REGISTERED COMPANY NUMBER: 6708685 REGISTERED CHARITY NUMBER: 1127561
The Anglo-Omani Society Report of the Trustees and Financial Statements for the Year Ended 31 March 2021
The Anglo-Omani Society Contents of the Financial Statements
For the Year Ended 31 March 2021
| Page | |
|---|---|
| Company Information | 1 |
| Report of the Trustees | 2 - 6 |
| Independent Auditor's Report | 7 - 9 |
| Statement of Financial Activities | 10 |
| Balance Sheet | 11 |
| Cash Flow Statement | 12 |
| Notes to the Financial Statements | 13 - 20 |
The Anglo-Omani Society Company Information
1
For the Year Ended 31 March 2021
REGISTERED COMPANY NUMBER: 6708685
| REGISTERED COMPANY NUMBER | 6708685 (England and Wales) |
|---|---|
| REGISTERED CHARITY NUMBER | 1127561 |
| PATRON | H.M. The Sultan of Oman |
| PRESIDENT | H.E. The Ambassador of the Sultanate of Oman |
| TRUSTEES | Mr S Laing MA MPhil_(Chairman)_ |
| Brig. J McKeown CBE MA MPhil_(Vice-Chairman)_ | |
| Sheikh M H Al Rawahi | |
| Mr M C Bishop FCA_(Honorary Treasurer)_ | |
| Mr O E S Blake | |
| Mr J N G Bowden CMG OBE MVO | |
| Mr S F Dickson | |
| Dr E Kendall BA MA Hons DPhil | |
| Ms K J Kinninmont | |
| Miss D H Martin | |
| Ms E P M Simpson | |
| SECRETARY | Mr A R Milne FCIS |
| REGISTERED AND PRINCIPAL OFFICE | 34 Sackville Street |
| London | |
| W1S 3ED | |
| AUDITORS | Azets Audit Services Limited |
| Statutory Auditors and Chartered Accountants | |
| Ashcombe Court | |
| Woolsack Way | |
| Godalming | |
| Surrey GU7 1LQ | |
| PRINCIPAL BANKERS | Barclays Bank PLC |
| One Churchill Place | |
| London E14 5HP | |
| SOLICITORS | Trowers & Hamlins |
| 3 Bunhill Row | |
| London | |
| EC1Y 8YZ |
The Anglo-Omani Society Report of the Trustees For the Year Ended 31 March 2021
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REGISTERED COMPANY NUMBER: 6708685
The directors (referred to herein as the 'Trustees') of The Anglo-Omani Society (a 'charitable company' referred to herein as the 'Charity' or the 'Society') present their annual report with the financial statements of the Charity for the year ended 31 March 2021. The Trustees have adopted the provisions of Statement of Recommended Practice ('SORP') 'Accounting and Reporting by Charities' applicable to charities preparing their accounts in accordance with the Financial Reporting Standard effective 1 January 2015 (the 'Charities SORP 2015 (FRS 102)', in preparing this annual report and financial statements.
STRUCTURE, GOVERNANCE AND MANAGEMENT
The Charity's governing document is its Articles of Association, dated 4 July 2013.
The Charity is an English registered company, limited by guarantee with no share capital. It is also a registered UK charity. The liability of the Charity's members is limited, such that each member of the Charity promises, if the Charity is dissolved while he or she is a member or within twelve months after he or she ceases to be a member, to contribute such sum (not exceeding £1) as may be demanded of him or her towards the payment of the debts and liabilities of the Charity incurred before he or she ceases to be a member, and the costs, charges and expenses of winding-up the Society, and towards any adjustments of the rights of the contributories among themselves.
In pursuance of its charitable objectives, the Charity is managed by a duly elected Board of Trustees (the 'Board') which governs the Charity's activities in accordance with its Articles of Association. The Trustees confirm that they have complied with the duty in Section 4 of the Charities' Act 2006, to have due regard to the Charity Commission's general guidance on public benefit.
The Trustees are responsible for managing the risks faced by the Charity and treat risk management as a priority. Accordingly, a review of the Charity's main areas of risk has been undertaken, including health and safety matters, and appropriate policies and practices have been implemented so as to minimise any adverse impact on the Charity arising from such risks. A risk review is undertaken periodically.
TRUSTEES, MANAGEMENT AND THEIR INTERESTS
Trustees
The Trustees at the date of this report or who served during the year ended 31 March 2021, together with their respective responsibilities, were:
| Mr S Laing MA MPhil (Chairman) | Mr M J Foster (resigned 9 July 2020) |
|---|---|
| Brig. J McKeown CBE MA MPhil (Vice-Chairman) | Dr E Kendall BA MA Hons DPhil |
| Sheikh M H Al Rawahi | Wg Cdr I Kendrick LRAM ARCM (resigned 9 July 2020) |
| Mr M C Bishop FCA (Honorary Treasurer) | Ms K J Kinninmont |
| Mr O E S Blake | Miss D H Martin |
| Mr J N G Bowden CMG OBE MVO (appointed | Mr R R Owens OBE (resigned 9 July 2020) |
| 1 January 2021) | Ms E P M Simpson |
| Mr S F Dickson |
Managing Committee
A Managing Committee of Trustees comprising; Mr S Laing (as Chairman), Brig John McKeown (as Vice-Chairman), Mr M C Bishop (Honorary Treasurer) and Mr A R Milne (Secretary) is responsible for overseeing the day-to-day management of the Society.
Day-to-day management of the Charity
The day-to-day management of the Society is carried out by the Society's General Manager (who reports to the Chairman, or in his/her absence the Vice-Chairman), assisted by the Programme Manager and Interns at certain times of the year. Following regular performance reviews, the Chairman and the Vice-Chairman determine the annual remuneration of key management personnel.
