REGISTERED CHARITY NUMBER: 257666
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Report of the Trustees and Unaudited Financial Statements for the Year Ended 31 March 2021 for Swaziland Charitable Trust
Mander Duffill Chartered Accountants The Old Post Office 41-43 Market Place Chippenham Wiltshire SN715 3HR
Swaziland Charitable Trust
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Contents of the Financlal Statements for the Year Ended 31 March 2021
| Page | |
|---|---|
| ReportoftheTrustees | 1t03 |
| lndependent Examiner's Report | 4 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 |
| Notes to the Financial Statements | 7 to 15 |
| DetailedStatementofFinancialActivities | 16 |
Swaziland Charitable Trust
Report of the Trustees for the Year Ended 31 March 2021
The trustees present their report with the financial statements of the charity for the year ended 31 March 2021. 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 2015).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The principal activity of the Trust is to generate income and receive donations for the promotion of charitable activities for the benefit of the inhabitants of Eswatini. Special emphasis is given to Educational and Agricultural projects. Assistance is primarily given in the form of grants to organisations and institutions which further the well being of the inhabitants of Eswatini. The trustees believe that these activities fulfil the Charities Commission's general guidance on public benefit.
ACHIEVEMENT AND PERFORMANCE
A broad range of organisations in Eswatini were supported and support for orphans continued. The programme was seriously constrained by the national lockdowns resulting from the COVID 19 pandemic. Schools were closed for most of the year. Support for communities particularly affected by the national lockdowns was expanded.
FINANCIAL REVIEW
Investments and reserves
The Statement of Financial Activities splits the income between voluntary donations and investment income. The results of the property owning subsidiary are clearly identified and the notes to the accounts indicate that the summary profit and loss account presented for the subsidiary has been adjusted to eliminate cross charging between the two entities. A separate Statement of Financial Activities for the charity itself is not presented because the charity has taken advantage of the exemptions afforded by the SORP.
Net incoming resources available for charitable purposes amounted to £59,930 (2020: £27,503). Charitable donations made in the year amounted to £96,518 (2020: £76,375).
Net realised joss on securities amounted to £nil (2020: ENil).
The fixed asset investments were revalued at 31 March 2021, resulting in a total unrealised net gain during the year of £236,021 (2020: loss of £117,063) all in respect of securities. Investment property revaluations resulted in a total net unrealised gain/loss during the year of £nil (2020: £nil). The translation of the assets and liabilities and results of the Eswatini branch and subsidiary company has resulted in a translation gain of £22,343 (2020: £41,509 loss). The net movement in funds, of £232,330 surplus (2020: £213,389 deficit}, for the year has been transferred to the trust fund. A reserves policy was adopted in 2006, whereby net current assets should not fall below one year’s grants budget. Net current assets are currently in excess of this level, standing at £287,019 (2020: £266,988).
In light of market turbulence caused by political developments in the UK and internationally and the global COVID 19 pandemic, the investments committee met four times rather than twice yearly to review and adjust the portfolio. The trustees are of the opinion that the financial position of the charity is satisfactory.
FUTURE PLANS
The trustees plan to continue providing grants in a similar way, to continue the orphan support scheme and fund-raising within the United Kingdom. The programme will be constantly monitored and adjusted to respond to the COVID 19 pandemic. Extra support will be provided to supported students, delayed projects will be allowed extra time for completion, and projects mitigating the impact of the COVID 19 pandemic and the national lockdown will be supported.
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Swaziland Charitable Trust
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Report of the Trustees for the Year Ended 31 March 2021
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The Trust is constituted under a trust deed dated 20 December 1968, with subsequent deeds of variation dated 3 November 1997 and 5 May 1998, and is registered as a charity (number 257666). The Trust's capital fund is invested in securities and real estate, the return on which is applied for such charitable purposes for the benefit of the inhabitants of Eswatini as the trustees shall think fit. The Trust seeks to continue its charitable activities primarily through careful stewardship of existing resources and though donations may be actively sought from time to time the Trust is not reliant upon any such donations.
The trustees are appointed by the Board of Trustees and have no fixed term of office. The Board of Trustees normally meets biannually to agree broad strategy and areas of activity, investment, reserves and grant making policy and risk management. A Finance Committee, made up of trustees, meets periodically to oversee investments.
The Eswatini Board, whose members have specialist local expertise in Eswatini, meets three or four times each year to consider applications, decide on grants and to monitor the performance of grants made. Eswatini Board members are nominated by the Eswatini Board Chairman in consultation with the Trustees. Day to day monitoring of assistance given in Eswatini is delegated to a local manager and the execution of Trustees’ decisions in the United Kingdom delegated to the Secretary by the Trustees.
