Registered number: 06490672 Charity number: 1122709
AMSTONE CHARITABLE TRUST LIMITED
(A company limited by guarantee)
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2022
AMSTONE CHARITABLE TRUST LIMITED
(A company limited by guarantee)
| CONTENTS | |
|---|---|
| Page | |
| Reference and administrative details of the charity, its trustees and advisers | 1 |
| Trustees' report | 2 - 3 |
| Trustees' responsibilities statement | 4 |
| Independent examiner's report | 5 |
| Statement of financial activities | 6 |
| Income and expenditure account | 6 |
| Balance sheet | 7 |
| Notes to the financial statements | 8 - 14 |
AMSTONE CHARITABLE TRUST LIMITED (A company limited by guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 28 FEBRUARY 2022
Trustees
A Siddiqi A Hamza C Siddiqi
Company registered number
06490672
Charity registered number
1122709
Registered office
3 Hollins House, 331 Hale Road, Altrincham, Cheshire, WA15 8TS
Company secretary
A Siddiqi
Chief executive officer
A Siddiqi
Accountants
Madisons, Bushbury House, 435 Wilmslow Road, Withington, Manchester, M20 4AF
Page 1
AMSTONE CHARITABLE TRUST LIMITED (A company limited by guarantee)
TRUSTEES' REPORT FOR THE YEAR ENDED 28 FEBRUARY 2022
The Trustees present their annual report together with the financial statements of the company for the 1 March 2021 to 28 February 2022. The Trustees confirm that the Annual Report and financial statements of the company comply with the current statutory requirements, the requirements of the company's governing document and the provisions of the Statement of Recommended Practice (SORP), applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) as amended by Update Bulletin 1 (effective 1 January 2015).
Since the company qualifies as small under section 383, the strategic report required of medium and large companies under The Companies Act 2006 (Strategic Report and Director's Report) Regulations 2013 is not required.
Objectives and Activities
a. POLICIES AND OBJECTIVES
The principal object of the company is to advance the education of the public by providing and assisting in the provision of facilities for education and community cohesion, the advancement of the Abrahamic religions (Christianity, Islam and Judaism), medical rehabilitation and the relief of financial hardship by the provision of grants, services or facilities.
b. ACTIVITIES FOR ACHIEVING OBJECTIVES
The charity conducts a material part of its activities through grantmaking. The charities grantmaking policies are limited to its charitable objectives.
c. MAIN ACTIVITIES UNDERTAKEN TO FURTHER THE CHARITY'S PURPOSES FOR PUBLIC BENEFIT
The main activities is to take wide spread view in supporting other UK registered charitable organisations with particular focus towards community and religious cohesion. Further the charity also supports hardship requests with focus on acts of compassion for those in need.
Achievements and performance
a. REVIEW OF ACTIVITIES
During the period the charity obtained voluntary donations from its' trustees which assisted the charity in continuing to support its projects in order to meet the objectives of the charity.
b. INVESTMENT POLICY AND PERFORMANCE
Aside from retaining a prudent amount in reserves each year most of the charity’s funds are to be spent in the short term, so there are no funds for long term investment.
Financial review
a. GOING CONCERN
After making appropriate enquiries, the trustees have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going
Page 2
AMSTONE CHARITABLE TRUST LIMITED (A company limited by guarantee)
TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 28 FEBRUARY 2022
concern basis can be found in the Accounting Policies.
Structure, governance and management
a. CONSTITUTION
The company is registered as a charitable company limited by guarantee and was set up by a Trust deed on 17 December 2007.
The company is constituted under a Trust deed dated 17 December 2007 and is a registered charity number 1122709.
There have been no changes in the objectives since the last annual report.
b. METHOD OF APPOINTMENT OR ELECTION OF TRUSTEES
The management of the company is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.
c. ORGANISATIONAL STRUCTURE AND DECISION MAKING
A board of trustees, who meet regularly, administers the charity. Mr A Siddiqi is appointed by his fellow trustees to manage the day to day operations of the charity. At the trustees' meeting’s, the trustees agree the broad strategy and areas of activity for the trust, including consideration of activities, investment, reserves and risk management policies and performance. A scheme of delegation is in place and day to day responsibility for the provision of services rests with the manager. The manager is responsible for ensuring that the charity delivers the services specified and, as such, has responsibility for the day to day operational management of the charity.
Plans for future periods
a. FUTURE DEVELOPMENTS
The charity will continue to support the needs of various UK registered charities.
FUNDS HELD AS CUSTODIAN
Neither the charity nor its trustees are acting as custodian trustees.
