Overseas Textile Traders Limited

Document Sample
Overseas Textile Traders Limited Powered By Docstoc
					  THE DHL UK FOUNDATION
(A COMPANY LIMITED BY GUARANTEE)

Company Registration Number: 2223373
 Charity Registration Number: 327880




    FINANCIAL STATEMENTS

     FOR THE YEAR ENDED

        31ST MARCH 2009
                             The DHL UK Foundation
                               Company Information
                        for the year ended 31st March 2009



Company Number:             2223373

Charity Number:             327880

Registered Office:          Ocean House
                            The Ring
                            Bracknell
                            RG12 1AN

Trustees:                   C B Stephens (Chairman)
                            D Ellerton
                            T Gardener
                            S Nancollas
                            J Rawe-Bäumer
                            R Turner
                            S Davies

Company Secretary:          Exel Secretarial Services Limited

Bankers:                    National Westminster Bank plc
                            81 High Street
                            Bedford MK40 1YN

Investment fund managers:   Sarasin Investment Management Limited
                            Juxon House
                            100 St Paul's Churchyard
                            London EC4M 8BU

Auditors:                   Kingston Smith LLP
                            Devonshire House
                            60 Goswell Road
                            London EC1M 7AD

Legal advisors:             Farrer & Co
                            66 Lincoln's Inn Fields
                            London WC2A 3LH

Consultants:                The Trust Partnership
                            6 Trull Farm
                            Tetbury
                            Gloucestershire
                            GL8 8SQ




                                                                    Page: 1
                                  The DHL UK Foundation
                                       Trustees' Report
                             for the year ended 31st March 2009


Statement of Trustees' Responsibilities
The Trustees are responsible for preparing the Annual Report and the financial statements in accordance
with applicable law and regulations.

Company law requires the Trustees to prepare financial statements for each financial year. Under that law the
Trustees have elected to prepare the financial statements in accordance with United Kingdom Generally
Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). The financial
statements are required by law to give a true and fair view of the state of affairs of the charitable company
and of the surplus or deficit of the charitable company for that period. In preparing these 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 UK Accounting Standards have been followed, subject to any material
    departures disclosed and explained in the financial statements;
•   prepare the financial statements on the going concern basis and in accordance with applicable
    accounting standards.

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. 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.



Audit information
So far as each of the directors at the time the trustees' report is approved is aware:
a) there is no relevant information of which the auditors are unaware; and
b) they have taken all relevant steps they ought to have taken to make themselves aware of any relevant
audit information and to establish that the auditors are aware of that information.

Auditors
Kingston Smith LLP were appointed auditors in the year and have indicated their willingness to continue in
office. A resolution proposing their re-appointment will be submitted at the Annual General Meeting.

Small Company Rules
These accounts have been prepared in accordance with the special provisions of Part VII of the Companies
Act 1985 relating to small companies.

                                                                             On behalf of the Trustees



                                                                      …………………………………….
                                                                               Authorised signatory
                                                                    Exel Secretarial Services Limited
                                                                                            Secretary

Date:




                                                                                                              Page: 14
                 Independent Auditors' Report to the Members of
                                   The DHL UK Foundation


We have audited the financial statements of The DHL UK Foundation for the year ended 31st March 2009
which comprise the Statement of Financial Activities, the Balance Sheet and the related notes. These financial
statements have been prepared in accordance with the accounting policies set out therein.

This report is made solely to the charitable company's members, as a body, in accordance with Section 235 of
the Companies Act 1985. Our audit work has been undertaken for no purpose other than to draw to the
attention of the charitable company's members those matters which we are required to include in an auditor's
report addressed to them. To the fullest extent permitted by law, we do not accept or assume responsibility to
any party other than the charitable company and charitable company's members as a body, for our audit work,
for this report, or for the opinions we have formed.

Respective Responsibilities of Trustees and Auditors
The trustees' (who are also the directors of The DHL UK Foundation for the purposes of company law)
responsibilities 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) are set out in the Statement of Trustees' Responsibilities.
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 properly
prepared in accordance with the Companies Act 1985. We also report to you if, in our opinion, charitable
company has not kept proper accounting records, if we have not received all the information and explanations
we require for our audit, or if information specified by law regarding trustees' remuneration and other
transactions is not disclosed.

We read the Trustees' Annual Report, which incorporates the Directors' Report required by the Companies Act
1985, and report to you our opinion on whether it is consistent 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.

Opinion
In our opinion:
  • the financial statements give a true and fair view, in accordance with the United Kingdom Generally
     Accepted Accounting Practice, of the state of the charitable company's affairs as at 31st March 2009 and
     of its incoming resources and application of resources, including the income and expenditure of the
     charitable company for the year then ended;
  • the financial statements have been properly prepared in accordance with the Companies Act 1985; and
  • the information provided in the Trustees' Annual Report is consistent with the financial statements.

Devonshire House                                                           Kingston Smith LLP
60 Goswell Road                                                            Chartered Accountants
London EC1M 7AD                                                            and Registered Auditors

Date:
                                                                                                        Page: 15
                                  The DHL UK Foundation
                               Statement of Financial Activities
                             for the year ended 31st March 2009


                                                                                         TOTAL           TOTAL
                                          Unrestricted Restricted Endowment              FUNDS           FUNDS
                                     Note    funds       funds      funds                 2009            2008
                                               £           £          £                    £               £
INCOME AND EXPENDITURE

Incoming Resources
Incoming resources from generated funds:
    Voluntary income                2          396,508             -               -      396,508         215,943
    Investment income               3          948,392         5,366               -      953,758         996,621

Total Incoming Resources                     1,344,900         5,366               -     1,350,266      1,212,564

Resources Expended
Cost of generating funds:
   Costs of generating voluntary income         11,507               -           -         11,507           9,012
   Investment management costs                       -               -     103,588        103,588         120,641
Charitable activities:
   Grants and donations payable      4         757,151       58,142                -      815,293         743,738
   Other charitable activities       5         211,625            -                -      211,625         107,887
Governance costs                     6          73,612            -                -       73,612          64,318

Total Resources Expended                     1,053,895       58,142        103,588       1,215,625      1,045,596

Net Income/(Expenditure) for
the year before transfers                      291,005      (52,776)       (103,588)      134,641         166,968

Transfers between funds                       (824,682)                    824,682                -              -

Net (Expenditure)/Income for the year         (533,677)     (52,776)       721,094        134,641         166,968

Other Recognised Gains and Losses
Unrealised loss on investments                         -             -   (4,299,558)    (4,299,558)      (989,249)
Realised loss on investments                           -             -     (472,341)      (472,341)      (275,273)

Net Movement in Funds                         (533,677)     (52,776)     (4,050,805)    (4,637,258)    (1,097,554)

Balance brought forward                        629,047      171,705      21,902,854    22,703,606      23,801,160

Balance carried forward                         95,370      118,929      17,852,049    18,066,348      22,703,606




All gains and losses for the period are included in the Statement of Financial Activities and arise from continuing
operations.

The notes on pages 18 to 23 form part of the financial statements.




                                                                                                              Page: 16
                                                              The DHL UK Foundation
                                                                Balance Sheet
                                                     for the year ended 31st March 2009



                                                                          Note             2009                     2008
                                                                                    £             £            £             £

Fixed assets
Investments                                                                10                18,008,073                 #########

Current Assets
Debtors                                                                    11     89,824                     85,277
Cash at bank and in hand                                                         344,509                    929,436

                                                                                 434,333                   1,014,713

Creditors: Amounts falling due
within one year                                                            12    (376,058)                  (213,961)

Net Current Assets                                                                                58,275                   800,752

Total Net Assets                                                                             18,066,348                 #########




Funds
Endowment funds (includes revaluation reserve) 13                                            17,852,049                 #########
Restricted funds                               14                                               118,929                   171,705
Unrestricted funds                                                                               95,370                   629,047
                                                                                             18,066,348                 #########


These accounts have been prepared in accordance with the special provisions of Part VII of the Companies Act
1985 relating to small companies.


The accounts were approved by the Board and authorised for issue on ………………….
and signed on its behalf by:




.......................................................................
C. B. Stephens
Trustee



.......................................................................
S. Nancollas
Trustee


The notes on pages 18 to 23 form part of the financial statements.