Selection and appolntment of Trustees
The training and induction for new Trustees will depend upon their existing experience, but all Trustees are provided with copies of policies, procedures, minutes, accounts, plans and other documents that they will need to undertake their role as Trustees. Induction tends to be done informally and is tailored specifically to the role.
The Trustees serving during the year under review are as shown below.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number 257666
Principal address 59 St Budeaux Close Ottery St Mary Devon EX11 iHR
Trustees Mrs V M McDonaugh Chairman J Loder Finance Committee Chairman N H Baring CBE Finance Committee Member (retired 13 July 2021) The Lord Egremont The Marchioness of Salisbury C D Gilbert Eswatini Board Chairman Miss C Gilbert (appointed 13 July 2021) T Baring (appointed 13 July 2021)
Secretary to the trustees R W Mackenzie
Independent examiner
Mander Duffill Chartered Accountants The Old Post Office 41-43 Market Place
Chippenham Wiltshire SN15 3HR
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Swaziland Charitable Trust
Report of the Trustees for the Year Ended 31 March 2021
Approved by order of the board of trustees on ODer WOW... and signed on its behalf by:
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Independent Examiner's Report to the Trustees of Swaziland Charitable Trust
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Independent examiner's report to the trustees of Swaziland Charltable Trust | report to the charity trustees on my examination of the accounts of the Swaziland Charitable Trust (the Trust) for the year ended 31 March 2021.
Responsibilities and basls of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
| report in respect of my examination of the Trust's accounts carried out under section 145 of the Act and in carrying out my examination | have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
independent examiner's statement
| have completed my examination. | 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:
- accounting records were not kept in respect of the Trust 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.
| 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.
wvlee% WEI Oe U
Richard Mander FCA Mander Duffill Chartered Accountants The Old Post Office 41-43 Market Place Chippenham Wiltshire SN15 3HR
Date: VN es
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Swaziland Charitable Trust
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|---|---|---|---|---|---|---|---|
|Consolidated|and|Charity|Statement|of|Financial|Activities|
|For the|Year|Ended|31|March|2021|
|Group|Charity|
|31.3.21|31.3.20|31.3.21|31.3.20|
|Total|Total|Total|Total|
|fund|fund|fund|fund|
|Notes|£|E|£|£|
|INCOME|AND|ENDOWMENTS|FROM|
|Donations|59,930|27,503|59,930|27,503|
|Investment|income|2|61,659|56,906|18,175|23,572|
|Total|121,589|84,409|78,105|51,075|
|EXPENDITURE|ON|
|Charitable|activities|
|Grants|to|Eswatini|organisations/institutions|96,518|76,375|96,518|76,375|
|Support|costs|51,105|62,851|13,999|15,573|
|Total|147,623|139,226|110,517|91,948|
|Net|gains/(losses)|on|investments|258,364|(158,572)|242,052|(148,760)|
|NET|INCOME|EXPENDITURE)|232,330|(213,389)|209,640|(189,633)|
|PRIOR YEAR ADJUSTMENT|-|-|-|35,578|
|RECONCILIATION|OF|FUNDS|
|Total funds|brought|forward|1,476,066|1,689,455|1,253,386|1,407,441|
|TOTAL FUNDS|CARRIED|FORWARD|1,708,396|1,476,066|4,463,026|1,253,386|
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The notes form part of these financial statements
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Swaziland Charitable Trust
| Consolidated and Charity Balance Sheet | Consolidated and Charity Balance Sheet | Consolidated and Charity Balance Sheet | |||
|---|---|---|---|---|---|
| At 31 March 2021 | |||||
| Group | Charity | ||||
| 31.3.21 | 31.3.20 | 31.3.21 | 31.3.20 | ||
| Total | Total | Total | Total | ||
| fund | funds | fund | funds | ||
| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible assets | 6 | 5,980 | 7,292 | 37 | 49 |
| Investments | |||||
| Investments Investment property |
7 8 |
1,160,077 255,320 |
967,266 234,520 |
1,175,336 “ |
981,282 - |
| 4,421,377 | 1,209,078 | 1,175,373 | 981,331 | ||
| CURRENTASSETS | |||||
| Stock | 9 | 111 | 184 | 111 | 184 |
| Debtors Deposits with brokers Cash at bank |
10 11 |
7,456 221,289 71,070 |
9,290 255,257 17,021 |
2,297 221,289 67,345 |
8,502 255,257 15,382 |
| 299,926 | 281,752 | 291,042 | 279,325 | ||
| CREDITORS | |||||
| Amounts falling due | 12 | (12,907) | (14,764) | (5,534) | (7,270) |
| within one year | |||||
| NETCURRENTASSETS | 287,019 | 266,988 | 285,508 | 272,055 | |
| TOTALASSETS LESS CURRENT | |||||
| LIABILITIES | 1,708,396 | 1,476,066 | 1,460,881 | 1,253,386 | |
| NETASSETS | 1,708,396 | 1,476,066 | 1,460,881 | 1,253,386 | |
| FUNDS | |||||
| Unrestricted funds | 13 | 1,708,396 | 1,476,066 | 1,460,881 | 1,253,386 |
| TOTAL FUNDS | 1,708,396 | 1,476,066 | 1,460,881 | 1,253,386 | |
| Thefinancialstatementswereapproved signedonitsbehalfby: |
