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 2023
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 2023
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 6 |
| Independent Examiner's Report | 7 | ||
| Statement of Financial Activities | 8 | ||
| Balance Sheet | 9 | to | 10 |
| Notes to the Financial Statements | 11 | to | 19 |
The Seekers Trust (Registered number: 11496998)
Report of the Trustees for the Year Ended 31 March 2023
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 2023. 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
This year was like a dawn of reawakening following two years of uncertainty and another cataclysmic event in Ukraine - the world still appears to be going through a period of transition and there is an increased demand for prayers, as those experiencing difficulties turn to us for comfort and strength in many areas of their lives. Regular prayer circles continue to be held in the homes of our devoted linkers and members and the chapel in our office in Addington. In May 2022 healing requests led to the reopening of our chapels twice a month by appointment only. We are grateful to our dedicated healers who make themselves available for these sessions. The trustees wish to acknowledge with gratitude the considerable commitment of all volunteers who ensure that these services are carried out and acknowledge that without their hard work it would be extremely difficult to continue to offer this support.
We had our Day of Remembrance on 22nd June 2022. As you all know we were last able to hold this annual event in 2019. The sun shone and the rose garden was beautiful with an abundance of blooms The hall was packed with in excess of 100 people and everyone was pleased to gather again to meet and greet and share the experience of the day.
In September 2022 we held our inaugural AGM for our newly restructured company which was attended by 14 members. Our previous AGM took place October 2019 pre pandemic and subsequent lockdowns.
At the beginning of 2023 building work commenced on our chapels refurbishment and we continue to work towards getting our old healing reception converted into a beautiful new chapel for end of life celebrations, meditations and healing services. Group healing will be offered in St. Augustine chapel and individual healing sessions in Isabella and Grace Chapels. Prayer circles will be conducted in the Mary and James chapel and the adjoining library will be a spiritual library only, a place where one can simply choose a book and read in this lovely place of relaxation.
We continue to add new names to our harmony prayer circles and to add new members. Since January 2023 we have added 6 new members, and 13 new names to the Harmony Prayer Circles and 260 new names on the Alter. 23 people have attended our healing sessions with some returning on more than one occasion. The testimonials we regularly receive evidence both the need and the success of our efforts.
Maintenance of our grounds and gardens has been ongoing in difficult times. The Garden of Remembrance is still causing concern. Each year there is a need to replace many roses and it has been noticed that replacement rose trees are more difficult to source and costs have increased on an annual basis. We have a total of 485 rose trees in our Remembrance Garden. Out of 198 current members 105 have 178 rose trees between them. This year alone we have had to replace in excess 50 rose trees. The Trustees are keeping this situation under review.
The Trustees have so many people to thank for their continued support. Staff, volunteers, healers and everyone involved in maintaining the Trust . The Trustees appreciate fully that without their much valued efforts the Trust could not continue to survive. We would also like to thank those families who donated legacies to The Seekers Trust. This is much appreciated and we will ensure that the funds are used wisely in the upkeep of the Trust.
Investment performance
The management of our investment portfolio is in the hands of IPS Capital LLP.
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The Seekers Trust (Registered number: 11496998)
Report of the Trustees for the Year Ended 31 March 2023
FINANCIAL REVIEW Financial position
Our current investment portfolio at the end of March 2023 was valued at £1,194,609 (2022: £1,254,151).
The breakdown percentage of our investment portfolio is as follows:
| Portfolio Cash | 7.4% |
|---|---|
| Property & Infrastructure | 11.9% |
| Fixed Income | 30.2% |
| Equities | 47.8% |
| Absolute Return | 2.7% |
Legacies totalling £25,000 (2022: £1,500) were received during the financial year ending 31st March 2023.
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 (£45,503), (2022: £23,443), of which £46,704 (2022: £51,504) was invested in fixed assets. The trustees are under a duty to act in the charity's best interests and to manage its resources responsibly. The holding of some unrestricted reserves is an important part of managing risk, so the trustees will endeavour to ensure these are returned to positive as soon as possible.
(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.
