Charlty Registratlon No. 1102474 Company Registrdtlon No. 05047081 (England and Wales) THE QUICKEN TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Caladine Chartered Certified Accountantrs
THE QUICKEN TRUST LEGALAND ADMINISTRATIVE INFORMATION Trustees Mr S N Bamett- Chairman Miss M S Bamett Mrs J Rowlinson Mr P Rowlinson Office manager Mrs J Rowlinson Charlty number 1102474 Company number 05047081 Prlnclpal address Sheriff Place 2b Market Square Hailsham East Sussex BN27 1AG Reglstered offlc• Chantry House 22 Upperton Road Eastbourne East Su55ex BN211BF Independont examlner John Caladine FCCA CTA FCIE Caladine Limited Chantry House 22 Upperton Road Eastbourne East Sussex BN211BF Bankers CAF Bank Ltd 25 Kings Hill West Malling Kent ME19 4JQ HSBC 94 Terminus Road Eastbourne East Sussex BN213ND Sollcltors Mayo INynne Baxter 3 Bell Lane Lewes East Sussex BN7 1JU
THE QUICKEN TRUST CONTENTS Page Trustees, report statement of Trustees, responsibllities Independent examinerfs report 10 Statement of financlal activitie8 11 Statement of financial poslts'on 12 Notes to the flnancial ststements 13-22
THE QUICKEN TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2024 The Trustees present their annual report and financial statements for the year ended 31 March 2024. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's Memorandum and Articles of Association, the Companies A 2006 and "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 2019)" Objectlves and actlvltles The charity's objects as defined in its Memorandum and Articles of Association are. a) to advance the Christian faith in such parts of the world as the trustees may from time to time think fit and to fulfil such other purposes which are exclusively charitable according to the law of England and Wales and are connected with the charitable work of the Charity. b) to relieve persons are in conditions of need or hardship or who are aged or sick and to relieve the distress caused thereby in such parts of the world as the trustees may from time to time think fit., c) to advance education in accordance with Christian prlnciples by such means as the trustees may consider appropriate Including by means of establishing and operating any educatlonal establishment or establishments in such parts of the world as the trustees may from tlme to time think fit. The primary Yrk of the trust 18 SUPPOrtlng the work of the Kabubbu Development Project {KDP). This is company registered in Uganda as a company limited by guarantee 8nd also registered as an NGO (Non Government Organisation). There is a separate Uganda Quicken Trust registered as a company lirnited by guarantee and an NGO, but thi5 is not currently operational. The KDP own the land and construction works carried out within the Kabubbu village which are for the benefit of the whole community. Both the KDP and Quicken Trust are involved In the relief of povety, schooling, health and other needs In the Kabubbu village area. Achlevements and performan¢0 2023 - 2024 has been a year of consolidation for the work in Kabubbu. The project is comparatlvely large wlth about 150 staff in all departments and as with every organizats.on undergoes, from time, an a55essment of where It is in relation to its mission, vision and goals and objectives. Funders change for a myriad of reasons and often when grants are received they are for 'capital' projects but no fund5 to support the ongoing cost. This is where general fund raising comes in and is also where there is (in human terms)18ss funding available. Success breeds success and the miracle that is Kabubbu and the KDP has encouraged new housing Into the area, other small businesses and enterprises with their sertsice requirement but many of these see themselves separate from a poorer community. A UN official and a prominent politician have built houses in Kabubbu but are yet to be seen mixing with the local community. Other schools that have been buiSt in the area due to the population increase and now compete with Kabubbu primary school and the Trust High school for pupil places but the KDP schools were built primarily for children of the poor in Kabubbu and this continues to be the core population they serve. Povety is still the main underlaying issue and despite the work undertaken the verse in scripture that tells us, °The poor you will always have with you" still rings true. Yet poverty is not just in education but in health and nutrition, social education, sexual health, general and personal health, farming techniques methods and food processing and management along wth a whole host of other areas. The work still has much to do and many miles to travel and continues to bless those who were viithout hope and to call upon our brothers and sisters that do have means. In a country where there is much corruption, theft, gang culture and money is scarce for many and a 'god' to many more, the work is seen as a beacon and a target. We serve an infinite God and so our trust continualty is in Him to supply and protect.
