Trustees’ Annual Report
Reporting period:
14.07.2020 to 31.03.2021
Charity name: Zayohub Foundation
Charity registration number: 1190407
Objectives and Activities
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Summary of the purposes of the The purpose of the CIO is the relief of
charity as set out in its governing poverty and the improvement of the
document conditions of life in socially and
economically disadvantaged
communities in Zambia.
Summary of the main activities in • Providing funding support to provide or
relation to those purposes for the assist in the provision of education,
public benefit, in particular, the training,
activities, projects or services healthcare projects and all the necessary
identified in the accounts. support designed to enable individuals to
generate a sustainable income and be
self-sufficient;
• Undertaking and supporting research
into factors that contribute to poverty
and the most appropriate ways to
mitigate these and publishing the useful
results of that research.
Statement confirming whether the The trustees have examined and
trustees have had regard to the confirmed that they have regard to the
guidance issued by the Charity guidance of the Charity Commission on
Commission on public benefit the matter of public benefit.
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Achievements and Performance
| Summary of the main achievements of the charity, identifying the diference the charity’s work has made to the circumstances of its benefciaries and any wider benefts to society as a whole. |
The period July 2020 to March 2021 has been focused on the following: - Set-up ZayoHub Foundation including UK business account - Build trustee board - Receive funding from Vitol Foundation, UK In terms of support to charitable activities, the Foundation also contracted an expert Monitoring, Evaluation and Learning consultant to support the strengthening of the ZayoHub MEL framework. |
||
|---|---|---|---|
Financial Review
Review of the charity’s The Foundation has £124,249 balance at the end of financial position at the the period, which will support planned activities for end of the period the financial year 2021-2022. Statement explaining the As this is a recently formed CIO a formal reserves policy for holding policy has not yet been established. reserves stating why they are held Amount of reserves held N/A Reasons for holding zero See above reserves Details of fund materially N/A in deficit Explanation of any None uncertainties about the charity continuing as a going concern
Additional information (optional)
You may choose to include further statements where relevant about: The charity’s principal Grant making charities and foundations sources of funds (including any fundraising) A description of the Need for provision for exchange rate gains / losses for principal risks facing the projects financed in Zambia, where local currency has charity demonstrated significant appreciation and depreciation in 2021.
Structure, Governance and Management
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Description of charity’s
trusts:
Type of governing Para 1.25 Trust deed
document
(trust deed, royal
charter)
How is the charity Para 1.25 CIO
constituted?
(e.g unincorporated
association, CIO)
Trustee selection Para 1.25 All trustees have knowledge of
methods including livelihoods in lower-income
details of any countries, and have been
constitutional provisions selected to bring that knowledge
e.g. election to post or plus skills from their professional
name of any person or roles to the charity.
body entitled to appoint
one or more trustees
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Additional information (optional)
You may choose to include further statements where relevant about: Policies and procedures adopted for the induction and training of trustees Para 1.51
The charity’s organisational structure and any wider network with which the charity Para 1.51 works Relationship with any related parties Para 1.51 Other
Reference and Administrative details
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Charity name Zayohub Foundation
Other name the charity
uses
Registered charity 1190407
number
Charity’s principal Popes Farm,
address The Green,
Depden,
IP29 4BY
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Names of the charity trustees who manage the charity
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Name of person (or body)
Dates acted if not for
Trustee name Office (if any) entitled to appoint trustee
whole year
(if any)
1 Eleanor Sykes Chair July 2020 - present
2 Charlotte Scott July 2020 - present
3 Catherine Hinds July 2020 - present
4 Rosie Rafferty July 2020 - present
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Declarations
The trustees declare that they have approved the trustees’ report above.
