THE RURAL GEMS FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 CHARITY NUMBER: 1194124
THE RURAL GEMS Contents of the Financial Ststements for the period 01 April 2023 to 31 March 2024 Content Page Content Legal and Administrative details Trustee's Report Independent Examinerfs Report Statement of Financial Activities Statement of Assets and Liabilitie5 Notes on the Financial Statements 7-10
Legal and Administrative details of the Charity, its Trustees and Advisers for the year ended 31" March 2024 The Rural Gems is governed by the Charities Act 2011, operates under regulations 2012 of the Charitable Incorporated Organisations I"General Regulations'l. and administered by an executive board comprising of the board of trustee. The board of trustee provides strategic leadership and the day to day administration and running of the charity. There are currently three serving member5 in the board of trustees and they are: Board of Trustee5 Edmund Nwagbaraocha (Chairman) Chinenye Izuchukwu (Member) Chiazo Uzoamaka Ezenwa Imemberl Charity Registered Number 1194124 Independent examiner Pathway Accountancy Ltd 72 McLeod road London SE2 OBS Bankers The Co-operative Bank l Balloon St. Manchester M60 4EP
Trustees Report for the Year Ended 31st March 2024 Our Aims and objectives Our purposes as set out in the objects contèifted in the goveming document of the Charity are.. For the public benefit in London and surrounding areas, the relf of unemployment. in such ways as may be thought frt, including assistance to find employment. particularly. but not exclusivelyfor young people facing the greatest barriers to alISIng their potential. The aims of our charity are to promote education, learning and training among disadvantaged persons including children. young people and adults in the UK and deliver variou5 employability training and programmes as a way of reducing child pKiverty- Our aims fulty reflect the purposes that the charity was set up to fijrther. Achievements and Perfornian During this year, free 1-2-Ituition was provi(led fortwenty120I children over a tw¢Tryear12022-20241 period for Peabody residents in specffic estates in Lewisham. Famity sessions were held at intervals which meant that up to four other members of each of the children's families benefited from the project. Athievements against objective5 Set From the testimonials of the parents and the children. it is evident that the project was hugelv successful. Forthe teachers and TRG. we felt deep satisfaction and fulfilment each time parents shared students, reports with us. We could clearly make the comparison from student reports from school which was across primary and secondary School students. Two of the GCSE students got fantastic grade5 and went on to prestigious 6th-form colleges. Our fami sessions inspired both students and their siblings and you could see them beaming with smiles because they visited places that their parents could never have taken them to. The sessK)ns brought families Iwing on these Estates closer. M05t of them had never met each other these sessions facilitated their meeting. Some of the parents who are trainee nurses orwork several shifts confessed that the family sessions were avenues for them to unwind and laX which improved their mental health. Parents were quite appreciative. They did not take the tuition sessions for granted and valued every moment of tt. Students who took the SATS exam and Ilplus achieved very high scores and this is already setting them up to compete favourably for top jobs. We developed friendship wwth the families such that parents can contact us for choices of schools. queries pertaining to career choices. emplovment. etc. Performance of fundraising artivities against objertives set No funding was received in the year under review. However. funding received earlier from Peabody was used for both free l-l tuition and promtion of heakh and well-being of residents of their estates who come from Doorldisadvantaged background. These funding were Specifically used for the set objects and detailed reports provided to the funders. In addttion. trustees paid annual dues to support Jther exnenses and liljraries set up abrood in rural African communities for children. Edmund Nwaebaraocha Chairman. Board of Trustees
Independent Examinerfs Report to the Trustees of THE RURAL GEMS We report on the financial statements forthe year ended 31st March 2024. which are set out in pages 5 to 10. This report is made solely to the Charivs Trustee5. a5 a body. Respective responsibilities of trustees and examiner The Trustees are responsible for the preparation of the financial statements. The charitvs trustee consider that an audit is not required for this financial statement (under section 43 121 of the charity commission lunder section 43171 (bl of the act), and to state whether particular matters have come to our attention. Basis of Independent examiners report Our 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 accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from the 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 account5 present a "true and fairf view and the report is limited to those matters set out in the statement below. Independent examiners statement In the course of our examination, no matter has come to our attention.. which indicates that= Adequate accounting records have not been kept in accordance with section 130 of the 2011 Act,. The financial 5tatement5 are not in agreement with the accounting records We have not received all the information and explanations we require for our review. 1((r, Roy Bello IMBA, ACA, FFAI Pathway Accountancy Ltd Accountants 72 McLeod road London SE2 OBS
