**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... Page 6 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... Page 7 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... Page 8 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... Page 9 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 Page 13