Charity Registration No. 1160967
Company Registration No. 09377986 (England and Wales)
CRED FOUNDATION
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
CRED FOUNDATION
CONTENTS
Page
Company information
1
Trustee report
2 - 12
Independent examiner's report
13
Statement of financial activities
14
Balance sheet
15
Notes to the financial statements
16 - 27
CRED FOUNDATION
LEGAL AND ADMINISTRATIVE INFORMATION
- 1 -
Directors/Trustees
Mr S Wareham
Mr S Bridgeman
Ms R Harrison
Ms C L E Jenkinson
Ms N J Phipps
Mr Z Cook
Ms S Murray
(Appointed 27 April 2022)
Charity number
1160967
Company number
09377986
Principal address
Thornbury Baptist Church
Gillingstool
Thornbury
BS35 2EG
Registered office
Thornbury Baptist Church
Gillingstool
Thornbury
BS35 2EG
Independent examiner
TC Group
10 Bridge Street
Christchurch
Dorset
BH23 1EF
Bankers
CAF Bank Ltd
25 Kings Hill Avenue
Kings Hill
West Malling
Kent
ME19 4JQ
CRED FOUNDATION
TRUSTEE REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -

The directors/trustees present their report and financial statements for the year ended 31 March 2023.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the CRED Foundation government document, the Companies Act 2006 and “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)” (as amended for accounting periods commencing from 1 January 2016).

CHAIR OF TRUSTEES REVIEW

The year under review has ended on a more positive note than it started. At the beginning of the period the globe was still dominated by the ravages of the global COVID-19 pandemic and many of the communities that CRED partners with were still experiencing its after-shocks. In addition, as the reporting period ends the war in Ukraine has brought a degree of disruption across the globe and considerable financial headwinds are being felt in many communities across the world. Increased fuel prices and energy costs being likely to have significant impacts in many of the poorest communities, who have the least resources to be able to respond to such changes.

For the peoples in the nations in which the CRED Foundation (CRED) operates, where large swathes of the population are vulnerable and grappling with the twin threats of poverty and injustice, the impacts of the pandemic have been acute. Lack of good health care infrastructure, lack of even the most basic social care provision and already extreme levels of poverty and deprivation have simply made the situation far beyond challenging. Going into the next year will continue to be challenging for these communities. But there have been very positive signs in these communities and the grace and love of God continues to shine brightly and the leadership teams in the partners we work with, continue to amaze us with what they are able to do, with such meagre resources.

I never cease to be overwhelmed by the resourcefulness and the diligence of those working in the partners. Their deep faith in the God they serve is most humbling as they trust Him to provide for their needs in the most trying of circumstances.

So, I want to highlight the two key groups of people with whom CRED works.

Our wonderful partners

In the section detailed below you will see the details of each of the partners with which we work. They have several similarities, for example, their almost boundless passion for the people they serve. But they are also very different, scattered across many nations and in many different contexts. The communities they support and minister to are all needy and all require some form of external intervention or support to make life survivable. This these partners do with great energy and passion, with great respect and humility. Each of these partners, who we very much view as personal friends, keep the light of Christ burning in their communities when there is much darkness all around them. We thank God for the work they do and are filled with joy to journey with them.

Our supporters and donors

These are the wonderful people who facilitate the work of the partners through their prayers and through their financial support. Despite many financial headwinds in the reporting period, the support from our donors has continued. Very often they are more than ready to open their bank balances to provided extra support to the partners as particular, often acute needs arise. We know that they are always ready to serve the partners by giving most generously to support the various needs. The supporters and donors again are diverse individuals from across many different walks of life but again are united by they desire to serve those overseas whose needs are great and who require some form of external input.

 

 

 

CRED FOUNDATION
TRUSTEE REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -

We, and the partners are richly blessed by the generosity of these people as they give regularly, pray regularly and show ongoing interest in the project we support. I and all of the Trustees are most grateful for your ongoing generosity and support.

