**Charity Registration No. 1161219**
**Company Registration No. 09300481 (England and Wales)**
## **13 RIVERS TRUST**
## **ANNUAL REPORT AND FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31 MARCH 2021**
## **13 RIVERS TRUST**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
**Trustees** Monsur Ahmed Rupina Begum Abul Mahmud Azafor Miah **Charity number** 1161219 **Company number** 09300481
## **13 RIVERS TRUST**
## **CONTENTS**
||**Page**|
|---|---|
|Trustees' report|1 - 4|
|Statement of trustees' responsibilities|5|
|Independent auditor's report|6 - 7|
|Statement of financial activities|8|
|Balance sheet|9|
|Notes to the financial statements|10 - 17|
## **13 RIVERS TRUST**
## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT)** _**FOR THE YEAR ENDED 31 MARCH 2021**_
The trustees present their annual report and financial statements for the year ended 31 March 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 trust'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) " (effective 1 January 2019 ).
## **Mission Statement**
13 Rivers Trust is an energetic and dynamic charity which focuses its work around disadvantage d individuals, young people and communities left behind by mainstream society. 13 Rivers Trust celebrate s the contribution made by our ancestors and emulate s their good practice of helping others and to create new opportunities through which hope will be given.
The trust's objects and t he policies adopted in furtherance of these objects are stated below and there has been no change in these during the year.
## **Our work**
## Eden Care UK
To improve the quality of care for older people who are socially isolated, people who are terminally ill and reaching End of Life.
## Muslim Burial Fund
To bury Muslims in need with dignity and in accordance with their wishes and faith.
## Sylhet Aid
To deliver aid to the poorest community in the Greater Sylhet region and provide poverty alleviation to those in need.
## Rescue Orphans
To support orphans within their communities and keep them safe.
## **Future Work**
## Young People
We want to empower and support young people to advance in life through the provision of recreation and leisure time activities as well as developing their skills, capacities and capabilities.
## End Poverty
We want to relieve the needs of those who are disadvantaged by poverty, ill health, age or other socioeconomic factors.
## History and Heritage
We want to preserve the history, culture and heritage of the British Bangladeshi community living in the UK by providing an online museum.
## Community Cohesion
We want to promote knowledge, mutual understanding and respect of the beliefs and practices of different religious faiths.
- 1 -
## **13 RIVERS TRUST**
## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2021**_
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the trust should undertake.
The trustees confirm that they have referred to the Charily Commissions' general guidance on Public Benefit when reviewing and shaping the charity's aims and objectives. The charity works to ensure that its programs are inclusive, accessible and responsive to the needs of the beneficiaries.
## **Strategic report**
The description under the headings "Achievements and performance" and "Financial review" meet the company law requirements for the trustees to present a strategic report.
## **Achievements and performance**
## Eden Care UK
Eden Care UK is BAME led service it was setup to provide support and empower the terminally ill and those reaching End of Life. Eden Care UK also work together with community partners to deliver social and recreational activities for older people and address social isolation. During the year the fund raised £15 5 k. The expenditure in this activity from that fund and the general fund was £15 2 k during the year .
## Muslim Burial Fund
The objective of the Muslim Burial Fund is to bury Muslims in need with dignity and in accordance with their wishes and faith where they have no family and friends to turn to. During the last year due to the Covid Pandemic there were numerous deaths amongst the Muslim Community. The charity reached out to its supporters and donors and managed to raise £455k, which exceeded the previous targets. These funds met the charities objectives of providing a dignified farewell to the less fortunate at their time of death. The costs expended towards this activity during the year was £447k from the above funds and the general funds. The fund managed to provide 152 burials during the year.
## Sylhet Aid
Sylhet Aid was set up to deliver aid to the poorest community in the Greater Sylhet region and provide poverty alleviation to those in need. This is an ongoing fund and the Trust managed to raise £19k, which was in line with its previous performance. These funds were expended on the ground in Sylhet to provide shelter, food and winter help. The amount expended on the project our of these funds and general funds during the year was £183k.
## Rescue Orphans
In Bangladesh, 5.8% of the children below 18 years have lost either one or both parents. Almost 4 million children are orphans, with half of them living in extreme poverty. Rescue Orphans was set up to alleviate this hardship. During the year the project raised £4k. The expenditure on this project for the year from these funds and the general fund was £172k.
