REGISTERED CHARITY NUMBER: SC038264
Trustees' Report and
Unaudited Financial Statements for the Year Ended 31 August 2021
for
The Logos Trust
ASC Wylie UBU Ltd Qualified Accountants, Tax & Business Advisors 7 Lisburn Street Royal Hillsborough Down BT26 6AB
The Logos Trust
Contents of the Financial Statements
for the Year Ended 31 August 2021
| Page | |
|---|---|
| Trustees' Report | 1 to 2 |
| Independent Examiner's Report | 3 |
| Statement of Financial Activities | 4 |
| Balance Sheet | 5 |
| Notes to the Financial Statements | 6 to 12 |
| Detailed Statement of Financial Activities | 13 |
The Logos Trust
Trustees' Report for the Year Ended 31 August 2021
The trustees present their report with the financial statements of the charity for the year ended 31 August 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 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The purposes of the Trust are:
(1) to promote the provision of schools and educational Facilities
(2) to relieve poverty, the alleviation of hunger and disease in the Republic of Cyprus and elsewhere throughout the world and (3)to further the work of an Institute of Learning known as The Logos Educational Institute.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
During the financial year the incoming resources was £142,873, (2020 - £146,318) and outgoing resources was £242,106, (2020 - £179,920).
Funds during the financial year were contributed to the funding of pupils at the Logos Educational Institute in Cyprus to advance their learning and educational need. These pupils would otherwise not be able to attend the Institute due to financial constraints.
FINANCIAL REVIEW
The assets of the Trust consist of all donations, legacies, other monies and all interest earned.
The Trustees have power to apply the Funds in the attainment of the purpose of the Trust and in so far as any such income is not utilised in any one year, the trustees will retain it to be used in the subsequent years.
FUTURE PLANS
The long-term aspiration of the Trustees is to see the Logos School operate from a new premises, offering an excellent and modern education experience.
However, medium-term plans are to confinue upgrading and refurbishing the existing premises to meet the compliance requirements with statutory regulations. A programme of building improvement works is to be undertaken over the next few years as funds allow.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
Logos Trust UK was constituted under Declaration of Trust on 24 May 1971. The Trustees shall hold the Trust Fund exclusively for the charitable purpose as set out below. The Charity is registered with the Charity Commission under number 262771 and with OSCR under number SC038264
Recruitment and appointment of new trustees
The Trust endeavours to ensure that the Trustees are from a variety of professions and backgrounds, each bringing valuable experience to the management of the Trust. Appointment as a Trustee is by invitation from the existing Trustees. Upon invitation the individual is provided with the opportunity to read the Declaration of Trust to familiarise themselves with the responsibilities expected from them of holding the post. As necessary the Trust will seek guidance from qualified professionals and OSCR to enable them to fulfil their responsibilities.
Page 1
The Logos Trust
Trustees' Report for the Year Ended 31 August 2021
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number SC038264
Principal address
3 Carsons Mews Ballygowan Down BT23 5GA
Trustees
AR Woodside CP Clarke DM Woodside DR Hutchinson D McQuillan J Ross JWM Howe P Ross S Davison S Brown D McClean P Davidson A Entwistle JA Aiken
Independent Examiner
ASC Wylie UBU Ltd Qualified Accountants, Tax & Business Advisors 7 Lisburn Street Royal Hillsborough Down BT26 6AB Approved by order of the board of trustees on ............................................. and signed on its behalf by:
................................................................. DM Woodside - Trustee
Page 2
Independent Examiner's Report to the Trustees of The Logos Trust
I report on the accounts for the year ended 31 August 2021 set out on pages four to twelve.
Respective responsibilities of trustees and examiner
The charity's trustees are responsible for the preparation of the accounts in accordance with the terms of the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). The charity's trustees consider that the audit requirement of Regulation 10(1)(a) to (c) of the Accounts Regulations does not apply. It is my responsibility to examine the accounts as required under Section 44(1)(c) of the Act and to state whether particular matters have come to my attention.
Basis of the independent examiner's report
My examination was carried out in accordance with Regulation 11 of the Charities Accounts (Scotland) Regulations 2006. 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 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 I do not express an audit opinion on the view given by the accounts.
Independent examiner's statement
In connection with my examination, no matter has come to my attention :
-
(1) which gives me reasonable cause to believe that, in any material respect, the requirements
-
to keep accounting records in accordance with Section 44(1)(a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations; and
-
to prepare accounts which accord with the accounting records and to comply with Regulation 8 of the 2006 Accounts Regulations
have not been met; or
- (2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
ASC Wylie UBU Ltd Qualified Accountants, Tax & Business Advisors 7 Lisburn Street Royal Hillsborough Down BT26 6AB
Date: .............................................