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The Seekers Trust (Registered number: 11496998)
Report of the Trustees for the Year Ended 31 March 2023
FUTURE PLANS
2023 is a year of double importance to The Seekers Trust with two important celebrations coming up. 1923 was the year when Charles Simpson discovered that he had the ability to become a channel for healing energy which was the conduit for healing work to commence. The first prayer circle was in a white washed coal cellar in London. Thus our prayer circles started 100 years ago. To this day we still hold prayer circles and pray for over 3,000 people from all walks of life and all nationalities and in need of medical, physical, mental and spiritual help. In 1933 Addington Park was opened . In 1933 the estate boasted a 32-bedroom manor house and some 286 acres of ground. Of course we no longer have the Manor House and our acreage is now a more modest 30 acres but we are still here offering prayer and healing. We are hoping later this year to mark these anniversaries. As soon as the chapel refurbishment is complete we hope to arrange an open day and a day of celebration to commemorate both these wonderful occasions.
Earlier this year the Trustees had a one-day brainstorming session to develop a future strategy for The Seekers Trust. Although it is still early days and work in progress key the strategy focuses on developing a modern website, rebranding efforts, content creation and marketing initiatives. By leveraging the Seekers Trust strengths, such as our beautiful grounds, spiritual services and extensive resources we aim to attract new members, increase revenues and enhance overall engagement. Our target audience is individuals seeking spiritual support, healing and personal growth, and like minded charities such as Macmillan Cancer Support, local cancer research groups and other charities to collaborate on healing, well being activities and promotion of our Garden of Remembrance through partnering with local funeral directors and cremation services. Tenders have gone out to marketing companies to help us to develop our strategy for the future.
It is also planned to review our current insurance arrangements this year since we have seen a substantial increase in premium year on year.
Our current garden contractors advised that for personal reasons they wish to terminate their existing arrangements and have given final notice as of end of October 2023. The trustees would like to put on record their thanks to the current incumbents who have been looking after The Seekers Trust Estate since 2015. The trustees are putting together a new tender agreement for potential replacement contractors at the earliest opportunity.
We will continue to keep you advised regarding progress of the Chapels refurbishment which is expected to continue for the remainder of 2023. It would be a great achievement if we were also able to include a fully functioning tea room in our future plans as a second phase of the refurbishment. This is a key factor in enhancing our facilities and attracting new visitors to our site.
The office staff will continue to prepare the required monthly reports to enable the Trustees to prepare an annual budget, maintain controls and manage the charity's affairs.
One of our primary roles as directors and trustees is to ensure that the work of prayer and healing will continue to grow and flourish.
The most important factor for us is to ensure the sustainability of The Seekers Trust through the next stage of it's evolution and history.
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 three (hereinafter referred to as trustees) elected to office at an Annual or Extraordinary General Meeting of the charity.
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The Seekers Trust (Registered number: 11496998)
Report of the Trustees for the Year Ended 31 March 2023
STRUCTURE, GOVERNANCE AND MANAGEMENT
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).
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The Seekers Trust (Registered number: 11496998)
Report of the Trustees for the Year Ended 31 March 2023
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.
