Registered Charity 1020468
THE AREOPAGUS TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
| Contents: | 1. | Trustees' Report |
|---|---|---|
| 2. | Independent Examiner's Report | |
| 3. | Statement of Financial Activities | |
| 4. | Balance Sheet | |
| 5-7. | Notes to the Consolidated Financial Statements. |
David Cooke & Co Chartered Accountants 5 Briar Close Banbury Oxon OX16 9DS
(1)
THE AREOPAGUS TRUST
Report of the Trustees for the Year Ended 31 March 2022
The Trustees have pleasure in submitting their report and the financial statements of The Areopagus Trust for the year ended 31 March 2022.
Reference and Administrative Information
The Areopagus Trust is a registered charity, no. 1020468. Its principal place of operation is: The Mill, Sarsden Halt, Churchill, Oxon, OX7 6NT. The Trustees who served during the year were as follows:
D. D. Monteath M Harris P. Desmond N Powell E Crossley
Structure, Governance and Management
The Trust is an unincorporated association governed by its Trust Deed dated 8 February 1993, and administered by its Trustees. In accordance with the Trust Deed, new trustees may be appointed by D. D. Monteath, the Settlor. New trustees may be appointed at any time to a maximum of eight.
Objectives and Activities
The principal object of The Areopagus Trust is to advance the Christian religion, particularly by facilitating courses of study in the Christian faith for students.
Achievements and Performance
During the year the Trust continued to provide accommodation and facilities to enable courses of study to be run for students at its principal place of operation. The Trust received fees for the provision of the facilities from the Universities and Colleges Christian Fellowship (UCCF), who took responsibility for all expenses arising in connection with the courses.
During the year under review, the Trust continued to be impacted by the coronavirus pandemic, with the Trust’s employee being furloughed for a time. However, the pandemic is not expected to affect the ability of the charity to function as a going concern.
Public Benefit
The trustees have paid due regard to the Public Benefit guidance issued by the Charity Commission when considering what activities the charity will undertake. The Trust continued to provide valuable public benefit throughout the year by means of the courses mentioned above, thus equipping a new generation to spread the Christian faith.
Financial Review
The results for the year are set out on page 4. The trustees consider the financial state of affairs of the Trust to be satisfactory.
Reserves Policy
It is the policy of the Trust to maintain free reserves at a level equal to three months unrestricted expenditure. This provides sufficient funds to cover management and administration costs. Unrestricted funds were maintained at or above this level throughout the year.
ON BEHALF OF THE TRUSTEES
P Desmond, Trustee Date: 15 September 2022
(2)
INDEPENDENT EXAMINER’S REPORT
TO THE TRUSTEES OF
THE AREOPAGUS TRUST
I report on the accounts of the charity for the year ended 31 March 2022 set out on pages 3 to 6.
Respective responsibilities of trustees and independent examiner
The charity's trustees are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year (under section 44(2) of the Charities Act 2011 (the 2011 Act)) and that an independent examination is needed.
It is my responsibility to:
-
Examine the accounts under section 145 of the 2011 Act;
-
To follow the procedures laid down in the General Directions given by the Charity Commissioners
-
under section 145 (5) (b) of the 2011 Act; and
-
To state whether particular matters have come to my attention.
Basis of independent examiner's report
My examination was carried out in accordance with the General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a 'true and fair' view and the report is limited to those matters set out in the statement below.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination which give me cause to believe that, in any material respect
-
the accounting records were not kept in accordance with section 130 of the Charities Act; or
-
the accounts did not accord with the accounting records; or
-
the accounts did not comply with the applicable requirements concerning the form and content of
-
accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.
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.
