REGISTERED CHARITY NUMBER: 1163036
Report of the Trustees and Unaudited Financial Statements for the Year Ended 31 March 2024 for Ukraine Charity
Monahans Chartered Accountants Hermes House Fire Fly Avenue Swindon Wiltshire SN2 2GA
Ukraine Charity
Contents of the Financial Statements for the Year Ended 31 March 2024
| Page | |
|---|---|
| Report of the Trustees | 1 to 3 |
| Independent Examiner's Report | 4 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 |
| Notes to the Financial Statements | 7 to 11 |
Ukraine Charity
Report of the Trustees for the Year Ended 31 March 2024
The trustees present their report with the financial statements of the charity for the year ended 31 March 2024. The trustees have adopted the provisions of 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).
OBJECTIVES AND ACTIVITIES Objectives and aims
The objectives of Ukraine Charity are:
1) the advancement of education:
(a) in Ukrainian history, language and culture in the UK and in Ukraine;
(b) in the legal rights and entitlements of citizens of Ukraine;
(c) by providing and assisting in the provision of resources and facilities for education, in particular, but not exclusively for, children in schools and orphanages in Ukraine;
(2) the advancement of health of people in Ukraine; and
(3) the relief of those in need because of ill health, disability, financial hardship or other disadvantage.
This reporting year was challenging for Ukraine Charity, with overall donations experiencing a significant decline compared to the previous period. Economic uncertainty, shifting donor priorities and increased competition for donations created a challenging environment for the charity. Despite these obstacles, our team has worked tirelessly to sustain our income at as high level as it was possible. We organised a variety of fundraising events, strengthened relationships with existing partners, formed new partnerships, and fostered deeper connections with our donors through consistent and open communication.
Between April 2023 and March 2024, Ukraine Charity raised approximately £350,000, marking a decrease from the previous year's donations exceeding £1.5 million. During the same period, around £500,000 was allocated to various charity projects, a reduction from the £1.7 million spent in the previous year. Administrative expenses remained modest at approximately £19,000, which included around £5,000 dedicated to the development of the new website.
Ukraine Charity has a long-standing commitment to supporting underprivileged children and disadvantaged families in Ukraine. This reporting year, as in the previous year, the charity prioritised emergency medical and humanitarian aid for those affected by the ongoing war against Ukraine and the resulting humanitarian crisis. Overall, 80% of the charity's funds were directed towards this effort, with the remaining funds going towards supporting women, vulnerable people, youth and children in the communities affected by the war.
During the reporting year, Ukraine Charity supported over 60 projects. Similarly to the previous year, these initiatives included procuring essential first-aid supplies, medicines, medical equipment, ambulances and evacuation vehicles as well as supporting various humanitarian projects in line with charity's objectives. The charity prioritised supporting its existing trusted partners, building on years of positive and fruitful cooperation. This strategic focus ensured that resources were directed to partners with well-established relationship with Ukraine Charity, thereby maximising impact and fostering continuity in delivering aid.
In addition to its project work, Ukraine Charity made significant strides in enhancing its operational efficiency. The launch of a new, informative and user-friendly website with direct donation capabilities expected to improve donor engagement and transparency. The implementation of an enterprise resource planning (ERP) system for accounting and internal operations - generously provided as a pro bono donation by Oracle NetSuite - further streamlined Ukraine Charity's processes, ensuring greater accountability and efficiency. Moreover, the charity worked diligently to strengthen its legal and compliance frameworks, benefiting from the expertise of legal partners who offered their services to Ukraine Charity on a pro bono basis. These collective efforts have positioned Ukraine Charity to operate with increased transparency and efficiency, ensuring that administrative expenses remain low while maximising the reach and impact of its charitable activities.
Ukraine Charity continued to organise and support a variety of fundraising and cultural events, which played a crucial role in enhancing the charity's visibility and engagement with the community. These events not only raised essential funds but also fostered a deeper connection between the charity and its supporters, highlighting the vibrant culture of Ukraine and the resilience of its people.
