THE EARLS COURT & OLYMPIA CHARITABLE TRUST (A Charitable Company Limited by Guarantee) Trustees, Report and Financial Statemenls For the year ended 31 December 2023 Company number. 4311973 Charity Number. 1091254 The Earls Court & 01 CONTENTS ia Charitable Trust Legal and administrative infomation Trustees, Report Statement of Financial Activities Balance Sheet Notes to the financial statements 6-7 The Earls Court & 01 m ia Charitable Trust LEGAL AND ADMINISTRATIVE INFORMATION For Ihe year ended 31 December 2023 TRUSTEES LE Lee AM Thorpe D Morton DJE Brown AUO Areti LL North JA Drisooll AJ O'sullivan AUO Areti AP Lang L Page-Jennings (resigned 12 September 2023) (resigned 12 September 2023) (resigned 12 September 2023) (resigned 12 September 2023) {resigned 31 December 2023) (appointed 11 March 2024) (appointed 11 March 2024) (appointed 11 March 2024) (appointed 14 March 2024) SECRETARY A Georgeou (appointed 31 January 2023) COMPANY REGISTERED NUMBER 4311973 CHARITY REGISTERED NUMBER 1091254 REGISTERED OFFICE Olympia Exhibition Centre Hammersmith Road London W148UX BANKERS Natwest Bank plc South Kensington Station (B) Branch PO Box No 592 18 Cromwell Place London SW7 2LB SOLICITORS Norton Rose Fulbright LLP 3 More London Riverside London SE12AQ The Earls Court & 01 mpla Charitable Trust TRUSTEES, AND DIRECTORS, REPORT For the year ended 31 December 2023 The Truslees, who are also directors of the Company for the purposes of Ihe Companies Act. submit their annual report and the finanGial ststements of The Earls Court & Olympia Charitable Trust (the 'Company') for the year ended 31 December 2023, The Trustees confirm that the annual report and financial statements of the Company comply with cu￿ent statutory requirements, the requirements of the company's goveming document and the provisions of the Statement of Recommended Practice (SORP)"Accounting and Reporting by Charities" applicable to charities preparrng accounts in accordance with Financial Reporting Standard 102. METHOD OF APPOINTMENT OR ELECTION OF TRUSTEES The management of the Company is the responsibility of the Tnjstees who are elected and co- opted under the temis of the Articles of Association. The Articles of Association require that the Board of trustees consist of not less than Iwo and not more than seven trustees at any given time. Trustees are appointed following recommendations from other trustees. or by the Founder Member of the Company in accordan￿ wth the Articles of Association. All directors of the Company are also trustees of the Charity. The Trustees and Directors in office throughout the year are lisled in the Legal and Administrative Infomation on page 1. CONSTITUTION POLICIES AND OBJECTIVES The Company was formed as a company limited by guarantee and is govemed by a Memorandum of Association dated 9 October 2001 and Articles of Association dated 14 September 2009. The Company was granted charitable status on 20 March 2002. The principal objects of the Company are to provide for the following in any area, but in particular in the London boroughs of Hammersmith & Fulham and Kensington & Chelsea: the relief of persons in need, hardship, sickness or distress the furtherance of education the provision of ￿Creational facilities in the interests of social welfare the promotion for the public benefit of urban or rural regeneration in areas of social and economic deprivation the relief of unemployment for the public benefit and provision of training, especially among unemployed people the protection or conservation for the public benefit of the environment Practical relief is provided in the form of grants made to individuals and institutions whose needs fall within those categories covered by the charity's objects. ORGANISATIONAL STRUCTURE AND DECISION MAKING The responsibility of the management of the Company rests with the Trustees. The Company is administered through the services of Olympia Management Services Limited. REVIEW OF ACTIVITIES AND FUTURE DEVELOPMENTS The Company received grant funding during the year of £35.000 (2022 - £7,516) and made grants during the year of £36.034 {2022 - £7,518). Unrestricted reserves stand at £2,690 (2022 - £3,724) at the balance sheet date. The Company currently holds no designated or restricted reserves. RESERVES POLICY The Trustees regularfy review the level of reserves held by the Company in order to ensure that there are adequate levels of unrestricted reseNes to meat current and anticipated future liabilities. and to provide for future grant giving. The Earls Court & 01 ia Charitable Trust TRUSTEES, AND DIRECTORS, REPORT For the year ended 31 December 2023 INVESTMENT POLICY AND PERFORMANCE The Memorandum of Association provides that the Company may invest monies not immediate required for its operations in any manner as may be thoughtfit. subject to any conditions imposed or required by currenl law. At present all such monies are retained on short-term cash deposit at a market rate of interest. RISK MANAGEMENT The Trustees are aware of the principal risks and uncertainties to which the Company is exposed, and are satisfied that systems are in place to mitigate those risks. The Trustees review these risks at least annually. GRANT MAKING POLICIES The Trustees provide financial assistance by way of grants to individuals and institutions whose needs are in line with the objects of the Company. TRUSTEES AND DIRECTORS RESPONSIBIUTIES STATEMENT The Trustees are responsible for preparing the Annual Report and the financial statements in accordance with the applicable law and United Kingdom Generally Accepted Accounting Practice applicable to charities. Company 8nd charity law applicable to charities in England and Wales 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 Company and of the surplus or deficit of the Company for that period. In preparing those financial statem8nts, the Trustees are required to: (a) select suitable accounting policies and apply them consistently. (b) make judgements and estimates that are reasonable and prudent. (c) state whether applicable accounting standards and statements of recommended practice have been followed. subject to any material departures disclosed and explained in the financial statements: and (d) prepare the financial statements on a going concem basis unless il is inappropriate to assume that the Company will continue in business. The Trustees are responsible for keeping proper accounting records, which disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2008. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other ￿￿egUlaritIeS. In preparing the Trustees, and directors. report advantage has been taken of the small companies exemption under the Companies Act 2006. This report was approved by the Trustees on 18 March 2024 and signed on its behalf by: AM Thorpe Trustee The Earls Court & Olympia Charitable Trust STATEMENT OF FINANCIAL ACTIVITIES (incorporating income and expenditure account) for the year ended 31 December 2023 Unrestrlcted funds 2023 Unrestrlcted funds 2022 Note Income from: Grants received 35.000 7,516 Expenditure on: Grants made {36,034) (6,276) Net movement in funds {1,034) 1.240 Total funds brought forward 3,724 2.484 Total funds carried fO￿ard 2.690 3,724 The notes on pages 6 to 7 fomi part of these financial statements. The Earls Court & Olympia Charitable Trust BALANCE SHEET as at 31 December 2023 Company number 4311973 2023 2022 Note CURRENT ASSETS Cash at bank and in hand 2,690 3,724 TOTAL ASSETS 2,690 3.724 FUNDS Unrestricted - general funds 2,690 3,724 REfAINED FUNDS 2,690 3,724 The Company is entitled to the exemption from audit under Section 477 of the Companies Act 2006 relating to small companies for the year ended 31 December 2023. The members have not required the Company to obtain 8n audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006. The TTUStees acknowledge their responsibility for complying with the requirements of the Companies Act 2006 with respect to accounting records and the pr8paration of financial statements. The accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies, regime and in accordance with FRS 102 SORP. These financial statements were approved by the Trustees and authorised for issue on 18 March 2024 and were signed on its behalf. AM Thorpe Trustee The notes on pages 6 to 7 fonn part of these financial statements. The Earls Court & Olympia Charitable Trust NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2023 ACCOUNTING POLICIES Accounting convention The following accounting policies have been applied consistently in dealing wrth items which are considered material in relation to the Company's financial statements. Basis of preparation of financial ststements The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts. The accounts have been prepared in accordance with FRS 102 the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland. The financial statements have been prepared in accordance with the Ststement of Recommended Practi￿. (SORP) "Accounting and Reporting by Charities. applicable to charities preparing accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland {FRS 102). Cash Flow The financial slatem8nts do not include a cash flow statement because the Company has taken advantage of the exemption in Financial Reporting Standard 1 from the requirement to produce such a statement, as it is a small reporting entity. Fund Accountlng General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objects of the Company and which have not been designated for other purposes. The Company holds no designated or restricted funds. Incoming Rosources All incoming resources are included in the Statement of Financial Activities when the Company is legally entitled to the income and the amount can be quantified with reasonable aGGuracy. ReSou￿e5 Expended All expenditure is accounted for on an accruals basis. In accordance with the level of income re￿iVed the Company has chosen to allocate costs by fijnctional classification. The costs of managing and administering the Company are bome by Olympia Management Services Limited. None of these costs are Charged to the Company. Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. VAT The Company is not registered for VAT and its expenses are therefore inflated by VAT which cannot be recovered. Tax Status The Company is a registered charity and is not subject to income tax on its current activities. GRANTS RECEIVED 2023 2022 Company donation - Olympia M8nagement se￿ices Limited 35,000 7,516 The Earls Court & Olympia Charitable Trust NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2023 GRANTS MADE Grants payable tc institLrtions in support of local community projects: 2023 2022 Linacre Court Tenant's Residents Association Avonmore Primary School St Mary's Catholic Primary School Barons Court Project Ltd Nomand Croft Community School Mama Haven st Stephens CE Primary School 1.276 5.000 13.430 10,000 5,000 1,604 1,000 5,000 Total 36,034 6.276 TRUSTEES, REMUNERATION During the year. no Trustee received any remuner8tion. benefit in kind, or reimbursement of expenses. STATEMENTOF FUNDS 2023 2022 Unrestrlcted - gen•ral funds Balance at 1 January Net movement in funds for the year 3,724 (1,034) 2,484 1,240 Balance at 31 December 2.690 3,724 SHARE CAPITAL The Company is a company limited by guarantee and has no share capital. Each member is liable to contribute a Sum not exceeding £1 in the event of the Company being wound up.