DEVELOPMENT TRUST UK (LIMITED BY GUARANTEE)
CHARITY NUMBER: 1102977
TRUSTEES REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDING 31 DECEMBER 2021
Development Trust UK – Registered Charity Number: 1102977
| CONTENTS | PAGE NO |
|---|---|
| Charity Information | 2 |
| Trustees Report | 3 - 4 |
| Independent Examiner’s Report | 5 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7 |
| Notes to Financial Statements | 8 - 9 |
CHARITY INFORMATION
Working Names Development Trust Fondation Kanouté Abou Diaby Foundation Charity Number 1102977 Trustees Mr Frédéric Kanouté (Chair of Trustees) Mr Muhammad Rahman Ms Fatoumata Kamissoko Mr Shehryar Cheema Principal Address PO Box 445, Sutton, SM1 9LS Registered Office Crown House, 27 Old Gloucester Street, London, WC1N 3AX Accountants Abacus Partners (Ldn) LLP Unit A, Abbotts Wharf, 93 Stainsby Road, London, E14 6JL Bankers Barclays Bank, Westminster Branch, 2 Victoria Street, London, SW1H 0ND.
Trustees Report for the Year Ending 31 December 2021
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Development Trust UK – Registered Charity Number: 1102977
TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEMBER 2021
The trustees are pleased to present the annual report of Development Trust UK.
STRUCTURE, GOVERNANCE AND MANAGEMENT
The organisation is a company limited by guarantee, incorporated in England on 10 February 2004 with number 5040018, and registered as a charity on 31 March 2004. Although, constituted as a charitable company governed by its Articles of Association (as amended), the charity effectively operates as a ‘trust’ as the name suggests.
The company directors are also the charity trustees for the purposes of charity law, and are its only members. The trustees have the power to appoint additional trustees. The trustees are responsible for overall policies, management and financial decisions of the Trust. The general management of activities and administration are also the responsibility of the trustees.
OBJECTIVES AND ACTIVITIES
The objects of the Trust as set out in the Articles are:
-
(1) to advance education and to provide facilities in the interests of social welfare for recreation and leisure-time occupation with the object of improving the conditions of life for the general public;
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(2) establish, or secure the establishment of community centres and to maintain and manage the same (whether alone or in co-operation with any local authority or other person or body) in furtherance of the Objects;
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(3) promote such other charitable purposes as may from time to time be determined.
In furtherance of the objects the trustees have two main areas of work: Children’s Village (to support orphans) and Supporting Education.
The trustees have set the primary focus of the Trust as the relief of poverty. The Trust’s preferred mode of operation is grant funding of projects.
In deciding the programme each year the trustees have regard to both the Charity Commission’s general guidance on public benefit and prevention and relief of poverty for the public benefit. The trustees always ensure that the activities undertaken are in line with the charitable objects and aims of the Trust.
Trustees Report for the Year Ending 31 December 2021
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Development Trust UK – Registered Charity Number: 1102977
ACHIEVEMENTS AND PERFORMANCE
Children’s Village
The Trust supports the Sakina Children’s Village, a children’s welfare project in Mali. The Village provides holistic support to orphaned and abandoned children, including free education. In this period, the Trust provided grants to the Village, for the food, clothing and schooling needs of the children in its care. The Sakina Village’s purpose-built school is also open to the local community.
The project itself has also been successful in obtaining financial and in-kind support from businesses and other charities, both local and international. The trustees continue to be instrumental in promoting the project to help attract support from other potential partners. The trustees have reaffirmed their commitment to continue supporting this project.
FINANCIAL REVIEW
The Trust’s income was just over £58,000, as expected by the Trustees.
Covid-19 has not affected the Trust financially. With a healthy balance sheet, the trustees have confidence in the financial stability of the Trust, and its ability to meet its liabilities and commitments.
As the Trust currently has no staff or major regular costs, the trustees have elected not to keep significant amount of general funds in reserve. This will be reviewed every year.
Report approved by the trustees on 22 September 2022 and signed on its behalf by:
S Cheema
Mr S Cheema
(Trustee)
Trustees Report for the Year Ending 31 December 2021
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Development Trust UK – Registered Charity Number: 1102977
INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF DEVELOPMENT TRUST UK
I report to the charity trustees on my examination of the accounts of the company for the year ended 31 December 2021, which are set out on pages 6 to 9.
Responsibilities and basis of report
As the charity’s trustees of the company (who are also the directors of the company for the purposes of company law), you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (“the 2006 Act”).
Having satisfied myself that the accounts of the Company are not required to be audited for this year under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (”the 2011 Act”). In carrying out my examination, I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner’s statement
I have completed my examination. I confirm that no material matters have come to my attention which gives me cause to believe that:
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accounting records were not kept in accordance with section 386 of the Companies Act 2006; or
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the accounts do not accord with such records, or
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the accounts do not comply with relevant accounting requirements under section 396 of the Companies Act 2006 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; or
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the accounts have not been prepared in accordance with the Charities SORP (FRS102).
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.
Nur Ahmed Chowdhury FCCA
Abacus Partners (Ldn) LLP - Chartered Certified Accountants Unit A, Abbotts Wharf, 93 Stainsby Road, London, E14 6JL.
