Trustees’ Annual Report and Financial Statements
Year ended 31[st] March 2025
Charity number: 1108069 www.condortrust.org
Table of Contents
| Page | |
|---|---|
| A Word from the Chair | 1 |
| Activities in Ecuador | 2 - 3 |
| Annual Report | 4 - 5 |
| Independent examiner’s report | 6 |
| Statement of financial activities | 7 |
| Balance sheet | 8 |
| Notes to the financial statements | 9 - 11 |
A Word from the Chair
2025 marks 21 years since we set up the Condor Trust for Educa�on. Since then, our constant aim has been to support young people from low-income families in Ecuador so that, through educa�on, they can break the cycle of poverty they were born into and lead both more prosperous and more enriched lives. Thanks to the young people’s efforts, the dedica�on of our local administrator, the backing of the Trust and the help of a large number of donors and supporters, the results have far surpassed the hopes we started out with. In a nutshell:
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63 have completed secondary educa�on. 45 of them have completed secondary and ter�ary educa�on, have a professional qualifica�on and are working in sectors as diverse as health, IT, accoun�ng, administra�on, tourism, the army and many other areas;
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we are currently suppor�ng 32 young people in secondary school or higher educa�on.
The young people who are already in work are, unlike most of their parents, in stable and generally wellpaid jobs. This has enabled them not only to improve their own lives but also that of their families. In several cases, our students have gone on to fund the educa�on of younger rela�ves, to invest in accommoda�on for their families and take other ac�ons to improve the lives of the wider community. Their own children will not be born into poverty.
We are working to ensure that more young people can successfully complete their educa�on and build on the achievements of their fellow students over the past 21 years.
None of this would have been possible without the generous funding of individual donors, as well as several other charitable organisa�ons. In par�cular, we send our very grateful thanks to:
Fonda�on Eagle, Keys of Change, The School Fund and Vista para Todos.
Chris Patrick - Chair
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including higher levels of violence and, in some periods, daily power cuts due to energy shortages.
subject to robberies on the street or on public transport.
students graduated from secondary school in July 2024. One managed to gain a scholarship to study
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one graduate in catering
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- one Red Cross emergency nurse
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- one graduate in car mechanics.
educational expenses, including uniforms, materials, books etc. We also provided a small
towards the student’s food and drink while at school.
As well as music lessons and the provision of glasses for those students who need them, the
students broaden their horizons and experience new activities.
Music in Quito
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Change provides guitars and other instruments and supports local musicians to teach the students. teachers. In June 2024, all these students took part in a concert in central Quito to celebrate 20 years
Banda in Cerritos, a village in the Andes south of Quito, also supported by Keys of Change, to visit the capital and join in music-making with the Condor students.
The Glasses Project
tests and supply glasses to children and young people from low-income families in Ecuador. We provide
together we have performed over 8,500 eye tests and provided around 3,700 pairs of glasses.
from this project, but in 2024/25 we also visited six schools and community centres in and around Quito and conducted eye-health campaigns in each. Over 500 young people were found to need glasses but had previously been unable to afford them.
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Annual Report
March 2025. The financial statements comply with current statutory requirements and the requirements of the Charity’s governing document.
Objec�ves and ac�vi�es
The objects of the charity as set out in the Trust Deed are:
To promote the educa�on and training of children and adults in South and Central America, in par�cular but without limita�on in Ecuador, including the provision of educa�onal materials and facili�es, school and higher educa�on scholarships, teacher training and other voca�onal training, and the salaries of teachers and other educa�onal staff, with the ul�mate aim of contribu�ng to the crea�on of self-sustaining communi�es.
To provide funding for projects to relieve poverty, improve healthcare or promote community regenera�on in South and Central America.
a�end secondary school and higher educa�on, as well as to make the most of their educa�onal opportuni�es.
benefit when reviewing the Trust’s aims and objec�ves and in planning ac�vi�es. In par�cular, the trustees consider how ac�vi�es will contribute to the aims and objec�ves they have set.
Financial review
average expenses. At 31 March 2025 this equates to desired reserves of £22,000 - £29,000 compared to actual reserves held of £36,291 (2024: £17,549).
The higher than usual level of reserves is being held to cover the higher than usual level of expenditure on ter�ary educa�on expected over the coming four years. This in turn is a�ributable to an increase in the number of students gradua�ng at the same �me from secondary school in summer 2025, due to factors including the effects of the Covid-19 pandemic.