                                                                                                                                 Page: 17
                                 The DHL UK Foundation
                             Notes to the Financial Statements
                            for the year ended 31st March 2009


1   Accounting Policies

    Basis of Accounting
    These financial statements have been prepared under the historical cost convention, with the
    exception of investments which are included at market value, and in accordance with the
    provision of the Companies Act 1985, the Statement of Recommended Practice (SORP 2005)
    "Accounting and Reporting by Charities" and applicable accounting standards.

    The Foundation has taken advantage of the provisions of Schedule 4 of the Companies Act and
    adapted the Companies Act formats to reflect the special nature of the charity's activities.

    The following principal accounting policies remain unchanged from the previous year and have
    been consistently applied in preparing the financial statements:-

    Incoming Resources
    All incoming resources are included in the Statement of Financial Activities (SOFA) when the
    charity is legally entitled to receipt and the amount can be measured with sufficient reliability.
    Such income is only deferred when the donor specifies that the income must be used in future
    accounting periods or the donor has imposed conditions which must be met before the charity has
    unconditional entitlement.

    Gifts in kind are recognised in the Statement of Financial Activities at their estimated market
    value when received.

    Investment Income
    Dividends are included in the Statement of Financial Activities from the date on which the
    investment is first listed "ex-dividend". Bank interest is included in the Statement of Financial
    Activities on an accruals basis.

    Resources Expended
    Expenditure is recognised when a liability is incurred. Contractual arrangements and other grant
    payments are recognised when a constructive obligation arises that results in the payment being
    unavoidable.

    Support costs are allocated between activities on the basis of time spent or funds involved or
    charged directly to an activity.

    Governance costs represent costs attributable to the strategic direction of the charity and
    compliance with constitutional and statutory requirements.

    Investments and Investment Gains and Losses
    Investments are included in the balance sheet at their market value at the year end. Any
    differences between the market value and the original cost is taken to the endowment fund.
    Gains and losses on the disposal of investments are included in the Statement of Financial
    Activities and are calculated on an average basis.

    Fund Accounting
    Unrestricted funds are available for use at the discretion of the Trustees in furtherance of the
    general objectives of the charity.

    Restricted funds are funds which are to be used in accordance with specific restrictions imposed
    by donors. Expenditure for those purposes is charged to those funds.




                                                                                                         Page: 18
                                  The DHL UK Foundation
                         Notes to the Financial Statements
                  for the year ended 31st March 2009 (Continued)


2   Voluntary Income                            Unrestricted     Restricted        Total             Total
                                                   funds           funds           2009              2008
                                                     £               £               £                 £
    Donation from DHL                              242,000                -        242,000           107,867
    Gift in kind from DHL                          150,524                -        150,524           105,868
    General donations                                3,984                -          3,984             2,208
                                                    396,508               -        396,508           215,943

    The above gift in kind represents the donation of employee services made in the year from DHL.


3   Investment Income                           Unrestricted     Restricted        Total             Total
                                                   funds           funds           2009              2008
                                                     £               £               £                 £
    Dividends                                      884,623                -        884,623           879,235
    Interest receivable                             63,769           5,366          69,135           117,386
                                                    948,392           5,366        953,758           996,621


4   Grants and Donations Payable                Unrestricted     Restricted        Total             Total
                                                   funds           funds           2009              2008
                                                     £               £              £                 £
    Direct costs:
    Matched Giving Programme:
       General                                      335,815               -        335,815           249,864
    Supporting Future Generations:
       Outward Bound Trust                          133,913               -        133,913            51,888
       The Princes Trust                                  -               -              -            55,336
       Volunteer Reading Help                             -               -              -            50,000
    International Donations:
       Tsunami                                            -         53,729          53,729           126,401
       South Africa                                  26,917              -          26,917            17,000
       Turkey                                        19,161              -          19,161            15,500
       Other Africa                                   8,873              -           8,873             9,578
    Other Donations:
       Helping Hands Scheme                          22,122              -          22,122             8,546
       Other                                          6,000              -           6,000             6,000
       Community Heroes                               1,364              -           1,364                 -
                                                    554,165         53,729         607,894           590,113

    Allocation of support costs                     202,986           4,413        207,399           153,625


