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2022-12-31-accounts

Charity number: 1176237

CHAIYA TRUST

UNAUDITED

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

CHAIYA TRUST

CONTENTS

Page
Reference and Administrative Details of the Charity, its Trustees and Advisers 1
Trustees' Report 2 - 6
Independent Examiner's Report 7 - 8
Statement of Financial Activities 9
Balance Sheet 10
Notes to the Financial Statements 11 - 16

CHAIYA TRUST

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2022

Trustees Ann Clifford Katrina Moss Jordan Martindale Richard Ward Charity registered number 1176237 Principal office Follys End Everton Road Lymington SO41 0HE Accountants Kolade Andrew Alli ACMA West End Hampshire SO18 3NA Bankers Santander Bank Plc

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CHAIYA TRUST

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2022

The Trustees, who are also directors for the purposes of company law, have pleasure in presenting their report and the financial statements for the charitable company for the year ended 31 December 2021. The Trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and the Republic of Ireland (FRS 102) (effective 1 January 2015).

The trustees present their report and the independently examined financial statements for the year ended 31 December 2022.

The trustees have considered the Charity Commission’s guidance on public benefit, including the guidance 'public benefit: running a charity (PB2)'.

Foreword from Katrina Moss, Founder

Please note that as the awards are biennial, the income and expenditure occur over a 2-year period. The awards launch in the Spring of one year, with the winners’ exhibition held the following Spring. So, it is advised to view 2022 and 2023 accounts for 2023 Awards, to see the full income and expenditure. We have always covered all costs if you view the two-year accounts cycle. (The exception to this was Covid when the 2020 awards were postponed to 2021, causing a 3-year cycle for income and expenditure).

The Chaiya Art Awards is the UK’s largest theme based biennial art awards illuminating spirituality through the visual arts, with a top prize of £10,000. Each new theme celebrates inspiring and thought-provoking art and although Chaiya has its roots in Christianity, this competition is open to people of all faiths, to those who have no belief in God, and to everyone in between.

Our third Chaiya Art Awards was launched to artists in April 2022 and over 700 artists entered on the theme Awe + Wonder. The judging panel longlisted 200 artists and then selected 120 to be showcased in the Winners exhibition taking place 7-16 April 2023. We made the decision after the success of the 2021 awards (postponed from 2020 due to galleries being closed as a result of the Covid pandemic) to expand the awards to showcase more artists and their creativity and in addition to the gallery@oxo we are also hiring the adjacent Bargehouse gallery with an extra 4 floors.

Objectives and activities

Chaiya’s main operational activity is to advance the Christian faith, for the public benefit, through the provision of art awards which aim to generate and display art that is capable of enlightening the minds of the public, through raising awareness, understanding, promoting or increasing belief in the character and presence of God; to convey to the public, through the exhibition, an idea, emotion or experience of God which is, or capable of being, valuable to them.

Chaiya’s Vision – what we are working towards

Chaiya’s Aims – how we will make it happen

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CHAIYA TRUST

The financial statements do not include the intangible benefit from the hours donated by volunteers and the dedicated time given by the Trustees of the charity to its governance and management. Chaiya records its sincere appreciation of this benefit.

The trustees review the aims, objectives and activities of the charity each year. This report looks at the charity’s achievements and the outcomes of its work in the reporting period. The trustees report the success of each key activity and the benefits the charity has brought to those groups of people that it is set up to engage. The review also helps the trustees ensure the charity's aims, objectives and activities remained focused on its stated purposes.

The trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning its future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives that have been set.

Achievements and performance

The charity's main activities and those it tries to benefit are described below. All its charitable activities focus on delivering our strategic aims and are carried out to further Chaiya Trust’s charitable purposes for the public benefit. The report sets out key achievements delivered through the 3 main areas of activity identified below.

  1. ARTIST ENGAGEMENT

  2. PUBLIC ENGAGEMENT

  3. LASTING LEGACY

ARTIST ENGAGEMENT

During the lead up to the Chaiya Art Awards in 2023, we had publicised the new theme of ‘Awe + Wonder’ to most major art schools in the UK, alongside all the major artists’ online networks. Many art organisation websites promote the Chaiya Art Awards and exhibition including the following:

COMPETITION ENTRIES

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CHAIYA TRUST

PUBLIC ENGAGEMENT

The third awards in April 2023 are expected to attract thousands of visitors, as has been the case with the two previous awards in 2018 and 2021.

LASTING LEGACY

In 2022 the Chaiya website had over 80,000 visits, with a demographic age spread from 18 to 65+, with people accessing the website from all over England, Scotland, Wales and Northern Ireland and overseas.

We continue to promote the Chaiya Art Awards, the artists’ work on our website and social media, as well as interviews in press, on radio, TV and on social media.

Our Press and Publicity material is updated on our website, which can be viewed at

https://chaiyaartawards.co.uk/press

Alongside the top prize of £10,000. Nine additional cash prizes will be awarded to artists in the Winners Exhibition (including the public choice award of £1,000)

We are also promoting the Chaiya Art Awards, the artists and the artwork, along with thought-provoking prose and poetry which compliments each theme, through the sale of the accompanying hardback book to each exhibition, which is building into a series of books, which can be viewed at https://chaiyaartawards.co.uk/books

Chaiya Art Awards will continue to give 10% from the exhibition sales of artwork and books to our charity partner UNSEEN UK, to support their work fighting against human trafficking and modern-day slavery.

Financial Reserves

The charity held cash reserves during the financial period of £14,892 or 7 months of expenditure (2021 - £17,553 or 7 months of expenditure. The trustees deem this as sufficient to mitigate financial risks.

