Règlstered numbèr: 1014700 Charity numbers: 263004 and SC040724 THE SEALED KNOT IA company limited by guarantee) UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 *Ae02ZDJ6" 22109rd022 COMPANIES HOUSE A18
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THE SEALED KNOT {A ¢omp•ny limited by guarantoe) CONTENTS Page Reference and administrative details of the charity. its t and athiser4 Trustees. report Independent exaffliner's rep¢)rt Statement of financial activiiies 8alance sheet Notes to the financial stalefflents 10-21
THE SEALED KNOT IA company limited by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITABLE COMPANY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2021 Twstees 8 Uplon S Wright K S ROnsOn V I Pearce J R FovAer J L Gwlliam T P Small D N Parkes N C Jackson T C Balth"n C H J North-Baies A B George G M Hartnell (resigned 17 September 2021) G King R A Sales T R Aldw"nckle IresLgned 4 March 20221 S M King (appointed 17 September 2021. resigned 11 June 20221 Company YegistÈred numbèr 1014700 Charity rÈgistÉted numbèrs 263004 and SC040724 Règistered offi¢¢ CIO Clarke Wiumott LLP Burfington House 8oUeigh Grange Business Park Hedge End Southampt(Ml S030 2AF Company secretary C H J North-8ate5 Accounlants Streets LLP Charteretl Acc(lIantS Tower House Lucy T0r Street Lincdn LN1 1XW Bankers 8ardays Bank Pl¢ Leicester LE87 2BB Solicitors aarke Wdlmott LLP Burtinglon House Bodeigh Grange Business Park Hedge End Southampton S030 2AF Page 1
THE SEALED KNOT {A company limittd by guarnnte•} TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2021 The Trustee5 pfesenl their annual report together the financial statemen15 for the perityj 1 January 2021 to 31 Oecember 2021. The TTUStees confirm that the Annual Report and Financial Ststemenls of the charitable ompany comply wth the current statutory requirements. the requirements of the company's govemin9 document and the prowsions of the Statement of Recommended Practice {SORPI. applicable lo charib.es preparing their accounts in accordance with Financial ftepong Standard applicable in the UK and Republic of Ireland IFRS 102, effecbve 1 January 2015) as aMded by Upjate Bulietsn 1 (effective 1 January 20151 and Update Bulletin 2 (effective 1 January 2019). Since the Ghantable ¢ompaAy qualffts as small under se¢b"on 383. the Strateg report required of medium and large companies under The Companies Aet 2006 (Strategic Report and D1cto$ Report) Regulakn"ons 2013 is not required. Objectives and Activities a. POUCIES AND OBJECTIVES In Setting objectives and planning for activities, the Trustees have given due consideratson to general guidanee published by the ¢harity commission olatmg to public benefit. The Eharitable company is principalty engaged in the presention of episodes irt history by means of play$, pageants and theairical re-enaciment of battles a vkew to maintaining and encouraging, among member5 of the public, the learning and study of history. This actiwty conb.nues lo be fixused on the Civil Wars vthich look place in England. S¢oUand. Wale5 and Ireland during the seventeenth Gentury. Some of ihe company's events take place in and around schools, reflecting Ihe company's status as an educaty.onal charit)le organi5alion. Thi5 area of acbvity remains a focus for Ihe fulure. b. ACTIVITIES FOR ACHIEVING OBJECTIVES It is the policy ol the trustees to set aside a proptyffjon ol the SLwplus on musters *httich is available for charitable purposes. These funds a held in Ihe general bank accounts until fequired. As well as supporting the ongoing activities of the soc1ety these monies have been used for Education. Commemoration and giving Bursaries. Achievements and perforniance . KEY FINANCIAL PERFORAIANCE IMDICATORS The key financial perfomance indicator for the trustees is generaling a surplus of funds to maintain ils charitable aims objeGlives. b. REVIEW OF ACTIVITIES The continuat40n of the Co¥rd-19 epei continued lo make thing$ drffiuAt for the Socw in 2021, although by the middle of the year reslrith'ons were becoming m¢)re relaxed. This allowed us to retvm to pvtb.ng on events. not least wlh a majof muster al Cauldon Lowe over the August 8ank Holiday and our by n¢)w traditional event lo mark the anniversary of the Battle of Edgehill at Kineton in WarvA¢kshire. Alongside Ihis we have maintained and developed relats"on5hips wrth variou5 bodies such as the Battlefidd Trust. English Heritage and various museums and vthere possible continued promoting the study of the English Civil War5. Page 2
