Charity Number: 1174898 Company Number: 7284602
The John Smith Trust
Annual Report and Accounts
For the year ended 30 September 2020
The John Smith Trust
Reference and administrative details
Trustees The Rt Hon. Lord Alderdice David Charters Stephen Gethins MP Alex Just Craig Oliphant Baroness Smith of Gilmorehill The Hon. Catherine Smith Senior management Maija Paasiaro, Director Company number 06648679 Charity number 1126222 Bankers Triodos Bank Deanery Road Bristol BS1 5AS Registered office 22 Bramshill Gardens London NW5 1JH Independent examiner Narges Cyroos Sterling Partners Limited 2nd Floor, Grove House 774-780 Wilmslow Road Manchester M20 2DR
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The John Smith Trust
Trustees’ report for the year ended 30 September 2020
The trustees are pleased to present their annual report together with the financial statements of the charity for the year ended 30 September 2020.
The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Charity’s Memorandum and Articles of Association, the Companies Act 2006 and the Statement of Recommended Practice ‘Accounting and Reporting by Charities’ (revised 2015).
Structure, Governance and Management
Governing Document
The John Smith Trust is a charitable company limited by guarantee, incorporated on 15 June 2010 and registered as a charity on 29 September 2019. The company is governed by its Memorandum and Articles of Association.
Organisational Structure
The directors of the charitable company are its trustees for the purpose of charity law and the members of the company limited by guarantee. Throughout this report they are collectively referred to as the trustees.
The following individuals served as trustees during the year:
The Rt Hon. Lord Alderdice David Charters Stephen Gethins MP Baroness Smith of Gilmorehill The Hon. Catherine Smith Alex Just (appointed October 2019) Craig Oliphant
All trustees served for the full period unless otherwise stated above.
No trustees had any beneficial interest in the charity and no remuneration of trustees is paid by the charity.
The Board of Trustees is responsible for the strategic direction, policy and overall governance of the charity.
The implementation of strategy once agreed and the day to day running and management of the charity’s activities is delegated to the secretariat, led by the Director.
This is the third period of trading for the charitable company, which started trading on 24 October 2016. Prior to this, the Trust’s fellowship programmes were delivered through an unincorporated charitable trust (The John Smith Trust constituted as a charitable trust under English law on 27 August 1996 and registered with the Charity Commission as charity number 1057885). After a period of in-activity the Trustees decided to re-constitute the charity's governance arrangements incorporating as a charitable company limited by guarantee. The directors of the charitable company were also the Trustees of the pre-existing charitable trust, until that trust was formally dissolved on 20 February 2019.
Objectives and principal activities
The Trust works to advance the education of the public in political sciences, in particular in relation to democratic systems of government and the rule of law.
In furtherance of its charitable objectives, the Trust carries out a range of activities which are summarised below.
Activities and Achievements
The Trust seeks to promote good governance, social justice and the rule of law by nurturing ‘emerging’ leaders (drawn from public, private and not-for-profit sectors) committed to making a positive contribution to their countries and societies.
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The John Smith Trust
Trustees’ report for the year ended 30 September 2020
Through its fellowship programmes the Trust has developed a highly successful model for building leadership capacity and a network where good governance and public service are key values. Candidates are only selected if they have demonstrated that they have the ability or are in positions where there is the potential for them to effect change through the implementation of year-long action plans/projects. This is assessed by examining the type of organisation within which they work (and its commitment to the public good), their ability to influence change within that organisation or across society more broadly and their openness to reflect on new ideas and benefit from the fellowship.
The traditional John Smith fellowship involves a year-long engagement with a four week UK based residential programme at its heart. This offers participants the chance to explore collectively and individually how politics, business, public administration and culture work (or fail) in another national environment. UK experience is a major focus yet many of the speakers (who represent all sectors of UK society) have international expertise. Critically, each of the participants submits an Action plan – or project – which they have the chance to develop and explore during their 4 weeks in the UK. These plans are then implemented on their return. The majority of plans have a direct relevance to helping build stronger states and civil societies.
