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2023-03-31-accounts

CHARITY NUMBER: 1185336

QUANTUM TRUST ANNUAL REPORT FOR THE YEAR ENDED

31 MARCH 2023

THE ROWLEYS PARTNERSHIP LTD CHARTERED ACCOUNTANTS CHARNWOOD HOUSE MERIDIAN BUSINESS PARK LEICESTER LE19 1WP

QUANTUM TRUST

CHARITY INFORMATION FOR THE YEAR ENDED 31 MARCH 2023

Charity Number: 1185336
Governing Instrument: Declaration of Trust dated 9th May 2019
Trustees: J J Boden
S J Rowland
R A Eagle (Chair)
Principal Address: The Manse
22 De Montfort Street
Leicester
LE1 7GB
Independent Examiner The Rowleys Partnership Limited
Chartered Accountants
Charnwood House
Harcourt Way
Meridian Business Park
Leicester
LE19 1WP
Bankers: Barclays Bank plc
PO Box 54
Town Hall Square
Leicester
LE1 9AA

QUANTUM TRUST

CONTENTS OF THE ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2023

Page
Trustees’ Report 1
Independent Examiners’ Report 3
Statement of Financial Activities 4
Balance Sheet 5
Notes to the Financial Statements 6

QUANTUM TRUST

TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2023

The Trustees present their report with the financial statements of the charity for the year ended 31 March 2023. 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).

The financial statements have been prepared in accordance with the accounting policies set out in the notes to the accounts and comply with the charity's governing document, the Charities Act 2011 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) published in October 2019.

Objectives, activities and achievements of the Trust

The objectives of the Charity are:

These objects are to be carried out in such parts of the United Kingdom or the world as the Trustees may from time to time think fit.

The Trustees must apply the income and, at their discretion all or part of the capital, of the charity in furthering the objects.

Management and governance

The Trustees who served during the year were:

Trustees Appointment and Recruitment

There must be at least three Trustees. Apart from the first Trustees, every Trustee must be appointed for a term of three years by a resolution of the Trustees passed at a special meeting called under Clause 15 of the trust deed.

In selecting individuals for appointment as Trustees, the Trustees must have regards to the skills, knowledge and experience needed for the effective administrative of the charity.

The Trustees must keep a records of the name and address and the dates of appointment, reappointment and retirement of each Trustee.

The Trustees must make available to each new Trustee, on his or her first appointment:

No charity Trustee or connected person is employed or receive remuneration from the charity.

Governing document

The charity is controlled by its governing document, a deed of trust dated 9 May 2019, and constitutes an unincorporated charity.

QUANTUM TRUST

TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2023 (continued)

Public Benefit

The Trustees have had regard to the Charity Commission guidance on public benefit.

Volunteers

The charity is grateful for the commitment of its volunteers who are involved in all aspects of the charity's operations.

Financial review

Full details of the financial transactions are contained in the attached accounts. The incoming resources for the year were £197,074 (£207,112 – 2022), and after deducting resources expended of £209,637 (£161,611 – 2022), the net deficit was £12,563 (surplus £45,501 – 2022). The net assets of the Charity at 31 March 2023 amounted to £82,287 (£94,850 – 2022).

Reserves policy

The Trustees are responsible for setting a reserves policy, taking into account the administrative overheads of the charity.

The level of reserves held in unrestricted funds at 31 March 2023 amounted to £79,457 (£76,056 – 2022) which is considered sufficient to ensure that future calls upon the charity can be met.

Levels of reserves

These may vary depending on the level of income and also the anticipated projects and initiatives that we will support as a trust. Although this is early in the life span of the trust we will plan initiatives according to income and always leave a contingency amount in reserves for the unexpected.

Maintaining reserves

It is anticipated that once levels of income are established, that a monthly amount will be set aside to maintain the basic level of reserves deemed necessary by the Trustees.

Monitoring and review

Through the administrator and treasurer, funds will be monitored and should there ever be an excessive amount of money being held it will be brought to the attention of the other Trustees who will decide on any use of the available funds.

Future plans

The Trustees intend to continue their support of Christian ministers, charities and the poor in both the UK and overseas as long as the Charity’s funds allow.

