UK CNCF Audit Accounts 2008
15 pages
English

UK CNCF Audit Accounts 2008

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COMPANY REGISTRATION NUMBER 2680268 THE CHRISTINA NOBLE CHILDREN'S FOUNDATION LIMITED FINANCIAL STATEMENTS 31 DECEMBER 2008 Draft Accounts Charity Number 1007484 WINGRAVE YEATS PARTNERSHIP LLP Chartered Accountants & Registered Auditors 65 Duke Street London W1K 5NT THE CHRISTINA NOBLE CHILDREN'S FOUNDATION LIMITED FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2008 CONTENTS PAGE Members of the Board and professional advisers 1 Trustees Annual Report 2 Independent auditor's report 5 Statement of Financial Activities 7 (including Income and Expenditure account) Balance sheet 8 Notes to the financial statements 9 THE CHRISTINA NOBLE CHILDREN'S FOUNDATION LIMITED MEMBERS OF THE BOARD AND PROFESSIONAL ADVISERS The Board of Trustees Tom Ward Kate Greer Mary Brew Caroline Demonchy Bob Casey Dr. Harry Beauchamp Company Secretary Kate Greer Principal office 11-15 Lillie Road West Brompton London SW6 1TX Bankers National Westminster Bank Plc nd 2 floor 180 Brompton Road Knightsbridge London SW3 1HL Auditor Wingrave Yeats Partnership LLP Chartered Accountants & Registered Auditors 65 Duke Street London W1K 5NT - 1 - THE CHRISTINA NOBLE CHILDREN'S FOUNDATION LIMITED TRUSTEES ANNUAL REPORT YEAR ENDED 31 DECEMBER ...

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COMPANY REGISTRATION NUMBER 2680268  
THE CHRISTINA NOBLE CHILDREN'S  FOUNDATION LIMITED  FINANCIAL STATEMENTS  31 DECEMBER 2008  
    Charity Number 1007484  
WINGRAVE YEATS PARTNERSHIP LLP  Chartered Accountants & Registered Auditors  65 Duke Street  London  W1K 5NT  
THE CHRISTINA NOBLE CHILDREN'S FOUNDATION LIMITED   FINANCIAL STATEMENTS   YEAR ENDED 31 DECEMBER 2008                   
   
CONTENTS  Members of the Board and professional advisers  Trustees Annual Report  Independent auditor's report  Statement of Financial Activities  (including Income and Expenditure account)  Balance sheet  Notes to the financial statements  
PAGE    1    2   5    7     8    9  
 
THE CHRISTINA NOBLE CHILDREN'S FOUNDATION LIMITED   MEMBERS OF THE BOARD AND PROFESSIONAL ADVISERS       The Board of Trustees        Company Secretary   Principal office      Bankers                             Auditor          
   