Until 2011 the programme drew its fellows exclusively from the former Soviet Union (FSU). From 20122015 the Trust also worked in the Middle East and North Africa (MENA) region on a programme funded by the UK Government's Foreign and Commonwealth Office (FCO). Since 2017, the Trust has been running two annual fellowship programmes for 12 FSU countries with the support of the FCO: one for 25 fellows from Wider Europe (Armenia, Azerbaijan, Belarus, Georgia, Moldova, Russia and Ukraine); and one for 25 fellows from Central Asia (Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, and Uzbekistan).
This steady stream of approximately 50 new fellows per year has reinvigorated the Trust’s Alumni network. Since 2018, the Trust has also launched a programme of alumni events to harness and develop this renewed engagement. ‘Alumni Ideas Exchange’ events took place in Tbilisi in 2018, Bishkek in 2019 and (although originally planned to take place in Kyiv) online in March 2020. JST has put great effort into building the means for its Alumni network to connect, share and collaborate outside formal events. The intention has been to allow for greater connectivity between JST fellows, staff and the JST’s wider network of supporters, to increase JST’s ‘offer’ to its fellows and to allow JST to sustain its work and impact outside of programme periods. In 2019/2020 this work included a website and branding overhaul and the development of a new alumni online networking platform.
During the period under review, the Trust ran one fellowship programme in November 2019 for a cohort of 25 fellows from 5 Central Asian countries with funding from the FCO. The Trust was set to start recruitment for the next cohort of Fellows from Wider Europe in March 2020 when the COVID-19 pandemic caused all in-person programming to be put on hold. Due to the pandemic, the FCO was not able to allocate funds that had been earmarked for running JST programmes in 2020/21 and thus the Trust faced a period of financial uncertainty from April to July 2020. From July onwards, the Trust was able to secure short-term funding to deliver online alumni support and engagement activities.
During the 2020 global lockdown, the Trust has been able to develop its nascent online community of fellows in the FSU region by offering webinars with UK experts, practical thematic online discussions and informal networking opportunities. Through the JST’s online facilitation of the network, fellows have been able to access practical support, share skills, ideas and knowledge and exchange reliable information across the FSU region and the UK. The connections built online provide a solid foundation for future collaboration and joint projects addressing governance, rule of law and social justice challenges in the region. The Trust intends to build upon these achievements through further online and face-to-face engagement in 2021.
As discussed under Organisational Structure above this is the fourth period of trading for the charitable company having replaced a pre-existing charitable trust of the same name. The decision to incorporate the Trust followed a period of uncertainty that saw the charitable trust close its office and release its staff team in response to a lull in funding. Subsequent programmes were managed initially by Trustees supported by a team of freelance staff, in 2018 the Trust started to re-build a core team of employed staff. The Trustees remain acutely aware of the funding risks faced by the new charitable company, especially as the charity
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The John Smith Trust
Trustees’ report for the year ended 30 September 2020
is now in start-up mode with a single project fully funded by one donor, but wish to balance that risk with commitment to the new staff team.
Public Benefit
The Trust carries out a range of activities in furtherance of its charitable objectives, as detailed under Activities and Achievements above. Having reviewed the Charity Commission’s general guidance on public benefit, the Trustees consider that these activities provide benefit both to the charity’s direct beneficiaries, the John Smith fellows, and to the wider public both in the UK and abroad.
Risk Management
The Trustees regularly review the risks the charity faces and are satisfied that systems are in place to mitigate their exposure to the major risks.
In 2019 the charity brought in several new HR and employment policies based on established best practice in the charity sector. A staff handbook was produced for all salaried staff members and new contracts of employment written and agreed by Trustees.
Future Plans
The Trustees had developed a strategy for the coming years including:
-
The ongoing development and implementation of the Wider Europe and Central Asia fellowship programme
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Continued expansion of the alumni engagement programme
-
Diversification of income sources
However, the timing and nature of these activities will depend on the opportunities available in the postCovid world.
