Registered nUmr. 1014700 Charlty numbers: 263004 and SC040724 THE SEALED KNOT (A company Ilmited by guarantee) UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
THE SEALED KNOT (A company Ilmlt•d by guarantee) CONTENTS R•f•r¢n¢• and •dmlnl•tr•tlv• d•talls of th• ¢harlty. Its tnistw4 and adviJ•rs Truste•¥' r•port Indepèndent examln•rf• r•port Staloment of fln•ncl•l *ctivltl•s Balanc• sh••t 10 Not•• to th• flnanclal st•t•m•nt•
THE SEALED KNOT IA company Ilmlted by guarant} REFERENCE AND ADAqINISTRATIVE DETAILS OF THE CHARITABLÉ COMPANY, ITS TRUSTEES ANO ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2023 Trustees 8 Upton S Wright liesigned 14 Augus120231 K S Robinson V I Pearce J R FOer (resigned 27 May 20241 D N Parkes N C Jackson T C Balowin C H J Noth-Bales A B George Iresigned 6 Juty 20241 G Klng Irttslgneii 31 January 20231 R A S8les S R TSerney T l H8rrlngton R D Phglps E George Ir8slgned 27 May 20241 A K Thornpson (appolnled 18 February 20231 A R Harrfnglon lappolnled 26 August 20231 N L WinsoT-Gray lappoinled 26 August 2023) R G Tooke18ppoint8d 26 August 20241 A E Pearcelappointed 26 August 20241 E H Wrlght lappolnted 26 Augusl 20241 Cofflpany r•gl*l•rnd number 1014700 Charlty roglst•r•d numb•rs 263004 and SC040724 R•gl•t•r•d offlc• CIO Clarke Wlllmott LLP Burlington House Bollelgh Grange Bu$lness Park Hodge End Southampton S030 2AF Company s•cr•tary C H J North-Bates Accountant8 Streets LLP Chartered Accountants Tower House Lucy Tower Street Llncoln LN1 1XW 88nkers Barclays Bank PIC Leicester LE87 2BB Page 1
THE SEALED KNOT {A company Ilmltod by guaiant¢el REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITABLE COMPANY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEM8ER 2023 Advl8orB (¢ontlnuodl Sollcltorn Clarke Wbllmott LLP 8urlington House 8ollelgh Grange Business Park Hedge End Swlhampton S030 2AF Page 2
THE SEALED KNOT {A company Ilmlted by guarantso) TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 Th8 Trustees present their annual report together wilh the financial statements of the charitable company for the period 1 January 2023 to 31 December 2023. The trustees conflrrn that the annual r8port and financial stalemenis of the charttable company comply wth the current stslutory requirements. the requirements of the ¢ompanls governing document and the prowsions of the Ststement of Recommended PraclSce ISORPI, applicable lo charities prap8ring their accounts in accordance wlth the Fin8ncial Reporting Standard applicable Sn the UK and Ropubllc of Ireland IFRS 1021. Since the charitable company qualifies as srnall under section 383, the strategic report required of medium and large companles under The Companles Act 2006 Islralegic Report and Director's Report) RegUlaOn9 2013 Is not required. ObJ•ctSv•s and Actlvltlo1 . POLICIES AND OBJECTIVES In setting obltsclives 8n¢J planning for 8Ctivities, the Tru51ees have glven due conslderallon lo general guldanco published by the charlly cc*nml$$lon relating lo publlc benefil. The charStablo company Is principally engage¢J in the prasentalion of episodes in history by means of pla. P8g8ants and theatrical re.en8ctmenl of battles wlh a view lo maintaining and encouraging, among memb8r8 of the public. the learning and study of history. Thls acdvity contlnuos lo be focLJsed on Ihe Civil Wars whlch look place in England, Scotland, Wales and Ireland dudng the 8evenleenth century. Some of the compan15 events lake pl8C8 in and around schools. reflacling the company's stslu5 8s 8n educational charitable organisation. This aroa of actlwly remalns a fo$ for the future. b. ACTIVITIES FOR ACHIEVING OBJECTIVES 11 is the pollcy of the Iruslees 10 Sel aside a proportlon of the surplus on musters whleh Is 8va118ble for charltgbl? purposes. These fund5 ar8 hald in the general bank accounts unlil required. As well as supporting the ongoiThJ act51186 of the 60clety Ihese monies have been used for Education, Commemoration and gin9 8ur$aries. Achl•vgm¢nts and p•rfomi•nce . KEY FINANCIAL PERFORMANCE INDICATORS Tho key financial performance indic8lor for the trustees is generating a surplus of funds to malntain ils ch8r118ble aims and objectives. b. REVIEW OF ACTIVITIES In 2023 we were able lo relum to a full programme of events. There wer8 m8jor events for all of the bank hollday weekends wlh many sm811er events across the year and country. Major events in the spring near Monmouth and Cheltenham were followed by an August Bank Holiday Te-enaclment at Margam Park near lo Port Talbot. Our smaller even15 vary in svze from a talk one or two re-enactors up to smaller full batues dlsplaOng the use of irrfanlry anij a'llery. Thes& varied even15 fulfil our core mission of fdising interest in history 8nd arn 8n excdlent way lo educats and entertain the public. We have conts.nued to build and maintain relab"onships with other organisations that promote history in general with a p8rt1cular focus on the civil wars and we 0ft8n try to engage local schools around our major events lo help bring the history curriculum to life. Page 3
THE SEALED KNOT IA company Ilmited by guarnntee} TRUSTEES. REPORT Icontinuedl FOR THE YEAR ENDED 31 DECEMBER 2023 Flnanclal r•vl•w a. GOING CONCERN After maklng appropriate enquiries. the trustses havo a reasonable expectation that tho charitsble company has adequate resources to continue in operational existence for the foreseeable future. FOT th[$ reason they contlnu9 lo a(Jtspl the going concern basis in preparing the financial statements. b. RESERVES POLICY It is the policy of the directors lo retain 5uffidenl fin8ndal resources to ensure th8 operation of the charllablo company for a perlod of al le851 two y&8rs excluslve of event based costs In the ovenl of either a slgnificant rtsduction In Income or a significant increase in expendSlure. Whilst subscriplions we¥e Increased for 2023 to 511ghlly abov8 th8 rale prior lo th8 arrival of Covid-19 we once again offered a small reduction lo th088 rènewing. The Trustees pollcy r6malns to be to expend res8N88 prudenlly ond when circumstances allow to ensure that raserves are held al th8 appropriat8 lavd. Al 31 December 2023 the company had net funds of £314,38612022 £310,969). Structurnp gov•m•nc• and manag•m•nt . CONSTITUTION The chariLabla company Is conslitul8d under a Memorandum ef ASso(at10n dated 17 June 1971 and is rogislered charity number 263004 ISC0407241. Thare have been no chang88 in the objectives since the lasl annual r8POrt. b. METHOD OF APPOINTMENT OR ELECTION OF TRUSTEES The management of th8 ch8rftsble company is the r88ponsSblKty of th8 Truste88 who are glectod 8nd cTropled under the lemis of the Aricles of Association. . POUCIES ADOPTED FOR THE INDUCTION AND TRAINING OF TRUSTEES Now trustees a made aware of their responsibilities 8nd the affairs of Ihe charity. All trustees are kept aware of the updates sent out by the Charity Commissioners which is now made easier by the Introduction of electronl¢8lly transmitted inforfll8l0n. d. ORGANISATIONAL STRUCTURE AND DECISION MAKING The charitable compony is limited by guarantee lo the 8Xtant of £1 per full member. In accordance with thg Artides, fvll membership should not exceed 2,000. Al the trustees are mtrmbers of the company. The Board of TTuslees consists 01 12 elected rnernbe, 3nd five ex officio officers.. the Adjulanl General IDirector of Administration), the Company SeGretsry, the Lord General of the Royalist Army, the Lord General of the Army of P8rfiamenl and the Finance Director (Treasurer). The elected positions aTe normally for 3 tem) of three years, and a third of these must be r8-8lecied at each AGM. OnGe members are elected, they are gxpected lo attend four board meetings a year. and partiapate in the running of the charity. including the management of a speclllc aspect. The ex offiao positions are appointed by the board of trustees, at the time of the post becoming vacgnl. Paga 4
THE SEALED KNOT IA company limited by guarant¢¢) TRUSTEES. REPORT Icantinuedl FOR THE YEAR ENDED 31 DECEMBER 2023 The Ch8rlty does not consider there lo be any remuneraled key managernenl personnel. The members of the board during 2023 are listed on pago 1. •. RISK MANAGEMENT Th8 trustee5 have examlned the principal are88 of the Segled Knol op8rafjons and have considered the major 5k$ laced In each of these areas. A PTogT3mme lo assess risk ond miligale Its effects has been sel In traln. 11 Is felt that risk8 can and should be mitigated lo an acceplablè18vel in the day lo day running of the Sealed Knol, f. FUTURE DEVELOPMENTS No slgnbflcanl changas hav8 been made in the cornp8ny's 8im$ 8nd objective5 durfng the poriod and the trust888 do not foresee any changgs in the coming year. We will continue lo support initiatives such a5 the N8seby BalUeli8ld Project and will continue Work on 8 number of annual commemorative events such as tho88 at Nantwch, Colelord. Naseby. Marslcn Mt)or and Edgehill. Wè will 81rèngth8n our repT8sentaliM al other endangered battle sltey as m8y be necessary. In addlllon we wlll look to align our events as closely as possible with those lorthcomlng 380th annivers8ri8s. We are also lookiThJ to conlrfbute lo various events organl88d by Engllsh Herttage and help the Ballbfield8 Trust develop Ihelr prcYJram to encourage a greater under8tandlrvJ of Brit15h Mllltary Hi510ry. TRUSTEES. RespoNSIBILITIES STATEMENT The Trustee8 Iwho aro also dirgctors of The Sealed Knol for the purposes of comp8ny18wl are responSie for preparing tha Truslees, report the financlal siatements in accordance wlh 8ppllcabl• Igw ond Unbled Kingdom AccounlSng St8ndard5 (United Kingdom Generally Accepted Accounllng Pr8cUcel. Ccfflp8ny law requlres the Trustees io prepar8 finBncial slalemenls lor each financial year. Under company law Ihe Trusl8es must not approve the financial siaternenls unless they 8rg satisfied that they glve 8 tru8 and fair view of th¢ state of affairs of the ch8ritsble company and of the Incom5ng resources and applleation of resources. includlng the Income and expendlture. of the charitable company for thal period. In prepating these financial stalemenls. the Trust888 8re required to.. s818Ct suitable accounting pollde8 and then apply them conslslendy. observe the mathods and princAples in the Charitie5 SORP.. makè ludgments and accounting e51imales that are reasonable and prud8nl' prepare the financlal 8t8lemènts on the going concem basLs unloss it is inappropriate to presum• that the charitable company wll conlinue in operation. The TrusleBs are responsibl& for keeng adequat8 accounting TecoTds that are 5ufficlent to show and explaln the ch8ritsble companYs transactions and disclose with reasonable accur8cy al any time the financial position of the ehadtsble company and enable them lo ensure that the financrdl statements comply with the Companies kt 2006. Thèy are also responsible for SafUarding the assets of the charitable company and henGe far taking reasonable steps for the prevention and d•tsction of fraud 8nd E>thar irregularities. Tha Trustees are responsible for the maintenance and integrily of the corporat8 and financial inforrnalion included on the charitable companls websit8. Lègislation in the United Kingdom goveming the preparation and di55emination of financial statements may differ from legislation in other jurisdictlons. Page 5
THE SEALED KNOT {A company limited by guarante•) TRUSTEES. REPORT (contlnued) FOR THE YEAR ENDED 31 DECEMBER 2023 This report was approved by the Trustees, on 29 August 2024 and slgned on their behalf by.. CHNorth Trust•0 Pa6
THE SEALED KNOT IA company limlt¢d by guaranttt) INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE SEALED KNOT Ithe'charltable company'l I report to the charity Trustees on my examln8Uon of the accounts of the charftable comp8ny for the yeor ended 31 December 2023. This report 15 made 501ely to th8 charitable cornpanls Trustees, as a body, in accordance wlh Part 4 01 the Charities (Aceounls and Reports) Regulations 2006 and regulalion 11 of the Chari1185 Accounts {Scotlgnd) Regulauons 2006, My work has been underlaken so that I might stale to the Charitable cOmp8nS Truslees those m8tters l am reouired to stote to Ihern in an Independent eKamlnerfs report and for no other purpose. To the full8818Xtent miltOd by law, I do not accept or assum8 rasponsibility lo anyone other than ihg charitable company and the charitabl8 companls Trusl•&s as a body, lor my work or foT th18 report. RESPONS181LITIES AND BASIS OF REPORT As the Trustegs ol the charltsble company land it8 directors for the PVTP03e8 of company lawl you are responsible for the preparation of the accounts Sn accordance wlh the requlremenls of thè ChBriles and Truslee Investments (Scotlandl Act 2005 I'lha 2005 Act'l, the ChariUe8 Accounts (Scollandl R&gulations 2006 las 8mendedl I'the 2006 Accounts Regulations'l and tho Companles Act 2006 I'lhe 2008 Acl'l. You are satislled that the accounts of the charitabl8 company ara not required by Charfty cr company law to b8 audlted and have chosen instead to have an ind8pendenl examination. Having sallsfled myself that the 8ccounls of the ch8rlt8bl8 company Bre not required lo bè Budiled under Part 16 of the 2006 Act and are 81ible for independènt examination, I report In respect of my examination of th8 choritable compang5 accounts c8rrigd out untjgr section 4411llcl of th8 2005 Act and section 145 of the Charities Act 2011 1.lhè 2011 Act'l. In carry'ng out my examlnatlon I have lolEowed the requirements of Regulatlon 11 of the 2006 Accounts Regulations and the Dlredons given by the Charity Commlsslon under sectson 14515llbl of the 2011 Act. INDEPENDENT EXAMINER'S STATEMEMT I have CoMpted my 8x8mlnalion. I can confirni that no matters have com8 ID my attenbon In connection with the examination giwng me cause to believe.. 8c¢¢)untlng recc*ds were not kept In respect of the charitable company as requlred by sKtion 386 of the 2006 Acl and Regulation 4 of Ihe 2006 Accounts Ragulalions,. or the accounts do not accord wlh Ihosg r9cords or with the accounting rgqulrements of Regulafjon 8 ol the 2006 Accounts Regul8lions- or the accounts do not comply wlth the accounting qUIreMents of sectlon 396 of the 2006 Acl other than any requlrement that the accounis glve 8 'tnJe and fairf vlew which is not a matter considered as part of an indèpendent examinab'on., or the 8ccounts have not be8n prepared In accordance with the method5 and prinrjples of the Statemenl of Recommended Practice for accounting 3nd reporting by charlties lapplicable to charlties preparing their accounts in accordance wrth the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 10211. I have no concems and have come acTDS$ no other matters in conneclion wth the examination to which 8ttenlion should be drawn in this report in ordèr to enable a proper understanding of the 8ccount5 to be reached. Page 7
THE SEALED KNOT (A company limited by guarantse) INDEPENDENT EXAMINER'S REPORT Icontinu•d} FOR THE YEAR ENDED 31 DECEMBER 2023 Slgned,. Dated.. 30 August 2024 Rcbsrt Anderson FCA STREETS LLP Chartered Accountants Tower House Lucy Tower Street Lincoln Page 8
THE SEALED KNOT IA company limlted by guaranto¢) STATEMENT OF FINANCIAL ACTIVITIES INCORPORATING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023 Restrlctod Unr•strict8d lund• funds 2023 2023 Total funds 2023 Total funds 2022 INCOME FROM: Voluntsry income Charitable activilles Other lundraising income Investmanls 97,797 43,571 2,984 2,924 97,797 43,571 2,964 2,924 70.221 32,424 5. 107 301 TOTAL INCOME 147.256 147,250 108,053 EXPENDITURE ON: Rolsing fund$ Charltable aCtitIeS 13,273 130,SfjB 13,273 130,566 9,809 122,815 7,8,9 TOTAL EXPENDrruRE 143,839 143,839 132,624 NET INCOME I IEXPENDITUREI BEFORE TRANSFERS Transfers between Funds 3,417 3,417 (24,5ri) 16 16) NET INCOME I IEXPENDITUREI BEFORE OTHER RECOGNISED GAINS AND LOSSES 3,423 3,417 (24,5TI) NET MOVEMENT IN FUNDS 3,423 3.417 (24.571) RECONCILIATION OF FUNDS: Total funds brought forward 1,458 309,511 310,969 335.540 1,452 312,934 314,386 310,969 TOTAL FUNDS CARRIED FORWARD The notes on Pag 11 to 21 fomi part of these flnancial stslements. Page 9
