The Trustees present their annual report and financial statements for the year ended 31 March 2024.
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 charity's Memorandum and Articles of Association, 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) (effective 1 January 2019)".
The charity's objects as defined in its Memorandum and Articles of Association are;
a) to advance the Christian faith in such parts of the world as the trustees may from time to time think fit and to fulfil such other purposes which are exclusively charitable according to the law of England and Wales and are connected with the charitable work of the Charity;
b) to relieve persons who are in conditions of need or hardship or who are aged or sick and to relieve the distress caused thereby in such parts of the world as the trustees may from time to time think fit;
c) to advance education in accordance with Christian principles by such means as the trustees may consider appropriate including by means of establishing and operating any educational establishment or establishments in such parts of the world as the trustees may from time to time think fit.
The primary work of the trust is supporting the work of the Kabubbu Development Project (KDP). This is a company registered in Uganda as a company limited by guarantee and also registered as an NGO (Non Government Organisation). There is a separate Uganda Quicken Trust registered as a company limited by guarantee and an NGO, but this is not currently operational.
The KDP own the land and construction works carried out within the Kabubbu village which are for the benefit of the whole community.
Both the KDP and Quicken Trust are involved in the relief of poverty, schooling, health and other needs in the Kabubbu village area.
2023 – 2024 has been a year of consolidation for the work in Kabubbu. The project is comparatively large with about 150 staff in all departments and as with every organization undergoes, from time, an assessment of where it is in relation to its mission, vision and goals and objectives. Funders change for a myriad of reasons and often when grants are received they are for ‘capital’ projects but no funds to support the ongoing cost. This is where general fund raising comes in and is also where there is (in human terms) less funding available.
Success breeds success and the miracle that is Kabubbu and the KDP has encouraged new housing into the area, other small businesses and enterprises with their service requirement but many of these see themselves separate from a poorer community. A UN official and a prominent politician have built houses in Kabubbu but are yet to be seen mixing with the local community. Other schools that have been built in the area due to the population increase and now compete with Kabubbu primary school and the Trust High school for pupil places but the KDP schools were built primarily for children of the poor in Kabubbu and this continues to be the core population they serve.
Poverty is still the main underlaying issue and despite the work undertaken the verse in scripture that tells us, “The poor you will always have with you” still rings true. Yet poverty is not just in education but in health and nutrition, social education, sexual health, general and personal health, farming techniques methods and food processing and management along with a whole host of other areas. The work still has much to do and many miles to travel and continues to bless those who were without hope and to call upon our brothers and sisters that do have means.
In a country where there is much corruption, theft, gang culture and money is scarce for many and a ‘god’ to many more, the work is seen as a beacon and a target. We serve an infinite God and so our trust continually is in Him to supply and protect.
Last year was a tough year but also a year of gaining ground. Paul Pirie had departed the year before and the Quicken Trust reformed with the limited staff and financial resource. This was not a lack of faith but of setting our house in order. The new CRM database (under the excellent and detailed work of Janet Rowlinson) was up and running with all records transferred and the greater visibility and ease of managing data beginning to show benefit. A reduction in the number of entries, automation of much of the donor funds, emailing donors and funders with sponsored child records and photo’s and direct access to the required areas for the Quicken Trust Admin staff in Kabubbu to directly input records has been a major step forward.
A new accounting system was procured and configured so that it provides much clearer financial records, reducing both the time the ‘year end’ takes to complete and reduces the related cost. The accounts system also links into the CRM database so that financial information can be automatically allocated to sponsor and funder records.
This is a great achievement and we are now seeing the benefit of an enormous amount of hard work.
The Quicken Trust continues to send funds to the KDP on a monthly basis which enables them to function better though funds are tight. The Quicken Trust continues to see a drop in monthly child sponsorship through old age, financial hardship and death and so it is urgent that we tell the story of Kabubbu to as many as we can to raise general funds, appeal funds, grants and sponsorship. Sponsorship is the critical area as this directly affects the number of children we can support and we now have a primary school intake of children with no or very little sponsorship and so we seek to provide money from fundraising, ‘Friends’ of Quicken Trust’ and general funds.