Financial review
In financial terms this was a challenging year for the charity. The FCO’s funding of our flagship fellowship programme was about to be renewed for the 2020/21 government financial year when the UK entered its first lockdown in March 2020. Given the international travel involved in the fellowship programme the FCO paused funding whilst the new virtual approach discussed above was developed.
The only income received by the Trust between April and July 2020 was the furlough grant. From July onwards we received a series of short-term contracts from the FCO / FCDO although this support was not at a level to cover the charity’s ongoing costs. Overall income fell by £542k or 56% to £426k (2019, £968k), and as a result the charity had to cut back on spend and dig into its reserves to avoid redundancies. This led to a loss of £82k in year and reserves falling from £190k to £108k.
The Trustees are aware that this investment of reserves has reduced their room for manoeuvre in future years and cannot be repeated in 2021. However, negotiations with FCO are ongoing for a return to annual funding from May 2021 which if successful will give the charity much greater certainty for the period ahead.
Reserves
The charity's income in the period was exclusively short-term project-based funding. To manage the uncertainty this causes, the Trustees’ policy is to maintain reserves at a level sufficient to cover 6 months of management, administration and support costs. Based on the charity's budget for the 2020-21 financial year this is equivalent to £122k.
At the balance sheet date, the charity’s reserves (which are shown as unrestricted funds in the balance sheet) stood at £108k. The Trustees are pleased to note that after a year of significant investment of reserves, the amount held continues to be in line with the charity’s policy, reflecting reduced core spending. The Trustees expect that the disruption caused by the coronavirus pandemic may lead to another, smaller, reduction of reserves in the year ahead.
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The John Smith Trust Trustees, report for the year ended 30 September 2020 Responslbllities of the Trustees In relatlon to the financlal statements The trustees (who are aLqo the direcloTr of The John Smth Tnt for the purposes ol c>)mpany } are responsib for preparing the Report of the Trustegs and the financial statements in a¢xordance wsth app5icable law aTrJ Unrted hAUntIng Standath (Untsd lfjng Gerlty Pa•pknJ Aceountsng Practi>. Company law requires the tm8tees to prepgre fina181 SlateM for financial yoarwhich give 8 truè and fair of the state of affairs of the charitable o)mpany and <rfthe ir1ft9 r880Lbr5 and applicatson of resources. including the ond expenditure. ofthe tharitle c<xnpany ftythat In prnparing those financial slatements, the trustee5 are requir1 to.. select Srtab accounbng pICieS ond then apFty them consistsnty; obserye the meth¢Jds and principles in the Charity SORP.. make judggments and estimates Ihat are reasonable and pruden( arnl prepare the financial statements on the wng cxrtem basis unb88S it i8 InapPrriat8 to assume that the Charity will conb.nue in operatn. The trustees are resr•)wUe for keeping proper )Unting rec(xds whth disck)se wrth reasonable aur0¢Y at any time the financial Fwl¥)n d the thaTitable 0panY and to enabl& them to ertsurg that the financial statements c)3mply wrth the CornrAn Act 20(. are abso resne for safeguarding the assets of the charitable wnpany and hee for lakiT¥J reason8bl8 steps for the prevenb.on and detection of fraud and 0th8r irregukqrities. there no relevant a111 inform81V rrf whth the charilable ccrynls auditcrt are unaware; and the trusts have taken all steps that ought to have taken lo make thaiwlves aware of any relevant audit inftYmat)n and kn estish the audilors are Te of that 1nf0nnan. This rep1 was apwoved by tr Board cl Tn on 8 Jur 2021 and on rb tehair ty: Trustee
Report of the independent examiner to the members of The John Smith Trust for the year ended 30 September 2020
I report to the charity trustees on my examination of the accounts of the Company for the year ended 30 September 2020.
