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← Velehrad London

2023-12-31-accounts

Docusign Envelope ID: 1CDF0744-7B80-4C29-8949-5CD628F2992F

Registered number: 8684201 Charity number: 1154836

VELEHRAD LONDON

(A company limited by guarantee)

UNAUDITED

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

Docusign Envelope ID: 1CDF0744-7B80-4C29-8949-5CD628F2992F

VELEHRAD LONDON

(A company limited by guarantee)

CONTENTS

Page
Reference and administrative details of the company, its Trustees and advisers 1
Trustees' report 2 - 5
Independent examiner's report 6
Statement of financial activities 7
Balance sheet 8 - 9
Notes to the financial statements 10 - 23

Docusign Envelope ID: 1CDF0744-7B80-4C29-8949-5CD628F2992F

VELEHRAD LONDON

(A company limited by guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2023

Trustees M Tomsky A J Stane M Mondry K Kubackova

Company registered number 8684201 Charity registered number 1154836 Registered office 39 Lonsdale Road London SW13 9JP Company secretary L J Stane Accountants MWS Chartered Accountants Accountants 601 London Road Westcliff-on-Sea Essex SS0 9PE

Page 1

Docusign Envelope ID: 1CDF0744-7B80-4C29-8949-5CD628F2992F

VELEHRAD LONDON

(A company limited by guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2023

The Trustees present their annual report together with the financial statements of the company for the 1 January 2023 to 31 December 2023. The Annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) 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).

Since the company qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.

Objectives and activities

a. Policies and objectives

The charity's objectives are to provide relief and assistance, particularly in the fields of culture, education and religion, to migrants from the territory of former Czechoslovakia.

The Trustees have paid due regard to guidance in relation to Public Benefit issued by the Charity Commission in deciding what activities the charity should undertake. The Trustees are of the opinion that it has fully complied with all such guidance.

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.

b. Grant-making policies

The trustees will consider making grants to beneficiaries that fall within its charitable objectives and invite relevant applications to be made.

Achievements and performance

a. Main achievements of the company

The main achievement of the company is its ability to continue to support needy Czech and Slovak migrant by providing grants to individuals who need it and which have been useful to them.

Page 2

Docusign Envelope ID: 1CDF0744-7B80-4C29-8949-5CD628F2992F

VELEHRAD LONDON (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Achievements and performance (continued)

b. Review of activities

In 2023 as in the previous years, the Charity provided financial support (grants) to a number of Czech and Slovak students living in England and attending institutions of higher education in the U.K. They supported some needy migrants from former Czechoslovakia. It also supported repatriation costs of some stranded Czech and Slovak nationals when alerted to them by the Czech and Slovak Embassies and other Czech and Slovak charitable organisation in the UK.

A regular Sunday language club for Czech children took place in the rooms of the property and the Trustees support the cost of the language teachers.

The Trustees organised various charitable activities in the house and the charity's property continued to provide a home for the Czech and Slovak community events in London.

The Trustees continued to work closely with the office of the Archbishop of Prague trying to meet the pastoral needs of the Czech catholic Diaspora. The Czech Bishops Conference has agreed to provide a Czech priest for one monthly Sunday Catholic Mass which takes place in the Espinosa hall. The Trustees meet the cost of the visiting priests.

Financial review

a. Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

b. Reserves policy

It is the policy of the Charity that unrestricted funds which have not been designated for a specific use, excluding the amounts allocated to fixed assets and investments, should be maintained at a level equivalent to between three and six months' expenditure. The Trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.

At the end of the year the Charity's total unrestricted reserves amounted to £10,601,901 (2022: £10,564,059).

The attached financial statements show the current state of the finances, which are considered to be sound.

The results of the period are set out in the Statement of Financial Activities on page 6. The trustee regularly review the reserves policy in light of risks and future plans.

Structure, governance and management

a. Constitution

Velehrad London is registered as a charitable company limited by guarantee and was set up by Articles of Association on 11/12/2013. The Articles of Association, also adopted 11/12/2013, were amended on 11/01/2014. The company is also a registered charity, number 1154836.