The Anglo-Omani Society Report of the Trustees For the Year Ended 31 March 2021
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REGISTERED COMPANY NUMBER: 6708685
TRUSTEES, MANAGEMENT AND THEIR INTERESTS continued
Organisational structure
The Trustees, all of whom are non-executive, meet as a Board on a regular basis to review the strategy and performance of the Charity, to consider grant applications, and to set operating plans and budgets. The Chairman, and in his absence the ViceChairman, in consultation with the Secretary and the management team, is responsible for setting the agenda for such meetings, for managing the meetings, and for ensuring that all matters arising are properly considered and addressed. The Board may elect a sub-committee of Trustees, or may co-opt individuals with relevant experience, to deal with specific issues or topics. Details of the Charity's professional advisors are given on page 1.
Retirement, recruitment and appointment of Trustees
At each annual general meeting of the Charity, one third of the Trustees must retire from office. The Trustees to retire by rotation shall be those who have been longest in office since their last appointment and are eligible for re-election at the same annual general meeting.
Due to the nature of the Charity, Trustees are selected on the basis of their experience and knowledge of Oman, their particular field of expertise and their ability to contribute to the wellbeing of the Charity. To enhance the potential pool of Trustees, the Charity looks regularly for new Trustees to enable it to develop and innovate within the existing programmes of work, and also to develop new programmes of work to enhance its impact in the communities it serves. The Board has representation from; diplomatic, governmental, educational, military and commercial links to Oman as well as expertise in UK legal, charity and accounting requirements.
A Trustee may be appointed by the members in general meeting, or by the Board. The number of Trustees shall be not less than three, but is not subject to any maximum number. A Trustee may not appoint an alternate trustee or anyone to act on his or her behalf at meetings of Trustees.
Induction and training of new Trustees
New Trustees are generally selected from the current membership of the Charity and therefore, usually already have some experience and knowledge of Oman. Prior to the appointment of a new Trustee, the Chairman (or in his absence the ViceChairman) will brief the individual on; the Objects of the Charity, their legal obligations as a Trustee under both UK charity and company law, the contents of the Charity's Articles of Association, the respective roles and expertise of the other Trustees, the Charity's decision making process, and its operating and financial plans.
OBJECTIVES AND ACTIVITIES
Objectives and aims
The Charity's Objects, as set out in its Articles of Association, are to:
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advance the education of the British public by the promotion of learning and a wider knowledge about Oman, its people, history, geography, economy, literature, art, music, antiquities, languages, cultures, religions, beliefs and customs by arranging lectures, seminars and meetings, which may be open to the public; and by assisting individuals and organisations by providing bursaries, scholarships, awards, and financial and logistical support in order to help them attain a wider knowledge about Oman; and
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advance the education of Omani nationals about the United Kingdom and its people, history, geography, economy, literature, art, music, heritage, the English language, cultures, religions, beliefs, customs, industry and commerce by arranging lectures and meetings, which may be open to the public; and by assisting individuals and organisations by providing bursaries, awards, scholarships, training, apprenticeships and financial and logistical support in the United Kingdom and Oman.
In furtherance of these aims, the Charity arranges a regular schedule of lectures and seminars in London (subject to Covid-19 restrictions) and webinars and podcasts covering a wide variety of subjects related to Oman which are reported on in the Society's Annual Review. The Charity also provides regular programmes of placing British students from a wide range of backgrounds as Educational Assistants in schools in Oman, and of placing British students of Arabic in Omani institutes to improve their spoken Arabic. A further programme for Arabic language student placements is planned for 2021/22. In addition, the Charity also provides opportunities for Omani nationals to attend educational and other training courses in the UK. The Charity now also runs Arabic language courses in London and on-line for beginners and for more advanced students. All physical activities of course remain subject to any continuing Covid-19 restrictions in both the UK and Oman.
The Anglo-Omani Society Report of the Trustees For the Year Ended 31 March 2021
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REGISTERED COMPANY NUMBER: 6708685
OBJECTIVES AND ACTIVITIES continued
Objectives and aims continued
The Board actively encourages applications for grants and donations to fund activities, events, research and publications which promote the Charity's Objects. Over recent periods grants and donations have been made to help fund; on-line educational training, expeditions to Oman for young British people from diverse backgrounds, cultural exchanges, the archiving of photographs and material relevant to Oman's recent history, archaeological projects, conservation projects, natural history projects and support for the publication of books, Omani music and audio recordings. The Charity also holds an annual lunch and periodic seminars (subject to Covid-19 restrictions), podcasts and webinars on topical issues.
Through pursuing the above activities the Board considers that it has established suitable strategies for meeting the Charity's Objects.
Public benefit
The Trustees have paid due regard to the Charity Commission's guidance on public benefit in considering applications for scholarships and grants and in the Charity’s lecture programme. The Trustees have sought to widen access to the Charity’s activities through cooperation with organisations working with disadvantaged young people on educational exchanges and expeditions and through bringing the Charity’s activities to the attention of a wider range of British and Omani people in Britain via its web-site. In this way and through grants for publications, circulation of the Society's Annual Review and support for the archive at St Antony’s College, Oxford, the Charity has worked to bring Oman’s history and culture to the attention of a broader British audience and to increase the links between the peoples of the two nations with a growing focus on the younger generation.
ACHIEVEMENTS AND PERFORMANCE
Property rental
During the year ended 31 March 2021, the Charity's freehold property in Sackville Street, London, (the 'Property') generated rental income and with the security of this income together with access to the managed investment fund, the Trustees encouraged continued applications during the year for grants and scholarships in accordance with the Charity's Objects.
New Generation Group
The New Generation Group (the 'NGG'), formed in 2011, is focused on forging closer links between young Omani and young British people. The NGG, chaired by Sheikh Ma'an al-Rawahi (a young Omani based in Muscat) and supported by Ms E Simpson and the Programme Manager, has attracted a number of new members and has (subject to Covid-19 restrictions) a programme of regular meetings and presentations in both London and Muscat, addressed by both prominent young Omani and British speakers. The NGG is now well established as a conduit for introducing young British people to Oman and young Omanis to the UK and these exchanges will continue to form a regular part of the NGG's activities. The NGG has in previous years held periodic conferences on topical issues in both the UK and Oman with young professions from both countries (referred to as 'high-flyers') attending. Due to the Covid-19 travel restrictions, the conference scheduled for 2021 had to be cancelled.