Responsibilities and basis of report
As the trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.
Independent examiner's statement
Since the Company’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I 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 matters have come to my attention in connection with the examination giving me cause to believe:
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accounting records were not kept in respect of the Company as required by section 386 of the 2006 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 accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Narges Cyroos BSc FCA Sterling Partners Limited Chartered Accountants 2nd Floor Grove House 774-780 Wilmslow Road Manchester M20 2DR
Date: 16th June 2021
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The John Smith Trust Statement of Financial Activities
for the year ended 30 September 2020
| 2020 Unrestricted Funds |
2020 Restricted Funds |
2020 Total Funds |
2019 Total Funds |
|
|---|---|---|---|---|
| Notes Income Grants Donations and legacies Total Income 2 Expenditure Charitable activities |
£ 53,911 323 54,234 136,496 |
£ 370,434 - 370,434 370,434 |
£ 424,345 323 424,668 506,930 |
£ 968,235 - |
| 968,235 | ||||
| 897,218 | ||||
| Total expenditure 3 |
136,496 | 370,434 | 506,930 | 897,218 |
| Net income / (expenditure) Transfers between funds Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward 7 |
(82,262) - (82,262) 190,410 108,148 |
- - - - - |
(82,262) - (82,262) 190,410 108,148 |
71,017 |
| - | ||||
| 71,017 | ||||
| 119,393 | ||||
| 190,410 | ||||
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The John Smith Trust Balance Sheet at 30 8•ptsrnbor 20XJ 2019 Flx•d ••••i• T8ngible 811• 679 Oebtor8 Cash al bank And In h•ThJ 49,786 317,S 276,410 255.527 ,378 531.937 cl•d. am¢yJnts fdliThJ du• thin y• I259. 1341.52n 107,469 19J,410 1(8,148 1,410 Fund• Unreskncl•d fLsTrJ• Rostn'thd fvnds 1C6,148 19),410 Total fund• Ice.148 I.410 01thoA OfArt and 01) prgparirvj fingrKyo18latthYwts • tn aThl lolr tho •tste of 8tsirs of th• comp8ny as at th• •rJ ofts fina81 y•fjr rts wofft Of loss fiftal year in tN• rwuirerMnts of 394 arx1395, and cdherwse ojnpty ith r•quirem•nts ol fv Ad "ThA fin•Kid ststwrwts. w Iw al •pOic4trAe to t pany. 0fts Companies Act 2((6 rglatyrvJ to dwrtablg srn8M cOMpw arKI th• FinwKyo1 Rep)rting olryl bytt 8cwd on 8 JUM 2021 Ir b*f 08wd Clj•tsro
The John Smith Trust Statement of Cash Flows
for the year ended 30 September 2020
| 2020 £ |
2019 £ |
|
|---|---|---|
| Net income/(expenditure) for the reporting period (as per the Statement of Financial Activities) Adjustments for: Depreciation charges (lncrease)/decrease in debtors lncrease/(decrease) in creditors Net cash provided by (used in) operating activities Cash flows from investing activities Purchase of fixed assets Net cash provided by (used in) investing activities Net increase/(decrease) in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year |
(82,262) 339 226,624 (81,620) |
71,017 |
| 818 | ||
| (115,499) | ||
| (43,939) | ||
| 63,081 | (87,603) | |
| (1,018) | ||
| - | ||
| (1,018) | - | |
| 62,063 | (87,603) | |
| 255,527 | 343,130 | |
| 317,590 | 255,527 |
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The John Smith Trust Notes to the accounts for the year ended 30 September 2020
1 Principal accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below;
(a) Basis of accounting
These financial statements have been prepared under the historical cost convention in accordance with the Statement of Recommended Practice ‘Accounting and Reporting by Charities’ effective January 2019 (the Charities SORP (FRS 102)), UK accounting standards, including 'Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland' (FRS 102) and the Companies Act 2006. The charity is a public benefit entity and has therefore applied the relevant public benefit requirements of FRS 102.
