Your Company Name and/or Letter Head
BUSINESS ADVISORS • CHARTERED ACCOUNTANTS • REGISTERED AUDITORS
19 January 2022
23 RedhouseRoad Tettenhall Coventry Wolverhampton WV6 8SU St. Mary's Educational & Charitable Trust
Dear ,
Accounts for Period ended 31/03/2021
Please find attached final accounts for St. Mary's Educational & Charitable Trust for the period ended 31/03/2021 [including filleted/abbreviated accounts if appropriate].
Please review the attached carefully and if you are happy that the accounts can be approved please print out a set of each of the attached documents, obtain appropriate signatures at the foot of each Balance Sheet [and Directors Report, if relevant] and return the signed documents to this office.
Please do not hesitate to contact us if you have any queries.
Yours sincerely,
Christine Hopkins
YOUR ADDRESS CAN GO HERE OR WHATEVER YOU MAY WANT IN THE FOOTER TELEPHONE: 01932 840572 FAX: 01932 855584 E-mail: support@btcsoftware.co.uk
St. Mary's Educational & Charitable Trust
Charity No. 1113945
Trustees' Report and Unaudited Accounts
31 March 2021
St. Mary's Educational & Charitable Trust Contents
| Pages | |
|---|---|
| Trustees' Annual Report | 1 |
| Independent Examiner's Report | 2 |
| Statement of Financial Activities | 3 |
| Balance Sheet | 4 |
| Statement of Cash flows | 5 |
| Notes to the Accounts | 6 to 8 |
| Detailed Statement of Financial Activities | 9 to 12 |
Page 1
St. Mary's Educational & Charitable Trust Trustees Annual Report
The Trustees present their report with the unaudited financial statements of the charity for the year ended 31 March 2021.
REFERENCE AND ADMINISTRATIVE DETAILS
Charity No. 1113945
Principal Office
23 Redhouse Road Tettenhall Wolverhampton West Midlands WV6 8SU
Trustees
The following Trustees served during the year:
K. Banerjee D. Callow D. Chukka G. Fabrizio M. Kurapati M. Quinn B. Renee
Key Management Personnel
Kate Banerjee
Bonita Ewins
Accountants
CML Services 36 Dunster Road Chelmsley Wood Birmingham B37 7TA
Bankers
Lloyds TSB Coventry High Street Coventry West Midlands CV3 4DD Address Line 5
Solicitors
Seymours Solicitors Queens House Queens Road
Page 2
St. Mary's Educational & Charitable Trust Trustees Annual Report
Coventry Address Line 5
OBJECTIVES AND ACTIVITIES
The main aim of the charity is to raise funds that can be used for the well-being and life improvement of children in the Pedavegi area of South India. The funds are used to provide accommodation for these children as well as providing financial support for the children, and the staff at the school As the Covid 19 pandemic continues the charity has sought to provide support for the local community that has been affected. This has been achieved by providing medical supplies, food, PPE, training, and financial support as well as outreach education whilst the schools were closed. Other attention has been given in the last twelve months to improving the site on which the school and boarding home are based. Putting in new access roads and parking for school transport as well as finishing the refurbishment of the living quarters of the boarding home, including decoration, upgrading washrooms and sleeping areas.
St. Mary's is run by a board of 7 trustees who work voluntarily for he charity. Their support and commitment enable the charity to keep its governance costs low and maximise payments to the beneficiaries. The work and support of the School St. Mary's India has continued to grow and develop over the year.
The financial support received this year has allowed all of the work to continue. Covid 19 has been very prevalent in India and has reached the villages surrounding the school resulting in the school being closed and the children being sent home where possible. The Trust has continued to support the children and their families during this time, providing essential food and PPE equipment and education . The Trust has also continued to support financially the teaching staff of the school. Some children's families have been greatly affected by Covid leading to deaths in the family, the trust is supporting these families as much as possible.
ACHIEVEMENTS AND PERFORMANCE
A large charity must review its charitable activities undertaken, explaining performance achieved against objectives set ...
A large charity must include an explanation when material fundraising activities are undertaken, details of the performance achieved against fundraising objectives set ...
FINANCIAL REVIEW
The charities reserves are healthy, and they are being held to support the commitments of the charity. The charity retains a small amount of reserves in the Bank in England to provide financial support for the charities overheads. Funds are transferred to the beneficiaries as quikly as possible. The Charity received a large legacy shortly before its year end from a long standing sponsor of the children, fior which it is extremely grateful..