Charitable activities
For the year under review expenditure on grants and related activities fell compared to previous years, due mainly to the impact of Covid-19, which restricted many applicants from applying for grant support for their projects. The grants that were approved in the year can be summarised as follows:
| Sponsorship of UK students to attend academic courses in Oman Sponsorship of Omanis to attend UK training courses Educational expeditions to Oman Conservation, archaeology, natural history, photography, literary and research projects Cultural and heritage exchanges with Omanis and on-line training Grants to other Omani focused bodies and associations The Society's regular NGG activities (other than 'high-flyers' conferences) Costs of holding lectures, including lecturers' travel costs |
2021 £ 1,111 0 18,110 38,204 37,227 23,663 659 2,121 121,095 |
2020 £ 23,138 62,382 3,170 31,350 27,517 15,273 8,151 24,968 |
|---|---|---|
| 195,949 |
The principal funding for the Charity's grants and awards is the surplus income arising from the renting of those parts of the Property not occupied by the Charity, supplemented when required by access to the Charity's managed investment fund. The Charity is therefore not reliant on subscriptions from members or interest income to fund its activities, although subscriptions remain a material element of the Charity's income.
The Anglo-Omani Society Report of the Trustees For the Year Ended 31 March 2021
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REGISTERED COMPANY NUMBER: 6708685
ACHIEVEMENTS AND PERFORMANCE continued
Revaluation of investment property
In accordance with the Charity's accounting policy in respect of fixed asset investments, the Property was last revalued in the 2020 accounts, as at 31 March 2020. It is the Trustees' intention to assess the market value of the Property periodically and at least every three years.
Movement in net assets
The Charity's net assets increased over the year by an amount of £521,672 and stood at £21,195,001 as at 31 March 2021 (2020 - £20,673,329). This increase follows mainly from a rise in the value of the Charity's managed investment fund over the year.
FINANCIAL REVIEW INCLUDING RESERVES POLICY
As at 31 March 2021 the Charity's reserve funds amounted to £21,195,001 (2020 - £20,673,329), comprising a restricted endowment fund and property revaluation reserve amounting to £18,500,000 (2020 - £18,500,000) and unrestricted funds of £2,695,001 (2020 - £2,173,329). The restricted endowment fund represents the funds advanced by a donor which were applied to purchase the Property and pay for its subsequent structural modification and fit-out. The increase in the value of the Property following its revaluations in 2014 and 2017 and the subsequent decrease in 2020 is also reflected in the endowment fund balance. The Trustees have limited powers over the use of the endowment fund and are required to retain it indefinitely. They are not permitted to convert it in to expendable income. The Trustees do though have unlimited powers to apply the unrestricted funds as they consider appropriate and may convert part or all of it in to expendable income.
As at 31 March 2021, the Trustees held £137,000 (2020 - £100,000) of the unrestricted funds as a 'property fund', to form a contribution towards future refurbishment costs for the Property. The Board monitors regularly the sufficiency of this fund. The balance of the unrestricted fund (the 'general fund') is available to meet the costs of the Charity's activities. The Board will continue to review at regular intervals the level of funds that may need to be held to meet the costs of any future rental voids and periodic refurbishment requirements for the Property.
An operating budget for the Charity is agreed by the Board each year, which projects the level of reserves to be retained and the funds available to meet the Charity's day-to-day activities, including an allowance for making grants and awards in furtherance of the Charity's Objects.
INVESTMENT POLICY
The Trustees have the power to invest surplus funds as they see fit. The Board's policy is to have the majority of its surplus funds invested by an experienced third party charities fund manager on a discretionary basis, with the balance of its funds held in low risk interest bearing term deposits with a secure UK clearing bank. Charles Stanley & Co. Limited are the Charity's fund manager and at 31 March 2021, the value of the invested fund stood at £2,538,929 (2020 - £2,043,474), a net increase in value of £495,455 over the period, reflecting a marked recovery from the adverse effects of Covid-19 on investments values experienced in 2020. This represented a net increase of 24% over the financial year on the opening value of the investment fund.
PLANS FOR FUTURE PERIODS
The Society intends to continue its current level of activities in 2021-22 and to maintain the sums allocated to awards and grants, as its financial resources permit. Membership levels have gradually increased over recent years, including the number of corporate members, helped by the introduction of the Charity's new web-site in late 2019. The Society continued its close working relationship with the Omani-British Business Council (OBBC), formerly the British arm of the Omani British Friendship Association, and other Oman-focused bodies.
The Trustees have paid particular attention to the likely effects of the current Covid-19 pandemic and remain confident that the Society has sufficient funding and resources in place to continue with its charitable activities for the foreseeable future.
REQUIREMENT FOR AUDIT
As a result of receiving a donation of some £11 million in 2009-10, the Charity was required to prepare its accounts on an accruals basis and is of a size under both charity and company law where its annual accounts are required to be audited. Accordingly, the Board appointed its accountants, Azets Audit Services (formerly Roffe Swayne), to act as its auditors.
The Anglo-Omani Society Report of the Trustees For the Year Ended 31 March 2021
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REGISTERED COMPANY NUMBER: 6708685
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The Trustees (who are also directors of the Society for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law 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 Charity and of the incoming resources and application of resources, including the income and expenditure, of the Charity for the year. In preparing these financial statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP 2015 (FRS 102);
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make judgements and estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in its present form.
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Companies Act 2006. 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.
DISCLOSURE OF INFORMATION TO AUDITORS
The Trustees have discussed with the Auditors, as part of the clearance and review process, the significant estimates and judgements made by the Trustees in the preparation of the financial statements, and whether the accounting policies are appropriate to the circumstances of the Charity, consistently applied and adequately disclosed. The discussion with the Auditors also covered points arising from the work the Auditors performed during their audit; and explanations were given where the Auditors considered them necessary in order to provide them 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 so far as the Trustees are aware:
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there is no relevant audit information (as defined by section 418 of the Companies Act 2006) of which the Charity's Auditors are unaware; and
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• the Trustees have taken all steps that 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
The Trustees will place a resolution before the annual general meeting to confirm the re-appointment of Messrs Azets Audit Services as auditors to the Charity.
