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REGISTERED COMPANY NUMBER: 05603035 (England and Wales) REGISTERED CHARITY NUMBER: 1112003
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021
FOR
KRISTOS MEDIA (A COMPANY LIMITED BY GUARANTEE)
Fairhurst Chartered Accountants Douglas Bank House Wigan Lane Wigan Lancashire WN1 2TB
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KRISTOS MEDIA
CONTENTS OF THE FINANCIAL STATEMENTS for the Year Ended 31 October 2021
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 2 |
| Independent Examiner's Report | 3 | ||
| Statement of Financial Activities | 4 | ||
| Statement of Financial Position | 5 | ||
| Statement of Cash Flows | 6 | ||
| Notes to the Statement of Cash Flows | 7 | ||
| Notes to the Financial Statements | 8 | to | 13 |
| Detailed Statement of Financial Activities | 14 |
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KRISTOS MEDIA
REPORT OF THE TRUSTEES for the Year Ended 31 October 2021
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 October 2020, which are also prepared to meet the requirements for a directors report and accounts for Companies Act purposes. The trustees have adopted the provisions of 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).
OBJECTIVES AND ACTIVITIES Objectives and aims
The Charity's objectives are:
(a) to advance the Christian faith and values, and
(b) to advance the education of young people through and in the provision of all types of media including, but not limited to, music, art, the written word, radio, television and the internet throughout the world.
STRATEGIC REPORT
Achievement and performance
In order to pursue its objectives and to carry out its mission, the charity took the decision to continue to work with Divine Renovation whilst it transitioned to an independent UK charity on 5th May 2020. This included grants to support the development of policies, procedures and employment contracts.
During 2021 the charity received £50,703 from Divine Renovation, being a contribution to consultancy fees. A donation of £68,868 was made to Divine Renovation to help the charity fund a Development Director role.
In 2020 the charity received a grant of £68,000 awarded to the charity by Porticus UK. £49,996 was received in the year with the remainder included as accrued income. These funds have been categorised as restricted funds, the remaining funds have been received in the year and distributed to Divine Renovation.
The charity also supports Youth 2000 charity in its mission to evangelise young people and raise up a new generation of missionary disciples. A grant of £68,000 was paid to Youth 2000 in 2020 for HR consultancy and fundraising campaign, rebrand, one year worship leadership training and additional part time assistance for administration, social media and communications.
The charity is reliant upon donations raised by individuals, grant making trusts and other organisations that are supportive of its objectives.
During 2020 the Charity had the benefit of an interest free loan of £130,000 which was repayable as and when funds allow. This loan was very generously donated by the lender and disclosed as other income.
In 2020 the charity received a £375,000 donation from Chris Purslow.
Financial review
Reserves policy
At 31 October 2021, there is a surplus on reserves of £326,588 (2020: £418,085).
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is registered as a charitable company limited by guarantee, incorporated on 25 October 2005 and registered as a charity on 10 November 2005. The company is governed by its Memorandum and Association of Articles.
Recruitment and appointment of new trustees
Trustees are invited to join the board by invitation of the members.
Organisational structure
The trustees are in contact regularly and meetings are held on a regular basis. The activities are under the overall management and supervision of the trustees, who have been selected due to their particular expertise and knowledge.
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KRISTOS MEDIA
REPORT OF THE TRUSTEES for the Year Ended 31 October 2021
STRUCTURE, GOVERNANCE AND MANAGEMENT Induction and training of new trustees
In the event that new trustees are appointed they are offered appropriate training and induction based on their level of experience. Trustees are encouraged to read the guidance set out by the Charity Commission on their duties and responsibilities.
Members
The directors for the purpose of company law and trustees for the purpose of charity law, who served during the year and up to the date of this report, are set out on page 2.
