THE SANATA CHARITABLE TRUST
Charity registration number 1132766
Company registration number 06999163 (England and Wales)
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
THE SANATA CHARITABLE TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
| Trustees | C Conway |
|---|---|
| G Davies | |
| G Bell | |
| J S Plastow | |
| M W Sowerby | |
| T J Maunder | |
| A R Peak | |
| Dr J Head | |
| P R J Smith | |
| Charity number | 1132766 |
| Company number | 06999163 |
| Registered office | 58 Trinity Street |
| Belle Vue | |
| Shrewsbury | |
| Shropshire | |
| SY3 7PQ | |
| Independent examiner | Dyke Yaxley Limited |
| 1 Brassey Road | |
| Old Potts Way | |
| Shrewsbury | |
| Shropshire | |
| SY3 7FA |
THE SANATA CHARITABLE TRUST
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 4 |
| Independent examiner's report | 5 |
| Statement of financial activities | 6 - 7 |
| Balance sheet | 8 - 9 |
| Notes to the financial statements | 10 - 16 |
THE SANATA CHARITABLE TRUST
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 DECEMBER 2021
The trustees present their annual report and financial statements for the year ended 31 December 2021.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006 and “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)” (as amended for accounting periods commencing from 1 January 2019)
Objectives and activities
The objective of the charity is to provide financial and other support to the young and vulnerable people who benefit from the services that Restart Africa provides in Gilgil, Kenya. The operations of Restart are overseen by the Kenyan Board of Trustees, which liaise with the Sanata Charitable Trust UK, and both adhere to a common agreed strategy document, which is reviewed annually.
In planning the charity’s activities, the trustees have had regard to the guidance issued by the Charity commission on Public Benefit.
The main activities in relation to these objects are the raising of funds to support the health, education, and general wellbeing of young and vulnerable people in Kenya, overseeing the operation of the Sanata Children’s Home, and ensuring proper and accountable use of the funds raised.
Charity Policies
During the year the trustees have once again reviewed all the main policies of the charity which included wellbeing and safeguarding of the Restart children, and current employment policies in line with Kenyan law and practice.
Achievements and performance
The new Restart building has now been occupied for over 6 years. The building is structurally sound, and additional buildings which were planned for 2019 and beyond have again been postponed until the promised funding - which has been delayed due to the effects of COVID - is donated. Work has been done to develop and improve the site, and so, a sports field, children’s play area and a large vegetable garden including greenhouses are now in full use.
The website (www.restartafrica.org) is well-established, properly monitored, and particularly in these COVID hit
times, has played an increasingly important part in raising awareness and through that, funds.
The UK Charity’s main concern has always been the Restart but its original Memorandum and Articles also emphasised a commitment to self-sufficiency and general uplift in the deprived community of Gilgil. Small business enterprises such as craft and design, and the manufacture of briquettes (from waste) have been in existence for some time but have required financial support. It is pleasing that the improved accounting, financial practice and management structure has seen them all operating on a much sounder business footing. Their ability to make profits have been hit by the effect of COVID, but in the long term it remains the aim that these community enterprises will contribute to the financing of the Restart.
The charity also now has a successful football team, which plays an important part in raising the profile of the charity in Gilgil and contributes to the uplift of the community.
In terms of income, in the unusual pandemic circumstances, the Charity has had another satisfactory year but remains very conscious of the perennial challenge of the level of core funding required as education costs increase with the children’s transition from primary to secondary school, and then on to university or college. This has again been tested in the past year as COVID has continued to affect our usual methods of fundraising. However, the response with new activities, new ideas and energy has been both uplifting and effective.
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THE SANATA CHARITABLE TRUST
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
Closure of schools in Kenya for a long period due to COVID caused the charity to increase its education efforts – especially at the primary level. Unfortunately, this highlighted the dreadful level of education offered in the local schools. As a result, the Trust took the decision to begin to transfer our primary school pupils to local private schools, which were offering a better level of education: so necessary for such disadvantaged children to thrive in the future. This process has begun, and with it, the consequent rise in education costs which has impacted on our finances and will do for the future. The charity is budgeting for this accordingly.
