THE ANNUNCIATION TRUST Annual Report and Accounts FOR THE YEAR ENDED 28 FEBRUARY 2021 Charity Number 1017702
Charity Number 1017702
THE ANNUNCIATION TRUST CONTENTS PAGE FOR THE YEAR ENDED 28 FEBRUARY 2021
| Page | |
|---|---|
| Annual Report | 1 - 2 |
| Statement of Financial Activities | 3 |
| Balance Sheet | 4 |
| Notes to the accounts | 5 - 7 |
| Independent Examiner's Report | 8 |
Charity Number 1017702
THE ANNUNCIATION TRUST TRUSTEES' ANNUAL REPORT FOR THE YEAR ENDED 28 FEBRUARY 2021
The trustees present their annual report and financial statements of the charity for the year ended 28 February 2021. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's Declaration of Trust, the Charities Act 2011 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 published on 16 July 2014.
Reference and Administrative Information
Trustees
Ian Robert Walters Ruth Yeoman Adrian Botwright Neil McClements (appointed 24 July 2020)
Charity's principal address 6 Wargate Way Gosberton Spalding Lincolnshire PE11 4NH
Independent examiner
TC Group 1 - 4 London Road Spalding Lincolnshire PE11 2TA
Bankers Lloyds Bank Plc 11 High Street Horley Surrey RH6 7BJ
Structure Governance and Management
Governing Document
The Charity was established by a Declaration of Trust dated 17th February 1993 by the original trustees, Chun Mee Yates, Dudley Ian Archer, Gordon Jeff and Berenice Susan King and is registered with the Charity Commission, number 1017702.
Appointment of Trustees
The charity is administered by a management committee consisting of at least three trustees. Whenever the number of trustees is reduced to less than three, an appointment shall be made as soon as it is practicable to do so.
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Charity Number 1017702
THE ANNUNCIATION TRUST TRUSTEES' ANNUAL REPORT FOR THE YEAR ENDED 28 FEBRUARY 2021
Objectives and Activities
The object of the charity is to support people in their spiritual growth based on a pattern of prayer as practised in the Christian religion. The Trust primarily provides support for the ministries of Revd Henry Morgan, Sylvia Morgan, Revd Paul Booth, Julian Maddock, Sister Rachel Overton, Alison Woolley and Colin Brown (retired 15 December 2020).
The Trust supports and encourages Spiritual Direction and associated ministries which:
o enable people to get in touch with what matters most to them and explore how that can be lived in daily life
o frees people to love and trust themselves
o seeks to integrate body, mind and spirit in holistic spirituality
o facilitates releasing and trusting God’s hidden treasure within us
o builds upon our own experience of God.
We offer:
o one-to-one spiritual direction and spiritual conversation
o training days
o spiritual direction consultations
o quiet days and retreats
o supervision of others engaged in spiritual direction
The Trust supports people whose faith journey is outside the church, as well as those within it.
Achievements and Performance
The charity continues to support the work of Revd Henry Morgan, Sylvia Morgan, Revd Paul Booth, Julian Maddock, Sister Rachel Overton, Alison Woolley and Colin Brown (retired 15 December 2020), and also occasionally supports others engaged in similar work with small grants.
Financial Review
The charity had a net income during the year of £12,188.
Administrative Fund
This is a fund where all donations are put when no beneficiary name is specified. All costs relating to the running and administration of the Trust are taken from this fund.
Beneficiaries Funds
The benficiaries mentioned above receive donations from members of the public (Directees) who receive spiritual direction from them. These donations are kept in separate funds. All beneficiaries' funds are established as restricted and are for the sole use of the named beneficiary.
Reserves
The trustees review annually the amount of funds held in the Administrative Fund to ensure there are sufficient funds to meet all possible contingencies that may forseeably arise.