THE QUICKEN TRUST TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Last year was a tough year but also a year of gainin9 ground. Paul Pirie had departed the year before and the Quicken Trust reformed with the limited staff and financial resource. This was not a lack of faith but of setting our house in order. The new CRM database (under the excellent and detailed work of Janet Rowlinson) was up and wnning with all records transferred and the greater visibility and ease of managing data beginning to show benefit. A reduction in the number of entries, automats'on of much of the donor funds, emailing donors and funders with sponsored child records and photo's and direct access to the required areas for the Quicken Trust Admin stsff in Kabubbu to directly input records has been a major step forward. A new accounting system was procured and configured so that it provides much clearer financial records. reducing both the time the 'year end, takes to complete and reduces the related cost. The accounts system also links into the CRM database so that financial information can be automats'cally allocated to sponsor and funder records. This is a great achievement and we are now seeing the benefit of an enormous amount of hard work. The Quicken Trust continues to send funds to the KDP on a monthly basis which enables them to function better though funds are tight. The Quicken Trust continues to see a drop in monthly child sponsorship through old age, financial hardship and death and so it is urgent that we tell the story of Kabubbu to as many as we can to raise general funds, appeal funds, grants and sponsorship. Sponsorship is the critical area as this directly affects the number of children we can support and we now have a primary school intake of children with no or very little sponsorshlp and so we seek ta provide money from fundraising, 'Friends' of Qulcken Trust, and general funds. The complets'on of the refurbishment of the Bandas now means that the resort centre c8n take paylng guests and the Quicken Trust can begin to plan for parties to travel to Kabubbu and will be inviting people to do just that. Performance & Fundralsing Performance is always difficult to gauge. Although funds have been more scarce, we have seen in increase in our giving to Kabubbu for we which we thank God. The Christmas appeal saw £33,073 raised, providing blankets and mosquito nets for all primary and junior school children. 110 Christmas Cakes 219 Christmas Dinners 83 X 25kg Maize 62 X 50 kg Maize 487 Mosquito netslblankets Funds towards a new Primary School classroom Funds from savings made in the UK was allocated for the afore mentioned Bandas to be refurbished with roofs replaced with tiled roofs that will last a long time. Funds to build a new primary school classroom were raised through the Christmas appeal and school Skipathons. A live streamed 'skipathon' between the children of Kabubbu primary and three UK primary schools raised funds that saw the target reached to be able to build the new primary school classroom. Bates Garden fundraiser saw a team of Quicken Trust volunteers and sUPPOrters supply tea, coffee, cakes and gifts to the general public with the owners allowing Quicken Trust to keep all of the proceeds for the work in Kabubbu. Guernsey Overseas Aid & Development Commission. A grant was applied for and, although funds will be in nexi years accounts, wa5 awarded for the building ofthe new girls domiitory at the Trust High School. £20,000 was raised to send two young girls to India for life-saving open heart surgery. It also supplled their medication, the younger child Clara will be returning to India Shortly for follow up surgery. Fund-raising could always be better and we are stepping up our applications as there is a great need for general funds and also for projects dealing with dilapidats-on, salaries, Health Centre growth, Vocational Centre Training course expansion and development and new teaching and pupil equipment for the Trust High School, not to mention the urgent need to upgrade the internet connection.