                                                    757,151         58,142         815,293           743,738




                                                                                                             Page: 19
                                       The DHL UK Foundation
                                Notes to the Financial Statements
                        for the year ended 31st March 2009 (Continued)


5   Other Charitable Activities                           Unrestricted Restricted          Total          Total
                                                             funds       funds             2009           2008
                                                               £           £                 £              £
    Direct costs:
    Trucks and Child Safety                                   72,410               -       72,410          18,488
    Helping Hands - Mobility Services                          1,931               -        1,931           1,666
    Gift in kind - DHL employee services                     120,019               -      120,019          77,798
                                                             194,360               -      194,360          97,952
    Allocation of support costs                               17,265               -        17,265          9,935

                                                             211,625               -      211,625        107,887


6   Governance Costs                                      Unrestricted Restricted
                                                             funds       funds             2009           2008
                                                               £           £                 £              £
    Direct costs:
    Audit fees                                                 8,000               -         8,000          8,225
    Trustee and meeting expenses                                 924               -           924            695
    Bank charges                                                 293               -           293            277
    Legal fees                                                     -               -             -          3,247
    Other accountancy and tax services                          (635)              -          (635)        (3,231)
    Gift in kind - DHL employee services                      30,505               -        30,505         28,070
                                                              39,087               -        39,087         37,283
    Allocation of support costs                               34,525               -        34,525         27,035

                                                              73,612               -        73,612         64,318


7   Support Costs            Generating Grants &             Other
                               funds    donations          charitable Governance           2009           2008
                                  £         £                  £          £                  £              £
    Salaries               a     7,353   114,114              3,529      22,058           147,054        124,350
    Consultancy            b         -    28,809             11,742           -            40,551         19,373
    Administration costs   a     1,732    26,881                831       5,197            34,641         22,901
    Travel and subsistence a       981    15,230                471       2,945            19,627         12,686
    Accommodation          a       691    10,720                332       2,072            13,815         15,884
    Irrecoverable VAT      a       398     6,174                191       1,194             7,957          5,802
    Other staff costs      a       264     4,093                127         791             5,275          8,986
    Sundry expenses        a        36        561                 17        109                723         1,135
    Professional fees      a        35        547                 17        106                705            835
    Bad debt recovered     a        17        270                  8         53                348       (12,345)
                                  11,507       207,399        17,265         34,525       270,696        199,607

    2008 Allocation                9,012       153,625         9,935         27,035                      199,607

    Support costs are allocated on the following basis: a) proportion of staff time involved; b) proportion of
    funds involved.



                                                                                                                  Page: 20
                                      The DHL UK Foundation
                               Notes to the Financial Statements
                       for the year ended 31st March 2009 (Continued)


8   Staff Costs                                                                      2009            2008
                                                                                       £               £
    Salaries and wages                                                               120,516         104,219
    Social security costs                                                             11,745           9,978
    Pension                                                                           14,793          10,153
                                                                                     147,054         124,350


    The average number of employees seconded to the Foundation during the year was 4 (2008: 3). Their
    costs were recharged from DHL and no employee received emoluments in excess of £60,000 (2008: nil).
    The employees were all engaged in support activities on the following estimated proportions: 5%
    generating funds, 80% charitable activities, 15% governance.

9   Trustees' Remuneration and Expenses
    None of the trustees received any remuneration from the company in either year.
    During the year, 2 trustees (2008: 3 trustees) were reimbursed for travelling expenses which amounted to
    £935 (2008: £304).


10 Investments                                                                       2009            2008
                                                                                       £               £
    Market value brought forward at 1st April                                     20,949,109      22,002,848
    Additions                                                                      4,958,604       4,382,140
    Disposals (at proceeds value)                                                 (3,915,863)     (4,171,357)
    Realised loss on disposals                                                      (472,341)       (275,273)
    Unrealised loss on investments                                                (4,299,558)       (989,249)

    Market value carried forward at 31st March                                    17,219,951      20,949,109
    Cash held by investment manager                                                  788,122         953,745
    Total value of investments                                                    18,008,073      21,902,854

    Historical cost                                                               21,229,641      21,295,553


