**REGISTERED COMPANY NUMBER: 11496998 (England and Wales) REGISTERED CHARITY NUMBER: 1186773** Report of the Trustees and Unaudited Financial Statements for the Year Ended 31 March 2022 for The Seekers Trust McLean Reid Chartered Accountants 1 Forstal Road Aylesford Kent ME20 7AU The Seekers Trust ## Contents of the Financial Statements for the Year Ended 31 March 2022 |||**Page**|| |---|---|---|---| |**Report of the Trustees**|1|to|5| |**Independent Examiner's Report**||6|| |**Statement of Financial Activities**||7|| |**Balance Sheet**|8|to|9| |**Notes to the Financial Statements**|10|to|15| The Seekers Trust (Registered number: 11496998) ## Report of the Trustees for the Year Ended 31 March 2022 The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2022. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). ## **OBJECTIVES AND ACTIVITIES** ## **Objectives and aims** The Seekers Trust was founded on 12th May 1932 for the promotion of the well-being of mankind and in particular its spiritual, mental and physical regeneration and healing by means of Christian faith and prayer. The objectives of the charity are to relieve those in need and in particular the sick, those in poor health, suffering from relationship difficulties or spiritual crisis and to promote public healing by the provision and promotion of spiritual healing for the benefit of the public by teaching and training spiritual healers and by ensuring proper standards in the practice of spiritual healing. ## **ACHIEVEMENT AND PERFORMANCE** ## **Charitable activities** Regular Prayer Circles have been held on a daily basis throughout the year both within the Chapels at The Seekers Trust and in the homes of devoted members. Since the inception of Covid in early 2020 there has been a significant increase in phone calls and requests for prayers. As we start to come through the last two years of uncertainty and fear we now have to face another crisis to add to our worries. In our ongoing prayer circles we are now adding a prayer for the people of Ukraine and we know that many of you will be joining us. The trustees wish to acknowledge with gratitude the considerable commitment of all volunteers who ensure that these Distant Healing Services are carried out for the benefit of Mankind, the Animal Kingdom and the Planet. Trustees also acknowledge that without this commitment, it would be extremely difficult for the regular Prayer Circles to continue. Thankfully all is not doom and gloom as we have many positives to reflect upon. We were unable to hold Rose Day for our members in 2020 and 2021. We are delighted to report that our Day of Remembrance will take place this year on Sunday 26th June. Our new corporate structure was finally completed on 24th March 2021 when we set up two new companies. The Seekers Trust Charity Number 1186773 and Company Number 11496998 is a new Private Company limited by guarantee without share capital and limiting the liability of each member to £1, being the amount that each member undertakes to contribute to the assets of the charity in the event of it being wound up while they are members .The Seekers Gift Shop and Café Limited Company Number 11531061 is a wholly owned subsidiary of The Seekers Trust and runs the operations of the café and gift shop. Thanks to our dedicated staff our office has continued to function on a daily basis to receive phone calls or letters from all in need. We have been placing "special prayers" on our Altar, offering opportunities to join us in our prayer circles or simply providing a friendly understanding voice at the end of the phone. We have experienced a significant increase in callers requesting our healing help for themselves and others and the appreciation for our efforts is evidenced by the positive correspondence received from our linkers and members We have finally agreed a new lease with West Malling Golf Club. As previously reported the Golf Club had asked us to take back 8 of the 