The Rural Gems Statement of Financial Activities for the year ended 31 March. 2024 Unrestricted Funds Mar-24 Totsl Funds Mar-24 Total Fund5 Mar-23 Incoming Resources from Generated Funds Voluntary Income Note 11.211.10 11,211.10 343 Total In¢oming Re50ur¢es 11.211.10 11.211.10 343 Resources Expended Charitable Artivities in furtherance of Objectives Support costs and Administration Governance Costs Total Resources Expended 8,154 1,759 840 10,753 1,131.20 1,131.20 840.00 1.971.20 1.971.20 Net movement in fvfid$ 9.239. 9.239.90 10,410 Fund balance brought forward Total Fund5 carried forward 23,928 14,688.10 23,928 14,688.10 13,518 23.928
The Rural Gems Balance sheet as at 31 Marth. 2024 Mar-24 Mar-24 Unrestricted funds Total fvnds Mar-23 Total funds Current Assets Cash at bank and in hand Debtors Notes 871.IX) 15.453.66 871.00 15.453.66 861.00 11,186.00 Totol Current ussets 16.324.66 16.324.66 12.047.CKJ Current tiabilities Creditors= Amount falling due after one yeai 31.012.76 31.012.76 35,975.00 Net Assets 14.688.10 14,688.10 23.928.1)0 Unrestricted Funds Accumulated fund blf for the year Total fvnds carried forward 23.928.C(I 9,239.90 14,688.10 23,928.LNJ 9,239 90 14.688.10 13,518.00 10,410.00 23 928.00
THE RURALGEMS NOTES TO THE Accourifs FOR THE YEAR ENDED 31ST MARCH 2024 I. ACCOUNTING POUCIES Accounting Convention The financial statements are prepared under the historic cost corivention and in accordance with the Financial Reporting Standard for Smaller Enttties leffertrve January 20151. the Chartties Act 2011 and the requirements of the Statement of Recomwnended Practice, Accounting and Reporting by Charwties (issued July 20141 Incoming Resources Incoming resources are COgniSed in the statement of financial activities when entitlement has passed to the charity and the amounts are certain and measurable. Any incoming resources received that relate exclusively to fijture periods are deferred on the Balance Sheet. Resources Expended Expenditure is accounted for on an accruals basis and ha5 been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to specific headings, they have been allocated to artivities on a basis consistent wtth the use of resources Grants Grants offered subject to conditions which have not been met at the year-end date 3re noted as commitment but not accrued as expendtture. Support Costs Support costs comprise those costs that are necessary to delNer an artivity but in themselves do not produce or deliver an activtty- Support Costs are allocated to activities based on the direct salary costs of the actNvty compared wtth total activity salary co#5 Governance cost5 Governance costs are those costs incurred to meet statutory and constitutional requirements. Fund Accounting Restricted funds represent income recewed that is subject to restrirtions on use as detemiined by the donor which are narrower than the general objects. Desgnated fijnds repreSet funds set aside by the Trustees for specific pUrpOS. General funds are those funds made available for charitys general objects. Taxation The chartty is exempt from tax on its charitable artNities Tangible Fixed Assets Depreciation is provided at the following annual rates in orderto write off each asset over its estimated useful life. Fixed assets over £5(K) are capitalised and depreciated accordingly EquipFnent Fsxtures and ftttings Motor Vehicles -20% on cost -10% on cost -2(PA on cost
The Rural Gems Note5 to the Account for Year Ended 31 March. 2024 M¥-Z4 Mar-24 Mar-23 2.Debtors and Creditofs Loan Debtors 15.453.66 15,453.66 12,180.t Bounce back loan (Starling bank) 31.012.76 31.012.76 35,975.00 3. In¢omlxg Resources Unrestricted Funds io.o(y). 1,211.10 11.211.10 Total funds iO.(K)O.(X) 1.211.10 11.211_10 Total fvnds Grants Donations 343.(X) 343.QK) 4. Governan costs Accountancy 84C> CX) 840 CKJ 840.00
The Rural Gems Notes to the A<count foryear Ended 31 Marth. 2024 5. Cost of Activities Én furtherance of Chariws Unrestrbcted funds Total funds Mar-24 Mar-24 Totsl funds Mar-Z3 Visiting speaker's & Voltjnteers Training Charitable events Professional fees rransport and Travelling Web51te, hosting and IT support Postage & stationery Telephone and internet servites Sundry expenses Subscription Accountancy Salary & wages Bank charges TOTAL 1.702.00 4,292.(K) 1.595.00 464. ioi.txi 1.069. 445.00 133.00 77.00 35.00 200.IX) 200.¢Tr 319.IX) 840 (XJ 517.clj 95.20 1,971.20 319.(Xl 840.(0 517.(X) 95.20 1.971.20 10,753.00
The Rural Gems Detailed Statement of Financial Activities For the year ended 31 March. 2024 Unrestricted funds Mar-24 Total funds Mar-24 Total funds Mar-23 6.INCOMING RESOURCES Grants Donations lo,(*.{) 1,211.10 11,211.10 io.000.00 1.211.10 11,211.10 343.00 343.00 RESOURCES EXPENDED 7. Charitable activities Visiting speaker's & Volunteers Training Charitable events Professional fees Transport and Travelling 1,702.00 4,292.00 1,595.00 464.00 ioi.00 8.154.00 8. Support and Administration Costs Website, hosting and IT support Postages, printing & stationery Telephone and internet servi5 Sundry expenses Salary & wages Subscription Bank charges 1,069.00 445.00 133.00 77.00 2(K).(xi 21)0.00 517.(Kl 319.(Kl 95.20 1.131.20 517.00 319.00 95.20 1,131.20 35.00 1.759.00 9. Governance costs Accountancy 840.00 840.00 840.00 840.00 840.(XJ 840.00 Total resources expended 1,971.20 1,971.20 10,753.00 Net income lexpensel 9.239.90 9,239.90 10,410.00 Fund balances at l April 23.928.CKJ 23,928.00 13.518.IXI Fund balances at 31 March 14,688.10 14,688.10 23,928.00 10