## **The Cogwheel Trust (International) Limited (a company limited by guarantee)**
Report and Financial Statements For the year ended 31 March 2022
Charity number: 1100931 Company number: 04836866
## **The Cogwheel Trust (International) Limited Trustees' Report for the year ended 31 March 2022**
## **Trustees**
The trustees who served during the year under review were: Andrew Fairweather Adrian Cooper Patricia Grimwood Simon Ladd (resigned 15 May 2022) Belinda Ladd (resigned 15 May 2022)
## **Company Secretary:**
Lorna Hammond
## **Registered office:**
5 Market Place, Stowmarket, IP14 1DT
**Registered charity number:** 1100931
**Registered company number:** 04836866
## **Independent Examiner:**
Andrew Prentice, 5 Market Place, Stowmarket, Suffolk, IP14 1DT.
## **Structure, governance and management**
The charity is a charitable company limited by guarantee incorporated on 18 July 2003.
## **Objectives and activities**
The object of the charity is the advancement of the Christian Faith, education and relief of poverty for men, women and children in Uganda, India and other less developed countries who are in need, hardship or distress.
## **Financial Review**
The Statement of Financial Activities for the year is set out on the following pages.
## **Results and reserves**
The charity reviews its policies each year. It has identified the need to achieve reserves which equate to three months normal running costs of its business and services which currently amounts to approx. £33,000. Relevant reserves are calculated after deduction of fixed assets and restricted funds.
## **Risk management**
The Trustees have examined the major strategic, business and operational risks which the charity faces and confirm that systems have been established to enable regular reports to be produced so that the necessary steps can be taken to lessen these risks.
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**The Cogwheel Trust (International) Limited Trustees' Report for the year ended 31 March 2022**
## **Trustees' responsibilities in relation to the financial statements**
Company law requires the trustees to prepare financial statements for each financial period which give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing those financial statements, the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- make judgements and estimates that are reasonable and prudent; state whether applicable accounting standards have been followed, subject to any material
- departures disclosed and explained in the financial statements; and prepare the financial statements on the going concern basis unless it is inappropriate to presume
- that the company will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
This report was approved by the trustees on and signed on their behalf by:
A Cooper Trustee
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## **The Cogwheel Trust (International) Limited Independent Examiner’s Report to the Trustees of The Cogwheel Trust (International) Limited for the year ended 31 March 2022**
I report on the accounts of The Cogwheel Trust (International) Limited for the year ended 31 March 2022, which are set out on pages 4 – 10.
## **Respective responsibilities of trustees and examiner.**
The charity's trustees are responsible for the preparation of the accounts in accordance with the Charities Act 2011 (“the Act”).
The charity’s trustees consider that an audit is not required for this year under section 144 of the Act and that an independent examination is needed.
## It is my responsibility to:
(i) examine the accounts under section 145 of the Charities Act,
(ii) to follow the applicable Directions given by the Charity Commission (under section 145(5)(b) of the Act,
(iii) to state whether particular matters have come to my attention
## **Basis of independent examiner’s repor** t
My examination was carried out in accordance with general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair’ view and the report is limited to those matters set out in the statement below.
