Registered Charity Number: 1169949
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 31 January 2021
For
The Fairbridge Trust
Fairbridge Trust
CONTENTS
| Report ofthe Trustees | 1 to 2 |
|---|---|
| Independent Examiner’s Report | 3 |
| Statement ofFinancial Activities | 4 |
| Balance Sheet | 5 |
| NotestotheFinancialStatements | 6to8 |
Fairbridge Trust Report of the Trustees for the Year Ended 31 January 2021
The Trustees present their report with the financial statements of the charity for the year ended 31 January 2021.
The financial results have been prepared in accordance with the accounting policies set out in notes 1. and 2. to the financial statements and comply with the charity's constitution.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Fairbridge Trust is a Charitable Incorporated Organisation, constituted on 29 October 2016. The Trust recruits volunteers and any volunteer committed to the objectives of the Trust, with relevant skills and experience, may be elected to the board of trustees at the discretion of the trustees.
There is currently no formal induction or training for new trustees, however new trustees are provided with a copy of the trust deed, recent minutes and current accounts. Trustee meetings are held regularly to review the success of the shop and any purchasing or advertising decisions and to assess the availability of funds for making donations.
Trustees are required to disclose all relevant interests in accordance with the constitution and to withdraw from any decisions where a conflict of interest arises. No trustee remuneration or expenses are paid.
RISK MANAGEMENT
The Trustees have assessed the major risks to which the charity is exposed and are satisfied that systems are in place to mitigate exposure to these risks.
OBJECTIVES AND ACTIVITIES
The objects of the CIO are to prevent or relieve poverty or financial hardship in the developing world and in Weymouth and its neighbouring areas by the provision of such grants and donations as the trustees shall think fit.
We raise funds to achieve these objectives through the sale of Fairtrade and ethically sourced goods in our shop, The Bridge Fair Trade Shop. The shop is entirely manned by volunteers and the objectives would not be achieved without them.
We attend outside events and welcome groups to the shop, widening our customer base and promoting the sale of Fairtrade goods and local awareness of the Fairtrade principles. The Trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the trust's aims and objectives and in planning and setting grant making policies.
GRANT MAKING POLICY
The Trustees apply the funds of the Fairbridge Trust at their discretion and in accordance with the charitable purposes and objectives of the charity.
The amount of work or number of projects that can be supported by the trustees is necessarily limited to the amount of funds that are available for distribution each year. The Trustees have determined that the current priorities for funding are the relief of poverty and homelessness in the Weymouth area and the relief of poverty among the world's deprived and needy peoples. When funds are available the Trustees will meet and make donations to their chosen local and overseas charities.
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PERFORMANCE AND FINANCIAL REVIEW
Due to the coronavirus pandemic and following government guidelines we were closed from March 22nd until July 7th, November 5th until December 2nd 2020 and have been closed since January Sth this year. While closed we invited customers to contact us if they required anything and volunteers had access to the shop which produced some revenue. Despite these closures we had a successful year of trading, with a trading surplus of £19,469 (2020 £6,684). This included £16,620 income from Government support grants, some of which was spent on perspex screens and sanitiser to allow us to reopen with certain restrictions in place. Having increased stock and reserves to satisfactory levels last year we were pleased to be able to make charitable grants to both local and overseas charities of £13,710 (2020 £5,765). We have a dedicated team of volunteers with very little change during the year. In May we completed a successful application to become members of BAFTS (British Association of Fair Trade Shops and Suppliers).
The Trust does not solicit donations but relies upon the sale of goods in the shop to raise funds. Small donations made by customers in the collecting boxes are included in our grants to Tearfund and Traidcraft Exchange, both registered charities.
RESERVES POLICY
The total funds carried forward as at 31 January 2021 were £12,412 (2020 - £6,574). The Trustees are confident that this is sufficient to cover future contingencies including the loss of trade due to the enforced closure for coronavirus.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Charity number: 1169949
Principal address
The Bridge Fair Trade Shop 24 Trinity Road, Weymouth, DT4 8TJ
Trustees
L C Perry J M Moore L Anderson (since 16.03.20) J Hall (since 16.03.20) S Sandercock (since 16.03.20)
Clerk to Trustees
G J Perry
Bankers Santander ple 73 St Thomas Street, Weymouth, DT4 8EL
Approved by order of the Board of Trustees on 11 May 2021 and signed on its behalf by:
L C Perry - Chair of Trustees
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Independent examiner’s report to the trustees of Fairbridge Trust
I report to the trustees on my examination of the accounts of the Fairbridge Trust (the Trust) for the year ended 31 January 2021.
Responsibilities and basis of report
As the charity trustees ofthe 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 2011Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner’s statement
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:
.
-
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 net accord with those records; or
.
- 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.