9 acres they leased from us . A new lease for one acre required by the Golf Club was finalised for a period of 7 years from 1st July 2021. In preparation for our refurbishment of our chapels we started updating our library. All the books are being sorted out and a number of unwanted books, mainly fiction and paperbacks, have been donated to local charities. An appeal also went out to our members for any unwanted spiritual books. This is still work in progress. The trustees would like to say thank you to all our staff, volunteers and healers. Without their much valued efforts the Trust could not continue to function. ## **Investment performance** The management of our investment portfolio is in the hands of IPS Capital LLP. Page 1 The Seekers Trust (Registered number: 11496998) ## Report of the Trustees for the Year Ended 31 March 2022 ## **FINANCIAL REVIEW** ## **Financial position** Our current investment portfolio at the end of March 2022 was valued at £1,254,152 (unincorporated charity 2021: £1,201,420). The breakdown percentage of our investment portfolio is as follows: |Portfolio Cash|3.0%| |---|---| |Property & Infrastructure|12.0%| |Fixed Income|29.9%| |Equities|49.8%| |Commodities|2.7%| |Absolute Return|2.6%| Legacies totalling £1,500 (unincorporated charity 2021: £44,897) were received during the financial year ending 31st March 2022. Details of the Income and Expenditure for the year can be found on page 8 of the Financial Statements. ## **Investment policy and objectives** In accordance with the Trust Deed, the board of trustees have the power to invest funds not immediately required for the purpose of the charity, in the name of the Trustee Company, in or on any investments (including the purchase of freehold or leasehold land) as the board of trustees shall, on the advice of its financial advisors given at the time of the investment, select. ## **Reserves policy** ## (1). Unrestricted funds Unrestricted funds amounted to £23,443 (unincorporated charity 2021: £49,401), of which £51,504 (unincorporated charity 2021: £56,667) was invested in fixed assets. The trustees therefore ensure that sufficient funds are available to meet day-to-day expenses through careful planning and monitoring of the activities carried out by the Trust. ## (2). Restricted funds The Chapel's refurbishment fund has been utilised towards the cost of pathway lighting. In accordance with the stated accounting policy this has been capitalised and the fund is now being used to cover the cost of the annual depreciation charge. The Endowment income restricted funds were created following a transfer of the income accumulated in the Endowment funds. To avoid a large deficit on unrestricted funds, the trustees have decided to utilise some of the Gardens and Grounds restricted fund to cover the Gardens and Ground maintenance costs. This fund was provided for the upkeep of the Garden and Grounds but historically we have only used the interest and have managed to meet the remaining costs from unrestricted funds which unfortunately we have been unable to do for the last few years. ## (3). Endowment fund The Endowment fund was donated to the Charity on 7th June 1984. Income derived from it may be used for activities relating to the Harmony Prayer Circles, publicity and advertising, the upkeep of the gardens and grounds, and for conferences and promotional activities. The income from the expendable endowment fund may be used for the erection, replacement and refurbishment of the buildings at Addington. The capital from this part of the original gift (£250,000) may be used if the income is insufficient for this latter purpose. Page 2 The Seekers Trust (Registered number: 11496998) ## Report of the Trustees for the Year Ended 31 March 2022 ## **FUTURE PLANS** Healing is the purpose of The Trust and the trustees will ensure it is the prime focus of their endeavours by supporting and encouraging all those involved in the Harmony Prayer