Signed on behalf of the charity’s trustees
Signature(s) Full name(s) Eleanor Sykes Position (eg Chair Secretary, Chair, etc)
Date 17.12.21
ZayoHub Foundation Charity Number 1190407
Unaudited Financial Statements for the Year Ending March 2021
Contents
Reference and administrative details of the charity, its trustees and advisers for the year ended 31 March 2017..............................................................................3 Trustees Report for Year Ended March 2021..........................................................4 Objectives and Activities....................................................................................4 Achievements and performance.........................................................................4 Financial review..................................................................................................4 Structure, governance and management...........................................................5 Plans for future periods......................................................................................5 Trustees' responsibilities statement...................................................................6 Independent examiner's report for the period ended 31 March 2021....................7 Independent examiner's report to the trustees of ZayoHub foundation.............7 Respective responsibilities of trustees and examiner.........................................7 Basis of independent examiner's report.............................................................7 Independent examiner's statement....................................................................7 Disclosure section...............................................................................................8 Statement of Financial Activities for the Year Ended 31[st] March 2021...................9 Balance sheet as at 31[st] March 2021...................................................................10 Notes to the financial statements for the period ending 31[st] March 2021...........11
2
Reference and administrative details of the charity, its trustees and advisers for the year ended 31 March 2017
Trustees
Eleanor Sykes Rosie Rafferty Catherine Hinds Charlotte Scott
Charity registered number
1190407
Principal office
Popes Farm, The Green, Depden, IP29 4BY
Independent examiner XXX
3
ZayoHub Foundation
Trustees Report for Year Ended March 2021
The Trustees present their annual report together with the financial statements of the ZayoHub Foundation (the charity) for the period ended 31 March 2021. The Trustees confirm that the Annual report and financial statements of the charity comply with the current statutory requirements, the requirements of the charity's document and the provisions of the Statement of Recommended Practice (SORP), applicable to charities preparing their accounts in accordance with the Financial Reporting Standard for Smaller Entities (effective 1 January 2015).
Objectives and Activities
a. POLICIES AND OBJECTIVES
The principle object of the charity is to the relief of poverty and the improvement of the conditions of life in socially and economically disadvantaged communities in Zambia by:
-
Providing funding support to provide or assist in the provision of education, training, healthcare projects and all the necessary support designed to enable individuals to generate a sustainable income and be self-sufficient;
-
Undertaking and supporting research into factors that contribute to poverty and the most appropriate ways to mitigate these and publishing the useful results of that research.
Achievements and performance
a. REVIEW OF ACTIVITIES
The charity is still in the process of setting up operations in order to fulfil its policies and objectives.
During the period the charity has worked to develop a mission, vision and values to develop a brand and fundraising strategy.
The trustees have had due regard to the Charity Commission guidance on public benefit.
Financial review
a. GOING CONCERN
After making appropriate enquiries, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies.
b. RESERVES POLICY
As this is a recently formed CIO, a formal reserves policy has not yet been
4
established. At the period end the charity had unrestricted funds carried forward of £124,249.
5
Structure, governance and management.
a. CONSTITUTION
The charity was established as a foundation model Charitable Incorporated Organisation (CIO). It was incorporated and registered with the Charity Commission on the 14th July 2020 and the registered charity number is 1190407.
b. METHOD OF APPOINTMENT OR ELECTION OF TRUSTEES
The management of the charity is the responsibility of the Trustees who are elected and co-opted under the terms of the constitution. There must be at least three trustees. There is no maximum number of trustees.
The first charity trustees are as follows, and are appointed for the following terms
–
Catherine Hinds for 4 years Rosie Rafferty for 4 years Charlotte Scott for 4 years Eleanor Sykes for 4 years
In selecting additional individuals for appointment as charity trustees, the charity trustees have regard to the skills, knowledge and experience needed for the effective administration of the CIO.
