2023-12-31-accounts - Development Trust UK

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DEVELOPMENT TRUST UK (LIMITED BY GUARANTEE)

CHARITY NUMBER: 1102977

TRUSTEES REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDING 31 DECEMBER 2023

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 Mr Shehryar Cheema 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 2023

Development Trust UK – Registered Charity Number: 1102977

TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEMBER 2023

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;
(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;
(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 2023

Development Trust UK – Registered Charity Number: 1102977

ACHIEVEMENTS AND PERFORMANCE

Supporting Education, Welfare and Relief Work

The Trust supports the Sakina Children’s Village, a children’s education project in Mali. The project provides subsidised education to financially disadvantaged children in the locality. In this period, the Trust provided grants to the Village, for the staffing, clothing and schooling needs of the children at the school.

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.

A large grant was made by the Trust to another charity with similar objects.

FINANCIAL REVIEW

The Trust’s income was just over £58,000, as expected by the Trustees.

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

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 18 September 2024 and signed on its behalf by:

S Cheema

Mr S Cheema

(Trustee)

Trustees Report for the Year Ending 31 December 2023

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 2023, 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:

accounting records were not kept in accordance with section 386 of the Companies Act 2006; or
the accounts do not accord with such records, or
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
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. 18 September 2024

Trustees Report for the Year Ending 31 December 2023

DEVELOPMENT TRUST UK (LIMITED BY GUARANTEE) STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDING 31 DECEMBER 2023 Unrestricted Restricted Total Total 2023 2022 INCOME AND EXPENDITURE Notes INCOMING RESOURCES General Donations Investment Income Children's Village Bank Interest & Miscellaneous 4.630 51.861 4,630 51,861 55 1,475 2,284 63,962 60 70 55 1,475 TOTAL INCOME 57,966 55 58,021 66,376 RESOURCES EXPENDED Direct Charitable: Charity Projects Travel and Subsistence Legal, Professional, Insurance Office Rent and Support Salaries Employer Pension 991,275 464 296 8,400 24,059 133 1,024.627 55 991,330 464 296 8,400 24,059 133 55 1,024,682 58,425 3,272 305 8,000 70,002 Support and Governan¢•: Bank Charges Accountancy 77 900 977 77 900 977 76 720 796 TOTAL EXPENDITURE Foreign Currency Exchange Gain l Loss 1,025,604 15,960 55 1,025,659 15,960 70.798 314 NET SURPLUS I DEFICIT FOR THE YEAR Funds as at 01 January 2023 Funds as at 31 December 2023 -983,598 2,046.314 1,062,716 -983,598 2,046,314 1,062,716 4,736 2,051,050 2,046,314 The noles of pages 8-9 fomi part of these accounts. Page 6

DEVELOPMENT TRUST UK (LIMITED BY GUARANTEE) BALANCE SHEET AS AT 31 DECEMBER 2023 2023 2022 Notes FIXED ASSETS: Investments 690,001 690,001 690,001 690,001 CURRENT ASSETS.. Debtors and PpayMentS Cash at Bank and in Hand 1,247,824 109,929 1,357,753 373,758 373.758 CREDITORS: Amount falling due within one year 1.044 1,440 NET CURRENT ASSETS: 372,715 1,356,313 Total Assets Less Current Llabllitlgs 1062 716 2 046 314 FUNDS: Restricted funds Unrestricted funds TOTAL FUNDS 1,062 716 1062 716 2,046 314 2 046,314 Audit Exemption Ststement For the year ending 31 December 2023, 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 l Directors on 18 September 2024. Mr Frederic Kanoute Trustee l Director The notes on pages 8-9 fomi part of these accounts. Page 7

DEVELOPMENT TRUST UK (LIMITED BY GUARANTEE) Notes to the Financial Statements for the Year Ending 31 December 2023 Accountlng Policies 1.1 The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Ststement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard for Smaller Entities published on 16107114, 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. 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. 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. 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. 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. 1.6 The charitable company's policy is to write off small capital expenditure in the year of purchase. Investment Income The charity received income from loans. provided on commercial terms. Charity Projects 2023 2022 Education projects 991,330 991.330 58,425 58,425 Investments The investments are shares in a company which owns and lets propety. Page 8

DEVELOPMENT TRUST UK (LIMITED BY GUARANTEE) Continued - Notes to the Financial Statements for the Year Ending 31 December 2023 Debtors 2023 2022 Loan Service Charge Loans 15.962 1,231.862 1,247,824 Cr•dltors 2023 2022 Accruals and others 1,044 1,044 1,440 1,440 Relat•d Party Transactions Eden Place Group Limited charged £8,400 for rent to the Trust, on cost basis. Taxation The company, as a registred charity, is exempt from corporation tsx. VAT, where paid, is charged to the statement of financial acts'vits'es. Trust•es l Directorn Remuneration The Trustees were not remunerated. One trustee was reimbursed a totsl of £378.6 for travel and subsistence on behalf of the Trust. Page 9