Circles. We have had a number of requests regarding reopening our chapels for healing. The chapels were closed in 2020 due to covid restrictions and the planned refurbishment. The trustees decided to offer healing on an appointment only basis one day (Thursday) fortnightly commencing end of May. This will be closely monitored and reviewed on an ongoing basis. The planned refurbishment of our chapels is making progress at long last and work is expected to commence in July 2022. We have appointed a local based Construction Consultancy firm who will obtain any and all approvals required from Tonbridge and Malling Council and complete stage sign offs as the work progresses. The trustees are continuing a full review of our activities and planning our future strategy on an ongoing basis. We are opening our facilities to the public and letting our conference hall to suitable groups. The office staff continue to prepare the required monthly financial reports to enable the trustees to prepare an annual budget, maintain controls and manage the charity's affairs. One of our primary roles is to ensure that the work of prayer and healing will grow and flourish. The most important factor for the trustees is to ensure the sustainability of The Seekers Trust which has been going since 1932 and we want to keep it going in perpetuity. ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** ## **Governing document** The Seekers Trust Charity constitutes an incorporated charity and is administered by its Articles of Association adopted 10th November 2019. The charity is a limited company, limited by guarantee, as defined by the Companies act 2006. The charity's Articles of Association adopted the Trust Deed dated 7th May 1933 and the New Trust Deed dated 23rd March 1986 together with the Supplemental Deed dated 28th June 2003 and amendments dated 16th September 2006, 6th September 2010 and 10th September 2011. ## **Charity constitution** The Seekers Trust Charity constitutes an incorporated charity with a registered charity number of 1186773. ## **Recruitment and appointment of new trustees** The trustees of the charity are elected by the membership and serve a term of three years. Retirement is by rotation but, if they wish, trustees may be re-elected by the membership at either an AGM or EGM. The board of trustees of the charity shall consist of not less than four nor more than seven persons (hereinafter referred to as trustees) elected to office at an Annual or Extraordinary General Meeting of the charity. ## **Decision making** The trustees determine the general policy of the charity and have complied with the duty in Section 4 of the Charities act 2011 to have due regard to guidance published by the Charity Commission, including public benefit guidance. Whilst the staffing policy and organisational aspects of the charity continue to be under review, the chairman and trustees also manage the affairs of the Trust and ensure that the Trusts' policies are implemented. The chairman reports to the other trustees at their regular meetings and this information, along with any recommendations, are discussed and decisions are made by the board. The trustees approve all major and non- routine expenditure before a commitment is made and they review the quarterly income and expenditure accounts on a regular basis. ## **Induction and training of new trustees** There is currently no formal training programme in place for new trustees as all are existing members of The Seekers Trust, therefore they know and understand the work of the charity and are familiar with the grounds and facilities at Addington. Any new trustee can be appointed by resolution of the members at an Annual or Extraordinary General Meeting of the charity. The secretary of the charity shall, at the same time as notifying the members of the date and time of the General Meeting, invite members to submit names of candidates, who shall have been members for not less than one