Approved by the charity's trustees and signed on their behalf by Revd Ian Robert Walters
Signatory: I R Walters Position: Honorary Treasurer Dated: 05 November 2021
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Charity Number 1017702
THE ANNUNCIATION TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 28 FEBRUARY 2021
| Income Notes Donations 2(a) Investment income 2(b) Total income Expenditure Charitable activities 3(a) Governance 3(b) Total expenditure Net income / (expenditure) Transfers between funds Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward |
Year ended 28 February 2021 2020 Unrestricted Funds Restricted Funds Total Total £ £ £ £ 7,640 63,195 70,835 77,648 92 568 660 1,034 |
|---|---|
| 7,732 63,763 71,495 78,682 |
|
| 220 57,687 57,907 80,332 1,400 - 1,400 2,718 |
|
| 1,620 57,687 59,307 83,050 |
|
| 6,112 6,076 12,188 (4,368) (2,000) 2,000 - - |
|
| 4,112 8,076 12,188 (4,368) 8,926 81,592 90,518 94,886 |
|
| 13,038 89,668 102,706 90,518 |
The notes on pages 5 to 7 form a part of the financial statements
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Charity Number 1017702
THE ANNUNCIATION TRUST BALANCE SHEET AS AT 28 FEBRUARY 2021
| Notes Current assets: Debtors 4 Cash at bank and in hand Liabilities: Creditors: Amounts falling due within one year 5 Net current assets Total net assets The funds of the charity: Restricted income funds 6 & 8 Unrestricted income funds 7 & 8 Total charity funds |
As at 28 February 2021 £ £ 8,855 94,451 103,306 (600) 102,706 102,706 89,668 13,038 102,706 |
As at 28 February 2021 £ £ 8,855 94,451 103,306 (600) 102,706 102,706 89,668 13,038 102,706 |
As at 29 February 2020 £ £ 8,402 82,716 91,118 (600) 90,518 90,518 81,592 8,926 90,518 |
As at 29 February 2020 £ £ 8,402 82,716 91,118 (600) 90,518 90,518 81,592 8,926 90,518 |
|---|---|---|---|---|
| 91,118 (600) |
||||
| 102,706 | 90,518 | |||
| 89,668 13,038 |
81,592 8,926 |
|||
| 102,706 | 90,518 |
Approved by the Trustees and signed on their behalf by
Signatory: I R Walters Position: Trustee Date: 05 November 2021
The notes on pages 5 to 7 form a part of the financial statements
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THE ANNUNCIATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2021
1. Accounting Policies
Basis of preparation and assessment of going concern
The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.
The trust constitutes a public benefit entity as defined by FRS 102.
The trustees consider that there are no material uncertainties about the trust's ability to continue as a going concern.
Funds structure
Restricted funds are those which are to be used for specified purposes as laid down by the donor, or according to the regulations of the grant supplied. Expenditure which meets these criteria is identified by the fund, together with a fair allocation of support costs where applicable.
Unrestricted funds are donations and other income received or generated for the objects of the charity without further specified purpose and are available as general funds.
Income recognition
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Grants and donations are recognised when the charity has unconditional entitlement to the resources.
Where income has related expenditure (as with fundraising) the income and related expenditure are recognised gross. Gifts in kind and donated services and facilities are only included in income (with an equivalent amount in resources expended) where the benefit to the charity is reasonably quantifiable, measurable and material. The value placed on these resources is the estimated value to the charity of the service or facility received. Where the income is not considered material, no value is included in the accounts.
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally on notification of the interest paid or payable by the bank.
Expenditure recognition
Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
All expenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocated or apportioned to the applicable expenditure headings. Irrecoverable VAT is charged to the SoFA as incurred.
Grants payable are payments made to third parties in the furtherance of the charitable objects of the trust. Grant offers are accrued once the recipient has been notified of the grant award.
Taxation
The trust is a registered charity and accordingly is exempt from taxation on its income and gains where they are applied for charitable purposes.