Page 3

Docusign Envelope ID: 1CDF0744-7B80-4C29-8949-5CD628F2992F

VELEHRAD LONDON

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Structure, governance and management (continued)

b. Methods of appointment or election of Trustees

The management of the company is the responsibility of the Trustees who are elected and co-opted under the terms of the Articles of Association.

c. Policies adopted for the induction and training of Trustees

The composition of the Charity's board of trustees is reviewed regularly with a view to achieving a spread of expertise and age designed to facilitate the achievement of the Charity's objects. The Trustees keep up to date on their responsiblities by various means, such as reviewing the Charity Commission website, reading relevant periodicals and professional advice,

d. Pay policy for key management personnel

The Trustees consider the board of trustees as comprising the key management personnel of the charity in charge of directing and controlling the charity. The trustees have delegated the running and day to day operation of the charity to an operations manager. All trustees give their time freely and no trustee remuneration was paid in the year.

e. Financial risk management

The Trustees have examined the major strategic, business and operational risks to which the charity is exposed and are satisfied that systems are in place to mitigate exposure to significant risks.

Members' liability

None of the trustees has any beneficial interest in the company. All of the Trustees are members of the company and guarantee to contribute £1 in the event of winding up.

Page 4

Docusign Envelope ID: 1CDF0744-7B80-4C29-8949-5CD628F2992F

VELEHRAD LONDON (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Statement of Trustees' responsibilities

The Trustees (who are also the directors of the company for the purposes of company law) are responsible for preparing the Trustees' report 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 . Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by order of the members of the board of Trustees on 19 September 2024 and signed on their behalf by:

==> picture [95 x 37] intentionally omitted <==

==> picture [88 x 37] intentionally omitted <==

................................................ ................................................ A J Stane M Tomsky Trustee Trustee

Page 5

Docusign Envelope ID: 1CDF0744-7B80-4C29-8949-5CD628F2992F

VELEHRAD LONDON (A company limited by guarantee)

INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2023

Independent examiner's report to the Trustees of Velehrad London ('the company')

I report to the charity Trustees on my examination of the accounts of the company for the year ended 31 December 2023.

Responsibilities and basis of report

As the Trustees of the company (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the company's accounts carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

  1. accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination; or

  4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

This report is made solely to the company's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the company's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the company and the company's Trustees as a body, for my work or for this report.

Signed: Dated: 19 September 2024 Jonathan Gorridge FCA ICAEW MWS Chartered Accountants Accountants 601 London Road Westcliff-on-Sea Essex SS0 9PE

Page 6

Docusign Envelope ID: 1CDF0744-7B80-4C29-8949-5CD628F2992F

VELEHRAD LONDON

(A company limited by guarantee)

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2023

Note
Income from:
Donations and legacies
3
Investments
4
Total income
Expenditure on:
Raising funds
5
Charitable activities
7
Total expenditure
Net expenditure before net gains/(losses) on
investments
Net gains/(losses) on investments
Net income/(expenditure)
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2023
£
7,976
83,529
91,505
10,836
105,478
116,314
(24,809)
62,651
37,842
37,842
10,564,058
37,842
10,601,900		 Total
funds
2023
£
7,976
83,529
91,505
10,836
105,478
116,314
(24,809)
62,651
37,842
37,842
10,564,058
37,842
10,601,900		 Total
funds
2022
£
4,520
86,176
90,696
11,606
101,512
113,118
(22,422)
(204,984)
(227,406)
(227,406)
10,791,464
(227,406)
10,564,058

The Statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 10 to 23 form part of these financial statements.

Page 7

Docusign Envelope ID: 1CDF0744-7B80-4C29-8949-5CD628F2992F

VELEHRAD LONDON (A company limited by guarantee) REGISTERED NUMBER: 8684201

BALANCE SHEET AS AT 31 DECEMBER 2023

Note
Fixed assets
Tangible assets
12
Investments
13
Current assets
Debtors
14
Cash at bank and in hand
Creditors: amounts falling due within one
year
15
Net current assets
Total assets less current liabilities
Net assets excluding pension asset
Total net assets
Charity funds
Restricted funds
19
Unrestricted funds
19
Total funds		 8,592
3,882
12,474
(4,577)		 2023
£
9,426,218
1,167,786
10,594,004
7,897
10,601,901
10,601,901
10,601,901
-
10,601,901
10,601,901		 9,183
10,643
19,826
(4,837)		 2022
£
9,427,098
1,121,971
10,549,069
14,989
10,564,058
10,564,058
10,564,058
-
10,564,058
10,564,058

Page 8

Docusign Envelope ID: 1CDF0744-7B80-4C29-8949-5CD628F2992F

VELEHRAD LONDON (A company limited by guarantee) REGISTERED NUMBER: 8684201

BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2023

The company was entitled to exemption from audit under section 477 of the Companies Act 2006.