THE QUICKEN TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Primary education Primary education continues with an influx of new students but not always the sponsorship to cover them. The enrolment from baby to primary seven totalled 512 and comprised of 434 from baby class to primary six and 78 candidates, however, 21 did not write the end of year 2023 final exams due to school fees issues. Fees can still be a challenge for many who still struggle with day to day survival. The pupils were subject to hfo sets of exams each term, being Mid and End of term exams. The performance of all dasses from P1- P7 was as follows.. PARTICULARS P.L.E FINAL FINAL FINAL FINAL DIVI 02 DIV2 37 DIV3 21 Ill 07 DIV4 DIVU 06 11 11 13 07 04 02 17 03 04 ',Tot*l ' 137 .56 47 Table 1 SHOWING CLASS PERFORMANCE FROM P.1.P.7 IN 2023 DIV X Total 01 78 01 50 02 54 54 59 53 05, 1 15 16- 13 17 18 14 05 12 02 03 04 03 03 IP.2 FINAL FINAL 12 14 $90 OTHER ACTIVITIES a) Sklll Development: Children of the school partlGipated in various co-curricular activities that included-. Kids athletics Ball game5 (Football, netball and handball). Other boys and girls participated in a handball tournament that was organized in Bombo {Luwero district). They perfomed very well, as both boys and girls were 1 st respectively. b) Parenting meetlngs Four parenting meetings were held in total. Three were held at school and one at Kabubbu Community Church. A child protection seminar was organized for the parents of KCPS and over 150 parents attended. c) Health Educatlon: A team from Mulago visited the school and children were educated on how to care for teeth. Trust Hlgh School THS is a mixed day and boarding senior secondary school providing all round education to its benefsciaries and inclusive of extra-curricular engagements to which it excels as wel5. staff Strength THS concluded the year 2023 with a staff strength of 49 in total. 37 (of which 10 were female and 27 male) teaching staff and 12 (being 6 female and 6 male) support staff. student Enrolment This has been a tough year for student enrolment due to other compets-ng High Schools. THS was never about making a profit but rather providing opportunity, but several factors have coincided to make it more difficult to enrol Students. Apart from competition, finding School fees for those without sponsorship continues to be difficult where povety abounds. Better focused and increased marketing is underway, and we trust God that pupil numbers will increase giving those who would otherwise never have education and the opportunities it brings, to have a future.
THE QUICKEN TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 The school had a total population of 382 students with 182 males against 200 females. S.1 registered 79 students in total, S.2 had 76, S.3 67, S.4 enrolled 69 and S.5 & 6 has shown in the table and figure below. CLASS MALE 38 31 23 35 36 FEMALE 41 45 44 34 20 16 TOTAL 79 76 67 69 56 19 35 182 200 382 Table2: THS Student Enrolment for 2023 THS ENROLMENT FOR 2023 rtAI r rrlA1 r 70 JJ Flgure 1 THS Enrolment for 2023 Academlc Affairs The school registered students for both UCE and UACE examinations in 2023 with 76 students in senior four and 48 in senior six. UCE Perfomiance 76 students were registered for UCE 2023 examinations and their performance was 20 scoring division 1, 26 division11, g division111, 18 division IV and 3 had no grade as depicted by the following table and graph- Numb•r of Stud•ntS Dlvislon 20 26 18 76
THE QUICKEN TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 UACE Results THS registered 48 students for UACE examinations done in 2023 and the results were encouraging with over 500A of students earning 10 or more points. The table and figure below provide the details of performance of the UACE examinations: NIJM8F.R OF STLIDENTS SCORES 19 17 16 15 14 13 12 li io THS UACE RESULTS FOR 2023 • NUMBER OF STUDENrs • SCORESIPOINTS 19 17 16 16 Is 14 14 13 12 li io io 9 10 11 12 13 14 15 16 NIIMBÉR OF STUDENIS Flguwe 4 SHOWING LIACE PERFORMANCES FOR 202J Tertlary Educatlon. Tertiary education comprises both vocational education conducted intemally through the Font Hill Vocatlonal Institute (FVI) and external courses at instltutions not under KDP control. Fonthlll Vocatlonal Instltute offers certificate courses to level 11 in halrdressing, cosmetics and beauty treatments, ITlcomputer engineering, catering, fashion and design, electTic81 insl8llation and now also basic motor mechanics. FVI enrolled seventy-seven {77) students. fifty- two (52) female, twenty-five (25) male, twenty-tr (22) sponsored and fifty-five (55) non-sponsored. Of the seventy- seven (77) students, enty-One (21) students completed their course during 2023 and nine (9) dropped out due to financial issues therefore, a continuing Student's number of forty- seven (47) students is anticipated for 2024. students who completed thelr courses: As indicated above, twenty one (21) students completed their courses. Sixteen (16) female and five (5) male students. Ten (10) sponsored and Eleven (111 non-sponsored students.
