2021-03-31-accounts - Friends Of Smyrna Home

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COMPANY REGISTRATION NUMBER 8322689

Friends of Smyrna Home

Company limited by Guarantee Registered Charity number 1150384

FINANCIAL STATEMENTS

31 MARCH 2021

FRIENDS OF SMYRNA HOME COMPANY LIMITED BY GUARANTEE

FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2021

CONTENTS	PAGES
Members of the Board and professional advisers	1
Trustees Annual Report	2 to 3
Independent Examiner’s Report	4
Statement of financial activities (incorporating the income and expenditure account)	5
Balance sheet	6
Notes to the financial statements	7 to 11

FRIENDS OF SMYRNA HOME COMPANY LIMITED BY GUARANTEE

MEMBERS OF THE BOARD AND PROFESSIONAL ADVISERS

REGISTERED CHARITY NAME	FRIENDS OF SMYRNA HOME
CHARITY NUMBER	1150384
COMPANY REGISTRATION NUMBER	8322689
PRINCIPAL AND REGISTERED OFFICE	Unit 3, 80 High Street,
	Egham,
	Surrey
	TW20 9HE
TRUSTEES	Miss E Dodsworth
	W Dodsworth
	P J Marchant
	S P Marchant
	A M Neal
	K F Morgan
	R N J Snelling
BANKERS	National Westminster Bank plc
	67 High Street
	Staines
	Middlesex
	TW18 4PU
	HSBC Bank plc
	34 High St
	Walton-on-Thames
	KT12 1DD
INDEPENDENT EXAMINER	T A Wells FCA

FRIENDS OF SMYRNA HOME COMPANY LIMITED BY GUARANTEE

TRUSTEES ANNUAL REPORT

YEAR ENDED 31 MARCH 2021

The Trustees, who are also directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 31 March 2021.

REFERENCE AND ADMINISTRATIVE DETAILS

Reference and administrative details are shown in the schedule of members of the board and professional advisers on page 1 of the financial statements.

THE TRUSTEES

The Trustees who served the company during the year were as follows:

Mrs S R Carpenter (resigned 31 March 2021) Miss E Dodsworth W Dodsworth (appointed 18 May 2020) P J Marchant S P Marchant K F Morgan A M Neal R N J Snelling

STRUCTURE, GOVERNANCE AND MANAGEMENT

The charity is established as a company limited by guarantee and is governed by the Memorandum and Articles of Association dated 7 December 2012. It is under the control of the Board of Trustees. New Trustees, who are appointed by the Board of Trustees, are invited to ensure there is an appropriate mix of skills to support the running of the charity.

OBJECTIVES AND ACTIVITIES

The objectives of the Trust are: -

(a) to advance the Christian Faith in such ways and in such parts of India and the world as the trustees may from time to time think fit; and
(b) to relieve sickness, poverty and hardship among children and people living in India and elsewhere by the provision of shelter, food, health, education and other such charitable services as the trustees from time to time deem appropriate.

The charity achieves its objectives by co-operating with an Indian charity with similar objects, Smyrna Home (Smyrna Fellowship Trust) based in Udhagamandalam formerly known as Ootacamund in the Nilgiris area of Southern India. Support given to the Indian charity includes sponsoring local children, providing improved housing, meals for the elderly and funding for physiotherapy and rehabilitation for disabled children and young people. This is mainly achieved by making grants to Smyrna Home but where feasible and beneficial the charity organises trips to Smyrna Home to encourage the local team and to help raise awareness of the issues facing the Indian charity.

Public Benefit Statement: -

In supporting the programme each year, the Trustees have regard to both the Charity Commission's general guidance on public benefit and the specific guidance on the prevention and relief of poverty and on the advancement of religion for the public benefit. The Trustees always ensure that the projects undertaken are in line with their charitable objects and aims.

ACHIEVEMENTS AND PERFORMANCE

With the restrictions caused by Covid 19 it was not possible to plan any visits to India to support and encourage those working there. The charity continued to support the work there by making regular grants and keeping in touch by email. The number of children sponsored increased during the year and although some of the activities were curtailed there was an emphasis on providing regular food provision where needed and making sure the older children were able to study online. Many were given mobile phones for this purpose. The programme for these children is a holistic one focusing on economic, social, physical and spiritual poverty. By ensuring that the children receive a proper education and other support as well as encouragement, they can escape from the generational cycle of poverty.

FRIENDS OF SMYRNA HOME COMPANY LIMITED BY GUARANTEE

TRUSTEES ANNUAL REPORT (CONTINUED)

YEAR ENDED 31 MARCH 2021

FINANCIAL REVIEW

Income of £34,272 was receivable, including £4,731 of tax via Gift Aid. Total expenditure amounted to £45,231 in supporting the mission as they needed additional financial help due to the pandemic. Reserves fell to £14,141.

Reserves Policy Statement: -

As the charity has no overheads or employees the only reserves held are for the child sponsorship scheme and are included in the reserves of £14,141.

Going Concern: -

The charity has only minimal operating costs and donates substantially all its income. The amount of these grants is necessarily limited to the amount of income it receives. The Trustees therefore believe that sufficient funds will be generated to meet all its liabilities as they fall due, and the accounts are accordingly prepared on a going concern basis.

PLANS FOR THE FUTURE

Smyrna Home in India is making changes in the way it operates to try and become financially self-sufficient by increasing the number of money generating activities, without losing its focus on the needs of children and others. Most of the new sponsors of the children live in India. This is a long-term objective.

Our Charity will continue to support the work being done and find ways to increase our income for the benefit of those living in India.

Registered office: Unit 3, 80 High Street, Egham, Surrey TW20 9HE

Signed on behalf of the trustees

K F Morgan Trustee

27 December 2021

FRIENDS OF SMYRNA HOME COMPANY LIMITED BY GUARANTEE

INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE FRIENDS OF SMYRNA HOME

YEAR ENDED 31 MARCH 2021

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2021.

Responsibilities and basis of report

As the charity’s trustees of the Company (and also 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 your charity’s accounts as 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 confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
the accounts do not accord with those records; or
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
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:

Trevor Wells FCA Chartered Accountant

27 December 2021

FRIENDS OF SMYRNA HOME COMPANY LIMITED BY GUARANTEE

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING THE INCOME AND EXPENDITURE ACCOUNT)

YEAR ENDED 31 MARCH 2021

		Unrestricted Funds	Restricted Funds	Total Funds 2021	Unrestricted Funds	Restricted Funds	Total Funds 2020
	Note	£	£	£	£	£	£
INCOME FROM
Donations	2	7,408	26,864	34,272	11,574	35,327	46,901
		───	────	────	───	────	────
TOTAL INCOME		7,408	26,864	34,272	11,574	35,327	46,901
		──────	───────	───────	──────	───────	───────
EXPENDITURE ON
Direct Charitable
activities	3/4	(10,997)	(34,234)	(45,231)	(15,680)	(36,434)	(52,114)
		────			────
			─────	─────		─────	─────
TOTAL EXPENDITURE		(10,997)	(34,234)	(45,231)	(15,680)	(36,434)	(52,114)
		───────	───────	───────	───────	───────	───────
NET (EXPENDITURE)/INCOME FOR
THE YEAR		(3,589)	(7,370)	(10,959)	(4,106)	(1,107)	(5,213)
RECONCILIATION OF FUNDS
Total funds brought forward		6,796	18,304	25,100	10,902	19,411	30,313
		───────	────	───────	───────	────	───────
TOTAL FUNDS CARRIED FORWARD		3,207	10,934	14,141	6,796	18,304	25,100
		═══════	════	═══════	═══════	════	═══════

The Statement of Financial Activities includes all gains and losses in the year and therefore a statement of total recognised gains and losses has not been prepared.

All of the above amounts relate to continuing activities.

The notes on pages 7 to 11 form part of these financial statements.