The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees on 19 September 2024 and signed on their behalf by:

==> picture [95 x 37] intentionally omitted <==

==> picture [88 x 37] intentionally omitted <==

A J Stane M Tomsky Trustee Trustee

The notes on pages 10 to 23 form part of these financial statements.

Page 9

Docusign Envelope ID: 1CDF0744-7B80-4C29-8949-5CD628F2992F

VELEHRAD LONDON (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

1. General information

Velehrad London is a charitable company limited by guarantee and incorporated in England and Wales.

Its registered office is 39 Lonsdale Road, Barnes, London, SW13 9JP.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Velehrad London meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The financial statements are prepared in Sterling, which is the functional currency of the Trust.

2.2 Public benefit entity

The charity constitutes a public benefit entity as defined by FRS 102. The charity is a company limited by guarantee that is domiciled in England and Wales.

2.3 Income

All income is recognised once the company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.

2.4 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Expenditure on raising funds includes all expenditure incurred by the company to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the company's objectives, as well as any associated support costs.

Page 10

Docusign Envelope ID: 1CDF0744-7B80-4C29-8949-5CD628F2992F

VELEHRAD LONDON

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

2. Accounting policies (continued)

2.4 Expenditure (continued)

Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.

All expenditure is inclusive of irrecoverable VAT.

2.5 Taxation

The company is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the company is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

2.6 Tangible fixed assets and depreciation

Items of a capital nature are reviewed for their purpose and are capitalised where they are considered to provide an ongoing use to the charity

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

2.7 Freehold Property

The initial recognition of the cost of the property is its original purchase price together with associated costs of acquisition and costs directly attributable to bringing the property so that it is capable of being used in the manners intended by the trustees.

The freehold property will be revalued by the trustees at 31 December 2023 and then with sufficient regularity to ensure the carrying amount does not differ materially from its fair value at the end of each accounting year.

2.8 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities.

Page 11

Docusign Envelope ID: 1CDF0744-7B80-4C29-8949-5CD628F2992F

VELEHRAD LONDON

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

2. Accounting policies (continued)

2.9 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.10 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

2.11 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.

2.12 Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2.13 Pensions

The company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in respect of the year.

2.14 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the company and which have not been designated for other purposes.

Investment income, gains and losses are allocated to the appropriate fund.

2.15 Foreign currency

Transactions in foreign currencies are recorded at the rate ruling at the date of transaction. Bank balances denominated in foreign currencies are translate at the rate of exchange ruling at the balance sheet date. All foreign exchange differences are taken to the SOFA. There were no foreign currency transactions undertaken in this accounting period.

Page 12

Docusign Envelope ID: 1CDF0744-7B80-4C29-8949-5CD628F2992F

VELEHRAD LONDON

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

3. Income from donations and legacies

Unrestricted
funds
2023
£
Donations
7,976
Unrestricted
funds
2022
£
Donations
4,520
Investment income
Unrestricted
funds
2023
£
Rental Income
51,380
Income from listed investments
32,148
Investment income
1
83,529
Unrestricted
funds
2022
£
Investment income - local investment properties
49,860
Income from local listed investments
36,316
86,176		 Total
funds
2023
£
7,976
Total
funds
2022
£
4,520
Total
funds
2023
£
51,380
32,148
1
83,529
Total
funds
2022
£
49,860
36,316
86,176

4. Investment income

Page 13

Docusign Envelope ID: 1CDF0744-7B80-4C29-8949-5CD628F2992F

VELEHRAD LONDON

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

5. Investment management costs

Unrestricted
funds
2023
£
Investment management fees
10,836
Unrestricted
funds
2022
£
Investment management fees
11,606		 Total
funds
2023
£
10,836
Total
funds
2022
£
11,606

6. Analysis of grants

Grants, Charitable Activities
Grants, Charitable Activities		 Grants to
Individuals
2023
£
15,598
Grants to
Individuals
2022
£
12,096		 Total
funds
2023
£
15,598
Total
funds
2022
£
12,096

Page 14

Docusign Envelope ID: 1CDF0744-7B80-4C29-8949-5CD628F2992F

VELEHRAD LONDON

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

7. Analysis of expenditure on charitable activities

Summary by fund type

Charitable Activities
Charitable Activities
Summary by expenditure type
Charitable Activities
Charitable Activities		 Unrestricted
funds
2023
£
105,478
Unrestricted
funds
2022
£
101,512
Staff costs
2023
Depreciation
2023
Other costs
2023
£
£
£
26,009
1,473
77,996
Staff costs
2022
Depreciation
2022
Other costs
2022
£
£
£
25,384
3,217
72,911		 Total
2023
£
105,478
Total
2022
£
101,512
Total
2023
£
105,478
Total
2022
£
101,512

Page 15

Docusign Envelope ID: 1CDF0744-7B80-4C29-8949-5CD628F2992F

VELEHRAD LONDON

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

8. Analysis of expenditure by activities

Charitable Activities
Charitable Activities		 Activities
undertaken
directly
2023
£
3,551
Activities
undertaken
directly
2022
£
3,408		 Grant
funding of
activities
2023
£
15,598
Grant
funding of
activities
2022
£
12,096		 Support
costs
2023
£
86,329
Support
costs
2022
£
86,007		 Total
funds
2023
£
105,478
Total
funds
2022
£
101,511

Analysis of support costs

Staff costs
Depreciation
Chapel & priest costs
Premises costs
Printing & stationery
Travelling & subsistence
Insurance
Gifts & related costs
Bank charges
Light & heat
Accountancy
Fundraising & publicity
Community education
Sundry expenses
Independent examiner
Telephone
Exp type 30		 Charitable
Activities
2023
£
26,009
1,473
1,865
13,193
161
3,024
5,931
3
108
15,635
2,448
522
11,072
354
2,160
1,846
525
86,329		 Total
funds
2023
£
26,009
1,473
1,865
13,193
161
3,024
5,931
3
108
15,635
2,448
522
11,072
354
2,160
1,846
525
86,329

Page 16

Docusign Envelope ID: 1CDF0744-7B80-4C29-8949-5CD628F2992F

VELEHRAD LONDON

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

8. Analysis of expenditure by activities (continued)

Analysis of support costs (continued)

During the year ended 31 December 2023, the company incurred the following Governance costs: £4,320 (2022 - £4,320) included within the table above in respect of the charitable activities.

Staff costs
Depreciation
Chapel & priest costs
Premises costs
Printing & stationery
Travelling & subsistence
Insurance
Gifts & related costs
Bank charges
Light & heat
Accountancy
Fundraising & publicity
Community education
Sundry expenses
Independent Examiner
Telephone		 Charitable
Activities
2022
£
25,384
3,217
610
21,453
771
709
5,590
8
106
14,233
2,448
427
6,594
828
2,160
1,469
86,007		 Total
funds
2022
£
25,384
3,217
610
21,453
771
709
5,590
8
106
14,233
2,448
427
6,594
828
2,160
1,469
86,007

9. Independent examiner's remuneration

The independent examiner's remuneration amounts to an independent examiner fee of £2,160 (2022 - £2,160) , and and accounts preperation of £2,160 ( 2022 - £2,160 ).

10. Staff costs

Wages and salaries
Contribution to defined contribution pension schemes		 2023
£
25,870
139
26,009		 2022
£
25,263
121
25,384

Page 17

Docusign Envelope ID: 1CDF0744-7B80-4C29-8949-5CD628F2992F

VELEHRAD LONDON

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

10. Staff costs (continued)

The average number of persons employed by the company during the year was as follows:

2023 2022
No. No.
Employees 2 2

No employee received remuneration amounting to more than £60,000 in either year.

11. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2022 - £NIL) .

During the year ended 31 December 2023, no Trustee expenses have been incurred (2022 - £NIL) .

12. Tangible fixed assets

Cost or valuation
At 1 January 2023
Additions
At 31 December 2023
Depreciation
At 1 January 2023
Charge for the year
At 31 December 2023
Net book value
At 31 December 2023
At 31 December 2022		 Freehold
property
£
9,421,258
-
9,421,258
-
-
-
9,421,258
9,421,258		 Fixtures and
fittings
£
33,430
594
34,024
27,590
1,473
29,063
4,961
5,840		 Total
£
9,454,688
594
9,455,282
27,590
1,473
29,063
9,426,219
9,427,098

Page 18

Docusign Envelope ID: 1CDF0744-7B80-4C29-8949-5CD628F2992F

VELEHRAD LONDON

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

13. Fixed asset investments

Cost or valuation
At 1 January 2023
Additions
At 31 December 2023
Net book value
At 31 December 2023
At 31 December 2022
Debtors
Due within one year
Other debtors
Prepayments and accrued income
Creditors: Amounts falling due within one year
Other taxation and social security
Pension fund loan payable
Other creditors		 2023
£
-
8,592
8,592
2023
£
244
13
4,320
4,577		 Listed
investments
£
1,121,971
45,815
1,167,786
1,167,786
1,121,971
2022
£
60
9,123
9,183
2022
£
504
13
4,320
4,837

14. Debtors

15. Creditors: Amounts falling due within one year

Page 19

Docusign Envelope ID: 1CDF0744-7B80-4C29-8949-5CD628F2992F

VELEHRAD LONDON

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

16. Financial instruments

2023 2022
£ £
Financial assets
Financial assets measured at fair value through income and expenditure 1,167,786 1,121,971

The investment portfolio is significant to the charity's financial performance as income from the listed investments helps fund a large proportion of the expenses of the charity. The portfolio is also significant to the charity's financial position as its fair value is a material proportion of its assets.

