REGISTERED CHARITY NUMBER: SC038264
Trustees' Report and
Unaudited Financial Statements for the Year Ended 31 August 2024
for
The Logos Trust
ASC Wylie UBU Ltd Qualified Accountants, Tax & Business Advisors 7 Lisburn Street Royal Hillsborough Co. Down BT26 6AB
The Logos Trust
Contents of the Financial Statements for the Year Ended 31 August 2024
| 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 2024
The trustees present their report with the financial statements of the charity for the year ended 31 August 2024. 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
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
Financial position
During the financial year, the incoming resources were £111,585, (2023 - £72,142) and outgoing resources were £60,834 (2023 - £122,550).
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 continue upgrading and refurbishing the existing premises to meet the compliance requirements with statutory regulations.
The 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 2024
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number SC038264
Principal address
3 Carsons Mews Ballygowan Down BT23 5GA
Trustees
CP Clarke DM Woodside D McQuillan J Ross JWM Howe P Ross S Brown D McClean P Davison A Entwistle JA Aiken (deceased 21/5/2024) N Agnew S Scammell (appointed 1/9/2023) G Love (appointed 1/9/2023)
Independent Examiner
Arnold Wylie FCA BA(Hons) Accountancy ASC Wylie UBU Ltd Qualified Accountants, Tax & Business Advisors 7 Lisburn Street Royal Hillsborough Co. Down BT26 6AB
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
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.................................................................
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................................................................. 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 2024 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.
Arnold Wylie FCA BA(Hons) Accountancy The Institute of Chartered Accountants in Ireland
ASC Wylie UBU Ltd Qualified Accountants, Tax & Business Advisors 7 Lisburn Street Royal Hillsborough Co. Down BT26 6AB
Date: ............................................. 28/05/2025
Page 3
The Logos Trust
Statement of Financial Activities
for the Year Ended 31 August 2024
| Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 2 110,082 EXPENDITURE ON Charitable activities 3 Governance Costs 1,772 Direct charitable activity 52,983 Support Costs 4,576 Total 59,331 Net gains on investments - NET INCOME 50,751 RECONCILIATION OF FUNDS Total funds brought forward 333,650 TOTAL FUNDS CARRIED FORWARD 384,401 |
Restricted fund £ 1,503 - 1,503 - 1,503 - - - - |
2024 Total funds £ 111,585 1,772 54,486 4,576 60,834 - 50,751 333,650 384,401 |
2023 Total funds £ 72,142 7,376 115,174 - 122,550 62,906 12,498 321,152 333,650 |
|---|---|---|---|
The notes form part of these financial statements
Page 4
?024 ?023 UDrestri¢ted RenCIed fund fimds fund5 InN'eSmts 242,861 24? 861 242.861 CURRENT ASSETS Cash at ballk 80212 79.541 CREDoRs Atnounts fltig Nithin year io (1.578) (1.578) (1.2XJ) NET CURRE1 ASSETS 78.634 78.634 78.291 TOTAL LSSETS LESS CLTRRLYT LL4BILITIES 321,495 3?1,495 321.152 NET ASSETS 311.495 321,495 321,152 li Unrestricted funds 321.495 321.152 TOTAL FbryDS 321.495 3?I,15? The financial statements were approN'ed by the Bwd of Tn aDd authorised is5 on 1310512025 .. aDd were sxgned on its behalf by." arke- Tntstee A Enttvistle- TrUCe D bq¢Ciean- T1¢¢ The notes formpan of these fUal sthten)ents ge5
The Logos Trust
Notes to the Financial Statements for the Year Ended 31 August 2024
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 2024
| 2. DONATIONS AND LEGACIES 2024 £ Gifts 111,585 3. CHARITABLE ACTIVITIES COSTS Grant funding of activities Support Direct (see note costs (see Costs 4) note 5) £ £ £ Governance Costs - - 1,772 Direct charitable activity 51,983 2,503 - Support Costs (6,187) - 10,763 45,796 2,503 12,535 4. GRANTS PAYABLE 2024 £ Direct charitable activity 2,503 5. SUPPORT COSTS Information Governance Management technology costs £ £ £ Governance Costs - - 1,772 Support Costs 4,576 6,187 - 4,576 6,187 1,772 |
2023 £ 72,142 Totals £ 1,772 54,486 4,576 60,834 2023 £ 61,400 Totals £ 1,772 10,763 12,535 |
|
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6. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 August 2024 nor for the year ended 31 August 2023.
continued...