The members of the CIO shall be its charity trustees for the time being. The only persons eligible to be members of the ClO are its charity trustees. Membership of the CIO cannot be transferred to anyone else. Any member and charity trustee who ceases.to be a charity trustee automatically ceases to be a member of the CIO.
c. POLICIES ADOPTED FOR THE INDUCTION AND TRAINING OF TRUSTEES
The charity trustees will make available to each new charity trustee, on or before his or her first appointment:
(a) a copy of the current version of.the constitution; and
(b) a copy of the CIO's latest Trustees' Annual Report and statement of accounts.
d. ORGANISATIONAL STRUCTURE AND DECISION MAKING
Any decision may be taken by trustees either:
-
at a meeting of the charity trustees; or
-
by resolution in writing or electronic form agreed by all of the charity trustees, which may comprise either a single document or several documents containing the text of the resolution in like form to each of which one or more charity trustees has signified their agreement.
The charity trustees may delegate any of their powers or functions to a committee or committees, and, if they do, they shall determine the terms and conditions on which the delegation is made. The charity trustees may at anytime alter those terms and conditions, or revoke the delegation.
Plans for future periods
a. FUTURE DEVELOPMENTS
The CIO plans to secure grants to enable it to fulfil its charitable objectives.
6
Trustees' responsibilities statement
The Trustees are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the Trustees 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 Trustees are required to:
-
Select suitable accounting policies and then apply them consistently;
-
Observe the methods and principles in the Charities SORP;
-
Make judgments and accounting estimates that are reasonable and prudent;
Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The Trustees are responsible for keeping proper accounting records that are sufficient to show and explain the charity's transactions and 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 Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are 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.
This report was approved by the Trustees on (date) and signed on their behalf by:
_______ Eleanor Sykes Chair
7
Independent examiner's report for the period ended 31 March 2021
Independent examiner's report to the trustees of ZayoHub foundation
I report on the financial statements of the charity for the period ended 31 March 2021 which are set out on pages 9 to 12.
This report is made solely to the charity's Trustees, as a body, in accordance with section 145 of the Charities Act 2011 and regulations made under section 154 of that Act. My work has been undertaken so that I might state to the charity's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity's Trustees as a body, for my work or for this report.
Respective responsibilities of trustees and examiner
The charity's Trustees are responsible for the preparation of the financial statements, and they consider that an audit is not required for this period under section 144(2) of the Charities Act 2011 (the Act) and that an independent examination is needed.
It is my responsibility to:
-
examine the financial statements under section 145 of the Act;
-
follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the Act; and
-
state whether particular matters have come to my attention.
Basis of independent examiner's report
My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, and seeking explanations from you as Trustees concerning any such matters. The procedures undertaken do not provide all. the evidence that would be required in an audit, and consequently no opinion is given as to whether the financial statements present a 'true and fair view' and the report is limited to those matters set out in the statement below.
Independent examiner's statement
In connection with my examination, no matter has come to my attention, other than that disclosed below:
-
Which gives me reasonable cause to believe that in any material respect the requirements:
-
To keep accounting records in accordance with section 130 of the Act; and
-
To prepare financial statements which accord with the accounting records and comply with the accounting requirements of the Act
have not been met; or
- To which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached.
8
Disclosure section
Your attention is drawn to the fact that the charity has prepared the accounts in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard for Smaller Entities published 16 July 2014, the Financial Reporting Standard for Smaller Entities (FRSSE) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has since been withdrawn.
We understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
Signed:
Independent Examiner
9
Statement of Financial Activities for the Year Ended 31[st] March 2021
| Not e Unrestricted funds 2021 £ Income from Donations and grants 2 Total income Expenditure on Raising funds 3 Charitable activities 4 Total expenditure Net income Reconciliation of funds Total funds at 14thJuly 2020 Total funds as at 31stMarch 2021 |
Restricted funds 2021 £ 127,999 127,999 0 3,750 3,750 124,249 0 124,249 |
Total funds 2021 £ 127,999 |
|---|---|---|
| 127,999 | ||
| 0 3,750 |
||
| 3,750 | ||
| 124,249 0 |
||
| 124,249 |
The notes on pages 11 to 12 form part of these financial statements.