STRUCTURE, GOVERNANCE AND MANAGEMENT
Trust document
Appointment by existing trustees
Statement of trustees' responsibilities in relation to the financial statements
The charity trustees are responsible for preparing a trustees' annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Page 3
St. Mary's Educational & Charitable Trust Trustees Annual Report
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust deed. The Trustees are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.
Signed on behalf of the charity's trustees
M. Quinn Trustee 31 March 2021
Page 4
St. Mary's Educational & Charitable Trust Independent Examiners Report
Independent Examiner's Report to the trustees of St. Mary's Educational & Charitable Trust
I report to the trustees on my examination of the accounts of St. Mary's Educational & Charitable Trust for the year ended 31 March 2021 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related notes.
Responsibilities and basis of report
As the charity's trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011('the Act'). The trustees consider that an audit is not required for this year under the Charities Act 2011, s.144(2) (the 2011 Act) and that an independent examination is needed.
I report in respect of my examination of the charity'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 can 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:
-
the accounting records were not kept in respect of the charity as required by section 130 of the Act; or
-
the accounts do not accord with those records; or
-
the accounts did 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.
Christine Hopkins F.M.A.A.T CML Services 36 Dunster Road
Chelmsley Wood Birmingham
B37 7TA 31 March 2021
Page 5
St. Mary's Educational & Charitable Trust Statement of Financial Activities
for the year ended 31 March 2021
| Notes Income and endowments from: Donations and legacies 3 Charitable activities 4 Gift Aid Receipts 5 Total Expenditure on: Other 7 Total Net gains on investments Net income/(expenditure) Transfers between funds Net income/(expenditure) before other gains/(losses) Other gains and losses Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward |
Unrestricte d funds 2021 £ 9,779 43,008 26,093 |
Total funds 2021 £ 9,779 43,008 26,093 |
Total funds 2020 £ 48,932 41,727 - |
|---|---|---|---|
| 78,880 43,008 |
78,880 43,008 |
90,659 174,257 |
|
| 43,008 - |
43,008 - |
174,257 - |
|
| 35,872 - |
35,872 - |
(83,598) - |
|
| 35,872 | 35,872 | (83,598) | |
| 35,872 88,505 |
35,872 88,505 |
(83,598) 172,103 |
|
| 124,377 | 124,377 | 88,505 |
Page 6
St. Mary's Educational & Charitable Trust Balance Sheet
at 31 March 2021
| Charity No. 1113945 Current assets Cash at bank and in hand Net current assets Total assets less current liabilities Net assets excluding pension asset or liability Total net assets The funds of the charity Restricted funds 9 Unrestricted funds 9 General funds Reserves 9 Total funds Approved by the trustees on 31 March 2021 And signed on their behalf by: D. Chukka Trustee 31 March 2021 |
2021 £ 124,377 124,377 124,377 124,377 124,377 124,377 124,377 124,377 124,377 |
2020 £ 88,505 |
|---|---|---|
| 88,505 | ||
| 88,505 88,505 |
||
| 88,505 | ||
| 88,505 | ||
| 88,505 | ||
| 88,505 | ||
| 88,505 | ||
Page 7
St. Mary's Educational & Charitable Trust Notes to the Accounts
for the year ended 31 March 2021
- 1 Accounting policies
Basis of preparation
The financial statements have been prepared in accordance with 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 if Ireland (FRS 102) issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.
Change in basis of accounting or to previous accounts
There has been no change to the accounting policies (valuation rules and method of accounting) since last year and no changes have been made to accounts for previous years.
Fund accounting
-
Unrestricted funds These are available for use at the discretion of the trustees in furtherance of the general objects of the charity.
-
Designated funds These are unrestricted funds earmarked by the trustees for particular purposes. Revaluation funds These are unrestricted funds which include a revaluation reserve representing the restatement of investment assets at their market values.
-
Restricted funds These are available for use subject to restrictions imposed by the donor or through terms of an appeal.
Income
-
Recognition of Income is included in the Statement of Financial Activities (SoFA) when the charity income becomes entitled to, and virtually certain to receive, the income and the amount of the income can be measured with sufficient reliability.
-
Income with related Where income has related expenditure the income and related expenditure is expenditure reported gross in the SoFA. Donations and Voluntary income received by way of grants, donations and gifts is included in the legacies the SoFA when receivable and only when the Charity has unconditional entitlement to the income.