year, for election as trustees. Names of candidates for election at the General Meeting must be submitted in writing by a proposer member and seconded in writing by another member (both of whom shall have been members for not less than two years continuously). Page 3 The Seekers Trust (Registered number: 11496998) Report of the Trustees for the Year Ended 31 March 2022 ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** ## **Risk management** The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. ## (1). Monitoring of risks The Seekers Trust trustees come from a wide variety of backgrounds and together possess a balance of charitable, ethical, spiritual and commercial experience. The trustees monitor the risks of the charity at their regular meetings. Where necessary The Seekers Trust employs professionals to advise on investment, accounting, legal matters and any other relevant areas in managing our estates and property. The proper insurance agreements are in place to protect our assets and employees. Our major risk is in finding the right persons to act as trustees; those who are committed to their task and with the skills, knowledge and experience which we need. It is important for us to get the right mix of trustees on board, trustees with a strong personal commitment to our aims and objectives, in order for us to have a balanced and effective board and a well governed and effective charity. ## (2). Health and Safety matters The trustees are aware of their legal obligations under Health and Safety legislation, and continue to monitor the legal requirements that affect the charity. ## (3). Investments The trustees consider that the preservation of capital in terms of the value of the investments is paramount and acknowledge that there is a need to generate income to meet the expenditure plans and the costs of running the Addington estate whilst other streams are developed. IPS Capital LLP look after the charity's investments and hold funds rather than individual equity investments. This reduces the level of risk and variations in the value of the investment portfolio. The investments are managed on their Diversifier Strategy which seeks to provide income and growth whilst protecting capital and so meet the Trust's objectives. ## (4). Other controls and disaster planning Reporting systems and day to day controls are monitored regularly, and the trustees are confident that having reviewed these, and by continuing to do so, risks will be identified promptly, and their effects pre-empted or contained to manageable proportions. ## (5). Trustees' reviews The board of trustees meets, at a minimum, on a monthly basis. The chairman of the trustees attends the office on a minimum of two days per week whilst other trustees make themselves available on an ad hoc basis as required to review and manage the charity's affairs. ## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number** 11496998 (England and Wales) ## **Registered Charity number** 1186773 ## **Registered office** The Lilacs The Close Addington Park West Malling Kent ME19 5BL Page 4 IArs K Seade Tru5toe Mrs J BuNill TfUSte• Mrs E ParkerTrustotr R Smokgr TfLk8tee R J TNsiee d•p•vd•nt Examln•r AMRe￿FcA Institute of Ch8rtwwJ A(¥￿ntalts in ErwJlaThl & Wales McLeaD Reid Chatsr&J Ac£wtsnls 1 Forstd Rood Afvfor ME20 7AU Apwo￿a by order ofthe knrd 0ftruSt￿ 13 July 2022 and s￿ned on ts ￿hair by.. RJMckl . TrLtstee P•38 5 In Trus IndopBndent •xam5norf8 reportto trusts•¥ ofTh• S••k•r¥ Trust Ilh• COM￿ I rgrmt to the charity Irust8Ès on my examination ofthe wx*Jnts offv Company forlhe year ended 31 March 2022. R0•pon￿bIlItIeS and bas18 of rgport As the charity's tnJ5t88s of the Compry (and alw ts tjlrectors for the pup)s¥s of 0)mp￿Y law) you are r6spMib for Ihe preparation ofthe acL)unts in ￿)￿janCe with Ihe requirernents ofthè Cornparites Act 2fM)6 Ilhe 2fM% Ac¥l. Havi￿ satisfied mysèff that the acwunts of the Compary are Th)t wired to be audile(l undw Part 