In addition to the above the general level of donations achieved exceeded expectations with £743k raised during the year compared to £129k in the previous year. In addition fundraising activities within Charitable activities raised £78k compared to £73k in the previous year. This was primarily due to the increase generosity of the community arising out its nature to help others during the Covid 19 Pandemic. In this respect the Trustees consider the fundraising objectives to have been met.
## **Investment Performance**
As at 31 March 202 1 , the Charities investments were held for cash flow and general expenditure and future capital investment . and as such the funds were held in a current account with only a nominal interest paid.
This was in line with the Charity's current investment plans.
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## **13 RIVERS TRUST**
## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2021**_
## **Plans for 2022**
The surplus of funds will be utilised to carry out further burial activities and in addition the Trustees will consider which aspects of the Charities activities can be extended through the availability of surplus funds. No specific decision had been taken at the date of approval of the financial statements.
## **Financial review**
There was a surplus in find position of £579k (2020 - £80k) at the year end. The operating surplus for the year was £499k (2020 - £17k deficit). This is the total of the amount on the SOFA. The increase of £499k operating surplus is the result of the additional income generated due to the various campaigns. The related expenditure was not matched comparatively which has led to a surplus in funds by that magnitude. This was substantially increased because of Covid 19 pandemic and the general awareness in the donors’ attitude towards the need to help those less fortunate.
Due to the nature of the charity complying with Islamic investment principles there is no set investment strategy, a surplus of this level was not anticipated but it is an area the trustees will be looking into.
## **Reserves policy**
The Trustees believe that it is essential that the Trust maintains sufficient reserves to allow it to continue its work through difficult economic times, to allow flexibility for cash flow requirements in respect of committed programs, as well as providing resources in the event of any significant and unexpected expenditure. The net assets of the 13 Rivers Trust as at 31 March 2021 amounted to £579 k (2020: £80 k )
The Trustees have set a target of six months' expenditure as a prudent level of reserves. Our current level of reserves is sufficiently ahead of that target. Free reserves as at 31 March 2021 amounted to £56 2k (2020: £80 k ) which are available to fund ongoing operations. This equates to approximately 7.4 months' operating costs.
The charity received donations & grants totaling £742 , 87 2 (2020: £128,829) and income from Charitable Activities of £709,399 (2020 : £ 245,894 ) during the year. After outgoing expenses of £ 9 53,611 (2020 :£ 392,160 ), the charity was left with a surplus of £ 578,999 (2020 : £ 80,266 ) carried forward for the year.
## **Investment Policy**
As at 31 March 202 1 , the Charities investments were held for cash flow and general expenditure and future capital investment .
In the past the Charity did not have a sizeable level of deposits and as such investment advice was not required. But with the level of current deposits, the possible requirement to appoint and investment advisor is under consideration by the Trustees.
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.
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## **13 RIVERS TRUST**
## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2021**_
## **Structure, governance and management**
## **Governing document**
The charity is controlled by its governing document, Memorandum and Articles of Association and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
Monsur Ahmed
Rupina Begum
Abul Mahmud
Azafor Miah
When new Trustees are required, they are selected based on relevant experience within the sector and other broad professional experiences. The initial selection maybe through community circles or by advertising in suitable publications. They are then selected based on the votes of existing Trustees.
None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £ 1 in the event of a winding up.
The company's current policy concerning the payment of trade creditors is to follow the CBI's Prompt Payers Code (copies are available from the CBI, Centre Point, 103 New Oxford Street, London WC1A 1DU).
The company's current policy concerning the payment of trade creditors is to:
- settle the terms of payment with suppliers when agreeing the terms of each transaction;
- ensure that suppliers are made aware of the terms of payment by inclusion of the relevant terms in contracts; and
- pay in accordance with the company's contractual and other legal obligations.
Trade creditors of the company at the year end were equivalent to 48 day's purchases, based on the average daily amount invoiced by suppliers during the year.
## **Auditor**
In accordance with the company's articles, a resolution proposing that AGP Consulting be reappointed as auditor of the company will be put at a General Meeting.
The trustees' r eport, including the strategic report, was approved by the Board of Trustees.
## **Azafor Miah**
Trustee Dated: 30 December 2021
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## **13 RIVERS TRUST**
## **STATEMENT OF TRUSTEES' RESPONSIBILITIES**
## _**FOR THE YEAR ENDED 31 MARCH 2021**_
The trustees, who are also the directors of 13 Rivers Trust for the purpose of company law, 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).
Company Law 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, including the income and expenditure, of the charitable company for that year.
In preparing these financial statements, the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the trust will continue in operation.
The trustees are responsible for keeping adequate 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 Companies Act 2006. 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.
- 5 -
## **13 RIVERS TRUST**
## **INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF 13 RIVERS TRUST**
## **Opinion**
We have audited the financial statements of 13 Rivers Trust (the ‘trust’) for the year ended 31 March 2021 which comprise the statement of financial activities, the balance sheet and the notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" (United Kingdom Generally Accepted Accounting Practice) .
In our opinion, the financial statements:
- give a true and fair view of the state of the charitable company's affairs as at 31 March 2021 and of its incoming resources and application of resources, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the _Auditor's responsibilities for the audit of the financial statements_ section of our report. We are independent of the trust in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Emphasis of matter - Prior Year Unaudited**
The Prior Years financial statements for the year ended 31 March 2020, were below the audit threshold and as such did not require and audit, to this extent no work was carried out to give assurance on the prior years financial statements. The opening balances were verified as part of the audit for the current year.
## **Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the trust’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
## **Other information**
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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## **13 RIVERS TRUST**
## **INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF 13 RIVERS TRUST**
## **Matters on which we are required to report by exception**
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:
- the information given in the financial statements is inconsistent in any material respect with the trustees' r eport; or
- sufficient accounting records have not been kept; or
- the financial statements are not in agreement with the accounting records; or
- we have not received all the information and explanations we require for our audit.
## **Responsibilities of trustees**
As explained more fully in the s tatement of trustees' r esponsibilities, the trustees, who are also the directors of the trust for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the trust’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
## **Auditor's responsibilities for the audit of the financial statements**
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below .
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
## **Use of our report**
This report is made solely to the charity’s trustees, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.
## **Forhad Ahmed (Senior Statutory Auditor) for and on behalf of**
30 December 2021
## **Chartered Accountants Statutory Auditor**
AGP Consulting is eligible for appointment as auditor of the trust by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.
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## **13 RIVERS TRUST**
## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT** _**FOR THE YEAR ENDED 31 MARCH 2021**_
|||**Unrestricted**|
**Restricted**|
**Total**|**Unrestricted**|
|---|---|---|---|---|---|
|||**funds**|
**funds**||**funds**|
|||**Total 2021**|**Total 2021**|**Total 2021**|
**2020**|
||**Notes**|
**£**|
**£**|
**£**|
**£**|
|**Income from:**||||||
|Donations and legacies|**3**|677,087|
65,785|
742,872|
128,829|
|Charitable activities|**4**|709,399|
-|
709,399|
245,894|
|Investments|**5**|73|
-|
73|
91|
|**Total income**||1,386,559|
65,785|
1,452,344|
374,814|
|**Expenditure on:**||||||
|Charitable activities|**6**|905,049|
48,562|
953,611|
392,160|
|**Net income/(expenditure) for the year/**||||||
|**Net movement in funds**||481,510|
17,223|
498,733|
(17,346)|
|Fund balances at 1 April 2020||80,266|
-|
80,266|
97,612|
|**Fund balances at 31 March 2021**||561,776|
17,223|
578,999|
80,266|
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.
- 8 -
## **13 RIVERS TRUST**
## **BALANCE SHEET**
## _**AS AT 31 MARCH 2021**_
|**Notes**
**Fixed assets**
Tangible assets
**10**
**Current assets**
Debtors
**11**
Cash at bank and in hand
**Creditors: amounts falling due within**
**one year**
**12**
Net current assets
**Total assets less current liabilities**
**Income funds**
Restricted funds
**13**
Unrestricted funds|**Total**
**£**
12,500
610,233
622,733
(52,800)|**2021**
**£**
9,066
569,933
578,999
17,223
561,776
578,999|**2020**
**£**
-
81,513
81,513
(1,247)|**£**
-
80,266
80,266
-
80,266
80,266|
|---|---|---|---|---|
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 March 2021, although an audit has been carried out under section 144 of the Charities Act 2011.