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
ON BEHALF OF THE BOARD
Mr S Laing MA MPhil (Chairman)
Date: 8 June 2021
The Anglo-Omani Society Independent Auditor's Report For the Year Ended 31 March 2021
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REGISTERED COMPANY NUMBER: 6708685
Independent Auditor's Report to the Members of The Anglo-Omani Society
Opinion
We have audited the financial statements of The Anglo Omani Society (a 'charitable company' referred to herein as the 'Charity') for the year ended 31 March 2021, which comprise the Statement of Financial Activities, Balance Sheet, Statement of Cash Flows, and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is United Kingdom Accounting Standards, comprising Charities SORP - FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and applicable law (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
-
give a true and fair view of the state of the Charity's affairs as at 31 March 2021 and of its incoming resources and application of resources, and its income and expenditure for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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• have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
The other information comprises the information included in the annual Report of the Trustees, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and
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the Report of the Trustees has been prepared in accordance with applicable legal requirements.
The Anglo-Omani Society Independent Auditor's Report For the Year Ended 31 March 2021
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REGISTERED COMPANY NUMBER: 6708685
Independent Auditor's Report to the Members of The Anglo-Omani Society [ continued]
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the Charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
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adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of trustees remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit, or
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• the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the directors' report and from the requirement to prepare a strategic report.
Responsibilities of trustees
As explained more fully in the Statement of Trustees' Responsibilities (set out on page 6), the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the Charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below.
Based on our understanding of the Charity, we identified that the principal risk of non-compliance with laws and regulations related to breaches of health and safety employee laws and regulations. We also obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on those that had a direct effect on material figures and disclosures in the financial statements, the main regulations considered in this context included the UK Companies Act 2006 Charities Act 2011, as well as the Charity SORP.
We evaluated the incentives and opportunities for fraud in the financial statements, including, but not limited to, the risk of override of controls, and designed procedures in response to these risks as follows:
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enquiring of management concerning actual and potential litigation and claims;
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performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
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testing the appropriateness of journal entries and other adjustments;
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• assessing whether the judgements made in making accounting estimates are indicative of a potential bias, and; • evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
The Anglo-Omani Society Independent Auditor's Report
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For the Year Ended 31 March 2021
REGISTERED COMPANY NUMBER: 6708685
Independent Auditor's Report to the Members of The Anglo-Omani Society [ continued]
Auditor's responsibilities for the audit of the financial statements continued
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/Our-Work/Audit/Audit-and-assurance/Standards-and-guidance/Standards-and-guidance-forauditors/Auditors-responsibilities-for-audit/Description-of-auditors-responsibilities-for-audit.aspx. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Jonathan Vickery BA FCA (Senior Statutory Auditor) For and on behalf of Azets Audit Services Limited, Statutory Auditor
Ashcombe Court Woolsack Way Godalming Surrey, GU7 1LQ
Date: 8 June 2021
The Anglo-Omani Society
(Registered Company Number: 6708685)
10
Statement of Financial Activities (incorporating the Income and Expenditure Account) For the Year Ended 31 March 2021
| Restricted | |||||
|---|---|---|---|---|---|
| Unrestricted | endowment | 2021 | 2020 | ||
| Notes | funds | funds | Total | Total | |
| £ | £ | £ | £ | ||
| INCOME AND ENDOWMENTS FROM: | |||||
| Donations and legacies | 2 | 14,625 | - | 14,625 | 13,446 |
| Charitable activities | 3 | 2,585 | - | 2,585 | 6,879 |
| Income from investments | 4 | 438,804 | - | 438,804 | 556,601 |
| Other income | 5 | 66,767 | - | 66,767 | 28,506 |
| Total | 522,781 | - | 522,781 | 605,432 | |
| EXPENDITURE ON: | |||||
| Raising funds | 6 | (28,456) | - | (28,456) | (15,559) |
| Charitable activities | 7 | (424,266) | - | (424,266) | (559,003) |
| Governance costs | 8 | (9,835) | - | (9,835) | (20,283) |
| Total | (462,557) | - | (462,557) | (594,845) | |
| Loss on fixed asset investments | 9 | - | - | - | (725,257) |
| Gains/(losses) on current asset investments | 12 | 461,448 | - | 461,448 | (121,378) |
| NET INCOME/(EXPENDITURE) | 521,672 | - | 521,672 | (836,048) | |
| Transfers between funds | - | - | - | - | |
| Other recognised gains/(losses) | |||||
| Loss on revaluation of fixed assets | 10 | - | - | - | (274,743) |
| NET MOVEMENT IN FUNDS | 521,672 | - | 521,672 | (1,110,791) | |
| RECONCILIATION OF FUNDS | |||||
| Total funds brought forward | 14 | 2,173,329 | 18,500,000 | 20,673,329 | 21,784,120 |
| TOTAL FUNDS CARRIED FORWARD | 14 | 2,695,001 | 18,500,000 | 21,195,001 | 20,673,329 |
The Charity has no recognised gains/losses other than those included in the results above and therefore no separate statement of total recognised gains/losses has been presented.
The accompanying notes form an integral part of these financial statements.