THE QUICKEN TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Skilling: students acquired a varfety of skills, for example., plaiting, weaving, pedicure manicure, guest table laying, preparation of different food dishes, electricity installation in the building, pole climbing for electric cable installation, phone repairing, making different outfits and many others. Tralning Materlal Provlslon: Sponsored students were provided with all the practical materials required for their courses and this helped the college teaching staff deliver the practical package as planned. Kabubbu Health Centre The Health Centre has continued to provide first-class affordable healthcare throughout another extraordinary year that has seen it's promotion to a 'Leve14' Health centre, one level below a hospital. This is remarkable as it has very little government funding but has been blessed wth annual grant5 from other extemal funders, one of which is coming to an end. The Health Centre now needs to look at a new, better designed and provisloned building. A very major project that is complex in very many ways 8nd requires an extraordinary level of funds. The following table shows the growth in the health Centre over the years and indicates clearly the reason why new remises are re uired. 2020 021 2022 2023 ears Patient number8 10,440 13,287 15,264 0,820 2S.000 20.000 15.DOO 10.000 5.000 1020 2021 2022 Yeors The graph above shows that patient numbers have been increasing over the last four years. As a result, the Income and from the Health Centre has also been on the increase. This is movin9 in the right direction and needs to be sustained. Welfare Programmes The Welfare department is fully funded by donation5 and a number of achievements were registered in 2023 under different activities lines. 461 family visits were conducted, among whom 250 elderly and community people were visited Under the Street Business {SBS) Programme, 123 participants Vre trained and graduated. out of vthom nurnber have started their small businesses. 10 BS participants were given small grants to boost their businesses.
THE QUICKEN TRUST TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Financlal revlew and reserves Included within restricted reserves are legacies and advance payments (includes annual donations being sent monthly} circa £69k, Appeal Funds £18.5k (£11,235 was nursery classroom, since sent), SBS Grant fund £2,759, Graze Famiing Budget £6,449. The Trust is dependent upon Almighty God to provide all its needs. However, as a matter of best practice The Trust does seek to hold reserves to cover operating costs in the event of a significant fall in General fund giving equivalent to a level of at least 3 months core operating expenditure. Follong a generous gift to the charity in 2019120 a specific reSee fund was established of £25.000 to cover this. There was a surplus on unrestricted funds for the year of £1,053 (2023: deficit of £16,974) leaving a balance of unrestricted reserves carried foTward of £23,757. There was a surplus on restricted funds for the year of £57,288 (2023.. surplus of £14,626) leaving restricted reserve5 carried forward of £127,687. The surplus on restricted funds represents donations received for specific beneficiaries in Kabubbu for which the expenditure has not yet been Incurred. The over811 result for the year was a surplus of £58,341 (2023: deficit of £2,348) leaving total funds carried fOard of £151,444. Publlc beneflt The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake. Rlsk Factors The Trustees contlnually assess the major business and operational risks which the tharity faces and are satisfied systems are in place to enable regular reports to be produced so that necessary steps can be tsken to mitigate exposure to those risks. Structure, governance and management The charity is a company limited by guarantee which was incorporated in England and Wales on 17 February 2004, and is govemed by its memorandum and artides of association. The Trustees, who are also the directors for the purpose of company18w, and who served during the year and up to the date of signature of the financial statements were: Mr S N Bamett- Chairman Miss M S Barnett Mrs J Rowlinson Mr P Rowlinson Trustees are elected by the members by a majority vote in general meetings. New Trustees are identified as those with sufficient ski118 to Serve the work of the Trust both from a business and spiritual perspective. Suitable induction and training is provided as required. None of the Trustees has any beneficial interest in the company. Trustees are approaching new people with the necessary skills to support the work: particularly with legal, financial and fundraising skills concerning charitable twsts. The day to day management of the Trust was undertaken by Mrs J Rowlinson. Trustee together with support staff who report to the Board of Trustees. Asset cover for funds Notes 16 to 18 sets out an analysis of the assets attributable to the various funds and a description of the trusts. These assets are sufficient to meet the charity's obligats-ons on a fund by fund basis.