Tom Ward Kate Greer Mary Brew Caroline Demonchy Bob Casey Dr. Harry Beauchamp Kate Greer 11-15 Lillie Road West Brompton London SW6 1TX National Westminster Bank Plc 2 nd floor 180 Brompton Road Knightsbridge London SW3 1HL Wingrave Yeats Partnership LLP Chartered Accountants & Registered Auditors 65 Duke Street London W1K 5NT
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THE CHRISTINA NOBLE CHILDREN'S FOUNDATION LIMITED   TRUSTEES ANNUAL REPORT  YEAR ENDED 31 DECEMBER 2008    The trustees, who are also directors for the purposes of company law, have pleasure in presenting their report and the financial statements of the charity for the year ended 31 December 2008.  PRINCIPAL ACTIVITIES   The principal activities of the company during the year were the relief of poverty, sickness and the advancement of education in any part of the world, in particular to support the following work:  a) the Children's Medical and Social Enterprise Centre at 38 Tu Xuong, Ho Chi Minh City, Vietnam b) the medical centre program and Blue Skies GER Village in Mongolia  STATUS   The organisation is a charitable company limited by guarantee, incorporated on 17 January 1992 and registered as a charity on 3 March 1992.  The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association which details the charity's organisational structure.  OBJECTIVES AND ACTIVITIES   The objective of the charitable company is the relief of poverty, sickness and the advancement of education in any part of the world and in particular to support the work of the Childrens' Medical and Social Enterprise Centre in Vietnam.  These objectives will be achieved through a Child Sponsorship scheme administered in the UK.  REVIEW OF THE YEAR  The net resources expended for the year were £7,798 (2007 income: £314,131), split net incoming resources of £35,203 (2007 incoming: £336,076) and net incoming resources of £27,405 (2007: outgoing £18,095) between unrestricted and restricted funds respectively. In the opinion of the Trustees the objectives of the charity have been achieved this year and the charity will continue to fulfill the aforementioned objective in the next financial period.  In 2006 The Christina Noble Children’s Foundation was voted the best Non Governmental Organisation in Mongolia ahead of other peer organizations such as UNICEF, Save the Children and World Vision, a notable achievement after just 10 years of operation in that country. In 2008 the work there has continued to expand and grow. Similarly, work and projects in Vietnam continue to multiply as demand in both countries remains strong.  We were fortunate and very grateful to receive in 2007 legacies in the sum of £77,255 which increased substantially the reserves held at the year end. The Trustees have provisionally earmarked this sum, together with the balance of the previous year’s legacy, for the purchase of a property to be used as a retail outlet.  INVESTMENT POLICY   The Memorandum of Association, signed on 17 January 1992, states that the Company shall "invest the monies of the company not immediately required for its main object in such manner as maybe thought fit but so that monies subject or representing property subject to the jurisdiction of the Charity Commission shall only be invested in such investments and with such sanction (if any) as may for the time being as prescribed by law".     
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THE CHRISTINA NOBLE CHILDREN'S FOUNDATION LIMITED   TRUSTEES ANNUAL REPORT (continued)   YEAR ENDED 31 DECEMBER 2008    RESERVES POLICY   It is the policy of the charitable company to hold reserves in its General Fund that have not yet been committed or designated for any particular purpose. The Trustees have set aside these reserves in order to protect the future operations of the charitable company from the effects of any unforeseen variations in its income streams as part of a policy of good financial management practice. The Trustees have set the level of these reserves after undertaking a thorough assessment of the charitable company's needs and they have agreed that this should be maintained in excess of £300,000. At 31st December 2008 the amount of the reserves in the General Fund amounted to £782,752 (2007: £817,955).  RISK REVIEW   In common with other charities of our size we are limited in the resources we are able to apply in segregating the duties of operatives and fundraisers alike. Being aware of this we use our available resources in the manner we deem most effective which the trustees keep under constant review. We have considered the major risks to which the charity is exposed and are satisfied that systems are in place, and new systems will be put in place as and when necessary, to mitigate exposure to major risks.  RECRUITMENT, APPOINTMENT AND TRAINING OF TRUSTEES   Under the articles of association, membership shall be open to anyone the Trustees, by a majority vote, agree will further the aims of the charity. All of the Trustees are familiar with charitable organizations in general. They have been familiar with the activities of the charity and of its accounts. No further induction was necessary.  THE TRUSTEES   The trustees who served the charity during the period were as follows:   Tom Ward  Kate Greer  Mary Brew  Caroline Demonchy  Bob Casey  Dr. Harry Beauchamp  PLANS FOR FUTURE PERIODS  The foundation intends to continue its core work for which we have an unrivalled reputation, whilst at the same time exploring new projects and deserving cases which we are continually asked to consider. However, due to disproportionately rising costs in both Vietnam and Mongolia and an increasingly difficult economic climate we are restricted in the number of new projects we feel we can undertake in the immediate future as one of our main priorities must to guarantee continuation of existing works.            
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THE CHRISTINA NOBLE CHILDREN'S FOUNDATION LIMITED   TRUSTEES ANNUAL REPORT (continued)   YEAR ENDED 31 DECEMBER 2008    TRUSTEES' RESPONSIBILITIES   The trustees are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice.  The trustees are required to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and the incoming resources and application of resources, including the net income or expenditure, for the year. In preparing those financial statements, the trustees are required to:  –  select suitable accounting policies and then apply them consistently; –  make judgements and estimates that are reasonable and prudent; –  state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and –  prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.  The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Companies Act 1985. The trustees 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.  In so far as the trustees are aware:  ·  there is no relevant audit information of which the charitable company’s auditor is unaware; and  ·  the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.   AUDITOR   A resolution to re-appoint Wingrave Yeats Partnership LLP as auditors for the ensuing year will be proposed at the next Annual General Meeting.  SMALL COMPANY PROVISIONS   This report has been prepared in accordance with the special provisions for small companies under Part VII of the Companies Act 1985.   Registered & principal office: 11-15 Lillie Road West Brompton London SW6 1TX    Approved by the trustees on ........................
    