FRIENDS OF SMYRNA HOME COMPANY LIMITED BY GUARANTEE

BALANCE SHEET

31 MARCH 2021

		2021		2020
	Note	£	£	£	£
CURRENT ASSETS
Debtors	5	4,228		4,506
Cash at bank		9.913		20,594
		──────		──────
		14,141		25,100
		──────		───────
NET CURRENT ASSETS			14,141		25,100
			───────		───────
NET ASSETS			14,141		25,100
			═══════		═══════
FUNDS
Restricted income funds	6		10,934		18,304
Unrestricted income funds	7		3,207		6,796
			───────		───────
TOTAL FUNDS			14,141		25,100
			═══════		═══════

For the year ended 31 March 2020 the company was entitled to exemption under section 480 of the Companies Act 2006. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.The trustees acknowledge their responsibility for:

i) ensuring the company keeps accounting records which comply with Section 386; and
ii) preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year, and of its profit and loss for the financial year, in accordance with the requirements of section 393, and which otherwise comply with the requirements of the Companies Act relating to accounts, so far as applicable to the company.

These financial statements were approved by the members of the committee and signed on their behalf by:

K F Morgan 27 December 2021

Company Registration Number: 8322689

The notes on pages 7 to 11 form part of these financial statements.

FRIENDS OF SMYRNA HOME COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2021

Friends of Smyrna Home is a charitable company limited by guarantee registered in England & Wales. The Principal and Registered Office is at Unit 3, 80 High Street, Egham, Surrey TW20 9HE. Details of the activities are shown in the Trustees’ Annual Report.

Friends of Smyrna Home is a Public Benefit Entity as defined by FRS102.

Accounts are prepared in United Kingdom Pounds Sterling (£).

1. ACCOUNTING POLICIES

Basis of accounting

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.

Assets and liabilities are initially recognised at historical cost or transaction value.

Going concern

The company has steady income streams and adequate reserves and is expecting adequate income to cover its plans for the future. The COVID 19 Outbreak is not anticipated to have a material impact on the company’s income which is mainly received by standing order from supporters. In the opinion of the trustees therefore there are no material uncertainties about the ability of the company to continue operating. The accounts are accordingly prepared on the Going Concern basis.

Cash flow statement

The trustees have taken advantage of the exemption from including a cash flow statement in the financial statements on the grounds that the company is a smaller charity.

Fund accounting

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity.

Designated funds are unrestricted funds earmarked by the Trustees for particular purposes.

Restricted funds are subject to restrictions on their expenditure specified by the donor or through the terms of fund raising initiative.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating surplus or deficit.

Incoming resources

All incoming resources are included in the statement of financial activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to specific categories of income:

Voluntary income received by way of grants, donations and gifts is included in full in the Statement of Financial Activities when receivable.
Any investment income is included when receivable.
Incoming resources from tax reclaims are included in the SOFA at the same time as the gifts to which they relate.
The value of any volunteer help received is not included in the accounts.

FRIENDS OF SMYRNA HOME COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2021

1. ACCOUNTING POLICIES (continued)

Resources expended

Expenditure is recognised on an accrual basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered and is reported as part of the expenditure to which it relates:

Costs of generating funds comprise the costs associated with attracting voluntary income from Trusts and individuals.
Charitable expenditure comprises those costs incurred by the charity in preparation and delivery of its programmes. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include the independent reporting accountant's fees and costs linked to the strategic management of the charity.
All costs are allocated between the expenditure categories of the SOFA on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly, others are apportioned on an appropriate basis.
Support costs include central functions and have been allocated to funds on a basis consistent with the use of resources.

Liabilities

Liabilities are recognised when there is a legal or constructive obligation committing the charity to pay out resources.

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Critical accounting estimates and areas of judgment

In the opinion of the trustees there are no accounting estimates or areas of judgement that would have a material effect on these financial statements.

