KIRIATH TRUST
Trustee's report and financial statements
for the year ended 4th April 2023
Charity Registration number - 298342
KIRIATH TRUST
| Contents | Pages | |
|---|---|---|
| Trustees’ report | 1-4 | |
| Independent Examiners report | 5 | |
| Statement of Financial Activities | 6 | |
| Balance sheet | 7 | |
| Notes to the financial statements | 8-10 |
Kiriath Trust Trustees' report Charity Registration number – 298342 for the year ended 4th April 2023
Report of the Trustees for the year ended 5th April 2023
1. Governing Instrument
The Kiriath Trust is a registered charity and was formed under a Deed of Trust dated 20th February 1987.
2. Registered Number
The charity is registered with the charity Commissioners under registration number 298342.
3. Registered Address
Windrush, Thames Drive, Charvil, Reading, RG10 9TP
4. Trustees
The following were trustees at the beginning of the year: DR. J M Madgwick Mr. N C Tinker Dr Jill Hill
5. Trust Objective
a) The advancement of the Christian Faith.
b) The relief of persons in need, hardship, or distress, or who are aged or sick.
6. Activities
During the year the charity received gifts and income amounting to £38,983 and made gifts and incurred expenses in accordance with its objectives in the sum of £70,491. A record of the main activities of the trust is included in the attached summary.
7. Professional Advisors
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Solicitors ▪ Mr. R Snowdon
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Rutters Solicitors
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2 Bimport
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Shaftesbury
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Dorset SP7 8A
Page 1
Kiriath Trust Report of the Trustees (continued) for the year ended 4th April 2023
Record Of Main Activities
Properties
The Trust owns four properties: 12 Wispington Close, 4 Bridport Close, Kingfisher Drive, and Headley Wood East. All four houses are now used as halfway homes as part of its objective of supporting Yeldall Christian Centres in its drug rehabilitation work. Three are let to Yeldall Christian Centres and one to Hope into Action.
Rental income of £29,200 was received during the year. Each of the properties are occupied by individuals in need and the rent is subsidised in furtherance of the trust’s objectives. £16,421 was spent on management, water rates, repairs, maintenance, insurance, and services.
The existing properties were last formally revalued in 2021 and were assessed to have a value of: Wispingtom Close: £380,000 Kingfisher Drive: £370,000 Bridport Close: £360,000 Headley Rd East: £390,000
According to Nationwide and HSBC, property prices has risen circa 1.33% during the year and an increased value is proposed as follows: Wispingtom Close: £385,000 Kingfisher Drive: £375,000 Bridport Close: £365,000 Headley Rd East: £395,000
The trust now manages all the properties directly avoiding all managing agent costs. The houses will be revalued formally next year.
Gifts and Donations
The trust received £1,515 in contributions towards the running costs of its minibus.
Other Income
The trust received interest of £268 on its various bank balances.
Administration
Mrs H Tinker is employed as a part-time administrator but no longer draws a wage. Total administration costs in the 2022/2023 year amounted to £60 and accountancy fee of £1,565.
Minibuses
The minibus was replaced seven years ago with a new 14-seater Ford minibus. The minibus is located at Wycliffe church during the year and the church administered bookings and day-to-day maintenance. The minibus is now valued in the books at £1,201. Running costs of the minibus were £2,480 including £888 insurance. The minibus is insured on a fully comprehensive basis.
Page 2
Kiriath Trust Report of the Trustees (continued) for the year ended 4th April 2023
General Gifts and Donations
The trust gave £49,450 in gifts during the year.
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Gifts of £4,300 were given to various Reading school programmes.
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£6,000 was given to the Mustard Tree for its work supporting young people in work training and work.
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A regular gift of £3,250 was given to Yeldall to support drug rehabilitation work and a one-off additional gift of £10,000 was made towards the Yeldall Good Samaritan Fund.
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A £600 grant was given to Mercy Central although funding of this charity ceased in the year.
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A £1,200 gift was given to JAC and £1,800 was given to Still the Hunger.
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£2,000 was given to the Daisies Dream.
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£400 was given to support ongoing Counselling through Chris Ledger.
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£700 was given to Hope into Action and £2,400 to the Create Hope Charity.
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A one-off gift of £2,500 was given to CCA and £2,000 to Abbey Baptist Church towards their reordering.
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St Matthews church was given a gift of £2,000 towards its kitchen refurbishment project.
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A gift of £3,300 was given to Hope and Vision towards their work in supporting move-on housing for drug addicts.
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Gifts amounting to £3,600 were given to Reading Community Church and Chapter 2.
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£2,200 was given to St Agness PCC and £1,200 was given to Time to talk.
Surplus/Deficit for the year
There was a deficit of income over expenditure in the year of £39,508. After taking into account the revaluation of the 4 properties and the minibus, the balance sheet of the Trust at the 4th of April 2023 was £1,613,916, a decrease of £19.5k over FY 2022.
Trustee's responsibilities in relation to the financial statements
The Trustees are responsible for preparing Trustees' Report and the financial statement in accordance with applicable law and United Kingdom Accounting Standards.