10
Balance sheet as at 31[st] March 2021
| Not e Current assets Debtors Cash at bank and in hand Creditors Amount falling due within one year Net current assets Net assets Charity funds Restricted funds TOTAL FUNDS |
£ 0 124,249 124,249 0 |
2021 £ 0 124,249 |
|---|---|---|
| 124,249 | ||
| 124,249 | ||
| 124,249 |
The financial statements have been prepared in accordance with the provisions applicable to small entities within the Charities Act 2011, and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
The financial statements were approved by the Trustees on 16.11.21 and signed on their behalf by
Eleanor Sykes
The notes on pages 11 to 12 form part of these financial statements.
11
Notes to the financial statements for the period ending 31[st] March 2021
1. Accounting policies
1.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard for Smaller Entities published on 16 July 2014, the Financial Reporting Standard for Smaller Entities (effective January 2015) and the Charities Act 2011 and applicable regulations.
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 Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard for Smaller Entities published 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.
Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
1.2 Fund accounting
General funds are unrestricted 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.
1.3 Income
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
1.4 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to make payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
All expenditure is accounted for on an accruals basis inclusive of VAT. All expenses including support costs and governance costs are allocated to the applicable expenditure headings.
1.5 Interest receivable
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.
1.6 Debtors
12
Other debtors are recognised at the settlement amount.
1.7 Cash at Bank and in hand
Cash at bank and 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.
1.8 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.
1.9 Financial instruments
The charity only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value.
2. Income from donations and legacies
One donation of £127,999 was received in the reporting period from the Vitol Foundation.
3. Costs of generating income
No costs were incurred for fundraising.
4. Donations
One expenditure was made in the reporting period, supporting ZayoHub Zambia with technical expertise for the development of a new Monitoring, Evaluation and Learning Framework. The ZayoHub Foundation contracted and paid the consultant directly.
5. Governance costs
No costs were incurred for governance. Trustees received no payment, and were not reimbursed for any costs incurred in executing their role as trustees.
6. Related party transactions
There are no related party transactions during the period requiring disclosure.
13
ZayoHub Foundation Charity Number 1190407
Audited Financial Statements for the Year Ending March 2021
Contents
Reference and administrative details of the charity, its trustees and advisers for the year ended 31 March 2017..............................................................................3 Trustees Report for Year Ended March 2021..........................................................4 Objectives and Activities....................................................................................4 Achievements and performance.........................................................................4 Financial review..................................................................................................4 Structure, governance and management...........................................................5 Plans for future periods......................................................................................5 Trustees' responsibilities statement...................................................................6 Independent examiner's report for the period ended 31 March 2021....................7 Independent examiner's report to the trustees of ZayoHub foundation.............7 Respective responsibilities of trustees and examiner.........................................7 Basis of independent examiner's report.............................................................7 Independent examiner's statement....................................................................7 Disclosure section...............................................................................................8 Statement of Financial Activities for the Year Ended 31[st] March 2021...................9 Balance sheet as at 31[st] March 2021...................................................................10 Notes to the financial statements for the period ending 31[st] March 2021...........11
2
Reference and administrative details of the charity, its trustees and advisers for the year ended 31 March 2017
Trustees
Eleanor Sykes Rosie Rafferty Catherine Hinds Charlotte Scott
Charity registered number
1190407
Principal office
Popes Farm, The Green, Depden, IP29 4BY
Independent examiner
Nicholas David Jenkins of Stockton House, Stockton, Wiltshire BA12 0SQ
3
ZayoHub Foundation
Trustees Report for Year Ended March 2021
The Trustees present their annual report together with the financial statements of the ZayoHub Foundation (the charity) for the period ended 31 March 2021. The Trustees confirm that the Annual report and financial statements of the charity comply with the current statutory requirements, the requirements of the charity's document and the provisions of the Statement of Recommended Practice (SORP), applicable to charities preparing their accounts in accordance with the Financial Reporting Standard for Smaller Entities (effective 1 January 2015).
