2022-03-31-accounts - St Mary's Educational And Charitable Trust

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St. Mary's Educational & Charitable Trust

Charity No. 1113945

Trustees' Report and Unaudited Accounts

31 March 2022

St. Mary's Educational & Charitable Trust Contents

	Pages
Trustees' Annual Report	2 to 4
Independent Examiner's Report	5
Statement of Financial Activities	6
Balance Sheet	7
Notes to the Accounts	8 to 13
Detailed Statement of Financial Activities	14 to 16

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 2022.

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

Solicitors

Seymours Solicitors Queens House Queens Road Coventry

Page 2

St. Mary's Educational & Charitable Trust Trustees Annual Report

OBJECTIVES AND ACTIVITIES

The aim of the charity is to support the lives of children in rural Pedavegi, by providing accommodation , emotional support, education and a future.

The Trust seeks to raise funds that are used for the well-being and life improvement of the children in its care and in the surrounding villages. These funds are used to provide accommodation for such children as well as providing financial support for them, their families and the staff of the home. The Trust seeks to provide stability in often very difficult situations. Caring for children whose lives can be a struggle and bringing hope to them and to their families. The sponsorship of a child in the care of the Trust is the main source of funds to the Trust as well as individual private donations. Our aim is to continue to raise awareness of the charity, allowing us to raise the much-needed funds to support the school in India.

St. Mary's is run by a board of 7 trustees who work voluntarily for the 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 the important work to continue. Its has continued to improve and maintain the site on which the boarding home is situated. Improving living facilities with a new assembly area and study area, new clothing, school bags and stationery for the children. The Trust has invested in security with further lighting of the grounds. a gated entrance and railing on the boarding home.

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..

PLANS FOR FUTURE PERIODS

Future projects and aims include the building of a medical centre in the area to povide much needed medical support to the children in the home as well as for families in the villages. This will be funded with a new campaign aside from the sponsorship campaign. Funds raised through this campaign will be allocated to a restricted fund. The Trust will also continue to support the children, staff and villages in the area of Pedavegi as they rebuild from the COVID 19 Pandemic.

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).

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.

Page 3

St. Mary's Educational & Charitable Trust Trustees Annual Report

Signed on behalf of the charity's trustees

M. Quinn Trustee 31 March 2022

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 financial statements of St. Mary's Educational & Charitable Trust for the year ended 31 March 2022 which comprise the Statement of Financial Activities, the Balance Sheet and the related notes.

Responsibilities and basis of report

As the charity's trustees you are responsible for the preparation of the financial statements 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 financial statements 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 financial statements do not accord with those records; or
the financial statements do not comply with the applicable requirements concerning the form and content of the financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements 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 financial statements to be reached.

Christine Hopkins F.M.A.A.T CML Services 36 Dunster Road Chelmsley Wood Birmingham

B37 7TA 31 March 2022

Page 5

St. Mary's Educational & Charitable Trust Statement of Financial Activities

for the year ended 31 March 2022

Unrestricted funds	Total funds	Total funds
2022	2022	2021
£	£	£

25,647	25,647	9,779
42,025	42,025	43,008
-	-	26,093
67,672	67,672	78,880

66,660	66,660	43,008
66,660	66,660	43,008
-	-	-
1,012	1,012	35,872
-	-	-
1,012	1,012	35,872

1,012	1,012	35,872

124,377	124,377	88,505
125,389	125,389	124,377

Page 6

St. Mary's Educational & Charitable Trust Balance Sheet

at 31 March 2022

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 8 Unrestricted funds 8 General funds Reserves 8 Total funds Approved by the trustees on 31 March 2022 And signed on their behalf by: D. Chukka Trustee 31 March 2022	2022 £ 125,389 125,389 125,389 125,389 125,389 125,389 125,389 125,389 125,389	2021 £ 124,377
		124,377
		124,377 124,377
		124,377
		124,377
		124,377
		124,377
		124,377

Page 7

St. Mary's Educational & Charitable Trust Notes to the Accounts

for the year ended 31 March 2022

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.

2 Income from donations and legacies

Donations	Unrestricted £ 25,647 25,647	Total 2022 £ 25,647 25,647	Total 2021 £ 9,779
			9,779

Page 10

St. Mary's Educational & Charitable Trust Notes to the Accounts

3 Income from charitable activities

Sponsorships 4 Other income Gift Aid Receipts 5 Analysis of grants Activity or programme School in India Activity or programme School in India 6 Other expenditure Support cost for School General administrative costs Legal and professional costs	Unrestricted £ 42,025 42,025 Support Costs £ 65,000 65,000 Support Costs £ 65,000 65,000 Unrestricted £ 65,000 1,340 320 66,660	Total 2022 £ 42,025 42,025 Total 2022 £ - -	Total 2021 £ 43,008
			43,008
			Total 2021 £ 26,093
			26,093

		Total 2022 £ 65,000 65,000 Total 2022 £ 65,000 65,000 Total 2022 £ 65,000 1,340 320 66,660	Total 2021 £ -
			-
			Total 2021 £
			-
			-
			Total 2021 £ 42,000 538 470
			43,008

7 Staff costs

There are no employees of the charity , all members are volunteers and receive no renumeration

Page 11

St. Mary's Educational & Charitable Trust Notes to the Accounts

8 Movement in funds

Incoming resources (including other gains/losses ) £ 67,672 67,672 At 1 April 2021 £	Resources expended £ (66,660) (66,660) Unrestricted funds £ 125,389 125,389 Cash flows £	At 31 March 2022 £ 125,389
		125,389
		Total £ 125,389
		125,389
		At 31 March 2022 £
124,377	1,012	125,389
124,377 124,377	1,012 1,012	125,389
		125,389

Page 12

St. Mary's Educational & Charitable Trust Statement of Cash flows for the year ended 31 March 2022

Cash flows from operating activities Net income per Statement of Financial Activities Net cash provided by operating activities Net cash from investing activities Net cash from financing activities Net increase 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	2022 £ 1,012 1,012 - - 1,012 124,377 125,389	2021 £ 35,872
		9,779
		26,093

		-

		35,872
		88,505
		124,377

Components of cash and cash equivalents
Cash and bank balances	125,389	124,377

	125,389	124,377

Page 13

St. Mary's Educational & Charitable Trust Detailed Statement of Financial Activities

for the year ended 31 March 2022

Income and endowments from: Donations and legacies Donations Charitable activities Sponsorships Other Gift Aid Receipts Total income and endowments Expenditure on: Other expenditure Support cost for School General administrative costs, including depreciation and amortisation Bank charges Website Costs 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 Accountancy and bookkeeping Total of expenditure of other costs Total expenditure Net gains on investments Net income Net income before other gains/(losses)	Unrestricted funds 2022 £ 25,647 25,647 42,025 42,025 - - 67,672 65,000 65,000 375 225 - 83 520 50 87 1,340 320 - 320 66,660 66,660 - 1,012 1,012	Total funds 2022 £ 25,647 25,647 42,025 42,025 - - 67,672 65,000 65,000 375 225 - 83 520 50 87 1,340 320 - 320 66,660 66,660 - 1,012 1,012	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
			320 150
			470

			43,008
			43,008 -
			35,872
			35,872

Page 14

St. Mary's Educational & Charitable Trust Detailed Statement of Financial Activities

St. Mary's Educational & Charitable Trust Detailed Statement of Financial Activities
Other Gains Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward	- 1,012 124,377 125,389	- 1,012 124,377 125,389	-
			35,872
			88,505
			124,377

Page 15