THE SEALED KNOT IA company limit¢d by guarnntse) TRUSTEES. REPORT (continuedl FOR THE YEAR ENDED 31 DECEMBER 2021 Financial roview a. GOING CONCERN After makin9 appropriate enquiries, the trustees have a reasonable expectation that the chariiable company has adequate resources to continue in opetats.onal existence for the ffftseeable fvture. For ihis Teason they continue to adopt the gcyng concem basis in prepawin9 the ffinanaal stslernents. b. RESERVES POLICY It is the pdicy of the tnostees to retain sufficient finantial resources to ensure the operation of the charitable company for a period of at least years exdusive of event based cosls in the event of either a significant re¢Juthon In income or a signffjn1 increase in expenditure. This policy allovd the tharrtable company to once again offer reduced subscriptions renewAls for 2022 to rts exisling members in light of the ongoin9 epidemic. Structurei govemance and management a. CONSTITUTION The charitable company is conSty"led under a Mernorandum of Asswaty"on dated 17 June 1971 and Is a registered charity numbei 263004 (SC040724). There have beeft no thanges in the obiectwes since Ihe last annual report. b. IAETHOD OF APPOINTMENT OR ELECTION OF TRUSTEES The management of the charitable company is tt re5ponsibi of the Trustees are elected and co-opted under the ternis of the Artides of Association. c. POLICIES ADOPTED FOR THE INDUCTION AND TRAINING OF TRUSTEES New trustees are made alYd of their Tesponsikn"lth'es and the affairs of the charity. All trustees are kept aware of the updates sent out by the Charity Commissioners vthich 15 now made easier by the introduction of electronically transmitted information. d. ORGANISATIONAL STRUCTURE AIIO DECISION IAAKING The charrtable ccrfnpany is limr(ed by guarantee to Ihe extent of £1 per fvll memtkr. In accordance wrth the Artide5. full membership should not exceed 2.000_ AJI the trustees are members of the Company. The BoaTd of Trustees wnsists of 12 elected members. and five ex offioo officers". the Adjutant General (Dire¢lor of Administration), the Company Secretary, the Lord General of the Royalist Am)y, the Lord General of the Amy of Padiament and the Finance Director Irreasurerl. The elected pOs.0nS are normalty for a term of three years, nd a third of these must be re•elecled at eath AGM. Once members are elected. they are expected to atten<J four board rneetings a year, and parb"cip8te in the running of the charity, including the management of 3 specific aspect. The ex offi¢ia positsons are apptynted by the bod ol lJustees. at the kn.me of the Fost be¢oming vacant The Charity does not consider there to be any remuner*ed key management personnel. The members of the ljoard during 2021 are listed on page 1. Page 3
THE SEALED KNOT (A company limited by guarantee) TRUSTEES. REPORT (continued) FOR THE YEAR ENDED 31 DECEPIBER 2021 è. RISK MANAGEMENT The trustees have examined the principal weas of the Sealed Knot operations and have considered the major risks faced in each of these areas. A programme lo assess risk and mibgate its effects has been set In train. 