Objectives and Activities
a. POLICIES AND OBJECTIVES
The principal object of the charity is to the relief of poverty and the improvement of the conditions of life in socially and economically disadvantaged communities in Zambia by:
-
Providing funding support to provide or assist in the provision of education, training, healthcare projects and all the necessary support designed to enable individuals to generate a sustainable income and be self-sufficient;
-
Undertaking and supporting research into factors that contribute to poverty and the most appropriate ways to mitigate these and publishing the useful results of that research.
Achievements and performance
a. REVIEW OF ACTIVITIES
The charity is still in the process of setting up operations in order to fulfil its policies and objectives.
During the period the charity has worked to develop a mission, vision and values to develop a brand and fundraising strategy.
The trustees have had due regard to the Charity Commission guidance on public benefit.
Financial review
a. GOING CONCERN
After making appropriate enquiries, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies.
b. RESERVES POLICY
As this is a recently formed CIO, a formal reserves policy has not yet been
4
established. At the period end the charity had unrestricted funds carried forward of £124,249.
5
Structure, governance and management.
a. CONSTITUTION
The charity was established as a foundation model Charitable Incorporated Organisation (CIO). It was incorporated and registered with the Charity Commission on the 14th July 2020 and the registered charity number is 1190407.
b. METHOD OF APPOINTMENT OR ELECTION OF TRUSTEES
The management of the charity is the responsibility of the Trustees who are elected and co-opted under the terms of the constitution. There must be at least three trustees. There is no maximum number of trustees.
The first charity trustees are as follows, and are appointed for the following terms
–
Catherine Hinds for 4 years Rosie Rafferty for 4 years Charlotte Scott for 4 years Eleanor Sykes for 4 years
In selecting additional individuals for appointment as charity trustees, the charity trustees have regard to the skills, knowledge and experience needed for the effective administration of the CIO.
The members of the CIO shall be its charity trustees for the time being. The only persons eligible to be members of the ClO are its charity trustees. Membership of the CIO cannot be transferred to anyone else. Any member and charity trustee who ceases to be a charity trustee automatically ceases to be a member of the CIO.
c. POLICIES ADOPTED FOR THE INDUCTION AND TRAINING OF TRUSTEES
The charity trustees will make available to each new charity trustee, on or before his or her first appointment:
(a) a copy of the current version of the constitution; and
(b) a copy of the CIO's latest Trustees' Annual Report and statement of accounts.
d. ORGANISATIONAL STRUCTURE AND DECISION MAKING
Any decision may be taken by trustees either:
-
at a meeting of the charity trustees; or
-
by resolution in writing or electronic form agreed by all of the charity trustees, which may comprise either a single document or several documents containing the text of the resolution in like form to each of which one or more charity trustees has signified their agreement.
The charity trustees may delegate any of their powers or functions to a committee or committees, and, if they do, they shall determine the terms and conditions on which the delegation is made. The charity trustees may at anytime alter those terms and conditions or revoke the delegation.
Plans for future periods
a. FUTURE DEVELOPMENTS
The CIO plans to secure grants to enable it to fulfil its charitable objectives.
6
Trustees' responsibilities statement
The Trustees are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the Trustees 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 Trustees are required to:
-
Select suitable accounting policies and then apply them consistently;
-
Observe the methods and principles in the Charities SORP;
-
Make judgments and accounting estimates that are reasonable and prudent;
Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The Trustees are responsible for keeping proper accounting records that are sufficient to show and explain the charity's transactions and 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 Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are 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.
This report was approved by the Trustees on (date) and signed on their behalf by:
_______ Eleanor Sykes Chair
7
Independent examiner's report for the period ended 31 March 2021
Independent examiner's report to the trustees of ZayoHub foundation
I report on the financial statements of the charity for the period ended 31 March 2021 which are set out on pages 9 to 12.
This report is made solely to the charity's Trustees, as a body, in accordance with section 145 of the Charities Act 2011 and regulations made under section 154 of that Act. My work has been undertaken so that I might state to the charity's Trustees those matters I am required to state to them in an independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity's Trustees as a body, for my work or for this report.