16 of the 21M)6 Act and are for independent examination, I raport in respect of my exarnin&'on of your ch8rity'8 ￿)unt$ 05 car Jl under wtion 145 of the Chaiibes Act 2011 Ilhe 2011 Arfl. In Carr￿￿9 out my èxarninalion I hav8 folk)wed the D1￿CtionS given by the Ch8rity CCmmiss￿n unders￿11￿ 145151 {bl ofthè 2011 A(a. Indopond•nt•xamln•e¥ ¥tatsment Sincé your th8ritys gross In￿rne e￿ed￿ £250.LXQ y￿r •xarniner must b8 a member of a listed boty. I can confirm that l am to undertake th& owinath)n i*c*Jse l a rwJisteT&J mèmber of Institute of Chart•red Acujuntants in ErKJlalld & Wales which is one of th& listed IxKlies. I have compkted my eXam￿atiOn. I confimi th8t no rnattar5 h8ve corne to rny a￿tL)n in CA)nn￿tion Trhith Ihe eX￿Inat￿)n giwng me causs to believe: aryxjuntiw r8(x)rds were not kept in respect ofthe Cornpany as raquired by 386 ofthe 2C(J6 Act.. or the ac¥x)unts do Th)t acoyd th)se rec£)rés', or the accounts do wt u)mpty wth tho a¢xxJuntiNJ raquirements of s8ctv)n 396 of tha ￿ Acl other than any requiremert that the aco)unts gNe a true and fa￿ VI￿ a matt8r c%)nsKlered 0$ part of an indepe￿an1 eX2minalK)n,' or the accounts have not W preparad in ￿rdance Ihe methods and prinaples of the Statem&)t of R￿mMen(led Praetiee for ￿Counting and reporting by th8rlties (applicable to th¥rfies weparfng th a¢￿Unts in ac(xJrrlan¢e vthh the FInan()￿ RepKJrtlng StwdaTd 4)pIK%L49 in the UK and Repu￿￿ cl Irdwd IFRS 10211. I have no ￿nC￿n$ and have o)m• ￿85 no clh8r m8ltws in CL)nn￿tiOn wilh the 8xamin*￿1 to which attention 8hould be dr￿ in repKJrt In oréerto enable a propèr underslandNJ ofthe ￿Tr)unts to k re￿hed. A hl Reld FCA Instiiute of chartW￿ A(tountsnts in E￿nd & Wales M(£éan Rpid charter￿ Accountar 1 Forstal Road Aylesforil MF20 7AiI 14 July 2022 P8ge 6 The Seekers Trust ## Statement of Financial Activities for the Year Ended 31 March 2022 |Notes
**INCOME AND ENDOWMENTS**
**FROM**
Donations and legacies
2
Investment income
3
**Total**
**EXPENDITURE ON**
Raising funds
4
**Charitable activities**
Harmony & prayer activities
Addington Park estate
Conference hall & meeting
centre
Guest cottage rents
Lilacs meeting room & kitchen
Grounds & garden maintenance
Other
**Total**
Net gains on investments
**NET INCOME/(EXPENDITURE)**
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
**TOTAL FUNDS CARRIED**
**FORWARD**|Unrestricted
funds
£
140,329
-
140,329
8,372
49,064
19,318
5,985
16,755
3,590
13,162
1
116,247
-
24,082
(639)
23,443|Restricted
funds
£
654,937
10,360
665,297
269
2,809
14,299
2,627
538
115
423
-
21,080
14,577
658,794
-
658,794|Endowment
funds
£
1,000,275
15,542
1,015,817
404
2,365
1,096
288
808
173
634
-
5,768
21,865
1,031,914
-
1,031,914|Year Ended
31.3.22
Total
funds
£
1,795,541
25,902
1,821,443
9,045
54,238
34,713
8,900
18,101
3,878
14,219
1
143,095
36,442
1,714,790
(639)
1,714,151|Period
1.9.20
to
31.3.21
Total
funds
£
-
-
-
-
-
-
-
-
-
-
639
639
-
(639)
-
(639)| |---|---|---|---|---|---| The notes form part of these financial statements Page 7 The Seekers Trust (Registered number: 11496998) ## Balance Sheet ## 31 March 2022 |||||||2022|2021| |---|---|---|---|---|---|---|---| |||Unrestricted|Restricted|Endowment||Total|Total| |||funds|funds|funds||funds|funds| ||Notes|£|£|£||£|£| |**FIXED ASSETS**|||||||| |Tangible assets|9|51,399|3,644||-|55,043|-| |Investments|10|105|501,659|752,492||1,254,256|105| |||51,504|505,303|752,492||1,309,299|105| |**CURRENT ASSETS**|||||||| |Debtors|11|204,558|1,465||-|206,023|-| |Cash at bank and in hand||(196,799)|154,816|279,422||237,439|-| |||7,759|156,281|279,422||443,462|-| |**CREDITORS**|||||||| |Amounts falling due within one|||||||| |year|12|(35,820)|(2,790)||-|(38,610)|(744)| |**NET CURRENT**|||||||| |**ASSETS/(LIABILITIES)**||(28,061)|153,491|279,422||404,852|(744)| |**TOTAL ASSETS LESS**|||||||| |**CURRENT LIABILITIES**||23,443|658,794|1,031,914||1,714,151|(639)| |**NET ASSETS/(LIABILITIES)**||23,443|658,794|1,031,914||1,714,151|(639)| |**FUNDS**|13||||||| |Unrestricted