Regl8tered number: 0101471)D Charlty numbers: 263004 and SC040724 THE SEALED KNOT IA company Ilmlted by guarantee) UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
THE SEALED KNOT IA cornpany limlted by quarontee CONTENTS R*foren and admlnlstrntlv• det•ll8 of th• charlty. Its trust••s and advlsers Twstees. r•port Independent •xamlnerf• repart Stat•m•nt ol flnanclal actlvlll•s B•lanc• Jh••t io Not•• to th• fiTr•n¢l•l ¥tatern•nt•
THE SEALED KNOT {A company Ilmitod by guarants•} REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITABLE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2024 Trustee• B Uplon K S Robinson V I Pè8rce J R FOer (resigned 27 May 20241 D N Parkes N C Jackson T C Bal(Iwin Iressgnod 1 January 20251 C H J North-Bales A B George (resigned 6 July 2024, rgBppdnled 23 February 20251 R A Sales S R Tlerney Ir885gned 14 Jgnuary 202S) T l Harrlnglon R D Ph8lp8 E Gèorga Ireslgned 27 May 2024} A K Thompson A R Harringlon N L Winsor-Gray R G Tooke lappolnled 26 August 2024) A E Pearce lappoinlod 26 August 20241 E H Wright lappoinl8d 26 August 20241 J E Courtney-Thomp8on lappolnled l J8nuary 20251 Company r•gl•t•rèd numbtrr 01014700 Charlty r•gltor•d numbor• 263004 and SC040724 R•glt•r•d offl¢• CIO Clarke Willmott LLP Burfinglon House Bolleigh Grange Business Park Hedge End Southampton S030 2AF Company $•cr•tsry C H J North-Batss AGcounL•nts Streets LLP Chartered Accountants Tower House Lucy Tower Street Lincoln LN1 1XW BAnkern B8rclayE Bank Pic Leicester LE87 288 Page 1
THE SEALED KNOT (A company Ilmlt¢d by guarant) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITABLE COMPANY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2024 Advlser• Icontlnuodl SollcS10rn Clarke Willmott LLP Burlington House Bolleigh Grange Busln8ss Park Hedge End Southampton S030 2AF Page 2
THE SEALED KNOT IA company Ilmltod by guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustee5 present their 8nnuo1 pOrt together wth the financial siatements of th8 charitable company for Ihe period 1 J8nu8ry 2024 10 31 Decernber 2024. The Irust&8s confirm that the annual r•port and financial slalements of the tharitable company cOmY with the current statutory requirements, the requirements ol the compan15 governing document and the prowsions of the Statement of Recommended Practice ISORP), appllcable to charities preparing thelr accounts In accordance with the Financlal Reporting Standard applicable in tho UK and Republlc of Ireland IFRS 1021. Since the chantable company qualifies as sma11 under section 383, the strategic report required of Tll8dlum and large componies under The Comp8nl8s Act 2006 Islraleglc RepL¥t and Oirector's Report) Regulations 2013 is not rgquirad. ObJoctlve8 and Actlvlt5e• a. POLICIES AND 08JECTIVES In selllng oble¢llves and plBnning for aclivS118s, the TrLJStees hove glven due consklerauon to general guidance publlshed by thg cha¥lty commission relatlng lo public bgnefit. Th8 charitable company is princlp8lly engaged In the present8llon of episodes in history by means of plays. pa9eBnts and theatric81 re-8nactm8nt of battles with a view lo maintaining and encouraging, among members of the publlc. the learnlng and study of history. This activlty continues to be focused on the Civil W8rs which look place in England, Scotland. Wales and Ireland during the seventeenth century. Some of the companvs events take place In and around schools, reflecting the companls status as an 8ducation81 chari18ble organisalion. Th18 area of acllwty r•m8lns o focus for the future. b. AcTIVlEs FOR ACHIEVING OBJECTIVES It Is the pollcy of the Irus1098 lo sel oslde a proportSon of the surplus on musters vthlch 15 available for charitable purposes. These funds are held in the gener81 bank Bccounts until required. As well as supporting the ongoing aclithlies ol the society these monies have been u5od for Educallon, cornmemoraty.on and giwng 8ufsarie8. Achlevemeni8 