Signed by order of the trustees
TOM WARD Director
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THE CHRISTINA NOBLE CHILDREN'S FOUNDATION LIMITED   INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE  CHRISTINA NOBLE CHILDREN'S FOUNDATION LIMITED   YEAR ENDED 31 DECEMBER 2008    We have audited the financial statements of the Christina Noble Children's Foundation Limited for the year ended 31 December 2008, which comprise the statement of Financial Activities, the Balance Sheet and the notes on pages 9 to 13 which have been prepared under the historical cost convention and the accounting policies set out on pages 9 to 10.  This report is made solely to the company's members, as a body, in accordance with Section 235 of the Companies Act 1985. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.  RESPECTIVE RESPONSIBILITIES OF THE TRUSTEES AND AUDITORS   The responsibilities of the trustees (who also act as directors of The Christina Noble Children's Foundation Limited for the purposes of company law) for preparing the Trustees Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice as applied to charities) are set out in the Statement of Responsibilities of the Trustees on page 4.  Our responsibility is to audit the financial statements in accordance with relevant legal and regulatory requirements and International Standards on Auditing (UK and Ireland).  We report to you our opinion as to whether the financial statements give a true and fair view and are ro erl re ared in accordance with the Com anies Act 1985. We also re ort to ou if, in our opinion, the Trustees Annual Report is not consistent with the financial statements, if the charity has not kept proper accounting records, if we have not received all the information and explanations we re uire for our audit, or if information specified by law regarding trustees' remuneration and transactions with the charity is not disclosed.  We read the Trustees Annual Report and consider whether it is consistent with the audited financial statements. We consider the implications for our report if we become aware of any apparent misstatements or material inconsistencies with the financial statements. Our responsibilities do not extend to any other information.  BASIS OF AUDIT OPINION   We conducted our audit in accordance with International Standards on Auditing (UK and Ireland) issued by the Auditing Practices Board. An audit includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the financial statements. It also includes an assessment of the significant estimates and judgements made by the trustees in the preparation of the financial statements, and of whether the accounting policies are appropriate to the charitable company's circumstances, consistently applied and adequately disclosed.  We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to provide us with sufficient evidence to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or other irregularity or error. In forming our opinion we also evaluated the overall adequacy of the presentation of information in the financial statements.
   
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THE CHRISTINA NOBLE CHILDREN'S FOUNDATION LIMITED   INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE  CHRISTINA NOBLE CHILDREN'S FOUNDATION LIMITED (continued)   YEAR ENDED 31 DECEMBER 2008    OPINION   In our opinion:  ·  the financial statements give a true and fair view, in accordance with United Kingdom Generally Accepted Accounting Practice as applied to charities, of the state of the charitable company's affairs as at 31 December 2008 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;  ·  the financial statements have been properly prepared in accordance with the Companies Act 1985.       65 Duke Street London W1K 5NT  ........................  
   