THE QUICKEN TRUST TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 The Trustees, report was approved by the Board of Trustees. Mr S N Barnett- Chalrman Trustee Dated.. 1510912024
THE QUICKEN TRUST STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2024 The Trustees, who are also the directors of The Quicken Trust for the purpose of company law, are responsible for preparing the Trustees, Report and the flnancial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company Law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, induding the income and expenditure, of the charitable company for that year. In preparing these financial ststements, the Trustees are required to: select suitable accountlng policies and then apply them consistently. observe the methods and prlnciples In the Charities SORP; make judgements and estimates that are reasonable and prudent. state whether applicable UK Accounting Standards have been followed, subject to any material departures dlsclosed and explained in the financial statements-, and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operats-on. The Trustees are responslble for keeping adequate accounting records that disclose wlth reasonable accuracy at any tlme the financial position of the chariiy and enable Ihem to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charlty and hence for taking reasonable steps for the prevention and detection of fraud and other irregularllies,
THE QUICKEN TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE QUICKEN TRUST I report to the Trustees on my examination of the financial statements of The Quicken Trust (the charity) for the year ended 31 March 2024. Responsibllltles and basls of report As the Trustees of the charity land also its directors for the purposes of company lawl you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act). Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity's financial statement5 carried out under section 145 of the Charits'es Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145{5)(b) of the 2011 Act. Ind8pendent examinaS statement Since 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 because l am a member of tha Association of Chartered Certified Accountants. which is one of the listed badies. I have completed my examination. I confirm that no matters have come to my attention In connection with the examination giving me cause to believe that in any material respect.. accounting records were not kept in respect ofthe charity as required by section 386 of the 2006 Act. or the financial statements do not accord with those records., or the financial statements do not comply with the accounts'ng requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair vlew which is not a matter considered as part of an Independent examination., or the financial statement5 have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102). I have no concerns and have come across no other matters in connection wth the examination to which attention should be drawn In this report In order to enable a proper understanding of the financlal statements to be reached. John Caladlne FCCA CTA FCIE Caladine Limited Chantry House 22 Upperton Road Eastbourne East Su55ex BN211BF 10-
THE QUICKEN TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Unrestrlctsd Restricted funds funds 2024 2024 Total Unrestrlcted Restricted funds funds 2023 2023 Total 2024 2023 Notos Income from: Donations and legacie5 Charitable activities Investments 84,838 312,404 945 397,242 945 2,569 76,184 325,021 401,205 2,569 617 617 Total income 87,407 313,349 400,756 76,801 325,021 401,822 endlture on: Raising funds 17,705 17,705 35,105 35,105 Charitable activities 68,649 256,061 324,710 48,670 320,395 369,065 Total oxpendlture 86,354 256,061 342,415 83,775 320,395 404,170 Gross transfers beleen funds 18 (10,000) 10,000 Not Incomel(expendlture) for the yoarl Net movement In funds 1,053 57,288 58,341 (16,974) 14,626 (2,348) Fund balances at 1 April 2023 22,704 70,399 93,103 39,678 55,773 95,451 Fund balances at 31 March 2024 23,757 127,687 151,444 22,704 70,399 93,103 The statement of financial activities includes all gains and losses recognised in the year. The statement of financial activities indudes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The ststement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006. 11