The trustees consider the current level of reserves to be sa�sfactory.
Structure, governance and management
The Condor Trust for Educa�on is a charitable trust governed by a trust deed adopted 17 August 2004.
The trustees meet regularly and are responsible for the strategic direc�on and policy of the charity. A local administrator in Quito manages the day-to-day opera�on of the charity and is a paid employee.
Trustees are recruited from people who have an interest in advancing educa�on interna�onally and demonstrate the requisite skills. They are appointed by the vote of exis�ng trustees. New trustees receive an induc�on which covers the charity’s aims, opera�ons and finances, and their du�es and responsibili�es as trustees for the management of the charity.
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Annual Report
Reference and administra�ve details
The Condor Trust for Educa�on 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 FCIE 139a North End 189 Baldwins Lane Croydon Croxley Green Surrey Rickmansworth CR0 1TN Herts WD3 3LL
Statement of trustees’ responsibili�es
accordance with applicable law and United Kingdom Generally Accepted Accoun�ng Prac�ce (UK GAAP).
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 required to:
select suitable accoun�ng policies and apply them consistently;
make judgements and es�mates that are reasonable and prudent;
state whether applicable accoun�ng standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
trust will con�nue on that basis.
The trustees are responsible for keeping proper accoun�ng records which disclose with reasonable accuracy at any �me the financial posi�on of the charity and to enable it to ensure that the financial statements comply with the Chari�es Act 2011. The trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the preven�on and detec�on of fraud and other irregulari�es.
This report was approved by the trustees on 20 May 2025 and signed on their behalf by
C Patrick - Chair
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Independent Examiner’s Report
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 2025 which are set out on pages 7 to 11.
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 FCIE Charity Accountant & Independent Examiner
189 Baldwins Lane Croxley Green Rickmansworth Herts. WD3 3LL
Dated: 21 May 2025
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Statement of Financial Ac�vi�es For the year ended 31 March 2025
| 2025 | 2024 | ||||||
|---|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | Unrestricted | Restricted | Total | ||
| funds | funds | funds | funds | funds | funds | ||
| note | £ | £ | £ | £ | £ | £ | |
| Income from: | |||||||
| Donations and legacies | 2 | 74,631 | 28,765 | 103,396 | 58,476 | 32,556 | 91,032 |
| Other Income | - | - | - | 480 | - | 480 | |
| Total income | 74,631 | 28,765 | 103,396 | 58,956 | 32,556 | 91,512 | |
| Expenditure on: | |||||||
| Student grants and bursaries | (26,759) | (12,021) | (38,780) | (32,602) | (15,983) | (48,585) | |
| Other project costs | (5,010) | (19,435) | (24,445) | (4,328) | (20,316) | (24,644) | |
| In country administration costs | (23,272) | - | (23,272) | (22,172) | - | (22,172) | |
| Independent Examiner | |||||||
| Independent Examination | (450) | - | (450) | (450) | - | (450) | |
| Accountancy services | (250) | - | (250) | (250) | - | (250) | |
| Total expenditure | (55,741) | (31,456) | (87,197) | (59,802) | (36,299) | (96,101) | |
| Exchange gains (losses) | 1 | (148) | - | (148) | (710) | - | (710) |
| Net income (expenditure) | 18,742 | (2,691) | 16,051 | (1,556) | (3,743) | (5,299) | |
| Reconciliation of funds: | |||||||
| Funds brought forward | 17,549 | 7,964 | 25,513 | 19,105 | 11,707 | 30,812 | |
| Funds carried forward | 36,291 | 5,273 | 41,564 | 17,549 | 7,964 | 25,513 | |
| The notes | on pages 9 to 11 form part of these accounts. |
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Balance Sheet As at 31 March 2025
| Balance Sheet As at 31 March 2025 |
|||
|---|---|---|---|
| 2025 | 2024 | ||
| note | £ | £ | |
| Current assets | |||
| Debtors | 4 | 9,313 | 10,513 |
| Cash at bank | 35,535 | 18,423 | |
| 44,848 | 28,936 | ||
| Creditors:amounts due in less than one year | 5 | (3,284) | (3,423) |
| Net current/total assets | 41,564 | 25,513 | |
| Funds | 6 | ||
| Restricted funds | 5,273 | 7,964 | |
| Unrestricted funds | 36,291 | 17,549 | |
| 41,564 | 25,513 |
The notes on pages 9 to 11 form part of these accounts.