approvedbytheBoardofTrusteeson_Aali2 lbd...andwere |
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iv ,
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The notes form part of these financial statements
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Swaziland Charitable Trust
Notes to the Financial Statements for the Year Ended 31 March 2021
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- ACCOUNTING POLICIES
Basis of preparing the flnancial 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 2015)', 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 on a going concern basis under the historical cost convention with the exception of investments which are included at market value, as modified by the revaluation of certain assets. The financial statements are prepared in sterling which is the functional currency of the charity and are rounded to the nearest £.
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 concem.
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. For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained, then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled. Investment income is earned through holding assets for investment purposes such as shares and property. It includes dividends, interest and rent. Where it is not practicable to identify investment management costs incurred within a scheme with reasonable accuracy the investment income is reported net of those costs. It is included when the amount can be measured reliably. Interest income is recognised using the effective interest method and dividend and rent income is recognised as the charity's right to receive payment is established.
Other income includes any income not falling into other income categories.
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.
Tangible fixed assets
| Tangiblefixedassets | |
|---|---|
| Tangible fixed assets Depreciation is provided atthe following annual |
rates in the foreign currency in order to write off each |
| asset over its useful life. | |
| Leasehold improvements Subsidiary Office furniture and equipment Branch |
- Over remaining term ofthe lease -25% on reducing balance |
| Officeequipment UK Motorvehicles Subsidiary |
-25% on reducing balance -25% on reducing balance |
| OfficefurnitureandequipmentSubsidiary | -25%onreducingbalance |
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Swaziland Charitable Trust
Notes to the Financial Statements - continued for the Year Ended 31 March 2021
1. ACCOUNTING POLICIES - continued
Investment property investment properties for which fair value can be measured reliably without undue cost or effort are measured at fair value at each reporting date with changes in fair value recognised in ‘net gains / (losses) on investments’ in the Statement of Financial Activities. Where investment properties are reclassified as functional fixed assets due to change of use they are transferred at the prevailing market rate.
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Taxation
The charity is exempt from tax on its charitable activities.
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.
Recognised gains and losses All recognised gains and losses on investments are included in the SOFA.
Commission charged
Commission charged by the investment manager on the acquisitions of investments is included in the cost of the investment. The commission charged on the disposal of investments is treated as a charge against the realised gain or loss in the SOFA.
Foreign currencies Monetary assets and liabilities denominated in foreign currencies, and transactions in foreign currencies, are translated at the rates of exchange prevailing at the accounting date. All differences are taken to the SOFA.
Tangible fixed assets owned by the subsidiaries are being depreciated in their own currency and translated at the rates of exchange prevailing at the accounting date. All differences are taken to the SOFA.
Financial instruments
The charity has only financial assets and financial liabilities of a kind that qualifies as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of investment properties and listed investments which are measured at fair value.
Judgements and key sources of estimation uncertainty The key source of estimation uncertainty at the reporting date that has a significant risk of causing a material adjustment to the carrying amount of assets and liabilities is investment property valuations (note 9).
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Swaziland Charitable Trust
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Notes to the Financial Statements - continued
for the Year Ended 34 March 2021
2. INVESTMENT INCOME
31.3.21 31.3.20 £ E. Property income 43,484 33,334 Investment income 17,647 21,635 Gross interest receivable 528 1,937 61,659 56,906
- NET INCOME/(EXPENDITURE)
This is stated after charging: 2021 2020 £ £ Independent examiner's remuneration 1,881 1,818 Foreign exchange (gain)/oss (22,343) 41,509
A. TRUSTEES' REMUNERATION AND BENEFITS
Trustees are not remunerated.