 

 

CRED continues to feel the sheer joy of the work we are involved in. Our world is a beautiful place, however, filled with injustice and depravation. As indicated below, the core value of CRED is “grounded in the social justice imperatives set out in the Christian gospel and in the philosophy that all men, women and children are valued, born free and equal in dignity and rights.” It is my confident belief that we have, in the year under review, continued to uphold that value to the best of our ability and to the benefit and blessing of the communities we serve.

 

 

 

 

 

Simon Wareham - Chair of Trustees

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CRED FOUNDATION
TRUSTEE REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
OBJECTIVES AND ACTIVITIES

 

CRED IN SUMMARY

 

Who is CRED?

 

What are CRED’s values?

 

What we do?

 

Areas of focus:

 

CRED Partners:

 

CRED looks to facilitate long-term relationship between the partners and donors.

 

The directors/trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the CRED Foundation should undertake.

CRED FOUNDATION
TRUSTEE REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -

PURPOSE, VISION AND CORE VALUES

 

During the year under review the Trustees have done significant work to evaluate CRED’s purpose and vision, and to align these to our core values as an organisation. The outcome of that has been as follows.

 

Purpose statement:

CRED Foundation’s purpose is centred around transformation.

 

We work to help people in developing countries suffering from economic, social or environmental hardship by partnering with, and providing support to, specifically selected organisations who run projects designed to alleviate deprivation of this kind.

 

Vision statement:

Our vision is to be a strong advocate for, and supporter of, our overseas partners through empowering them, and channelling funds for projects that reduce hardship for those whom we help and support.

 

We will deliver our purpose and vision through our Christian ethos by:

 

CRED Foundation’s core values:

The purpose and vision above are underpinned by the following core values:

 

 

CRED FOUNDATION
TRUSTEE REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -

Participation for Transformation

Like all charities, we want to make a difference. It is our belief that by supporting our partners, we continue to make a significant difference to thousands of people around the world.

 

However, the way we look to make a difference is to get people involved. Whether young or old, we aim to get people involved in such a way that as they share their knowledge, skills, abilities and resources, they can make a lasting difference whilst also being impacted themselves.

 

Why are we doing this?

As our purpose statement above indicates, we believe in transformation. Firstly, we believe that transformation is necessary. The last year has demonstrated graphically that there is an overwhelming need for change across the globe. The levels of injustice worldwide have been writ large on the pages of the news media day in day out through the period.

 

Secondly, we believe that transformation is possible. The need for change, the sheer scale of the task facing us can seem daunting, even overwhelming, but we know, for the first-hand experience of our partners throughout this crisis that transformation is possible. Each of the partners we work with are directly involved in transforming individuals, communities and the environment for the better. We take huge pride in the working friendships we’ve developed with our partners and are tremendously proud of the projects that we support.

 

This whole process is not about providing ‘charitable handouts” from our plenty. Instead, our work is grounded in the Christian principle that no one should claim that what they have is their own but rather is something to be shared with those who have need. Through this we are working to address these needs in the communities we serve, looking to ensure dignity, equality, and the opportunity for them to stand on their own two feet.

 

We look to contribute to sustainable communities, supporting partners who provide grassroots opportunities for education, employment, environmental sustainability and community development. Along with supporting the most vulnerable, they also demonstrate that – with training, resources and opportunities – people from these communities are often the best solution to their own problems.

 

OUR PARTNERS

 

In the last financial year, we have continued to partner with 12 international organisations that are providing a direct and effective answer to human poverty, social injustice and environmental damage. CRED has no stake in the running of these organisations; they are all run by local people, and have been selected for support through trusted recommendation, via rigorous scrutiny and careful due diligence. Since we have meaningful, ongoing relationships with each of them we can guarantee that any donated funds will go directly to those for whom it is intended and to meet the needs identified.