(Registered Company Number: 6708685)
11
The Anglo-Omani Society Balance Sheet
For the Year Ended 31 March 2021
| Restricted | |||||
|---|---|---|---|---|---|
| Unrestricted | endowment | 2021 | 2020 | ||
| Notes | funds | funds | Total | Total | |
| £ | £ | £ | £ | ||
| FIXED ASSETS | |||||
| Investments | 9 | - | 12,918,905 | 12,918,905 | 12,918,905 |
| Tangible assets | 10 | 6,535 | 5,581,095 | 5,587,630 | 5,591,818 |
| TOTAL FIXED ASSETS | 6,535 | 18,500,000 | 18,506,535 | 18,510,723 | |
| CURRENT ASSETS | |||||
| Debtors | 11 | 1,081 | - | 1,081 | 6,886 |
| Investments ~ managed investment fund | 12 | 2,538,929 | - | 2,538,929 | 2,043,474 |
| Rental deposits held for third parties | 44,275 | - | 44,275 | 210,292 | |
| Cash at bank and in hand | 227,289 | - | 227,289 | 168,346 | |
| 2,811,574 | - | 2,811,574 | 2,428,998 | ||
| CREDITORS | |||||
| Amounts falling due within one year | 13 | (123,108) | - | (123,108) | (266,392) |
| NET CURRENT ASSETS | 2,688,466 | - | 2,688,466 | 2,162,606 | |
| TOTAL ASSETS LESS CURRENT LIABILITIES | 2,695,001 | 18,500,000 | 21,195,001 | 20,673,329 | |
| CREDITORS | |||||
| Amounts falling due after one year | - | - | - | - | |
| NET ASSETS | 2,695,001 | 18,500,000 | 21,195,001 | 20,673,329 | |
| THE FUNDS OF THE CHARITY | |||||
| Unrestricted funds | |||||
| General fund | 14 | 2,558,001 | - | 2,558,001 | 2,073,329 |
| Propertyfund | 14 | 137,000 | - | 137,000 | 100,000 |
| 2,695,001 | - | 2,695,001 | 2,173,329 | ||
| Restricted funds | |||||
| Endowment fund | 14 | - | 9,872,124 | 9,872,124 | 9,872,124 |
| Revaluation reserve | 14 | - | 8,627,876 | 8,627,876 | 8,627,876 |
| - | 18,500,000 | 18,500,000 | 18,500,000 | ||
| TOTAL CHARITY FUNDS | 14 | 2,695,001 | 18,500,000 | 21,195,001 | 20,673,329 |
The accompanying notes form an integral part of these financial statements.
The financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small charitable companies and the provisions of Statement of Recommended Practice 'Accounting and Reporting by Charities' applicable to charities preparing their accounts in accordance with the Financial Reporting Standard (effective 1 January 2015).
The financial statements on pages 10 to 20 were approved by the Board on 8 June 2021 and signed on its behalf by:
Mr S Laing MA MPhil (Chairman)
Date: 8 June 2021
The Anglo-Omani Society Cash Flow Statement
(Registered Company Number: 6708685)
12
For the Year Ended 31 March 2021
| Restricted | ||||
|---|---|---|---|---|
| Unrestricted | endowment | 2021 | 2020 | |
| funds | funds | Total | Total | |
| £ | £ | £ | £ | |
| INCOME | ||||
| Net movement in funds | 521,672 | - | 521,672 | (1,110,791) |
| Revaluation decrease of fixed asset investments | - | - | - | 1,000,000 |
| Investment income | (900,252) | - | (900,252) | (435,223) |
| Depreciation charged in the year | 6,793 | - | 6,793 | 9,356 |
| (Increase)/decrease in investment fund value in the year | (495,455) | - | (495,455) | 75,785 |
| Decrease in debtors | 5,805 | - | 5,805 | 3,260 |
| (Decrease)/increase in creditors due within one year | (143,284) | - | (143,284) | 182,357 |
| Decrease in creditors due after one year | - | - | - | (209,752) |
| NET CASH PROVIDED BY OPERATING ACTIVITIES | (1,004,721) | - | (1,004,721) | (485,008) |
| CASH FLOWS FROM INVESTING ACTIVITIES | ||||
| Investment income | 900,252 | - | 900,252 | 435,223 |
| Additions to fixed assets | (2,605) | - | (2,605) | (5,865) |
| NET CASH PROVIDED BY INVESTING ACTIVITIES | 897,647 | - | 897,647 | 429,358 |
| Reconciliation of net cash flow | ||||
| Decrease in cash in the year | (107,074) | - | (107,074) | (55,650) |
| Cash balances at start of the year | 378,638 | - | 378,638 | 434,288 |
| CASH BALANCES AT END OF THE YEAR | 271,564 | - | 271,564 | 378,638 |
The accompanying notes form an integral part of these financial statements.
The Anglo-Omani Society (Registered Company Number: 6708685) Notes to the Financial Statements For the Year Ended 31 March 2021
13
1 ACCOUNTING POLICIES
The Anglo-Omani Society is a company limited by guarantee, incorporated in England and Wales. The registered office is set out on page 1. The nature of the Charity's operations is set out in the Report of the Trustees.
Basis of preparation
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 (FRS102) (effective 1 January 2015)’, 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.
Going concern
The Trustees having paid particular attention to the likely effects of the current Covid-19 pandemic on the future viability and going concern of the Society. However, although the value of the Charity’s fixed asset investments and income from investments may be adversely affected in 2022 due to any continuing effects of the Covid-19 pandemic, the Trustees remain confident that the Society has sufficient funding and resources in place to remain as a going concern for the foreseeable future and continue with its charitable activities.
Incoming resources
All incoming resources are included gross of any related expenditure in the Statement of Financial Activities when the Charity is legally entitled to the income and the amount can be quantified with reasonable accuracy.
Income from donations is included in incoming resources when it is receivable, except when donors specify that donations must be used in future accounting periods, in which case the income is deferred until those periods. When donors specify that donations are to be applied for restricted purposes, which do not amount to pre-conditions regarding entitlement, this income is included in incoming resources when receivable, but as restricted funds.
Membership fees, investment income and other income is accounted for on an accruals basis. Where it is not practicable to identify investment management costs incurred within a scheme with reasonable accuracy, the investment income is reported net of these costs. It is included when the amount can be measured reliably.
Resources expended
Expenditure, including the award or grants, is accounted for on an accruals basis and has been classified under headings that aggregate all costs to the category. Grants payable to third parties are within the charitable objectives. Where unconditional grants are offered, these are accrued as soon as the recipient is notified of the grant, as this gives rise to a reasonable expectation that the recipient will receive the grants. Where grants are conditional relating to performance, then the grant is only accrued when any unfulfilled conditions are outside of the control of the Charity.
Cost of generating funds
Costs of generating funds represent the costs relating to fund-raising events organised by the Charity.
Charitable activities
Charitable expenditure includes all expenditure incurred in the pursuance of the Charity's Objects.
