THE CONDOR TRUST FOR EDUCATION
TRUSTEES’ ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
Charity number: 1108069
www.condortrust.org
The Condor Trust for Education Annual Report and Financial Statements
CONTENTS
| CONTENTS | |
|---|---|
| Page | |
| Trustees’ annual report | 1 - 3 |
| Independent examiner’s report | 4 |
| Statement of financial activities | 5 |
| Balance sheet | 6 |
| Notes to the financial statements | 7 - 9 |
The Condor Trust for Education Report of the trustees For the year ended 31 March 2023
The Trustees present the annual report and financial statements of the charity for the year ended 31 March 2023. The financial statements comply with current statutory requirements and the requirements of the Charity’s governing document.
Objectives and activities
The objects of the charity as set out in the Trust Deed are:
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To promote the education and training of children and adults in South and Central America, in particular but without limitation in Ecuador, including the provision of educational materials and facilities, school and higher education scholarships, teacher training and other vocational training, and the salaries of teachers and other educational staff, with the ultimate aim of contributing to the creation of self-sustaining communities.
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To provide funding for projects to relieve poverty, improve healthcare or promote community regeneration in South and Central America.
The charity fulfils these aims by providing financial support for children in Ecuador to enable them to attend secondary school and further education, as well as to make the most of their educational opportunities.
Public Benefit
The trustees confirm that they have referred to the Charity Commission’s general guidance on public benefit when reviewing the Trust’s aims and objectives and in planning activities. In particular, the trustees consider how activities will contribute to the aims and objectives they have set.
Achievements and performance
The year from April 2022 to March 2023 was the first full year in school for our students, following the disruption caused by the Covid-19 pandemic. We are very happy to report that none of the students we support fell out of the school system during the Covid period, despite very high levels of school desertion in Latin America as a whole. This is in large part due to the efforts of our administrator and other supporters in Ecuador, who worked extremely hard to help all our students continue to feel engaged in their education, and the Trustees extend their warmest thanks to all those involved.
Education : In summer 2022, four students graduated from secondary school. Three of these continued into higher education. One is studying digital marketing, one catering, and one hopes to begin a course in economics shortly. Five new students at the beginning of their secondary school careers were taken on by the Trust in September 2022.
Three students in higher education graduated in late 2022. This means we were supporting a total of 40 young people (21 in secondary school and 19 in further education) during the year.
Music has continued to thrive. Guitar and violin lessons were held at our Centre most Saturdays, and singing lessons have now been introduced. These activities are possible largely thanks to the support of the UK charity Keys of Change CIO.
Other financial support: Although the economic and employment situation improved somewhat after the pandemic, some extra support continued to be needed by several families, largely due to the precarious nature of many jobs. We were able to provide this, thanks to the generosity of donors, although our main focus has now returned firmly to the direct support of education.
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The Condor Trust for Education Report of the trustees For the year ended 31 March 2023
Achievements and performance (continued)
Glasses programme: Throughout the year, we conducted eye tests and glasses campaigns in and around Quito, a programme the Condor Trust operates thanks to the support of Fondation Eagle and the cooperation of the Ecuadorian foundation Vista para Todos. Since this programme began, we have been able to provide around 7,200 eye tests and over 3,000 pairs of glasses to young people in and around Quito.
Financial review
The reserves policy is to hold sufficient unrestricted funds to cover three to four months’ average expenses. At 31 March 2023 this equates to desired reserves of £15,000 -£20,000 (2022: £13,000£18,000) compared to actual reserves held of £19,105 (2022: £13,716).
The trustees consider the current level of reserves to be satisfactory.
Structure, governance and management
The Condor Trust for Education is a charitable trust governed by a trust deed adopted 17 August 2004.
The trustees meet regularly and are responsible for the strategic direction and policy of the charity. A local administrator in Quito manages the day-to-day operation of the charity and is a paid employee.
Trustees are recruited from people who have an interest in advancing education internationally and demonstrate the requisite skills. They are appointed by the vote of existing trustees. New trustees receive an induction which covers the charity’s aims, operations and finances, and their duties and responsibilities as trustees for the management of the charity.
Reference and administrative details
The Condor Trust for Education is registered with the Charity Commission (no: 1108069)
The principal address of the charity is 6 Wyvern Road, Purley, CR8 2NP
The trustees who served in the year and up to the date of this report were:
C Patrick Chair S Baister C Silva C Davis G Orellana Bankers Independent Examiner HSBC Nicola Anderson FCA FCIE 139a North End 189 Baldwins Lane Croydon Croxley Green Surrey Rickmansworth CR0 1TN Herts WD3 3LL
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The Condor Trust for Education Report of the trustees For the year ended 31 March 2023
Statement of trustees’ responsibilities
The trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice (UK GAAP).