Approved by order of the Board of Trustees on 25 January 2024 and signed on its behalf by:

_____ R A Eagle S J Rowland Trustee Trustee

- 2 -

QUANTUM TRUST

INDEPENDENT EXAMINERS REPORT TO THE TRUSTEES OF FOR THE YEAR ENDED 31 MARCH 2023

Independent Examiner's Report to the Trustees of Quantum Trust

I report to the charity Trustees on my examination of the accounts of the charity for the year ended 31 March 2023 which are set out on pages 4 to 10.

Respective responsibilities of Trustees and examiner

As the charity’s Trustees 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 charity’s accounts carried out under section 145 of the Act 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:

  1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or

  2. the accounts do not accord with those records; or

  3. 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.

Mrs L G Parkes FCA FCCA The Rowleys Partnership Limited Chartered Accountants Charnwood House Harcourt Way Meridian Business Park Leicester LE19 1WP

Date: 26 January 2024

QUANTUM TRUST

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2023

Note
INCOME AND ENDOWMENTS FROM
Donations and Support
3
Total
EXPENDITURE ON CHARITABLE ACTIVITIES
Charitable Activities
4
Other costs
5
Total
Net movement in funds
Transfer of funds
Balances at 1 April 2022
TOTAL FUNDS CARRIED FORWARD		 Restricted
Funds
£
20,922
20,922
36,886
-
36,886
( 15,964)
-
18,794
2,830		 Unrestricted
Funds
£
176,152
176,152
168,398
4,353
172,751
3,401
-
76,056
79,457		 Total
Total
2023
2022
£
£
197,074
207,112
197,074
207,112
205,284
159,763
4,353
1,848
209,637
161,611
( 12,563)
45,501
-
-
94,850
49,349
82,287
94,850

The notes on page 6 to 10 form part of these financial statements.

QUANTUM TRUST

BALANCE SHEET AS AT 31 MARCH 2023

Note
Fixed Assets
Tangible assets
7
Current Assets
Debtors
8
Cash at Bank and in Hand
Current liabilities
Creditors falling due within one year
9
Net current assets
Total assets less current liabilities
Funds
10
Unrestricted Funds
Restricted Funds
Total Funds		 £
£
£
£
2,022
209
20,397
19,247
65,112
79,720
85,509
98,967
5,244
4,326
80,265
94,641
82,287
94,850
79,457
76,056
2,830
18,794
82,287
94,850
2023
2022		 £
£
£
£
2,022
209
20,397
19,247
65,112
79,720
85,509
98,967
5,244
4,326
80,265
94,641
82,287
94,850
79,457
76,056
2,830
18,794
82,287
94,850
2023
2022
£
20,397
65,112		 £
209
94,641
85,509
5,244
94,850
76,056
18,794
94,850

The financial statements were approved by the Board of Trustees and authorised for issue on 25 January 2024 and were signed on its behalf by:

_____ _____
R A Eagle S J Rowland
Trustee Trustee

The notes on page 6 to 10 form part of these financial statements.

QUANTUM TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

1 Accounting policies

1.1 Basis and preparation of 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.

Quantum Trust is an unincorporated charity registered in England and Wales. The address of the charity is given in the charity information page of these financial statements.

The accounts 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 issued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The significant accounting policies applied in the preparation of these financial statements are set out below.

1.2 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. No amounts are included in the financial statements for services donated by volunteers.

1.3 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.

1.4

Fund Accounting

Unrestricted general funds are funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

1.5 Restricted funds

Restricted funds comprise of donations given for specific purposes. Where gifts relate to capital items acquired or concern building issues, an appropriate transfer is made between restricted and unrestricted funds.

QUANTUM TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 (continued)

1 Accounting policies (continued)

1.6 Tangible fixed assets and depreciation

All tangible assets are capitalised and included at cost.

Depreciation has been provided to write off the cost less estimated residual values of tangible fixed assets, other than freehold land over their expected useful lives.

Computer equipment 33.3% on cost Fixtures and fittings 20% reducing balance

1.7 Cash and cash equivalents

Cash and cash equivalents comprise cash in hand and cash on deposit.

1.8 Going concern

The financial statements have been prepared on a going concern basis as the Trustees believe that no material uncertainties exist. The Trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.