and porforn)•nc• . KEY FINANCIAL PERFORMANCE INDICATORS Th8 key financial performance indlc8lor the Iruslees is generatlng a surplus of funds lo m8intsin its Charable aims and objective5. b. REVIEW OF ACTIVITIES In 2024 we ran four major events across the season. Events In Gloucestershire and Yorkshire In May were folk)wed by events in H8mp$hi and Oxfordshire that were held al the actual location5 of the Cheriton and Cropredy Bridge Battles in théir 380th anniversary years. Whgre possible we will ty to put on ¥v8nts thal match hlstorical locations an(J date anniversaries. A5 well as th8 major events for the year we undertook many Sfnaller evènis ranging from educati81 tslks throLJgh displays of the soldiers life 10 Skirmishes and full weekend programs. In an effort lo increase our value to our audience we are beginning lo develop id?as to provide wnore things to see al our major events Thls has the doubla eflecl of fulfilling our education remit in a varRd and interests'ng manner and also stsrts lo generale a better experience for the audience that in this age of e-tickeis and reviews will help gel more people al our event8. Pa3
THE SEALED KNOT (A company limited by guarantee) TRU5TEES' REPORT Irontlnu•dl FOR THE YEAR ENDED 31 DECEMBER 2024 Flnanclal revlew . GOING CONCERN After moklng appropdale enqulrfe8, the trustses have a reasonable expectation th8t the ¢harit8bla company has adequate resources lo continue in opèralional existence for the foreseeabl8 future. For this reason they continue to adopt the going concem b8818 in preparing the financial statements. b. RESERVES POLICY It Is the pollcy of the dlTeclorn lo retaln 8ufflclenl flnancl81 resources lo èngurè the operallon of the ch8rltable company for a period of al leasl fv40 years 8xcluslve af evonl based COBts in the event of esther a significant raducUon in Income or a slaniflcanl Incroasg in 8xp8nditure. The Trustees pollcy remains lo be lo expend reserves prudenlty and when circumstances allow lo ensure that serv88 are held at the appropriate level. In Ilne with the approved Reserves Strategy. unrestricted reserve c88h balan¢es may be utilised in furtherance ol the Sealed Knol Limited Investment Strategy. The strategy 8150 sets out reserves that Bre earmarked for a Speclflc purp08e. The Board set up or remove eaTmaiked reserve8 wlth the agreement of the Flnance Director. At 31 December 2024 the company had net funds of £289,48212023 £314,386). Structure. g¢v•man¢• and manag•m•nt a. cONsTuT10N The charitable cornpany 18 consliiuled under a Memorandum of A8souaJon dBted 17 June 1971 and 18 a registered charity number 263004 ISC0407241. There h8ve baan no changes in the objectives Blnce the las18nnu81 report. b. METHOD OF APPOINTMENT OR ELECTION OF TRUSTEES The m8nagemenl of Ihe charitable company is the responslbllty of Ihg Trustees who are elected and co-opted under the terms of the Artlcles of Association. c. POLICIES ADOPTED FOR THE INDUCTION AND TRA1141NG OF TRUSTEES New trustees are made aw8r8 of th8lr responsibi'lities and the affairs of thg charity. All Irustees are kept aware of the updates sent out by th8 Charity Commissioners which is now mgde 88sier by the Introduction of electronically transmitted informabon. Pagg 4
THE SEALED KNOT {A company limlted by guaranteo) TRUSTEES, REPORT Icontinuedl FOR THE YEAR ENDED 31 DECEMBER 2024 d. ORGANISATIONAL STRUCTURE AND DECISION MAKING The charitable comp8ny is limited by guarantee to the extent of £1 per full member. In acrd8n¢fj with th8 Articles, full membershlp should not exceed 2.000. the truslees are members of the Gompany. The Board of Trustees consists 01 12 818cted mernbeTS, and fiv8 &x officio officers.. the AdjulAnl General (Director of Admini51rationl, the Company Secretary. Ihe Lord General of the Royalist Amiy, the Lord General of the Army of Padlament and the Finance Director ITre8surerl. The elected positions are normally for a term of three years, and a third of these musl be re-elected al each AGM. Onc8 members are elected, they ar8 8xpecled lo attend four boarcl meètlngs B year, and paTUcipale in thè running ol the charity, including the manag&ment of a specific aspect. The ex officio positions aTe appointed by the board of trustees. at the time of the post becomlng v8canl, The Charity does nol consider there lo be any remunerated key rnanagernent personnel. The members of the board durlng 2024 are listed on page 1. . RISK MANAGEMENT The trustees have examlned the principal areas of the Sealed Knol op8ralions and have considered the major risks faced in each ol these areas. A programme lo asse55 risk and mitigate its effects has been $81 in traln. It is fell that risk8 Ggn and should be millgated to an acc6plabl818vel In tha d8y to doy Tunning of the Sealed Knot. f. FUTURE DevELOPMENTS No slgnilcanl chanoe8 have been made in the companls alms and objectives during the period and Ihg trustees do not foresee any changes in Ihe coming year. We will continue to support initiatives such as the Naseby Battlefiald Project and will conlinue work on a number of annual commemorallve events such as those at Nantwlch, Coleford. Naseby. Mar51on Moor 8nd Edgehill. We wlll strengthen our representation al other endangered bottle sites as rnay b8 necessary. In addition we VAII look lo allgn our events as closely as posslble with Ihoso forihcoming 380th annivefsarie8. We are also looking lo contribute to vari(>us èv8nls organised by English Herit89e and help the 8atllefield8 Trust develop their program lo encour8ge 8 greater understanding of Brillsh Military Hislory. Page 5
THE SEALED KNOT (A company Ilmited by guarantee) TRUSTEES. REPORT Icontlnuèdl FOR THE YEAR ENDED 31 DECEMBER 2024 TRUSTEES. RESPONSIBILITIES STATEhlENT The Trustees (who are also dlrectors of The Sealed Knol for Ihe purposes of company lawl are re$p¢Jn3ible for preparing the Tru5tees' rèport 8nd the financial statements in accordance wth applicable law and Unlled Kingdom Accounting Standards (United Kingdom Generally Accepted Accounbng Practice). Company law requires the Trustees lo prepare financlal slatements for each financSal year. Under company law the Trustees must not approve the flnandal statements unless they are 5alisfied that they give a true and falr view of the state of affairs of the charitable company and of the incoming resources and 8pplicalion of resources, Including Ihe income and expenditure, of the charilabla company for that peritsj. In preparing these financial slalements. the Trustees are requlred to.. S8lecl sultsble accountlng policles and then aFply them conslslently., observe the method8 and pdnclples In the Charbties SORP., make judgments and a¢UntIng eslimale$ that are regsonable ond prudent: prepare the flnanclal 31alemenl8 on the golng basis unles811 Is Inapprowb8t9 to presume that the charllabl8 compBny will conllnue in operalS0n. The Trustees are rgsponslble for keeping adequate accounllng records that are sufficlent lo show 8nd expl8ln the charitable companys transacllons and d15ck)se wlh reasonable acojracy al any Ilm8 the flnancl81 posSUon of the charil8ble company and enable Ihern to ensre that the financlal staternents cornply vAlh the Companies Act 2006. They are also responslble for safeguarding the assets of the charitsbl8 company 8nd hence for taking reasonable steps for the prevention and detection of fraud and other Irregularities. The TTusle88 are responslble for the maintenance and Inleyrlty of the corporate and financl81 informallon induded on the charitable companls website. Leglslatlon In thg United Kingdom govemlng the preparation and dis5emln8lion of financial statements may differ from IEgSsl8tion in olher jurisdictions. Thls raport was approved by thè Tru81ees. on 13 July 2025 and signed on their behalf by. C H North-Bato8 Tru8te• Pago 6