(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
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umbw. 114 forth• Y•ar En 31 hlarch 202 Trust•o8 Mrs K Searte Trustse Irewned 31.7.231 Mrs J BUNII Trustee I51gned 31.7.231 MFS E P8rker Trustee R Smd(er Trustee R J mth.nkdy Trtee Ind•p•nd•ni Examsn A M R&id FCA McLean Rem Chartar8d Att¢untsnts 1 For8ts1 Road Ayknsford Ke ME20 7AU Approved by order ofthe board of tru8teos cfi 18Awust 2023 and signgd on its behaf by.. RJ m¢knkny-Tw Page 6
Inde d•nt Th• S•• Trugt Indopondont•xamln•rf• r•Itr+th• trtreS ofThe Seek•rn Trustcthe Company'l I r8Wt to the chartytNstees on my eXlation oflhe ae¢wnts ofthe Company forthè year ended 31 Marc 2023. Rport¥1b1l1O9 #nd ba•h of r•port As th8 chanvs trustees of the Company land its dirertorn for the pu0e8 of rnpanY lawl you are responsbk for the preparation ofthè atr£ounts in 8ecorrl8nc wrth thè rwuirements ofthe Companiès Aet 20C6 Ilhè 20C6 Aey). HawtYJ satLsfi8d myself that the accounts of the Company are not required to te alIted under Part 16 of the 2(xe Act and are eligible for indeFendènt exarnin8tion, I rewrt in fespect ol my oxarnlnalon ol your ¢haty,$ accounts 8$ car1 Out und9r Sach"on 145 of th• Ch8nts"•s Act 2011 I0 2011 Acll. In carying out my examinabon I have follow8d thè Direction5 given by the Chanty CcfflrnissK)n under SeL'on 145151 Ibl ofthe 2011 ACL Ib)d•p•nd•nt •xamln•rfs Statement I have o)mpleted my examination. l tr)nfimi that no mattors have to my 8tt&ntirm in Connethon wth the 8xamination giv¢rrfJ m& causa to 110.. aceounts.ng racnrds re not kw in r8SP8Ct ol ts Company as wuir8d by Saction 386 ofth& 2(th A¢ the awounts do not accord wth those re¢ords.' or the accounts do not compty wth the accounting wuwements of selC ol the 20(6 Acl other than any roquimmènt that th8 acc•)unts gw a tru8 and fair Mew is not a matt8r consthred as part of 4n indeperent exarnin8b"oft'. or Iha accounts havè Th)t an prepar8d in a¢xDrdawe wth Ihe meth¢>Js aThJ princwes of lh& statnt ol Recornmend&Y Practice for aCVting and reFk)rb"ng by chanbes18pplicable lo charibes preparirg treir acuunts in OrdanCe wilh thè Fana81 Rep Standard ap1(@ in th8 UK and R8public of IrelaThJ IFRS 10211. I have no cLInM$ and have iom8 across no other matters in connection wth the examinab.on to attention shoLld te dr8wn in this repjrt in orderto enable a proper under5tsTrJing ofthe to reathed. A M Rekj FCA McLean R&d Charter•Y Acrountants 1 Forstal Rj Ae5f0rd Kent ME20 7AU 21 ALXJUSt2023 Pag8 7
The Seekers Trust
Statement of Financial Activities for the Year Ended 31 March 2023
| 2023 | 2022 | |||||
|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Endowment | Total | Total | ||
| funds | funds | funds | funds | funds | ||
| Notes | £ | £ | £ | £ | £ | |
| INCOME AND ENDOWMENTS | ||||||
| FROM | ||||||
| Donations and legacies | 102,751 | 9,363 | - | 112,114 | 1,795,541 | |
| Investment income | 2 | 3 | 12,065 | 18,097 | 30,165 | 25,902 |
| Other income | 4,137 | - | - | 4,137 | - | |
| Total | 106,891 | 21,428 | 18,097 | 146,416 | 1,821,443 | |
| EXPENDITURE ON | ||||||
| Raising funds | 3 | 8,486 | 20,924 | 371 | 29,781 | 9,045 |
| Charitable activities | ||||||
| Harmony & prayer activities | 49,698 | 60,218 | 2,172 | 112,088 | 54,238 | |
| Addington Park estate | 23,027 | 8,304 | 1,007 | 32,338 | 34,714 | |
| Conference hall & meeting | ||||||
| centre | 6,060 | 4,759 | 265 | 11,084 | 8,900 | |
| Guest cottage rents | 17,023 | 495 | 742 | 18,260 | 18,101 | |
| Lilacs meeting room & kitchen | 15,784 | 106 | 159 | 16,049 | 3,878 | |
| Grounds & garden maintenance | 13,329 | 389 | 583 | 14,301 | 14,219 | |
| Other | - | - | - | - | - | |
| Total | 133,407 | 95,195 | 5,299 | 233,901 | 143,095 | |
| Net gains/(losses) on | ||||||
| investments | - | (32,350) | (48,525) | (80,875) | 36,442 | |
| NET INCOME/(EXPENDITURE) | (26,516) | (106,117) | (35,727) | (168,360) | 1,714,790 | |
| Transfers between funds | 13 | (42,428) | 42,428 | - | - | - |