THE QUICKEN TRUST STATEMENT OF FINANCIAL POSITION ASAT31 MARCH 2024 2024 2023 Notes Current assets Trade and other receivables Cash at bank and in hand 13 26,000 146,618 25,156 93,497 172,618 (21,174) 118,653 (25,550) Current Ilabllltles 14 Net current assets 151,444 93,103 Income funds Restricted funds Unrestricted funds 16 127,687 23,757 70,399 22,704 151,444 93,103 The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2024. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. The members have not required the company to obtain an audit of its financial statement3 for the year in question in accordance with section 476. These financial statements have been prepared in accordance vAth the provisions applicable to companies subject to the small companies regime. The financial statements were approved by the Trustees on . Mr S N Bamett- Chaimian Trustee Company Reglstratlon No. 05047081 12-
THE QUICKEN TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accountlng policles and practices Company Infomiatlon The Quicken Trust 15 a private company limited by guarantee incorporated in England and Wales. The registered office is Chantry House, 22 Upperton Road, Eastbourne, East Sussex, BN21 18F. 1.1 Accounting conventlon The financial statements have been prepared in accordance with the charity's Memorandum and Articles of Association the Companies Act 2006 and "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing Iheir accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)" The charity is a Public Benefit Entity as defineij by FRS 102. The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows. The financial statements are prepared In sterling, which is the functional currency of the charity. Monetary amounts in these financlal statements are rounded to the nearest £. The financlal statements have been prepared under the historlcal cost convention. The principal accounting policies adopted are set out below. 1.2 Golng concern At the time of approving the financial statements, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational exlstence for Ihe foreseeable luture. Thus the Trustees continue to adopt the going concern basis of accounting in preparlng the financlal statements. 1.3 Charltable funds Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives. Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. 1A Income Gifts, dationS, legacies and other forms of voluntary income are recognised as incoming resources when received, except insofar as they are incapable of financial measurement. Donations and grfts towards accommodation and other costs for those visiting Kabubbu are recognised on receipt of the money. Grfi Aid Tax recovered under gift aid is accrued within the accounts as received and credited to the General fund. Monies recelved for travel flights from those travelling to Kabubbu to provide support services and for educational visits are recognised when the trip takes place as is the correspondlng expenditure. Where monps are received in the period prior to the trip they are deferred and released In the following year when the trip takes place. 1.5 Grant making pollcy The Trust support fully the KDP, the Kabubbu village in Uganda. Grants are made upon the request of the KDP for the various projects at the Health Centre, Schools, orphans, welfare and the community Church building and other smaller projects from time to time. 13-
THE QUICKEN TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accountlng policles and practices (Continued) 1.6 Expenditure ExPdItUre is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably. Expend'ture is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. D1ct costs attributable to a single activity are allocated directiy to Ihat aclivlty. Shared costs which contribute to more Ihan one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset's use. Expenditure is included on an accruals basis and allocated to the appropriate cost centre. Expenditure for charitatde activities includes grants given, other direct charitable costs such as the direct costs of groups visitlng Kabublw to provide support and the purchase of equipment, and the support costs in carrying out the activities such as administration. In addition, there are cost centres for fundraising and governance costs. which are the costs incurred in the strategic management of the charity and of complying with constitutional and statutory requirements, Direct cost8 are allocated to the appropriate fund. Support costs are not apportioned but are all related to the Community Development fund. 1.7 Propertyi plant and aqulpment Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation. net of depreciation and any impairment losses. It is the policy of the trust to write off all items below £1,000 to the SOFA. Depreciation Is recognised so as to write off the cost or valuatlon of assets le5S their resldual values over their useful lives on the following basis.. Computers and equipment 33.3% on a straight line basis {fully depreclated) The gain or loss arlsing on the disposal of an asset Is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities. 1.8 Cash and cash equlvalents Cash and cash equivalents include cash in hand, deposits held at call wilh banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.9 Flnanclal Instruments The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments, of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contradual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. 14-
