Charity registration number.. 1172864
Ethsham Ghafoor Memorial Trust
Ethsham Ghafoor Memorial Trust
Annual Report and Financial Statements
for the Year Ended 31 March 2023
Contents
| Reference and Administrative Details | 1 |
|---|---|
| Trustee's Report | 2 to 3 |
| Statement of Trustee's Responsibilities | 4 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 |
| Notes to the Financial Statements | 7 to 13 |
Ethsham Ghafoor Memorial Trust
Reference and Administrative Details
Trustee Mrs Siemienh Perveen Ghafoor Charity Registration Number 1172864 Principal Office Self Help Uk Christopher Cargill House 21-23 Pelham Road NOTTINGHAM NG5 1AP Independent Examiner Auditor details
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Ethsham Ghafoor Memorial Trust
Trustee's Report
The member presents the annual report together with the financial statements of the charity for the year ended 31 March 2023.
Objectives and activities
Objects and aims
Deliver health and well-being by holding counselling sessions on an individual and group basis.
The aim is to address post-traumatic stress via talk-therapy. We aim to support people who sufferred from suffering by holding counselling sessions. Address mental health issues through various therapies.
Public benefit
Deliver health and well-being by holding counselling sessions on an individual and group basis. The aim is to address post-traumatic stress via talk-therapy. We aim to support people who sufferred from suffering by holding counselling sessions. Address mental health issues through various therapies.
The trustee confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.
Structure, governance and management Financial instruments
Objectives and policies
The charity’s activities expose it to a number of financial risks including credit risk, cash flow risk and liquidity risk. The use of financial derivatives is governed by the charity’s policies approved by the board of trustee, which provide written principles on the use of financial derivatives to manage these risks. The charity does not use derivative financial instruments for speculative purposes.
Cash flow risk
The charity’s activities expose it primarily to the financial risks of changes in foreign currency exchange rates and interest rates. The charity uses foreign exchange forward contracts and interest rate swap contracts to hedge these exposures.
Interest bearing assets and liabilities are held at fixed rate to ensure certainty of cash flows.
Credit risk
The charity’s principal financial assets are bank balances and cash, trade and other receivables, and investments.
The charity’s credit risk is primarily attributable to its trade receivables. The amounts presented in the balance sheet are net of allowances for doubtful receivables. An allowance for impairment is made where there is an identified loss event which, based on previous experience, is evidence of a reduction in the recoverability of the cash flows.
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Ethsham Ghafoor Memorial Trust
The credit risk on liquid funds and derivative financial instruments is limited because the counterparties are banks with high credit-ratings assigned by international credit-rating agencies. The charity has no significant concentration of credit risk, with exposure spread over a large number of counterparties and customers.
Trustee's Report
Liquidity risk
In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations and future developments, the charity uses a mixture of long-term and short-term debt finance. Further details regarding liquidity risk can be found in the Statement of accounting policies in the financial statements.
The annual report was approved by the member of the charity on 24 January 2024 and signed on its behalf by:
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Ethsham Ghafoor Memorial Trust
Statement of Trustee's Responsibilities
The trustee is responsible for preparing the trustee's report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.
The law applicable to charities requires the trustee to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the member is required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The member is responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the constitution. The member is also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by the member of the charity on 24 January 2024 and signed on its behalf by:
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Ethsham Ghafoor Memorial Trust
| Year Ended 31 March | Year Ended 31 March | Year Ended 31 March | |||
|---|---|---|---|---|---|
| Statement of Financial Activities for the | 2023 | ||||
| Unrestricted | Total funds | ||||
| 2023 | |||||
| Note | £ | £ | |||
| Income and Endowments from: | 703 (21/22) | ||||
| B/B forward | |||||
| Expenditure on: | |||||
| Raising funds | (0) | (0) | |||
| Charitable activities | ~~(8740.~~7~~2)~~ | ~~(8740.7~~2) | |||
| Total expenditure | ~~(9985~~) | ~~(9985~~) | |||
| Net expenditure | ~~(9985~~) | ~~(1068~~ | |||
| Net movement in funds | (8740.72) | (8740.72) 8) |
|||
| Reconciliation of funds | |||||
| Total funds brought forward | ~~1947~~. | ~~1947~~. | |||
| Total funds carried forward | 10 | 28 ~~1947~~. |
28 ~~1947~~. |
||
| 28 | 28 |
All the charity's activities derive from continuing operations during the above period.
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Ethsham Ghafoor Memorial Trust
The notes on pages 7 to 13 form an integral part of these financial statements. (Registration number: 1172864) Balance Sheet as of 31 March 2023
| Note Current assets Cash at bank and in hand 8 Creditors: Amounts falling due within one year 9 Net assets Funds of the charity: Unrestricted income fundsUnrestricted funds Total funds 10 The financial statements on pages 5 to 13 were approved by the, and authorised for issue on 10 February 2023 and signed on her behalf by: |
2023 £ 1947.28 ~~1947.28~~ ~~1947.28~~ |
|---|---|
| 1947.2 | |
| 8 |
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Ethsham Ghafoor Memorial Trust
Notes to the Financial Statements for the Year Ended 31 March 2023
The notes on pages 7 to 13 form an integral part of these financial statements.
1 Accounting policies
Statement of compliance
The financial statements have been prepared in accordance with the second edition of the Charities Statement of Recommended Practice issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.
Basis of preparation
Ethsham Ghafoor Memorial Trust meets the definition of a public benefit entity under FRS 102. The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts.
Exemption from preparing a cash flow statement
The charity opted to early adopt Bulletin 1 published on 2 February 2016 and have therefore not included a cash flow statement in these financial statements.
Going concern
The trustee consider that there are no material uncertainties about the charity's ability to continue as a going concern.
Income and endowments
Expenditure
All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.
Raising funds
These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds.
Support costs
Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage.
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Ethsham Ghafoor Memorial Trust
Governance costs
These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including audit, strategic management and trustee’s meetings and reimbursed expenses.
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Ethsham Ghafoor Memorial Trust
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Taxation
The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net
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Ethsham Ghafoor Memorial Trust
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of transaction costs, and the amount due on redemption being recognised as a charge to the Statement of Financial Activities over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the charity has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Fund structure
Unrestricted income funds are general funds that are available for use at the trustee's discretion in furtherance of the objectives of the charity.
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Financial instruments
Classification
Financial assets and financial liabilities are recognised when the charity becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the charity after deducting all of its liabilities.
Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
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Financial assets and liabilities are only offset in the statement of financial position when, and only when there exists a legally enforceable right to set off the recognised amounts and the charity intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the charity transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the charity, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.
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Ethsham Ghafoor Memorial Trust
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Debt instruments
Debt instruments which meet the following conditions are subsequently measured at amortised cost using the effective interest method:
(a) The contractual return to the holder is (i) a fixed amount; (ii) a positive fixed rate or a positive variable rate; or (iii) a combination of a positive or a negative fixed rate and a positive variable rate.
(b) The contract may provide for repayments of the principal or the return to the holder (but not both) to be linked to a single relevant observable index of general price inflation of the currency in which the debt instrument is denominated, provided such links are not leveraged.
(c) The contract may provide for a determinable variation of the return to the holder during the life of the instrument, provided that (i) the new rate satisfies condition (a) and the variation is not contingent on future events other than (1) a change of a contractual variable rate; (2) to protect the holder against credit deterioration of the issuer; (3) changes in levies applied by a central bank or arising from changes in relevant taxation or law; or (ii) the new rate is a market rate of interest and satisfies condition (a).
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(d) There is no contractual provision that could, by its terms, result in the holder losing the principal amount or any interest attributable to the current period or prior periods.
(e) Contractual provisions that permit the issuer to prepay a debt instrument or permit the holder to put it back to the issuer before maturity are not contingent on future events, other than to protect the holder against the credit deterioration of the issuer or a change in control of the issuer, or to protect the holder or issuer against changes in levies applied by a central bank or arising from changes in relevant taxation or law.
(f) Contractual provisions may permit the extension of the term of the debt instrument, provided that the return to the holder and any other contractual provisions applicable during the extended term satisfy the conditions of paragraphs (a) to (c).
Debt instruments that are classified as payable or receivable within one year on initial recognition and which meet the above conditions are measured at the undiscounted amount of the cash or other consideration expected to be paid or received, net of impairment.
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With the exception of some hedging instruments, other debt instruments not meeting these conditions are measured at fair value through profit or loss.
Commitments to make and receive loans which meet the conditions mentioned above are measured at cost (which may be nil) less impairment.
Investments
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through profit or loss. Where fair value cannot be measured reliably, investments are measured at cost less impairment.
Investments in subsidiaries and associates are measured at cost less impairment. For investments in subsidiaries acquired for consideration including the issue of shares qualifying for merger relief, cost is measured by reference to the nominal value of the shares issued plus fair value of other consideration. Any premium is ignored.
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Ethsham Ghafoor Memorial Trust
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Derivative financial instruments
The charity uses derivative financial instruments to reduce exposure to foreign exchange risk and interest rate movements. The charity does not hold or issue derivative financial instruments for speculative purposes.
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair value at each reporting date. The resulting gain or loss is recognised in statement of financial activities immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in statement of financial activities depends on the nature of the hedge relationship.
Fair value measurement
The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent
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transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique.
6 Trustee remuneration and expenses
No trustee, nor any persons connected with them, have received any remuneration from the charity during the year.
No trustees have received any reimbursed expenses or any other benefits from the charity during the year.
The amount expenses waived by the trustee during the year totalled £Nil.
Donations made by the trustee without any conditions attached totalled £Nil for the year.
7 Taxation
The charity is a registered charity and is therefore exempt from taxation.
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