Page 3
The Logos Trust
Statement of Financial Activities
for the Year Ended 31 August 2021
| Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 2 142,872 Investment income 3 - Total 142,872 EXPENDITURE ON Raising funds 4 52,955 Charitable activities 5 Governance Costs 9,718 Direct charitable activity 185,256 Total 247,929 NET INCOME/(EXPENDITURE) (105,057) RECONCILIATION OF FUNDS Total funds brought forward 336,770 TOTAL FUNDS CARRIED FORWARD 231,713 |
Restricted fund £ - - - - - - - - - - |
2021 Total funds £ 142,872 - 142,872 52,955 9,718 185,256 247,929 (105,057) 336,770 231,713 |
2020 Total funds £ 146,380 186 146,566 72,710 314,247 105,000 491,957 (345,391) 682,161 336,770 |
|---|---|---|---|
The notes form part of these financial statements
Page 4
The Logos Trust
Balance Sheet
31 August 2021
| Unrestricted fund Notes £ FIXED ASSETS Investments 11 156,380 CURRENT ASSETS Cash at bank 76,833 CREDITORS Amounts falling due within one year 12 (1,500) NET CURRENT ASSETS 75,333 TOTAL ASSETS LESS CURRENT LIABILITIES 231,713 NET ASSETS 231,713 FUNDS 13 Unrestricted funds TOTAL FUNDS |
Restricted fund £ - - - - - - |
2021 Total funds £ 156,380 76,833 (1,500) 75,333 231,713 231,713 231,713 231,713 |
2020 Total funds £ 163,499 175,271 (2,000) 173,271 336,770 336,770 336,770 336,770 |
|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
............................................. AR Woodside - Trustee
............................................. CP Clarke - Trustee
............................................. D McClean - Trustee
The notes form part of these financial statements
Page 5
The Logos Trust
Notes to the Financial Statements for the Year Ended 31 August 2021
1. ACCOUNTING POLICIES
Basis of preparing the 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 and Trustee Investment (Scotland) Act 2005. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value.
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.
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.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
continued...
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The Logos Trust
Notes to the Financial Statements - continued for the Year Ended 31 August 2021
2. DONATIONS AND LEGACIES
| Gifts Gift aid 3. INVESTMENT INCOME Deposit account interest 4. RAISING FUNDS Raising donations and legacies Trustees' expenses Learning materials & exams Schoolwear Sundries Interest payable and similar charges 5. CHARITABLE ACTIVITIES COSTS Governance Costs Direct charitable activity |
Grant funding of activities (see note 6) £ - 185,256 185,256 |
2021 £ 142,872 - 142,872 2021 £ - 2021 £ 360 43,258 9,232 - 105 52,955 Support costs (see note 7) £ 9,718 - 9,718 |
2020 £ 146,317 63 146,380 2020 £ 186 2020 £ - 71,901 459 232 118 72,710 Totals £ 9,718 185,256 194,974 |
|---|---|---|---|
continued...
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The Logos Trust
Notes to the Financial Statements - continued for the Year Ended 31 August 2021
6. GRANTS PAYABLE
Direct charitable activity
----- Start of picture text -----
|||
|---|---|
|2021|2020|
|£|£|
|185,256|105,000|
----- End of picture text -----
7. SUPPORT COSTS
----- Start of picture text -----
|||||
|---|---|---|---|
|Governance|
|Management|costs|Totals|
|£|£|£|
|Governance Costs|2,013|7,705|9,718|
----- End of picture text -----
8. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 August 2021 nor for the year ended 31 August 2020.
Trustees' expenses
----- Start of picture text -----
|||||
|---|---|---|---|
|2021|2020|
|£|£|
|Trustees' expenses|360|-|
|Trustees travel expenses reimbursed during the year was £360 and nil in 2020.|
|9.|COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES|
|Unrestricted|Restricted|Total|
|fund|fund|funds|
|£|£|£|
|INCOME AND ENDOWMENTS FROM|
|-|
|Donations and legacies|146,380|146,380|
|Investment income|186|-|186|
|Total|146,566|-|146,566|
|EXPENDITURE ON|
|-|
|Raising funds|72,710|72,710|
|Charitable activities|
|Governance Costs|314,247|-|314,247|
|Direct charitable activity|
|-|
|105,000|105,000|
|Total|491,957|-|491,957|
----- End of picture text -----
continued...