Governance costs
These comprise the costs of compliance with constitutional and statutory requirements.
Fixed asset investments
Fixed asset investments represent assets held for the long-term with the aim of providing the Charity with a continuing benefit in the form of income and capital appreciation. Fixed asset investments are held in the balance sheet at their fair value, or at the Trustees' best estimate of fair value. All changes in the value of fixed asset investments in the year, whether or not realised, are reported as 'gains or losses on investment assets' in the Statement of Financial Activities.
Fixed asset investments are revalued annually, with the exception of investment property, which is revalued at least every three years. Investment property is not depreciated and represents freehold property, which is held by the Charity for its income and investment potential and which is predominantly let to third parties.
The Anglo-Omani Society (Registered Company Number: 6708685) Notes to the Financial Statements For the Year Ended 31 March 2021
14
1 ACCOUNTING POLICIES continued
Fixed assets ~ other than investments
Fixed assets other than investments comprise; freehold property, computer equipment and fixtures and fittings relating to that part of the investment property occupied by the Charity and which were acquired after the purchase and full fit-out of the investment property. These assets, other than freehold property, are being fully depreciated on a straight line basis over a period of three years, commencing in the month of purchase.
Managed investment fund
Funds held by third party professional fund managers on a discretionary basis are shown in the balance sheet at market value at the year end, based on valuations provided by the fund manager, less any accrued fees. The increase/decrease in the value of the funds under management is reflected as a combination of net investment income/losses and gains/losses on current asset investments in the year in the Statement of Financial Activities.
Fund accounting
Unrestricted funds can be used in accordance with the Charity's Objects 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. There are three separate funds within the Charity; the Statement of Financial Activities for these funds are contained in these financial statements. The funds held were as follows:
- General ~ comprising unrestricted assets less liabilities, effectively 'free reserves';
Property ~ established to meet future property refurbishment costs; and Endowment ~ being the donation to the Charity for the purchase of and modification to the investment property, adjusted to match any revaluation of the investment property.
Taxation
The Charity is exempt from paying Corporation Tax on its charitable activities. The Charity's activities are though subject to VAT and the Charity is registered for VAT.
Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at the transaction price. Any losses arising from impairment are recognised in expenditure.
- 2 DONATIONS AND LEGACIES
| 2 3 4 |
DONATIONS AND LEGACIES 2021 2020 £ £ Unrestricted funds Membership fees ~ corporate 3,200 5,500 Membership fees ~ private 11,413 7,946 Donations 12 - |
|---|---|
| 14,625 13,446 |
|
| CHARITABLE ACTIVITIES Lunches and Society events - 4,063 Advertising income from the Society's Annual Review publication 2,560 2,795 Sale of books,DVDs and Societyties 25 21 |
|
| 2,585 6,879 |
|
| INCOME FROM INVESTMENTS Rental income from letting of investment property 404,851 510,175 Net income from managed investment fund (see note 12) 34,007 45,593 Interest received 147 751 Exchange(losses)/gains in theyear on currencyfunds held (201) 82 |
|
| 438,804 556,601 |
The Anglo-Omani Society Notes to the Financial Statements
(Registered Company Number: 6708685)
15
For the Year Ended 31 March 2021
| 5 | OTHER INCOME 2021 2020 £ £ Lecture attendance fees (2021 - fees refunded) (75) 285 Fees charged for providing Arabic language courses 29,842 8,221 Dilapidations receipt from letting of investment property 37,000 - Sponsorshipof NGG 'high-flyers' conferences - 20,000 |
|---|---|
| 66,767 28,506 |
| 6 | EXPENDITURE ON RAISING FUNDS Costs of holding the Society's Annual Lunch and other Society events - 8,991 Costs of providing Arabic language courses 28,456 5,296 Purchase of books, DVDs and Societyties for resale - 1,272 |
|---|---|
| 28,456 15,559 |
- 7 EXPENDITURE ON CHARITABLE ACTIVITIES
| EXPENDITURE ON CHARITABLE ACTIVITIES | ||||
|---|---|---|---|---|
| (a) | (b) | (c) | ||
| Property | Total | Total | ||
| Direct cost | Support costs | costs | 2021 | 2020 |
| £ | £ | £ | £ | £ |
| Unrestricted funds | ||||
| Promotion of Oman 2,780 |
72,562 | 158,048 | 233,390 | 321,721 |
| Grants and awards 118,315 |
72,561 | - | 190,876 | 237,282 |
| 121,095 | 145,123 | 158,048 | 424,266 | 559,003 |
| An analysis of direct costs, support costs and property management costs is given below: | ||||
| 2021 | 2020 | |||
| £ | £ | |||
| (a) Direct costscomprise: | ||||
| Promotion of Oman ~ | ||||
| The Society's regular NGG activities (other than 'high-flyers' conferences) | 659 | 8,151 | ||
| Costs of holdinglectures(all on-line in 2021),includinglecturers' travel costs | 2,121 | 24,968 | ||
| 2,780 | 33,119 | |||
| Grants and awards ~ | ||||
| Sponsorship of UK students to attend academic courses in | Oman | 1,111 | 23,138 | |
| Sponsorship of Omanis to attend UK training courses | - | 62,382 | ||
| Educational expeditions to Oman | 18,110 | 3,170 | ||
| Conservation, archaeology, natural history, photography, literary and research grants | 38,204 | 31,350 | ||
| Cultural and heritage exchanges with Omanis and on-line | training | 37,227 | 28,003 | |
| Grants to other Omani focused bodies and associations | 23,663 | 15,273 | ||