22 September 2022
Trustees Report for the Year Ending 31 December 2021
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DEVELOPMENT TRUST UK
(LIMITED BY GUARANTEE)
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDING 31 DECEMBER 2021
| Unrestricted Restricted Total 2021 |
Unrestricted Restricted Total 2021 |
Total 2020 |
|---|---|---|
| INCOME AND EXPENDITURE Notes £ £ £ INCOMING RESOURCES General Donations 10,175 10,175 Investment Income 2 48,000 48,000 |
£ 36,603 48,000 |
|
| Children's Village | 60 60 |
80 |
| Bank Interest & Miscellaneous | 14 14 |
78 |
| TOTAL INCOME | 58,189 60 58,249 |
84,761 |
| RESOURCES EXPENDED Direct Charitable: Subscriptions Charity Projects 3 |
- - 34,718 60 34,778 |
13 32,380 |
| Travel and Subsistence | 1,333 1,333 |
- |
| Legal, Professional, Insurance Office Support and Management Print, Postage and Stationary Telephone, Internet and Website |
-282 -282 5,973 5,973 65 65 491 491 |
1,924 7,134 449 309 |
| Support and Governance: | 42,298 60 42,358 |
42,209 |
| Bank Charges | 101 101 |
1 |
| Accountancy TOTAL EXPENDITURE |
720 720 821 821 43,119 60 43,179 |
720 |
| 721 | ||
| 42,930 | ||
| Foreign Currency Exchange Gain / Loss | 163 163 |
-106 |
| NET SURPLUS / DEFICIT FOR THE YEAR Funds as at 01 January 2021 Funds as at 31 December 2021 |
14,907 14,907 2,036,143 2,036,143 2,051,050 2,051,050 |
41,938 1,994,205 |
| 2,036,143 |
The notes of pages 8-9 form part of these accounts.
Page 6
DEVELOPMENT TRUST UK
(LIMITED BY GUARANTEE)
BALANCE SHEET AS AT 31 DECEMBER 2021
| Notes £ £ FIXED ASSETS: Investments 4 690,001 690,001 CURRENT ASSETS: Debtors and Prepayments 5 1,231,862 Cash at Bank and in Hand 129,907 1,361,769 CREDITORS: Amount falling due within one year 6 720 NET CURRENT ASSETS: 1,361,049 Total Assets Less Current Liabilities 2,051,050 FUNDS: Restricted funds - Unrestricted funds 2,051,050 TOTAL FUNDS 2,051,050 2021 |
2020 £ 690,001 |
|---|---|
| 690,001 1,231,862 150,051 |
|
| 1,381,913 35,771 |
|
| 1,346,142 | |
| 2,036,143 | |
| - 2,036,143 |
|
| 2,036,143 |
Audit Exemption Statement
For the year ending 31 December 2021, the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
These accounts (pages 6-9) were approved by the Board of Trustees / Directors on 22 September 2022.
Mr Frederic Kanoute Trustee / Director
The notes on pages 8-9 form part of these accounts.
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DEVELOPMENT TRUST UK (LIMITED BY GUARANTEE)
Notes to the Financial Statements for the Year Ending 31 December 2021
1 Accounting Policies
1.1 The financial statements have been prepared 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 for Smaller Entities published on 16/07/14, the Financial Reporting Standard for Smaller Entities (effective January 2015) and the Companies Act 2006. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated.
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1.2 Incoming resources represents the total income receivable during the year comprising donations including any Gift Aid, investment income, grants, bank interest, and income from donated items.
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1.3 Unrestricted funds are comprised of general donations, and accumulated surpluses and deficits on general funds. They are available for use at the discretion of the trustees (directors) in furtherance of the general charitable objectives.
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1.4 Restricted funds are funds that are to be used in accordance with specific restrictions imposed by the donors, or which have been raised by the charity for a specific purpose. The cost of raising and administrating such funds is charged against the specific fund.
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1.5 Resources expended are included in the statement of financial activities on an accruals basis. Expenditure, which is directly attributable to specific activities, has been included in these categories.
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1.6 The charitable company's policy is to write off small capital expenditure in the year of purchase.
2 Investment Income
The charity received income from loans, provided on commercial terms.
| 3 Charity Projects |
2021 | 2020 |
|---|---|---|
| £ | £ | |
| Education projects Relief and welfare |
30,778 4,000 |
32,380 - |
| 34,778 | 32,380 | |
4 Investments
The investments are shares in a company which owns and lets property.
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DEVELOPMENT TRUST UK (LIMITED BY GUARANTEE)
Continued - Notes to the Financial Statements for the Year Ending 31 December 2021
| 5 Debtors Loans |
2021 £ 1,231,862 |
2020 £ 1,231,862 |
|---|---|---|
| 1,231,862 | 1,231,862 | |
| 6 Creditors |
2021 £ |
2020 £ |
| Accruals and others | 720 | 35,771 |
| 720 | 35,771 |
7 Related Party Transactions
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(a) The Trust's loan, on commercial terms, to Eden Place Group Ltd (EPG), stands at £960k.
-
(b) EPG also charged £6,199 for office support services to the Trust, on cost basis.
8 Taxation
The company, as a registred charity, is exempt from corporation tax. VAT, where paid, is charged to the statement of financial activities.
9 Trustees / Directors Remuneration
The Trustees were not remunerated. One trustee was reimbursed a total of £1,333 for travel and subsistence to meetings and monitoring visits on behalf of the Trust.
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