Charity 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 at the year-end and of the net income/ (expenditure) of the charity for the year then ending. In preparing these financial statements, the trustees are is required to:
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select suitable accounting policies and apply them consistently;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare financial statements on a going concern basis unless it is inappropriate to assume that the trust will continue on that basis.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable it to ensure that the financial statements comply with the Charities Act 2011. The trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
This report was approved by the trustees on 19 June 2023 and signed on their behalf by
C Patrick - Chair
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Independent Examiner’s Report to The trustees of The Condor Trust for Education
I report to the trustees on my examination of the accounts of The Condor Trust for Education (the Trust) (charity no: 1108069) for the year ended 31 March 2023 which are set out on pages 5 to 9.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner’s statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the Trust as required by section 130 of the 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 applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.
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.
Nicola Anderson FCA FCIE Chartered Accountant & Independent Examiner
189 Baldwins Lane Croxley Green Rickmansworth Herts. WD3 3LL
Dated: 20 June 2023
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The Condor Trust for Education Statement of financial activities For the year ended 31 March 2023
| 2023 | 2022 | ||||||
|---|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | Unrestricted | Restricted | Total | ||
| funds | funds | funds | funds | funds | funds | ||
| note | £ | £ | £ | £ | £ | £ | |
| Income from: | |||||||
| Donations and legacies | 2 | 65,307 | 32,732 | 98,039 | 51,792 | 38,067 | 89,859 |
| Other Income | 617 | - | 617 | ||||
| Total income | 65,924 | 32,732 | 98,656 | 51,792 | 38,067 | 89,859 | |
| Expenditure on: | |||||||
| Student grants and bursaries | (31,905) | (12,829) | (44,734) | (32,287) | (14,313) | (46,600) | |
| Other project costs | (6,214) | (16,033) | (22,247) | (463) | (23,775) | (24,238) | |
| In country administration costs | (22,258) | - | (22,258) | (20,195) | - | (20,195) | |
| Independent Examiner | |||||||
| Independent Examination | (400) | - | (400) | (400) | - | (400) | |
| Accountancy services | (250) | - | (250) | (200) | - | (200) | |
| Total expenditure | (61,027) | (28,862) | (89,889) | (53,545) | (38,088) | (91,633) | |
| Exchange gains (losses) | 1 | 492 | - | 492 | (388) | - | (388) |
| Net income (expenditure) | 5,389 | 3,870 | 9,259 | (2,141) | (21) | (2,162) | |
| Reconciliation of funds: | |||||||
| Funds brought forward | 13,716 | 7,837 | 21,553 | 15,857 | 7,858 | 23,715 | |
| Funds carried forward | 19,105 | 11,707 | 30,812 | 13,716 | 7,837 | 21,553 |
The notes on pages 7 to 9 form part of these accounts.
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The Condor Trust for Education Balance sheet As at 31 March 2023
| 2023 | 2022 | ||
|---|---|---|---|
| note | £ | £ | |
| Current assets | |||
| Debtors | 4 | 9,355 | 10,134 |
| Cash at bank | 22,107 | 12,019 | |
| 31,462 | 22,153 | ||
| Creditors:amounts due in less than one year | 5 | (650) | (600) |
| Net current/total assets | 30,812 | 21,553 | |
| Funds | 6 | ||
| Restricted funds | 11,707 | 7,837 | |
| Unrestricted funds | 19,105 | 13,716 | |
| 30,812 | 21,553 |
The notes on pages 7 to 9 form part of these accounts.
These accounts were approved by the trustees on 19 June 2023 and signed on their behalf by
C Patrick - Chair
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The Condor Trust for Education Notes to the accounts For the year ended 31 March 2023
1. Accounting policies
Accounting convention
The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts.
The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) effective 1 January 2015.
The accounts have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved applying ‘Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) effective 1 January 2015’ rather than the version of the Statement of Recommended Practice referred to in the regulation but which has since been withdrawn.
The charity constitutes a public benefit entity.
The Trustee considers that there are no material uncertainties about the charity’s ability to continue as a going concern.
Income recognition
Income is recognised where entitlement is established, receipt is probable and the income can be measured.
Donations and gifts are recognised upon receipt.
Grants are recognised when conditions for receipt have been met.
Income is deferred if entitlement falls entirely in a future accounting period.
Expenditure recognition
Expenditure is recognised on an accruals basis when a liability arises.
