R•gist•red number.. 06041382 Charity number: 1118236 ST CLARE'S FOUNDATION (A company limited by guarantee) UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2021
ST CLARE'S FOUNDATION (A company Ilmited by guarnTrtee) CONTENTS Page Trustees Refornn¢e and administrative details of the Char and advt8ers Trusts•s' report Independent examinerfs report Ststsment of flnancial aclivits8s Balance Sheet Notss to the flnanelal 8tslements 8-12
ST CLARE'S FOUNDATION IA company Ilmlted by guarantw) TRUSTEES FOR THE YEAR ENDED 31 JANUARY 2021 Trustees Alberto Marolda, PrincApal Lord Howard of Penrith Abhay Vamia Page 1
ST CLARE'S FOUNDATION IA company Ilmited by guarant•e) REFERENCE AND ADMINISTrATIVE OETAILS OF THE COMPANY AND ADVISERS FOR THE YEAR ENDED 31 JANUARY 2021 Company registered numbor 06041382 Charity registorgd number 1118236 Registered 0ffi¢o 3 Valencia Road, Stanmore. Middlesex. HA7 4JL Cornpany secretary Abhay Vamia Accountants Haysmacintyre LLP, 10 Queen Street Pla. London. EC4R IAG Bank015 Royal Bank of Scotland, 49 Charing Cross, London. SW1A 2DX Page 2
ST CLARE'S FOUNDATION IA company limited by guarantsgl TRUSTEES. REPORT FOR THE YEAR ENDED 31 JANUARY 2021 The Trustees present their annual report together wÈih the finanual ststements of St Clare's Foundation for the year ended 31 January 2021. The Trustees confiryn that the Annual Report and financial statements of the company comply wth the current slatLrtory requirements, the requirements of the Companls governing document and the Ststemenl of Recommended pract for Charities ISORP 2015) ISecx)nd Edition, effective 1 January 20191. Since the charity qualifies as small under Secti 383, the strategic Teport required of medium 2nd large companies under The Companies Act 20C (Strategic Rep)rt and Directorfs Report} Regulations 2013 is not requirod. CONSTITUTION The charity is a charitabk company limited by guarantee and was setup by a Memorandum of Association on 4th January 2007. It is registered as a charity number 1118236. The prinrApal oblt of the charity is to provhle lief of sknesS and finanoal hardship and to provide for tetter edu¢ab'on. either generalty or individually. in various parts of the wortd. particularty bul not exclusively in Alrica. METHOD OF APPOINTMENT OR ELECTION OF TRUSTEES The management of the charity is the resP)nbIlty of the Trustees vtho are elected and -0p1ed under the temis of the Articles of Associatron. Trustees are aFwointed upcm rMMendatiOn. Each trustee appointed is given an induction and regular training is available. ORGANISATIONAL STRUCTURE AND DECISION IAAKING The Trustees meet regulady in order to review the current activities of the charity, assess the progress of the projects and discuss future deVelopnts. POLICIES AND OBJECTIVES The chanty aims lo raise sufficient fvnds to provth housing, food and education for orphans of AIDS victims. The charity is currently helping to build 8 home in Nyazna. Kenya for $u¢h vicbms. The charity ho$ worked directly with the Francisian Sisters of St Joseph to complete this project. MAIN ACTIVITIES UNDERTAKEN TO FURTHER THE CHARrrrs PURPOSES FOR PUBUC BENEFIT The Trustees in this report describe how those activities Ltndertaken by the charity fvrther its charitable Purposes for the public benefit. The Trustees confimi that they comply wth the duty in section 17 of the Charities Act 2011 to have due regard to the public benefit guidance issued by the Charity Commission. In particular they have Conside rt5 supplementsry public guidance on the adVanrrEnt of religion for the public benefit. GOING CONCERN After making appropriate enquines, the trustees have a reasonabk expectation that the company has adequate resources to continue in operab.onal existen for the foreseeable future. For Ihis reason they continue to adopt the going conrn basis in preparing the financial statements. Further details re9arding the adoption of the going cOnM basis can be found in the Accounting Policies. Page 3