THE QUICKEN TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting pollcios and practices (Contlnued) Basic flnanclal assets Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Basic financial liabllities Basic financial liabilities, including trade and other payables and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction. where the debt instrtjment is measured at the present value of the future payments discounted at a market rate of interest. Flnancial liabilities cla83ifled as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, uslng the effective Interest rate method. Derecognltion of flnancial liabllities Financial liabilities are derecognised when the charity's contractual obligations explre or are discharged or cancelled. 1.10 Employee beneflts The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. Temiination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits. 1.11 Retlrement benoflts Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. Crltlcal accountlng astlmatas and Judgements In the application of the charity's accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underfying assumptions are reviewed on an ongoing basls. Revisions to accounting estlmates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. 15-
THE QUICKEN TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Donations and legacles Unrestrlcted Restrlctsd funds funds Totsl Unrestricted Restricted funds funds Total 2024 2024 2024 2023 2023 2023 Donats'ons, grants and gifts Legacies re¢eivable 84,838 312,404 397,242 76,184 294,196 30,825 370,380 30,825 84,838 312,404 397.242 76,184 325,021 401,205 Donatlons, grants and glfts General donations Education Welfare Health Holding future us8 Matched funding Recovery & emergency Enterprise development Appeals Gift aid refunds 26,269 39,189 137,843 40,929 21,600 54,012 12,500 5,331 1,000 65,458 137,843 40,929 21,600 54,012 12,500 5,331 1,000 26,347 11,879 159,198 45,109 28,075 38,226 159,198 45,109 28,075 21.500 3,995 3,225 21,215 21,500 3,995 3,225 21,215 49,837 58.569 58,589 49,837 84,838 312,404 397,242 76,184 294,196 370,380 Charitable activltle8 2024 2023 Kabubbu visiting fund Income from investments Unrestrlcted Unrestrlcted funds funds 2024 2023 Interest receivable 2,569 617 16-
THE QUICKEN TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Ralsing funds 2024 2023 Fundraisin and ublicit Promotional and markets.ng costs Stsff costs 8,635 9,070 9.184 25,921 Fundraising and publlcity 17,705 35,105 Charltabl• actlvltle8 2024 2023 Grant funding of activities (see note 8) 284,842 322,795 Share of support costs (see note 9) Share of governance costs (see note g) 36,372 3,496 41,415 4,855 324,710 369,065 Analysls by fund Unrestricted funds Restricted funds 68,649 256,061 48,670 320,395 324,710 369,065 rants payable 2024 2023 Grants to KDP General gifts and donations (Unrestricted) Education Welfare Health General gifts and donations (Restricted) 26,146 142,990 45,480 28,657 41,569 2,400 172,621 47,924 30,254 69,596 284,842 322,795 17-
THE QUICKEN TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Support Costs allocated to activltles 2024 2023 Staff costs Staff healthcare, welfare and training Staff travelling and Motor expenses Office rent and utilities Insurance Printing, postage, stationery and phone Website and IT maintenance Bookkeeping services Property and equipment maintenance Collection agency costs Miscellaneous expenses Govemance costs 20,221 27,329 (652) 46 4,793 885 2,080 3.945 783 102 16 5,508 442 3,623 4,022 1.627 913 3.496 740 4,855 39,868 48,270 Anal sed tseeen: charitable activities 39,868 46,270 2024 2023 Governance Gosts comprlse: Accountancy and payroll Independent examination Other professional fees Bank charges 1,800 1,200 2,029 1,200 1,080 496 3,498 4,855 10 Trustses None of the Trustees (or any persons connected with them) received any remuneration from the charity during the year. Further details of transactions with trustees are provided in Note 20 related paty disclosure. The aggregate amount of donations received from the Trustees and related parties wrthout conditions was £34,388 (2023.. £19,657). 18-