1115 feli U)at risks can and should be mitigated to an acceptable level in the day to day Nnning of the Sealed Knol. I. FUTURE DEVELOFYaENTS No significant chan9e5 have been ma¢Je in the company's aims and objectives during the pertod and the trustees do not foresee any changes in the coming year. We wiu conbnue to support initsatives such a$ the Nasety Batuefield Project and wil Gontinue VrJrk on a number of anrbual commemorats've events such as those at NanCh, Colefoid, Naseby. Marston Moor and Edgehill. We will strengthen our fepresenlats.on at other endangered battle sites as may be necessary. We a also kjoking lo c(x)tribute to varnus evenls organised by English Heritage and help the Battlefields Trust develop thwr program to encoLtrage a greater underslanding of Britlsh Military History. 2021 Saw Coionavirus and its a550ciated disease Cwck19 have a continued impact on the actiwbes tsf the Sealed Knot. Due to the financial reserves built up over prewous years, the SoGiety has to date found itself In the fortunate position of being able to mibgale any immediate finanual impact. As the crisis appeaT5 to be on the dne the Trustee5 policy remaifts to be to expend reseThes PTudendy and circumstance5 allow to ensure that reserves are held at the appropriate level whilst at ihe same bme returning to a fuller pro9ramme of events. TRUSTEES. RESPONSIBIUTIES STATEIIENT The Trustees (who are also diredors of The Sealed Knot for the Pu0$e5 of cornpany lawl are SponSIble for preparing the Trustee5' report and the financial siatements in accordance wth applicable law and United Kingdom Accounting Standards {Unrted .Jd0M Generaly Aepted Accountsng Practice). Company law requi$ the Trustee5 to pare finanGial ststements for ea¢h financial year. Under company law the Trustees must not approve the ffinancial statements unless they are satisfied that they give a true and fair view of the stale of affairs of Ihe charrtable company and of the incoming resources and application of resources, including the income an<J expendi(ure. of the tharitable company for that ptrriod. In preparing these financial statements, the Trustees are required to.. select suitable accounting policies and then appty them consistenty.. observe the methods and principles in the Chanlies SORP." make judgmeths and accounb"TrJ esiimates that are reasonable and Pfudent,. prepa the financia stalemenls on Ihe gory concem basis unless it is inappropriate to presume th the charrtable company 11 continue in operatwi. The Trustees are responsible for keepin9 adequate 4ccountsng records that are sufficient lo show and explain the chantable companvs transactions and disd05e Vlith reasonable accuracy at any b.rne the finan¢i¥l position of Ihe Gharilable company and enable them lo ensure Ihat the financial statements comply wth the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable Steps for the prevention and deteCtn of fraud and other irregularthes. The Trustees a responsible for the mwntenance and inte9rty of the corporate and financial infwmalion included on the charitsble companls bsite. Legislaliryi in the Unrted Kingdom governing ihe preparation and dissemination of financKal statements may drffer from legislaknon in other jurisdictr'ons. Page 4
THE SEALEO KNOT (A ¢ompany liThited by guarantr¢) TRUSTEES, REPORT (continu•dl FOR THE YEAR ENDED 31 DECEMBER 2021 This report was approved by the Trustees. on 1 July 2022 and swed on their behalf by.. C H North-Bates Twstee Page 5
THE SEALED KNOT (A company limited by guaAnte•l INDEPEP4DENT EXAMINER'S REPORT FOR THEYEAR ENDED 31 DECEMBER 2021 INDEPENDENT EXAMINER'S REPORT TO THE TRVSTEES OF THE SEALED KNOT lthe 'charitable company'l I report to the charity Trustees on my examination of the accounts of the charitable company for the year ended 31 Decembef 2021. This report Is made solely to the charitable company's Trustees, as a body. in aCrdanCe wlh Part 4 of Ihe Charits"es Ikcounts and Rep15) Regulations 2006 and regulation 11 of the Charities Accounts (Scollandl Regulations 2006. My work has been undertaken so that I might slate to the eharilable company's Trustees those matters l am required to state to them in an Independent examinerfs Teport and for no other puryJ05e. To the fullest exlenl perrnitted by law. I do not accept or assume responsilylity to ar7yofte other than the ¢haritable c(ynpany and the Gharitabie ¢ompany's Twstees as a body. for my Vrk or for this report. RESPONSIBILrriES AND BASIS OF REPORT As Ihe Trustees of the Charrtab company land rts directors for the purposes of MpanY lawl you are responsible fof the pfeparation of the accounts in accordance wth the requirernents of the Charits"es and Trustee Investments (Scollandl Act 2005 (Ihe 2005 Act'l, the Charities Accounts (Scotlandl Regulab"on5 2006 las amended) llhe 2006 Aecovnls Regulats"ons) and the Companies Act 2006 Ilhe 2006 Act'l. You are satisfied that the accounts of the chartsble ¢ompany are not reqLMred by charity or pally law to be audited and have chosen instead to have an independent examination. Having sat15fied mysew that the accounts of the chantable company are not requsred to be audited under Part 16 of the 2006 Act and are eligible for independent examination. I report in respect of my examinabon of the chaThtable company's accovnts carrietl undef secb.on 44111(c) of the 2005 Act and section 145 of the Charities Act 2011 Ilhe 2011 Act). In ca9 cwJt my examination I have followed the requirements of Regulation 11 of the 2006 Accounts Regulalion5 and the Directws gr¥en by Ihe Charity Commission under section 14515llbl of the 2011 Act INDEPENDENT EXAIIINER'S STATEMENT I have COrnFAeled my examination. I can confirm that no matters have come lo my attenb.on in connection with the examinats'on giving me Gause to bel*¥e: accovnling records were nol kept in respect of the charilabje c¢Ynpany as required by secbon 3B6 of the 2006 Act and Regulatr"on 4 of the 2006 Account5 Regulab"ons". or the accounts do not accord those records or Tmth the accounting requiremems of Regulab"on 8 of the 2006 A¢¢ounts Regulats"ons", or the a¢¢oun15 do not compty wth the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a Irue and fairf view vthich is not a matter considered as part of an independent examination. or the accounts have not been prepared in accordance the methods anfl prinoples of the Statement of Recommended Pracb¢e for a¢¢ounting an¢J reporting by chanties lapplicable to charib'es preparing their accounts in accorrlan¢e with the Financ1 Repo"n9 Standard applicable in the UK and Republic of Ireland (FRS 10211. I have no concems and have come acTOSS no other matters in connectton the examination to which attenb.on Should be drawn in this report in order to enable a proper understanding of the accounts lo be reached. Pa9e 6
THE SEALED KNOT (A company limitsd by guar4ntsÈl INDEPENDENT EXAMINER'S REPORT Icontinu¢d) FOR THE YEAR ENDED 31 DECEMBER 2021 Signed.. Daled.. 7 Juty 2022 Robert Anderson FCA STREETS LLP Chartered Accountants Tower House Lucy Tower Street Lincoln Page 7
THE SEALED KNOT {A company limited by guaTrntse} STATEMENT OF FINANCIAL ACTIVITIES INCORPORATIPIG INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEPIBER 2021 Restricted Unvestri¢ted funds funds 2021 2021 Totsl funds 2021 Total lund5 2020 Ilot• INCOME FROM.. Voluntary in¢ome Charitable activits'es Other fvndraising income Inveslmenls 66,740 5,890 5.637 39B 66,740 5.890 5.637 398 64,860 3,506 3¢Y7 435 TOTAL INCOME 78,665 78.66S 69. 188 EXPENDITURE ON: Raising funds Charilabte actiwties 8.365 55.932 8,365 55.932 9,791 43,817 7,9,8 TOTAL EXPENDITURE 64.297 64,297 53,608 NET INCOME BEFORE TRANSFERS Transfers betsveen Funds 14.368 68 14.368 15,580 16 168) NET INCOME I {EXPENDITUREI BEFORE OTHER RECOGNISED GAIt4S AND LOSSES 168) 14,436 14.368 15,580 NET MOVEMENT IN FUNDS 168) 14.436 14,36B 15,580 RECONCILIATION OF FUNDS: Totsl funds brought forward 1,526 319.646 321.172 305,592 1.4S8 334.082 335,540 321, 772 TOTAL FUNDS CARRIED FORWARD The notes on pages 10 to 21 form part of these firwicial statements. Page B