| Net movement in funds | (68,944) | (63,689) | (35,727) | (168,360) | 1,714,790 | |
| RECONCILIATION OF FUNDS | ||||||
| Total funds brought forward | 23,443 | 658,794 | 1,031,914 | 1,714,151 | (639) | |
| TOTAL FUNDS CARRIED | ||||||
| FORWARD | (45,501) | 595,105 | 996,187 | 1,545,791 | 1,714,151 |
The notes form part of these financial statements
Page 8
The Seekers Trust (Registered number: 11496998)
Balance Sheet 31 March 2023
| Notes FIXED ASSETS Tangible assets 9 Investments 10 CURRENT ASSETS Debtors 11 Cash at bank and in hand CREDITORS Amounts falling due within one year 12 NET CURRENT ASSETS/(LIABILITIES) TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 13 Unrestricted funds Restricted funds Endowment funds TOTAL FUNDS |
Unrestricted funds £ 46,599 105 46,704 199,947 (250,929) (50,982) (41,225) (92,207) (45,503) (45,503) |
Restricted funds £ 3,239 477,843 481,082 9,225 105,498 114,723 (700) 114,023 595,105 595,105 |
Endowment funds £ - 716,766 716,766 - 279,423 279,423 - 279,423 996,189 996,189 |
2023 Total funds £ 49,838 1,194,714 1,244,552 209,172 133,992 343,164 (41,925) 301,239 1,545,791 1,545,791 (45,503) 595,105 996,189 1,545,791 |
2022 Total funds £ 55,043 1,254,256 1,309,299 206,023 237,439 443,462 (38,610) 404,852 1,714,151 1,714,151 23,443 658,794 1,031,914 1,714,151 |
|---|---|---|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 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
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continued...
num ces These financAal statwntrnts have be8n prapored in a&))rdanc8 vAlh the kYOMSics plICae to cant8ble compani9$ jaCt to the srnall companw ne. Th• finanrial statemenls wèrè apyoved by Board of Trustees and auth0ri5ed for $u on 18 AuSt 2023 and were gned on ts hl1 by.. R J mCknY- Trustee Ép E P8rf¢er- Trus R Smc . Trust•9 Th8 notes fonn partolth•se finan(a ststomonts Prye 10
The Seekers Trust
Notes to the Financial Statements for the Year Ended 31 March 2023
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.
Designated funds are set aside by the trustees out of unrestricted funds for specific purposes or projects.
Endowment funds represent those assets which ,must be held permanently by the charity. The part of the fund which must be permanently retained is known as Permanent Endowment and the part where trustees have a power of discretion to convert capital into income is known as Expendable Endowment.
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. INVESTMENT INCOME
| Other fixed asset invest Deposit account interest |
2023 £ 30,162 3 30,165 |
2022 £ 25,902 - |
|---|---|---|
| 25,902 |
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The Seekers Trust
Notes to the Financial Statements - continued for the Year Ended 31 March 2023
3. RAISING FUNDS
Raising donations and legacies
| Sundries Support costs SUPPORT COSTS Management £ Raising donations and legacies 7,855 Harmony & prayer activities 46,094 Addington Park estate 21,689 Conference hall & meeting centre 5,610 Guest cottage rents 15,763 Lilacs meeting room & kitchen 15,513 Grounds & garden maintenance 12,339 124,863 |
2023 £ 157 29,624 29,781 Other £ 21,769 7,314 3,390 892 2,497 536 1,962 38,360 |
2022 £ - 9,045 |
||
|---|---|---|---|---|
| 9,045 | ||||
| Totals £ 29,624 53,408 25,079 6,502 18,260 16,049 14,301 |
||||
| 163,223 |
4. SUPPORT COSTS
Management and governance costs have been apportioned on an estimated use basis as follows:
| % | |
|---|---|
| Raising donations and legacies | 7 |
| Harmony & prayer activities | 41 |
| Addingtom Park estate | 19 |
| Conference hall & meeting centre | 5 |
| Guest cottage rents | 14 |
| Lilacs meeting room & kitchen | 3 |
| Grounds & garden maintenance | 11 |
5. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Depreciation - owned assets | 6,216 | 6,116 |
6. TRUSTEES' REMUNERATION AND BENEFITS
Following agreement by the Charity Commission, Mrs K Searle, trustee and spiritual leader, has received remuneration of £20,500 (2022: £20,500) for her responsibilities in the day to day running of the charity.