THE SEALED KNOT (A company limlted by guarantee) REGISTERED NUMBER: 1014700 BALANCE SHEET AS AT 31 DECEMBER 2023 2023 2022 Not• FIXED ASSETS Tangible as5els CURRENT ASSETS Stocks Debtors Cash at bank and in hand 12 3,787 5,048 13 14 11,396 24,580 351,211 8,124 11,392 365,259 3B7,167 384,775 CREDITORS: amounts falling due within one year 15 176,5881 (78,854) NET CURRENT ASSETS 310,599 305,921 NET ASSETS 314,386 310.969 CHARITY FUNDS Reslricled funds 18 1.452 312,934 1,458 309,511 UnreslrScled fund5 TOTAL FUNDS 314,386 310,969 Tha charitable companls flnanclal slalemenls have been prepared Sn accordance wllh the provlslons appllcable lo companies subject lo the small companles reglme. Th8 Trustees consider that the charSlable company Is enlllled lo exemption from the requirement to have an audit under the provisions of section 477 of the Companles Act 2006 {"Ihe Act") and members have not require the charitable Gompany to obtain an audit for the year In quesllon In a¢¢ordance th section 476 of the Act. The Trustees aCkno%edge their responsibilities for Complying with th8 QU1MentS of the Companles Act 2006 with respect to accounllng records and the preparatK)n of financial stalemenls. The financial s181ements were approved and aulhorised for issue by the Trusl88s on 29 August 2024 and signed on their behalf. by.. A K Thompson Trustee The notes on pages 11 to 21 form part of these financial stalemenls. Page 10
THE SEALED KNOT IA company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POLICIES 1.1 Basls of preparatlon of fln•nclal stat•rn•nts The financi81 slalem8nts have been yepared In accordance wlh Accounting and Reporting by Charllles.. Stslemenl of Recommended Practlce applicable lo charities preparing their accounts in accordance th th8 Financial Reporting Standard applicablo in tho UK and Republic of Ireland IFRS 1021 leffaclive 1 January 20191 Icharities SORP IFRS 102}I, the Financial Reporbng Stsnd8rd applicable in the UK and Republlc of Ireland IFRS 1021 and the Companles Act 2006. The Seale(l Knot mgols the definillon ol a public benefit enlily undgr FRS 102. Asse15 and liabilities are initially recognised at hislon.cal eo&t or Irans8Ction volue unles5 olhewhse 8tated In the r81evanl accounting pollcy. 1.2 Company •tatu• The charilable company is a comp8ny limlled by guaTanlee and 8 regisl8r8d thBrity. In the event of the charitsblé company being wound up, the liability in respect of thg guarante& is limited lo £1 member of Ihe charitable company. The charllies functlonal and presentation currency is pwnds gtgrflng. In accordance th the Artieles mèmbershlp should not exceed 2.000. 1.3 Fund accountlng General funds are unreskn'cl8d lunds whlch are avallable for use 81 thè dlscr•tlon of Ihe TNstee8 In furth8rance of the genero1 objeclSves of ihe charltable company 8nd lCh h8ve not been designalad for other purpose8. Deslgnated funds comprise unreslricled funds that havè b88n sel aslde by the Trustee5 for particu18r purposes. The alm and use of each deslgnated fund is sgt out In the notes lo the fSnancS81 stalemonts. Restricted fund5 are lunds whl¢h are to bg used in accordance wlth spectfic restrlctlons Imposed by donors or which h8ve been r81séd by the charitable company for particular purposes. Thè costs of raising and adminisledng such funds ar8 charged against the specific fund. Th8 aim and use of each resiricled fund15 set out In the notgs to Ihe financial 51atemenls. Page11
THE SEALED KNOT (A company Ilmltsd by guarantfrel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POLICIES {contlnued) 1.4 Incomo All income is recognised once the charltable company has enllllement to the Sncome. 