The completion of the refurbishment of the Bandas now means that the resort centre can take paying guests and the Quicken Trust can begin to plan for parties to travel to Kabubbu and will be inviting people to do just that.
Performance & Fundraising
Performance is always difficult to gauge. Although funds have been more scarce, we have seen in increase in our giving to Kabubbu for we which we thank God.
The Christmas appeal saw £33,073 raised, providing blankets and mosquito nets for all primary and junior school children.
110 Christmas Cakes
219 Christmas Dinners
63 X 25kg Maize
62 X 50 kg Maize
487 Mosquito nets/blankets
Funds towards a new Primary School classroom
Funds from savings made in the UK was allocated for the afore mentioned Bandas to be refurbished with roofs replaced with tiled roofs that will last a long time.
Funds to build a new primary school classroom were raised through the Christmas appeal and school Skipathons. A live streamed ‘skipathon’ between the children of Kabubbu primary and three UK primary schools raised funds that saw the target reached to be able to build the new primary school classroom.
Bates Garden fundraiser saw a team of Quicken Trust volunteers and supporters supply tea, coffee, cakes and gifts to the general public with the owners allowing Quicken Trust to keep all of the proceeds for the work in Kabubbu.
Guernsey Overseas Aid & Development Commission. A grant was applied for and, although funds will be in next years accounts, was awarded for the building of the new girls dormitory at the Trust High School.
£20,000 was raised to send two young girls to India for life-saving open heart surgery. It also supplied their medication, the younger child Ciara will be returning to India shortly for follow up surgery.
Fund-raising could always be better and we are stepping up our applications as there is a great need for general funds and also for projects dealing with dilapidation, salaries, Health Centre growth, Vocational Centre Training course expansion and development and new teaching and pupil equipment for the Trust High School, not to mention the urgent need to upgrade the internet connection.
Included within restricted reserves are legacies and advance payments (includes annual donations being sent monthly) circa £69k, Appeal Funds £18.5k (£11,235 was nursery classroom, since sent), SBS Grant fund £2,759, Graze Farming Budget £6,449.
The Trust is dependent upon Almighty God to provide all its needs. However, as a matter of best practice The Trust does seek to hold reserves to cover operating costs in the event of a significant fall in General fund giving equivalent to a level of at least 3 months core operating expenditure. Following a generous gift to the charity in 2019/20 a specific reserve fund was established of £25,000 to cover this.
There was a surplus on unrestricted funds for the year of £1,053 (2023: deficit of £16,974) leaving a balance of unrestricted reserves carried forward of £23,757. There was a surplus on restricted funds for the year of £57,288 (2023: surplus of £14,626) leaving restricted reserves carried forward of £127,687. The surplus on restricted funds represents donations received for specific beneficiaries in Kabubbu for which the expenditure has not yet been incurred.
The overall result for the year was a surplus of £58,341 (2023: deficit of £2,348) leaving total funds carried forward of £151,444.
Public benefit
The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
Risk Factors
The Trustees continually assess the major business and operational risks which the charity faces and are satisfied systems are in place to enable regular reports to be produced so that necessary steps can be taken to mitigate exposure to those risks.
The charity is a company limited by guarantee which was incorporated in England and Wales on 17 February 2004, and is governed by its memorandum and articles of association.
The 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:
Trustees are elected by the members by a majority vote in general meetings.
New Trustees are identified as those with sufficient skills to serve the work of the Trust both from a business and spiritual perspective. Suitable induction and training is provided as required.
None of the Trustees has any beneficial interest in the company.
Trustees are approaching new people with the necessary skills to support the work; particularly with legal, financial and fundraising skills concerning charitable trusts.
The day to day management of the Trust was undertaken by Mrs J Rowlinson, Trustee together with support staff who report to the Board of Trustees.
Notes 16 to 18 sets out an analysis of the assets attributable to the various funds and a description of the trusts. These assets are sufficient to meet the charity's obligations on a fund by fund basis.
The Trustees' report was approved by the Board of Trustees.
The Trustees, who are also the directors of The Quicken Trust for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company Law 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 application of resources, including the income and expenditure, of the charitable company for that year.