These accounts were approved by the trustees on 20 May 2025 and signed on their behalf by
C Patrick - Chair
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Notes to the Accounts For the year ended 31 March 2025
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 2019’ 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 £
| 2025 | 2024 |
|---|---|
| 1.27 | 1.25 |
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Notes to the Accounts For the year ended 31 March 2025
2 Grants, donations and legacies
| Grants, donations and legacies | |||
|---|---|---|---|
| 2025 | 2024 | ||
| £ | £ | ||
| Restricted: | Purpose: | ||
| Trusts and Foundations: | |||
| Eagle Foundation | Eye tests and glasses | 12,904 | 12,719 |
| Hardship fund | 3,840 | 3,854 | |
| The School Fund | Educational project | 10,331 | 8,504 |
| LATA Foundation | Educational project | - | 4,000 |
| Keys of Change | Music tuition | 1,690 | 3,479 |
| 28,765 | 32,556 | ||
| Unrestricted: | |||
| Individuals: | |||
| Donations | 64,067 | 53,646 | |
| Trusts and Foundations: | |||
| Verein zur Unterstϋtzung | 10,564 | 4,230 | |
| Other organisations | - | 600 | |
| 74,631 | 58,476 | ||
| Total Grants and Donations | 103,396 | 91,032 |
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 (2024: none).
During the year the trustees and their close relatives donated a total of £37,129 (2024: £27,504) to the charity, net of gift aid. In addition, one trustee advanced the charity short term loans totalling £10,500 (2024: £13,000). The loans were interest free and repaid by the year end.
4 Debtors
| Debtors | ||
|---|---|---|
| 2025 | 2024 | |
| £ | £ | |
| Gift Aid | 8,494 | 8,488 |
| Accrued income | 819 | 2,025 |
| 9,313 | 10,513 |
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Notes to the Accounts For the year ended 31 March 2025
| 5 | Creditors | |||||
|---|---|---|---|---|---|---|
| 2025 | 2024 | |||||
| £ | £ | |||||
| Creditors and accruals | 2,584 | 2,723 | ||||
| Independent Examiner’s fee | 700 | 700 | ||||
| 3,284 | 3,423 | |||||
| 6 | Movement on funds | |||||
| Current Year | At 1.4.24 | Income | Expenditure | Exchange | At 31.3.25 | |
| gain/(loss) | ||||||
| £ | £ | £ | £ | £ | ||
| Restricted funds | ||||||
| Education projects | - | 12,021 | (12,021) | - | - | |
| Eye tests and glasses | 7,964 | 12,904 | (15,595) | - | 5,273 | |
| Emergency funds | - | 3,840 | (3,840) | |||
| 7,964 | 28,765 | (31,456) | - | 5,273 | ||
| Unrestricted funds: | 17,549 | 74,631 | (55,741) | (148) | 36,291 | |
| Total funds | 25,513 | 103,396 | (87,197) | (148) | 41,564 | |
| Prior Year | At 1.4.23 | Income | Expenditure | Exchange | At 31.3.24 | |
| gain/(loss) | ||||||
| £ | £ | £ | £ | £ | ||
| Restricted funds | ||||||
| Education projects | - | 15,983 | (15,983) | - | - | |
| Eye tests and glasses | 11,707 | 12,719 | (16,462) | - | 7,964 | |
| Emergency funds | - | 3,854 | (3,854) | - | - | |
| 11,707 | 32,556 | (36,299) | - | 7,964 | ||
| Unrestricted funds: | 19,105 | 58,956 | (59,802) | (710) | 17,549 | |
| Total funds | 30,812 | 91,512 | (96,101) | (710) | 25,513 | |
| 7 | Analysis of net assets by fund | |||||
| Unrestricted | Restricted | Total | ||||
| £ | £ | £ | ||||
| Current Year | ||||||
| Current Assets | 36,991 | 7,857 | 44,848 | |||
| Current liabilities | (700) | (2,584) | (3,284) | |||
| 36,291 | 5,273 | 41,564 | ||||
| Prior Year | ||||||
| Current Assets | 18,249 | 10,687 | 28,936 | |||
| Current liabilities | (700) | (2,723) | (3,423) | |||
| 17,549 | 7,964 | 25,513 |
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