THE SEALED KNOT (A company limited by guaTrnteel REGISTERED NUIABER: 101471x1 BALANCE SHEET AS AT 31 DECEA18ER 2021 2021 2020 Mote FIXED ASSETS Tangible assets CURRENT ASSETS Stocks 12 5.732 7.642 13 8.221 37.669 324,916 7.575 5,850 339,213 Debtor5 Cash at bank and in hand 14 370.806 352,638 CREDITORS: amounts falling due wthin one year 140.998) f39, 1081 NET CURRENT ASSETS 329.808 313.530 NET ASSETS 335.540 321, 172 CHARITY FUNDS 'Re5tricted lunds Unrestricied funds 16 16 1.458 334.082 1.526 319,646 TOTAL FUNDS 335,540 321, 172 The charitable company's finanrial statements have been prepared in accordance vith the provisions apF4icable to companie5 subject to the small companies regime. The Trustees consider that the charitable company is entsded to exempbon from the requyemenl to have an audrt under the prowsion$ of section 477 of the Companres Act 20061.lhe Acf'i and members have not require the charitale company to obtain an audit for Ihe ye in queskn.on in a¢cordance ryth sethon 476 of the Act. The Trustees acknoledge their re5ponsith"lities for comptymg the reqUernents of the Companies Act 2006 wtth respect lo accounbng re¢ord5 and the preparabon of financial statements. The financ7[ statements were approved and aulhorised for issue by the TnJstee5 on 1 July 2022 and Signed on their behalf, by". S Wright G King Tmst•e Trustew The note5 on pages 10 ta 21 form part of Ihese financial statements. Page 9
THE SEALED KNOT (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OECEM8ER 2021 ACCOUNTING POLICIES 1.1 Basis of preparation of financial statemonts The finan¢ial 5talemenls have been prepared in aGrdance ith A¢counts'ng and Reporting by Charities.. Statement of Recommended Prath"ce applicable to charitles preparing their account5 in accordance Mth the Finanual Reporty"ng Standard applicable in the UK and Republic of Ireland {FRS 1021 leffecb.ve 1 January 20151 {Charits"es SORP IFRS 1021). the Finan¢ial Repong Stsndard appli¢able in the UK and Republi¢ of Ireland IFRS 102) and Ihe Companies Act 2006. The Sealed Knot meets the defin.0 of a public benefit entity under FRS 102. A55ets and liabilities are inilialty recognise<l al historical ¢osl or transa¢b"on Value unless othSe slated in the relevant accounting policy. 1.2 Company ststu$ The charitable company is a company b"mrted by guarantee anY a registered charity. In the event of the chawitable company being wound up. the 11"ablty in resped of the 9yarantee is limited to £1 per member of the charitable company. The charities funcb.onal and presentstion crnCY is pndS sterfing. In accordance wth the Artides membership Should not exceed 2.000. 1.3 Fund accounting General fun¢Js are unrestncted funds which are available for use at the discretyon of the Trustees in rtherance of the general objectives ol the charitable company and Ithich have not been ¢Jesignate¢ lor other purposes. Oesignated funds comprise vnrestrided f$ that have been set aside by the Trvstees for particular purposes. The aim and vse of each desnated fund is set out in the notes to the financial statements. Restricted lunds are lunds which are to be used in accordance spe¢thc restn"ctions imposed by donor5 Of which have been raised by the tharrtable ¢ompany for parb"cular purposes. The costs of raising and administering such funds are charged against the specthc fund. The aim and use of ea¢h restricted fund is set 04rt sn the notes to Ihe financial statements. Pa9e 10
THE SEALED KNOT (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMEPITS FOR THE YEAR ENDED 31 DECEMBER 2021 ACCOUNTING POLICIES Icontinuedl 1.4 Income l income is reujgnised once the charitable company has enbdement to the income, il is probable ihat the income wll be received and the amount of income [ecvable can be measured reliably. Donated seceS or faulrties are recogn1 tn the charitable company has control over the item. any condition5 associated the donated item have been met. the receipt of economic benefit from the use of the charitable company of the rtem is probable and that economic benefit can be measured reliabty- In accordance Vith the Chanlies SORP IFRS 1021. the general volunteer time of the Friends is not recognise(l and refer to the Trustees, ret for more informalK about their ntribubon. On re¢pl. donated professional semces and donated facifities a recogni5ed on the basis of the value