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The Logos Trust
Notes to the Financial Statements - continued for the Year Ended 31 August 2021
| 9. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - | continued | continued |
|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | |||
| fund | fund | funds | |||
| £ | £ | £ | |||
| NET INCOME/(EXPENDITURE) | (345,391) | - | (345,391) | ||
| RECONCILIATION OF FUNDS | |||||
| Total funds brought forward | 682,161 | - | 682,161 | ||
| TOTAL FUNDS CARRIED | |||||
| FORWARD | 336,770 | - | 336,770 | ||
| 10. | TANGIBLE FIXED ASSETS | ||||
| COST | Computer equipment £ |
||||
| At 1 September 2020 and | |||||
| 31 August 2021 | 8,246 | ||||
| DEPRECIATION | |||||
| At 1 September 2020 and | |||||
| 31 August 2021 | 8,246 | ||||
| NET BOOK VALUE | |||||
| At 31 August 2021 | - | ||||
| At 31 August 2020 | - | ||||
| 11. | FIXED ASSET INVESTMENTS | ||||
| LEIT Investment | 2021 £ 156,380 |
2020 £ 163,499 |
|||
| This investment is located in Cyprus. |
continued...
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The Logos Trust
Notes to the Financial Statements - continued for the Year Ended 31 August 2021
11. FIXED ASSET INVESTMENTS - continued
Investments (neither listed nor unlisted) were as follows:
| Logos Ed Institute Ltd Impairment 12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other creditors 13. MOVEMENT IN FUNDS At 1/9/20 £ Unrestricted funds General fund 336,770 TOTAL FUNDS 336,770 Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 142,872 TOTAL FUNDS 142,872 |
2021 2020 £ £ 475,418 475,418 (319,038) (311,919) 156,380 163,499 2021 2020 £ £ 1,500 2,000 Net movement At in funds 31/8/21 £ £ (105,057) 231,713 (105,057) 231,713 Resources Movement expended in funds £ £ (247,929) (105,057) (247,929) (105,057) |
|---|---|
continued...
Page 10
The Logos Trust
Notes to the Financial Statements - continued for the Year Ended 31 August 2021
13. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Net | |||
|---|---|---|---|
| movement | At | ||
| At 1/9/19 | in funds | 31/8/20 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 682,161 | (345,391) | 336,770 |
| TOTAL FUNDS | 682,161 | (345,391) | 336,770 |
| Comparative net movement in funds, included in the above are as follows: | |||
| Unrestricted funds | Incoming resources £ |
Resources expended £ |
Movement in funds £ |
| General fund | 146,566 | (491,957) | (345,391) |
| TOTAL FUNDS | 146,566 | (491,957) | (345,391) |
| A current year 12 months and prior year 12 months combined position is as | follows: | ||
| Unrestricted funds | At 1/9/19 £ |
Net movement in funds £ |
At 31/8/21 £ |
| General fund | 682,161 | (450,448) | 231,713 |
| TOTAL FUNDS | 682,161 | (450,448) | 231,713 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 289,438 289,438 |
Resources Movement expended in funds £ £ (739,886) (450,448) (739,886) (450,448) |
|---|---|---|
continued...
Page 11
The Logos Trust
Notes to the Financial Statements - continued for the Year Ended 31 August 2021
14. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 August 2021.
15. COVID 19 IMPACT STATEMENT
COVID 19 Pandemic
During the financial year the Covid 19 pandemic had an impact on the income received into the School. Some families where affected by the economic factors, impairing the ability to pay school fees.
Donations were received into The Logos Trust were in turn distributed to the School in Cyprus.
Page 12
The Logos Trust
Detailed Statement of Financial Activities for the Year Ended 31 August 2021
| INCOME AND ENDOWMENTS Donations and legacies Gifts Gift aid Investment income Deposit account interest Total incoming resources EXPENDITURE Raising donations and legacies Trustees' expenses Learning materials & exams Schoolwear Sundries Bank interest Charitable activities Donations Support costs Management Sundries Governance costs Accountancy and legal fees Impairment losses for intangible fixed assets Total resources expended Net expenditure |
2021 £ 142,872 - 142,872 - 142,872 360 43,258 9,232 - 105 52,955 185,256 2,013 586 7,119 7,705 247,929 (105,057) |
2020 £ 146,317 63 146,380 186 146,566 - 71,901 459 232 118 72,710 105,000 - 2,328 311,919 314,247 491,957 (345,391) |
|---|---|---|
This page does not form part of the statutory financial statements
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