 

Since each of our partners is involved in vast array of activities, CRED has decided to focus support for programmes building “sustainable communities” under the following categories:

 

Their work is split across the following countries:

 

CRED FOUNDATION
TRUSTEE REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -

Ethiopia

 

India

 

Kenya

 

Malawi

Nepal

 

CRED FOUNDATION
TRUSTEE REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 8 -

Rwanda

 

The prison work now includes provision of educational support in the national juvenile prison. One of the programmes that GNPDR runs is “Mercy Mattresses”, which had been stopped at the begin of the pandemic, whereby unemployed adults, many of whom are still overcoming the residual traumas of the genocide, can earn an income making mattresses for inmates in the Rwandan prisons, many of whom were perpetrators in the genocide. Through this programme, there is opportunity for the genocide victims to gain some peace and reconciliation with the past, alongside positive employment and skills development for the future.CRED continues to work closely with GNPDR’s management providing support and exploring potential funding opportunities. Training has also been given to the teaching staff at the school, and to some prison chaplains.

 

Tanzania

 

Uganda

 

 

 

CRED FOUNDATION
TRUSTEE REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 9 -

Zambia

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CRED FOUNDATION
TRUSTEE REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 10 -
FINANCIAL REVIEW

 

Results for the year

Committed giving totalled £77,910 in restricted income which was a decrease of £32,878 in equivalent restricted giving compared to 2022. The decrease in this year on year relates mainly to the exceptional levels of income in the prior year relating to specific requests for support during the COVID pandemic when specific requests for donations were made. This translated into our income overall decreasing by £33,760 between 2022 and 2023.

 

 

Expenditure overall decreased by £18,919, between 2022 and 2023 with the majority of decrease shown in grant funding of £22,167 down on 2023. This decrease is the funds donated, then being passed onto the partners to meet the requirements they have outlined to us. Total grant funding in 2022 was £100,921. Other non-grant funding costs increased by £701.

 

The net movement in funds gave rise to a deficit of £6,856 for 2022, compared to surplus of£7,985 in 2022, demonstrating a £14,841 decrease in net surplus after funds transfers between unrestricted and restricted funds.

 

 

At the end of the year this saw unrestricted funds totalling £55,464, restricted funds totalling £50,954 and, therefore, this gave us total combined 2023 funds of £106,418. Of this sum £106,876 is cash held in the bank.

 

 

Reserves policy

The trustees recognise the value and importance of having reserves in the place and aims to have reserves to the equivalent of average of 6 months operating costs. Free reserves at 31st March 2022 amounted to £57,877, an increase of £8,354 on 2021.

 

 

Principal funding sources

The organisation has three principal funding sources:

  1. A small amount of core funding that is provided by private donors.

  2. Core funding is derived from a 10% management / administration fee on ring-fenced or project fundraising. This fee may be varied or waived at the Trustees’ discretion and on a case-by-case basis.

  3. Core funding is derived from any and all Gift Aid claimed from HMRC on eligible income from donors.

 

All other funds passing through CRED’s books are attributable to the projects we support and are disbursed to them as and when required. Periodically, CRED also works with partners to raise funds from UK donor organisations, whether commercials, NGOs or overseas aid departments of national governments.

CRED FOUNDATION
TRUSTEE REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 11 -

Major Risks

The Trustees have carried out an assessment of the major risks to which the charity is exposed and have put in place policies, procedures and systems to mitigate these risks, e.g. Financial Risk, Reputational Risk, and Data Protection Risk. It is the assessment of Trustees that currently all of these risks are being managed to an acceptable level of residual risk.

 

Effects of COVID-19 Pandemic

The impacts of the COVID-19 pandemic have continued to be felt across the nations served by the projects that CRED works with. As in many situations across the world it is those who are most vulnerable who feel the impact of such crises for the longest. Those with limited resources very often finding the road to recovery from such shocks the most difficult. It is the expectation of the Trustees that they will continue to fund activities across the projects that have their roots in the privation caused by the pandemic.