Trustees’ expenses
During the year travel, printing, stationery and postage costs amounting to £43 (2020: £1,450) were paid on behalf of one trustee (2020: one).
- STAFF COSTS
Wiganco (Proprietary) Limited employed one person during the year (2020: one), and one person was employed by the Trust in the UK (2020: one).
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Swaziland Charitable Trust
Notes to the Financial Statements - continued for the Year Ended 31 March 2021
6. | TANGIBLE FIXED ASSETS
| TANGIBLE FIXED ASSETSFIXED ASSETSASSETS | |||
|---|---|---|---|
| TANGIBLE FIXED ASSETSFIXED ASSETSASSETS | Leasehold | Office furniture and |
Office |
| Improvements | equipment | equipment | |
| Subsidiary | Branch | UK | |
| £ | £ | £ | |
| COST | |||
| At 1 April 2020 | 1,563 | 564 | 4,155 |
| Additions Exchange differences |
- 138 |
- 60 |
- - |
| At 31 March 2021 | 1,701 | 624 | 1,155 |
| DEPRECIATION | |||
| At7 April2020 Charge foryear |
1,563 - |
564 - |
1,106 12 |
| Exchange differences | 138 | 60 | - |
| At 31 March 2021 | 1,701 | 624 | 1,118 |
| NET BOOK VALUE | |||
| At 31 March 2021 | - | - | 37 |
| At 31 March 2020 | - | - | 49 |
| Office | |||
| Motor | furniture and | ||
| vehicles Subsidiary |
equipment Subsidiary |
Totals | |
| £ | £ | £ | |
| COST | |||
| At1April2020 | 43,789 | 2,088 | 19,159 |
| Additions Exchange differences |
~ 1,223 |
- 182 |
- 1,603 |
| At 31 March 2021 | 45,012 | 2,270 | 20,762 |
| DEPRECIATION | |||
| At 1 April 2020 Charge foryear |
7,002 1,847 |
1,632 97 |
11,867 1,956 |
| Exchange differences | 624 | 140 | 959 |
| At 31 March 2021 | 9,470 | 1,869 | 14,782 |
| NET BOOKVALUE | |||
| At 31 March 2021 | 5,542 | 401 | 5,980 |
| At31March2020 | 6,787 | A456 | 7,292 |
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Swaziland Charitable Trust
Notes to the Financial Statements - continued for the Year Ended 31 March 2021
7. FIXED ASSET INVESTMENTS
| FIXED ASSET INVESTMENTSASSET INVESTMENTSINVESTMENTS | |||
|---|---|---|---|
| Listed | |||
| investments | |||
| £ | |||
| MARKETVALUE | |||
| At1 April 2020 Additions Disposals Revaluations |
967,266 - (61,232) 254,043 |
||
| At 31 March 2021 | 1,160,077 | ||
| NETBOOK VALUE | |||
| At 31 March 2021 | 1,160,077 | ||
| At 31 March 2020 | 967,266 | ||
| Fixed Asset investments | |||
| 2021 | 2020 | ||
| £ | £ | ||
| Listed investments | 1,160,077 | 967 ,266 | |
| Investment property - Land and Buildings: Subsidiary -see note7 | 255,320 | 234,520 | |
| 1,415,397 | 1,201,786 | ||
| Cost/Market | |||
| value when | |||
| Listed investments | purchased | 2021 | 2020 |
| £ | £ | £ | |
| UK equity Fixed income |
113,434 99,616 |
292,726 402,793 |
267,824 139,370 |
| International equity Alternatives |
211,198 24,980 |
734,282 30,276 |
505,679 54,393 |
| 449,228 | 1,160,077 | 967,266 |
The charity has the following investments which represent more than 5% by value of the investment portfolio in quoted Securities:
| portfolio in quoted Securities: | ||
|---|---|---|
| Description | Marketvalue | % of portfolio |
| 31.3.2021 | ||
| Unilever plcordinary M&G securities charifund income |
93,288 88,345 |
8.0 7.6 |
| Findlay Park Funds PlcAmerican USD First Sentier Invrs (UK) FDS Ltd Reckitt BenckiserGroup BaillieGiffordShinNippon |
285,792 116,376 58,482 209,559 |
24.6 10.0 5.0 18.1 |
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Swaziland Charitable Trust
Notes to the Financial Statements - continued for the Year Ended 31 March 2021
- FIXED ASSET INVESTMENTS- continued
| | |
| Comparative:2020 | ||
|---|---|---|
| Description | Marketvalue | % of portfolio |
| 31.3.2020 | ||
| Unilever pleordinary M&G securities charifund income |
93,737 71,728 |
9.6 7.4 |
| Morgan Stanley Investment Funds Global opportunities Findlay Park Funds PleAmerican USD Firststate investments (UK) asia pacific Reckitt BenckiserGroup BaillieGiffordShinNippon |
51,587 222,795 80,558 55,350 124,150 |
5.3 23.3 8.3 5.7 12.8 |
The trustees are not aware of any material restrictions which might apply on realisation of these assets.