WINGRAVE YEATS PARTNERSHIP LLP Chartered Accountants & Registered Auditors
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THE CHRISTINA NOBLE CHILDREN'S FOUNDATION LIMITED   STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME & EXPENDITURE ACCOUNT)   YEAR ENDED 31 DECEMBER 2008    Unrestricted Restricted Total Funds Total Funds Funds Funds 2008 2007 Note £ £ £ £ INCOMING RESOURCES FROM GENERATING FUNDS          Voluntary income 2 186,100 276,020 462,120 736,360  Investment income 3 39,178 - 39,178 16,533      ----TOTAL INCOMING RESOURCES 225,278 276,020 501,298 752,893 ----          RESOURCES EXPENDED     Costs of generating funds:          - Costs of generating voluntary income 4 9,805 - 9,805 6,755  Charitable activities 5 175,554 248,615 424,169 371,704  Governance costs 6 75, - 75,122 60,303 122       -- --TOTAL RESOURCES EXPENDED 7 260,481 248,615 509,096 438,762       -- --      NET INCOMING/(OUTGOING) RESOURCES FOR THE YEAR (35,203) 27,405 (7,798) 314,131 RECONCILIATION OF FUNDS     Balance brought forward 817,955 32,772 850,727 536,596      - ---Balance carried forward  782,752 60,177 842,929 850,727 = = = =        The Statement of Financial Activities includes all gains and losses in the year and therefore  a statement of total recognised gains and losses has not been prepared.   All of the above amounts relate to continuing activities.    The notes on pages 9 to 13 form part of these financial statements.      7 -  -
THE CHRISTINA NOBLE CHILDREN'S FOUNDATION LIMITED   BALANCE SHEET   31 DECEMBER 2008    2008  7  200 Note £ £ £ CURRENT ASSETS  Debtors 8 64,767  35,000  Cash at bank 866,309  894,401 --     931,076  ,4 929 01 CREDITORS: Amounts falling due within one year 9 (88,149)  (78,674) - -      NET CURRENT ASSETS 842,929 850,727     - -85 TOTAL ASSETS LESS CURRENT LIABILITIES 842,929 0,727 --    NET ASSETS             842,929 850,727     = =   FUNDS  Restricted income funds 11  60,177 32,772 Unrestricted income funds 12  782,752 817,955 --    TOTAL FUNDS       842,929 850,727     = =  These financial statements have been prepared in accordance with the special provisions for small companies under Part VII of the Companies Act 1985.  These financial statements were approved by the members of the committee on ........................ and are signed on their behalf by:      TOM WARD Director  
   
The notes on pages 9 to 13 form part of these financial statements.   - 8 - 
 
THE CHRISTINA NOBLE CHILDREN'S FOUNDATION LIMITED   NOTES TO THE FINANCIAL STATEMENTS   YEAR ENDED 31 DECEMBER 2008    1.  ACCOUNTING POLICIES    Basis of accounting    The financial statements have been prepared under the historical cost convention and in accordance with applicable United Kingdom accounting standards, the Statement of Recommended Practice "Accounting and Reporting by Charities" issued in March 2005 (SORP 2005) and the Companies Act 1985.    Income    Income is received by way of donations, gifts and legacies and is included in the Statement of Financial Activities in the year in which they are receivable.   Expenditure    Expenditure is charged on an accruals basis.   - Costs of generating funds comprise the costs associated with attracting voluntary income. - Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. - Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include the audit fees and costs linked to the strategic management of the charity.  All costs are allocated between the expenditure categories of the SoFA on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly; others are apportioned on an appropriate basis. Foreign currencies  Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating surplus. Fund accounting  Unrestricted funds are donations and other incoming resources receivable or generated for the objects of the charity without further specified purpose and are available as general funds. Designated funds are unrestricted funds set aside by the Trustees for a particular purpose. Restricted funds are to be used for specific purposes as instructed by the donor. Expenditure which meets these criteria is charged to the fund, together with a fair allocation of management and support costs.  Cash flow statement  The trustees have taken advantage of the exemption in Financial Reporting Standard No 1 (revised) from including a cash flow statement in the financial statements on the grounds that the charity is small.
                    
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