Members of the charitable company guarantee to contribute an amount not exceeding £10 to the assets of the charity in the event of winding up.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number
05603035 (England and Wales)
Registered Charity number 1112003
Registered and principal office
Douglas Bank House Wigan Lane Wigan Lancashire WN1 2TB
Trustees
C J Purslow Company director M J Hewitt Trustee O J Pawle Trustee
Independent Examiner
John B S Fairhurst BA (Hons) FCA ICAEW Fairhurst Chartered Accountants Douglas Bank House Wigan Lane Wigan Lancashire WN1 2TB
Bankers
Lloyds TSB Harrogate Branch PO Box 1000 Harrogate BX1 1LT
Report of the trustees, incorporating a strategic report, approved by order of the board of trustees, as the company directors, on ............................................. and signed on the board's behalf by: 02 April 2022 | 11:17 BST
........................................................................ C J Purslow - Trustee
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF KRISTOS MEDIA
Independent examiner's report to the trustees of Kristos Media ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 October 2021.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its 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 Company 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 Company as required by section 386 of the 2006 Act; or
-
the accounts do not accord with those records; or
-
the accounts 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
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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 (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 accounts to be reached.
John B S Fairhurst BA (Hons) FCA Fairhurst Chartered Accountants Douglas Bank House Wigan Lane Wigan Lancashire WN1 2TB Date: ............................................. 04 April 2022 | 08:32 BST
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KRISTOS MEDIA
STATEMENT OF FINANCIAL ACTIVITIES for the Year Ended 31 October 2021
| Unrestricted funds Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 2 429 Charitable activities 3 Porticus UK - Other income 50,703 Total 51,132 EXPENDITURE ON Charitable activities 4 Unrestricted funds 28,687 Divine Renovation UK 68,868 Porticus UK - Youth 2000 - Total 97,555 NET INCOME/(EXPENDITURE) (46,423) RECONCILIATION OF FUNDS Total funds brought forward 373,011 TOTAL FUNDS CARRIED FORWARD 326,588 |
Restricted funds £ - - - - - - 45,074 - 45,074 (45,074) 45,074 - |
2021 Total funds £ 429 - 50,703 51,132 28,687 68,868 45,074 - 142,629 (91,497) 418,085 326,588 |
2020 Total funds £ 384,437 68,000 130,000 582,437 54,688 - 22,926 68,000 145,614 436,823 (18,738) 418,085 |
|---|---|---|---|
The notes form part of these financial statements
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KRISTOS MEDIA
| STATEMENT OF FINANCIAL POSITION 31 October 2021 Notes FIXED ASSETS Investments 7 CURRENT ASSETS Debtors 8 Prepayments and accrued income Cash at bank CREDITORS Amounts falling due within one year 9 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 11 Unrestricted funds Restricted funds TOTAL FUNDS |
2021 £ 1 7,865 - 319,673 327,538 (951) 326,587 326,588 326,588 326,588 - 326,588 |
2020 £ 1 7,865 18,004 399,048 424,917 (6,833) 418,084 418,085 418,085 373,011 45,074 418,085 |
|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2021.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2021 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
-
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
-
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by: 02 April 2022 | 11:17 BST
............................................. C J Purslow - Trustee
The notes form part of these financial statements
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KRISTOS MEDIA
STATEMENT OF CASH FLOWS for the Year Ended 31 October 2021
| Notes Cash flows from operating activities Cash generated from operations 1 Net cash (used in)/provided by operating activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period |
2021 £ (79,375) (79,375) (79,375) 399,048 319,673 |
2020 £ 286,773 |
|---|---|---|
| 286,773 | ||
| 286,773 112,275 |
||
| 399,048 |
The notes form part of these financial statements
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KRISTOS MEDIA
NOTES TO THE STATEMENT OF CASH FLOWS for the Year Ended 31 October 2021
1. RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
| Net (expenditure)/income for the reporting period (as per the Statement of Financial Activities) Adjustments for: Decrease/(increase) in debtors Decrease in creditors Net cash (used in)/provided by operations |
2021 £ (91,497) 18,004 (5,882) (79,375) |
2020 £ 436,823 (18,004) (132,046) 286,773 |
|---|---|---|
2. ANALYSIS OF CHANGES IN NET FUNDS
| ANALYSIS OF CHANGES IN NET | FUNDS | ||
|---|---|---|---|
| At 1/11/20 | Cash flow | At 31/10/21 | |
| £ | £ | £ | |
| Net cash | |||
| Cash at bank | 399,048 | (79,375) | 319,673 |
| 399,048 | (79,375) | 319,673 | |
| Total | 399,048 | (79,375) | 319,673 |
Total
The notes form part of these financial statements
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KRISTOS MEDIA
NOTES TO THE FINANCIAL STATEMENTS for the Year Ended 31 October 2021
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value.
