The Condor Trust for Educaton
Trustees’ Annual Report and Financial Statements Year ended 31[st] March 2026
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
2026 marks 22 years since we set up the Condor Trust for Education. Since then, our aim has been to support young people from low-income families in Ecuador so that, through education, they can break the cycle of poverty into which they were born and lead both more prosperous and more enriched lives. Thanks to the young people’s efforts, the dedication 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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119 young people have benefitted or continue to benefit from our support;
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68 have completed secondary education. 47 of them have completed secondary and tertiary education, have a professional qualification and are working in sectors as diverse as health, IT, accounting, administration, tourism, the army and many other areas;
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we are currently supporting 30 young people in secondary school or higher education.
The young people who are already in work are, unlike most of their parents, in stable and generally wellpaid jobs. This has enabled them to improve not only their own lives but also that of their families. In several cases, our students have gone on to fund the education of younger relatives, to invest in accommodation for their families and take other actions 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 education and build on the achievements of their fellow students over the past 22 years.
None of this would have been possible without the generous funding of individual donors, as well as several other charitable organisations. In particular, we send our very grateful thanks to:
Fondation Eagle, Keys of Change and Vista para Todos.
Chris Patrick - Chair
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Activities in Ecuador
Education in Quito
Over the past three or four years, Ecuador has experienced an increase in political and social problems, including higher levels of violence and, in some periods, daily power cuts due to energy shortages. Occasionally, this has resulted in the temporary closure of schools and interruption to the education of our students. Happily, none of our students have been too seriously affected by the violence, although several have been subject to robberies on the street or on public transport.
During the year 2025/26, we supported the secondary education of 21 young people, aged from 11 to 19. In July 2025, we took on two new students, both in their first year at secondary school. They were chosen from recommendations given by the heads of primary schools with whom we have links. Five students graduated from secondary school in July 2025. Four are now studying at university or an institute of higher education (civil engineering, electronics, electrical engineering and economics).
Two students graduated from higher education in 2025/26 and are now in full-time employment. One is working in pre-school education and the other in dental mechanics.
The Trust’s financial support covered all types of educational expenses, including uniforms, materials, books etc. We also provided a small monthly allowance to cover additional expenses which crop up from time to time and a contribution 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 Trust organised other opportunities to help our students broaden their horizons and experience new activities.
Five Condor-supported university students, December 2025
Music in Quito
Thanks largely to Panos Karan and his UK-registered charity Keys of Change, we were able to continue to offer weekly music lessons, and almost all the secondary school students we support now opt to attend classes every Saturday morning at the Trust’s Centre.
During 2025/26, nine young people are learning the guitar and six are learning the violin. Attendance levels and enthusiasm are high, as students forget the stresses of the school week and of life in an unstable political environment, instead immersing themselves in music. Keys of Change provides guitars and other instruments and supports local musicians to teach the students.
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Activities in Ecuador
Guitar group (left) and violin group (above) in Quito
The Glasses Project
For fourteen years, the Trust has received funding from Fondation Eagle in Switzerland to organise eye tests and supply glasses to children and young people from low-income families in Ecuador. We provide this service in conjunction with Vista para Todos (Sight for All), an Ecuadorian charity. Over the years, together we have performed over 9,500 eye tests and provided around 4,300 pairs of glasses.
The young people supported by the Trust’s education programme, as well as their families, benefit from this project, but in 2025/26 we also visited four schools and community centres in and around Quito and conducted eye-health campaigns in each. Over 400 young people were found to need glasses which they had previously been unable to afford.
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Vista para Todos conducting eye tests and distributing glasses in Quito
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Annual Report
The Trustees present the annual report and financial statements of the charity for the year ended 31 March 2026. 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:
• 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.
• 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 higher 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.
Financial review
The reserves policy is to hold sufficient unrestricted funds to cover at least three to four months’ average expenses. At 31 March 2026 this equates to desired reserves of £18,000 - £24,000 compared to actual reserves held of £22,396 (2025: £36,291).
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.
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Annual Report
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 | (resigned September 9th, 2025) |
| C Davis | |
| G Orellana | |
| Bankers | Independent Examiner |
| HSBC | Nicola Anderson FCIE |
| 139a North End | Porthgate |
| Croydon | Hine Town Lane |
| Surrey | Blandford Forum |
| CR0 1TN | Dorset DT11 0SN |
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 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
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departures disclosed and explained in the financial statements; and
• 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 13 May 2026 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 2026 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 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
Porthgate Hine Town Lane Blandford Forum Dorset DT11 0SN
Dated: 14 May 2026
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Statement of Financial Actvites For the year ended 31 March 2026
| 2026 | 2025 | ||||||
|---|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | Unrestricted | Restricted | Total | ||
| funds | funds | funds | funds | funds | funds | ||
| note | £ | £ | £ | £ | £ | £ | |
| Income from: | |||||||
| Donations and legacies | 2 | 40,448 | 20,359 | 60,807 | 74,631 | 28,765 | 103,396 |
| Other Income | 141 | - | 141 | - | - | - | |
| Total income | 40,589 | 20,359 | 60,948 | 74,631 | 28,765 | 103,396 | |
| Expenditure on: | |||||||
| Student grants and bursaries | (28,041) | (4,261) | (32,302) | (26,759) | (12,021) | (38,780) | |
| Other project costs | (4,115) | (14,405) | (18,520) | (5,010) | (19,435) | (24,445) | |
| In country administration costs | (20,796) | - | (20,796) | (23,272) | - | (23,272) | |
| Independent Examiner | |||||||
| Independent Examination | (450) | - | (450) | (450) | - | (450) | |
| Accountancy services | (300) | - | (300) | (250) | - | (250) | |
| Total expenditure | (53,702) | (18,666) | (72,368) | (55,741) | (31,456) | (87,197) | |
| Exchange gains (losses) | 1 | (782) | - | (782) | (148) | - | (148) |
| Net income (expenditure) | (13,895) | 1,693 | (12,202) | 18,742 | (2,691) | 16,051 | |
| Reconciliation of funds: | |||||||
| Funds brought forward | 36,291 | 5,273 | 41,564 | 17,549 | 7,964 | 25,513 | |
| Funds carried forward | 22,396 | 6,966 | 29,362 | 36,291 | 5,273 | 41,564 |
The notes on pages 9 to 11 form part of these accounts.
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Balance Sheet
As at 31 March 2026
| Balance Sheet As at 31 March 2026 |
|||
|---|---|---|---|
| 2026 | 2025 | ||
| note | £ | £ | |
| Current assets | |||
| Debtors | 4 | 6,054 | 9,313 |
| Cash at bank | 24,058 | 35,535 | |
| 30,112 | 44,848 | ||
| Creditors:amounts due in less than oneyear | 5 | (750) | (3,284) |
| Net current/total assets | 29,362 | 41,564 | |
| Funds | 6 | ||
| Restricted funds | 6,966 | 5,273 | |
| Unrestricted funds | 22,396 | 36,291 | |
| 29,362 | 41,564 |
The notes on pages 9 to 11 form part of these accounts.
These accounts were approved by the trustees on 13 May 2026 and signed on their behalf by
C Patrick - Chair
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Notes to the Accounts For the year ended 31 March 2026
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 £
2026 2025 1.34 1.27
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Notes to the Accounts For the year ended 31 March 2026
2 Grants, donations and legacies
| Grants, donations and legacies | |||
|---|---|---|---|
| 2026 | 2025 | ||
| £ | £ | ||
| Restricted: | Purpose: | ||
| Trusts and Foundations: | |||
| Eagle Foundation | Eye tests and glasses | 12,439 | 12,904 |
| Hardship fund | 3,659 | 3,840 | |
| The School Fund | Educational project | 2,520 | 10,331 |
| Keys of Change | Music tuition | 1,741 | 1,690 |
| 20,359 | 28,765 | ||
| Unrestricted: | |||
| Individuals: | |||
| Donations | 30,952 | 64,067 | |
| Trusts and Foundations: | |||
| Verein zur Unterstϋtzung | 8,496 | 10,564 | |
| Sydney E Franklin Charity | 1,000 | - | |
| 40,448 | 74,631 | ||
| Total Grants and Donations | 60,807 | 103,396 |
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 (2025: none).
During the year the trustees and their close relatives donated a total of £13,550 (2025: £37,129) to the charity, net of gift aid. In addition, in 2025 one trustee advanced the charity short term loans totalling £10,500. The loans were interest free and repaid within the year.
4 Debtors
| Debtors | ||
|---|---|---|
| 2026 | 2025 | |
| £ | £ | |
| Gift Aid | 5,024 | 8,494 |
| Accrued income | 1,030 | 819 |
| 6,054 | 9,313 |
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Notes to the Accounts For the year ended 31 March 2026
| 5 | Creditors | |||||
|---|---|---|---|---|---|---|
| 2026 | 2025 | |||||
| £ | £ | |||||
| Creditors and accruals | - | 2,584 | ||||
| Independent Examiner’s fee | 750 | 700 | ||||
| 750 | 3,284 | |||||
| 6 | Movement on funds | |||||
| Current Year | At 1.4.25 | Income | Expenditure | Exchange | At 31.3.26 | |
| gain/(loss) | ||||||
| £ | £ | £ |
£ | £ | ||
| Restricted funds | ||||||
| Education projects | - | 4,261 | (4,261) |
- | - | |
| Eye tests and glasses | 5,273 | 12,439 | (11,655) |
- | 6,057 | |
| Emergency funds | - | 3,659 | (2,750) |
- | 909 | |
| 5,273 | 20,359 | (18,666) |
- | 6,966 | ||
| Unrestricted funds: | 36,291 | 40,589 | (53,702) |
(782) | 22,396 | |
| Total funds | 41,564 | 60,948 | (72,368) |
(782) | 29,362 | |
| Prior 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 | |
| 7 | Analysis of net assets by fund | |||||
| Unrestricted | Restricted | Total | ||||
| £ | £ | £ | ||||
| Current Year | ||||||
| Current Assets | 23,146 | 6,966 | 30,112 | |||
| Current liabilities | (750) | - | (750) | |||
| 22,396 | 6,966 | 29,362 | ||||
| Prior Year | ||||||
| Current Assets | 36,991 | 7,857 | 44,848 | |||
| Current liabilities | (700) | (2,584) | (3,284) | |||
| 36,291 | 5,273 | 41,564 |
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