Charity Registration No. 1148780
THE EIFION TRUST
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
THE EIFION TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
| Trustees | Mr Barry Evans |
|---|---|
| Mr Rodney Stokes | |
| Mr John Crowe | |
| Ms Sarah Perris | |
| Mr Richard David Evans | |
| Mr James Edward Parker Evans | |
| Ms Kathrin Ann Jackson | |
| Charity number | 1148780 |
| Principal address | 66 High Street |
| Tarporley | |
| Cheshire | |
| CW6 0AG | |
| Independent examiner | Hall Livesey Brown |
| HLB House | |
| 68 High Street | |
| Tarporley | |
| Cheshire | |
| CW6 0AT |
THE EIFION TRUST
CONTENTS
| Page | |
|---|---|
| Trustees report | 1 - 3 |
| Statement of Trustees responsibilities | 4 |
| Independent examiner's report | 5 |
| Statement of financial activities | 6 |
| Balance sheet | 7 |
| Notes to the financial statements | 8 - 12 |
THE EIFION TRUST
TRUSTEES REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2020
The Trustees present their report and financial statements for the year ended 30 September 2020.
The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Trust's governing document, the Charities Act 2011 and the Statement of Recommended Practice, "Accounting and Reporting by Charities", issued in March 2005.
Objectives and activities
The Trust's objects are to advance under the law of England and Wales such exclusively charitable purposes as benefit persons residing in developing countries.
The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Trust should undertake and all communications by letter or email were forwarded to each Trustee.
Achievements and performance Projects agreed to be funded during the year
The policy of the Trust is to fund projects in under-developed countries by providing funds directly to the source, This requires a knowledge of the project leader who introduces a project as well as of the project itself and the manner in which the project is being monitored. Stage Payments for projects are made on the progress of projects identified by documentary evidence in the form of reports.
The effect of this policy is that it takes time to build up a portfolio of suitable applicants and funding from the principal donors of the Trust will always be made available for suitable projects.
The Trust regards Rotary Clubs in underdeveloped countries as suitable sources of projects as they know local community needs and have the management structure and reporting tools to undertake such projects. Over recent years the Trust has successfully funded projects in Nepal for the Rotary Club of the Himalayan Gurkhas.
Personal knowledge by the Trustees of the applicant is also a very important part of funding and this has proved very successful with funding projects in Nepal for Krishna Limbu of the Helping Hand Society.
The Trust is prepared to fund projects in the underdeveloped countries that are introduced from a local UK source where the introduction is made from a known person to one or more trustees who has been directly involved in a project undertaken by another medical charity. Such an introduction was made by a local UK medical consultant who had done voluntary work for a Canadian medical charity in Ghana. During the year, the Trustees have continued to support the Ghana medical charity - Ghana Rural Integrated Development (‘GRID’) and have found them to be a trustworthy and efficient partner.
For the most part the Trustees are not prepared to consider applications for funding where the applicants are not known personally to one or more trustees and will not consider applications for funding made directly from underdeveloped countries.
Projects previously funded and completed during the year
Completion of the reconstruction of earthquake damaged classrooms at Shree Gangodaya High School, Nepal for Rotary Club of Himalayan Gurkhas, Kathmandu, Nepal
Completion of school building at Bal Shaikshanik Lower Secondary School at Majkhot-8, Jaloudi, Tanahum, Nepal for Krishna Limbu, Helping Hands Society, Nepal.
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THE EIFION TRUST
TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2020
Although these projects have been completed, formal handover has been delayed by the global Coronavirus pandemic.
Projects previously funded and awaiting Completion
Dwarika Village Development, Nepal for Dwarika Foundation (Long term project)
Projects funded during the year and awaiting completion
GRID Ghana Village Water Project – Provision of a water supply to Biantwe, Kintampo South District, BangoAhafo Region, Ghana. This project is on hold for completion until the expected heavy rains in October and November 2021 complete the filling of the dam.
Ongoing Supporting Projects
Charlotte’s Haven on Earth
Krishna Limbu, Helping Hands Society
GRID
Lend with Care , The original loan facility of £5,000 was increased by a further payment of £10,000 in July 2020. With repayments, a total of 966 loans have been made helping 3,619 entrepreneurs.
Hamlin Fistula UK . Funding purchase of yarn/wool for Inner Wheel Club of Nantwich to knit blankets
Policies :
Safeguarding vulnerable groups
Grant making
Risk assessment
A new format for grant applications has been completed.
Web Site
During the year, the website has been fully operational and updated.
Financial review
The Trustees have assessed the major risks to which the Trust is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
Structure, governance and management
The Trust was established by a trust deed dated 23 August 2012.
The Trustees who served during the year and up to the date of signature of the financial statements were: Mr Barry Evans
Mr Rodney Stokes Mr John Crowe Ms Sarah Perris Mr Richard David Evans Mr James Edward Parker Evans
Ms Kathrin Ann Jackson
Future trustees shall be appointed by the founder or upon the written consent of the founder, by resolution of the trustees.
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THE EIFION TRUST
TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2020
The Trustees r eport was approved by the Board of Trustees.
Mr Barry Evans Founder / Chair Dated: 26 July 2021
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THE EIFION TRUST
STATEMENT OF TRUSTEES RESPONSIBILITIES
FOR THE YEAR ENDED 30 SEPTEMBER 2020
The Trustees 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).
The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Trust and of the incoming resources and application of resources of the Trust for that year.
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 in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The Trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the Trust and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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THE EIFION TRUST
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE EIFION TRUST
I report to the Trustees on my examination of the financial statements of The Eifion Trust (the Trust) for the year ended 30 September 2020.
Responsibilities and basis of report
As the Trustees of the Trust you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).
