THE YEARLEY TRUST
REPORT AND FINANCIAL STATEMENTS
YEAR ENDING 31/3/2024 Charity number 1136219
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Trustees
John Yearley - Chair of Trustees * Doriana Dimitrova - current Chair of Trustees **
Tsvetelina Georgieva Trevor Naylor ***
*After the sudden death of our founder and Chairman Mr John Yearley in August 2023, we have decided to ** appoint Mrs Doriana Dimitrova as our current Chairwoman. Officially she is in that position since February 2024.
*** Mr Trevor Naylor has accepted the position as a new trustee since February 2024
Once again we would like to apologise for being late with the Financial Statement and keeping all the Trust’s documents in order.
Principle Office
PO BOX 957 HALIFAX HX1 9YR (since March 2024)
Bankers
NatWest plc
Report of the Trustees for the year ending 31/3/2024
The Trustees present their annual report and financial statements for the charity for the year ending 31/3/2024
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 formal 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 one 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, until his passing and since then only Doriana has been managing the day to day management of the trust activities.
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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.
It also carries out its objectives by using sport to empower girls and by setting up a women’s cooperative in Nalang. It also has a program of educating teachers in rural schools on how to teach English using the system developed by The International Centre of Accelerative Learning.
The Trust is also continuously providing improvement of the buildings for the Nalang Model Academy School, providing educational equipment, supporting financially impoverished pupils, and assisting in local health provision.
In 2022 we have started the construction of Sports Grounds(To be finished by early 2025) to be used also as a local market and a driving. School for the community.
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.
We have continued our work with our staff in Nepal on educational programs - teachers trains, farmers and students trainings by visiting other rural based schools and providing those trainings. That staff was being paid until the passing of John Yearley. Unfortunately after that all the work carried by our Nepali team there has been on a volunteer basis (since September 2023)
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 provide to finance a small increase in the salaries of teachers who come from the community.
This is also a subject to change since the passing of Mr John Yearley- we continued supporting the teachers in the school salaries for the first few months, now this has completely finished. Thankfully the developed Women Corporative is able to support the salaries up to certain amount.
One of the major projects the last few years was start of the construction of the John Yearley Park. The park will provide the community with its first ever Sports Ground as well as an Agricultural Market and a basic Driving School. The work of the stadium is still ongoing, but there are already plans to hold major local and even sports events and team trainings.
The support team in Europe continues to be strengthened with 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.
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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 once a year to personally monitor progress and report back to the Board of Trustees. Due to circumstances, there was no trip in 2024 and none planned for 2025. However, the Trustees have held at least one zoom meeting a month 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. We are now going through the last funds that have been left in Mr John Yearley’s will for the Trust.
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, develop the local tourism of the area of Malang, by implementing a website and people from the community to run it.
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.
We will work in direction of developing the the Women Corporative, as another mean of Women empowerment.
The Welfare clinics pioneered at Nalang during this financial year will be subject to available funding. The Ical English Teachers trainings will continue, as of available funds.
Developing more volunteer programs is in focus, more than ever this time.
