Greensward Charitable Trust - Charities report - 19.3.2
Greensward Charitable Trust - Charities report - 19.3.2
| REGISTERED COMPANY NUMBER: |
| REGISTERED CHARITY NUMBER: |
| REPORT OF THE TRUSTEES AND |
| UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR |
| ENDED 31 MARCH 2019 |
| FOR |
| GREENSWARD CHARITABLE TRUST |
| GREENSWARD CHARITABLE TRUST |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2019 |
| Page |
| Report of the Trustees | 1 to 2 |
| Independent Examiner's Report | 3 |
| Statement of Financial Activities | 4 |
| Balance Sheet | 5 to 6 |
| Notes to the Financial Statements | 7 to 10 |
| GREENSWARD CHARITABLE TRUST |
| REPORT OF THE TRUSTEES |
| FOR THE YEAR ENDED 31 MARCH 2019 |
| The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present |
| their report with the financial statements of the charity for the year ended 31 March 2019. 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 charity's principle objective is the advancement of education, in particular but not exclusively across |
| the Academies Enterprise Trust academies. |
| ACHIEVEMENT AND PERFORMANCE |
| Charitable activities |
| The charity makes grant payments to identified beneficiaries in accordance with it's charitable objectives. |
| FINANCIAL REVIEW |
| Principal funding sources |
| The financial results for the year are set out in the attached accounts. They show a deficit of £13,052 |
| (2018: deficit of £6,112). The total reserves at 31 March 2019 were £253,443 (2018: £266,495). Total |
| expenditure during the year was £16,551 (2018: £6,639). |
| STRUCTURE, GOVERNANCE AND MANAGEMENT |
| Governing document |
| The Greensward Charitable Trust is a charitable company limited by guarantee, with no share capital, |
| incorporated on 26th July 1996. The Directors of the company (the charity) are also charity Trustees for |
| the purpose of charity law and under the company's Memorandum and Articles are known as Trustees. |
| The Memorandum of Association lays down the objects and powers of the Association, governed under its |
| Articles of Association, as amended by special resolution passed 10th March 1997. In the event of the |
| company being wound-up, its members are required to contribute an amount not exceeding £1. |
| Recruitment and appointment of new trustees |
| Under the requirements of the Memorandum and Articles of Association the members of the Board shall |
| hold office until the next annual general meeting when they will be eligible for re-election. |
| Pertinent skills relating to the activities of the charity are well represented on the Board. When particular |
| skills are lost or considered absent, individuals are approached to offer themselves for election to the |
| Board. |
| Induction and training of new trustees |
| Training is given internally by fellow trustees which covers instructions on the duties and responsibilities |
| of the Charity Trustees. |
| REFERENCE AND ADMINISTRATIVE DETAILS |
| Registered Company number |
| Registered Charity number |
| Registered office |
| GREENSWARD CHARITABLE TRUST |
| REPORT OF THE TRUSTEES |
| FOR THE YEAR ENDED 31 MARCH 2019 |
| REFERENCE AND ADMINISTRATIVE DETAILS |
| Trustees |
| - resigned 19.7.18 |
| - appointed 16.12.18 |
| Company Secretary |
| Independent examiner |
| D M Belbin FCA DChA |
| Clemence Hoar Cummings |
| Chartered Accountants |
| 1-5 Como Street |
| Romford |
| Essex |
| RM7 7DN |
| Approved by order of the board of trustees on |
| INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF |
| GREENSWARD CHARITABLE TRUST |
| Independent examiner's report to the trustees of Greensward Charitable Trust ('the |
| Company') |
| I report to the charity trustees on my examination of the accounts of the Company for the year ended |
| 31 March 2019. |