The financial statements are prepared in Sterling which is the functional currency of the charity.
(b) Fund accounting
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(i) Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity.
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(ii) Restricted funds are subject to specific conditions imposed by the donor as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the accounts.
(c) Income
All income is included in the statement of financial activities when the charity is entitled to it and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income.
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(i) Grants and donations are included in full in the Statement of Financial Activities when receivable. Grants, where entitlement is not conditional on the delivery of a specific performance by the charity, are recognised when the charity becomes unconditionally entitled to the grant.
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(ii) Incoming resources from grants, where related to performance and specific deliverables, are accounted for as the charity earns the right to consideration by its performance.
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(iii) Donated services and facilities are included at the value to the charity where this can be quantified.
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(iv) The value of services provided by volunteers has not been included in these accounts.
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(v) Investment income is included when receivable on an accruals basis.
(d) Expenditure
Expenditure is recognised on an accruals basis as a liability is incurred, and includes any VAT which cannot be fully recovered.
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(i) Fundraising costs comprise the costs associated with attracting voluntary income and the costs of trading for fundraising purposes.
-
(ii) Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them
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(iii) Support costs relate to those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include back office costs, finance, personnel and governance costs. These costs have been allocated to fund raising and specific areas of charitable activity on a basis consistent with the use of resources.
(e) Tangible fixed assets and depreciation
Tangible fixed assets costing over £500 (including any incidental expenses of acquisition) are capitalized. Depreciation is provided at rates calculated to write off the cost on a straight line basis over their expected useful economic life. The rate of depreciation is 33.33% per annum for all assets.
(f) Foreign currency
Transactions in foreign currencies are initially recorded in the entity’s functional currency, which is pound sterling, by applying the spot exchange rate on the date of the transaction.
Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange on the balance sheet date. All differences are taken to the statement of financial activities.
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The John Smith Trust
Notes to the accounts for the year ended 30 September 2020
| 2 Income Foreign & Commonwealth Office HMRC JRS grants Donations Total 3 Expenditure Charitable activities Staff Freelance staff Fellows travel & accomodation costs Other direct programme costs Support costs Total charitable activities Total expenditure |
Unrestricted funds £ 33,207 20,704 323 54,234 Unrestricted funds £ 72,516 2,100 - 403 61,477 136,496 136,496 |
Restricted funds £ 370,434 - - 370,434 Restricted funds £ 61,719 59,023 80,426 125,841 43,425 370,434 370,434 |
Total 2020 £ 403,641 20,704 323 424,668 Total 2020 £ 134,235 61,123 80,426 126,244 104,902 506,930 506,930 |
Total 2019 £ 968,235 - - |
|---|---|---|---|---|
| 968,235 | ||||
| Total 2019 £ 7,902 252,477 359,729 207,591 69,519 |
||||
| 897,218 | ||||
| 897,218 |
Support costs, as detailed below, relate to the staff and running costs of the Trust's London secretariat and are allocated on a basis consistent with the use of resources.