 

 

Environmental Policy

CRED joins with voices across the globe in calling for governments worldwide to strive for environmental sustainability. Whilst recognising the huge challenges that exist in implementing policies that will achieve the ends required, in particular to address the Climate Crisis, the Trustees endorses the need to take urgent practical steps to enable our planet to recover from the mess that mankind has put it in. CRED ensures that discussions about partner projects and our operating policies and procedures are always viewed through an environmentally sustainable lens.

 

CRED has been working with one of our partners, Partnership for Sustainable Development (PSD), in Nepal, to introduce a carbon offsetting to scheme. This enables travellers to make a positive impact from travelling by purchasing trees in a reforestation programme in the Langtang National Park which in turn is part of the global ‘One Trillion Trees‘ project. PSD also work with local schools to encourage tree-planting in their school compounds.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CRED FOUNDATION
TRUSTEE REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 12 -
Structure, governance and management

The CRED Foundation is a company limited by guarantee and is governed by its memorandum and articles of association dated 7th January 2015.

 

On 1st April 2015, all operation of the charity were transferred from the charitable trust “Christian Relief and Development Foundation” (Registered Charity number 1072426). The first directors of this charitable company were the existing trustees of what was historically known as “the CRED Foundation”, and the organisation has continued to be known as “the CRED Foundation”.

 

The Board of Trustees invite and appoint trustees and are responsible for all major decisions of CRED. New Trustees are inducted in the work of the organisation, through informal discussions, video-conferencing with partners and orientation, with a review of the relevant policies and procedures.

The directors/trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

 

Mr S Wareham
Mr S Bridgeman
Ms R Harrison
Ms C L E Jenkinson
Ms N J Phipps
Mr Z Cook
Ms S Murray
(Appointed 27 April 2022)

The trustee report was approved by the Board of Directors/Trustees.

Mr S Wareham
Trustee
Dated: 8 April 2024
CRED FOUNDATION
INDEPENDENT EXAMINER'S REPORT
TO THE DIRECTORS/TRUSTEES OF CRED FOUNDATION
- 13 -

I report to the directors/trustees on my examination of the financial statements of CRED Foundation (the charity) for the year ended 31 March 2023.

Responsibilities and basis of report

As the directors/trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).

Having satisfied myself that the financial statements of the charity 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 the charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable 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 that in any material respect:

1

accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or

2

the financial statements do not accord with those records; or

3

the financial statements 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 financial statements 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 financial statements to be reached.

James Robert Paget FCCA
TC Group
10 Bridge Street
Christchurch
Dorset
BH23 1EF
Dated: 10 April 2024
CRED FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2023
- 14 -
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
funds
funds
funds
funds
2023
2023
2023
2022
2022
2022
Notes
£
£
£
£
£
£
Income from:
Donations and legacies
3
5,593
77,910
83,503
6,630
110,788
117,418
Investments
4
155
-
155
-
-
-
Total income
5,748
77,910
83,658
6,630
110,788
117,418
Expenditure on:
Charitable activities
4
15,248
75,266
90,514
8,370
101,063
109,433
Net (outgoing)/incoming resources before transfers
(9,500)
2,644
(6,856)
(1,740)
9,725
7,985
Gross transfers between funds
7,087
(7,087)
-
10,094
(10,094)
-
Net (expenditure)/income for the year/
Net movement in funds
(2,413)
(4,443)
(6,856)
8,354
(369)
7,985
Fund balances at 1 April 2022
57,877
55,397
113,274
49,523
55,766
105,289
Fund balances at 31 March 2023
55,464
50,954
106,418
57,877
55,397
113,274

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
CRED FOUNDATION
BALANCE SHEET
AS AT 31 MARCH 2023
31 March 2023
- 15 -
2023
2022
Notes
£
£
£
£
Current assets
Debtors
11
2,511
2,281
Cash at bank and in hand
106,876
112,502
109,387
114,783
Creditors: amounts falling due within one year
13
(2,969)
(1,509)
Net current assets
106,418
113,274
Income funds
Restricted funds
14
50,954
55,397
Unrestricted funds
55,464
57,877
106,418
113,274

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2023.