-
Tax reclaims on Income from tax reclaims is included in the SoFA at the same time as the donations and gifts gift/donation to which it relates. Donated services These are only included in income (with an equivalent amount in expenditure) and facilities where the benefit to the Charity is reasonably quantifiable, measurable and material.
Volunteer help The value of any volunteer help received is not included in the accounts. Investment income This is included in the accounts when receivable. Gains/(losses) on This includes any gain or loss resulting from revaluing investments to market value revaluation of fixed at the end of the year. assets Gains/(losses) on This includes any gain or loss on the sale of investments. investment assets
Page 8
St. Mary's Educational & Charitable Trust Notes to the Accounts
Expenditure
-
Recognition of Expenditure is recognised on an accruals basis. Expenditure includes any VAT which expenditure cannot be fully recovered, and is reported as part of the expenditure to which it relates.
-
Expenditure on These comprise the costs associated with attracting voluntary income, fundraising raising funds trading costs and investment management costs. Expenditure on These comprise the costs incurred by the Charity in the delivery of its activities and charitable activities services in the furtherance of its objects, including the making of grants and governance costs.
-
Grants payable All grant expenditure is accounted for on an actual paid basis plus an accrual for grants that have been approved by the trustees at the end of the year but not yet paid.
-
Governance costs These include those costs associated with meeting the constitutional and statutory requirements of the Charity, including any audit/independent examination fees, costs linked to the strategic management of the Charity, together with a share of other administration costs.
-
Other expenditure These are support costs not allocated to a particular activity.
Taxation
The charity is exempt from tax on its charitable activities.
Freehold investment property
Investment properties are measured initially at cost and subsequently at fair value at each balance sheet date and are not depreciated. All gains or losses are taken to the Statement of Financial Activities as they arise.
Stocks
Stock is included at the lower of cost or net realisable value. Donated items of stock are recognised at fair value which is the amount the charity would have been willing to pay for the items on the open market.
Trade and other debtors
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management.
Trade and other creditors
Short term creditors are measured at the transaction price. Other creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
Page 9
St. Mary's Educational & Charitable Trust Notes to the Accounts
Research and development
Expenditure on research and development is written off in the year in which it is incurred.
Foreign currencies
Monetary assets and liabilities denominated in currencies other than the functional currency of the charity are translated at the rates of exchange prevailing at the end of the reporting period.
Transactions in currencies other than the functional currency of the charity are recorded at the rate of exchange on the date that the transaction occurred.
All exchange differences are are taken into account in arriving at net income/expenditure.
Leased assets
Where the charity enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease.
Leases which do not transfer substantially all the risks and rewards of ownership to charity are classified as operating leases.
Assets held under finance leases are initially recognised as assets of the charity at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the charity's policy on borrowing costs.
Assets held under finance leases are depreciated in the same way as owned assets.
Operating lease payments are recognised as an expense on a straight-line basis over the lease term. In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis.
Pension costs
The charity operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the charity pays fixed contributions into a separate entity. Once the contributions have been paid the charity has no further payments obligations. The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the charity in independently administered funds.
Receipt of donated goods, facilities and services
All donated goods, facilities and services received are recognised within incoming resources and expenditure at an estimate of the value to the charity.
Page 10
St. Mary's Educational & Charitable Trust Notes to the Accounts
2 Statement of Financial Activities - prior year
| 2 Statement of Financial Activities - prior year |
|||
|---|---|---|---|