11 Is probable that the InMe wll be received and the amount of income receivable can be meaSUTed rellably. Donated services or facilities are recognised whon the chadtsblo company has control over the item. any condltlons assoclaled w51h the donated item hav8 been mel, the receipt ol economic benefil from the use of the charltable company of the item Is probable and that economic beneflt Can be measured rellably. In accordance th the Charities SORP IFRS 1021, lh8 g8n8r81 volunl8er me of the Friends is not recognisod and refer lo the Trustees, report lor morg infomiation about their conlrlbullon. On r8c•lpt, donated professional services and donaled facilities are recognised on the basis of the value of the gift lo the charitable company which is the amount the charitable company would hav8 been willing lo pay to obtain 5erwces OT facilitie8 of equivalent economic benefit on the open market; corresponding amount is then recognlsed In 8xpendSlure In tha period ol receipt. Income tax recoverable relallon to donallons recelved under Gift Ald or deeds of covenant is recognised at the time of the donation or in a 181er p8riod vthen il meols the income recognition crtl8rSa. Income 18x rgcov8rabl& In rèlation lo inv8sim8nl income Is r8cognised al the lime the inveBlment income is roceivable. Other incornels recognlsed In thè period In which11 18 rè¢eivabl8 and lo the extent the goods have been provided or on completion of th8 service. 1.5 Exp•ndlture Expendlture Is recognSsed once ther8 Is a jogal or constructive obllgatlon lo transfer economic benefit to a third paty, it is pmbable that B transfer ol economic benefits will be required in gtrltl¢menl and th$ amount of th8 obligation can be measured reliably. Expenditure is classilled by activity. The costs ol each actlvily are made up of the total of direct costs and shared costs, Including support costs involved in undertaking each activity. Direct costs 8tlribut8ble to a single acliwly are allocated direcuy lo (hal activity. Shared c0515 vthich conlribule lo more than one 8clivity and support cos15 which are not attributable to a Single acbvity are 8pportion8d b8tW88n those activities on a basis con5151enl wrth the use of r8sourc8s. Centr81 stsff costs are allocated on Ihe basis ol Ilme spent, and depreciallon charges allocated on the pO.on of the 8sset's use. Govemance costs are those in¢urr8d In connection th administration of tha charitable company nd compli8nce with consb'tutional and ststutory requirements. Costs of generating fun(Js are costs inGurred in attracting voluntary income. and those incurred in trading actsvities that raise funds. Charitable activities and Governance costs ar8 costs inCUrd on th8 charitabla compangs educational operatlons, Inclu¢Jlng support costs and costs relating to the govgrnance of the charitable company apportignod to Gharitable aEtivitigs. Page 12
THE SEALED KNOT IA company limited by guarantsol NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 DECEM8ER 2023 ACCOUNTING POLICIES (ContInu) 1.6 Tanglbl• flx•d ass•t8 and d•prnclatlon All assets C051ing more than £500 are c8Pit81I88d as well 8s lower value assets that are de8med to have a long soclal Ilfe. A Teview for impairm8nt of a lix•d assel is carried out rf events or changos in clr¢umstsnce8 indicale that the calng value ol any fixed asset may not be cOVerable. Shortfalls b&en the corrying value of fixed assets 8nd their recoverable amounts are recognbsed as Impaliments. Impairment losses are recognised in the Si3t8m8nl of financial acti1eS incorpor3ling income and expendilure account. Tangible fixed assets are cathed al cost, nel of depr8clalSon 8nd any provision for impairment. D8pred81ion is provided at rates calculated lo wrlta off th8 cost of fixed assel8, less their eslimaled residual value. over IheiT expected useftjl Ilves on the followng bases.. Motor vehScle8 Offlce equlpmenl 25% rnduclng balance 250A reduclng balance 1.7 Stock• Stock$ are volued al the lower of cost and net re81I8able value, on 8 flrst In flrsl out ba51s, Bfter making due alhxance for obsolete and slow-movlng stocks. 1.8 Int•r•*t r•c•lv•bl• Interest on fund8 held on deposit Ss Included when receivable and the amount be meBsured reliably by the ch8rS18ble company., thls is nomially upon nolific8llon of the Snleresl poSd or p8yablo by the Bank. 1.9 Debtorn Trade and other debtors are recogni5ed al the settlement amount after any trade discount offered. Prepayments are valued at the amount pxepaid net ol any Irade dlscounls due. 1.10 Cash at Bank and In h¥nd Cash al bank and in hand includes cash and short term hlghly Ilquld Investments with a short malurfty of three months or less from the dale of acquisltlon or openlng of the deposit or similar account. 