The Directors/Trustees acknowledge their responsibilities for ensuring that the charity keeps accounting records which comply with section 386 of the Act and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its incoming resources and application of resources, including its income and expenditure, for the 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 company.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Directors/Trustees on 8 April 2024
Mr S Wareham
Trustee
Company Registration No. 09377986
CRED FOUNDATION
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 16 -
1
Accounting policies
Charity information

CRED Foundation is a private public benefit company limited by guarantee incorporated in England and Wales. The registered office is Thornbury Baptist Church, Gillingstool, Thornbury, BS35 2EG.

1.1
Accounting convention

The financial statements have been prepared in accordance with the CRED Foundation governing document, the Companies Act 2006 and “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)” (as amended for accounting periods commencing from 1 January 2016). The CRED Foundation is a Public Benefit Entity as defined by FRS 102.

 

The CRED Foundation has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest pound.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the directors/trustees have a reasonable expectation that the CRED Foundation has adequate resources to continue in operational existence for the foreseeable future. Thus the directors/trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Charitable funds
Unrestricted funds are available for use at the discretion of the directors/trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4
Incoming resources
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
CRED FOUNDATION
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 17 -

Donations and grants that provide core funding or are of a general nature are recognised where there is entitlement, certainty of receipt and the amount can be quantified with reasonable accuracy.

 

Where facilities are provided to the charity as a donation that would normally be an expense for the charity, this contribution in included in the financial statements at an estimate based on the value of the contribution to the charity where this can be quantified.

 

Income from tax reclaims are included in the statement of financial activities at the same time as the gift to which they relate.

 

Grant income providing funding to support programme activities is recorded where there is entitlement, certainty of receipt and the amount can be measured with sufficient reliability.

 

1.5
Resources expended

Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category.

 

Costs of raising funds are the cost associated with attracting donations, grants and similar 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.

 

Grants payable are payments made too third parties in the furtherance of the charitable objectives. Grants without performance conditions are only recognised in the accounts when a commitment has been made and the are no conditions to be met relating to the grant which remain in the control of the charity. Support costs have been allocated to activity cost categories on a basis consistent with the use of resources.

1.6
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

1.8

Debtors

Debtors are recognised at the settlement amount. Prepayments are valued at the amount prepaid net of any discounts due.

CRED FOUNDATION
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 18 -
1.9

Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of fund to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any discounts due.

2
Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the directors/trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

 

Income recognition is considered with reference to the grant agreement or other supporting documentation, to ensure cut off is correctly stated at the point of entitlement.

 

The company holds between 10-15% of net funds back for charity use towards core funds.

 

There were no other key sources of estimation uncertainty or judgements.

 

3
Donations and legacies
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
funds
funds
funds
funds
2023
2023
2023
2022
2022
2022
£
£
£
£
£
£
Donations and gifts
5,593
77,910
83,503
6,630
110,788
117,418
CRED FOUNDATION
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
3
Donations and legacies
(Continued)
- 19 -
Donations and gifts
Committed giving
57,615
23,520
81,135
4,602
110,788
115,390
Gift Aid tax reclaimed on giving
2,368
-
2,368
2,028
-
2,028
Other
(54,390)
54,390
-
-
-
-
5,593
77,910
83,503
6,630
110,788
117,418
4
Investments
Unrestricted
Total
funds
2023
2022
£
£
Interest receivable
155
-
4
Charitable activities
2023
2022
£
£