This report was approved by the Trustees, on 4 October 2022 and signed on their behalf by:
A Siddiqi
Page 3
AMSTONE CHARITABLE TRUST LIMITED (A company limited by guarantee)
TRUSTEES' RESPONSIBILITIES STATEMENT FOR THE YEAR ENDED 28 FEBRUARY 2022
The Trustees (who are also directors of Amstone Charitable Trust Limited for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the Trustees to prepare financial statements for each financial year. Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources 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:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles of the Charities SORP;
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make judgments and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Page 4
AMSTONE CHARITABLE TRUST LIMITED (A company limited by guarantee)
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 28 FEBRUARY 2022
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF AMSTONE CHARITABLE TRUST LIMITED (the 'company')
I report to the charity Trustees on my examination of the accounts of the company for the year ended 28 February 2022.
This report is made solely to the company's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the company's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the company and the company's Trustees as a body, for my work or for this report.
RESPONSIBILITIES AND BASIS OF REPORT
As the Trustees of the company (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied 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 accounts carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
INDEPENDENT EXAMINER'S STATEMENT
I have completed my examination. I can confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
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accounting records were not kept in respect of the company as required by section 386 of the 2006 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 accounting requirements of section 396 of the 2006 Act 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; or
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].
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.
Signed:
Dated: 4 October 2022
A Hamdani Association of Chartered Certified Accountants
MADISONS
Page 5
AMSTONE CHARITABLE TRUST LIMITED
(A company limited by guarantee)
| STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 28 FEBRUARY 2022 |
||
|---|---|---|
| Unrestricted funds Note 2022 £ INCOME FROM: Donations and legacies 2 81,464 Investments 3 14 TOTAL INCOME 81,478 EXPENDITURE ON: Charitable activities 4 73,121 TOTAL EXPENDITURE 5 73,121 NET INCOME / (EXPENDITURE) BEFORE OTHER RECOGNISED GAINS AND LOSSES 8,357 NET MOVEMENT IN FUNDS 8,357 RECONCILIATION OF FUNDS: Total funds brought forward 4,663 TOTAL FUNDS CARRIED FORWARD 13,020 |
Total funds 2022 £ 81,464 14 81,478 73,121 73,121 8,357 8,357 4,663 13,020 |
Total funds 2021 £ 24,625 8 24,633 24,986 24,986 (353) (353) 5,016 4,663 |
The notes on pages 8 to 14 form part of these financial statements.
SUMMARY INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 28 FEBRUARY 2022
| Note GROSS INCOME IN THE REPORTING PERIOD Less: Total expenditure NET INCOME FOR THE FINANCIAL YEAR 8 |
Total funds 2022 £ 81,478 73,121 8,357 |
Total funds 2021 £ 24,633 65,156 (353) |
|---|---|---|
The notes on pages 8 to 14 form part of these financial statements.
Page 6
AMSTONE CHARITABLE TRUST LIMITED
(A company limited by guarantee) REGISTERED NUMBER: 06490672
BALANCE SHEET AS AT 28 FEBRUARY 2022
| Note CURRENT ASSETS Debtors 7 Cash at bank and in hand NET ASSETS CHARITY FUNDS Unrestricted funds 8 TOTAL FUNDS |
£ 12,329 691 |
2022 £ 13,020 13,020 13,020 13,020 |
£ 3,925 738 |
2021 £ 4,663 |
|---|---|---|---|---|
| 4,663 | ||||
| 4,663 | ||||
| 4,663 |
The company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The Trustees consider that the company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 ("the Act") and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Act.
The Trustees acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements were approved and authorised for issue by the Trustees on 4 October 2022 and signed on their behalf, by:
A Siddiqi
The notes on pages 8 to 14 form part of these financial statements.
Page 7
AMSTONE CHARITABLE TRUST LIMITED (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2022
1. ACCOUNTING POLICIES
1.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Amstone Charitable Trust Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
1.2 Reconciliation with previous Generally Accepted Accounting Practice
In preparing these accounts, the Trustees have considered whether in applying the accounting policies required by FRS 102 and the Charities SORP FRS 102 the restatement of comparative items was required.
No restatements were required.
1.3 Company status
The company is a company limited by guarantee. The members of the company are the Trustees named on page 1. In the event of the company being wound up, the liability in respect of the guarantee is limited to £1 per member of the company.
Page 8
AMSTONE CHARITABLE TRUST LIMITED (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2022
1. ACCOUNTING POLICIES (continued)
1.4 Income
All income is recognised once the company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
For legacies, entitlement is taken as the earlier of the date on which either: the company is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the Trust that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the company has been notified of the executor's intention to make a distribution. Where legacies have been notified to the company, or the company is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material.