| Income and endowments from: Donations and legacies Charitable activities Total Expenditure on: Other Total Net income Net income before other gains/(losses) Other gains and losses: Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward 3 Income from donations and legacies Donations Legacies 4 Income from charitable activities Sponsorships 5 Other income Gift Aid Receipts |
Unrestricted £ 9,779 - 9,779 Unrestricted £ 43,008 43,008 Unrestricted £ 26,093 26,093 |
Unrestricted funds 2020 £ 48,932 41,399 90,331 174,257 174,257 (83,926) (83,926) (83,926) 172,103 88,177 Total 2021 £ 9,779 - 9,779 Total 2021 £ 43,008 43,008 Total 2021 £ 26,093 26,093 |
Total funds 2020 £ 48,932 41,399 |
| 90,331 174,257 |
|||
| 174,257 | |||
| (83,926) | |||
| (83,926) | |||
| (83,926) 172,103 |
|||
| 88,177 | |||
| Total 2020 £ 17,906 31,026 |
|||
| 48,932 | |||
| Total 2020 £ 41,727 |
|||
| 41,727 | |||
| Total 2020 £ - |
|||
| - |
Page 11
St. Mary's Educational & Charitable Trust Notes to the Accounts
6 Analysis of grants
| Activity or programme Total 2021 £ School in India - Activity or programme Total 2021 £ School in India - 7 Other expenditure Unrestricted Total 2021 £ £ Support cost for School 42,000 42,000 Motor and travel costs - - General administrative costs 538 538 Legal and professional costs 470 470 43,008 43,008 8 Staff costs There are no employees of the charity , all members are volunteers and receive no renumeration 9 Movement in funds At 1 April 2020 Incoming resources (including other gains/losses ) Resources expended £ £ Restricted funds: Unrestricted funds: General funds 88,505 78,880 (43,008) Revaluation Reserves: Total funds 88,505 78,880 (43,008) |
Total 2020 £ - Total 2020 £ |
|---|---|
| - | |
| Total 2020 £ 172,000 1,118 839 300 |
|
| 174,257 | |
| At 31 March 2021 £ 124,377 |
|
| 124,377 |
Page 12
St. Mary's Educational & Charitable Trust Notes to the Accounts
10 Analysis of net assets between funds
| 10 Analysis of net assets between funds | |||
|---|---|---|---|
| Net current assets 11 Reconciliation of net debt Cash and cash equivalents Net debt |
At 1 April 2020 £ |
Unrestricted funds £ 124,377 124,377 Cash flows £ |
Total £ 124,377 |
| 124,377 | |||
| At 31 March 2021 £ |
|||
| 88,505 | 35,872 | 124,377 | |
| 88,505 88,505 |
35,872 35,872 |
124,377 | |
| 124,377 | |||
Page 13
St. Mary's Educational & Charitable Trust Statement of Cash flows for the year ended 31 March 2021
| Cash flows from operating activities Net income/(expenditure) per Statement of Financial Activities Adjustments for: Dividends, interest and rents from investments Net cash provided by/(used in) operating activities Cash flows from investing activities Dividends, interest and rents from investments Net cash from investing activities Net cash from financing activities Net increase/(decrease) in cash and cash equivalents Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year |
2021 £ 35,872 (26,093) 9,779 26,093 26,093 - 35,872 88,505 124,377 |
2020 £ (83,926) - |
|---|---|---|
| (83,926) - |
||
| - | ||
| - | ||
| (83,926) | ||
| 172,451 | ||
| 88,525 | ||
| Components of cash and cash equivalents | ||
| Cash and bank balances | 124,377 | 88,505 |
| 124,377 | 88,505 |
Page 14
St. Mary's Educational & Charitable Trust Detailed Statement of Financial Activities
for the year ended 31 March 2021
| Income and endowments from: Donations and legacies Donations Legacies Charitable activities Sponsorships Other Gift Aid Receipts Total income and endowments Expenditure on: Other expenditure Support cost for School Fares General administrative costs, including depreciation and amortisation Bank charges Information and publications Postage and couriers Software, IT support and related costs Stationery and printing Sundry expenses Telephone, fax and broadband Legal and professional costs Audit/Independent examination fees Total of expenditure of other costs Total expenditure Net gains on investments Net income/(expenditure) |
Unrestricted funds 2021 £ 9,779 - 9,779 43,008 43,008 26,093 26,093 78,880 42,000 42,000 - - - - 164 83 155 50 86 538 470 470 43,008 43,008 - 35,872 |
Total funds 2021 £ 9,779 - 9,779 43,008 43,008 26,093 26,093 78,880 42,000 42,000 - - - - 164 83 155 50 86 538 470 470 43,008 43,008 - 35,872 |
Total funds 2020 £ 17,906 31,026 |
|---|---|---|---|
| 48,932 | |||
| 41,727 | |||
| 41,727 | |||
| - | |||
| - | |||
| 90,659 172,000 |
|||
| 172,000 | |||
| 1,118 | |||
| 1,118 | |||
| (2) 225 180 83 274 - 79 |
|||
| 839 | |||
| 300 | |||
| 300 | |||
| 174,257 | |||
| 174,257 - |
|||
| (83,598) |
Page 15
St. Mary's Educational & Charitable Trust Detailed Statement of Financial Activities
| St. Mary's Educational & Charitable Trust Detailed Statement of Financial Activities |
|||
|---|---|---|---|
| Net income/(expenditure) before other gains/(losses) Other Gains Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward |
35,872 - 35,872 88,505 124,377 |
35,872 - 35,872 88,505 124,377 |
(83,598) - |
| (83,598) | |||
| 172,103 | |||
| 88,505 |
Page 16