Travel expenses

2,477
2,293

Insurance

763
936
3,240
3,229
Grant funding of activities (see note 6)
78,754
100,921
Share of support costs (see note 7)
5,640
3,603
Share of governance costs (see note 7)
2,880
1,680
90,514
109,433
Analysis by fund
Unrestricted funds
15,248
8,370
Restricted funds
75,266
101,063
90,514
109,433
CRED FOUNDATION
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 20 -
6
Grants payable
2023
2022
£
£
Grants to institutions:
CBISDO
520
980
PSD
994
5,867
FIAM Project
30,442
62,602
GNPDR
11,570
5,193
Spurgeons
16,290
13,785
Nkuru-Nziza Foundation
6,899
5,202
ILA (Uganda)
635
2,726
Butterfly Space
4,505
-
Chisomo
1,600
4,566
eWAR
5,300
18,600
Bhimsen Schools
500
78,754
100,921
CRED FOUNDATION
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 21 -
7
Support costs
Support costs
Governance costs
2023
Support Costs
Governance costs
2022
Basis of allocation
£
£
£
£
£
£

Partner support costs

4,405
-
4,405
2,250
-
2,250

Printing, postage and stationery

953
-
953
615
-
615

Website costs

85
-
85
85
-
85

Sundry

197
-
197
653
-
653
Independent examination fee
-
2,880
2,880
-
1,680
1,680
Governance
5,640
2,880
8,520
3,603
1,680
5,283
Analysed between
Charitable activities
5,640
2,880
8,520
3,603
1,680
5,283

 

CRED FOUNDATION
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 22 -
8
Net movement in funds
2023
2022
£
£
Net movement in funds is stated after charging/(crediting)
Independent examiner fee
2,880
1,680
9
Directors/Trustees

None of the directors/trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

10
Employees
There were no employees during the year.
11
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
2,368
2,028
Prepayments and accrued income
143
253
2,511
2,281
12
Loans and overdrafts
2023
2022
£
£
Bank overdrafts
59
69
Payable within one year
59
69
CRED FOUNDATION
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 23 -
13
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Bank overdrafts
12
59
69
Trade creditors
750
-
Accruals and deferred income
2,160
1,440
2,969
1,509

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CRED FOUNDATION
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 24 -
14
Restricted funds
The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:
Movement in funds
Movement in funds
Balance at
1 April 2021
Incoming resources
Resources expended
Transfers
Balance at
1 April 2022
Incoming resources
Resources expended
Transfers
Balance at
31 March 2023
£
£
£
£
£
£
£
£
£
COVID 19 Emergency
-
80
(2)
(935)
(857)
-
-
868
11
Butterfly Space
581
-
-
-
581
-
-
(581)
-
CBISDO
1,088
600
(980)
(60)
648
600
(520)
(60)
668
Bhimsen Schools
626
-
-
-
626
764
(994)
(396)
-
Dance Africa
2,481
440
-
(44)
2,877
290
-
(23)
3,144
FIAM
10,217
61,605
(62,665)
(6,511)
2,646
34,960
(30,638)
(2,554)
4,414
GNPDR
4,174
7,740
(5,193)
(782)
5,939
13,187
(11,570)
(901)
6,655
Spurgeons
7,516
13,991
(13,817)
(1,359)
6,331
15,181
(15,596)
(918)
4,998
Nkuru-Nziza Foundation
11,148
11,535
(5,234)
(1,152)
16,297
5,962
(3,900)
(716)
17,643
ILA (Uganda)
486
2,862
(2,726)
(466)
156
166
(636)
314
-
eWAR
16,850
-
-
-
16,850
610
(5,300)
572
12,732
Chisomo Street Kids
600
2,680
(4,568)
1,532
244
2,320
(1,607)
(268)
689
Malawi
-
2,280
-
(228)
2,052
1,620
(4,505)
833
-
PSD (Include Bhimsen Schools)
-
5,525
(5,878)
(18)
(371)
-
-
371
-
eWAR
-
700
-
(72)
628
-
-
(628)
-
360 Life
-
750
-
-
750
2,250
-
(3,000)
-
55,766
110,788
(101,063)
(10,095)
55,397
77,910
(75,266)
(7,087)
50,954
CRED FOUNDATION
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
14
Restricted funds
(Continued)
- 25 -

Restricted fund transfers

CRED Foundation's current practice is to take 10% of ring fenced project donations for management and administration costs.