Preparation of consolidated financial statements
The financial statements contain information about Kristos Media as an individual company and do not contain consolidated financial information as the parent of a group. The charity is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Debtors
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Amounts due from related undertakings are repayable on demand and are measured at the undiscounted amount due.
Creditors
Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount after allowing for any trade discounts due.
Cash at bank and in hand
Cash at bank and in hand includes cash and short term highly liquid deposits.
Financial instruments
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
continued...
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KRISTOS MEDIA
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 October 2021
1. ACCOUNTING POLICIES - continued
Impairment of assets
At each reporting date assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared to its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in the profit or loss.
If an impairment loss is subsequently reversed, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset in prior periods. A reversal of an impairment loss is recognised immediately in the profit or loss.
Legal status of the Charity
The Charity is a company limited by guarantee and has no share capital. The liability of each member in the event of a winding up is limited to £10.
2. DONATIONS AND LEGACIES
3.
| Donations Gift aid INCOME FROM CHARITABLE ACTIVITIES Activity Grants Porticus UK Grants received, included in the above, are as follows: Porticus |
2021 £ 60 369 429 2021 £ - 2021 £ - |
2020 £ 309,437 75,000 |
||
|---|---|---|---|---|
| 384,437 | ||||
| 2020 £ 68,000 |
||||
| 2020 £ 68,000 |
continued...
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KRISTOS MEDIA
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 October 2021
4. CHARITABLE ACTIVITIES COSTS
| Direct costs Divine Renovation UK Porticus UK GRANTS PAYABLE Divine Renovation UK Porticus UK Youth 2000 |
Direct Costs £ 28,687 - - 28,687 |
Grant funding of activities (see note 5) £ - 68,868 45,074 113,942 2021 £ 68,868 45,074 - 113,942 |
Totals £ 28,687 68,868 45,074 |
|---|---|---|---|
| 142,629 | |||
| 2020 £ - - 68,000 |
|||
| 68,000 |
5. GRANTS PAYABLE
The charity undertakes its charitable activities through grant making and awarded grants to a number of institutions.
In 2021 the expenditure on charitable activities was £113,942 (2020: £68,000).
6. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 October 2021 nor for the year ended 31 October 2020.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 October 2021 nor for the year ended 31 October 2020.
7. FIXED ASSET INVESTMENTS
| Shares in | |
|---|---|
| group | |
| undertakings | |
| £ | |
| MARKET VALUE | |
| At 1 November 2020 and 31 October 2021 | 1 |
| NET BOOK VALUE | |
| At 31 October 2021 | 1 |
| At 31 October 2020 | 1 |
There were no investment assets outside the UK.
continued...
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KRISTOS MEDIA
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 October 2021
7. FIXED ASSET INVESTMENTS - continued
| Subsidiary Principal % Activity Holding Kristos Media Trading Limited Dormant 100 8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Amounts owed by group undertakings 9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade creditors Accruals and deferred income 10. ANALYSIS OF NET ASSETS BETWEEN FUNDS Unrestricted Restricted funds funds £ £ Investments 1 - Current assets 327,538 - Current liabilities (951) - 326,588 - 11. MOVEMENT IN FUNDS At 1/11/20 £ Unrestricted funds General fund 373,011 Restricted funds Porticus UK 45,074 TOTAL FUNDS 418,085 |
Direct / Indirect Holding Direct 2021 2020 £ £ 7,865 7,865 2021 2020 £ £ 1 - 950 6,833 951 6,833 2021 2020 Total Total funds funds £ £ 1 1 327,538 424,917 (951) (6,833) 326,588 418,085 Net movement At in funds 31/10/21 £ £ (46,423) 326,588 (45,074) - (91,497) 326,588 |
|---|---|
continued...