    Investments at market value comprised:                                             £               £
    UK Equities                                                                    6,133,698       7,381,258
    Overseas Equities                                                              7,367,831       9,698,387
    UK Property                                                                      295,145         125,807
    Overseas Property                                                                 85,844         434,000
    UK Fixed interest securities                                                   3,238,415       3,309,657
    UK convertible debt                                                               99,018               -
    Cash held within the investment portfolio                                        788,122         953,745
                                                                                  18,008,073      21,902,854


    The following investments comprise over 5% of the total portfolio:                 £              %
    Sarasin Int Equity Inc Cls 'B' Inc                                             4,682,438         27%
    Sarasin Sterling Bond Cls 'A' Inc                                              3,212,364         19%
    Sarasin Ci Equisar Sterling Global Thematic Fund Dist Units                    2,685,392         16%


                                                                                                           Page: 21
                                The DHL UK Foundation
                        Notes to the Financial Statements
                 for the year ended 31st March 2009 (Continued)


11 Debtors                                                                         2009            2008
                                                                                     £               £
   Amount due from DHL                                                              32,867          32,000
   Interest receivable                                                              54,168          50,258
   Sundry debtors                                                                    2,789           3,019
                                                                                    89,824          85,277




12 Creditors: Amounts falling due within one year                                 2009            2008
                                                                                    £               £
   Amount due to DHL                                                               44,028          45,509
   Other creditors                                                                 11,444           7,055
   Accruals and deferred income                                                   320,586         161,397
                                                                                  376,058         213,961


13 Endowment Funds              Balance at      Losses on       Outgoing           Fund         Balance at
                                31.03.2008     investments      resources        transfer       31.03.2009
   Exel Endowment               13,036,280      (4,670,457)        (79,115)      9,565,341      17,852,049
   P H Holt Fund Endowment       8,866,574        (101,442)        (24,473)     (8,740,659)              -
                                21,902,854      (4,771,899)       (103,588)       824,682       17,852,049

   The endowment funds are represented in full by the investments of the Foundation and includes the
   revaluation reserve of a £3,221,568 loss (2008: £607,301 gain).

   During the year the P H Holt Fund Endowment was merged with the Exel Endowment.

   The fund transfer of £824,682 is represented by a cash transfer from the unrestricted funds of £825,000
   made to safeguard the Foundation's cash during the banking crisis plus £12,410 investment income
   reinvested and investment management fees of £103,588, less £116,316 of prior period investment
   income that has now been paid over to the unrestricted fund.

14 Restricted Funds             Balance at      Incoming        Outgoing          Fund          Balance at
                                31.03.2008      resources       resources        transfer       31.03.2009

   Tsunami Appeal Fund             171,705           5,366         (58,142)                 -     118,929
                                   171,705           5,366         (58,142)                 -     118,929


   Tsunami Appeal Fund
   Following the Asian Tsunami on 26th December 2004, DHL (then Exel plc) employees around the world
   raised money for those in need due to the Tsunami. Additional funds were allocated by DHL (then Exel
   plc) and the DHL UK Foundation, bringing the total Tsunami fund, to just over £350,000. The fund is
   managed by the Foundation and funds projects which help children and young people affected by the
   Tsunami achieve their full potential.




                                                                                                         Page: 22
                               The DHL UK Foundation
                        Notes to the Financial Statements
                 for the year ended 31st March 2009 (Continued)


15 Analysis of Net Assets between Funds

                               Unrestricted   Restricted    Endowment         Total          Total
                                  funds         funds          funds          2009           2008
                                    £             £              £              £              £
    Investments                   156,024              -    17,852,049     18,008,073     21,902,854
    Debtors                        89,824              -             -         89,824         85,277
    Cash at bank and in hand      225,580       118,929              -        344,509        929,436
    Creditors                    (376,058)             -             -       (376,058)      (213,961)
                                   95,370       118,929     17,852,049     18,066,348     22,703,606


16 Liability of Members

    The DHL UK Foundation is a company limited by guarantee. In the event of a winding up, the maximum
    amount guaranteed to be contributed by each member is £1. There are currently 7 members (2008: 7).


17 Capital Commitments

    The company had no capital commitments at 31 March 2009 or at 31 March 2008.




                                                                                                    Page: 23