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 under the requirements of the Companies Act 2006, 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 30 December 2021
Azafor Miah **Trustee**
## **Company Registration No. 09300481**
- 9 -
## **13 RIVERS TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 MARCH 2021**_
## **1 Accounting policies**
## **Charity information**
13 Rivers Trust is a private company limited by guarantee incorporated in England and Wales. The registered office is .
## **1.1 Accounting convention**
The financial statements have been prepared in accordance with the trust's [governing document], the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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 not to prepare a Statement of Cash Flows.
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.
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 trust.
## **1.4 Income**
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.
Legacies are recognised on receipt or otherwise if the trust has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
- 10 -
## **13 RIVERS TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2021**_
## **1 Accounting policies**
**(Continued)**
## **1.5 Expenditure**
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.
Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
## **1.6 Tangible fixed assets**
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computers
Enter depreciation rate via StatDB - cd198
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities .
## **1.7 Impairment of fixed assets**
At each reporting end date, the trust reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any ) .
## **1.8 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.
## **1.9 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.
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## **13 RIVERS TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2021**_
## **1 Accounting policies**
## **(Continued)**
## _**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.
## **1.10 Employee benefits**
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the trust is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
## **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 legacies**
||**Unrestricted**|
**Restricted**|
**Total**|Unrestricted|
|---|---|---|---|---|
||**funds**|
**funds**||funds|
||**Total 2021**|**Total 2021**|**Total 2021**|2020|
||**£**|
**£**|
**£**|£|
|Donations and gifts|653,022|
65,785|
718,807|128,829|
|Government grants|24,065|
-|
24,065|-|
||677,087|
65,785|
742,872|128,829|
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## **13 RIVERS TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2021**_
## **4 Charitable activities**
**For the year ended 31 March 2021**
|**Fundraising**
**events**
**Sylhet aid**
**Emergency**
**relief**
**Eden care**
**Burial fund**
**£**
**£**
**£**
**£**
**£**
Fund raising activities
77,458
19,144
3,431
154,858
454,508
**For the year ended 31 March 2020**
**Fundraising**
**events**
**Sylhet aid**
**Emergency**
**relief**
**Eden care**
**Burial fund**
**£**
**£**
**£**
**£**
**£**
Fund raising activities
71,502
3,458
4,340
56,464
110,130
Analysis by fund
Unrestricted funds
71,502
3,458
4,340
56,464
110,130|**Total**
**£**
709,399
**Total**
**2020**
**£**
245,894
245,894|
|---|---|
## **5 Investments**
||**Unrestricted**|Unrestricted|
|---|---|---|
||**funds**|funds|
||**Total 2021**|2020|
||**£**|£|
|Interest receivable|73|91|
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## **13 RIVERS TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2021**_
## **6 Charitable activities**
|**Rescue**
**Orphans**
**Sylhet Aid Eden Care**
**Muslim**
**Burial Fund**
**Total**
**Total 2021**
**Total 2021 Total 2021 Total 2021 Total 2021**
**£**
**£**
**£**
**£**
**£**
Staff costs
37,566
37,566
37,519
51,998
164,649
Activity costs
74,083
57,446
58,062
-
189,591
Emergency aid distribution
7,131
35,364
-
-
42,495
Fundraising donation/costs
2,889
2,889
2,889
5,695
14,362
Burial costs
-
-
-
320,079
320,079
Project development
6,658
6,658
6,658
6,658
26,632
Volunteer expenses
1,491
1,491
1,491
1,491
5,964
Awareness and event
costs
-
-
-
-
-
Education, training &
seminars
1,140
1,140
1,140
1,140
4,560
130,958
142,554
107,759
387,061
768,332
Share of support costs
(see note 7)
24,030
24,029
27,449
41,961
117,469
Share of governance costs
(see note 7)
16,675
16,675
16,675
17,785
67,810
171,663
183,258
151,883
446,807
953,611
**Analysis by fund**
Unrestricted funds
161,663
183,258
113,321
446,807
905,049
Restricted funds
10,000
-
38,562
-
48,562
171,663
183,258
151,883
446,807
953,611|**Total**
**2020**
**£**
64,181
84,909
22,080
9,699
100,041
20,349
8,463
19,275
4,900
333,897
56,043
2,220
392,160
392,160
-
392,160|
|---|---|
The above expenditure was from the general donations (Note 3) as allocated by the Trustees and the specific fund raising activities (Note 4).