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KRISTOS MEDIA
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 October 2021
11. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Restricted funds Porticus UK TOTAL FUNDS |
Incoming resources £ 51,132 - 51,132 |
Resources Movement expended in funds £ £ (97,555) (46,423) (45,074) (45,074) (142,629) (91,497) |
|---|---|---|
Comparatives for movement in funds
| Net At movement 1/11/19 in funds £ £ Unrestricted funds General fund (18,794) 391,749 Restricted funds Parish website project 56 - Porticus UK - 45,074 56 45,074 TOTAL FUNDS (18,738) 436,823 Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 514,437 Restricted funds Porticus UK 68,000 TOTAL FUNDS 582,437 |
Transfers between At funds 31/10/20 £ £ 56 373,011 (56) - - 45,074 (56) 45,074 - 418,085 Resources Movement expended in funds £ £ (122,688) 391,749 (22,926) 45,074 (145,614) 436,823 |
|---|---|
continued...
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KRISTOS MEDIA
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 October 2021
11. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund Restricted funds Parish website project TOTAL FUNDS |
At 1/11/19 £ (18,794) 56 (18,738) |
Net movement in funds £ 345,326 - 345,326 |
Transfers between funds £ 56 (56) - |
At 31/10/21 £ 326,588 - 326,588 |
|---|---|---|---|---|
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Restricted funds Porticus UK TOTAL FUNDS |
Incoming resources £ 565,569 68,000 633,569 |
Resources Movement expended in funds £ £ (220,243) 345,326 (68,000) - (288,243) 345,326 |
|---|---|---|
Restricted funds
Porticus UK agreed to support the Divine Renovation UK project to the value of £68,000. The grant was awarded in 2020 and £49,996 was received in the year to 31 October 2020. The remainder was accrued and has been received in the year, before being distributed to Divine Renovation UK. The project aims to support parish growth and outreach through Divine Renovation UK. Kristos Media was awarded the grant by Porticus UK for the sole purpose funding the activites of Divine Renovation UK.
12. RELATED PARTY DISCLOSURES
The charitable company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
Chris Purslow is a trustee of both Kristos Media and Youth 2000. An application for a grant of £68,000 was made by Youth 2000 which was successful. The trustees followed the conflict of interest policy and Chris Purslow took no part in the decision whether to award the grant to Youth 2000.
Chris Purslow is a trustee of both Kristos Media and Divine Renovation UK. An application for a grant of £68,868 was made by Divine Renovation which was successful. The trustees followed the conflict of interest policy and Chris Purslow took no part in the decision whether to award the grant to Divine Renovation.
During the year the charity received funds form C J Purslow, a trustee and director, amounting to £Nil (2020: £300,000).
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KRISTOS MEDIA
DETAILED STATEMENT OF FINANCIAL ACTIVITIES for the Year Ended 31 October 2021
| Unrestricted Restricted funds funds £ £ INCOME AND ENDOWMENTS Donations and legacies Donations 60 - Gift aid 369 - 429 - Charitable activities Grants - - Other income Ministry activities 50,703 - Exceptional items - - 50,703 - Total incoming resources 51,132 - EXPENDITURE Charitable activities Accountancy 2,546 - Consultancy 3,131 - Bank charges 84 - Events - - Tech equipment - - Leadership coaching 22,926 - Grants to institutions 68,868 45,074 97,555 45,074 Total resources expended 97,555 45,074 Net income (46,423) (45,074) |
2021 Total funds £ 60 369 429 - 50,703 - 50,703 51,132 2,546 3,131 84 - - 22,926 113,942 142,629 142,629 (91,497) |
2020 Total funds £ 309,437 75,000 384,437 68,000 - 130,000 130,000 582,437 3,386 73,106 78 942 102 - 68,000 145,614 145,614 436,823 |
|---|---|---|
This page does not form part of the statutory financial statements
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