Respective responsibilities of trustees and examiner
The charity's Trustees are responsible for the preparation of the financial statements, and they consider that an audit is not required for this period under section 144(2) of the Charities Act 2011 (the Act) and that an independent examination is needed.
It is my responsibility to:
-
examine the financial statements under section 145 of the Act;
-
follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the Act; and
-
state whether particular matters have come to my attention.
Basis of independent examiner's report
My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, and seeking explanations from you as Trustees concerning any such matters. The procedures undertaken do not provide all. the evidence that would be required in an audit, and consequently no opinion is given as to whether the financial statements present a 'true and fair view' and the report is limited to those matters set out in the statement below.
Independent examiner's statement
In connection with my examination, no matter has come to my attention, other than that disclosed below:
-
Which gives me reasonable cause to believe that in any material respect the requirements:
-
To keep accounting records in accordance with section 130 of the Act; and
-
To prepare financial statements which accord with the accounting records and comply with the accounting requirements of the Act
have not been met; or
- To which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached.
8
Disclosure section
Your attention is drawn to the fact that the charity has prepared the accounts in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard for Smaller Entities published 16 July 2014, the Financial Reporting Standard for Smaller Entities (FRSSE) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has since been withdrawn.
We understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
Signed:
Independent Examiner
9
Statement of Financial Activities for the Year Ended 31[st] March 2021
| Not e Unrestricted funds 2021 £ Income from Donations and grants 2 Total income Expenditure on Raising funds 3 Charitable activities 4 Total expenditure Net income Reconciliation of funds Total funds at 14thJuly 2020 Total funds as at 31stMarch 2021 |
Restricted funds 2021 £ 127,999 127,999 0 3,750 3,750 124,249 0 124,249 |
Total funds 2021 £ 127,999 |
|---|---|---|
| 127,999 | ||
| 0 3,750 |
||
| 3,750 | ||
| 124,249 0 |
||
| 124,249 |
The notes on pages 11 to 12 form part of these financial statements.
10
Balance sheet as at 31[st] March 2021
| Not e Current assets Debtors Cash at bank and in hand Creditors Amount falling due within one year Net current assets Net assets Charity funds Restricted funds TOTAL FUNDS |
£ 0 124,249 124,249 0 |
2021 £ 0 124,249 |
|---|---|---|
| 124,249 | ||
| 124,249 | ||
| 124,249 |
The financial statements have been prepared in accordance with the provisions applicable to small entities within the Charities Act 2011, and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
The financial statements were approved by the Trustees on 16.12.21 (date) and signed on their behalf by
Eleanor Sykes
The notes on pages 11 to 12 form part of these financial statements.
11
Notes to the financial statements for the period ending 31[st] March 2021
1. Accounting policies
1.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard for Smaller Entities published on 16 July 2014, the Financial Reporting Standard for Smaller Entities (effective January 2015) and the Charities Act 2011 and applicable regulations.
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 Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard for Smaller Entities published 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.
Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
1.2 Fund accounting
General funds are unrestricted 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.
1.3 Income
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
1.4 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to make payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
All expenditure is accounted for on an accruals basis inclusive of VAT. All expenses including support costs and governance costs are allocated to the applicable expenditure headings.
1.5 Interest receivable
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.
1.6 Debtors
12
Other debtors are recognised at the settlement amount.
1.7 Cash at Bank and in hand
Cash at bank and 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.
1.8 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.
1.9 Financial instruments
The charity only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value.
2. Income from donations and legacies
One donation of £127,999 was received in the reporting period from the Vitol Foundation.
3. Costs of generating income
No costs were incurred for fundraising.
4. Donations
One expenditure was made in the reporting period, supporting ZayoHub Zambia with technical expertise for the development of a new Monitoring, Evaluation and Learning Framework. The ZayoHub Foundation contracted and paid the consultant directly.
5. Governance costs
No costs were incurred for governance. Trustees received no payment, and were not reimbursed for any costs incurred in executing their role as trustees.
6. Related party transactions
There are no related party transactions during the period requiring disclosure.
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