funds||||||23,443|(639)| |Restricted funds||||||658,794|-| |Endowment funds||||||1,031,914|-| |**TOTAL FUNDS**||||||1,714,151|(639)| The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022. The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 in accordance with Section 476 of the Companies Act 2006. The trustees acknowledge their responsibilities for - (a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and - (b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. The notes form part of these financial statements Page 8 continued... Th• r•d n￿Mb•r. 1149699 lan Thèse 8tatem8nts have prepwed in aco)rilm wth the provlsions ￿p1￿bI• to tharilabb o)mpanN sUbi￿t to Ihe smdl (xJmpanie5 Twime. Th• ffirnanri81 statwnents ￿proved by the Bowd of TrLtho8 #nd 8uth(￿Sed for Is$L* on 13 Juty 2022 were on its k¢half by.. R J Md(inley- Truste& K S88rltr. Trustee Thè mt88 form part ofthesefinBnrA81 stalements P&Je 9 k•rn Trust Fl for 1 March 20 ACCOUNTING POUCIES 8asl8 of pr•parfng tho fknancl•l 8tal•m￿ts The f nants81 statements of the charitatAe rxjmpany, vthich is a puNic ￿neffit èntity under FRS 102. have been prepared in 8w)rdance wlh the Charities SORP IFRS 1021 'AcuJuntiry Rewrting by Chanties: Statemenl of Re￿mMended Practic8 ￿p￿Icable lo tharibes prgparing their acwunts in 8cwrdallce wth the Financial Reporting Standard appli(xblè in the UK and Repu￿￿ of Irdand (FRS 102} le￿￿*ve 1 J8nuary 20191,, Finarrid Rèwrting Standard 102 Thg Finarrial Repo￿.￿ Stsndard app4iLzbltr in the UK and RepubSK ol Irelancf and thè Companies Act 21￿. The financial Stat￿￿ts have b88n prèpared under the historic81 c4nveTrtKJn, *ilh tho eX￿PtI￿ of investments which 8re induded al mthei value, as modffieil by the revalualk)n ol cartoin assets. Inco l in￿rne b Tec(gnised in thè Ststement of ￿nanC￿￿1 Ai*viti&% CVK* the charity has ￿ty￿ernent to thè funds, rt is probabl8 Ihat Iha incLJme w￿1 be woved and the amount can be rn08sur￿ rdlably. Expendllur• Ltablities are Tecx)gnised as exwdituffj as soon as there is a 18gal or ct)nstruclive oblig*K)n rommittsng th• ¢harity to that expendrture, it 18 prob8blè that a transfer of ￿On￿le b8nafits wll be wuired in settlement and the amount of thè obligatKJn can be rn¢8sur￿j rdiably. Expenditure i% ￿Unted for on ￿ acc¥uals basis and has been rjassrfied under headiru5 that aggragatè all ctsst rdated k) thg category. Where cxjsts cannot be diredy attll'buted to P8rtv%lw h&aings they ha￿ Ixen ¥lk¢ated k) acdvltI8s on a bass wn$i$tgnt W￿1h the use T•nglblo ffix￿ •M•ts Dap￿at￿n is provided at followng ￿nUal rateB in order to vthte off each asset over its e5timat8d useful t and m8thinery 10% on c¥)Bt Taxoyon The chaftty Is exempt frorn corporation toxon fts actmties. Fund a¢¢ounllng Unresirict&J funds ￿ bg u8wI in SO))rd￿£•with the L*3rit8blg obj8caives ai thé diserntion ofthg tntsw. Restricted funds onfy ￿ US￿ for particular wtricted Purposes wthiTr Ihe obj* of the tharty. Restricth)ns arise when speufied by th8 doTrJrorwhfrn funds are rdised for wtw)Jlar restncted purposes. Furthw explanation ofth& nature puw ofeach fund is indud•d in tho Thjtss to the financial statwnents. P•n•lon ¢o¥ts and other p0stwrnllre￿ThI Iwwfits Thé tharrtable o)rnp8ny oper*8s a ¢J8fined contributK)n pen5wJn stheme. Contributiws payaN& to the c*8ritabb 0)Mp￿￿$ peTr5bn sc*emo are to the of Financkl Advitvas in the p8riod to whith they rdate. DONATIONSAND LEGACIES 1.9.20 Ye8r Endwj 31.3.22 31.3.21 f￿natIonS Grft aid L￿aLy95 SubsthptKJns Exc8Ptknnal rtems 88,504 1,853 1,500 6,299 1.897,3&5 1.795,541 IndLxJ8d under donatths are lh• total fund WanrAs of £1,697.385 from The Seekers Trust {Rgais¢wgd L*arity number .' 