New initiatives have been to develop links with schools ostensibly to advertise and build on volunteer links. We now have strong links with several schools, and it is pleasing to see that Shrewsbury School has made Restart Africa its official overseas charity. Apart from the fundraising aspect, this has already led to interesting and important education links between the school and the charity.
Another development has seen contact made with the British Army in Kenya, which has led to them visiting Restart and helping with routine maintenance. Plans are in place for this to be regularly repeated.
The Trust continues to commit to raise half the annual cost of running the Kenyan charity, with the remainder coming from support in Kenya and other countries, notably Australia and the USA. However this year the funds were not required by the Kenyan charity. The grants paid by the charity to the Kenyan charity are transferred via Barclays Bank to a dedicated sterling account in Barclays Bank, Kenya.
Financial review
The financial accounts for the twelve months ended 31 December 2021 have been prepared and approved by the Trustees.
Sources of funds include fundraising events, standing orders, single donations, either on-line or by post, and
donations from family charities.
The financial position at the year end remained very stable. There was net income in the year of £81,548 (2020: £263,891), increasing the total reserves to £544,796 from £463,248. The charity is able to cover all its liabilities as they fall due. The financial position for the year ending 31 December 2021 to date is showing a further increase in the charity’s reserves.
Following a generous donation last year, £250,000 has been invested with Tilney’s as the basis of an endowment fund, and the value of this fund stood at £268,673 on 31st December 2021. A further £100,000 was invested in a separate account in December (its value on 31 December 2021 was £101,272). This will give an increased yield over the bank interest rate but enable swift access if needed.
Reserves Policy
The charity continues to apply its net income for the benefit of the Restart in Kenya, in accordance with its objectives. The reserves policy is to continue to build funds for this purpose, and it aims to hold funds amounting to at least six months operating costs of Restart, which are calculated to be £240,000 in total for the year ended 31 December 2021.
Investment policy
The Trustees are authorised to invest the assets of the Charity in whatever way they believe to be in the interests of the Charity and its objectives.
Risk management
The Trustees have examined the major strategic, business and operational risks which the Charity faces and confirm that systems have been established to ensure the minimisation of those risks. The financial position of the Charity is robust, resources are sufficient to meet any eventualities that may arise for the foreseeable future.
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THE SANATA CHARITABLE TRUST
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
COVID-19
Last year’s report stated:
Like many developing countries, Kenya has suffered disproportionately because of the effects of COVID-19. However, the economic effects of trying to deal with the virus through lockdown procedures rather than the medical issues, have hit Gilgil and thus impacted upon Restart. Casual work has virtually ceased, many people have no income and little or no resources to fall back on, and Kenya has closed all schools and universities, so all the children are at Restart all the time .
As far as Restart is concerned, there are four issues affecting the charity:
-
local prices of food and other goods have risen;
-
all the children are at the charity all the time;
-
our Chief Executive and main fundraiser has been unable to make her usual money raising trip to the UK, and USA or Australia;
-
our usual fundraising events in the UK cannot take place at the moment.
As a result, hard work has been done to find other innovative ways of raising the necessary funds. The situation has eased slightly over the past year. Schools are back in operation, and the children are not at Restart all the time as a result. The local economy is gradually picking up, but restrictions on travel, and its consequent effect on fund-raising remain.
Structure, governance and management
The charity is constituted as a company limited by guarantee and is governed by its Memorandum and articles of Association.
Reference and administrative details
The trustees, who are also the directors for the purpose of company law, and who served during the year were: C Conway
G Davies
G Bell
J S Plastow M W Sowerby T J Maunder A R Peak Dr J Head P R J Smith
New Trustees may be nominated by any trustee but must be elected by all trustees.
The focus of attention continued to be the strengthening of the controls over the charity's work and finances in Kenya, which is overseen by the UK Trustees.
All the Board meetings (February, AGM in August and November) were held on Zoom. As noted previously the lack of face to face meetings is not ideal, the use of Zoom as the medium has meant that live input from Kenya at all trustee meetings is now the norm.
Once again during the year the usual visits to Restart by the Chairman and some trustees has not happened due to COVID restrictions. The intention is to return to such visits as soon as is practically possible. Plans are emerging for visits (both ways) to happen in the post-vaccinated world of 2022.