I report in respect of my examination of the Trust’s financial statements carried out under section 145 of 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
Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.
I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
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:
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1 accounting records were not kept in respect of the Trust as required by section 130 of the 2011 Act; or
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2 the financial statements do not accord with those records; or
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3 the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.
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.
Anne Wilkes FCCA, ACA Hall Livesey Brown HLB House 68 High Street Tarporley Cheshire CW6 0AT
Dated: 29 July 2021
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THE EIFION TRUST
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 SEPTEMBER 2020
| Unrestricted funds 2020 Notes £ Income and endowments from: Donations and income tax repayments 3 207,266 Investments 4 146 Other income 5 1,100 Total income 208,512 Expenditure on: Charitable activities 6 189,764 Net income for the year/ Net movement in funds 18,748 Fund balances at 1 October 2019 71,744 Fund balances at 30 September 2020 90,492 |
Total 2019 £ 58,588 135 - 58,723 49,421 9,302 62,442 71,744 |
|---|---|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
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THE EIFION TRUST
BALANCE SHEET
AS AT 30 SEPTEMBER 2020
| Notes Current assets Debtors 11 Cash at bank and in hand Creditors: amounts falling due within one year 12 Net current assets Income funds Unrestricted funds |
2020 £ 11,465 80,347 91,812 (1,320) |
£ 90,492 90,492 90,492 |
2019 £ 5,435 67,629 73,064 (1,320) |
£ 71,744 71,744 71,744 |
|---|---|---|---|---|
The financial statements were approved by the Trustees on 26 July 2021
Mr Barry Evans Trustee
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THE EIFION TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
1 Accounting policies
Charity information
The Eifion Trust is an unincorporated charity registered in England and Wales. The principal address is 66 High Street, Tarporley, Cheshire, CW6 0AG.
1.1 Accounting convention
The financial statements have been prepared in accordance with the Trust's governing document, the Charities Act 2011 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) (effective 1 January 2019)". The Trust is a Public Benefit Entity as defined by FRS 102.
The Trust 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 have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling , which is the functional currency of the Trust. Monetary a mounts 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 Trust 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.
1.4 Incoming resources
Income is recognised when the Trust 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 Trust 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.
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THE EIFION TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2020
1 Accounting policies
(Continued)
1.5 Resources expended
Grants payable to third parties are within the charitable objectives. Where unconditional grants are offered, this is accrued as soon as the recipient is notified of the grant, as this gives rise to a reasonable expectation that the recipient will receive the grants. Where grants are conditional relating to performance then the grant is only accrued when any unfulfilled conditions are outside of the control of the charity.
1.6 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7 Financial instruments
The Trust 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 Trust's balance sheet when the Trust 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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future p aymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Trust’s contractual obligations expire or are discharged or cancelled.
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THE EIFION TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2020
2 Critical accounting estimates and judgements
In the application of the Trust’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3 Donations and income tax repayments
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2020 | 2019 | ||
| £ | £ | ||
| Donations and gifts | 207,266 | 58,588 | |
| 4 | Investments | ||
| Unrestricted | Unrestricted | ||
| funds | funds | ||
| 2020 | 2019 | ||
| £ | £ | ||
| Interest receivable | 146 | 135 | |
| 5 | Other income | ||
| Unrestricted | Total | ||
| funds | |||
| 2020 | 2019 | ||
| £ | £ | ||
| Compensation | 1,100 | - |
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THE EIFION TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2020
6 Charitable activities
| Grant funding of activities (see note 7) Share of support costs (see note 8) Governance costs Analysis by fund Unrestricted funds |
2020 £ 182,356 3,268 4,140 189,764 189,764 189,764 |
2019 £ 46,000 2,701 720 49,421 |
|---|---|---|
Governance costs includes payments to the Independent Examiner of £1,800 for examination fees
| For the year ended 30 September 2019 Unrestricted funds |
49,421 49,421 |
|---|---|
7 Grants payable
| Grants to institutions: Krishna Limbu - Nepal project Ahafo Region Ghana for Ghana Integrated Development - Water project Charlotte's Haven Care International Ghana Project Inner Wheel LendWithCare Other |
2020 £ 20,000 - 125,000 5,000 26,856 500 5,000 - 182,356 |
2019 £ 20,000 21,000 - - - - 5,000 - 46,000 |
|---|---|---|
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THE EIFION TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2020
| 8 Support costs Support costs Governance costs £ £ Website 315 - Other - - Insurance 174 - Bank charges 168 - Computer equipment 145 - Secretarial fees 2,466 - Audit fees - 1,800 Legal and professional - 2,340 3,268 4,140 Analysed between Charitable activities 3,268 4,140 |
2020 Support costs Governance costs £ £ £ 315 171 - - 544 - 174 174 - 168 72 - 145 1,740 - 2,466 - - 1,800 - 720 2,340 - - 7,408 2,701 720 7,408 2,701 720 |
2019 £ 171 544 174 72 1,740 - 720 - 3,421 3,421 |
|---|---|---|
Governance costs includes payments to the Independent Examiner of £ 1,800 for examination fees.
9 Trustees
None of the Trustees (or any persons connected with them) received any remuneration during the year.
10 Employees
There were no employees during the year.
11 Debtors
| Amounts falling due within one year: Trade debtors 12 Creditors: amounts falling due within one year Accruals and deferred income |
2020 £ 11,465 2020 £ 1,320 |
2019 £ 5,435 2019 £ 1,320 |
|---|---|---|
13 Related party transactions
During the year under review the charity experienced difficulties with the bank therefore payments were made personally by the wife of a Trustee. These payments totalled £65,943 (2019 - £21,740) and have been treated as donations during the year. The issues with the bank were resolved during the year.
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