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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 7th of February 2025 and signed on their behalf by Doriana Dimitrova
Doriana Dimitrova
Chair of Trustees
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THEYEARLEYTRUST-20240312
| STATEMENT OF FINANCIAL ACTIVITIES for the year ending 31/3/2024 |
Notes | |
|---|---|---|
| i.AMOUNT IN BANK IN THE BEGINNING OF THE PERIOD | £10,603.95 | |
| ii. INCOMING RESOURCES | ||
| GIFT AIDED DONATIONS | 1 | £21,000.00 |
| OTHER DONATIONS AND MISCELLANEOUS INCOME | £1,300.12 | |
| HMRC GIFT AID REBATE | 2 | £9,972.50 |
| TOTAL INCOME RESOURCES | £32,272.62 | |
| iii. ALLOCATION OF RESOURCES | ||
| DONATIONS TOWARDS SCHOOL TRAINING, TEACHER SALARIES AND WOMEN EMPOWERMENT EDUCATIONAL PROGRAMS |
3 | £6,364.50 |
| SALARIES IN NEPAL | 4 | £11,925.00 |
| DONATIONS FOR CONSTRUCTION OF SPORTS CENTER IN NEPAL | 5 | £10,060.00 |
| SCHOLARSHIPS/ LOANS | 6 | £7,705.00 |
| CONSULTANTS/ACCOUNTING | 7 | £2,354.00 |
| TOTAL MISCELLANEOUS ADMIN AND TRAVEL EXPENSES | 8 | £1,607.82 |
| £40,016.32 | ||
| BALANCE SHEET AT 31/03/2024 | ||
| Fixed Assets | ||
| Tangible Assets | £0 | |
| TOTAL FIXED ASSETS | £0 | |
| Current Assets | ||
| Debtors | £0 | |
| Cash in Bank and in hand | £2,860.25 | |
| TOTAL CURRENT ASSETS | £2,860.25 | |
| Liabilities | ||
| Creditors failing due within 1 year | £0 | |
| Creditors failing due in excess of 1 year | £0 | |
| NETT CURRENT ASSETS | £2,860.25 |
| STATEMENT OF FINANCIAL ACTIVITIES for the year ending 31/3/2024 |
Notes | |
|---|---|---|
| i.AMOUNT IN BANK IN THE BEGINNING OF THE PERIOD | £10,603.95 | |
| ii. INCOMING RESOURCES | ||
| GIFT AIDED DONATIONS | 1 | £21,000.00 |
| OTHER DONATIONS AND MISCELLANEOUS INCOME | £1,300.12 | |
| HMRC GIFT AID REBATE | 2 | £9,972.50 |
| TOTAL INCOME RESOURCES | £32,272.62 | |
| iii. ALLOCATION OF RESOURCES | ||
| DONATIONS TOWARDS SCHOOL TRAINING, TEACHER SALARIES AND WOMEN EMPOWERMENT EDUCATIONAL PROGRAMS |
3 | £6,364.50 |
| SALARIES IN NEPAL | 4 | £11,925.00 |
| DONATIONS FOR CONSTRUCTION OF SPORTS CENTER IN NEPAL | 5 | £10,060.00 |
| SCHOLARSHIPS/ LOANS | 6 | £7,705.00 |
| CONSULTANTS/ACCOUNTING | 7 | £2,354.00 |
| TOTAL MISCELLANEOUS ADMIN AND TRAVEL EXPENSES | 8 | £1,607.82 |
| £40,016.32 | ||
| BALANCE SHEET AT 31/03/2024 | ||
| Fixed Assets | ||
| Tangible Assets | £0 | |
| TOTAL FIXED ASSETS | £0 | |
| Current Assets | ||
| Debtors | £0 | |
| Cash in Bank and in hand | £2,860.25 | |
| TOTAL CURRENT ASSETS | £2,860.25 | |
| Liabilities | ||
| Creditors failing due within 1 year | £0 | |
| Creditors failing due in excess of 1 year | £0 | |
| NETT CURRENT ASSETS | £2,860.25 |
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NOTES
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1 99.2% of gi9 aid dona=ons made by John Yearley
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Gi9 aid tax rebate
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Grants to the Nalang Model Academy School
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Salaries of 15 staff(paid only un=l Aug 2023)
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For community purchase of land for Sports Ground, Agriculture Market and Driving School
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Expenses of Nalang Model Academy Scholars in University
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For upgrading and maintain web site and social media and accounts
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Trustees do not take salaries or any reimbursement of expenses
The Financial Statements have been prepared using the historic cost conven=on
The financial statements have been prepared in accordance with the Statement of Recommended Prac=ce: Accoun=ng and Repor=ng by Chari=es (SORP) 2005) issued March 2005 and with UK accoun=ng standards and the Chari=es Act 1993
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STAI'E.NIEN'I' TrR()M INI)EPENI)E.N"r LXAMILYLR To the attention of all stakeholders Ladies and gentleman. I, Ivaylo Sirkarov, manager of "MELUS" Ltd. (VAT No. BG 202174610), hav¢ examined thc Stat¢mcnt of financial activities of the Yearley Trust (l-st April 2023 to 31-st March 2024) and find that they are a true record of the charity's financial affairs. Sofia, Bulgaria, February 6th, 2025 Sincerely yours, Ivaylo Sirkarov
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 2023 to 31-st March 2024) and find that they are a true record of the charity's financial affairs.
Sofia, Bulgaria, February 6th, 2025
Sincerely yours, Ivaylo Sirkarov
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