- INVESTMENT PROPERTY
| £ | |
|---|---|
| MARKETVALUE | |
| At1 April 2020 Currency translation |
234,520 20,800 |
| At31 March 2021 | 255,320 |
| NETBOOKVALUE | |
| At 31 March 2021 | 255,320 |
| At31March2020 | 234,520 |
Cost/Market Value when gifted £123,987 (2020: £123,987).
The carrying amount of investment property is the fair value of the property as determined by a Trustee's valuation having due regard to periodic valuations conducted by an independent registered valuer. No revaluation was carried out in the year ending 31 March 2021. (2020: In July 2018, an independent valuation at fair market value was performed by Mabuza Masina Property Consultants. The decrease in the market value was included in the SOFA)
- STOCKS
| 31.3.21 | 31.3.20 | ||
|---|---|---|---|
| £ | £ | ||
| Stocks | 114 | 184 | |
| 10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONEYEAR | ||
| 31.3.21 | 31.3.20 | ||
| £ | £ | ||
| Tradedebtors | 7,456 | 9,290 |
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Swaziland Charitable Trust
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|---|---|---|---|---|---|---|---|---|---|
|Notes|to|the|Financial|Statements|-|continued|
|for the|Year|Ended|31|March|2021|
|114.|CURRENT ASSET INVESTMENTS|
|31.3.21|31.3.20|
|£|£|
|Deposits|with|brokers|221,289|255,257|
|42.|CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR|
|31.3.21|31.3.20|
|£|£|
|Taxation|and|social|security|285|285|
|Other|creditors|12,622|14,479|
|12,907|14,764|
|13.|MOVEMENT|IN|FUNDS|
|Net|
|movement|in|
|At|1.4.20|funds|At|31,3.21|
|£|£|£|
|Unrestricted|funds|
|General|fund|1,476,066|232,330|1,708,396|
|TOTAL FUNDS|1,476,066|230,185|1,706,251|
|Net movement|in|funds,|included|in|the|above|are|as|follows:|
|Incoming|Resources|Gains|and|Movement|in|
|resources|expended|losses|funds|
|£|£|£|£|
|Unrestricted|funds|
|General|fund|121,589|(147,623)|(258,364)|232,330|
|TOTAL FUNDS|121,589|(147,623)|(258,364)|(232,330)|
|Comparatives for movement|in funds|Net|
|movement|in|
|At|1.4.19|funds|At|31.3.20|
|£|Eg|£|
|Unrestricted|Funds|
|General|fund|1,689,455|(213,389)|1,476,066|
|TOTAL FUNDS|1,689,455|(213,389)|1,476,066|
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Swaziland Charitable Trust
Notes to the Financial Statements - continued for the Year Ended 31 March 2021
| | |
43,
MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
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|||||||
|---|---|---|---|---|---|
|Incoming|Resources|Gains|and|Movement|in|
|resources|expended|losses|funds|
|£|£|g|£|
|Unrestricted|funds|
|General|fund|84,409|(139,226)|(158,572)|(213,389)|
|TOTAL FUNDS|84,409|(139,226)|(158,572)|(213,389)|
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A current year 12 months and prior year 12 months combined position is as follows:
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|||||||
|---|---|---|---|---|---|
|Net|
|movement|in|
|At|1.4.19|funds|At|31.3.21|
|£|£|£|
|Unrestricted|funds|
|General|fund|1,689,455|18,941|1,708|396|
|TOTAL FUNDS|1,689,455|18,941|1,708,396|
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A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
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|||||||
|---|---|---|---|---|---|
|Incoming|Resources|Gains|and|Movement|in|
|resources|expended|losses|funds|
|£|£|£|£|
|Unrestricted|funds|
|General|fund|205,998|(286,849)|99,792|18,941|
|TOTAL FUNDS|205,998|(286,849)|99,792|18,941|
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- RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 March 2021 or the year ended 31 March 2020.