## **Independent examiner’s statement**
In connection with my examination, no material matters have come to my attention (save for the matters raised in the trustees report) which gives me cause to believe that in, any material respect:
(i) the accounting records were not kept in accordance with section 130 of the Charities Act; or
(ii) the accounts did not accord with the accounting records; or
(iii) the accounts did not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair’ view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Matthew Aldous FMAAT 5 Market Place STOWMARKET Suffolk
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## **The Cogwheel Trust (International) Limited Statement of Financial Activities for the year ended 31 March 2022**
|**Unrestricted**
**Funds**
**Restricted**
**Funds**
**Total**
**Funds**
**2022**
**2022**
**2022**
**Note**
**£**
**£**
**£**
**Incoming Resources**
Donations, legacies and grants
**2**
**-**
**80,766**
**80,766**
Investment income and interest
**3**
**5**
**-**
**5**
Other income and resources
**4**
**34,087**
**-**
**34,087**
**Total incoming resources**
**34,092**
**80,766**
**114,858**
**Resources expended**
Charitable activities
**5**
**24,367**
**54,685**
**79,052**
Governance costs
**6**
**23,830**
**-**
**23,830**
**Total resources expended**
**48,197**
**54,685**
**102,882**
**Net income/(outgoing) resources before tran**
**(14,105)**
**26,081**
**11,976**
**Transfers between funds**
**-**
**-**
**-**
**Net incoming resources**
**(14,105)**
**26,081**
**11,976**
**Fund balances as at 1 April 2021**
**16,759**
**44,070**
**60,829**
**Fund balances as at 31 March 2022**
**12**
**2,654**
**70,151**
**72,805**|**Unrestricted**
**Funds**
**Restricted**
**Funds**
**Total**
**Funds**
**2022**
**2022**
**2022**
**£**
**£**
**£**
**-**
**80,766**
**80,766**
**5**
**-**
**5**
**34,087**
**-**
**34,087**|**Total**
**Funds**
**2021**
**£**
81,307
6
38,566|
|---|---|---|
||**34,092**
**80,766**
**114,858**|119,879|
||**24,367**
**54,685**
**79,052**
**23,830**
**-**
**23,830**|64,789
23,123|
||**48,197**
**54,685**
**102,882**|87,912|
|||31,967
**-**|
||**(14,105)**
**26,081**
**11,976**|31,967|
||||
||**16,759**
**44,070**
**60,829**|28,862|
||||
||**2,654**
**70,151**
**72,805**|60,829|
4
## **The Cogwheel Trust (International) Limited Balance Sheet as at 31 March 2022**
|**Note**
**Fixed assets**
Tangible assets
**9**
**Current assets**
Debtors and prepayments
**10**
Cash at bank and in hand
**Creditors: amounts falling due within one year**
**11**
Net current assets
**Net assets**
**Funds**
Unrestricted
**12**
Restricted
**12**|**2022**
**£**
**707**
**16,557**
**56,742**
**73,299**
**(1,201)**
**72,098**
**72,805**
**2,654**
**70,151**
**72,805**|**2021**
**£**
943
16,260
45,992
62,252
(2,366)
59,886
60,829
16,759
44,070
60,829|**2021**
**£**
943
16,260
45,992
62,252
(2,366)
59,886
60,829
16,759
44,070
60,829|
|---|---|---|---|
|||||
||||60,829|
||||16,759
44,070|
||||60,829|
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. Members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies' regime.
A Cooper Director Approved by the board on
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**The Cogwheel Trust (International) Limited Notes to the accounts as at 31 March 2022**
## **1 Accounting policies**
## _Basis of preparation_
The financial statements have been prepared under the historical convention and in accordance with 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) - (Charities SORP (FRS 102)) and the Companies Act 2006.
The charity has availed itself of Paragraph 3 (3) of Schedule 4 of the Companies Act and adapted the Companies Act formats to reflect the special nature of the Charity's activities.
## _Fund accounting_
General funds are unrestricted funds which are available for the use at discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
Designated funds compromise unrestricted funds that have been set aside by the trustees for particular purposes, The aim use of each designated fund is set out in the notes to the financial statements. Restricted funds are to be used in accordance with specific restrictions imposed by donors of which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charges against the specific fund. The aim of use of each restricted fund is set out in the notes to the financial statements.
Endowment funds represent those assets which must be held permanently by the charity, principally investments. Income arising on the endowment funds can be used in accordance with objects of the charity and is included in unrestricted income. Any capital gains or losses arising on the investments from part of the funds. Investment management charged and legal advice relation to the fund are charged against the fund.
Investment income and gains are allocated to the appropriate fund.
## _Incoming resources_
All incoming resources are included in the SOFA when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy. For legacies, entitlement is the earlier of charity being notified of an impending distribution or the legacy being received.
Gifts in kind donation for distribution are included at valuation and recognised as income when they are distributed to the projects. Gifts donated for resale are included as income when they are sold. Donated facilities are included at the value to the charity where this can be quantified and a third party is bearing the cost. No amounts are included in the financial statements for services donated by volunteers.
## _Resources expended_
All expenditure is accounted for on an accruals basis and has been classified under the headings that aggregate all costs 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 the resources.