Our dedicated core team of trustees and volunteers would like to express our sincere gratitude for the generous support and trust we received from our donors, supporters, partners, businesses, and the British public at large. Thanks to all your contributions, Ukraine Charity was able to make our joint significant positive impact towards Ukraine's continued fight for freedom, providing a much-needed aid to those in need.
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Ukraine Charity
Report of the Trustees for the Year Ended 31 March 2024
OBJECTIVES AND ACTIVITIES Public benefit
The trustees have paid due regard to the Charity Commission's guidance on public benefit in deciding what activities the charity should undertake. The trustees consider that they have acted in the public benefit.
Fund-raising standards information
Ukraine Charity did not engage any individuals or organizations to carry out fundraising activities on its behalf, including professional fundraisers or commercial participators.
Additionally, neither the charity nor any representatives acting on its behalf were obligated to comply with any voluntary schemes or standards for regulating fundraising activities, and as such, no details regarding such schemes or standards are applicable to the charity's fundraising activities.
Ukraine Charity received one formal complaint that was resolved with the complainant.
ACHIEVEMENT AND PERFORMANCE
Between 1 April 2023 and 31 March 2024, we directed £505,926 to charity projects, mostly focusing on purchases of lifesaving medical supplies and equipment as well as humanitarian aid.
Ukraine Charity's charitable spending was on the following categories of projects:
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Women and vulnerable people - £52,391;
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Children and young people - £48,205;
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Emergency response - £405,330.
FINANCIAL REVIEW
Financial position
The total funds at 31 March 2024 were £186,882.
Ukraine Charity activated fundraising for humanitarian crisis appeal via various charitable platforms and was able to raise significant funds from supporters. The majority of donations were received via online platforms. In addition, Ukraine Charity obtained several large donations from larger charities and businesses. The top five funding sources of Ukraine Charity were:
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Donations via JustGiving platform;
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Corporate donations;
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Donations from other charities, not-for-profit and non-governmental organisations;
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Donations via Benevity platform;
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Donations via platforms of Charities Aid Foundation (CAF).
Reserves policy
The trustees' objective is to maintain a cash reserve of at least £120,000 to cover both the charity's regular activities and any unforeseen expenses that may arise if the situation in Ukraine changes.
Ukraine Charity has experienced a decrease in donations compared to the previous period. If this trend continues, the trustees may consider lowering the reserve and scaling down donations to certain projects.
FUTURE PLANS
As long as the Russian aggression against Ukraine continues, the charity remains committed to continue supporting the most urgent humanitarian relief projects in the country. The charity will continue its focus on supporting educational projects for children and young adults, recognising the importance of education in building a better future for Ukraine.
Ukraine Charity continues to primarily rely on the work of unpaid trustees and volunteers to fundraise and provide humanitarian aid for people in Ukraine. Individual paid contractors are involved on an ad-hoc and project basis.
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document
The charity is a Charitable Incorporated Organisation signed by the Trustees on 22 June 2015 as amended on 26 July 2017.
Recruitment and appointment of new trustees
Trustees of Ukraine Charity are appointed and existing trustees are reappointed by a resolution of the trustees of Ukraine Charity who hold the position at the relevant date.
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Ukraine Charity
Report of the Trustees for the Year Ended 31 March 2024
STRUCTURE, GOVERNANCE AND MANAGEMENT Organisational structure
----- Start of picture text -----
[UKRAINE ]
CHARITY
[Meeting of ]
Charity
Trustees
Nataliya [Oleksii Serb, ] Artem [Iryna Zeldes Le ]
Romanovych, Trustee Shyrkozhukho, Broussois,
Trustee Trustee Trustee
[4-5 Volunteers]
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Ukraine Charity is managed by the trustees. During the reporting year, Ukraine Charity was managed by four trustees. The decisions are taken by the trustees either at a meeting of the charity trustees or by email. Four to five volunteers regularly participate in the work of Ukraine Charity and assist trustees in fundraising, managing projects and other work of Ukraine Charity.
Induction and training of new trustees
Induction and training of new trustees is governed by the constitution of Ukraine Charity.
