The Cogwheel Trust (Internatlonal) Llmlted (a company limited by guarantee) Report and Financial Statements For the year ended 31 March 2024 Charity number: 1100931 Company number.. 04836866
The Cogwh••l Trust Ilnternational) Limited Trustees. Report for the year ended 31 March 2024 Trustees The twstee5 who served during the year under review vRre'. Andrew FaiDNeather Adrian Cooper Patricia Grimwood Company Secretary: Lorna Hammond Registered offtce: 16 Broad Street. Eye, IP23 7AF Registered charty number: 1100931 Registered company number: 04836866 Independ•nt Examin8r: The Laurel Partnership, 16 Broad Street, Eye, IP23 7AF 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 ils 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.
The Cogwheel Trust {International) Limited Trustees. Rèport for th• year ended 31 March 2024 Truste•s' responslbllities in relation to thè financial statements Cornpany 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 Ad 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 I I L* and signed on their behalf by.. A Cooper Trustee
The Cogwheel Trust {International) Limited Independent Examlner's Report to the Trustees of The Cogwheel Trust (International) Limlted for the year ended 31 March 2024 I report on the accounts of The Cogwheel Trust {Intemational) Limited for the year ended 31 March 2024. which are set out on pages 4- 10. Respective responsibilities of trustees and examiner. The charivs trustees are responsible for the preparation of the accounts in accordance with the Charities A 2011 ("the Act.). The charitrfs trustees consider that an audrt 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 CharitFes Act, (li) 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 report 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 Ihe 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 fairf 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 sedion 130 of the Charities Act- or (li) 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 requiremenl that the accounts give a'true and fairf 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 16 Broad Street Eye Suffolk
The Cogwhael Trust {Intemational) Limlted Statement of Flnanclal Actlvltles for the year ended 31 March 2024 Unrestricted Restricted Funds Funds 2024 2024 Total Funds 2024 Totsl Funds 2023 Note Incoming Resources Donations, legacies and grants Investment income and interest Other income and resources 77,596 77,596 358 40,857 76,948 79 33,702 358 40.857 Totsl incomlng resources 41.215 77,596 118,811 110.729 Resources expended Charitable activities Governance costs 12,986 24,517 86,861 99,847 24,517 106,391 24,781 Total resources expended 37,503 86,861 124,364 131,172 Net incomel(outgoing) resources before trai 3,712 {9,2651 (5,663) (20,443) Transfers between funds Net in¢omlng resources 3,712 9,265 5,553 20,443 Fund balances as at 1 April 2023 18,895 71,257 52,362 72,805 Fund balances as at 31 March 2024 12 46,809 52,362
The Cogwheel Trust {International) Limlted Balance Sheet as at 31 March 2024 2024 2023 Note Fixed assets Tangible assets 1,219 855 Current assets Debtors and prepayments Cash at bank and in hand 10 16,028 30.750 46,778 15,350 37.371 52,721 Creditors: amounts falling due within one year 11 1.188 1,214 Net current assets 45,590 51,507 Net assets 46,809 52,362 Funds Unrestricted Restricted 12 (15,1831 61,992 46,809 (18,895) 71,257 52,362 12 The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audii 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 a¢knOedge their responsibilities for complying with the requir8ments of the Companies Act 2006 wf(h r8spect 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
The Cogwheal Trust {Inl8rnational) Limited Notes to the accounts as at 31 March 2024 Accounting pollcles 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 account5 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 fomats to reflect the special nature of the charits adivities. Fund accounting General funds are unrestricted funds which are avalble 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 wrth 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 inwme and the amount Can be quantified with reasonable accuracy. For legacies, entitlement is the earlier of charty being notified of an impending distribution or the legacy being reived. Gifts in kind dcnation 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 charty 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 classrfied 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.
The Cogwheel Trust (International) Limitod Notès to the accounts as at 31 March 2024 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 lrfe, which in all cases is estimated al 250A on a reducing balance basis. Incoming rosources - Donations, Legacies and Grants Total Funds 2024 Totsl Funds 2023 Sponsorships Donations - Gifts for sponsored children 74,748 74,231 2,717 77,596 76,948 Incoming resources - Investment ineom• Total Funds 2024 Total Funds 2023 Interest income 358 79 358 79 Incoming resources - Other Total Funds 2024 Total Funds 2023 Donations - General 40,857 33,702 40,857 33,702
The Cogwheel Trust {Internatlonal) Llmited Notes to the accounts as at 31 March 2024 Resources expended - Charitable activites 2024 2023 Costs of activities in furtherance of the Ch8n"ties objeGts Cogwheel Trust Uganda Cogwheel Trust India Staff costs (proportion) Travel and subsistence 69,338 9,870 18,368 2,271 75,842 10,050 18,298 2.201 99,847 106,391 2024 2023 Governance costs Staff costs (proportion) Rent Accountancy fees other legal and prof Telephone and fax stationery and printing Postage Bank charges Depreciation 18,368 3,600 888 13 411 349 171 310 407 18,298 3,600 864 13 450 776 175 319 286 24,517 24,781 Staff costs 2024 2023 Manager salary Administrators salary Pensions 27,628 7,702 1,406 27,628 7,562 1,406 36.736 36,596 8 Trustees Remuneration The Trustees neither received nor waived emoluments during the year {2023.' £nil).
Tho Cogwheel Trust (Internatlonall Limited Notes to th• accounts as at 31 March 2024 Tanglble fixed assets Equlpmen( flxtures and rIngS Cost Blfwd Additions Disposals Clfvid 5,064 770 6.834 Deprnciation Blfwd Charge for the year On disposals Cffiwd 4,209 406 4.615 Net book value Clfwd Blfwd 1,219 855 10 Debtors 2024 2023 Accrued income 16.028 15.350 16,028 15,350 11 Creditors 2024 2023 Accruals 1,188 1.214 1,188 1,214
The Cogwheel Trust Ilnternational) Limited Notes to the accounts as at 31 March 2024 12 Statement of Funds Fund balances at 1 April 2023 Fund balances at 31 March 2024 Incomlng resources Resources expended Transfers Unrestn'cted funds General <18.895) 41,215 {37,503) (15,183) Restricted funds Sponsorships Specific gifts for children 71,257 74,748 2,848 (84.013) (2,848) 61.992 52,362 118,811 124,364 46.809 13 Llmited 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 liabilty in respect of the guarantee is limited to £1 per member of the charity. 10