In preparing these financial statements, the Trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable UK 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 operation.
The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. 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.
I report to the Trustees on my examination of the financial statements of The Quicken Trust (the charity) for the year ended 31 March 2024.
As the 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.
Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Association of Chartered Certified Accountants, which is one of the listed bodies.
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:
accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or
the financial statements do not accord with those records; or
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
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.
Investments
Raising funds
The statement of financial activities includes all gains and losses recognised in the year.
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The Quicken Trust is a private company limited by guarantee incorporated in England and Wales. The registered office is Chantry House, 22 Upperton Road, Eastbourne, East Sussex, BN21 1BF.
The financial statements have been prepared in accordance with the charity's Memorandum and Articles of Association, 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) (effective 1 January 2019)". The charity is a Public Benefit Entity as defined by FRS 102.
The charity 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 £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
At the time of approving the financial statements, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors or grantors 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.
Gifts, donations, legacies and other forms of voluntary income are recognised as incoming resources when received, except insofar as they are incapable of financial measurement. Donations and gifts towards accommodation and other costs for those visiting Kabubbu are recognised on receipt of the money. Gift Aid Tax recovered under gift aid is accrued within the accounts as received and credited to the General fund.
Monies received for travel flights from those travelling to Kabubbu to provide support services and for educational visits are recognised when the trip takes place as is the corresponding expenditure. Where monies are received in the period prior to the trip they are deferred and released in the following year when the trip takes place.
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
Expenditure is included on an accruals basis and allocated to the appropriate cost centre. Expenditure for charitable activities includes grants given, other direct charitable costs such as the direct costs of groups visiting Kabubbu to provide support and the purchase of equipment, and the support costs in carrying out the activities such as administration. In addition, there are cost centres for fundraising and governance costs, which are the costs incurred in the strategic management of the charity and of complying with constitutional and statutory requirements.
Direct costs are allocated to the appropriate fund. Support costs are not apportioned but are all related to the Community Development fund.
Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. It is the policy of the trust to write off all items below £1,000 to the SOFA.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following basis:
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
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.
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities, including trade and other payables and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
In the application of the charity’s accounting policies, the 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.
Kabubbu visiting fund
Raising funds
Promotional and marketing costs
None of the Trustees (or any persons connected with them) received any remuneration from the charity during the year.
Further details of transactions with trustees are provided in Note 20 related party disclosure.
The aggregate amount of donations received from the Trustees and related parties without conditions was £34,388 (2023: £19,657).
The Trust is wonderfully served by volunteers and some administrative work has been outsourced. The value of volunteers in the UK office and those who travel from time to time and work in the Kabubbu village are impossible to quantify in material terms.
The average monthly number of full and part time employees during the year was:
The Quicken Trust is a registered charity and it is considered that its charitable activities are exempt from United Kingdom Taxation.
Deferred income is included in the financial statements as follows:
Income received from delegates who will take part in trips to Kabubbu in the next financial year are carried forward as deferred income and released to the Statement of Financial Activities (SOFA) in the year in which the trip takes place. Of the £2,635 deferred income brought forward from the comparative period £nil was related to trips which took place during this financial year. The amount was written back to Statement of Financial Activities in the year with the agreement of the donor as the trips were longer going ahead.
The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.
Kabubbu Community Development fund
This fund is for monies received for the Kabubbu Development Project which go towards the various Kabubbu projects, including Education, Welfare, Orphan Family Support and Health or to be spent more generally in Kabubbu for its development.
Reserve fund
A sum of money put aside as a reserve fund to enable sufficient monies to be available to meet its legal requirement in the event of the Trust closing down. In 2024 the reserves have reduced to £17,000 as £8,000 was sent to Kabubbu.
Match Funding fund
This fund represents Matched funding from Summer and Christmas appeals to be distributed to Kabubbu.
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
Travel bond
The Travel Bond fund was transferred to the Community Development fund in 2023 to meet cash flow needs as this was considered unnecessary to have set aside.
At the reporting end date the charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
During the year the charity entered into the following transactions with related parties: