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 2023 For the Year Ended 31 March 2023 ## The Anglo-Omani Society Contents of the Financial Statements SY ||Page| |---|---| |Company Information|1| |Report of the Trustees|2-6| |IndependentAuditor'sReport|729| |Statement of Financial Activities|10| |Balance Sheet|AB| |Cash Flow Statement|12| |NotestotheFinancialStatements|13-20| 1 **----- Start of picture text -----**
|||||||| |---|---|---|---|---|---|---| |The|Anglo-Omani Society| |Company|Information| |For|the|Year|Ended|31|March|2023| |REGISTERED COMPANY NUMBER COMPANY NUMBER NUMBER| |REGISTERED|CHARITY NUMBER NUMBER| |PATRON| |PRESIDENT| |TRUSTEES| **----- End of picture text -----**
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||||||||||| |---|---|---|---|---|---|---|---|---|---| |For|the|Year|Ended|31|March|2023|REGISTERED COMPANY|NUMBER:|6708685| |REGISTERED COMPANY NUMBER COMPANY NUMBER NUMBER|6708685|(England|and|Wales)| |REGISTERED|CHARITY NUMBER NUMBER|1127561| |PATRON|H.M. The Sultan|of Oman| |PRESIDENT|H.E.|The|Ambassador|of|the Sultanate|of Oman| |TRUSTEES|Maj-Gen.|RJ|A Stanford CB MBE|(Chairman)| |Brig. J]|[McKeown CBE]|[MA]|[MPhil]|[(Vice-Chairman)]| |Sheikh|M|H|Al|Rawahi| |Col.|G D|Allen QGM,|WKhM(G),|MBA| |Mr|MC|Bishop|FCA|(Honorary|Treasurer)| |Mr|OES|Blake| |MrJ N G Bowden CMG OBE MVO| |Mr C|M|Breeze| |Sir Sherard|L Cowper-Coles KCMG|LVO| |MrS|F|Dickson| |Dr E|Kendall|BA|MA|Hons|DPhil| |Ms|KJ|Kinninmont| |Miss|D|H|Martin| |Ms|E|P M Simpson| |SECRETARY|MrJ RG Traill| |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 LLP| |3|Bunhill|Row| |London| |EC1Y|8YZ| |PROPERTY|MANAGERS|Cluttons|LLP| |2|Portman|Street| |London| |W1H|6DU| **----- End of picture text -----**
The Anglo-Omani Society 2 Report of the Trustees For the Year Ended 31 March 2023 REGISTERED COMPANY NUMBER: 6708685 ee! 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 2023. 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 regularly. ## TRUSTEES, MANAGEMENT AND THEIR INTERESTS ## Trustees **----- Start of picture text -----**
||||||||||||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |The|Trustees|at|the|date|of|this|report|or|who|served|during|the|year|ended|31|March|2023,|together|with|their|respective| |responsibilities,|were:| |Maj-Gen.|RJ|A Stanford CB MBE|(Chairman)|Mr C M|Breeze| |Brig.]|[McKeown CBE]|[MA]|[MPhil]|[(Vice-Chairman)]|Sir Sherard|L Cowper-Coles KCMG LVO|(appointed|18|May|2022)| |Sheikh M H|Al|Rawahi|Mr|S|F Dickson| |Col.|G|D|Allen|QGM,|WKhM(G),|MBA|(appointed|Dr E|Kendall|BA MA Hons|DPhil| |17 May|2023)|Ms KJ|Kinninmont| |Mr|MC|Bishop FCA|(Honorary|Treasurer)|Mr S|Laing MA|MPhil|(resigned|18 May|2022)| |Mr OES|Blake|Miss D H|Martin| |Mr] N G|Bowden CMG OBE MVO|Ms E PM Simpson| **----- End of picture text -----**
## Managing Committee A Managing Committee of Trustees comprising; Maj-Gen R J A Stanford (as Chairman), Brig. J][McKeown][(as][Vice-Chairman),] Mr M C Bishop (Honorary Treasurer) and MrJ R G Traill (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 Director who reports to the Chairman or in his/her absence the Vice-Chairman, assisted by the Communications Manager, the Business Development 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. 3 For the Year Ended 31 March 2023 ## The Anglo-Omani Society Report of the Trustees 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 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 or her absence the Vice-Chairman) and the Secretary 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: - 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 - 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 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 2023-24. In addition, the Charity also provides opportunities for Omani nationals to attend educational and other training courses in the UK. The Charity also runs on-line Arabic language courses for beginners and for more advanced language students. ## The Anglo-Omani Society 5 Report of the Trustees For the Year Ended 31 March 2023 REGISTERED COMPANY NUMBER: 6708685 ee ACHIEVEMENTS AND PERFORMANCE continued ## Revaluation of investment property It is the Trustees' intention to assess the market value of the Property periodically and at least every three years via an independent valuation carried out by a professional valuer. However, following new leases for all the rented areas of the Premises in 2022 yielding reduced annual rental income compared to prior years, the Trustees considered it prudent to reduce the valuation of the premises by £2,000,000 to £16,500,000 in the 2022 accounts. In accordance with the Charity's accounting policy in respect of fixed asset investments, the Property was professionally revalued at £15,000,000 as at 31 March 2023 representing a reduction of £1,500,000 from the carrying value of the Property as at 31 March 2022, reflecting reduced rental income from a vacant floor in the Property and continued pressure on local market rentals. ## Movement in net assets The Charity's net assets decreased over the year by an amount of £1,489,715 and stood at £17,656,428 as at 31 March 2023 (2022 - £19,146,143). This decrease follows mainly from the further reduction to the carrying value of the Property. ## FINANCIAL REVIEW INCLUDING RESERVES POLICY As at 31 March 2023 the Charity's reserve funds were £17,656,428 (2022 - £19,146,143) comprising the restricted endowment fund and property revaluation reserve amounting to £15,000,000 (2022 - £16,500,000) and unrestricted funds of £2,656,428 (2022 - £2,646,143). 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 decreases in value in 2020, 2022 and 2023 are 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 2023, the Trustees held £100,000 (2022 - £84,075) 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 twice a year report in person to the Board, enabling Trustees to assess the performance of the Society's investments. As at 31 March 2023, the value of the invested fund stood at £2,441,700 (2022 - £2,547,520), a net decrease in value of £105,820 over the year. ## PLANS FOR FUTURE PERIODS . The Society intends to continue its current level of activities over 2023-24 and to increase 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 and the introduction of a Business Development Manager. 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 UK bodies. ## REQUIREMENT FOR AUDIT As a result of receiving a donation of some £11 million in 2009, the Charity was required to prepare its accounts on an accruals basis as 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 Limited, to act as its auditors. The Anglo-Omani Society Report of the Trustees 6 For the Year Ended 31 March 2023 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: - select suitable accounting policies and then apply them consistently; - observe the methods and principles in the Charities SORP 2015 (FRS 102); - make judgements and estimates that are reasonable and prudent; - state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and - 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: - 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 - 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 Limited 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 Maj-Gen R J A Stanford CB MBE (Chairman) Date: 16 June 2023 The Anglo-Omani Society Independent Auditor's Report 7 For the Year Ended 31 March 2023 REGISTERED COMPANY NUMBER: 6708685 ## SF 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 2023, 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 2023 and of its incoming resources and application of resources, and its income and expenditure for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - * 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: - 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 - the Report of the Trustees has been prepared in accordance with applicable legal requirements. The Anglo-Omani Society Independent Auditor's Report 8 For the Year Ended 31 March 2023 ## REGISTERED COMPANY NUMBER: 6708685 ## El 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: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and returns; or - certain disclosures of trustees remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit, or - 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: - enquiring of management concerning actual and potential litigation and claims; - performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; - testing the appropriateness of journal entries and other adjustments; - 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 Anxlo-omani kniety Independent Auditor's Report For the Year Ended 31 March 2021 REGisfERED COMPANY NUMBER.. 67086 Independent Auditovs Reportto the Memkn of The Art81￿o￿an1 So¢lw rt?JtltJttied Auditor'5 Tespon5ibilities for the audit of the fuL4nclal ststements c(IiilittMeil the in￿.Te.n* limilatintLS nf an audit. Ihero a risk that wo wjll not detert all iTrogularitios, including those icading tv a material mi5Stdtement in the fittancial stsl¢'tnimls {7r non￿l￿FIl61￿c With rL'gulation. Thi5 n4k IDrrCa￿'￿ thv m()fL> that compliatKe with a law Dr re8ulatli)n L% remov¢d Ir()m the event5 and tratLsacbotks ￿fI￿ra In Ihp financial sla¢emeni%. a.s w¢ will be les% llkely 10 awaTe of inStA￿e5 of non-compliance. The risk is also greater regardin8 irre8ularitie5 (mirring due lo Iraud rather than erTOT, as fraud involves intentional cotKoalmenL forKQry,¢oIIu5i(m, omi55I0n or misTopfL*ntation. A fllrthÈr desrription of our rE5ponsibilitie5 is available on the Financial Rewrlin8 Cciuncjl'5 wob5ite at.. httPs.'//w4vw.frc.org.uk/Our-WorklAudLtIAudit-and.a&wrance/Stsndard>andyidance/StArtdard>and-8ULdanc&for- Udit()rs/AuditL)￿TfsP0nSIb)Ii￿CS-FOr-aud1IluescllPti0n￿f-￿Ud1tor￿Tesl￿nslbIll1Ie￿foT-audll.asPX. Thi5 ￿e￿riptIOn fornis part of ouraudito¢s rep)fL of report This Tep)rt ￿ maJe %olely to the charitable c￿m￿￿v,5 a5 a IxKly, acthrdance Mth Chapter l of Part Ih ()f the Comparrie% Act 2tX)6. Our audit work has i￿On undortaken 50 that wo might 51ale lo tho charitable companv's motnbor5 Ih(L m#ttvrs we are rc4uirod Ici state lo them in an auditor's Tewrt and for no other ptsrp￿. To the lullosl oxlonl ponnittixl by law, we do not accept or a*SUm￿ fEy7ttsibility In anynne Dthf r than the rhantable ((Itnpany artd the Iharitsble cDmpany's membLiYS a5 a iKxly, for our audit work. for this rewkrt. OT for theopinions we have forn￿1. Jonathan Vicker! BA FC.A 1SpninrS*attttnry Audtthrl For and on behalfi)f A¥tL% Audit &rvice% Limited, Statutory Auditor AshcombeCo¢Jrt Wooisack Way GodaltDing SurTey, GU71LQ Date.. 16lune 1123 10 The Anglo-Omani Society (Registered Company Number: 6708685) Statement of Financial Activities (incorporating the Income and Expenditure Account) For the Year Ended 31 March 2023 ## el ||||Restricted||| |---|---|---|---|---|---| |||Unrestricted|endowment|2023|2022| ||Notes|funds|funds|Total|Total| |||£|£|£|£| |INCOME AND ENDOWMENTS FROM:|||||| |Donationsand legacies|2|16,324|<|16,324|14,689| |Charitableactivities|3|7,500|-|7,500|5,683| |Income from investments|4|426,144|-|426,144|425,173| |Other income|5|213,808|-|213,808|42,755| |Total||663,776|-|663,776|488,300| |EXPENDITURE ON:|||||| |Raisingfunds|6|(25,541)|-|(25,541)|(34,343)| |Charitable activities|y 4|(453,189)|-|(453,189)|(542,420)| |Governance costs|8|(20,917)|-|(20,917)|(11,922)| |Total||(499,647)|-|(499,647)|(588,685)| |Losson fixed asset investments|9|-|(1,087,885)|(1,087,885)|(1,450,514)| |(Losses)/gainsoncurrent asset investments|12|(153,844)|-|(153,844)|51,527| |NET(EXPENDITURE)/INCOME||10,285|(1,087,885)|(1,077,600)|(1,499,372)| |Transfers between funds||-|-|-|-| |Otherrecognised gains/(losses)|||||| |Losson revaluation offixed assets|10|-|(412,115)|(412,115)|(549,486)| |NETMOVEMENTINFUNDS||10,285|(1,500,000)|(1,489,715)|(2,048,858)| |RECONCILIATION OF FUNDS|||||| |Total funds brought forward|14|2,646,143|16,500,000|19,146,143|21,195,001| |TOTAL FUNDSCARRIEDFORWARD
14
2,656,428
15,000,000
17,656,428
19,146,143
ES|||||| 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 on pages 13 to 20 form an integral part of these financial statements. (Registered Company Number: 6708685) is ## The Anglo-Omani Society Balance Sheet For the Year Ended 31 March 2023 — |—||||||| |---|---|---|---|---|---|---| ||||Restricted|||| |||Unrestricted|endowment|2023||2022| ||Notes|funds|funds|Total||Total| |||£|£|£||£| |FIXED ASSETS||||||| |Investments|9|-|10,380,506|10,380,506||11,468,391| |Tangible assets|10|19,209|4,619,494|4,638,703||5,033,327| |TOTALFIXEDASSETS||19,209|15,000,000|15,019,209||16,501,718| |CURRENT ASSETS||||||| |Debtors|11|33,704|-|33,704||232,551| |Investments ~managed investment fund|12|2,441,700|-|2,441,700||2,547,520| |Rental deposits held for third parties||-|-|-||44,283| |Cash at bankand in hand||249,017|-|249,017|5|27,630| |||2,724,421|.|2,724,421||2,851,984| |CREDITORS||||||| |Amounts fallingdue withinoneyear|13|(87,202)|-|(87,202)||(207,559)| |NETCURRENTASSETS||2,637,219|-|2,637,219||2,644,425| |TOTALASSETS LESSCURRENTLIABILITIES||2,656,428|15,000,000|17,656,428||19,146,143| |CREDITORS||||||| |Amounts falling due afterone year||-|-|-||-| |NETASSETS||2,656,428|15,000,000|17,656,428||19,146,143| |THE FUNDS OFTHE CHARITY||||||| |Unrestricted funds||||||| |General fund|14|2,556,428|-|2,556,428||2,562,068| |Propertyfund|14|100,000|-|100,000||84,075| |||2,656,428|-|2,656,428||2,646,143| |Restricted funds||||||| |Endowment fund|14|-|9,872,124|9,872,124||9,872,124| |Revaluation reserve|14|-|5,127,876|5,127,876||6,627,876| |||-|15,000,000|15,000,000||16,500,000| |TOTALCHARITYFUNDS
14
2,656,428
15,000,000
17,656,428
19,146,143
a||||||| The accompanying notes on pages 13 to 20 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 2019). TheMaj-Gea |A statements Stanford CBon MBEpages(Chairman)10 to 20 were approved by the Board on 16 June 2023 and signed on its behalfDate:by:16 June 2023 16 June 2023 June 2023 2023 The Anglo-Omani Society Cash Flow Statement (Registered Company Number: 6708685) 12 For the Year Ended 31 March 2023 ## CO |||Restricted||| |---|---|---|---|---| ||Unrestricted|endowment|2023|2022| ||funds|funds|Total|Total| ||£|£|£|£| |INCOME||||| |Netmovement in fundsduring theyear|10,285|(1,500,000)|(1,489,715)|(2,048,858)| |Revaluation decrease of fixed asset investments|-|1,500,000|1,500,000|2,000,000| |Lessinvestment income|(272,300)|-|(272,300)|(476,700)| |Add back depreciationcharged in the year|2,618|-|2,618|4,817| |Decrease/(increase) in investment fund value in the year|105,820|-|105,820|(108,591)| |Decrease/(increase) in debtors
Increase/ (decrease) increditorsdue withinoneyear|198,847
(120,357)|-
-|198,847
(120,357)|(231,470)
84,451| |NETCASHPROVIDEDBYOPERATING ACTIVITIES
Pl
tt tl
cree i|(75,087)
a|-
(75,087)
dCI||(776,351)
lh
oe| |CASH FLOWSFROM INVESTING
ACTIVITIES||||:| |Add backinvestment income|272,300|-|272,300|476,700| |Cash withdrawn from managed investment fund|-|-|-|100,000| |Additions to fixed assets|(20,109)|-|(20,109)|-| |NETCASHPROVIDEDBYINVESTING ACTIVITIES
252,191
-
252,191
576,700
SS
en ncnnc
a||||| |Reconciliation ofnet cash flow||||| |Increase/ (decrease) incash in theyear|177,104|-|177,104|(199,651)| |Cashbalances at startof theyear|71,913|-|71,913|271,564| |SS
ee
ee
CASHBALANCES ATENDOFTHEYEAR
249,017
-
249,017
71,913
NN||||| The accompanying notes on pages 13 to 20 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 2023 —_———— 13 1 ACCOUNTING POLICIES The Anglo-Omani Society is The Anglo-Omani Society is a company limited by guarantee and 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 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. ## Going concern The Trustees have paid particular attention to the likely effects of the recent 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 2023-24 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) 14 Notes to the Financial Statements For the Year Ended 31 March 2023 el 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. **----- Start of picture text -----**
2 DONATIONS AND LEGACIES 2023 2022
£ £
Unrestricted funds
Membership fees ~ corporate 6,667 2,850
Membership fees ~ private 9,517 11,839
Donations 140 -
16,324 14,689
3 CHARITABLE ACTIVITIES
Society's Annual Lunch and other events 5,200 4,925
Investment property room hire fees 1,275 -
Advertising income from the Society's Annual Review publication 825 =
Sale of Society ties and books : 200 758
7,500 5,683
4 INCOME FROM INVESTMENTS
Rental income from letting of investment property 375,181 368,001
Net income from managed investment fund (see note 12) 48,024 57,064
Interest received 2,883 13
Exchange gains in the year 56 95
426,144 425,173
**----- End of picture text -----**
15 ## The Anglo-Omani Society (Registered Company Number: 6708685) Notes to the Financial Statements For the Year Ended 31 March 2023 |5|OTHERINCOME|||||2023||2022| |---|---|---|---|---|---|---|---|---| |||||||£||£| ||Lecture attendance fees|||||14||5| ||Feescharged for providing Arabic languagecourses|||||17,254||22,750| ||Lease surrenderand dilapidations proceeds|||||175,294||-| ||Insuranceclaim proceeds|||||21,246||-| ||Sponsorship ofNGG 'high-flyers' conferences|||||-||20,000| |||||||213,808||42,755| |6|EXPENDITURE ON RAISING FUNDS|||||||| ||Costsofholding the Society's Annual Lunch and otherSociety events|||||9,011||8,800| ||Costsof providingon-line Arabic language courses|||||16,530||25,543| ||Purchase ofSociety tiesand books for resale|||||=||=| |||||||25,541|“-:|34,343| |7|EXPENDITUREON CHARITABLE ACTIVITIES|||||||| |||(a)|(b)||(c)|||| |||||Property||Total||Total| ||Directcost||Support costs|costs||2023||2022| |||£|£||£|£||£| ||Unrestricted funds|||||||| ||Promotion ofOman
Grantsand awards|13,262
55,543|73,893
73,894|236,597
-||323,752
129,437||353,904
188,516| |||68,805|147,787|236,597||453,189||542,420| ||An analysis ofdirect costs, supportcostsand|property management costs isgiven||given below:||||| |||||||2023||2022| |||||||£||£| ||(a) Directcostscomprise:|||||||| ||Promotion ofOman ~|||||||| ||TheSociety's regularNGGactivities (other than 'high-flyers' conferences)|||||1,426||1,821| ||Costsofholding lectures including lecturers’|travelcosts||||11,836||6,171| |||||||13,262||7,992| ||Grants andawards ~|||||||| ||SponsorshipofUKstudents toattendacademiccourses inOman|||||23,321||=| ||Sponsorship ofOmanisstudying in theUK|||||5,300||5,000| ||Educationalexpeditions toOman|||||:||2,981| ||Conservation, archaeology, natural history, photography, literary and research grants|||||13,500||22,500| ||Cultural, development, trainingand heritageexchanges|exchangeswithOmanis||||9,547||20,724| ||Grants tootherOmani focused bodiesand associations|||||3,875||54,730| |||||||55,543||105,935| ||Total directcosts|||||68,805||113,927| ||Analysisofgrantsandawards made in the year~|||Grants and||Grantsand||| |||||awards|to|awards to||2023| |||||institutions||individuals||Total| ||||||£|£||£| ||SponsorshipofUKstudents toattend academiccoursesinOman||||=|23,321||23,321| ||SponsorshipofOmanisstudyingin theUK|||5,300||=||5,300| ||Conservation, archaeology, natural history, photography&||& literary grants|11,000||2,500||13,500| ||Cultural, development, trainingandheritageexchangeswithOmanis|||13,635||(4,088)||9,547| ||GrantstootherOmanifocused bodiesandassociations|||3,875||=||3,875| |||||33,810||21,733||55,543| The Anglo-Omani Society (Registered Company Number: 6708685) Notes to the Financial Statements 16 For the Year Ended 31 March 2023 ## 7 EXPENDITURE ON CHARITABLE ACTIVITIES continued (a) Direct costs comprise continued **----- Start of picture text -----**
||||||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |Institutional|recipients|of|Grants|and awards|in|the|year ~|Oman|based|British| |training|and|Omani|Other|minor| |Organisation|Universities|institutions|Total| |£|£|£|£| |Sponsorship|of Omanis studying|in|the UK|5,300|-|-|5,300| |Conservation,|archaeology,|natural|history,|photography,|(4,000)|*|15,000|-|11,000| |and|literary|grants|(*|prior year award|not claimed)| |Cultural,|development,|training and|heritage|exchanges|5,013|-|8,622|13,635| |with|Omanis| |Grants|to other Omani|focused|bodies and|associations|-|-|3,875|3,875| |————eee6,313|15,000|12,497|33,810| |Total|Total| |2023|2022| |£|£| |(b)|Support|costs|comprise:| |Managers,|staff,|agency|staff and|intern costs|(see|staff costs analysis|below)|130,629|131,114| |Recruitment and|training|costs|32|2,518| |Annual Review,|newsletters,|printing,|postage and|stationery|12,506|9,688| |Staff travel & accommodation|2,299|479| |NGG|‘high-flyers'|conference|costs|150|19,327| |Other support|costs|2,171|2,035| |Total|support|costs|147,787|165,161| |(c)|Property|costs comprise:| |Security|731|736| |Share of service charges and|property|insurance|189,067|164,849| |Managing agent's fees|5,625|9,375| |Business|rates|(2022 costs|reflect|a|reversal|of|credits|from|the|Council|received|in|2021)|17,249|30,392| |Web-site and|IT support & development|6,986|5,340| |Irrecoverable VAT on|the Society's|activities|written-back|(2022|-|written-off)|(14,459)|7,267| |Property|marketing and costs|related|to new|leases|9,750|31,776| |Depreciation|of fixed|assets|~|other|than|fixed|asset|investments|2,618|4,817| |Repairs and|maintenance|8,817|860| |Phone and|IT|lines|5,382|4,936| |Other property|related|costs|4,831|2,984| |Total|property management costs|236,597|263,332| **----- End of picture text -----**
The Charity was administered day-to-day by two full-time employees (2022 - two), neither of whom received emoluments of more than £60,000 per annum, together with one part-time employee and 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 £53,110 (2022 - £48,100). **----- Start of picture text -----**
||||||||| |---|---|---|---|---|---|---|---| |Total|staff costs|(included within|(b)|support costs above)|comprise:|2023|2022| |£|£| |Salaries|114,851|112,619| |Social Security|costs|11,713|10,460| |Employer's contribution|to defined|contribution|pension schemes|for employees|3,836|4,314| |Payments made|in support|of Interns|229|3,721| |130,629|131,114| **----- End of picture text -----**
17 ## The Anglo-Omani Society (Registered Company Number: 6708685) Notes to the Financial Statements For the Year Ended 31 March 2023 ## ——SS 8 GOVERNANCE COSTS COSTS 2023 2022 **----- Start of picture text -----**
||||||||| |---|---|---|---|---|---|---|---| |GOVERNANCE COSTS COSTS|2023|2022| |£|£| |Trustees’|reimbursed|travel|and|accommodation|expenses|2,303|1,343| |Professional|fees|6,225|2,700| |Insurance|premiums|4,014|3,779| |Auditors'|remuneration|4,625|4,100| |Property|revaluation|fees|3,750|-| |20,917|11,922| **----- End of picture text -----**
No Trustee received any remuneration or other benefits during the year (2022 - £Nil). Certain Trustees received reimbursement for their ‘out of pocket’ expenses relating directly to the Charity. The aggregate amount of reimbursed expenses was £3,214 (2022 - £1,645), covering four Trustees (2022 - four Trustees), in respect of the reimbursement of expenditure on; lecturer entertaining, travel, subsistence, postage, gifts and the purchase of small goods for the Property. **----- Start of picture text -----**
||||||||||||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |9|FIXED|ASSETS|~ INVESTMENTS|'| |Freehold| |investment| |property| |Investment|property|£| |Carrying|value|at|1|April|2022|11,468,391| |Loss on|revaluation|at|31|March|2023|attributable|to|investment|(1,087,885)| |Carrying value as|at 31|March 2023|10,380,506| |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|2023|by|Mr|R|Moss|MSc|MRICS,|a|RICS|Registered|Valuer of Cluttons|LLP,|at| |£15,000,000|on|the|basis|of|Fair|Value,|in|accordance|with|the|RICS|Valuation|-|Global|Standards|issued|in|January|2022,| |including|the|UK|National|Supplement,|for|valuations|for|inclusion|in|financial|statements.|This|has|resulted|in|a|reduction| |of £1,500,000|in|the carrying|value|of|the|Property|which|has|been|reflected|in|notes|9 and|10.| |10|FIXED ASSETS|~ OTHER THAN INVESTMENTS|Freehold|Computer|Fixtures &| |property|equipment|fittings|Total| |Cost|£|£|£|£| |As at|1|April|2022|5,031,609|10,484|31,971|5,074,064| |Loss on|revaluation|attributable|to|freehold|(412,115)|-|-|(412,115)| |Additions|in the year|-|<|20,109|20,109| |As at|31|March|2023|4,619,494|10,484|52,080|4,682,058| |Depreciation| |As at 1|April 2022|:|-|(9,112)|(31,625)|(40,737)| |Depreciation charged|in|the year|-|(1,083)|(1,535)|(2,618)| |As at 31|March|2023|-|(10,195)|(33,160)|(43,355)| |Net|book|value| |As at 31|March 2023|4,619,494|289|18,920|4,638,703| |As at 31|March|2022|5,031,609|1,372|346|5,033,327| **----- End of picture text -----**
The Anglo-Omani Society Notes to the Financial Statements (Registered Company Number: 6708685) 18 For the Year Ended 31 March 2023 ## El ## 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|DEBTORS|2023|2022| |---|---|---|---| |||£|£| ||Prepaymentsand accrued income|33,704|216,570| ||VAT recoverable|-|9,752| ||Other debtors|-|6,229| ||33,704
232,551
ee
—————————||| |12|INVESTMENTS ~ MANAGED INVESTMENT FUND||| ||Marketvalue offundsat 1 April|2,547,520|2,538,929| ||Net income received in theyear (seenote 4)|48,024|57,064| ||(Decrease)
/increase in the fund value in theyear|(153,844)|51,527| ||Cashwithdrawn in the year|-|(100,000)| ||Marketvalueoffundas at31 March
2,441,700
2,547,520
SS||| 12 INVESTMENTS ~ MANAGED INVESTMENT FUND 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:AMOUNTSFALLINGDUEWITHINONEYEAR|2023|2022| |---|---|---|---| |||£|£| ||Accrued expenses|12,432|80,723| ||Grantsawarded yet to be paid|27,899|68,548| ||Deferred property rentalincome|39,548|-| ||Members' subscriptions paid inadvance|2,166|4,510| ||Rent deposits plusaccrued interest due to tenantsof theinvestment property|=|44,283| ||NGG ‘high-flyers' conference costs|-|9,170| ||VAT payable|5,157|-| ||Othercreditors|-|325| ||87,202
207,559
eee||| The Anglo-Omani Society Notes to the Financial Statements For the Year Ended 31 March 2023 (Registered Company Number: 6708685) 19 14 THE FUNDS OF THE CHARITY **----- Start of picture text -----**
||||||||||||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |Net| |At|1|April|movement|At 31|March| |2022|in|funds|2023| |Unrestricted|funds|£|£|£| |General|fund|2,562,068|(5,640)|2,556,428| |Property|fund|84,075|15,925|100,000| |2,646,143|10,285|2,656,428| |Restricted|funds| |Endowment|fund|9,872,124|.|9,872,124| |Revaluation|reserve|6,627,876|(1,500,000)|5,127,876| |16,500,000|(1,500,000)|15,000,000| |Total funds held|by the Charity|19,146,143|(1,489,715)|__.|17,656,428| |The|net movement|in|funds|was|as|follows:| |2023|2022| |Incoming|Resources|Losseson|Net movement|Net|movement| |resources|expended|investments|in|funds|in|funds| |Unrestricted|funds|£|£|£|£|£| |General|fund|663,776|(515,572)|(153,844)|(5,640)|4,067| |Property|fund|-|15,925|-|15,925|(52,925)| |663,776|(499,647)|(153,844)|10,285|(48,858)| |Restricted|funds| |Endowment|fund|-|-|-|-|-| |Revaluation|reserve|-|(1,500,000)|-|(1,500,000)|(2,000,000)| |Total inflow/(outflow)|663,776|(1,999,647)|(153,844)|(1,489,715)|(2,048,858)| |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|2023| |anda|revaluation|deficit|of|£1,500,000|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|£100,000|(2022|-|£84,075)|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|2023|2022| |fund|fund|funds|Total funds|Total|funds| |-£|£|£|£|£| |Fixed|asset|investments|-|-|10,380,506|10,380,506|11,468,391| |Fixed|asset other than|investments|19,209|-|4,619,494|4,638,703|5,033,327| |Debtors|33,704|-|-|33,704|232,551| |Investments ~ managed|investment fund|2,441,700|-|-|2,441,700|2,547,520| |Cash|at|bank|149,017|100,000|-|249,017|71,913| |Creditors|~ amounts due within|one year|(87,202)|-|-|(87,202)|(207,559)| |Creditors|~|amounts|due after one year|-|-|-|-|-| |Net assets|2,556,428|100,000|15,000,000|17,656,428|19,146,143| **----- End of picture text -----**
The Anglo-Omani Society Notes to the Financial Statements (Registered Company Number: 6708685) 20 For the Year Ended 31 March 2023 ## eee ## 15 RELATED PARTY TRANSACTIONS The Trustees confirm that there are no related party transactions requiring disclosure in the financial statements. ## 16 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