Company registration number: 04960343 Charity registration number: 1104061
Cheer Trust
(A company limited by guarantee) Annual Report and Financial Statements
for the Year Ended 30 March 2023
Carter Nicholls Ltd Chartered Accountants Victoria House Stanbridge Park Staplefield Lane Staplefield West Sussex RH17 6AS
Cheer Trust
Contents
| Reference and Administrative Details | 1 |
|---|---|
| Trustees' Report | 2 to 4 |
| Independent Examiner's Report | 5 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7 |
| Notes to the Financial Statements | 8 to 15 |
Cheer Trust
Reference and Administrative Details
Trustees Dr G Elia Dr D M D J Wilmot Capt G J Rocke Secretary Mrs C S Colman Charity Registration Number 1104061 Company Registration Number 04960343 The charity is incorporated in England and Wales. Registered Office 23 Calbourne Road London SW12 8LW Independent Examiner Carter Nicholls Ltd Chartered Accountants Victoria House Stanbridge Park Staplefield Lane Staplefield West Sussex RH17 6AS Bankers Barclays Bank plc 737 Barking Road Plaistow London E13 9PL NatWest Richmond Business Centre 123-127 Sheen Road Richmond Surrey TW9 1YJ
Page 1
Cheer Trust
Trustees' Report
The trustees, who are directors for the purposes of company law, present the annual report together with the financial statements of the charitable company for the year ended 30 March 2023.
Objectives and activities
Objects and aims
1) The main objects of the company are for the public benefit, in particular for the benefit of distressed single parents, either divorced, widowed, separated or unmarried, their dependents, and children and young people in London and the surrounding area and elsewhere in the United Kingdom, and other territories.
Cheer Trust aims to achieve this by:
(a) Advancing their education and development particularly with the view of assisting them in improving their welfare, and their understanding of entitlements under law;
(b) Providing and assisting in the provision of facilities for their recreation and other leisure-time occupation which may include artistic and creative activities such as performance of music, dance and drama, recording of music, film, video-making, design and technology in the interest of social welfare, so as to assist them in growing to full maturity as individuals and as members of society and so that their conditions of life may be improved.
(c) Providing counselling and advocacy services
Other objects include:
2) To relieve those who are poor, in conditions of need, hardship or distress or who are aged or sick.
3) To relieve unemployment.
4) Promote the Christian Religion.
5) Promote such other objects as the directors shall from time to time determine.
Public benefit
The charity believes that the principal aims as described above provide adequate disclosure that these are in accordance with the Charities Commission public benefits requirements
The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.
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Cheer Trust
Trustees' Report
Achievements and performance
The work of Cheer continues with individual support to the most vulnerable and distressing cases.
The cost of living has actually given us many more families who are in need of financial help and also for food parcels. The children's activities are rolling along very nicely with the tennis lessons being the most popular, with the success of one of our students gaining Surrey County tennis status. In November 2022 Cheer reached 25 years and because of the Christmas rush it was celebrated in July 2023, with a lovely tea party for the mothers and the children.
Lunches continue, and of course in Christmas 2022 we had our biggest distribution of hampers; more than we've ever had, mainly due to the hardship that families were going through. We thank all our supporters for their invaluable help.
Financial review
Policy on reserves
It is not thought necessary at this point to have a reserve policy other than to try to ensure that enough funds are received to try to achieve the main aim of the company and to ensure it can meet its administrative obligations. As and when the fundraising is such that we start to build free reserves, a more detailed review of reserves and risks will be undertaken.
Investment policy and objectives
Under the memorandum and articles of association the company has the power to make investments which the Directors see fit.
Structure, governance and management
Nature of governing document
Cheer Trust is incorporated as a company limited by guarantee and is governed by its memorandum and articles of association. The liability of the members is £1 each.
Statement of trustees' responsibilities
The trustees (who are also the directors of Cheer Trust for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland". The report and accounts have been prepared in accordance with the provisions in the Companies Act 2006 relating to small companies.
Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including its income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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Cheer Trust
Trustees' Report
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state whether applicable accounting standards, comprising FRS 102 have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The trustees are responsible for keeping proper accounting records that can disclose with reasonable accuracy at any time the financial position of the charitable company and 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.
The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Small companies provision statement
This report has been prepared in accordance with the small companies regime under the Companies Act 2006.
The annual report was approved by the trustees of the charity on 30 November 2023 and signed on its behalf by:
Giancarlo Elia
Giancarlo Elia (Dec 4, 2023 17:00 GMT)
......................................... Dr G Elia Trustee
Page 4
Cheer Trust
Independent Examiner's Report to the trustees of Cheer Trust ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 30 March 2023.
Responsibilities and basis of report
As the charity’s trustees of the Company (and also its directors 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 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 matters have come to my attention in connection with the examination giving me cause to believe:
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accounting records were not kept in respect of Cheer Trust as required by section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements of section 396 of the 2006 Act 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 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 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.
...................................... Sarah Elizabeth Bestley ACA
Carter Nicholls Limited Chartered Accounts Victoria House Stanbridge Park Staplefield Lane Staplefield West Sussex RH17 6AS
30 November 2023
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Cheer Trust
Statement of Financial Activities for the Year Ended 30 March 2023 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)
| Note Income and Endowments from: Donations and legacies 3 Investment income 4 Total income Expenditure on: Raising funds Charitable activities 5 Total expenditure Net income Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward 15 Note Income and Endowments from: Donations and legacies 3 Investment income 4 Total income Expenditure on: Charitable activities 5 Total expenditure Net income Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward 15 |
Unrestricted funds £ 103,496 89 103,585 1 (80,142) (80,141) 23,444 23,444 84,231 107,675 Unrestricted funds £ 86,680 2 86,682 (73,882) (73,882) 12,800 12,800 71,431 84,231 |
Restricted funds £ 300 - 300 - - - 300 300 1,450 1,750 Restricted funds £ 250 - 250 - - 250 250 1,200 1,450 |
Total 2023 £ 103,796 89 |
|---|---|---|---|
| 103,885 | |||
| 1 (80,142) |
|||
| (80,141) | |||
| 23,744 | |||
| 23,744 85,681 |
|||
| 109,425 | |||
| Total 2022 £ 86,930 2 |
|||
| 86,932 | |||
| (73,882) | |||
| (73,882) | |||
| 13,050 | |||
| 13,050 72,631 |
|||
| 85,681 |
All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2022 is shown in note 15.
The notes on pages 8 to 15 form an integral part of these financial statements. Page 6
Cheer Trust
(Registration number: 04960343) Balance Sheet as at 30 March 2023
| Note Fixed assets Tangible assets 11 Current assets Debtors 12 Cash at bank and in hand 13 Creditors: Amounts falling due within one year 14 Net current assets Net assets Funds of the charity: Restricted income funds Restricted funds Unrestricted income funds Unrestricted funds Total funds 15 |
2023 £ 300 8,097 104,648 112,745 (3,620) 109,125 109,425 1,750 107,675 109,425 |
2022 £ 353 6,581 82,389 |
|---|---|---|
| 88,970 (3,642) |
||
| 85,328 | ||
| 85,681 | ||
| 1,450 84,231 |
||
| 85,681 |
For the financial year ending 30 March 2023 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The members have not required the charity to obtain an audit of its accounts for the year in question in accordance with section 476; and
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
The financial statements on pages 6 to 15 were approved by the trustees, and authorised for issue on 30 November 2023 and signed on their behalf by:
Giancarlo Elia
Giancarlo Elia (Dec 4, 2023 17:00 GMT)
......................................... Dr G Elia Trustee
The notes on pages 8 to 15 form an integral part of these financial statements. Page 7
Cheer Trust
Notes to the Financial Statements for the Year Ended 30 March 2023
1 Charity status
The charity is limited by guarantee, incorporated in England and Wales, and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £1 towards the assets of the charity in the event of liquidation.
The address of its registered office is: 23 Calbourne Road London SW12 8LW
These financial statements were authorised for issue by the trustees on 30 November 2023.
2 Accounting policies
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
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 applicable in the UK and Republic of Ireland (FRS 102)) (issued in October 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Basis of preparation
Cheer Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.
Going concern
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the charity.
Exemption from preparing a cash flow statement
The charity opted to early adopt Bulletin 1 published on 2 February 2016 and have therefore not included a cash flow statement in these financial statements.
Income and endowments
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of the income receivable can be measured reliably.
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Cheer Trust
Notes to the Financial Statements for the Year Ended 30 March 2023
Donations and legacies
Donations are recognised when the charity has been notified in writing of both the amount and settlement date.
Gift aid
Gift Aid receivable is included in income when there is a valid declaration from the donor. Any Gift Aid amount recovered on a donation is considered to be part of that gift and is treated as an addition to the same fund as the initial donation unless the donor or the terms of the appeal have specified otherwise.
Investment income
This is included in the accounts when receipt is probable and the amount receivable can be measured reliably.
Expenditure
All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources.
Charitable activities
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Grant expenditure
Where the charity gives a grant with conditions for its payment being a specific level of service or output to be provided, such grants are only recognised in the SoFA once the recipient of the grant has provided the specified service or output.
Where there are no conditions attaching to the grant that enables the donor charity to realistically avoid the commitment, a liability for the full funding obligation must be recognised.
Grant provisions
Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the grant or the amount of grant payable.
Support costs
Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage.
Governance costs
These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including audit, strategic management and trustees meetings and reimbursed expenses.
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Cheer Trust
Notes to the Financial Statements for the Year Ended 30 March 2023
Taxation
The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
Tangible fixed assets
Individual fixed assets costing £1.00 or more are initially recorded at cost.
Depreciation and amortisation
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
Asset class
Fixtures, fittings and equipment
Depreciation method and rate 15% reducing balance
Trade debtors
Debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Fund structure
Unrestricted income funds are general funds that are available for use at the trustees discretion in furtherance of the objectives of the charity.
Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose.