| Responsibilities and basis of report |
| As the charity's trustees of the Company (and also its directors for the purposes of company law) you are |
| responsible for the preparation of the accounts in accordance with the requirements of the Companies Act |
| 2006 ('the 2006 Act'). |
| Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of |
| the 2006 Act and are eligible for independent examination, I report in respect of my examination of your |
| charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying |
| out my examination I have followed the Directions given by the Charity Commission under section 145(5) |
| (b) of the 2011 Act. |
| Independent examiner's statement |
| I have completed my examination. I confirm that no matters have come to my attention in connection |
| with the examination giving me cause to believe: |
| 1. | accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or |
| 2. | the accounts do not accord with those records; or |
| 3. | the accounts do not comply with the accounting requirements of section 396 of the 2006 Act 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; or |
| 4. | the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)]. |
| I 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 |
| D M Belbin FCA DChA |
| Clemence Hoar Cummings |
| Chartered Accountants |
| Riverside House |
| 1-5 Como Street |
| Romford |
| Essex |
| RM7 7DN |
| Date: ............................................. |
| GREENSWARD CHARITABLE TRUST |
| STATEMENT OF FINANCIAL ACTIVITIES |
| FOR THE YEAR ENDED 31 MARCH 2019 |
| 2019 | 2018 |
| Unrestricted fund |
Total funds |
| Notes | £ | £ |
| INCOME AND ENDOWMENTS FROM |
| Donations and legacies | 2 |
| Investment income | 3 |
| Other income |
| Total |
| EXPENDITURE ON |
| Charitable activities |
| NET INCOME/(EXPENDITURE) | ( |
) | ( |
) |
| RECONCILIATION OF FUNDS |
| Total funds brought forward |
| TOTAL FUNDS CARRIED FORWARD | 266,495 |
| GREENSWARD CHARITABLE TRUST (REGISTERED NUMBER: 03230052) |
| BALANCE SHEET |
| AT 31 MARCH 2019 |
| 2019 | 2018 |
| Unrestricted fund |
Total funds |
| Notes | £ | £ |
| FIXED ASSETS |
| Investments | 6 |
| CURRENT ASSETS |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 7 | ( |
) | ( |
) |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| NET ASSETS |
| FUNDS | 8 |
| Unrestricted funds | 253,443 | 266,495 |
| TOTAL FUNDS | 266,495 |
| GREENSWARD CHARITABLE TRUST (REGISTERED NUMBER: 03230052) |
| BALANCE SHEET - CONTINUED |
| AT 31 MARCH 2019 |
| The charitable company is entitled to exemption from audit under |
| Section 477 of the Companies Act 2006 for the year ended 31 March 2019. |
| The members have not required the company to obtain an audit of its financial statements for the year |
| ended 31 March 2019 in accordance with Section 476 of the Companies Act 2006. |
| The trustees acknowledge their responsibilities for |
| (a) | ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. |
| These financial statements have been prepared in accordance with the |
| provisions applicable to charitable companies subject to the small companies regime. |
| The financial statements were approved by the Board of Trustees on |
| GREENSWARD CHARITABLE TRUST |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2019 |
| 1. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The financial statements of the charitable company, 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 Companies Act 2006. The financial |
| statements have been prepared under the historical cost convention with the exception of |
| investments which are included at market value, as modified by the revaluation of certain assets. |
| 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 |
| As a charity, The Greensward Charitable Trust is exempt from tax on income and gains falling |