The Trustees' report has been approved by the Board of Trustees and is signed on their behalf by:
Trustee
G Davies
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THE SANATA CHARITABLE TRUST
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
Dated: 29 September 2022
- 4 -
THE SANATA CHARITABLE TRUST
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE SANATA CHARITABLE TRUST
I report to the trustees on my examination of the financial statements of The Sanata Charitable Trust (the charity) for the year ended 31 December 2021.
Responsibilities and basis of report
As the trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).
Having satisfied myself that the financial statements of the charity 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 charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable 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 confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
1 accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or
-
2 the financial statements do not accord with those records; or
-
3 the financial statements 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
-
4 the financial statements 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 financial statements to be reached.
Mr I Walsh FCA Chartered Accountant Dyke Yaxley Limited 1 Brassey Road Old Potts Way Shrewsbury Shropshire SY3 7FA
Dated: .........................30 September 2022
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THE SANATA CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2021
| Current financial year Unrestricted Restricted funds funds 2021 2021 Notes £ £ Income and endowments from: Donations 2 66,911 3,000 Investments 3 - - Other income 4 2,703 6,434 Total income 69,614 9,434 Expenditure on: Fundraising costs 5 3,200 292 Charitable activities 6 6,256 - Total expenditure 9,456 292 Net gains/(losses) on investments 11 1,272 10,976 Net incoming resources before transfers 61,430 20,118 Gross transfers between funds 6,143 (6,143) Net movement in funds 67,573 13,975 Fund balances at 1 January 2021 211,693 251,555 Fund balances at 31 December 2021 279,266 265,530 |
Total 2021 £ 69,911 - 9,137 79,048 3,492 6,256 9,748 12,248 81,548 - 81,548 463,248 544,796 |
Total 2020 £ 337,538 234 3,047 |
|---|---|---|
| 340,819 | ||
| 9,723 | ||
| 68,760 | ||
| 78,483 | ||
| 1,555 | ||
| 263,891 - |
||
| 263,891 199,357 |
||
| 463,248 |
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
- 6 -
THE SANATA CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2021
Prior financial year
| Unrestricted Restricted funds funds 2020 2020 Notes £ £ Income and endowments from: Donations 2 87,538 250,000 Investments 3 234 - Other income 4 3,047 - Total income 90,819 250,000 Expenditure on: Fundraising costs 5 9,723 - Charitable activities 6 68,760 - Total expenditure 78,483 - Net gains/(losses) on investments 11 - 1,555 Net incoming resources before transfers 12,336 251,555 Net movement in funds 12,336 251,555 Fund balances at 1 January 2020 199,357 - Fund balances at 31 December 2020 211,693 251,555 |
Total 2020 £ 337,538 234 3,047 |
|---|---|
| 340,819 | |
| 9,723 | |
| 68,760 | |
| 78,483 | |
| 1,555 | |
| 263,891 | |
| 263,891 199,357 |
|
| 463,248 |
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THE SANATA CHARITABLE TRUST
BALANCE SHEET
AS AT 31 DECEMBER 2021
| Notes Fixed assets Investments 12 Current assets Debtors 13 Cash at bank and in hand Creditors: amounts falling due within one year 14 Net current assets Total assets less current liabilities Income funds General restricted funds Revaluation reserve 15 Unrestricted funds General unrestricted funds Revaluation reserve |
2021 £ 5,749 171,742 177,491 (2,640) 252,999 12,531 277,995 1,271 |
£ 369,945 174,851 544,796 265,530 279,266 544,796 |
2020 £ 3,045 210,928 213,973 (2,280) 250,000 1,555 211,693 - |
£ 251,555 211,693 |
|---|---|---|---|---|
| 463,248 | ||||
| 251,555 211,693 |
||||
| 463,248 |
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THE SANATA CHARITABLE TRUST
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2021
The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 December 2021.
The directors 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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the Trustees on .........................
..............................
G Davies
Trustee
Company registration number 06999163
- 9 -
THE SANATA CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
1 Accounting policies
Charity information
The Sanata Charitable Trust is a private company limited by guarantee incorporated in England and Wales. The registered office is 58 Trinity Street, Belle Vue, Shrewsbury, Shropshire, SY3 7PQ. The charity is a registered charity with Charity Commission for England and Wales, number 1132766.