Risk management
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number 1163036
Principal address
124 City Road London EC1V 2NX
Trustees
N Romanovych A Shyrkozhukhov I Zeldes Le Broussois O Serb (appointed 24.11.23)
Independent Examiner
James Gare FCA DChA Monahans, Chartered Accountants Hermes House, Fire Fly Avenue Swindon, Wiltshire, SN2 2GA
Approved by order of the board of trustees on 24[th] of January 2025 and signed on its behalf by:
........................................................................ Oleksii Serb - Trustee
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Independent Examiner's Report to the Trustees of Ukraine Charity
Independent examiner's report to the trustees of Ukraine Charity
I report to the charity trustees on my examination of the accounts of Ukraine Charity (the Trust) for the year ended 31 March 2024.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.
Independent examiner's statement
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.
I have completed my examination. I confirm that no material 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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accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
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the accounts do not accord with those records; or
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the accounts 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 accounts to be reached.
James Gare FCA DChA
The Institute of Chartered Accountants in England and Wales
Monahans Chartered Accountants Hermes House Fire Fly Avenue Swindon Wiltshire SN2 2GA
Date: ............................................. 27 January 2025
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Ukraine Charity
Statement of Financial Activities
for the Year Ended 31 March 2024
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies 3 Other trading activities 4 Investment income 5 Total EXPENDITURE ON Raising funds Charitable activities 6 Project funding Total NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted fund £ 267,444 28,965 1,213 297,622 2,715 476,348 479,063 (181,441) 368,323 186,882 |
Restricted funds £ 48,906 - - 48,906 - 48,906 48,906 - - - |
2024 Total funds £ 316,350 28,965 1,213 346,528 2,715 525,254 527,969 (181,441) 368,323 186,882 |
2023 Total funds £ 1,459,803 64,372 1,015 1,525,190 26,342 1,704,359 1,730,701 (205,511) 573,834 368,323 |
|---|---|---|---|---|
The notes form part of these financial statements
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Ukraine Charity
Balance Sheet 31 March 2024
| Unrestricted fund Notes £ CURRENT ASSETS Debtors 11 325 Cash at bank 222,169 222,494 CREDITORS Amounts falling due within one year 12 (35,612) NET CURRENT ASSETS 186,882 TOTAL ASSETS LESS CURRENT LIABILITIES 186,882 NET ASSETS 186,882 FUNDS 13 Unrestricted funds TOTAL FUNDS |
Restricted funds £ - - - - - - - |
2024 Total funds £ 325 222,169 222,494 (35,612) 186,882 186,882 186,882 186,882 186,882 |
2023 Total funds £ 35,306 426,570 461,876 (93,553) 368,323 368,323 368,323 368,323 368,323 |
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The financial statements were approved by the Board of Trustees and authorised for issue on 24[th] of January 2025 and were signed on its behalf by:
............................................. Oleksii Serb - Trustee
The notes form part of these financial statements
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Ukraine Charity
Notes to the Financial Statements for the Year Ended 31 March 2024
1. STATUTORY INFORMATION
Ukraine charity is a Charitable Incorporated Organisation registered with Charity Commission for England and Wales. The registered office address, nature of the charity's operations and principal activities can be found in the Trustees' Report.
2. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.
The financial statements have been prepared to give a 'true and fair' view and 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 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) issued on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The financial statements are prepared in sterling which is the functional currency of the charity and rounded to the nearest pound.
There are no significant areas of judgements or key sources of estimation uncertainty.
The trustees consider that there are no material uncertainties about the Charity's ability to continue as a going concern.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
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 transaction. Exchange differences are taken into account in arriving at the operating result.