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Swaziland Charitable Trust
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: | | I | |
Notes to the Financial Statements - continued
for the Year Ended 31 March 2021
15. SUBSIDIARY COMPANY - WIGANCO (PROPRIETARY) LIMITED
The charity has a wholly owned subsidiary, Wiganco (Proprietary) Limited which is incorporated in Eswatini. The principal activity of Wiganco (Proprietary) Limited is the lease of its rental properties to its tenants. The results of Wiganco (Proprietary) Limited are included in the consolidated accounts.
A summary of the financial performance of the subsidiary is shown below:
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Tumover | 43,484 | 33,334 |
| Costofsales and administration expenses | (37,108) | (47,278) |
| Profit/(loss)on ordinary activities before taxation | 6,376 | (13,944) |
| Tax on loss on ordinary activities | - | - |
| Profit/(loss) forthe financial year | 6,376 | (13,944) |
| The above activity includes loan interest of £nil (2020: Enil) payable by Wiganco (Proprietary) Limited | ||
| to Swaziland Charitable Trust, which is eliminated on consolidation. | ||
| The aggregate ofassets and liabilities were: | ||
| 2021 | 2020 | |
| £ | £ | |
| Tangible fixed assets | 5,941 | 7,243 |
| Investment properties | 255,320 | 234,520 |
| Current assets | 6,739 | 2,426 |
| 268,000 | 244,189 | |
| Current liabilities | (7,373) | (7,494) |
| 260,627 | 236,695 | |
| Representing Shareholder’s loan |
140,144 | 131,884 |
| Revaluation reserve | 186,303 | 171,126 |
| Profit and loss account | (65,820) | (66,315) |
| 260,627 | 236,695 |
The above activity includes loan interest of £nil (2020: Enil) payable by Wiganco (Proprietary) Limited to Swaziland Charitable Trust, which is eliminated on consolidation.
The aggregate of assets and liabilities were:
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Swaziland Charitable Trust
| | ' | | '
| Swaziland Charitable Trust | |||
|---|---|---|---|
| Detailed Statement of Financial Activitles | |||
| forthe Year Ended 31 March 2021 | |||
| 31.3.21 | 31.3.20 | ||
| £ | £ | ||
| INCOME AND ENDOWMENTS Donations Donations Investment income |
59,930 | 27,503 | |
| Property income Investment income |
43,484 17,647 |
33,334 21,635 |
|
| Gross interest receivable | 528 | 1,937 | |
| 61,659 | 56,906 | ||
| Total incoming resources | 121,589 | 84,409 | |
| EXPENDITURE | |||
| Charitable activities —Aid to Eswatinl | |||
| Donations to school projects | 59,840 | 37,497 | |
| Donations to societies for the disabled | 1,964 | 1,353 | |
| Donations under UK supportschemes for orphans | 11,225 | 17,879 | |
| Donations toorphanage organisations | 1,964 | 1,353 | |
| Donations to community projects | 5,594 | 11,979 | |
| Dean's bursary fund beneficiaries | 3,106 | 6,314 | |
| Covid 19 feeding scheme | 12,825 | ~ | |
| 96,518 | 76,375 | ||
| Charitable activities — Support costs | |||
| Property expenses | 34,845 | 47,278 | |
| Investment managementfees | 3,657 | 2,580 | |
| Print, postage& stationery | 540 | 564 | |
| Otherexpenses | 289 | 728 | |
| Travel & subsistence | 43 | 1,450 | |
| Dep’n ofofficeequipment UK | 12 | 17 | |
| 39,386 | 52,617 | ||
| Support costs | |||
| Governance costs | |||
| Independent examiner's remuneration | 1,881 | 1,818 | |
| Bookkeeping and secretarial | 5,696 | 5,696 | |
| Accountancy UK | 1,881 | 1,818 | |
| Accountancy Eswatini | 2,261 | 902 | |
| 11,719 | 10,234 | ||
| Tota! resources expended | 147,623 | 139,226 | |
| Netexpenditure beforegains | and losses | (26,034) | (54,817) |
| Realised recognised gains and losses | |||
| Foreign exchange gain/loss | 22,343 | (41,509) | |
| Unrealised gains on investments | 236,021 | (117,063) | |
| Net realised gains and losses | 258,364 | (158,572) | |
| Netincome/({expenditure) | 232,330 | (213,389) |
This page does not form part of the statutory financial statements
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