1.1 Accounting convention
The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006 and “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)” (as amended for accounting periods commencing from 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
1.4 Incoming resources
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
1.5 Fixed asset investments
Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Transaction costs are expensed as incurred. Changes in fair value are recognised in other recognised gains and losses except to the extent that a gain reverses a loss previously recognised in net income expenditure, or a loss exceeds the accumulated gains recognised in equity; such gains and loss are recognised in net income/(expenditure) for the year.
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THE SANATA CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
1 Accounting policies
(Continued)
1.6 Financial instruments
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
1.7 Taxation
The charity is exempt from corporation tax on its charitable activities.
2 Donations
| Unrestricted Restricted funds funds 2021 2021 £ £ Donations and gifts 66,911 3,000 Grants - - 66,911 3,000 |
Total Unrestricted Restricted funds funds 2021 2020 2020 £ £ £ 69,911 87,538 - - - 250,000 69,911 87,538 250,000 |
Total 2020 £ 87,538 250,000 |
|---|---|---|
| 337,538 |
3 Investments
| Total | Unrestricted | |
|---|---|---|
| funds | ||
| 2021 | 2020 | |
| £ | £ | |
| Interest receivable | - | 234 |
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THE SANATA CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
4 Other income
| Unrestricted Restricted funds funds 2021 2021 £ £ Net gain on disposal of intangible fixed assets - 6,434 Gift Aid 2,703 - 2,703 6,434 Fundraising costs Unrestricted Restricted funds funds 2021 2021 £ £ Fundraising and publicity Fundraising costs - - Other fundraising costs 3,200 - Fundraising and publicity 3,200 - Investment management - 292 3,200 292 |
Total Unrestricted funds 2021 2020 £ £ 6,434 - 2,703 3,047 9,137 3,047 Total Unrestricted funds 2021 2020 £ £ - 6,523 3,200 3,200 3,200 9,723 292 - 3,492 9,723 |
Total Unrestricted funds 2021 2020 £ £ 6,434 - 2,703 3,047 9,137 3,047 Total Unrestricted funds 2021 2020 £ £ - 6,523 3,200 3,200 3,200 9,723 292 - 3,492 9,723 |
|---|---|---|
| 9,723 | ||
| - | ||
| 9,723 |
5 Fundraising costs
6 Charitable activities
| Grant funding of activities (see note 7) Share of support costs (see note 8) Share of governance costs (see note 8) |
2021 £ - 2,776 3,480 6,256 |
2020 £ 65,404 956 2,400 |
|---|---|---|
| 68,760 |
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THE SANATA CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
7 Grants payable
Grants to institutions: Direct Costs of Kenyan Restart Centre
2020 £ 65,404
8 Support costs
| Support costs Governance costs £ £ Administration costs 2,776 - Accountancy - 3,480 2,776 3,480 Analysed between Charitable activities 2,776 3,480 |
2021Support costs Governance costs £ £ £ 2,776 956 - 3,480 - 2,400 6,256 956 2,400 6,256 956 2,400 |
2020 £ 956 2,400 |
|---|---|---|
| 3,356 | ||
| 3,356 |
Governance costs includes payments to the accountants of £1,000 (2020- £900) for independent examination fees.
9 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year (2020: £nil).
10 Employees
The average monthly number of employees during the year was:
| The average monthly number of employees during the year was: | ||
|---|---|---|
| 2021 | 2020 | |
| Number | Number | |
| Directors/Trustees | 9 | 9 |
| The directors/trustees were unpaid for the year (2020: £Nil). |
There were no employees whose annual remuneration was more than £60,000.