ST CLARE'S FOUNDATION IA company limlted by guarantee) TRUSTEES. REPORT Icontinuedl FOR THE YEAR ENOED 31 JANUARY 2021 REVIEW OF ACTNMES During the finanaal year. we continued to run a children's orphanage and school in Kenya called St Clare's. The entrre structure comprising of school classrooms, domitoties for both stsff and children, a kn"tchen, nurse station. large dining room and bathroom facilittes were all operational during the year. RESERVES POLICY The charity has received donatnS in the past and has continued during the year lo spend these on various projects. It is not the charitys intentn to build up reserves bul to spend the funds in hand as needed. The charity has few overhead costs so does not need to keep Lgrge reserve balances. FINANCIAL REVIEW The Charity made a defiat in the year of £17.664, reducing reserves to £812. The Charity will continue to r1ve financial support from its Tnjstees for the ongoing running and operatKsns of its Children's Orphanage in Kenya. 11 will also seek to raise addrtional resources from past and new donors. TRUSTEES, RESPONSIBILMES STATEMENT The Trustees (who are al directors of St Clare's Foundation for the purposes of company lawl are responsible for preparing the Trustees, rewrt and the finanaal ststements in accordance with applicable law and Unrted Kingdom Accounts'ng Standards (United Kingdom Generally Apted AcUntr.ng Practicel Company law requires the Trustees to prepare finan(ial statements for each financ¢al year. Under Company law the Trustees must not approve the finanal statements unless they a sats"sfied that they give a true and fair view of the stste of affairs of the tharitable company and of the incoming OurS and application of resources. including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Trustees are required to.. select Suitable accounting policies and then apY them consistently.. obsetve the methods and prinaples in the Charitses SORP.. make judgments and accounting estimates that are reasonable and prudent prepare the finanaal statements on the going concem basis unle&8 it is inappropriate to presume that the charitsble company will cnntinue in Operatn. The Trustees are reswnsible for keeping adequate accLJunting records that are sufficient lo show and explain the charitable companls transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enab them to ensure that the finan¢ial staterrEnts comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and here for taking reasonable steps for the PVentIon and detection of fraud and other irregularities. Abhay Vamia - Trustee Page 4
ST CLARE'S FOUNDATION (A company limited by guarant¢e) INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 JANUARY 2021 INDEPENDENT EXAMINER'S REPORT TO ThE TRUSTEES OF ST CLARE'S FOUNDATION (the 'company') I report to the Charity Trustees on my examination of the a¢Unts of the company for the year ended 31 January 2021. This port is made solety to the CoMpanS Trust&s. as a ty, in accordan Part 4 of the Chaiities (Accounts and Reports} Regulab'ons 2008. My work has been undertaken so that I might state to the companls Trustees those matters l am required to stale to them in an independent examinerfs report and for no other purpose. To the fullest exient permitted by law, I do not acpt or assume responsibilty to anyone other than the cornpany and the companvs Trustees as a body. for my work or for this rep)rL RESPONSIBILITrES AND BASIS OF REPORT As the Trustees of the company land its directors for the purposes of eompany lawl you are reswnsible for the preparatr.on of the accounts in accordan with the requirements of the Companies Act 2C()61'the 2006 Acl'l. Having sab'sfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination. I report in respect of my examination of the company's attounts carried out under section 145 of the Charities Act 2011 {'the 2011 ACYI. In carrying out my examinab'on I have followed the Directions gwen by the Charity Commission under section 145{51(bl of the 2013 Act INDEPENDENT EXAMINER'S STATEMENT I have completed my examination. I can confinn thal no matters have Corr to my attention in connection with the examinalitin giving me cause to believe.. accounting records were not kept in respect of the company as required by section 386 of the 2006 Act.. or the accounts do not accord with those records.. or the aeeounls do not comply the accounting reqU1reffnts of section 396 of the 2CQ6 Act other tha any requirement that the accounts gwe a 'true and fairf view which not a matter Ix)n5idered as part of an independent ex2minab"on,' or the accounts have not teen prepared in accordance wth the methods and princÉples of the Statement of Recommended Practtce for a¢Unting and x)rting by charitres lapplicable to charib.es preparing their accounts in accordance ¥th the Finanual Rewtng Stsndard applicable in the UK and Republic of Ireland {FRS 10211. I have no concems and have come acrosg no other matters in ¢onnectton bwth Ihe examinatK>n to which attention should be drawn in this report in order to enable a proper understanding of the accounts lo be reached. Signed.. * Murtaza Jessa FCA Daled: 10 Decem[ 2021 HAYSMACINTYRE LLP Chartered Accounlanls 10 Queen Street Plac London EC4R 1AG Page 5