The charity has also undertaken a review of funds and provided for historic misallocations and overspends via transfers between funds.

 

 

Restricted Funds explained

The Voice School Trust – based in Arusha in northern Tanzania, its focus is provision of high-quality education for all, including children who are living with albinism. Funds this year went to help complete the construction of a new dormitory for the girls.

 

Butterfly Space - a non-profit, volunteer community project serving the people of Nkhata Bay on the shores of Lake Malawi. This year we have provided funds to help bridge the gap in teacher salaries suffered as a result of lockdown and lost income from lack of school fees. Funds have also been raised to support a trainee midwife who is connected to Butterfly programmes and who otherwise would not be able to afford the university fees.

 

CBISDO – this independent NGO birthed out of IHA-UDP in Addis Ababa, Ethiopia. CRED channels funds to support their child education sponsorship scheme.

 

Dance Africa – this project has now closed, and no further monies will be disbursed.

 

FIAM – CRED channels funds for selected student support and building needs at St Joseph’s School, a subsidised English-medium establishment in Nallajeerla, in Andhra Pradesh, India, as well as FIAM’s work with orphans and those living with leprosy. Funds raised this year have been primarily to fund food parcels and medical fees during the Covid emergency. These food parcels have regularly reached over 1,700 families.

 

GNPDR – CRED has focused on supporting their Comfort Primary School, with fundraising contributing to ongoing support and development costs. As well as some one-off capital needs, ongoing funds are also provided to help offset the tuition fees of pupils living on the streets.

 

Spurgeons Childcare Kenya (SCCK) – fundraising continued to support their work in the slums of Kibera, Nairobi. During this reporting period, funds have helped to enable food parcels to be distributed to over 1,000 needy families, as well as the setting up of hygiene stations in and around the parts of Kibera served by SCCK, and where there are otherwise no hand-washing facilities.

 

CRED FOUNDATION
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
14
Restricted funds
(Continued)
- 26 -

Nkuru-Nziza Foundation – This is an informal settlement based in the suburbs of Kampala and CRED directs its support in this area through a community women’s cooperative. CRED has focused on supporting community-based initiatives, especially with regards to access to education for the children, and funding two key support workers of the cooperative who spend much time supporting various individuals and families in need. During this reporting period, funds have also enabled access to food for the co-operative families, when national lockdowns prevented any opportunities for earning money through informal and casual labour.

 

I Live Again, Uganda (ILA) – CRED has supported professional input into this organisation that providers trauma counselling for victims of war and refugees. Recent training delivered by CRED team members was supported by funds to offset the programme delivery costs incurred by ILA. Funds were also used to enable ILA to carry out a ‘soap, sanitation and sensitisation’ programme amongst those most at risk within the South Sudanese refugee camps and communities in northern Uganda.

 

Ellilta Women at Risk/(eWAR) – CRED channels UK fundraising donations for Ellilta and holds a reserve fund for their use as needs arise.

 

Chisomo Street Kids Project - This support has been manifest during 2021/22 by one of the CRED trustees and his spending part of their year-long sabbatical supporting the work of Chisomo.

 

Malawi - see Butterfly Space above.

 

Partnership for Sustainable Development (PSD) Nepal – CRED continues to collect financial donations for the project for their use as needs arise.

 

360 Life - see Nkuru-Nziza Foundation (NNF) above.

CRED FOUNDATION
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 27 -
15
Analysis of net assets between funds

Unrestricted Fund

Restricted Funds

Total

Unrestricted Fund

Restricted Funds

Total
2023
2023
2023
2022
2022
2022
£
£
£
£
£
£
Fund balances at 31 March 2023 are represented by:
Current assets/(liabilities)
52,803
53,615
106,418
57,877
55,397
113,274
52,803
53,615
106,418
57,877
55,397
113,274
16
Related party transactions

During the year the charity received donations totalling £5,470 from the trustees.

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