| 118,315 | 163,316 | |||
| Total direct costs | 121,095 | 196,435 | ||
| Analysis of grants and awards made in the year ~ | Grants and | Grants and | ||
| awards to | awards to | 2021 | ||
| institutions | individuals | Total | ||
| £ | £ | £ | ||
| Sponsorship of UK students to attend academic courses in | Oman | - | 1,111 | 1,111 |
| Sponsorship of Omanis to attend UK training courses | - | - | - | |
| Educational expeditions to Oman | 10,000 | 8,110 | 18,110 | |
| Conservation, archaeology, natural history, photography & literary grants | 27,642 | 10,562 | 38,204 | |
| Cultural and heritage exchanges with Omanis and on-line | training | 26,916 | 10,311 | 37,227 |
| Grants to other Omani focused bodies and associations | 23,663 | - | 23,663 | |
| 88,221 | 30,094 | 118,315 |
The Anglo-Omani Society Notes to the Financial Statements
(Registered Company Number: 6708685)
16
For the Year Ended 31 March 2021
7 EXPENDITURE ON CHARITABLE ACTIVITIES continued
- (a) Direct costs comprise continued
| Institutional recipients of Grants and awards in the year ~ | Oman based | British | ||
|---|---|---|---|---|
| training | and Omani | Other minor | ||
| Organisation | Universities | institutions | Total | |
| £ | £ | £ | £ | |
| Educational expeditions to Oman | - | - | 10,000 | 10,000 |
| Conservation, archaeology, natural history, photography, | - | 23,000 | 4,642 | 27,642 |
| and literary grants | ||||
| Cultural and heritage exchanges with Omanis and | 10,000 | - | 16,916 | 26,916 |
| on-line training | ||||
| Grants to other Omani focused bodies and associations | 16,997 | - | 6,666 | 23,663 |
| 26,997 | 23,000 | 38,224 | 88,221 | |
| Total | Total | |||
| 2021 | 2020 | |||
| £ | £ | |||
| (b) Support costscomprise: | ||||
| Managers, staff, agency staff and intern costs (see staff costs analysis below) | 119,087 | 113,389 | ||
| Recruitment and training costs | 6,107 | 10,356 | ||
| Annual Review, newsletters, printing, postage and stationery | 18,228 | 15,861 | ||
| Staff travel & accommodation | 99 | 5,496 | ||
| NGG 'high-flyers' conference costs | - | 33,340 | ||
| Other support costs | 1,602 | 2,829 | ||
| Total support costs | 145,123 | 181,271 | ||
| (c) Property costscomprise: | ||||
| Security | 716 | 1,289 | ||
| Share of service charges and property insurance | 67,913 | 37,190 | ||
| Managing agent's fees | 7,500 | 5,625 | ||
| Business rates | 5,069 | 17,461 | ||
| Web-site and IT support & development | 7,554 | 28,056 | ||
| Irrecoverable VAT on the Society's activities written-off in | the year | 12,348 | 52,310 | |
| Property marketing and costs related to new leases | 32,757 | - | ||
| Depreciation of fixed assets ~ other than fixed asset investments | 6,793 | 9,356 | ||
| Otherpropertyrelated costs | 17,398 | 30,010 | ||
| Total property management costs | 158,048 | 181,297 |
The Charity was administered day-to-day by two full-time employees (2019 - two), neither of whom received emoluments of more than £60,000 per annum, together with Interns paid the London Living Wage at different periods during the year. The highest paid member of staff received emoluments and benefits for the year totalling £51,443 (2020 - £50,804).
| Total staff costs (included within support costs above)comprise: | 2021 | 2020 |
|---|---|---|
| £ | £ | |
| Salaries | 103,967 | 99,239 |
| Social Security costs | 10,352 | 9,377 |
| Employer's contribution to defined contribution pension schemes for employees | 3,877 | 3,748 |
| Payments made in support of Interns | 891 | 1,025 |
| 119,087 | 113,389 |
The Anglo-Omani Society Notes to the Financial Statements
(Registered Company Number: 6708685)
17
For the Year Ended 31 March 2021
| 8 | GOVERNANCE COSTS 2021 2020 £ £ Trustees' reimbursed travel & accommodation expenses 29 4,901 Professional fees 2,700 3,401 Insurance premiums 3,493 3,568 Auditors' remuneration 3,600 4,900 Property revaluation fee - 3,500 Othergovernance costs 13 13 |
|---|---|
| 9,835 20,283 |
No Trustee received any remuneration or other benefits during the year (2020 - £Nil). Certain Trustees received reimbursement for their 'out of pocket' expenses relating directly to the governance of the Charity. The aggregate amount of reimbursed expenses was £258 (2020 - £7,299), covering two Trustees (2020 - five Trustees), in respect of the reimbursement of lecturer entertaining, the costs of hotels and flights, subsistence, the purchase of IT equipment and small goods for the Property, travel, postage and telephone costs.
9 FIXED ASSETS ~ INVESTMENTS
| FIXED ASSETS ~ INVESTMENTS | |
|---|---|
| Freehold | |
| investment | |
| property | |
| Investment property | £ |
| Carrying value at 1 April 2020 and as at 31 March 2021 | 12,918,905 |
Fixed asset investments represent the Charity's freehold property in Central London (the 'Property') which was purchased in 2009 and is recorded as an investment property. The Trustees consider the Property as being primarily to provide an income stream and investment return for the Charity and accordingly, regard the Property predominantly as an investment asset. A proportion of the Property is occupied by the Charity and based on that proportion, part of the investment value of the Property was reclassified in a prior period as freehold property within Fixed Assets ~ Other than Investments (see note 10).
The Property was last revalued as at 31 March 2020 by Mr R Moss MSc MRICS, a RICS Registered Valuer of Cluttons LLP, at £18,500,000 on the basis of Fair Value, in accordance with the RICS Valuation - Global Standards issued in January 2020 for valuations for inclusion in financial statements. It is the Trustees' intention to assess the Fair Value of the Property periodically, and at least every three years.