ST CLARE'S FOUNDATION (A company jim1t by guarantee) STATEMENT OF FINANCIAL ACTIVITIES INCORPORATING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 JANUARY 2021 unrestn.cted funds 2021 Totsl funds 2021 Total funds 2020 Note INCOME FROM: Donab'ons and legaaes 38,942 38,942 63,230 TOTAL INCOME 38.942 38,942 63,230 EXPENDffURE ON: Charitable *ivities 56,6LIS 56,606 41,411 TOTAL EXPENDrruRE 56,6C6 56.606 41,411 NEf INCOME I {EXPENDITUREI BEFORE OTHER RECOGNISED GAINS AND LOSSES NET MOVEMENT IN FUNDS 117,6641 117,664) 117,664) (17,6641 21,819 21,819 RECONCILIATION OF FUNDS: Total funds brought forward 18.476 18,476 13,3431 TOTAL FUNDS CARRIED FORWARD 812 812 18,476 The notes on pages 8 to 12 fomi part of these financial ststerrents. Page 6
ST CLARE'S FOUNDATION {A company limlted by guarantee) REGISTERED NUMBER: 06041382 BALANCE SHEET AS AT 31 JANUARY 2021 2021 2020 Note CURRENT ASSErs Cash at bank and in hand 2.786 21,990 CREDITORS: amounts falling due ythin one year {1,974) 13,514) NEf CURRENT ASSETS 812 18,476 NET ASSETS 812 18,476 CHARITY FUNDS Unrestricted fvnds 812 18,476 TOTAL FUNDS 812 18,476 The companys financial staterrEnts have been prepared in 1rdan with the provisions applicable to companies subject to the small Compan regime. The Trustees Consider that the company is entided to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 20061.the Acr'} and members have not required the company to obtain an audit for the year in question in aCrdance wbth section 476 of the ACL The Truslees acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 th respect to accounting records and the preparab'on offinanckql ststements. The finanaal statements were approved al authorised fr)r tssue by the Trustees on 91 { Ll L I signed on their behalf, by.. and Abhay Varma - Trustee The notes on pe$ 8 10 12 form part ofthese financial statements. Page 7
ST CLARE'S FOUNDATION IA company limited by guaTrntee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2021 ACCOUNTING POLICIES 1.1 BASIS OF PREPARATION OF FINANCIAL STATEAIENTS The financial ststements have been prepared in aco)rdance wth Accounting and Reporting by Charities.. Staternenl of Recommended Practice applicable to chanties preparing their accounts in accordance with the the Statement of Reo)mmended Pr&b"ce for Charities ISORP 20151 {Second Edition, effedive 1 January 20191 and the compan Aci 2006. St Clare's Foundab"on meets the definition of a pubtic benefft ents'ty under FRS 102. Assets and liabilities are initially recognised at historical Cost or transaction value unless otheiSe ststed in the relevant accounting policy. 1.2 COMPANY STATUS The company is a wmpany limited by guarantee. The members of the company are the Trustees named on page 2. In the evenl of the company being wound up. the liability in respect of the guarantee is limited lo £10 Fer member of the company. 1.3 FUND ACCOUNTING General ftjnds are unreslricted fijnds which are available for use at the discretion of the Truslees in fvrtherance of the general obJe¢bves of the company and which have not teen designatsd for other purposes. 1A INCOME AJI Incorr is reco3nised once the MpanY has entitlement to the income, it is probable that the income will be received and the amount of in¢orre receivable can be measured reliably. 1.5 EXPENDITURE Expenditure is recognised 0 there is a legal or constnjctive obligation to Iransfer economic benefit lo a third party. it is probable Ihat a transfer of economic benefits 11 be required in setuement and the amount of the obligation can be measured reliably. EXpend[tU is classified by activity. The cost5 of each activity are made up of the total of direct costs and shared costs. induding support costs invofved in undertaking each activtty. Direct Costs attributable to a single a¢tFvity are allocated directly to that aclNty. Shared costs which wntribule to more than one activity and support costs which are not attribulable to a single activty are apportioned beeen those activities on a basis nSIStenI with the use of resources. Central staff costs are alICted on the basis of time spent. and depreckqtion charges allated on the porbon of the asset's use. Govemance costs are those incurred in (x)nnection with administration of the company and Complian wtth nStItUtiOnal and statutory requirements. Charitable activibes and I1¥eManCe costs are costs incurred on the ¢ornpany's educational operat]ons, including support costs and costs relating to the g0Veman of the company apportioned lo charitable actiV.e$. Page 8