2228771 on 1st April 2021. wh¢n that charivs acbviDSS was transfeffed into this IncorpJraled t¥)dy. Page 10 L¥)ntinu￿... The Seekers Trust Notes to the Financial Statements for the Year Ended 31 March 2022 ## **1. ACCOUNTING POLICIES** ## **Basis of preparing the financial statements** The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets. ## **Income** All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. ## **Expenditure** Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. ## **Tangible fixed assets** Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Plant and machinery - 10% on cost ## **Taxation** The charity is exempt from corporation tax on its charitable activities. ## **Fund accounting** Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. ## **Pension costs and other post-retirement benefits** The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate. ## **2. DONATIONS AND LEGACIES** |Donations
Gift aid
Legacies
Subscriptions
Exceptional items|Year Ended
31.3.22
£
88,504
1,853
1,500
6,299
1,697,385
1,795,541|Period
1.9.20
to
31.3.21
£
-
-
-
-
-| |---|---|---| |||-| Included under donations are the total fund balances of £1,697,385 received from The Seekers Trust (Registered charity number : 222877) on 1st April 2021, when that charity's activities was transferred into this incorporated body. Page 10 continued... The Seekers Trust ## Notes to the Financial Statements - continued for the Year Ended 31 March 2022 ## **3. INVESTMENT INCOME** |**INVESTMENT INCOME**|||| |---|---|---|---| |||Period|| |||1.9.20|| ||Year Ended|to|| ||31.3.22|31.3.21|| ||£|£|| |Other fixed asset invest - FII|25,902||-| |**RAISING FUNDS**|||| |**Raising donations and legacies**|||| |||Period|| |||1.9.20|| ||Year Ended|to|| ||31.3.22|31.3.21|| ||£|£|| |Support costs|9,045||-| |**NET INCOME/(EXPENDITURE)**|||| |Net income/(expenditure) is stated after charging/(crediting):|||| |||Period|| |||1.9.20|| ||Year Ended|to|| ||31.3.22|31.3.21|| ||£|£|| |Depreciation - owned assets|6,116||-| ## **4. RAISING FUNDS Raising donations and legacies** ## **5.** ## **6. TRUSTEES' REMUNERATION AND BENEFITS** Following agreement by the Charity Commission, Mrs k Searle, trustee and spiritual leader, has received remuneration of £20,500 (2021: £20,000) for her responsibilities in the day to day running of the charity. Likewise, Mrs E parker has received remuneration during the year totalling £12,244 (2021: £13,098). ## **Trustees' expenses** There were no trustees' expenses paid for the year ended 31 March 2022 nor for the period ended 31 March 2021. ## **7. STAFF COSTS** The average monthly number of employees during the year was as follows: |||Period| |---|---|---| |||1.9.20| ||Year Ended|to| ||31.3.22|31.3.21| |Administration|4|-| No employees received emoluments in excess of £60,000. Page 11 continued... The Seekers Trust ## Notes to the Financial Statements - continued for the Year Ended 31 March 2022 ## **8. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES** ||Unrestricted| |---|---| ||fund| ||£| |**EXPENDITURE ON**|| |Other|639| |**NET INCOME/(EXPENDITURE)**|(639)| |**TOTAL FUNDS CARRIED FORWARD**|(639)| |**TANGIBLE FIXED ASSETS**|| ||Plant and| ||machinery| ||£| |**COST**|| |Additions|61,159| |**DEPRECIATION**|| |Charge for year|6,116| |**NET BOOK VALUE**|| |At 31 March 2022|55,043| |At 31 March 2021|-| ## **9. TANGIBLE FIXED ASSETS** ## **10. FIXED ASSET INVESTMENTS** |**MARKET VALUE**
At 1 April 2021
Additions
Disposals
Revaluations
At 31 March 2022
**NET BOOK VALUE**
At 31 March 2022
At 31 March 2021|Shares in
group
undertakings
£
105
-
-
-
105
105
105|Listed
investments
£
-
1,360,514
(160,779)
18,306
1,218,041
1,218,041
-|Cash and
settlements
pending
£
-
36,110
-
-
36,110
36,110
-|Totals
£
105
1,396,624
(160,779)
18,306| |---|---|---|---|---| |||||1,254,256| |||||1,254,256| |||||105| There were no investment assets outside the UK. Cost or valuation at 31 March 2022 is represented by: |Valuation in 2022
Cost|Shares in
group
undertakings
£
-
105
105|Listed
investments
£
148,917
1,069,124
1,218,041|Cash and
settlements
pending
£
-
36,110
36,110|Totals
£
148,917