Page 2

CHAIYA TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

a. Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity 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.

Structure, governance and management

a. Constitution

Chaiya Trust is a registered charity, number 1176237, and is constituted under a Trust deed.

b. Methods of appointment or election of Trustees

The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.

Statement of Trustees' responsibilities

The Trustees 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).

The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity 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:

Page 5

CHAIYA TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and 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 Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. 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.

Page 5

CHAIYA TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

Approved by order of the members of the board of Trustees on 1 March 2023 and signed on their behalf by:

Katrina Moss

Page 6

CHAIYA TRUST

INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2022

Independent Examiner's Report to the Trustees of Chaiya Trust ('the Charity')

I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 December 2022.

Responsibilities and Basis of Report

As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').

I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent Examiner's Statement

Your attention is drawn to the fact that the Charity has prepared the accounts in accordance with 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) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.

I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

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 that in any material respect:

  1. accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or

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

  3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.

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CHAIYA TRUST

INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2022

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 Charity'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 Charity'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 Charity and the Charity's Trustees as a body, for my work or for this report.

Page 7

CHAIYA TRUST

INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

Signed:

Dated: 1 March 2023

Kolade Andrew Alli ACMA

West End Hampshire

SO18 3NA

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CHAIYA TRUST

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022

Note
Income from:
Charitable activities
3
Total income
Expenditure on:
Other expenditure
4
Total expenditure
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2022
£
23,678		 Total
funds
2022
£

23,678		 Total
funds
2021
£

19,605
23,678
23,678
19,605

25,722


25,722


32,205
25,722
25,722
32,205

(2,044)


(2,044)


(12,600)

16,370
(2,044)


16,370

(2,044)


28,970

(12,600)
14,326
14,326
16,370

The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 11 to 16 form part of these financial statements.

Page 9

CHAIYA TRUST

BALANCE SHEET AS AT 31 DECEMBER 2022

Note
Fixed assets
Current assets
Cash at bank and in hand
Creditors: amounts falling due within one
year
7
Net current assets
Total assets less current liabilities
Net assets excluding pension asset
Total net assets
Charity funds
Restricted funds
9
Unrestricted funds
9
Total funds		 14,892 2022
£
-

17,553


17,553

(1,183)
14,326

14,326
14,326
14,326
-
14,326
14,326		 2021
£
-



16,370
14,892
(566)
16,370
16,370
16,370

-
16,370
16,370

The financial statements were approved and authorised for issue by the Trustees on 01 March 2023 and signed on their behalf by:

Katrina Moss

The notes on pages 11 to 16 form part of these financial statements.

Page 10

CHAIYA TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

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 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

Chaiya Trust 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.

2.2 Income

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

2.3 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.

All expenditure is inclusive of irrecoverable VAT.

2.4 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.

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CHAIYA TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

2. Accounting policies (continued)

2.5 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 Charity 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.

2.6 Financial instruments

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

2.7 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 Charity and which have not been designated for other purposes.

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CHAIYA TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

3. Income from donations and legacies

3. Income from donations and
legacies
Unrestricted
funds		 Total Total
2021
£

-

15,193
-
4,412
19,605
General 2022
£ £
Sponsorship Income 10,500 10,500
Income from competition entry fees 11,946 11,946
Income from book sales 425 425
Other Income 807 807
23,678 23,678

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CHAIYA TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

4. Expenditure on charitable activities

activities
Unrestricted
funds
Total		 Total
General
2022		 2021
£
£		 £
Administrative expenses 355
355		 473
Books 157
157		 2,228
Exhibition Costs 22,135
22,135		 2,256
Meetings 0
0		 53
Marketing 2,039
2,039		 1,198
Balance of payments to
Artists for Art Sold		 0
0		 8,850
Prize money 0
0		 14,500
Membership 38
38		 76
Research 35
35		 171
Travel 603
603		 325
Gifts to Charity 0
0		 1,600
Insurance 0
0		 115
Independent examiner's
fee		 360
360		 360
25,722
25,722		 32,205

5. Independent examiner's remuneration

Fees payable to the Charity's independent examiner for the independent
examination of the Charity's annual accounts		 2022
£
360		 2021
£
360

6. Trustees' remuneration and expenses

During the year ended 31 December 2022, expenses totalling £ 566 were reimbursed directly to Katrina Moss (2021 - £408). This relates to expenses incurred on behalf of the charity.

7. Creditors: Amounts falling due within one year

Accruals and deferred income 2022
£
566		 2021
£
1,183

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CHAIYA TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

8. Financial instruments

Financial assets
Financial assets measured at fair value through income and expenditure		 2022
£
14,892		 2021
£
17,553

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CHAIYA TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

9. Statement of funds

Statement of funds - current year

Unrestricted funds
General Funds		 Balance at 1
January
2022
£
16,370		 Income
£

23,678		 Expenditure
£

(25,722)		 Balance at
31
December
2022
£
14,326

Page 15

CHAIYA TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

9. Statement of funds (continued) Statement of funds - prior year

Unrestricted funds
General Funds
10.
Summary of funds
Summary of funds - current year		 Balance at
1 January
2021
£
28,970		 Income
£

19,605		 Expenditure
£

(32,205)		 Balance at
31
December
2021
£
16,370


General funds
Summary of funds - prior year
General funds		 Balance at 1
January
2022
£
16,370		 Income
£

23,678		 Expenditure
£

(25,722)		 Balance at
31
December
2022
£
14,326

Balance at
1 January
2021
£
28,970

Income
£

19,605

Expenditure
£

(32,205)
Balance at
31
December
2021
£
16,370

Page 16