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THE ANNUNCIATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2021
| 2. | Income | Unrestricted | Restricted | TOTAL | FUNDS |
|---|---|---|---|---|---|
| Funds | Funds | 2021 | 2020 | ||
| £ | £ | £ | £ | ||
| 2(a) | Donations | ||||
| Planned giving | - | 35,413 | 35,413 | 33,609 | |
| Income tax recovered | - | 8,856 | 8,856 | 8,402 | |
| Other donations | 7,640 | 18,926 | 26,566 | 35,637 | |
| 7,640 | 63,195 | 70,835 | 77,648 | ||
| 2(b) | Investment income | ||||
| Interest on cash deposits | 92 | 568 | 660 | 1,034 | |
| 92 | 568 | 660 | 1,034 | ||
| Total | 7,732 | 63,763 | 71,495 | 78,682 | |
| 3. | Expenditure | Unrestricted | Restricted | TOTAL FUNDS | TOTAL FUNDS |
| 2. Income 2(a) Donations Planned giving Income tax recovered Other donations 2(b) Investment income Interest on cash deposits Total |
Unrestricted Restricted TOTAL FUNDS Funds Funds 2021 2020 £ £ £ £ - 35,413 35,413 33,609 - 8,856 8,856 8,402 7,640 18,926 26,566 35,637 |
|---|---|
| 7,640 63,195 70,835 77,648 |
|
| 92 568 660 1,034 |
|
| 92 568 660 1,034 |
|
| 7,732 63,763 71,495 78,682 |
|
| 3. Expenditure |
Unrestricted Restricted TOTAL FUNDS TOTAL FUNDS |
| 3(a) Charitable activities H Morgan P Booth J Maddock R Overton C Brown A Woolley Other - Golden Glory Weekends and Retreats 3(b) Governance Independent examiner's fee Bookkeeping Website costs AGM costs including food and accommodation Trustee expenses for meetings Beneficiary meetings Total |
Funds Funds 2021 2020 £ £ £ £ - 6,093 6,093 13,179 - 2,777 2,777 3,116 - 20,051 20,051 31,031 - 13,200 13,200 12,000 - 12,647 12,647 13,200 - 2,919 2,919 5,004 220 - 220 2,802 |
| 220 57,687 57,907 80,332 |
|
| 804 - 804 780 514 - 514 346 58 - 58 99 - - - 998 24 - 24 495 - - - - |
|
| 1,400 - 1,400 2,718 |
|
| 1,620 57,687 59,307 83,050 |
4. Debtors
Tax refund due
5. Creditors
Independent examiner's fee accrual
| 2021 | 2020 | ||
|---|---|---|---|
| £ | £ | ||
| 8,855 | 8,402 | ||
| 8,855 | 8,402 | ||
| 2021 | 2020 | ||
| £ | £ | ||
| 600 | 600 | ||
| 600 | 600 |
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THE ANNUNCIATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2021
6. RESTRICTED FUNDS
The restricted funds shown on the balance sheet relate to:-
| J Maddock P Booth H Morgan S Morgan R Overton C Brown N Helm A Woolley |
At 1 March Incoming Outgoing At 28 February 2020 Resources Resources Transfers 2021 £ £ £ £ £ 6,188 27,387 (20,051) - 13,524 11,584 2,594 (2,777) - 11,401 12,493 10,896 (6,093) - 17,296 1,364 565 - - 1,929 34,577 16,671 (13,200) - 38,048 9,802 2,932 (12,647) 500 587 - 1,939 - - 1,939 5,584 779 (2,919) 1,500 4,944 |
|---|---|
| 81,592 63,763 (57,687) 2,000 89,668 |
7. UNRESTRICTED FUNDS
The unrestricted funds shown on the balance sheet relate to:-
| General Fund | At 1 March Incoming Outgoing At 28 February 2020 Resources Resources Transfers 2021 £ £ £ £ £ 8,926 7,732 (1,620) (2,000) 13,038 |
|---|---|
| 8,926 7,732 (1,620) (2,000) 13,038 |
8. ANALYSIS OF FUND ASSETS AND LIABILITIES
| Current assets Current liabilities Total |
Unrestricted Restricted TOTAL TOTAL Funds Funds 2021 2020 £ £ £ £ 13,638 89,668 103,306 91,118 (600) - (600) (600) |
|---|---|
| 13,038 89,668 102,706 90,518 |
The unrestricted funds of the charity may be applied for any charitable purpose at the discretion of the trustees.
9. Trustees' Expenses
During the year three (2020 - three) of the trustees have been reimbursed by the Trust for travel expenses totalling £199 (2020 - £495).
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Charity Number 1017702
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE ANNUNCIATION TRUST FOR THE YEAR ENDED 28 FEBRUARY 2021
I report to the charity trustees on my examination of the accounts of the charity for the year ended 28 February 2021, which are set out on pages 3 to 7.
Respective responsibilities of trustees and examiner
As the charity's trustees of The Annunciation Trust (and also it's directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of The Annunciation Trust are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
-
accounting records were not kept in respect of The Annunciation Trust as required by section 386 of the 2006 Act; or
-
2 the accounts do not accord with these records; or
-
the accounts do not comply with the accouting requirements of section 396 of the 2006 Act other than any requirements that the accounts give a 'true and fair view' which is not a matter considered as part of an independednt examination; or
-
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities.
I have no concerns and have come across no other matters in connection with the examination to which attention
should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Peter Wright FCCA
TC Group 1 - 4 London Road Spalding Lincolnshire PE11 2TA Dated: 12 November 2021
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