| Support costs Staff Freelance staff Board meetings Independent examination fee IT Other |
Governance function £ - - - 2,000 - 4,045 6,045 |
General support £ 43,344 23,468 - - 3,395 28,650 98,857 |
Total 2020 £ 43,344 23,468 - 2,000 3,395 32,695 104,902 |
Total 2019 £ 39,531 9,856 1,695 2,000 713 15,724 |
|---|---|---|---|---|
| 69,519 |
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The John Smith Trust
Notes to the accounts for the year ended 30 September 2020
| 4 Tangible fixed assets Cost At 30 September 2019 Additions in year At 30 September 2020 Depreciation At 30 September 2019 Charge for the period At 30 September 2020 Net Book Value At 30 September 2020 At 30 September 2019 5 Debtors:amounts falling due within one year Trade debtors Accrued income Prepayments Other debtors Total 6 Creditors:amounts falling due within one year Trade creditors Taxation and social security Deferred Income Accruals & other creditors Total |
2020 £ - 38,359 6,353 5,074 49,786 2020 £ 7,767 - 250,000 2,140 259,907 |
Computer equipment £ 2,456 1,018 3,474 2,456 339 2,795 679 - 2019 £ 275,353 - 1,057 - 276,410 2019 £ 80,742 4,382 250,000 6,403 341,527 |
|---|---|---|
| Summary of movements in year on deferred income Balance at 1 October Released in year Deferred in year Balance at 30 September |
2020 £ 250,000 - - 250,000 |
2019 £ 250,000 - - 250,000 |
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The John Smith Trust
Notes to the accounts for the year ended 30 September 2020
| 7 Movements in funds Restricted Funds |
Balance at 01-Oct-19 £ |
Incoming £ |
Outgoing £ |
Transfers in / (out) £ |
Balance at 30-Sep-20 £ |
|---|---|---|---|---|---|
| Wider Europe & Central Asia Programme | - | 332,075 | (332,075) | - | - |
| Covid Response Unrestricted funds General funds Total funds Restricted Funds Wider Europe & Central Asia Programme Unrestricted funds General funds Total funds Wider Europe & Central Asia Programme Covid Response |
- 38,359 (38,359) - - - 370,434 (370,434) - - 190,410 54,234 (136,496) - 108,148 190,410 54,234 (136,496) - 108,148 190,410 424,668 (506,930) - 108,148 Balance at 01-10-18 Incoming Outgoing Transfers in / (out) Balance at 30-09-19 £ £ £ £ £ - 880,141 (880,141) - - - 880,141 (880,141) - - 119,393 88,094 (17,077) - 190,410 119,393 88,094 (17,077) - 190,410 119,393 968,235 (897,218) - 190,410 A fellowship programme featuring 7 cohorts of fellows from 12 FSU countries (7 in Europe and 5 in the Central Asia region). The programme ran from October 2016 to March 2020 with funding and logistic support from the FCO. A series of online events involving JST fellows from across the FSU region with funding from th FCO. By discussing the pandemic and society's response to it, the project seeks to encourage sharing of information and ideas across the region. |
- | |||
| - | |||||
| 108,148 | |||||
| 108,148 | |||||
| 108,148 | |||||
| Balance at 30-09-19 £ - |
|||||
| - | |||||
| 190,410 | |||||
| 190,410 | |||||
| 190,410 |
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The John Smith Trust
Notes to the accounts for the year ended 30 September 2020
8 Staff costs and numbers
| Staff costs and numbers | ||
|---|---|---|
| Gross wages and salaries Social security costs Pension The average number of staff employed during the period was |
2020 £ 153,033 12,304 12,243 177,579 4 |
2019 £ 44,246 123 3,064 |
| 47,433 | ||
| 1 |
The total compensation to key management personnel (see page 1 of these accounts) was £48,986 (2019, £41,608)
| Staff costs have been analysed as: | 2020 £ |
2019 £ |
|---|---|---|
| Direct charitable expenditure Support |
134,235 43,344 177,579 |
7,902 39,531 47,433 |
9 Trustees' remuneration and expenses
The charity did not pay to its trustees any remuneration during the year but did reimburse 1 trustee (2019: 2) a total of £495 for travel expenses incurred in carrying out their duties as trustees (2019, £829).
10 Analysis of net assets between funds
| Fixed Assets Current assets Current liabilities Net assets at 30 September 2020 |
General Funds £ 679 117,376 (9,907) 108,148 |
Restricted funds £ - 250,000 (250,000) - |
Total funds £ 679 367,376 (259,907) |
|---|---|---|---|
| 108,148 |
11 Pensions
The charity operates an auto-enrolment pension scheme with The Peoples Pension. All employees are eligible, and the charity pays an 8% employer's contribution. Pension costs stated in note 8 and charged in the statement of Financial Activities represent the total contributions payable by the charity in the year.
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