Likewise, Mrs E Parker has received remuneration during the year totalling £11,091 (2022: £12,244).
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2023 nor for the year ended 31 March 2022.
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The Seekers Trust
Notes to the Financial Statements - continued for the Year Ended 31 March 2023
7. STAFF COSTS
The average monthly number of employees during the year was as follows:
| Administration No employees received emoluments in excess of £60,000. 8. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted Restricted funds funds £ £ INCOME AND ENDOWMENTS FROM Donations and legacies 140,329 654,937 Investment income - 10,360 Total 140,329 665,297 EXPENDITURE ON Raising funds 8,372 269 Charitable activities Harmony & prayer activities 49,064 2,809 Addington Park estate 19,319 14,299 Conference hall & meeting centre 5,985 2,627 Guest cottage rents 16,755 538 Lilacs meeting room & kitchen 3,590 115 Grounds & garden maintenance 13,162 423 Other - - Total 116,247 21,080 Net gains on investments - 14,577 NET INCOME 24,082 658,794 RECONCILIATION OF FUNDS Total funds brought forward (639) - TOTAL FUNDS CARRIED FORWARD 23,443 658,794 |
2023 4 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 |
2022 4 Total funds £ 1,795,541 25,902 1,821,443 9,045 54,238 34,714 8,900 18,101 3,878 14,219 - 143,095 36,442 1,714,790 (639) 1,714,151 |
|---|---|---|
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The Seekers Trust
Notes to the Financial Statements - continued for the Year Ended 31 March 2023
9. TANGIBLE FIXED ASSETS
| TANGIBLE FIXED ASSETS | |
|---|---|
| Plant and | |
| machinery | |
| £ | |
| COST | |
| At 1 April 2022 | 61,159 |
| Additions | 1,011 |
| At 31 March 2023 | 62,170 |
| DEPRECIATION | |
| At 1 April 2022 | 6,116 |
| Charge for year | 6,216 |
| At 31 March 2023 | 12,332 |
| NET BOOK VALUE | |
| At 31 March 2023 | 49,838 |
| At 31 March 2022 | 55,043 |
10. FIXED ASSET INVESTMENTS
| MARKET VALUE At 1 April 2022 Additions Disposals Revaluations At 31 March 2023 NET BOOK VALUE At 31 March 2023 At 31 March 2022 |
Shares in group undertakings £ 105 - - - 105 105 105 |
Listed investments £ 1,218,041 404,641 (445,579) (71,056) 1,106,047 1,106,047 1,218,041 |
Cash and settlements pending £ 36,110 52,452 - - 88,562 88,562 36,110 |
Totals £ 1,254,256 457,093 (445,579) (71,056) 1,194,714 1,194,714 1,254,256 |
|---|---|---|---|---|
There were no investment assets outside the UK.