Dr Neil Hardisty B.Sc Ph.D 274 Dorchester Road, Weymouth
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Fairbridge Trust Statement of Financial Activities for the Year Ended 31 January 2021
| 2021 | 2020 | ||
|---|---|---|---|
| Notes | £ | £ | |
| INCOMEFROM TRADING | |||
| Shop Sales | 19,907 | 28,211 | |
| Cost ofsales | 12,097 | 17.042 | |
| Gross profit | 7,810 | 11,169 | |
| Government support grants | 7 | 16,620 | 0 |
| TOTAL | 24,430 | 11,169 | |
| EXPENSES | |||
| Advertising | 435 | 86 | |
| Bank charges | 466 | 376 | |
| BID levy | 112 | 112 | |
| Catering equipment | 0 | 0 | |
| Cleaning | 15 | 60 | |
| Depreciation | 525 | 525 | |
| Fire alarms& security | 344 | 313 | |
| Fixtures& fittings | 872 | 333 | |
| Insurance | 243 | 325 | |
| Miscellaneous | 0 | 180 | |
| Music license fees | 306 | 370 | |
| Telephone& broadband | 249 | 318 | |
| Utilities | 1,487 | 1,487 | |
| Total expenses | 4,961 | 4,485 | |
| Surplus before Charitable Grants | 19,469 | 6,684 | |
| Charitable Grants made | 3 | (13,710) | (5,765) |
| Surplus/(deficit) | 5,759 | 919 | |
| Reserves brought forward | 6,574 | 5,420 | |
| Donations received | 4 | 79 | 235 |
| Reservescarriedforward | £12,412 | £6,574 |
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Fairbridge Trust Balance Sheet as at 31 January 2021
| 2021 | 2020 | ||
|---|---|---|---|
| Notes | £ | £ | |
| FIXED ASSETS | |||
| Shop furniture | 5 | 666 | 1,191 |
| CURRENT ASSETS | |||
| Stock | 9,877 | 8,127 | |
| Debtors& Prepayments | 604 | 618 | |
| Cash in hand | 225 | 449 | |
| Santander Current Account | 8,956 | 3,382 | |
| Shared Interest Share Account | 3,000 | 3,000 | |
| 22,662 | 15,576 | ||
| CURRENT LIABILITIES | |||
| Accruals | 7 | (916) | (193) |
| NETCURRENT ASSETS | 21,746 | 15,383 | |
| TOTAL ASSETS LESS CURRENT | |||
| LIABILITIES | 22,412 | 15,383 | |
| CREDITORS: AMOUNTS | |||
| FALLING DUE AFTERONE YEAR | |||
| Loan from Trustee | 6 | 10,000 | 10,000 |
| NET ASSETS | £12,412 | £6,574 | |
| FUNDS OF THE CHARITY | |||
| Unrestricted funds | 12,412 | 6,574 | |
| TOTALFUNDS | £12,412 | £6,574 |
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Fairbridge Trust
Notes to the Financial Statements
for the Year Ended 31 January 2021
1. Basis of accounting
These accounts have been prepared on the basis of historic cost in accordance with Accounting and Reporting by Charities — Statement of Recommended Practice (SORP 2005) and with Accounting Standards.
2. Accounting Policies
INCOMING RESOURCES
Recognition of incoming resources: These are included in the Statement of Financial Activities (SoFA) when the charity becomes entitled to the resources.
Incoming resources with related expenditure: Where incoming resources have related expenditure the incoming resources and related expenditure are reported gross in the SoFA.
Grants and donations are only included in the SoFA when the charity has unconditional entitlement to the resources.
Gifts in kind are accounted for at a reasonable estimate of their value to the charity.
Donated services and facilities are only included in incoming resources (with an equivalent amount in resources expended) where the benefit to the charity is reasonably quantifiable, measurable and material.
Volunteer help: The value of any voluntary help received is not included in the accounts but is described in the trustees’ annual report.
EXPENDITURE AND LIABILITIES
Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to pay out resources.
ASSETS
Tangible fixed assets for use by charity are capitalised if they can be used for more than one year, and cost at least £150. They are valued at cost or a reasonable value on receipt.
Stocks are valued at the lower of cost or market value.
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3. Grants made
Grants totalling £13,710 (2020 - £5,765) were made during the period:
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|---|---|---|---|---|---|---|---|---|
|Christian|Aid|(Reg.|charity no.1105851)|£1,500|
|The|Lantern|Trust Weymouth|(Reg.|charity|no.|1114979)|£1,500|
|The|Traidcraft|Exchange|(Reg.|charity|no.|1048752)|£1,500|
|Friends|of MV Freedom|(Reg.|charity|no.|283955)|£750|
|The|Prayerhouse|(Soul|Food)|(Reg.|charity|no.|1005120)|£1,000|
|APT|Action|on|Poverty|(Reg.|charity|no.|290836)|£500|
|Tear Fund|(Reg.|charity|no.|265464)|£560|
|International|Rescue|Committee|(Reg.|charity|no.|1065972)|£500|
|Reaching|the|Unreached|(Reg.|charity|no.|1091295)|£750|
|The Africa|Trust|(Reg.|charity|no.|1147666)|£500|
|Child|Rescue Nepal|(Reg.|charity|no.|1078187)|£750|
|Save|the|Children|(Reg.|charity|no.|213890)|£500|
|Refresh — CAP|(Reg.|charity|no.|1158394)|£1,000|
|Cycling Without Age|(Reg.|charity|no.|1182812)|£250|
|Local|foodbanks|in Weymouth &|Portland|£2,150|
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4. Donations received
Donations received were not solicited and there is no expenditure related to this income.
The shop premises occupied by the Trust are leased on a rent free basis from a Trustee. These are not shown as donated facilities because the benefit is not considered reasonably quantifiable.
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5. Fixed Assets
Fixed Assets comprise shop furniture which is being depreciated on a straight line basis over its estimated useful life of 5 years:
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|---|---|---|---|---|---|
|Furniture|
|Cost|1|February|2020|£2,628|
|Additions|0|
|At 31|January|2020|£2,628|
|Depreciation|at|1|February|2020|1,437|
|Charge|for|the|year|525|
|At 31|January|2021|£1,962|
|Net Book Value|at 31|January|2021|£666|
|Net Book Value|at|31|January|2020|£1,191|
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6. Loan from Trustee
The loan is interest free and repayable entirely at the discretion of the Trustees.
7. Government Support Grants
Government support grants of £17,335 were received in the year in relation to the Covid emergency. Of this £16,620 has been accounted for in the year and £715 relating to February 2021 has been carried forward and is included in accruals.
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