FRIENDS OF SMYRNA HOME COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2021

2. INCOME FROM DONATIONS

	Unrestricted	Restricted	Total Funds	Total Funds
	Funds	Funds	2021	2020
	£	£	£	£
Donations	6,388	23,153	29,541	40,933
Gift Aid recovered	1,020	3,711	4,731	5,968
	──────	───────	───────	───────
	7,408	26,864	34,272	46,901
	══════	═══════	═══════	═══════
COSTS OF CHARITABLE ACTIVITIES BY FUND TYPE
	Unrestricted	Restricted	Total Funds	Total Funds
	Funds	Funds	2021	2020
	£	£	£	£
Feeding the Poor	3,185	295	3,480	3,045
Special Projects	7,374	10,919	18,293	21,122
Child Sponsorship	-	23,020	23,020	15,911
India Trip	-	-	-	11,744
Support Costs	438	-	438	292
	──────	───────	───────	───────
	10,997	34,234	45,231	52,114
	══════	═══════	═══════	═══════

3. COSTS OF CHARITABLE ACTIVITIES BY FUND TYPE

4. ANALYSIS OF SUPPORT COSTS

ANALYSIS OF SUPPORT COSTS
	Total 2021	Total 2020
	£	£
Administration	438	292
	──────	──────
	438	292
	══════	══════
DEBTORS
	2021	2020
	£	£
Income Tax Recoverable	4,228	4,506
	══════	════

5. DEBTORS

FRIENDS OF SMYRNA HOME COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2021

6. RESTRICTED INCOME FUNDS

	Balance at	Incoming	Outgoing		Balance at
	1 April 2020	resources	resources	Transfers	31 March 2021
Food 4 Life	40	255	(295)	-	-
Special Projects	2,332	8,588	(10,920)	-	-
Child Sponsorship	15,932	18,022	(23,020)	-	10,934
	───────	───────	───────	───────	───────
Total Restricted
Funds	18,304	26,865	(34,235)	-	10,934
	═══════	══════	═══════	══════	══════
Movements in
preceding year: -
Food 4 Life	135	700	(795)	-	40
Special Projects	3,634	18,426	(19,728)	-	2,332
Child Sponsorship	15,642	16,201	(15,911)	-	15,932
	───────	───────	───────	───────	───────
Total Restricted
Funds	19,411	35,327	(36,433)	-	18,304
	═══════	══════	═══════	══════	══════

Food 4 Life represents monies collected for feeding the poor.

Special Projects represents monies collected for medical purposes and other one-off projects.

7. UNRESTRICTED INCOME FUNDS

	Balance at	Incoming	Outgoing		Balance at
	1 April 2020	resources	resources	Transfers	31 March 2021
	£	£	£	£	£
General Funds	6,796	7,408	(10,997)	-	3,207
	═══════	══════	═══════	══════	══════
Movements in
preceding year: -
General Funds	10,902	11,574	(15,680)	-	6,796
	═══════	══════	═══════	══════	══════

8. ANALYSIS OF NET ASSETS BETWEEN FUNDS

	Debtors	Cash at Bank	Total
	£	£	£
Restricted Income Funds	3,214	7,721	10,934
Unrestricted Income Funds	1,014	2,193	3,207
	──────	──────	───────
Total Funds	4,228	9,913	14,141
	══════	══════	═══════
For the preceding year: -
Restricted Income Funds	3,126	15,178	18,304
Unrestricted Income Funds	1,380	5,416	6,796
	──────	──────	───────
Total Funds	4,506	20,594	25,100
	══════	══════	═══════

FRIENDS OF SMYRNA HOME COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2021

9. COMPANY LIMITED BY GUARANTEE

The company is a registered charity and is limited by guarantee and has no share capital. The liability of each member in the event of winding up is limited to £1.

10. RELATED PARTY TRANSACTIONS

Aggregate donations from related parties amounted to £6,500 (2020 £8,455).

There were no other related party transactions during the year.

No remuneration or reimbursement of expenses was paid to any trustee during the current or preceding year.

11. INDEPENDENT EXAMINATION

No charge was made for the Independent Examination for 2021 (2020, £nil).