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2021-03-31-accounts

THE YEARLEY TRUST

REPORT AND FINANCIAL STATEMENTS

YEAR ENDING 31/3/2021

Charity number 1136219

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Trustees

John Yearley. Chair of Trustees Doriana Dimitrova Tsvetelina Georgieva

Principle Office

40 Stockham Park, Wantage, Oxon, OX12 9HQ

Bankers

NatWest plc

Report of the Trustees for the year ending 31/3/2021

The Trustees present their annual report and financial statements for the charity for the year ending 31/3/2021

Structure, Guidance and Management

The Trust is a registered charity, number 1136219 and is constituted under a trust deed dated 14/5/2010. It was formed by it’s chairman Mr John Yearley initially to help support talented young Bulgarian musicians to be able to continue their studies outside Bulgaria. However, in 2018 the Trustees decided because of the improvement in the Bulgarian economy and attempts at possible interference by the authorities there to change the emphasis of the charity to provide help and support to the people of rural Nepal and the people of Nalang in particular. As a consequence, appropriate amendments to the trust deed were submitted to The Charity Commission and approved by them.

New Trustees when required, are appointed by the existing trustees. The trust deed allows for meeting to be held electronically and online meetings are held regularly. Only two of the three trustees live in the UK however one of them spends her time equally between the UK and Bulgaria. The day to day management of the Trust has been delegated to John Yearley and Doriana Dimitrova.

Risk Management

The trustees have considered the major risks to which the charity is exposed and have reviewed those risks and established procedures and systems to manage those risks.

Objectives and activities for the public benefit

The objectives of the Trust are to promote the education and wellbeing of people in rural Nepal (and Nalang in particular) and to also to empower girls and women and promote equal rights and promote social mobility.

The Trust carries out these objectives by providing improved buildings for the Nalang Model Academy School, providing educational equipment, supporting financially impoverished pupils, and assisting in local health provision. It also carries out its objectives by using sport to empower girls.

Grant making policy

The trustees established the policy of not assisting individuals but to support either whole communities or parts of communities where the maximum number of people benefit from any grants given.

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During the year the Trust added two new members to its team in Nepal. One, an addition to provide training to English Language teachers, the other an eye health specialist to boost the services at the Medical Centre. She is currently undergoing some special training and work experience and will start at the Medical Centre in October 2021. The advent of covid meant that the Medical Centre was under considerable pressure during the year providing free medical treatment and medicines to the people of Nalang.

The Trust provided financial support towards the costs of employing teachers to enable the NMA to start Year 11 and Year 12 lessons and also started to finance a small increase in the salaries of teachers who come from the community.

The Trust provided loan facilities to the farmers in Nalang to enable them to bulk purchase fertilisers to use of their fields so saving money and ensuring supplies.

One of the two major projects for the year was the total refurbishment on the NMA both externally and internally and the replacement of a metal roof area with a concrete roof to act as an additional outdoor classroom.

The other major project was the foundation of The Yearley Trust Centre of Excellence. Based at the NMA it provides free residential short course for people in rural Nepal.

The support team in Europe continues to be strengthened our representatives in France and in The Netherlands.

The trustees acknowledge the large part played by the people of Nalang in helping the Trust achieve its objectives by the provision of free labour on the construction projects.

Monitoring progress

Progress on the work associated with grants is regularly monitored by online reports from Nepal accompanied by relevant photographs etc and the Trustees have established a policy that at least one trustee will visit Nepal at least twice a year to personally monitor progress and report back to the Board of Trustees. However due to covid restrictions it has not been possible for any of the Trustees to visit during the 2020/21 financial year. However, the Trustees have held at least one zoom meeting a week with staff in Nalang. In addition, detailed costing showing all expenditure are provided by the school for the trustees to consider and a local director was also appointed to monitor and supervise the allocation of the grants.

Financial Review

The trustees are aware that during the financial period the Trust was almost entirely funded by its chairman on a “as needed” basis. The Trust now has local Nepali employees, and it is planned for the 2021/22 financial year to start to widen the sources of finance for the Trust. and also expand the existing small reserve fund to cover staff salaries for a period in the event of temporary cessation of funding.

Code of Conduct

The trustees have introduced a code of conduct for all employees to both protect the people we are working with, prevent possible corruption, and also to protect our employees themselves.

Plans for the future

The trustees plan, subject to funding, to further extend their work in Nepal and in particular to extend their work into other parts of rural Nepal. Sport will be used as a method of empowering women and Nalang will be used as a base to explore methods that can be used throughout rural Nepal.

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The Welfare clinics pioneered at Nalang during the 2019/20 financial year will, subject to available funding, be extended to cover other areas of need in Nepal.

A consultancy based in France continues to work updating our web site and social media and assisting in coordinating fundraising

Trustees’ responsibility in relation to the financial statement

The trustees are responsible for preparing the Trustees’ Report and financial statements in accordance with applicable law and United Kingdom Accounting Standards. The law applicable to charities in England and Wales requires the trustees to prepare. Financial statements for each year which give a true and fair view of the state of the charity and of the incoming resources and the application of resources of the charity for the period. In preparing these financial statements the trustees are required to: -

Select suitable accounting policies and apply them consistently

Observe the methods and principles of the charities SORP

Make judgements and estimates which are reasonable and prudent

State if applicable accounting standard. Have been followed, subject to any departures disclosed and explained in the financial statement: and prepare the statements on the going concern basis unless it is inappropriate to assume that the charity will continue in business

The Trustees are responsible for keeping accounting records which disclose with reasonable accuracy the financial position of the charity and enable them to ascertain to ensure that the financial statement comply with The Charities Act 1993, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust Deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees are responsible for the maintenance and integrity of the charity and financial information included in the charity’s web site.

Approved by the Trustees on May 26[th] 2021 and signed on their behalf by

JOHN YEARLEY

John Yearley

Chair of Trustees.

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THE YEARLEY TRUST

STATEMENT OF FINANCIAL ACTIVITIES

for the year ending 31/3/2021

Incoming resources Note
Gift aided donations 1 £51,550
Other donations and miscellaneous income £646
HMRC Gift aid rebate from 2019/20 2 £20,280
£72,476
Allocation of Resources
Grants to Nalang Nepal 3 £14,580
Medical Centre 4 £13,820
Salaries in Nepal 5 £19,018
Centre of Excellence 6 £3,874
Scholarships 7 £2,152
Travel Expenses £573
Consultants 8 £6,000
Miscellaneous Admin Expenses £631
£60,449

Nett incoming of resources		 £12,027

Balance Sheet at 31/3/2021
Fixed Assets
Tangible Assets £0
TOTAL FIXED ASSETS £0

Current Assets
Debtors £0
Cash in Bank and at hand £19,714
TOTAL CURRENT ASSETS £19,714

Liabilities
Creditors falling due within one year £0
Creditors falling due in excess of 1 year £0
NETT CURRENT ASSETS £19,714

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NOTES

The Financial Statements have been prepared using the historic cost convention

The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities (SORP) 2005) issued March 2005 and with UK accounting standards and the Charities Act 1993

STATEMENT FROM INDEPENDENT EXAMINER

To the attention of all stakeholders

Ladies and gentleman,

I, Ivaylo Sirkarov, manager of “MELUS” Ltd. (VAT No. BG 202174610), have examined the Statement of financial activities of the Yearley Trust (1-st April 2020 to 31-st March 2021) and find that they are a true record of the charity's financial affairs.

Sofia, Bulgaria, May 26-th, 2021

Sincerely yours,

Ivaylo Sirkarov

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