D C S Cooke, MA (Oxon), FCA FCIE David Cooke & Co. 5 Briar Close Banbury Oxon. OX16 9DS
Date: 15 September 2022
(3)
THE AREOPAGUS TRUST
| STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2022 INCOMING RESOURCES Donations and similar incoming resources Investment income Job Retention Scheme Grant Fees receivable Total Incoming Resources RESOURCES EXPENDED Charitable Expenditure Costs of activities in furtherance of the charity's objects: Charitable activities NET INCOMING RESOURCES Unrealised gain/(loss) on investments Net Movement in Funds Fund balances brought forward Fund balances carried forward |
Note 2 |
Unrestricted Funds 2022 Total £ 18,095 3 1,000 21,000 40,098 73,456 (33,358) - (33,358) 1,308,549 1,275,191 |
Unrestricted Funds 2021 Total £ 19,270 8 9,844 17,500 46,622 64,147 (17,525) - (17,525) 1,326,074 1,308,549 |
|---|---|---|---|
The notes on pages 5 and 6 form part of these financial statements
(4)
THE AREOPAGUS TRUST
BALANCE SHEET AS AT 31 MARCH 2022
| Note FIXED ASSETS Tangible Assets 3 CURRENT ASSETS Sundry debtors 4 Cash at Bank and in hand LIABILITIES: Amounts due within one year Sundry Creditors 5 NET CURRENT ASSETS NET ASSETS FUNDS 6, 7 |
2022 Total £ 1,221,961 579 53,982 54,561 1,331 53,230 1,275,191 1,275,191 |
2021 Total £ 1,251,264 2,534 57,773 60,307 3,022 57,285 1,308,549 1,308,549 |
|---|---|---|
Approved by the Trustees on 15 September 2022
and signed on their behalf by:
D. Monteath Trustee P. Desmond Trustee
The notes on pages 5 and 6 form part of these financial statements
(5)
THE AREOPAGUS TRUST
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2022
1. ACCOUNTING POLICIES
1.1 Accounting Convention
The financial statements have been prepared under the historical cost convention and in accordance with the Charities Statement of Recommended Practice: “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 2015)”; and with applicable regulations.
1.2 Going Concern
At the time of approving the accounts, the trustees have a reasonable expectation that the Trust 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 accounts.
1.3 Property, plant & equipment
Depreciation is provided on tangible fixed assets calculated to write off the cost less residual value over the estimated useful life on a straight-line basis at the following annual rates:
| Buildings | 2% |
|---|---|
| Fixtures & Fittings | 25% |
| Equipment & Furnishings | 25% |
Small items costing less than £500 are not capitalised but expended in the year of purchase through the statement of financial activities.
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 assets, and is recognised in net income/(expenditure) for the year.
1.4 Income
Donations are accounted for on a receivable basis. Income tax credits associated with deeds of covenant and Gift Aid donations are accounted for at the time of the net gift.
1.5 Expenditure
Expenditure is included on an accruals basis inclusive of VAT, which is not recoverable.
| 2. CHARITABLE ACTIVITIES Costs relating to training courses & facilities Staff costs Depreciation & Loss on sale of assets Independent Examiner's fee Other professional fees |
2022 Total £ 21,355 18,421 32,714 500 466 73,456 |
2021 Total £ 12,980 18,353 31,860 500 454 64,147 |
|
|---|---|---|---|
(6)
THE AREOPAGUS TRUST
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2022 (continued)
| 3. TANGIBLE FIXED ASSETS Freehold Property Cost brought forward 716,500 Additions in the year - Disposals in the year - Cost carried forward 716,500 Depreciation brought forward 203,020 Disposals in the year - Charge for the year 14,330 Depreciation carried forward 217,350 Net book value 31 March 2022 499,150 Net book value 31 March 2021 513,480 4. DEBTORS Income tax recoverable 5. LIABILITIES: Amounts due within one year Other creditors & accruals B/f 6. UNRESTRICTED FUNDS General Fund 1,231,649 Designated Capital Fund 76,900 1,308,549 |
Property Improvements 816,857 - - 816,857 80,267 - 16,337 96,604 720,253 736,590 Movement Incoming 40,098 - 40,098 |
Fixtures & Fittings 13,325 - - 13,325 12,131 - 1,194 13,325 - 1,194 2022 Total £ 579 1,331 in Resources Outgoing 73,456 - 73,456 |
Equipment & Furnishings |
|---|---|---|---|
In the year ended 31 March 1996, the Trustees transferred a sum equivalent to the cost of the property at that date. This is being amortised at a rate of £1,800 per annum.
7. TRUSTEES AND EMPLOYEES
No Trustee or any person connected with them received, or is due to receive, any remuneration or expenses payments for the year directly or indirectly from the Charity's funds.
There was an average of 1 employee throughout the year (2021: 1), the costs of which are shown in note 2. No employee earned in excess of £60,000.
There were no other disclosable related party transactions during the year.