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The Logos Trust
Notes to the Financial Statements - continued for the Year Ended 31 August 2024
6. TRUSTEES' REMUNERATION AND BENEFITS - continued
Trustees' expenses
During the year ended 31 August 2024, trustees expenses totalling £4,038 were reimbursed (2023 - £1,753).
| 7. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted Restricted fund fund £ £ INCOME AND ENDOWMENTS FROM Donations and legacies 68,942 3,200 EXPENDITURE ON Charitable activities Governance Costs 7,376 - Direct charitable activity 111,974 3,200 Total 119,350 3,200 Net gains on investments 62,906 - NET INCOME 12,498 - RECONCILIATION OF FUNDS Total funds brought forward 321,152 - TOTAL FUNDS CARRIED FORWARD 333,650 - |
Total funds £ 72,142 7,376 115,174 122,550 62,906 12,498 321,152 333,650 |
|---|---|
continued...
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The Logos Trust
| Notes to the Financial Statements-continued for the Year Ended 31 August 2024 8. TANGIBLE FIXED ASSETS COST At 1 September 2023 and 31 August 2024 DEPRECIATION At 1 September 2023 and 31 August 2024 NET BOOK VALUE At 31 August 2024 At 31 August 2023 9. FIXED ASSET INVESTMENTS LEIT Investment This investment is located in Cyprus. Investments (neither listed nor unlisted) were as follows: Logos Ed Institute Ltd Revaluation |
2024 £ 305,767 2024 £ 475,418 (169,651) 305,767 |
Computer equipment £ 8,246 8,246 - - 2023 £ 305,767 2023 £ 475,418 (169,651) 305,767 |
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continued...
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The Logos Trust
Notes to the Financial Statements - continued for the Year Ended 31 August 2024
| 10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other creditors 11. MOVEMENT IN FUNDS At 1/9/23 £ Unrestricted funds General fund 333,650 TOTAL FUNDS 333,650 Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 110,082 Restricted funds Specific fund 1,503 TOTAL FUNDS 111,585 Comparatives for movement in funds At 1/9/22 £ Unrestricted funds General fund 321,152 TOTAL FUNDS 321,152 |
2024 2023 £ £ 1,578 1,300 Net movement At in funds 31/8/24 £ £ 50,751 384,401 50,751 384,401 Resources Movement expended in funds £ £ (59,331) 50,751 (1,503) - (60,834) 50,751 Net movement At in funds 31/8/23 £ £ 12,498 333,650 12,498 333,650 |
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continued...
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The Logos Trust
Notes to the Financial Statements - continued for the Year Ended 31 August 2024
11. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Incoming | Resources | Gains and | Movement | |
|---|---|---|---|---|
| resources | expended | losses | in funds | |
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| General fund | 68,942 | (119,350) | 62,906 | 12,498 |
| Restricted funds | ||||
| Specific fund | 3,200 | (3,200) | - | - |
| TOTAL FUNDS | 72,142 | (122,550) | 62,906 | 12,498 |
| A current year 12 months and prior year 12 months combined position is as follows: | ||||
| Unrestricted funds | At 1/9/22 £ |
Net movement in funds £ |
At 31/8/24 £ |
|
| General fund | 321,152 | 63,249 | 384,401 | |
| TOTAL FUNDS | 321,152 | 63,249 | 384,401 |
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 Restricted funds Specific fund TOTAL FUNDS |
Incoming resources £ 179,024 4,703 183,727 |
Resources expended £ (178,681) (4,703) (183,384) |
Gains and Movement losses in funds £ £ 62,906 63,249 - - 62,906 63,249 |
|---|---|---|---|
continued...
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The Logos Trust
Notes to the Financial Statements - continued for the Year Ended 31 August 2024
12. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 August 2024 other than as noted in Note 6.
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The Logos Trust
| Detailed Statement of Financial Activities for the Year Ended 31 August 2024 INCOME AND ENDOWMENTS Donations and legacies Gifts Total incoming resources EXPENDITURE Charitable activities Learning materials and exams Schoolwear Donations Support costs Management Training Costs Travel Accreditation fees Repairs and maintenance Postage and stationery Sundries Information technology School Management System Governance costs Accountancy and legal fees Bank Charges Total resources expended Net income/(expenditure) |
2024 £ 111,585 111,585 44,984 812 2,503 48,299 - 3,930 - 646 - - 4,576 6,187 1,742 30 1,772 60,834 50,751 |
2023 £ 72,142 72,142 32,452 21,322 61,400 115,174 465 2,371 102 - 3,064 100 6,102 - 1,244 30 1,274 122,550 (50,408) |
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This page does not form part of the statutory financial statements
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