1.9 Debtors and creditor’s receivable/payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.

2 Taxation

The charity is exempt from tax on its charitable activities. Expenses are inclusive of VAT where applicable.

QUANTUM TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 (continued)

3
Incoming resources: Donations
Donations
Gift Aid receipt
4
Charitable expenditure
Ministry Support
Ministry Expenses
General and Specific Gifts
Student Support and Training
Other donations		 Restricted
Funds
£
20,922
-
20,922
Restricted
Funds
£
5,815
615
14,447
16,009
-
36,886		 Unrestricted
Funds
£
155,755
20,397
176,152
Unrestricted
Funds
£
117,984
19,749
27,055
2,010
1,600
168,398		 Total
2023
£
176,677
20,397
197,074
Total
2023
£
123,799
20,364
41,502
18,019
1,600
205,284		 Restricted
Funds
£
119,968
-
119,968
Restricted
Funds
£
74,200
-
16,647
10,327
-
101,174		 Unrestricted
Total
Funds
2022
£
£
67,897
187,865
19,247
19,247
87,144
207,112
Unrestricted
Total
Funds
2022
£
£
19,905
94,105
11,663
11,663
19,933
36,580
6,399
16,726
689
689
58,589
159,763

QUANTUM TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 (continued)

5
Other costs
Postage and stationery
Accountancy
Subscriptions
Sundry expenses
Bank charges
Depreciation		 Charitable
activity
£
-
-
-
-
-
-		 Governance
costs
£
140
3,000
433
-
204
576		 Total
2023
£
140
3,000
433
-
204
576		 Charitable
activity
£
-
-
-
( 131)
-
-		 Governance
Total
costs
2022
£
£
-
-
1,296
1,296
-
-
-
( 131)
180
180
503
503
1,979
1,848
- 4,353 4,353 (131)

Other costs of £4,353 are unrestricted costs incurred during the year (2022 - £1,848).

6 Amounts Payable To Independent Examiner

The amount paid to the independent examiner for the independent examination was £3,000 (2022 - £1,296).

7
Fixed assets
Cost at 1 April 2022
Additions
Charge for the year
Net book value at 31 March 2023
Net book value at 1 April 2022
Cost at 31 March 2023
Depreciation at 1 April 2022
Depreciation at 31 March 2023		 Computer
equipment
£
1,508
1,199		 Fixtures &
fittings
Total
£
£
-
1,508
1,190
2,389
1,190
3,897
-
1,299
40
576
40
1,875
1,150
2,022
-
209
2,707
1,299
536
1,835
872
209
8
Debtors
Gift Aid debtor
9
Creditors
Accruals
- 9 -		 2023
2022
£
£
20,397
19,247
20,397
19,247
2023
2022
£
£
5,244
4,326
5,244
4,326

QUANTUM TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 (continued)

10 Analysis of Net Assets Between Funds

Analysis of Net Assets Between Funds
Fixed assets
Current assets
Current liabilities		 Unrestricted
funds
£
2,022
82,679
(5,244)		 Restricted
funds
£
-
2,830
-		 Total
Total
2023
2022
£
£
2,022
209
85,509
98,967
(5,244)
(4,326)
82,287
94,850
79,457 2,830

11 Movement in Funds

Movement in Funds
Unrestricted funds
General fund
Restricted funds
Kenya Aid
Ministry support
UK Mission		 At
01.04.2022
£
76,056
16,003
2,791
-		 Incoming
resources
£
176,152
18,955
-
1,967		 Resources
expended
£
( 172,751)
( 32,128)
( 2,791)
( 1,967)		 Transfer
At
of funds
31.03.2023
£
£
-
79,457
-
2,830
-
-
-
-
-
82,287
94,850 197,074 (209,637)

12 Related Party Transactions

There were no related party transactions in the year ended 31 March 2023 (2022 - £Nil).

13 Trustee’s Remuneration and Benefits

None of the Trustees received remuneration or benefits for the year ended 31 March 2023 (2022 - £Nil).

Trustee’s expenses

None of the trustees were reimbursed for expenses in the year (2022 - £Nil).

14 Control

The Charity was under the control of the Trustees throughout the current year.