| within section 505 of the Taxes Act 1988 or s256 of the Taxation of Chargeable Gains Act 1992 to |
| the extent that these are applied to its charitable objects. |
| 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. |
| 2. | DONATIONS AND LEGACIES |
| 2019 | 2018 |
| £ | £ |
| Donations |
| Included within voluntary income is a donation of £0 (2018: £527) from the Academies Enterprise |
| Trust to assist with the education and training in amateur sport of children, young people and |
| people with disabilities; in line with the charity's core objectives. |
| 3. | INVESTMENT INCOME |
| 2019 | 2018 |
| £ | £ |
| Deposit account interest |
| GREENSWARD CHARITABLE TRUST |
| NOTES TO THE FINANCIAL STATEMENTS - CONTINUED |
| FOR THE YEAR ENDED 31 MARCH 2019 |
| 4. | TRUSTEES' REMUNERATION AND BENEFITS |
| There were no trustees' remuneration or other benefits for the year ended 31 March 2019 nor for |
| the year ended 31 March 2018. |
| Trustees' expenses |
| There were no trustees' expenses paid for the year ended 31 March 2019 nor for the year ended |
| 31 March 2018. |
| 5. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
| Unrestricted fund |
| £ |
| INCOME AND ENDOWMENTS FROM |
| Donations and legacies |
| Total |
| EXPENDITURE ON |
| Charitable activities |
| Total |
| NET INCOME/(EXPENDITURE) | ( |
) |
| RECONCILIATION OF FUNDS |
| Total funds brought forward | 272,607 |
| TOTAL FUNDS CARRIED FORWARD | 266,495 |
| 6. | FIXED ASSET INVESTMENTS |
| Listed investments |
| £ |
| MARKET VALUE |
| Additions |
| Revaluations |
| At 31 March 2019 | 123,326 |
| NET BOOK VALUE |
| At 31 March 2019 | 123,326 |
| At 31 March 2018 | - |
| There were no investment assets outside the UK. |
| GREENSWARD CHARITABLE TRUST |
| NOTES TO THE FINANCIAL STATEMENTS - CONTINUED |
| FOR THE YEAR ENDED 31 MARCH 2019 |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2019 | 2018 |
| £ | £ |
| Greensward Academy current account | 1,205 | 1,205 |
| Accrued expenses |
| 8. | MOVEMENT IN FUNDS |
At 1.4.18 |
Net movement in funds |
At 31.3.19 |
| £ | £ | £ |
| Unrestricted funds |
| General fund | 266,495 | (13,052 | ) | 253,443 |
| TOTAL FUNDS | (13,052 | ) | 253,443 |
| Net movement in funds, included in the above are as follows: |
| Incoming resources |
Resources expended |
Movement in funds |
| £ | £ | £ |
| Unrestricted funds |
| General fund | 3,499 | (16,551 | ) | (13,052 | ) |
| TOTAL FUNDS | ( |
) | (13,052 | ) |
| Comparatives for movement in funds |
At 1.4.17 |
Net movement in funds |
At 31.3.18 |
| £ | £ | £ |
| Unrestricted Funds |
| General fund | 272,607 | (6,112 | ) | 266,495 |
| TOTAL FUNDS | 272,607 | (6,112 | ) | 266,495 |
| Comparative net movement in funds, included in the above are as follows: |
| Incoming resources |
Resources expended |
Movement in funds |
| £ | £ | £ |
| Unrestricted funds |
| General fund | 527 | (6,639 | ) | (6,112 | ) |
| TOTAL FUNDS | 527 | (6,639 | ) | (6,112 | ) |
| GREENSWARD CHARITABLE TRUST |
| NOTES TO THE FINANCIAL STATEMENTS - CONTINUED |
| FOR THE YEAR ENDED 31 MARCH 2019 |
| 8. | MOVEMENT IN FUNDS - continued |
| A current year 12 months and prior year 12 months combined position is as follows: |
At 1.4.17 |
Net movement in funds |
At 31.3.19 |
| £ | £ | £ |
| Unrestricted funds |
| General fund | 272,607 | (19,164 | ) | 253,443 |
| TOTAL FUNDS | 272,607 | (19,164 | ) | 253,443 |
| A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: |
| Incoming resources |
Resources expended |
Movement in funds |
| £ | £ | £ |
| Unrestricted funds |
| General fund | 4,026 | (23,190 | ) | (19,164 | ) |
| TOTAL FUNDS | 4,026 | (23,190 | ) | (19,164 | ) |
| 9. | RELATED PARTY DISCLOSURES |
| There were no related party transactions for the year ended 31 March 2019. |