1,105,339| |---|---|---|---|---| |||||1,254,256| Page 12 continued... The Seekers Trust ## Notes to the Financial Statements - continued for the Year Ended 31 March 2022 ## **11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR** |**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**|||| |---|---|---|---| |||2022|2021| |||£|£| |Trade debtors||282|-| |Amounts owed by group undertakings||177,902|-| |Other debtors||2,212|-| |Prepayments||25,627|-| |||206,023|-| |**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**|||| |||2022|2021| |||£|£| |Trade creditors||29,528|-| |Amounts owed to group undertakings||-|499| |Social security and other taxes||750|-| |Other creditors||144|5| |Accrued expenses||5,191|240| |Deferred income||2,997|-| |||38,610|744| |**MOVEMENT IN FUNDS**|||| |||Net|| |||movement|At| ||At 1.4.21|in funds|31.3.22| ||£|£|£| |**Unrestricted funds**|||| |General fund|(639)|(5,941)|(6,580)| |Designated fund - D Fisk legacy|-|6,440|6,440| |Designated fund - A Yates|-|23,583|23,583| ||(639)|24,082|23,443| |**Restricted funds**|||| |Harmony & prayer circles|-|97,959|97,959| |Addington Park building fund|-|276,638|276,638| |Chapels' refurbishment|-|35,143|35,143| |Garden and grounds|-|37,196|37,196| |Publicity and advertising|-|136,736|136,736| |Conferences and promotional activities|-|58,640|58,640| |Tree appeal|-|12,067|12,067| |J Morris legacy|-|4,415|4,415| ||-|658,794|658,794| |**Endowment funds**|||| |Garden and grounds|-|412,596|412,596| |Publicity and advertising|-|137,528|137,528| |Conferences and promotional activities|-|68,773|68,773| |Harmony & prayer circles|-|69,194|69,194| |Expendable endowment|-|343,823|343,823| ||-|1,031,914|1,031,914| |**TOTAL FUNDS**|(639)|1,714,790|1,714,151| ## **12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR** ## **13.** Page 13 continued... The Seekers Trust ## Notes to the Financial Statements - continued for the Year Ended 31 March 2022 ## **13. MOVEMENT IN FUNDS - continued** Net movement in funds, included in the above are as follows: |**Unrestricted funds**
General fund
Designated fund - D Fisk legacy
Designated fund - A Yates
**Restricted funds**
Harmony & prayer circles
Addington Park building fund
Chapels' refurbishment
Garden and grounds
Publicity and advertising
Conferences and promotional activities
Tree appeal
J Morris legacy
**Endowment funds**
Garden and grounds
Publicity and advertising
Conferences and promotional activities
Harmony & prayer circles
Expendable endowment
**TOTAL FUNDS**|Incoming
resources
£
109,306
6,440
24,583
140,329
98,444
283,408
35,174
36,124
135,306
60,359
12,067
4,415
665,297
406,157
135,382
67,700
68,121
338,457
1,015,817
1,821,443|Resources
expended
£
(115,247)
-
(1,000)
(116,247)
(1,457)
(11,629)
(31)
(4,759)
(513)
(2,691)
-
-
(21,080)
(2,307)
(769)
(385)
(385)
(1,922)
(5,768)
(143,095)|Gains and
losses
£
-
-
-
-
972
4,859
-
5,831
1,943
972
-
-
14,577
8,746
2,915
1,458
1,458
7,288
21,865
36,442|Movement
in funds
£
(5,941)
6,440
23,583
24,082
97,959
276,638
35,143
37,196
136,736
58,640
12,067
4,415
658,794
412,596
137,528
68,773
69,194
343,823
1,031,914
1,714,790| |---|---|---|---|---| ## **Comparatives for movement in funds** |||Net|| |---|---|---|---| |||movement|At| ||At 1.9.20|in funds|31.3.21| ||£|£|£| |**Unrestricted funds**|||| |General fund|-|(639)|(639)| |**TOTAL FUNDS**|-|(639)|(639)| |Comparative net movement in funds, included in the above are as follows:|||| ||Incoming|Resources|Movement| |resources||expended|in funds| ||£|£|£| |**Unrestricted funds**|||| |General fund|-|(639)|(639)| |**TOTAL FUNDS**|-|(639)|(639)| Page 14 continued... The Seekers Trust ## Notes to the Financial Statements - continued for the Year Ended 31 March 2022 ## **14. RELATED PARTY DISCLOSURES** There were no related party transactions for the year ended 31 March 2022. ## **15. INCORPORATION OF THE SEEKERS TRUST** With agreement of the Charity Commission, the assets and liabilities of The Seekers Trust, an unincorporated charity with charity number of 222877 were transferred into this limited company by guarantee with charity number 1186773 on 1st April 2021. Page 15