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Ukraine Charity
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
2. ACCOUNTING POLICIES - continued
Foreign currencies
Debtors
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
Cash at bank and in hand
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
Creditors and provisions
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
Financial instruments
The charity 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 with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method
3. DONATIONS AND LEGACIES
| Donations 4. OTHER TRADING ACTIVITIES Fundraising events 5. INVESTMENT INCOME Deposit account interest 6. CHARITABLE ACTIVITIES COSTS Project funding |
Unrestricted funds £ 267,444 Unrestricted funds £ 28,965 Unrestricted funds £ 1,213 |
Restricted funds £ 48,906 Restricted funds £ - Restricted funds £ - Grant funding of activities (see note 7) £ 505,926 |
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Ukraine Charity
Notes to the Financial Statements - continued
for the Year Ended 31 March 2024
7. GRANTS PAYABLE
| Project funding Project category Ambulances and other vehicles Child support and development Humanitarian support Medical supplies Women and vulnerable people Children and young people Emergency response 8. SUPPORT COSTS Management £ Project funding 16,928 Support costs, included in the above, are as follows: PR, Marketing & Website Administrative costs Bank charges Auditors' remuneration Accountancy and Independent examination |
2024 £ 505,926 2024 - - - - 52,391 48,205 405,330 505,926 Governance costs £ 2,400 2024 Project funding £ 7,450 9,424 54 - 2,400 19,328 |
2023 £ 1,686,287 2023 256,104 113,228 211,865 1,105,091 - - - 1,686,287 Totals £ 19,328 2023 Total activities £ 973 6,294 605 10,200 - 18,072 |
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9. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023.
Trustees' expenses
3 trustees were reimbursed travel expenses totalling £1,369 during the year ended 31 March 2024 (2023: nil).
10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| INCOME AND ENDOWMENTS FROM Donations and legacies Other trading activities Investment income Total EXPENDITURE ON Raising funds |
Unrestricted fund £ 1,453,803 64,372 1,015 1,519,190 26,342 |
Restricted funds £ 6,000 - - 6,000 - |
Total funds £ 1,459,803 64,372 1,015 1,525,190 26,342 |
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Ukraine Charity
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
| 10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued Unrestricted Restricted fund funds £ £ Charitable activities Project funding 1,698,359 6,000 Total 1,724,701 6,000 NET INCOME/(EXPENDITURE) (205,511) - RECONCILIATION OF FUNDS Total funds brought forward 573,834 - TOTAL FUNDS CARRIED FORWARD 368,323 - 11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 £ Other debtors 325 12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 £ Accrued expenses 35,612 13. MOVEMENT IN FUNDS Net movement At 1.4.23 in funds £ £ Unrestricted funds General fund 368,323 (181,441) TOTAL FUNDS 368,323 (181,441) Net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General fund 297,622 (479,063) Restricted funds For medical aid and tourniquets 16,102 (16,102) City of Goodness 1,216 (1,216) Humanitarian relief for those affected by flooding 9,195 (9,195) For Ambulance 20,334 (20,334) For rescue vehicles 573 (573) Para Swimmers 61 (61) For Orphans 1,425 (1,425) 48,906 (48,906) TOTAL FUNDS 346,528 (527,969) |
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Ukraine Charity
Notes to the Financial Statements - continued
for the Year Ended 31 March 2024
13. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| At 1.4.22 £ Unrestricted funds General fund 573,834 TOTAL FUNDS 573,834 Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 1,519,190 Restricted funds For suction medical devices and haulage of 2 trucks to Ukraine 6,000 TOTAL FUNDS 1,525,190 |
Net movement in funds £ (205,511) (205,511) Resources expended £ (1,724,701) (6,000) (1,730,701) |
At 31.3.23 £ 368,323 368,323 Movement in funds £ (205,511) - (205,511) |
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City of Goodness - funds donated to supporting the orphanage in western Ukraine
For Ambulance - funds donated to buy and send ambulances to Ukraine
For rescue vehicles - funds donated to send rescue vehicles to Ukraine
For medical aids and tourniquet's - funds donated to purchase medical aids and tourniquet's
Para Swimmers - funds donated to support the Kyiv Region para swimming and para triathlon school
Humanitarian relief for those affected by flooding - funds donated for Humanitarian relief for those affected by flooding in Southern Ukraine
For Orphans - funds donated for "Successful Start" to help graduate orphans to prepare for independent adulthood
14. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 March 2024.
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