be met relating the grant which remain in the control of the charity ASSETS TANGIBLE FIXED ASSETS FOR USE BY THE CHARITY The Trust where the cost on an individual item exceeds £500, has been capitalised and depreciated at 20 /0 on straight line basis, JUDGEMENTS AND ASSUMPTIONS There are no significant estimates orjudgements used in preparing the accounts apart from the stock valuation per note 4. NOTE 3 - TANGIBLE FIXED ASSETS Plant & Machinery Motor Vehicles Equipmènt Fixtures & Fittings Total Cost as al 1 $1 January 2023 Additions Disposal 2.295 488 2,295 2,295 488 2.295 As at 3151 December 2023 488 488 Depreciation As at 1st January 2023 Provided for the period Disposal 918 98 918 918 98 918 As at 31st December 2023 98 Nel Book Value as at 315I Dember 2023 390 390 As al 315l December 2022 1,377 1,377
THE SYMBOL TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2023 NOTE 4- STOCK Nil value, shop closed down and stock disposed off NOTE 5- BANK & CASH The stock valuation is an estimated figure based on average cost. 2023 2022 Bank Balance- Main Accounl 70,894 87,496 Bank Balance- Shop (Hop, Stitch & Jumper) 35,471 Cash in hand al the shop 3,799 70,894 126.768 2023 2022 NOTE 6 - Details of certain items of Expenditure 6.1 Trustee Remuneration & Expenses No remuneration or expenses were paid to the Trustees during the year 6.2 Fees for examination of accounts Independent examiner's remuneration 1,750 1,500 NOTE 7 - Debtors & Prepayments 7.1 Analysis of debtors (all amounts falling due within one yearl Debtors Tenancy Deposit Others (2,5101 9,525 14,123 10,667 165 7,015 24,955 12
THE SYMBOL TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2023 NOTE 8 - Creditors & Accruals 2023 2022 8.1 Analysis of credilors (all amounts falling due within one yearl Creditors Rent Creditor Others 11,241 16,144 43,238 11,241 59,382 8.2 Accruals 24.179 8.502 NOTE 9- Grants made to institutions. NOTE 10 - Restricted & Unrestricted Funds Held Restricted Restricted BBC Children in Need HLtmphry's 34,767 5.000 5,000 34,767 NOTE 11- Related Party Transactions During the year Shop's stock was sold lo Symbol Family Support Services for £19,402 As per service level agreement. Symbol Family Support Services were paid £40,521 13
Independent Examiner's Report to the trustees of The Symbol Trust This report on the accounts of the charity for the year ended 31st December 2023 is in respect of an exa mination carried out under s.145 of the Charities Act 2011. Respective responsibilities of trustees and examiner As the trustees of the charity you are responsible for the preparation of the accounts., you consider that the audit requirements of section 144 of the Charities Act 2011 ("Ihe 2011 Act") do not apply and that an independent examination is needed. It is my responsibility to= examine the accounts (under section 145 of the 2011 A¢t)', to follow the procedur&s laid down in the General Directions given by the Charity Commissioners (under sections 145{5){b} of the 2011 A¢t)', and to state whether particular matters have come to my attention. Basis of independent examiner's report My examination was carried out in accordance wlh the General Directions given by the Charity Commissioners under section 145(5llbl of the 2011 Act. That examination includes a review of the accounting records kept by the charity and a comparison of the accounts with those records. 11 also includes considering any unusual items or disclosures in the accounts and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit. and consequently I do not express an audit opinion on the view given by the accounts. Independent examiner's statement In connection with my examination, no matter has come to my attention.. iii which gives me reasona ble cause to believe that in any material respect the requirements to keep accounting records in accordance wlh section 130 of the 2011 Act.. and to prepare accounts which accord with the accounting records and com ply with the accounting requirements of the 2011 Act. have not been met: or 121 to which, in my opinion, attention should be drawn in order to ena ble a proper understand Ing of the accounts to be reached. L.C. seal FCCA FAIA L C Seal FCCA FAIA Blain Pritchard Limited Chartered Certified Accountants 74 College Road Maidstone Kent ME15 6SL 3111012024