1.11 Llabilitles and provl8lon8 Liabilities are recognised when there is an obllgallon at lh8 Balance sheet date as a result of a pa51 event, il is probable that 8 transfer of gconomic ben¢lit will be required in setuemenl, and the amount ol Ihe Settlement can be estimattrd mliably. Liabilities are recogni5ed 81 the 8fflOLJnt that the charitsble company 8nb'clpates il will pay to setue the debt or the amount it has mcaived as advanced p8yments for the goods or services il mu51 provide. Provislons are meesurod at the best estimate of the amounts required to setue the obligation. Page 13
THE SEALED KNOT IA Company Ilmited by guarantsel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POLICIES Icontlnuedl 1.12 Flnanclal Instruments The charSlabl8 COTllP8ny only has financial assets anrj financial liabilities of a klnd that qualify as basic financlal Instruments. Basic flnancial Instruments 8re inllially recogni5ed al tr3nsÈction value and subsequently m8asured at their settlement value with the exception of bank 108n8 which are subsequénlly moasured at amortised cost using th8 effeclbve interest method. 1.13 Sub8crlptlon8 SubscrfplSon Income is accounted for on a receivable basis. 1,14 Consolldatlon The Sealed Knol has a 8lgnilic8nt number of reglments Ihroughout the county. vthlch have thelr ovm bank accounts and which produca Ihair own accounts. 1118 consldered that these regiments have sufficient fln8nci81 and 8dministratlve autonomy that Iheir acuntS do not neèd to ba included in these flnanclal stalemenls. VOLUNTARY INCOME ReBtrlcted Unr•*trlctod fund funds 2023 2023 Total funds 2023 Total lunds 2022 Subscriptions Glft Ald Other Income 78.376 18,391 1.030 78,376 18,391 1,030 47,279 22,607 335 Total voluntary Income 97,797 97,797 70,221 Total 2022 70,221 70,221 FUNDRAISING INCOME R•strlct•d Unrestrlcted funds lund$ 2023 2023 Total funds 2023 Tol81 fvnds 2022 Traders and Filmlng Incom8 2,904 2,964 5.107 Total 2022 5, 107 5. 107 Page 14
THE SEALED KNOT IA Company Ilmltad by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEM8ER 2023 INVESTMENT INCOME Restrlcled UnreBtrlctod funds funds 2023 2023 Totsl funds 2023 Total runds 2022 Intor8St Receivable 2,924 2.924 301 Total 2022 301 301 INCOME FROM CHARITABLE ACTivrriES R•strSct•d Unrestrlct•d funds fund• 2023 2023 Total fund• 2023 Tot81 lunds 2022 Muster Incomg 43,571 43,571 32,424 Total 2022 32,424 32.424 COSTS OF RAJSING FUNDS Rostrlctod Unr•8trlcted funds fundj 2023 2023 Total funds 2023 Tot81 funds 2022 PrSnling. postoga and stationery Office expenses 13,019 254 13,019 254 9,256 553 13.273 13,273 9,809 Total 2022 9,809 9,Bog Page 15
THE SEALED KNOT IA company limitod by guarantso) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 GOVERNANCE COSTS Ra•trlcl•d Unrmtrlcted funds fund¥ 2023 2023 Total fundB 2023 Total funds 2022 Offi¢x 8xppn5es L8981 and professional Independent examiners fees Accountancy lee8 160 2,500 2,000 2,000 160 100 1.900 2,000 2.500 2.000 2.0110 6.660 6.660 4, 160 DIRECT COSTS Muster and Ev•nt• Total 2023 Tot81 2022 Muster expense5 Muster bounty and army grants Black powdar Motor and Ir8v&I costs Medlcal cover 8nd 8upplle8 Hors8 hira Charitabla donations Bank charges Depreciation and loss on disposal 41.987 21.971 7.408 41.987 21.971 7,408 2,804 1,741 45,229 14,331 7.937 2,635 7,340 9.596 2,565 257 1,684 1,741 8.344 $40 225 1,261 540 225 1,261 86,281 86,281 85,574 Total 2022 85,574 85.514 P898 16
THE SEALED KNOT {A ¢¢mpany Ilmited by guarantso) MOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEM8ER 2023 SUPPORT COSTS Muster and Events Tot•1 2023 Total 2022 Insurance Web site and IT costs Sundry 31,031 5,974 620 31,031 4974 620 26,902 5.886 293 37,615 37,125 33,081 To1812022 33.081 33,081 10. NET INCOMEIIEXPENDITUREI This Is Stated after chargSng'. 2023 2022 Depreciation of langlble fixed a8ts.. - owned by the charlty 1.261 1,684 During the year, no Trustèes recelvad any remunerètlon12022 - £NILI. Durtng the year, no Trustees recelved any benefits in kind12022- £NILI. 5 Trustees feceiv&d reimbursement of expenses amounung to £7,215 in the CUTrenl year, 12022 TnJslees - £7.5411. The58 amounts represent the reinbursem&nl of charity business running 8xp8nses paid by TnJ8tees on beh8ff of the chorlly. 11. INDEPENDENT EXAMINERS. REMUNERATION The Independent Examiner's remunoration amounts to an Independent Examlnatlon fee of £2,00012022- £1.9001. Page17