of the 9rft lo the charitable ¢ompany is the amount the charltsble company would have been willing to pay to obtain services or facilibes of equivalent eC(Orn benefit on the open market," corregponding amount is then recTr3nised in expenditure in the peri¢xl of receipt. Income tax recoverable in rat1 to donats.ons received under (&ft Aid or deeds of covenant is recc43nised at the time of the donation or in a later period Kthen it meets the income recogn'On criteria. Income tsx recoverable in relth.on to investment income is reecgnised at the time the investment income Is receivable. Other income is recognised in the period in tAthith it is receivable and to the extent the goods have beerh prowded or on complets.on of the service. 1.5 Expenditurn Expendrture is recognised once is a le9al or con5trucb.ve obligation lo transfer e¢onomic benefit lo a thir¢J party. it is pr¢)able that a transfer of enOMiC beneffts will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each actsvity are made up of the total of direct costs and shared costs, inrluding 5LPPOrt wsts invdved in undertaknng ea¢h adivty. Direct costs attributable Io a single acti¥ty are allocated dire¢dy to tt)at acbvity. Shared costs %thi¢h ¢ontribute to more than one activity and support costs lch are not attributable to a single actiwty are apportioned between those actiMb"e5 on a basis ¢onsislent the use of resources. Central Stsff costs are allocated on the basis of ts.me spent. and depreciation charges allocated on the porbon of the asset's use. Govemance costs are those incurred in connec iih adminislrabon of the charitsble company and cOmlar ilh c0nsbtutiorL and statutory requirements. Costs of generabng funds are costs in¢tffred in attrath.ng w)luntary in¢ome. and those incurred in trading actiwbes that raise fvnds. Chantsble a¢tiwts"es and Governance costs are costs incurred on the charrtable company'$ edu¢ational operations. including support ¢0St5 and c05t5 relab.ng to the goveman¢e of the charitable ¢ompany apporti'oned to chaittsbTre titieS. Page 11
THE SEALED KNOT IA company limited by guarnnts•) NOTES TO THE FINANCIAL STATEMEt4TS FOR THE YEAR EPIOED 31 DECEMBER 2021 ACCOUP4TING POLICIES Iconlinuedl 1.6 Tangible fixed assets and depreciaiion All assets costing more than £500 a capita'sed as tll as lower Value assets that are deemed to have a long stxial lrte. A re¥iew for impaimient of a fixed asset is ramed out rf events LY changes in circumslances indicate that the Carn9 value of any fixed asset may not be recoverable. Shortfafis belween the carrying value of fixed assets and their recoverable amounts are re¢o9nised as impaiments. Impairment losses are recognised in the Statement of finanoal activthes incorporaling income and expenditure account. Tangible fixed assets are Carr at C05t. net of depreciati{ and any provision for impairmenl. Depreuatson is prowded at rates caleulated to vrrite off the cost of fixed assets. less their estimated residual value, over their expected usefvl Itves on the foll9 bases-. Motor vehiGles Office equipment 25% redu¢ing bace 25% reducing balance 1.7 Stocks and work in progress Stocks and Irk in progress are valuet1 at the Iver ol cost and net realisae value. on a first in first out basis, after making due allwanCe for obsolete and SI0m0¥79 stkS. 1.8 Intsr•st rnceivabl• Interest on funds held on deposrt Is included vthen receivable and the amount can be measured reliably by Ihe charilable company" this is normalty upan notificatson of the interest paid or payable by the Bank. 1.9 Debtors Trade and other deblors are recognised at Ihe setllement amount after any Irade discount offered. Prep8y7nents are valLd at the amount prepaid net of any trade discounts due. 1.10 Cash at Banlt and in hand Cash al bank and in han(1 indudes Ga$h and short temi higNy liquid in¥estrnents with a short malunty of three months or less trom the date of acquisitK>n or opening of the dep0511 or similar accounL 1.11 Liabilities and provislons Liabilrties are recognised when Ihere is an ot4igakn.on at the Balance sheet date as a $vIt of a past event. it is probable that a transfer of economic benefit wll be required in settlement, and the amount of the settlement can be esbmated reliatrjy. kn"abilTb"es are recognised at the amount that the thaTitabJe Company anb"ripates it s%ill pay to setve Ihe debt or the amount it has re1Ved as advanced payments for the goods or seMces it must provide. Provi3ion5 are measured at the best estimate of the amounts required lo setue the Obluat. Page 12