Foreign Currency Translation
Transactions denominated in a foreign currency are translated into sterling at the average rate operating over the period that the transactions were incurred. At each balance sheet date, monetary assets and liabilities are translated at closing rate. All amounts of exchange gains or losses on translation are separately identified in the statement of financial activities.
The following rates were applied:
US Dollars to £
2023 2022 1.20 1.34
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The Condor Trust for Education Notes to the accounts (continued) For the year ended 31 March 2023
2 Grants and donations
| Grants and donations | |||
|---|---|---|---|
| 2023 | 2022 | ||
| £ | £ | ||
| Restricted: | Purpose: | ||
| Trusts and Foundations: | |||
| Eagle Foundation | Eye tests and glasses | 13,111 | 11,809 |
| Hardship fund | 4,022 | 3,691 | |
| Covid 19 Support | - | 3,774 | |
| The School Fund | Educational project | 8,829 | 7,902 |
| LATA Foundation | Educational project | 4,000 | 5,000 |
| Keys of Change | Music tuition | 2,770 | 1,411 |
| Individuals | - | 4,480 | |
| 32,732 | 38,067 | ||
| Unrestricted: | |||
| Individuals | 60,411 | 47,288 | |
| Trusts and Foundations: | |||
| Verein zur Unterstϋtzung | 2,896 | 2,504 | |
| Other organisations | |||
| Druces LLP | 2,000 | 2,000 | |
| 65,307 | 51,792 | ||
| Total Income | 98,039 | 89,859 |
3 Key Management, Trustee remuneration and expenses and related party transactions
The trustees are considered to be key management of the charity. During the year the trustees received no remuneration or reimbursed expenses (2022: none).
During the year the trustees and their close relatives donated a total of £23,000 (2022: £32,050) to the charity, net of gift aid. In addition, in 2022 one trustee advanced the charity two short term loans totalling £5,000. The loans bore no interest and were repaid in full within the year.
| 4 | Debtors | ||
|---|---|---|---|
| 2023 | 2022 | ||
| £ | £ | ||
| Gift Aid | 7,587 | 9,393 | |
| Accrued income | 1,768 | 741 | |
| 9,355 | 10,134 |
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The Condor Trust for Education Notes to the accounts (continued) For the year ended 31 March 2023
5 Creditors
| Creditors | |||||
|---|---|---|---|---|---|
| 2023 | 2022 | ||||
| £ | £ | ||||
| Independent Examiner’s fee | 650 | 600 | |||
| 650 | 600 | ||||
| Movement on funds | |||||
| Current Year | At 1.4.22 | Income | Expenditure | Exchange | At 31.3.23 |
| gain/(loss) | |||||
| £ | £ | £ | £ | £ | |
| Restricted funds | |||||
| Education projects | - | 15,599 | (15,599) | - | - |
| Eye tests and glasses | 7,837 | 13,111 | (9,241) | - | 11,707 |
| Emergency funds | - | 4,022 | (4,022) | - | - |
| 7,837 | 32,732 | (28,862) | - | 11,707 | |
| Unrestricted funds: | 13,716 | 65,924 | (61,027) | 492 | 19,105 |
| Total funds | 21,553 | 98,656 | (89,889) | 492 | 30,812 |
| Prior Year | At 1.4.21 | Income | Expenditure | Exchange | At 31.3.22 |
| gain/(loss) | |||||
| £ | £ | £ | £ | £ | |
| Restricted funds | |||||
| Education projects | - | 14,313 | (14,313) | - | - |
| Eye tests and glasses | 7,858 | 11,809 | (11,830) | - | 7,837 |
| Emergency funds | - | 7,465 | (7,465) | - | - |
| Other projects | - | 4,480 | (4,480) | - | - |
| 7,858 | 38,067 | (38,088) | - | 7,837 | |
| Unrestricted funds: | 15,857 | 51,792 | (53,545) | (388) | 13,716 |
| Total funds | 23,715 | 89,859 | (91,633) | (388) | 21,553 |
| Analysis of net assets by fund | |||||
| Unrestricted | Restricted | Total | |||
| £ | £ | £ | |||
| Current Year | |||||
| Current Assets | 19,755 | 11,707 | 31,462 | ||
| Current liabilities | (650) | - | (650) | ||
| 19,105 | 11,707 | 30,812 | |||
| Prior Year | |||||
| Current Assets | 14,316 | 7,837 | 22,153 | ||
| Current liabilities | (600) | - | (600) | ||
| 13,716 | 7,837 | 21,553 |
6 Movement on funds
7 Analysis of net assets by fund
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