Donated services or facilities are recognised when the company has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use of the company of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), the general volunteer time of the Friends is not recognised and refer to the Trustees' report for more information about their contribution.
On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the company which is the amount the company would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.
Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
Page 9
AMSTONE CHARITABLE TRUST LIMITED (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2022
1. ACCOUNTING POLICIES (continued)
1.5 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Fundraising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities. Support costs are those costs incurred directly in support of expenditure on the objects of the company and include project management carried out at Headquarters. Governance costs are those incurred in connection with administration of the company and compliance with constitutional and statutory requirements.
Charitable activities and Governance costs are costs incurred on the company's educational operations, including support costs and costs relating to the governance of the company apportioned to charitable activities.
1.6 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the company; this is normally upon notification of the interest paid or payable by the Bank.
1.7 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
1.8 Cash at Bank and in hand
Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
1.9 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the company and which have not been designated for other purposes.
Page 10
AMSTONE CHARITABLE TRUST LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2022
2. INCOME FROM DONATIONS AND LEGACIES
| Unrestricted funds 2022 £ Donations 81,464 Total 2021 24,625 |
Total funds 2022 £ 81,464 24,625 |
Total funds 2021 £ 24,625 |
|---|---|---|
3. INVESTMENT INCOME
| Unrestricted funds 2022 £ Interest received 14 Total 2021 8 |
Total funds 2022 £ 14 8 |
Total funds 2021 £ 8 |
|---|---|---|
4. GOVERNANCE COSTS
| Unrestricted funds 2022 £ Legal & professional fees 13 Computer and software costs 4,835 Bank charges 115 4,963 |
Total funds 2021 £ 26 210 101 337 |
|---|---|
Page 11
AMSTONE CHARITABLE TRUST LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2022
5. ANALYSIS OF EXPENDITURE BY EXPENDITURE TYPE
| Other costs 2022 £ Education and community cohesion 57,818 Religion 6,740 Financial hardship 600 Medical Rehabilitation 3,000 Charitable activities 68,158 Expenditure on governance 4,963 73,121 Total 2021 24,986 |
Total 2022 £ 57,818 6,740 600 3,000 68,158 4,963 73,121 24,986 |
Total 2021 £ 10,249 8,800 5,600 - 24,649 |
|---|---|---|
| 337 24,986 |
||
6. NET INCOME/(EXPENDITURE)
During the year, no Trustees received any remuneration (2021 - £NIL). During the year, no Trustees received any benefits in kind (2021 - £NIL). During the year, no Trustees received any reimbursement of expenses (2021 - £NIL).
7. DEBTORS
| DEBTORS | ||
|---|---|---|
| 2022 | 2021 | |
| £ | £ | |
| Other debtors | 12,329 | 3,925 |
8. STATEMENT OF FUNDS
STATEMENT OF FUNDS - CURRENT YEAR
| Balance at | Balance at | |||
|---|---|---|---|---|
| 1 March | 28 February | |||
| 2021 | **Income ** | Expenditure | 2022 | |
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| Other General funds | 4,663 | 81,478 | (73,121) | 13,020 |
Page 12
AMSTONE CHARITABLE TRUST LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2022
8. STATEMENT OF FUNDS (continued)
STATEMENT OF FUNDS - PRIOR YEAR
| Designated funds Total of funds SUMMARY OF FUNDS - CURRENT YEAR General funds SUMMARY OF FUNDS - PRIOR YEAR Designated funds |
Balance at 1 March 2020 £ 5,016 5,016 Balance at 1 March 2021 £ 4,663 4,663 Balance at 1 March 2020 £ 5,016 |
Income Expenditure Balance at 28 February 2021 £ £ £ 24,633 (24,986) 4,663 24,633 (24,986) 4,663 Income Expenditure Balance at 28 February 2022 £ £ £ 81,478 (73,121) 13,020 81,478 (73,121) 13,020 Income Expenditure Balance at 28 February 2021 £ £ £ 24,633 (24,986) 4,663 |
|---|---|---|
9. ANALYSIS OF NET ASSETS BETWEEN FUNDS
ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT YEAR
| Unrestricted | |
|---|---|
| funds | |
| 2022 | |
| £ | |
| Current assets | 13,020 |
Page 13
AMSTONE CHARITABLE TRUST LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2022
9. ANALYSIS OF NET ASSETS BETWEEN FUNDS (continued)
ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR YEAR
| Unrestricted | |
|---|---|
| funds | |
| 2021 | |
| £ | |
| Current assets | 4,663 |
Page 14