THE SEALEO KNOT IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 ACCOUNTING POLICIES Iconllnuedl 1.12 Financial instruments The charitable company onty has financial asset5 and financial liabilrties of a kind that qualify as basic financial instnjmenls. Basic finan¢ial instruments are inrtialty recognised at Iransaetion value and subsequently measured at their seeMent value the exception of bank loans vthich are Subsequently rneasud at amortysed cost using the effective interest method. 1.13 Subscriptions subscriptr.on income is accounted for on a receivable basis. 1.14 Consolidation The Sealed Krt has a s1gnifficant number of gimentS throughout the country, vthich have their own bank accounts and whi¢h produce their accounts. It is ¢onshlered that these regiments have sufficient financial and administrative autonomy that their accounts do not need to be in¢luded in these finanaal statements. VOLUNTARY IhlCOME Restricted Unrestri¢ted fund$ funds 2021 2021 Totsl lund$ 2021 Tolal funds 2020 Subscriw'ons 39.72S 26.882 63 70 39.725 26.882 63 70 64.763 Sale of shirts Ott)er Income 97 Total voluntary incorne 66,74D 66,740 64,860 rolal 2020 64,860 64,860 FUNDRAISING INCOME Rostrict¢d Unrestricted funds funds 2021 2021 Total funds 2021 Total funds 2020 Traders and Fdming Income 5,637 5,637 387 Tolal 2020 387 387 Page 13
THE SEALED KNOT IA company limited by guarant••) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEM8ER 2021 INVESTMENT INCOME Restricted Unre$tri¢ted nds funds 2021 2021 Total funds 2021 Tot81 runds 2020 Interest ReceNable 398 398 435 Total 2020 435 435 INCOME FROM CHARITABLE ACTIVITIES R•strict•d Unre$tricted funds funds 2021 2021 Total funds 2021 Total funds 2020 Muster Income S.890 S.890 3,506 Total 2020 3.506 3,506 COSTS OF RAISING FUNDS Restricted Unrestricted fvnds fvnds 2D21 2021 Total fund$ 2021 Tolal lunds 2020 Printing. Fwtage and stati Office expenses 8.127 238 8.127 238 8.919 872 8.36$ 8.365 9, 791 Total 2020 9. 791 9,791 Page 14
THE SEALEO KNOT IA ¢ompany limited by guarantsel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR EMDED 310ECEM8ER 2021 GOVERNANCE COSTS Restrict•d Unrnstricted fvnds funds 2021 2021 Total funds 2021 Total funds 2020 Offi¢e expenses Legal and Professional Independent examiners fees 160 S71 1.900 160 571 1.900 2.172 681 1,900 2.631 2.631 4.753 DIRECT COSTS Muster and Events Total 2021 Total 2020 Muster expenses Muster bounty and amiy grants Black powder Motor and travel costs 50th Anniversary G05ts Medical cover and supplies Horse hire Charitsble donatsons Bank charges Depreciation and Ios5 on disposal 12.988 1.395 2.495 1,777 12.988 1.395 2.495 1.777 1.651 7,015 2,108 70 351 1.727 4.375 950 1,128 1.727 4.375 9SO 1.128 1.911 1,019 3.206 28,746 28.746 15,420 Tol812020 15,420 15,420 Page 15
THE SEALED KNOT (A company15mited by guar•nts•l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 31 DECEMBER 2021 SUPPORT COSTS Muster and Events Total 2021 Total 2020 Insurance Web srte and IT costs Sundry 17,104 6,910 541 17,104 6,910 S41 IT,472 5, 728 444 24.555 24,555 23,644 Total 2020 23,644 23,644 10. NET INCOMEIIEXPENDITUREI This is stated after charging.. 2021 2020 Depreciation of tsngible fixed assets.. - owned by the charity 1.911 2,547 During the year. no Trustees received any remuneration12020- £NILI. Dtjring the year. no Trustees rece(ved any benefits in kind (2020 - £NILI. 6 Trustees ceiVed reimbursement of expenses amounting to £7541 in the currenl year, {2020 Trustees - £65831. These amounts represent the reinbursement of charity business runnin9 expenses paid by Trustees on behaw of the charity and include £255 in travel and 5ubststence. 11. AC¢OUNTAPIT5' REPIUIIERATK)N The Independent Examinefs rernunera1 aMnIS to an Independent Examinab"on fee of £1.90012020- £1,900). Page 16