Cost or valuation at 31 March 2023 is represented by:
| Valuation in 2022 Cost |
Shares in group undertakings £ - 105 105 |
Listed investments £ 77,862 1,028,185 1,106,047 |
Cash and settlements pending £ - 88,562 88,562 |
Totals £ 77,862 1,116,852 1,194,714 |
|---|---|---|---|---|
The company's investments at the balance sheet date in the share capital of companies include the following:
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The Seekers Trust
Notes to the Financial Statements - continued for the Year Ended 31 March 2023
10. FIXED ASSET INVESTMENTS - continued
The Seekers Trustee Company Limited
Registered office: The Lilacs, The Close, Addington park, West Malling, Kent, ME19 5BL Nature of business: Property income
| Nature of business: Property income | |||
|---|---|---|---|
| % | |||
| Class of share: | holding | ||
| Ordinary | 100 | ||
| 2023 | 2022 | ||
| £ | £ | ||
| Aggregate capital and reserves | (8,845) | (7,076) | |
| Loss for the year | (1,769) | (1,769) |
The Seekers Gift Shop & Café Limited
Registered office: The Lilacs, The Close, Addington Park, West malling, Kent, ME19 5BL Nature of business: Gift shop and café
11.
| Nature of business: Gift shop and café | |||
|---|---|---|---|
| % | |||
| Class of share: | holding | ||
| Ordinary | 100 | ||
| 2023 | 2022 | ||
| £ | £ | ||
| Aggregate capital and reserves | (609) | (656) | |
| Profit/(loss) for the year | 47 | (271) | |
| DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | |||
| 2023 | 2022 | ||
| £ | £ | ||
| Trade debtors | 463 | 282 | |
| Amounts owed by group undertakings | 177,851 | 177,902 | |
| Other debtors | 2,131 | 2,212 | |
| Prepayments | 28,727 | 25,627 | |
| 209,172 | 206,023 |
12.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||
|---|---|---|
| Trade creditors Social security and other taxes Other creditors Accrued expenses Deferred income |
2023 £ 33,049 709 744 5,491 1,932 41,925 |
2022 £ 29,528 750 144 5,191 2,997 |
| 38,610 |
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The Seekers Trust
Notes to the Financial Statements - continued for the Year Ended 31 March 2023
13. MOVEMENT IN FUNDS
| At 1.4.22 £ Unrestricted funds General fund (6,580) Designated fund - D Fisk legacy 6,440 Designated fund - A Yates 23,583 23,443 Restricted funds Harmony & prayer circles 97,959 Addington Park building fund 276,638 Chapels' refurbishment 35,143 Garden and grounds 37,196 Publicity and advertising 136,736 Conferences and promotional activities 58,640 Tree appeal 12,067 J Morris legacy 4,415 658,794 Endowment funds Garden and grounds 412,596 Publicity and advertising 137,528 Conferences and promotional activities 68,773 Harmony & prayer circles 69,194 Expendable endowment 343,823 1,031,914 TOTAL FUNDS 1,714,151 Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 106,891 Designated fund - A Yates - 106,891 Restricted funds Harmony & prayer circles 7,965 Addington Park building fund 4,020 Chapels' refurbishment - Garden and grounds 4,826 Publicity and advertising 1,608 Conferences and promotional activities 806 Tree appeal 2,203 21,428 Endowment funds Garden and grounds 7,239 Publicity and advertising 2,411 Conferences and promotional activities 1,207 Harmony & prayer circles 1,208 Expendable endowment 6,032 18,097 TOTAL FUNDS 146,416 |
Net movement in funds £ (25,518) - (1,000) (26,518) 3,852 (15,572) (77,571) (9,527) (3,175) (6,170) 2,046 - (106,117) (14,290) (4,763) (2,383) (2,382) (11,907) (35,725) (168,360) Resources expended £ (132,409) (1,000) (133,409) (1,955) (8,810) (77,571) (1,413) (471) (4,818) (157) (95,195) (2,119) (706) (353) (353) (1,766) (5,297) (233,901) |
Transfers between funds £ (42,428) - - (42,428) - - 42,428 - - - - - 42,428 - - - - - - - Gains and losses £ - - - (2,158) (10,782) - (12,940) (4,312) (2,158) - (32,350) (19,410) (6,468) (3,237) (3,237) (16,173) (48,525) (80,875) |
At 31.3.23 £ (74,526) 6,440 22,583 (45,503) 101,811 261,066 - 27,669 133,561 52,470 14,113 4,415 595,105 398,306 132,765 66,390 66,812 331,916 996,189 1,545,791 Movement in funds £ (25,518) (1,000) (26,518) 3,852 (15,572) (77,571) (9,527) (3,175) (6,170) 2,046 (106,117) (14,290) (4,763) (2,383) (2,382) (11,907) (35,725) (168,360) |
||
|---|---|---|---|---|---|
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continued...