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THE SANATA CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
| 11 | Net gains/(losses) on investments | ||||
|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | Restricted | ||
| funds | funds | funds | |||
| 2021 | 2021 | 2021 | 2020 | ||
| £ | £ | £ | £ | ||
| Revaluation of investments | 1,272 | 10,976 | 12,248 | 1,555 | |
| 12 | Fixed asset investments | ||||
| Listed | Cash in | Total | |||
| investments | portfolio | ||||
| £ | £ | ||||
| Cost or valuation | |||||
| At 1 January 2021 | 148,555 | 103,000 | 251,555 | ||
| Additions | 296,200 | 100,000 | 396,200 | ||
| Valuation changes | 18,455 | - | 18,455 | ||
| Cash invested | - | (296,200) | (296,200) | ||
| Investment fees | - | (65) | (65) | ||
| Disposals | (93,593) | 93,593 | - | ||
| At 31 December 2021 | 369,617 | 328 | 369,945 | ||
| Carrying amount | |||||
| At 31 December 2021 | 369,617 | 328 | 369,945 | ||
| At 31 December 2020 | 148,555 | 103,000 | 251,555 | ||
| 13 | Debtors | ||||
| 2021 | 2020 | ||||
| Amounts falling due within one year: | £ | £ | |||
| Other debtors | 5,749 | 3,045 | |||
| 14 | Creditors: amounts falling due within one year | ||||
| 2021 | 2020 | ||||
| £ | £ | ||||
| Accruals and deferred income | 2,640 | 2,280 |
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THE SANATA CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
15 Restricted funds
| Movement in funds Incoming resources Revaluations, gains and losses Balance at 1 January 2021 r £ £ £ The Waterloo Foundation - - - Sowerby Fund 250,000 - 250,000 Sowerby Fund unrealised gains - 1,555 1,555 250,000 1,555 251,555 |
Movement in funds Incoming esources Resources expended Transfers Revaluations, gains and losses Balance at 31 December 2021 £ £ £ £ £ 3,000 - - - 3,000 6,435 (292) (6,143) - 250,000 - - - 10,975 12,530 9,435 (292) (6,143) 10,975 265,530 |
Movement in funds Incoming esources Resources expended Transfers Revaluations, gains and losses Balance at 31 December 2021 £ £ £ £ £ 3,000 - - - 3,000 6,435 (292) (6,143) - 250,000 - - - 10,975 12,530 9,435 (292) (6,143) 10,975 265,530 |
|---|---|---|
| 265,530 |
The Waterloo Foundation
£3,000 was awarded by The Waterloo Foundation to fund much needed and improved water treatment from Restart to allow clean water to run off for irrigation and down into the local river. The previous system proved to be incapable of coping with the volume of waste water from the children’s home and so risked the spread of water borne diseases. The money awarded was spent following the year end and the new scheme is an undoubted success.
Sowerby Fund
During the previous year the Trust received a grant of £250,000 on condition that the grant received is invested as an endowment in order to maintain the capital value of the principal sum whilst producing annually an amount that may be spent to support the objects of the Trust.
Income arising on the endowment funds, used to support the objects of the Trust, is included as unrestricted income. Any unrealised capital gains or losses arising on the assets form part of the fund.
Whilst corporate charities do not normally hold investments as a permanent endowment. The Trustees have sought clarification from the donor who has consulted their lawyers and has agreed that the endowed funds should remain in the Trust’s balance sheet, as a restricted fund.
- 15 -
THE SANATA CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
| 16 Analysis of net assets between funds Unrestricted funds Restricted funds 2021 2021 £ £ Fund balances at 31 December 2021 are represented by: Investments 107,415 262,530 Current assets/(liabilities) 171,851 3,000 279,266 265,530 |
Total Unrestricted funds Restricted funds 2021 2020 2020 £ £ £ 369,945 - 251,555 174,851 211,693 - 544,796 211,693 251,555 |
Total 2020 £ 251,555 211,693 |
|---|---|---|
| 463,248 |
17 Currency Exchange
The funds are sent in Sterling to Kenya which are then converted at the prevailing rate into Kenyan shillings.
18 Related party transactions
The Charity received donations of £1,500 (2020: £1,500) from The Plastow Family Charitable Trust, of which James Plastow is a trustee and £50 (2020: £30) from The Miles Clark Travel Scholarship Trust, of which Chris Conway is a trustee.
Additionally the Charity received donations without conditions from three Trustees totaling £2,700 (2020: £2,700 from three Trustees).
19 Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2021 or for the year 31 December 2020.
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