17. Fixed asset investments

FA investments
Investments at 1 January
Additions during the year
Proceeds
Realised (losses)/gains
Unrealised gains/(losses)
Market Value at 31 December
Cash held at 31 December
Total investments at 31 December		 2023
£
1,085,542
455,075
(464,573)
60,732
1,919
1,138,695
29,090
1,167,785		 2022
£
1,303,099
205,537
(218,110)
49,588
(254,572)
1,085,542
36,428
1,121,970

The investment represents a portfolio of investments managed by Investec Wealth and Investment Limited. The cost price of the investments was £1,010,673 (2022: £996,048).

18. Funds transfers

During the year funds transfers were carried out as follows:

£38,147 was transferred to the investments general fund from the other general fund representing cash and other adjustments to the investment account.

£594 was transferred within the general fund representing a fixed asset addition

Page 20

Docusign Envelope ID: 1CDF0744-7B80-4C29-8949-5CD628F2992F

VELEHRAD LONDON

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

19. Statement of funds

Statement of funds - current year

Balance at
Balance at 1 31
January Transfers Gains/ December
2023 Income Expenditure in/out (Losses) 2023
£ £ £ £ £ £
Unrestricted
funds
Tangible fixed
assets 9,427,098 - (1,473) 594 - 9,426,219
Investments 1,121,970 32,148 (10,836) (38,147) 62,651 1,167,786
Other general
funds 14,990 59,358 (104,005) 37,553 - 7,896
10,564,058 91,506 (116,314) - 62,651 10,601,901
Statement of funds - prior year
Balance at
Balance at 31
1 January Transfers Gains/ December
2022 Income Expenditure in/out (Losses) 2022
£ £ £ £ £ £
Unrestricted
funds
General Funds -
all funds 10,791,464 90,696 (113,118) (10,549,069) (204,984) 14,989
Tangible fixed
assets - - - 9,427,098 - 9,427,098
Investments - - - 1,121,971 - 1,121,971
10,791,464 90,696 (113,118) - (204,984) 10,564,058

Page 21

Docusign Envelope ID: 1CDF0744-7B80-4C29-8949-5CD628F2992F

VELEHRAD LONDON

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

20. Summary of funds

Summary of funds - current year

General funds Balance at 1
January
2023
£
10,564,058		 Income
£
91,506
Income
£
90,696		 Expenditure
£
(116,314)
Expenditure
£
(113,118)		 Transfers
in/out
£
-
Transfers
in/out
£
-		 Gains/
(Losses)
£
62,651
Gains/
(Losses)
£
(204,984)		 Balance at
31
December
2023
£
10,601,901
Balance at
31
December
2022
£
10,564,058
Summary of funds - prior year
Balance at
1 January
2022
£
General funds
10,791,464

Unrestricted funds are donations and other incoming resources receivable or generated for the objects of the charity without further specified purpose.

21. Analysis of net assets between funds

Analysis of net assets between funds - current year

Unrestricted
funds
2023
£
Tangible fixed assets
9,426,219
Fixed asset investments
1,167,786
Current assets
12,473
Creditors due within one year
(4,577)
Total
10,601,901		 Total
funds
2023
£
9,426,219
1,167,786
12,473
(4,577)
10,601,901

Page 22

Docusign Envelope ID: 1CDF0744-7B80-4C29-8949-5CD628F2992F

VELEHRAD LONDON

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

21. Analysis of net assets between funds (continued)

Analysis of net assets between funds - prior year

Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
Total		 Unrestricted
funds
2022
£
9,427,098
1,121,971
19,826
(4,837)
1
10,564,059		 Total
funds
2022
£
9,427,098
1,121,971
19,826
(4,837)
1
10,564,059

22. Pension commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £139 (2022 - £120). Contributions totalling £13.27 (2022: £13.27) were payable to the fund at the balance sheet date and are included in creditors.

23. Related party transactions

During the year the company paid L Stane, an officer of the company salary of £15,000 (2022: £15,000) under a standard employment contract for her role as Operations Manager

Page 23