The Seekers Trust
Notes to the Financial Statements - continued
for the Year Ended 31 March 2023
13. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| 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 |
At 1.4.21 £ (639) - - (639) - - - - - - - - - - - - - - - (639) |
Net 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 |
At 31.3.22 £ (6,580) 6,440 23,583 23,443 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 1,714,151 |
|---|---|---|---|
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continued...
The Seekers Trust
Notes to the Financial Statements - continued for the Year Ended 31 March 2023
13. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Incoming | Resources | Gains and | Movement | |
|---|---|---|---|---|
| resources | expended | losses | in funds | |
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| General fund | 109,306 | (115,247) | - | (5,941) |
| Designated fund - D Fisk legacy | 6,440 | - | - | 6,440 |
| Designated fund - A Yates | 24,583 | (1,000) | - | 23,583 |
| 140,329 | (116,247) | - | 24,082 | |
| Restricted funds | ||||
| Harmony & prayer circles | 98,444 | (1,457) | 972 | 97,959 |
| Addington Park building fund | 283,408 | (11,629) | 4,859 | 276,638 |
| Chapels' refurbishment | 35,174 | (31) | - | 35,143 |
| Garden and grounds | 36,124 | (4,759) | 5,831 | 37,196 |
| Publicity and advertising | 135,306 | (513) | 1,943 | 136,736 |
| Conferences and promotional activities | 60,359 | (2,691) | 972 | 58,640 |
| Tree appeal | 12,067 | - | - | 12,067 |
| J Morris legacy | 4,415 | - | - | 4,415 |
| 665,297 | (21,080) | 14,577 | 658,794 | |
| Endowment funds | ||||
| Garden and grounds | 406,157 | (2,307) | 8,746 | 412,596 |
| Publicity and advertising | 135,382 | (769) | 2,915 | 137,528 |
| Conferences and promotional activities | 67,700 | (385) | 1,458 | 68,773 |
| Harmony & prayer circles | 68,121 | (385) | 1,458 | 69,194 |
| Expendable endowment | 338,457 | (1,922) | 7,288 | 343,823 |
| 1,015,817 | (5,768) | 21,865 | 1,031,914 | |
| TOTAL FUNDS | 1,821,443 | (143,095) | 36,442 | 1,714,790 |
ENDOWMENT FUNDS
The Endowment Funds were donated to the charity during 1984. The income from the Permanent Endowment Fund may be used for activities detailed above. Income from the Expendable Endowment Fund may be used for the erection, replacement and major improvements to the buildings at Addington. The capital of the funds may be used only if insufficient income is available to carry out erection, replacement or major improvement to the buildings at Addington.
The Endowment Income Funds were created following a transfer of the income accumulated in the Endowment Fund. The original letters of intent establishing the gift of £750,000 state that the capital sums should be maintained and not used for any reason other than to provide income for the purposes specified. This accumulated income was divided in 2005 into the new Restricted Funds in accordance with the original allocation. Incoming resources in these funds arise from investment income received in respect of the Endowment Funds invested. This income is allocated in accordance with the letter dated 7th August 1989. In addition, whilst the restricted funds continue to be invested, the income derived from such investment is added to the Restricted Funds.
RESTRICTED FUNDS
Included in Restricted Funds is a legacy received from the late J Morris, specified for the maintenance and upkeep of the Rose Garden. This fund will be utilised over a number of years.
The Tree Appeal was set up to assist with the replacement of trees lost in the storms in the year ended 31st March 2014.
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The Seekers Trust
Notes to the Financial Statements - continued for the Year Ended 31 March 2023
14. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 March 2023.
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.
16. GOING CONCERN
No material uncertainties that may cast significant doubt about the ability of the charity to continue as a going concern have been identified by the trustees.
Page 19