The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and the application of the resources of the charity for that period.
In preparing these financial statements, the trustees are required to fulfil the following responsibilities:
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Select suitable accounting policies and then apply them consistently.
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Observe the methods and principles of the Charities SORP.
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Make judgements and estimates that are reasonable and prudent.
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State whether applicable accounting standards have been followed, subject to any departures disclosed and explained in the financial statements; and
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Prepare the financial statements on a going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
Page 3
Kiriath Trust Report of the Trustees (continued) for the year ended 4th April 2023
The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees are responsible for the maintenance and integrity of the charity and the financial information included on the charity's website.
Approved by the trustees on 19 April 2024 and signed on their behalf by:
N C Tinker
N C ~~Tinker (Apr 19, 2024 09:14 GMT+1)~~
Signature Mr NC Tinker Trustee
Page 4
Independent Examiners Report for the Trustees of Kiriath Trust for the year ended 4th April 2023
I report on the accounts of the charity for the year ended 4 April 2023 which are set out on pages six to eleven. This report is made solely to the trustees of charity, as a body. My examination work has been undertaken so that I might state to the society’s members those matters I am required to state to them in an examiner’s report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the society and the society’s members as a body, for my work, for this report, or for the opinions I have formed.
Respective responsibilities of trustees and examiner
The charity's trustees are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011(the Charities Act) and that an independent examination is needed.
It is my responsibility to:
examine the accounts under section 145 of the Charities Act; to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the Charities Act; and to state whether particular matters have come to my attention.
Basis of independent examiner's report
My 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 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, no opinion is given as to whether the accounts present a 'true and fair view' and the report is limited to those matters set out in the statement below.
Independent examiner's statement
In connection with my examination, no matter has come to my attention:
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(1) which gives me reasonable cause to believe that in any material respect, the requirements to keep accounting records in accordance with section 130 of the Charities Act and to prepare accounts which accord with the accounting records and comply with the accounting requirements of the Charities Act have not been met, or
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(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Mr Ganga Lal Bhusal FCCA Goldstar Accountants Ltd 63 London Street Reading, Berkshire RG1 4PS
Date: 19-Apr-2024
Page 5
Kiriath Trust Statement of financial activities As at 4th April 2023
Page 6
Kiriath Trust Balance Sheet As at 4th April 2023
Approved by and signed on behalf of the Charity.
N C Tinker
N C Tinker (Apr 19, 2024 09:14 GMT+1)
Date: 19 Apr 2024 Signature Name: Mr. N C Tinker Position: Trustee
Page 7
Kiriath Trust
Notes to the financial statements for the year ended 4th April 2023
1. Accounting Policies
Basis of Preparation
The financial statements have been prepared in accordance with Accounting and Reporting by Charities. Statement of Recommended Accounting applicable to charities preparing their accounts in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
Incoming Resources
All incoming resources are recognised once the charity has entitlement to the resources, it is certain that the resources will be received, and the monetary value of incoming resources can be measured with sufficient reliability.
Resources expended
Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accrual’s basis and has been classified under headings that aggregate all costs relating to the category.
Taxation
The charity is exempt from Corporation Tax on its charitable activities. Fixed Assets
The charity's fixed assets are shown in the accounts at their net book value, being cost net of accumulated depreciation. Depreciation is provided as follows:
Commercial Vehicle 30 % reducing balance. Freehold Properties Fair value basis.
Fund’s structure
Unrestricted income funds comprise those funds which the trustees are free to use for any purpose in furtherance of the charitable objectives. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by the donor or trust deed.
Further explanation of the nature and purpose of each fund, where material, is included in the notes to the financial statements.
2. Trustees
None of the trustees (or any persons connected with them) received any remuneration or reimbursed expenses during the year.
3. Employees
There were no employees during the year.
Page 8
Kiriath Trust Notes to the Financial Statements for the year ended 4th April 2023
Page 9
Kiriath Trust Notes to the Financial Statements for the year ended 4th April 2023
Page 10
Trustees Report & Financial Statement
Final Audit Report
2024-04-19
Created: 2024-04-19 By: Goldstar Accountants (accounts@goldstaraccountants.com) Status: Signed Transaction ID: CBJCHBCAABAAYmtmkE3BLs1ODFX6TuAVhNzOAc_l9FYY
"Trustees Report & Financial Statement" History
Document created by Goldstar Accountants (accounts@goldstaraccountants.com) 2024-04-19 - 08:11:26 GMT- IP address: 82.19.73.83
Document emailed to christopher.tinker@outlook.com for signature 2024-04-19 - 08:12:01 GMT
Email viewed by christopher.tinker@outlook.com
2024-04-19 - 08:13:53 GMT- IP address: 172.226.183.18
Signer christopher.tinker@outlook.com entered name at signing as N C Tinker 2024-04-19 - 08:14:42 GMT- IP address: 216.213.162.81
Document e-signed by N C Tinker (christopher.tinker@outlook.com)
Signature Date: 2024-04-19 - 08:14:44 GMT - Time Source: server- IP address: 216.213.162.81
Agreement completed.
2024-04-19 - 08:14:44 GMT