Fundraising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities. Support costs are those incurred directly in support of expenditure on the objects of the charity. Management and administration costs are those incurred in connection with the administration of the charity and compliance with the constitutional and statutory requirements.
6
## **The Cogwheel Trust (International) Limited Notes to the accounts as at 31 March 2022**
## _Tangible fixed assets_
All assets capitalised are recorded in the Financial Statements at cost.
Depreciation is provided at rates calculated to write off the cost of each asset over its expected useful life, which in all cases is estimated at 25% on a reducing balance basis.
## **2 Incoming resources -** _**Donations, Legacies and Grants**_
|Sponsorships
Donations - Gifts for sponsored children
**3 Incoming resources -****_Investment income_**
Interest income
**4 Incoming resources -****_Other_**
Donations - General|**Total**
**Funds**
**2022**
**£**
**76,007**
**4,759**
**80,766**
**Total**
**Funds**
**2022**
**£**
**5**
**5**
**Total**
**Funds**
**2022**
**£**
**34,087**
**34,087**|**Total**
**Funds**
**2021**
**£**
78,872
2,435|
|---|---|---|
|||81,307|
|||**Total**
**Funds**
**2021**
**£**
6|
|||6|
|||**Total**
**Funds**
**2021**
**£**
38,566|
|||38,566|
7
## **The Cogwheel Trust (International) Limited Notes to the accounts**
## **as at 31 March 2022**
|_Costs of activities in furtherance of the Charities objects_
Cogwheel Trust Uganda
Cogwheel Trust India
Staff costs (proportion)
Travel and subsistence
**6 Governance costs**
Staff costs (proportion)
Rent
Accountancy fees
Other legal and prof
Telephone and fax
Stationery and printing
Software
Postage
Bank charges
Depreciation
**7 Staff costs**
Manager salary
Administrators salary
Pensions
**5 Resources expended -****_Charitable activites_**|**2022**
**£**
**54,685**
**5,675**
**17,527**
**1,165**
**79,052**
**2022**
**£**
**17,527**
**3,600**
**888**
**13**
**433**
**342**
**-**
**500**
**291**
**236**
**23,830**
**2022**
**£**
**27,628**
**6,020**
**1,406**
**35,054**|**2021**
**£**
47,650
-
17,023
116|
|---|---|---|
|||64,789|
|||**2021**
**£**
17,023
3,600
864
13
352
283
80
413
180
315|
|||23,123|
|||**2021**
**£**
27,628
5,011
1,406|
|||34,045|
## **8 Trustees Remuneration**
The Trustees neither received nor waived emoluments during the year (2021: £nil).
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## **The Cogwheel Trust (International) Limited Notes to the accounts as at 31 March 2022**
## **9 Tangible fixed assets**
|**Cost**
B/fwd
Additions
Disposals
C/fwd
**Depreciation**
B/fwd
Charge for the year
On disposals
C/fwd
**Net book value**
C/fwd
B/fwd
**10 Debtors**
Accrued income
**11 Creditors**
Accruals|**2022**
**£**
**16,557**
**16,557**
**2022**
**£**
**1,201**
**1,201**|**Equipment,**
**fixtures and**
**fittings**
**£**
**4,630**
**-**
**-**|
|---|---|---|
|||**4,630**|
|||**3,687**
**236**
**-**|
|||**3,923**|
|||**707**|
|||**943**|
|||**2021**
**£**
16,260|
|||16,260|
|||**2021**
**£**
2,366|
|||2,366|
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## **The Cogwheel Trust (International) Limited Notes to the accounts as at 31 March 2022**
## **12 Statement of Funds**
|_Unrestricted funds_
General
_Restricted funds_
Sponsorships
Specific gifts for children|**Fund**
**balances at**
**1 April**
**2021**
**£**
16,759
44,070
-
60,829|**Incoming**
**resources**
**£**
34,092
76,007
4,759
114,858|**Resources**
**expended**
**£**
(48,197)
(49,926)
(4,759)
(102,882)|**Transfers**
**£**
-|**Fund**
**balances at**
**31 March**
**2022**
**£**
**2,654**
**70,151**
**-**|
|---|---|---|---|---|---|
||||||**72,805**|
## **13 Limited Liability**
The charity is a company limited by guarantee. The members of the company are trustees names on page 1. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity.
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