THE SEALED KNOT (A MpanY limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 12. TANGIBLE FIXED ASSETS offi and other equlpmont Motor vehlclo8 Total Cost Al 1 January 2023 and 31 December 2023 25,910 16,985 42.895 D•preclatlon Ai 1 JBnuary 2023 Charge lor th8 year 23,279 657 14,588 604 37,847 1.261 Al 31 December 2023 23,930 15,172 39.108 Net book value Al 31 December 2023 1,974 1,813 3.787 At 31 December 2022 2,631 2,417 5,048 13. STOCKS 2023 2022 Black Powder 11.396 8. 124 14. DEBTOR8 2023 2022 Trade debtors Other debtors Prepayments and accrued income 2,827 17,761 3.972 4,580 3,040 3,772 24,560 11,392 15. cRED0fts.. Ajnounts falling due wlthln on• y•ar 2023 2022 Trade creditors Accrua15 and deferred income 40 76.528 116 78, 738 76.568 78.854 Page 18
THE SEALED KNOT IA company Ilmlted by guar8nto01 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 DECEMBER 2023 15. CREDITORS: Amounts falllng due wlthln one year Icontlnued D•f•rrnd Income- subscription• Oelerred income al 1 January 2023 Resources deferred durlng the year Amounts rel8850d fr¢)m previous years 68.167 69.019 68,1671 Dèferred income at 31 December 2023 69,019 16. STATEMENT OF FUNDS STATEMENT OF FUNDS . CURRENT YEAR Balanee at 31 D•cemb•r 2023 Balan 4t 1 January 2023 Tr•n8f•rs Inlout lThcom• Expendlturfr D•slgnated fund• Bursary Fund 2.500 2,500 General fund• General Funds 307,011 147.256 1143,839 310.434 Totsl Unreslricled funds 309,511 147,256 (143,839 312,934 R•8trict•d fund• Llquidation account Promoting the Molyneux name 875 583 161 869 583 161 1,4S2 Tolal of funds 310.969 147,256 1143,839) 314.386 STATEMENT OF FUNDS- PRIOR YEAR BBlgnce al 31 December 2022 Balance al 1 January 2022 Income Expendilu Burs8ry Fund General Fund5 3.500 {1,000) (131,624) 2.500 330,582 108,053 307,011 Page 19
THE SEALED KNOT IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 16. STATEMENT OF FUNDS Icontlnued) R•$trfct•d funds Liquidabon account Promoting the MoleuX name 875 583 875 583 1,458 1.458 SUMMARY OF FUNDS. CURRENT YEAR Balanco •t 1 January 2023 31 D•c•mb•r 2023 Transf•r8 Inlout Incom• Expendltuie Designated lund8 General funds 2,500 307.011 2,500 310.434 147,256 (143,839 308,511 1.458 147,256 (143,839 312.934 1.452 Restrictad funds 16) 310,969 147.256 {143,839} 314,386 SUMMARY OF FUNDS. PRIOR YEAR 8alart& at 31 D8cember 2022 B818nce at l January 2022 Income Expendllt4re Unrestricted fvnds Gener81 fun(Js 3,500 330,582 f1,000) (131,624) 2,500 307.011 108,053 334,082 1,458 108,053 (732,624) 309,511 1.458 Restricted funds 335.540 108,053 (732,624) 310,969 The liquidation account represents the arnounts paid by subsuibers on b8coming full members at an addibonal eost of £1 per member. Restricted fund5 are a150 held lo promDte the Molyneux name. The bursary fund represents amounts Sat aside for gdu¢ational bursary awards lo mernbers. Page 20
THE SEALED KNOT {A company Ilmited by guarantsel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 17. ANALYSIS OF NET ASSETS BETWEEN FUNDS ANALYSIS OF NET ASSETS BETWEEN FUNDS- CURRENT YEAR Restrlct•d Unr•strl¢ted funds funds 2023 2023 Total lunds 2023 Tangible flxed as3818 Current assets Cr8ditOT5 duo Wthln one year 3.787 385.715 (76.568} 3,787 387.167 176,5681 1,452 1,452 312.934 314,386 ANALYSIS OF NET ASSETS 8ETWEEN FUNDS . PFIIOR YEAR RestrKled Unrestricted lunds funds 2022 2022 Total funds 2022 Tanglble fixed Bssvjts Currenl assets Creditors due vlthin one year 5,048 383,31 T f78,854J 5,048 384, 775 f78,854J 1,458 1,458 309,511 310,969 18. RELATED PARfi TRANSACTIONS The company18 conlrolbd bylts 808rd of Trustees. Page 21