| 10 | FIXED ASSETS ~ OTHER THAN INVESTMENTS Freehold Computer Fixtures & property equipment fittings Total Cost £ £ £ £ As at 1 April 2020 5,581,095 9,409 31,971 5,622,475 Additions - 2,605 - 2,605 Disposals - (1,530) - (1,530) |
|---|---|
| As at 31 March 2021 5,581,095 10,484 31,971 5,623,550 |
|
| Depreciation As at 1 April 2020 - (6,829) (23,828) (30,657) Disposals - 1,530 - 1,530 Depreciation charged in theyear - (1,980) (4,813) (6,793) |
|
| As at 31 March 2021 - (7,279) (28,641) (35,920) |
|
| Net book value | |
| As at 31 March 2021 5,581,095 3,205 3,330 5,587,630 |
|
| As at 31 March 2020 5,581,095 2,580 8,143 5,591,818 |
The Anglo-Omani Society Notes to the Financial Statements
(Registered Company Number: 6708685)
18
For the Year Ended 31 March 2021
10 FIXED ASSETS ~ OTHER THAN INVESTMENTS continued
No depreciation is provided in respect of the freehold property because the Trustees consider that the high residual value of the Property, together with the fact that the Property is maintained to a high standard, means that it is not appropriate to charge depreciation. Although non-depreciation of this asset is not in accordance with the Companies Act 2006, the Trustees believe that this departure is necessary in order to provide a true and fair view.
| 11 12 |
DEBTORS 2021 2020 £ £ Prepayments 1,081 6,886 |
|---|---|
| INVESTMENTS ~ MANAGED INVESTMENT FUND Market value of funds at 1 April 2,043,474 2,119,259 Net income received in the year (see note 4) 34,007 45,593 Increase/(decrease)in the fund value in theyear 461,448 (121,378) |
|
| Market value of fund as at 31 March 2,538,929 2,043,474 |
This fund is invested on a discretionary basis and the Trustees receive regular financial reports and face to face presentations from the fund managers.
| 13 | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2021 2020 £ £ Accrued expenses 9,855 10,704 Grants awarded but not paid in the year 51,894 20,900 Members' subscriptions paid in advance 5,950 7,164 Rent deposits plus accrued interest due to tenants of the Property 44,275 210,292 VAT payable 10,834 17,332 Other creditors 300 - |
|---|---|
| 123,108 266,392 |
The Anglo-Omani Society (Registered Company Number: 6708685) Notes to the Financial Statements
19
For the Year Ended 31 March 2021
14 THE FUNDS OF THE CHARITY
| THE FUNDS OF THE CHARITY | |||||
|---|---|---|---|---|---|
| Net | |||||
| At 1 April | movement | At 31 March | |||
| 2020 | in funds | 2021 | |||
| Unrestricted funds | £ | £ | £ | ||
| General fund | 2,073,329 | 484,672 | 2,558,001 | ||
| Propertyfund | 100,000 | 37,000 | 137,000 | ||
| 2,173,329 | 521,672 | 2,695,001 | |||
| Restricted funds | |||||
| Endowment fund | 9,872,124 | - | 9,872,124 | ||
| Revaluation reserve | 8,627,876 | - | 8,627,876 | ||
| 18,500,000 | - | 18,500,000 | |||
| Total funds held by the Charity | 20,673,329 | 521,672 | 21,195,001 | ||
| The net movement in fundswas as follows: | |||||
| 2021 | 2020 | ||||
| Incoming | Resources | Gains on Net movement | Net movement | ||
| resources | expended | investments | in funds | in funds | |
| Unrestricted funds | £ | £ | £ | £ | £ |
| General fund | 485,781 | (462,557) | 461,448 | 484,672 | (110,791) |
| Propertyfund | 37,000 | - | - | 37,000 | - |
| 522,781 | (462,557) | 461,448 | 521,672 | (110,791) | |
| Restricted funds | |||||
| Endowment fund | - | - | - | - | - |
| Revaluation reserve | - | - | - | - | (1,000,000) |
| Total inflow/(outflow) | 522,781 | (462,557) | 461,448 | 521,672 | (1,110,791) |
The restricted endowment fund relates to funds advanced by a donor and applied to the purchase of the freehold investment property and its subsequent structural modification and fit-out. The Property was revalued as at 31 March 2020 and a revaluation deficit of £1,000,000 was debited to the revaluation reserve at that time, which the Trustees regard as restricted funds. The Trustees have limited powers over the use of the endowment fund and are required to retain it indefinitely. They are not permitted to convert any part into expendable income.
The Trustees do though have unlimited powers to apply the unrestricted funds as they consider appropriate. At the year end the Trustees held £137,000 (2020 - £100,000) of the unrestricted fund as a property fund to cover future costs relating to the Property. It is the Trustees' intention to increase this fund periodically in order to accumulate sufficient funds to cover future refurbishments of the Property in due course.
The assets and liabilities of each fund are allocated as follows:
| General | Property | Restricted | 2021 | 2020 | |
|---|---|---|---|---|---|
| fund | fund | funds | Total funds | Total funds | |
| £ | £ | £ | £ | £ | |
| Fixed asset investments | - | - | 12,918,905 | 12,918,905 | 12,918,905 |
| Fixed asset other than investments | 6,535 | - | 5,581,095 | 5,587,630 | 5,591,818 |
| Debtors | 1,081 | - | - | 1,081 | 6,886 |
| Investments ~ managed investment fund | 2,538,929 | - | - | 2,538,929 | 2,043,474 |
| Cash at bank | 134,564 | 137,000 | - | 271,564 | 378,638 |
| Creditors_~ amounts due within one year_ | (123,108) | - | - | (123,108) | (266,392) |
| Creditors_~ amounts due after oneyear_ | - | - | - | - | - |
| Net assets | 2,558,001 | 137,000 | 18,500,000 | 21,195,001 | 20,673,329 |
The Anglo-Omani Society Notes to the Financial Statements
(Registered Company Number: 6708685)
20
For the Year Ended 31 March 2021
15 RELATED PARTY TRANSACTIONS
The Trustees confirm that there are no related party transactions requiring disclosure in the financial statements.
16 NON ADJUSTING EVENTS AFTER THE FINANCIAL PERIOD
The Trustees have paid particular attention to the likely effects of the current Covid-19 pandemic and remain confident that the Society has sufficient funding and resources in place to continue as a going concern for the foreseeable future.
17 ULTIMATE CONTROLLING PARTY
The Charity is controlled by its Trustees. Copies of the financial statements are available from:
Company Secretary The Anglo-Omani Society 34 Sackville Street London W1S 3ED