ST CLARE'S FOUNDATION IA company Ilmlted by guarante¢) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2021 ACCOUNTING POLICIES (CONTINUED) 1.6 CASH FLOW STATEMENT The Trustees have taken advantage of the provisions of the Statement of Recommended Practice for Charities ISORP 20151 (Second Edibon, effethve 1 January 20191 and have chosen not lo prepare a cash flow Ststennt. 1.7 INTEREST RECEIVABLE Interest on fvnds held on deposrt is induded when receivable and the amount can be measured reliably by the company.. this is nonnalty upon notificats.on of the interest paid or payable by the Bank. 1.8 CASH AT BANK AND IN HAND Cash al bank and in hand includes cash and short temi highly liquid investsnents with a short maturity of Ihree monlhs or less from the date of acquisition or opening of the deposit or similar account. 1.9 LIABILITIES AND PROVISIONS Liabilities are recwnised when there is an obligation at the balan Sheet date as a result of a past evert it is probable that a transfer of economic benefit WTII be required in settlement. and the amount of the setlement can be ests"maled reliabty. Liabilities are recognised at the amount that the company anticipates il will pay to settte the debt or the amount il has receNed as advanced payments for the goods or services it musl provide. Provisions are measured al the best estimate of the amounts required to setde the obligation. whe the effect of the b'me value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rale that reflects the risks specific to the liability. The unwinding of the discount is recognised within interest payable and similar charges. 1.10 FINANCIAL INSTRUMENTS The company only has financial assets and financial liabilib.es of 8 kind that qualify as basic financial instruments. Basic finanrial instruments are intts.ally recognised at transaction value and subsequenty measured at their settlement value vrith the exception of bank loans which are subsequenlly measured at amorbsed cost using the effectNe interest nEthod. 1.11 CRrricAL ACCOUNTING ESTIMATES AND AREAS OF JUDGEMENT Estimates and judgments are continually evaluated and are based on historical experieno and other factors. induding ex[lationS of futu events that are believed to reasonable under the circumstances. There were no crtbcal accounting estsmates and assumptions. Page 9
ST CLARE'S FOUNDATION (A company Ilmlted ty guarant•o1 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2021 INCOME FROM DONATIONS AND LEGACIES Unresthct8J fvnds 2021 Totsi funds 2021 Total fvnds 2020 Donations 38.942 £ 38,942 £ 63,230 Total 2020 63,230 £ 63,230 ANALYSIS OF EXPENDTtURE BY EXPENDtruRE TYPE Other costs 2021 Total 2021 Total 2020 Contribution towards upkeeplbuikling of St Clare's Children's Home. Kenya Other Costs 54,2IXI 54,200 4c6 39,335 276 CHARITABLE ACTIVITIES 54,6C 54,606 39,611 ExPENDvRE ON GOVERNANCE 2.0(Kl 2,CN)O 1,800 56.606 56,6C 41.411 Total 2020 41,411 41,411 GOVERNANCE COSTS Unrestricted fvnd5 2021 Total funds 2020 Accountancy fee 2,000 1,800 NET INCOMEI{EXPENDITURE) During the year, no Trustees received any remunerabon12020- £NIL}. During the year, no Twstees received any benefft5 in kind12020 - £NILI. Dunng the year, no Trustees received any reimbursement of exr¢nses12020- £NILI. Page 10
ST CLARE'S FOUNDATION IA company Ilmitsd by guardntee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2021 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2021 2020 Other ¢redrtors 1.974 3.514 STATEMENT OF FUNDS STATEMENT OF FUNDS - CURRENT YEAR Balan at 1 FebNary 2020 Balance at 31 Expenditu January 2021 Income UNRESTRICTED FUNDS General Funds - all funds 18.476 £ 38,942 £ 156.6061 £ 812 STATEMENT OF FUNDS - PRIOR YEAR Balance at 1 February 2019 Balance at 31 Expendrture January 2020 Income General Funds- all fijnds 13.3431 63,230 {41,4111 18.476 Total of funds 13,3431 £ 63,230 £ {41,4111 £ 18,476 ANALYSIS OF NET ASSETS BETWEEN FUNDS ANALYSIS OF NET ASSETS BEThEEN FUNDS - CURRENT YEAR Unrestricted funds 2021 Current assets Creditors due wÈlhin one year 2.786 11.974} 812 Page11
ST CLARE'S FOUNDATION (A company limlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2021 ANALYSIS OF NET ASSEfs BETWEEN FUNDS (contlnued) ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR YEAR Unrestricted nds 2020 Current assets Creditors due wthin one year 21,990 (3.514} 18,476 Page 12