Financial instruments
Classification
The charity accounts for basic financial instruments on initial recognition as per paragraph 10.7 FRS102 SORP. Subsequent measurement is as per paragraphs 11.17 to 11.19, FRS102 SORP.
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Cheer Trust
Notes to the Financial Statements for the Year Ended 30 March 2023
3 Income from donations and legacies
| Donations and legacies; Donations received Gift aid reclaimed Total for 2023 Total for 2022 4 Investment income Interest receivable and similar income; Interest receivable on bank deposits Total for 2023 Total for 2022 5 Expenditure on charitable activities Grant funding of activities Allocated support costs Governance costs Total for 2023 Total for 2022 |
Unrestricted funds General £ 95,383 8,113 103,496 86,680 Note 6 6 |
Restricted funds £ 300 - 300 250 Unrestricted funds General £ 89 89 2 Unrestricted funds General £ 4,104 74,298 1,740 80,142 73,882 |
Total funds £ 95,683 8,113 |
|---|---|---|---|
| 103,796 | |||
| 86,930 | |||
| Total funds £ 89 |
|||
| 89 | |||
| 2 | |||
| Total funds £ 4,104 74,298 1,740 |
|||
| 80,142 | |||
| 73,882 |
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Cheer Trust
Notes to the Financial Statements for the Year Ended 30 March 2023
6 Analysis of governance and support costs
Governance costs
| Independent examiner fees Examination of the financial statements Total for 2023 Total for 2022 |
Unrestricted funds General £ 1,740 1,740 1,440 |
Total funds £ 1,740 |
|---|---|---|
| 1,740 | ||
| 1,440 |
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Cheer Trust
Notes to the Financial Statements for the Year Ended 30 March 2023
7 Net incoming/outgoing resources
Net incoming resources for the year include:
| Depreciation of fixed assets | 2023 £ 53 |
2022 £ 63 |
|---|---|---|
8 Trustees remuneration and expenses
No trustees, nor any persons connected with them, have received any remuneration from the charity during the year.
No trustees have received any reimbursed expenses from the charity during the year.
Donations made by the trustees without any conditions attached totalled £4,500 for the year (2022 - £4,800).
9 Independent examiner's remuneration
| 2023 | 2022 | ||
|---|---|---|---|
| £ | £ | ||
| Examination | of the financial statements | 1,740 | 1,440 |
10 Taxation
The charity is a registered charity and is therefore exempt from taxation.
11 Tangible fixed assets
| Cost At 31 March 2022 At 30 March 2023 Depreciation At 31 March 2022 Charge for the year At 30 March 2023 Net book value At 30 March 2023 At 30 March 2022 |
Furniture and equipment £ 4,941 4,941 4,588 53 4,641 300 353 |
Total £ 4,941 4,941 4,588 53 4,641 300 353 |
|---|---|---|
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Cheer Trust
Notes to the Financial Statements for the Year Ended 30 March 2023
12 Debtors
| Other debtors 13 Cash and cash equivalents Cash at bank 14 Creditors: amounts falling due within one year Other creditors 15 Funds Balance at 31 March 2022 £ Incoming resources £ Unrestricted funds General 84,231 103,585 Restricted funds 1,450 300 Total funds 85,681 103,885 Balance at 31 March 2021 £ Incoming resources £ Unrestricted funds General 71,431 86,682 Restricted funds 1,200 250 Total funds 72,631 86,932 |
2023 £ 8,097 2023 £ 104,648 2023 £ 3,620 Resources expended £ (80,141) - (80,141) Resources expended £ (73,882) - (73,882) |
2022 £ 6,581 |
|---|---|---|
| 2022 £ 82,389 |
||
| 2022 £ 3,642 |
||
| Balance at 30 March 2023 £ 107,675 1,750 |
||
| 109,425 | ||
| Balance at 30 March 2022 £ 84,231 1,450 |
||
| 85,681 |
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Cheer Trust
Notes to the Financial Statements for the Year Ended 30 March 2023
16 Analysis of net assets between funds
| 16 Analysis of net assets between funds | |||
|---|---|---|---|
| Tangible fixed assets Current assets Current liabilities Total net assets Tangible fixed assets Current assets Current liabilities Total net assets |
Unrestricted funds General £ 300 110,995 (3,620) 107,675 Unrestricted funds General £ 353 77,520 (3,642) 74,231 |
Restricted funds £ - 1,750 - 1,750 Restricted funds £ - 11,450 - 11,450 |
Total funds at 30 March 2023 £ 300 112,745 (3,620) |
| 109,425 | |||
| Total funds at 30 March 2022 £ 353 88,970 (3,642) |
|||
| 85,681 |
17 Related party transactions
During the year the charity made the following related party transactions:
Mrs C S Colman
(Mrs Colman acts as the Company Secretary for the charity) Mrs Colman charged the charity £33,900 (2022 - £32,400) and recharged £7,027 (2022 - £6,384) of expenses during the year. At the balance sheet date the amount due to Mrs C S Colman was £2,120 (2022 - £2,143).
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