THE SEALED KNOT (A company limtied by guarantee) NOTES TO THE FINAIICIAL STATEMENTS FOR THE YEAR Ef4DED 31 DECEMBER 2021 12. TANGIBLE FIXED ASSETS Olfi¢e and other oquipmènt Motor vehicles Total Cost At 1 January 2021 and 31 December 2021 25.910 15,985 41.895 Depreciation At 1 January 2021 Charge for the year 21.233 1.169 13.020 741 34,253 1,910 At 31 December 2021 22.402 13.761 36,163 Net book value At 31 December 2021 3.508 2.224 5,732 At 31 December2020 4.677 2.965 7.642 13. STOCKS 2021 2020 Polo Shirts Black Po*rler 434 7.141 8,221 8.221 7,575 14. DEBTORS 2021 2020 Trade debtors Other debtors Prepayments and accrued income 180 2,695 2,975 33.114 3.571 37,669 5,850 Page 17
THE SEALED KNOT (A ¢ompany limited by guarantse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021. IS. CREDITORS.. Amounts falling due withln one year 2021 2020 Trade creditors Accruals and deferred income 1.024 39,974 2,009 3T.099 40,998 39, 108 O•ferr•d income- subscriptlon$ Deferred income at 1 January 2021 Resources deferred during the year Amounts released from premous years 37,187 39,286 (37,1871 Defefred Int)e at 31 December 2021 39,286 16. STATEMENT OF FUNDS STATEMENT OF FUNDS- CURRENT YEAR Balanro at 31 December 2021 Balance at 1 January 2021 Transfers Inlout Income Expendlturt Do5ignat•d funds Bursary Fund 3.500 3,500 G•neral fvnds General Fund5 316.146 78.665 (64.2971 330,S82 Total Unrestricted funds 319.646 78.665 (64.2971 68 334,082 Restricted funds Liquidation account Promoting Ihe PAoJyneux name 943 583 1681 875 583 1,526 1681 1,458 Total of funds 321.172 71,665 (fj4.297) 335,540 Page 18
THE SEALED KNOT (A cmipany limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 31 DECEMBER 2021 16. STATEMENT OF FUNDS (continued) STATEMENT OF FUNDS- PRIOR YEAR Balan at 31 December 2020 Balance al l January 2020 InGorne Exp8ndrture Bursary Fund General Fund$ 300,566 69,188 {53.608J 316, 146 Restrictod fund$ Liquidation aCCnI Promobng tre Molyneux rwne 943 583 943 583 1.526 1,526 SUMMARYOF FUNDS- CURRENT YEAR 8alance at 31 Trnn$fers December inloul 2021 Balance at 1 January 2021 Income EXNd11 Designatedlunds General fijnds 3,SOQ 330,S82 316.146 78.665 164.2971 68 319.646 1.526 78,665 164,2971 334.082 1.458 Restricted fun¢Js 1681 321.172 78.665 164,2971 335.540 Page 19
THE SEALED KNOT IA company limited by guarnnteel ' NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 16. STATEMENT OF FUNDS Icontinuedl SUhlMARY OF FUNDS- PRIOR YEAR Balance At 31 December 2020 Balance al l January 2020 Income Expenditure Urrrestncted fvnds General fvnd$ 300.566 69,188 (53,608J 316. 146 304.066 1.526 69, 188 {53,608J 319.646 1,526 Restricted fund5 305,592 69.188 (53.608J 321, 172 The liquidation account represents the amounts paid by subs¢ribers on betoming fvll members at an additional cost of £1 Fer membei. Restricted funds are also heM to promote the Molyneux name. The bLKsary ftjnd represents amounts set aside for educab.onal bursary awards to members. 17. ANALYSIS OF NET ASSETS 8ETWEEM FUNDS ANALYSIS OF NET AS5Efs BETWEEN FUNDS- CLIRRENT YEAR Restricted. Unvestricted funds funds 2021 2021 Total fvnds 2021 Tangible fixed assets Current assets Creditors due wthrn one year ,731 369,348 140,9971 S.731 370.806 {40.997) 1.458 1.4S8 334,082 335,540 ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR YEAR RestsKted unStrted fun(ts lunds 2020 2020 Total lunds 2020 TaThJible fixed assets Current assets Creditors due within one year 7,642 351,112 (39, 108J 7.642 352,638 (39, 108) 1.526 1.526 319.646 321, 172 Page 20
THE SEALED KNOT IA company limited by guarnntee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 RELATED PARTY TRANSACTIONS The company is controled by its Board of Trustees. Page 21