- 14 -
## **13 RIVERS TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2021**_
## **7 Support costs**
|**Support**
**costs**
**Governance**
**costs**
**Total 2021**
**£**
**£**
**£**
Depreciation
3,022
-
3,022
Travel & subsistence
-
-
-
Advertising and
marketing
72,556
-
72,556
Consultancy
6,840
48,000
54,840
Admin costs
13,078
-
13,078
Insurance
881
-
881
Postage & stationery
3,520
-
3,520
Rent & rates
8,500
-
8,500
Telephone & internet
1,124
-
1,124
IT Software and
consumables
4,231
-
4,231
Bank charges
3,717
-
3,717
Audit fees
-
3,600
3,600
Legal and professional
-
16,210
16,210
117,469
67,810
185,279
Analysed between
Fundraising activities
117,469
67,810
185,279|Support
costs
Governance
costs
£
£
-
-
77
-
13,305
-
10,950
-
8,849
-
881
-
2,578
-
8,470
-
1,743
-
5,252
-
3,938
-
-
-
-
2,220
56,043
2,220
56,043
2,220|2020
£
-
77
13,305
10,950
8,849
881
2,578
8,470
1,743
5,252
3,938
-
2,220
58,263
58,263|
|---|---|---|
Governance costs includes payments to the auditors of £ 3,600 (2020- £ nil ) for audit fees.
## **8 Trustees**
None of the trustees (or any persons connected with them) received any remuneration or benefits from the trust during the year.
## **9 Employees**
The average monthly number of employees during the year was:
||**Total 2021**|**2020**|
|---|---|---|
||**Number**|**Number**|
|Administrative|5|3|
- 15 -
## **13 RIVERS TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2021**_
|**9**|**Employees**|||**(Continued)**|
|---|---|---|---|---|
||**Employment costs**|**Total**|**2021**|**2020**|
||||**£**|**£**|
||Wages and salaries|148,953||61,782|
||Social security costs||15,696|2,399|
|||164,649||64,181|
||There were no employees whose annual remuneration was more than £60,000.||||
|**10**|**Tangible fixed assets**||||
|||||**Computers**|
|||||**£**|
||**Cost**||||
||Additions|||12,088|
||At 31 March 2021|||12,088|
||**Depreciation and impairment**||||
||Depreciation charged in the year|||3,022|
||At 31 March 2021|||3,022|
||**Carrying amount**||||
||At 31 March 2021|||9,066|
Investment properties rented to another group entity have been accounted for using the cost model. The carrying value of these investment properties included within tangible fixed assets is £XXXX (2020 - £XXXX).
## **11 Debtors**
|**Total 2021**
**Amounts falling due within one year:**
**£**
Trade debtors
12,500
**12**
**Creditors: amounts falling due within one year**
**Total 2021**
**£**
Other taxation and social security
-
Trade creditors
49,200
Accruals and deferred income
3,600
52,800|**2020**
**£**
-
**2020**
**£**
47
-
1,200
1,247|
|---|---|
- 16 -
## **13 RIVERS TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2021**_
## **13 Restricted funds**
The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:
|||**Movement**|||**Movement in funds**|**Movement in funds**|||
|---|---|---|---|---|---|---|---|---|
|||**in funds**|||||||
|||**Incoming**|**Balance at**||**Incoming**|**Resources**||**Balance at**|
|||**resources**|**1 April 2020**||**resources**|**expended**|
**31 March 2021**||
|||**£**|**£**||**£**|**£**||**£**|
||City of London - City Bridge|-||-|35,000|(35,000)||-|
||City of London - PPE|-||-|10,400|(10,400)||-|
||London Community - Art Session|-||-|12,480|-||12,480|
||East End Community - Hot Food|-||-|7,905|(3,162)||4,743|
|||-||-|65,785|(48,562)||17,223|
|**14**|**Analysis of net assets between funds**||||||||
|||**Unrestricted**|||**Restricted**|**Total**|Unrestricted||
||||**funds**||**funds**|||funds|
|||**Total 2021**||**Total 2021 Total 2021**||||2020|
||||**£**||**£**|**£**||£|
||Fund balances at 31 March 2021 are||||||||
||represented by:||||||||
||Tangible assets||9,066||-|9,066||-|
||Current assets/(liabilities)||552,710||17,223|569,933||80,266|
||||561,776||17,223|578,999||80,266|
## **15 Related party transactions**
There were no disclosable related party transactions during the year (2020 - none) .
- 17 -