THE QUICKEN TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 11 Employees The Trust is wonderfully served by volunteers and some administrats've work has been outsourced. The value of volunteers in the UK office and those who travel from time to time and work in the Kabubbu village are impossible to quantify in material tems. The average monthly number of full and part time employees during the year was.. 2024 Number 2023 Number Support staff Employment costs 2024 2023 Wages and salarles other pension costs 28,459 832 51,942 1,308 29,291 53,250 There were no employees whose annual remuneration wa5 more than £60,000. 12 Taxatlon The Quicken Trust is a registered charity and it is considered that Its charitable activities are exempt from United Kingdom Taxation. 13 Trado and other recolvabl 2024 2023 Amounts falllng due wlthln one year: Other receivables Prepayments and accrued income 24,860 1,140 24,258 900 26,000 25,158 14 Current Ilablllties 2024 2023 Not05 other taxation and social securty Deferred income Other payables (KDP) Accruals 381 15 2,635 20,155 2.780 18,393 2,400 21,174 25,550 19-
THE QUICKEN TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 15 Deferred Income 2024 2023 Arising from Kabubbu travel manies received in advance 2,635 Deferred income is included in the financial statements as follows: 2024 2023 Deferred income Is included within: Current liabilities 2,635 Deferred income at 1 April 2023 Released from previous periods 2,635 (2,835) 2,635 Deferred income at 31 March 2024 2,635 Income received from delegates who will take part in trips to Kabubbu in the next financial year are carried forward as deferred income and released to the Statement of Financial Activities (SOFA) in the year in which the trip take5 aCe. Of the £2,635 deferred income brought forward from the comparative period £nil was related to trips which took place during Ihis financial year. The amount was written back to Statement of Financlal Activities in the year with the agreement of the donor as the trips were longer going ahead. 16 Restrlcted funds The restrlcted funds of the charlty comprise the unexpended bal8nGes of donations and grants held on trust subject to specific conditions by donors as to how they may be used. Movement In funds Incomlng Rejources resources ¢xpended Bolance at 1 April 2023 Tran$f•r• Balan¢• •t 31 March 2024 Kabubbu Community Development fund Reserve fund Match funding fund 45,399 25,000 300,849 (243,561) 102,687 25.000 12,500 (12,500) 70,399 313,349 (256,061) 127,687 -20-
THE QUICKEN TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 16 Restricted funds (Continued) Movements for the year 8nded 31 March 2023 Movement In funds Incomlng Resources resources expended 8alance at 1 Aprll 2022 Transfer8 Balance at 31 March 2023 Kabubbu Community Dgvelopment fund Reserve fund Match funding fund 30,773 25,000 303,521 (298,8951 10,000 45,399 25,000 21,500 (21,500) 55,773 325,021 1320,395) 10,000 70,399 Kabubbu Communlty Development fund This fund is for monies received for the Kabubbu Development Project which go towards the various Kabubbu projects, including Education, Welfare, Orphan Family Support and Health or to be spent more generally in Kabubbu for its development. Reserve fund A sum of money put aside as a reserve fund to enable Sufficient monies to be available to meet its legal requirejnent in the event of the Trust closing down. In 2024 the reserves have reduced to £17,000 as £8,000 was sent to Kabubbu. Match Fundlng fund This fund represents Matched funding from Summer and Christmas appeals to be distributed to Kabubbu. 17 Analysls of net assets botween fund• Unrestrlcted funds 2024 Restrlcted funds 2024 Total 2024 At 31 March 2024: Current asset511liablllties) 23,757 127,687 151,444 23,757 127,687 151,444 Unrestrlcted funds 2023 Restrlcted funds 2023 Total 2023 At 31 March 2023: Current assetsl(liabilities) 22,704 70,399 93,103 22,704 70,399 93,103 21
THE QUICKEN TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 18 Deslgnated funds The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes. Movement In funds Ineomlng Resources Balance at rnsourcos expanded 31 March 2024 8al•nco at 1 Aprll 2022 R8sourc expèndod Transfers Balance at 1 Awll 2023 Trav81 bond 10,000 (10,000) Travel bond The Travel Bond fund was transferred to the Community Development fund in 2023 to meet cash flow needs as this was considered unnecessary to have set aside. 19 Operating lease commllments At the reporting end date the charlty had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows.. 2024 2023 Vththin one year Between two and five years 3,600 2,400 3,600 8,000 6,000 9,800 20 Related party transactlons Transactlons wlth related partles During the year the charity entered into the following transactions with related parties: IT Hardware, Software and Support 2024 2023 Company controlled by a Trustee 239 280 239 280 -22-