THE SEALED KNOT (A company limited by guarant•e) INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE SEALED KNOT {th• '¢harftsble compan) I report lo the charity Truslees on my examination of Ihe accounts ot the charitable company for the year ended 31 December 2024. This rep¢M Is made solely lo the charitsbl8 companls Trustees. as a body, in aceordonce with Part 4 of the Charities (Accounts and R8POrtsl R8gulations 2006 and regulBllon 11 01 the Charities Accounts (Scotlandl Regulations 2006. My work has been undertaken so that I mighl stale to th8 charitable cornpanls Trustees those matters l am required to slate lo them in an Independent ex8mlnels report and for no other purpose. To the lullest extent Permitted by law. I do not accept or assume responsibility to anyone other than the charltsble company and the charliable companys Trustees as a body, fcK my work or for this report. RESPONSIBILITIES AND 8ASIS OF REPORT the Tnjslees of the Charitable cornpany land Its directors for the purposey of compBny lawl you are responsible lor tha preparation ol the accounts in accord8nco wth the requirements ol the Charities and TnJsts8 Inv8slmenls (Scollandl Act 2005 I'lhe 2005 Acl'l. the Char.eS Accounts Iscouandl R8gulalions 2006 (as amended) I'the 2006 Accounts Regulallons'l and the Companies Act 2006 1'lh8 2006 Act'l. You arg sabsfied that the accounts of the charitable company are nol requlrad by charity or company law lo be audited and have chosan inslead lo have an independent examination. Havlng $8llsfied myself that the accounts of the charitable comp8ny ar8 not required lo be audited und8r Part 18 of the 2006 Act and are eIltsIe for independent examination. I report in Tespecl ol my examln8tion of the ch8ritabla companys accounts C8Tried out under soclion 4411}Icl of the 2005 Act and $8don 145 of the Charities Act 2011 I'the 2011 Acl'}. In carylng out my examlnalion I have followed the requir8manls of Regulalion 11 of the 2006 Accounts Regulation8 and the Dlrecllons given by the Charity Commission under s9COn 14515llbl of Ihe 2011 Act. INDEPENDENT EXAMINER'S STATEMENT I have completed my 6xamin81ion. I con confimi that no matters have come lo my att8ntion in connection wllh the examination givlng me cause lo beligvfr: accounting records were not kept in respect of the charftable company as required by sedon 386 of th8 2006 Act and Regulation 4 of the 2006 Accounts Regulations-, or the accounts do not accord th Ihose records or wth the accounting requlremgnts of Regulallon 8 of the 2006 Accounts Regulation5', or Ihe accounts do not comply wlth the 8ccountlng requirernen15 of sectlon 396 01 the 2006 Act other than any requ1ment that the aCcntS glve o 'tnJe and falrf vlew whlch is not a matter considered as part of an ind8p8ntlenl examinati¢. or the a¢counts have not been prepared in accordance wlth the molhods and prinrjples of the Statement of Rewmmended Practice for acc4Junting and reporting by charities lapplicable to charities preparing their accixjnts in accordance wlh the Fin8ncial R8porting Standard applicable in the UK and Republic of Ireland {FRS 10211. I have no con¢ern$ and have come across no other mattws in connection with the Examination to vthich ttenlion should b& drawn in this report in order to 8nebl8 a proper understandlng of the 8ccounts to be reached. Page 7
THE SEALED KNOT IA company limitod by guarantsel INDEPENDENT EXAMINER'S REPORT leontinued) FOR THE YEAR ENDED 31 DECEMBER 2024 Signed.. Daled.. 15 JU 2025 Robert Anderson FCA STREETS LLP Chartered Accountsn15 Tower House Lucy Tower Street Llncoln Page 8
THE SEALED KNOT {A Company Ilmlted by guarantee) STATEMENT OF FINANCIAL ACTIVITIES INCORPORATING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 R•8tricted Unre$trlct•d fund95 funds 2024 2024 Total funds 2024 Total funds 2023 Note INCOME FROM: Voluntary Income Gharltable actlvilie8 Other fundr8islng income Investments 107.166 24.670 1.237 4.408 107,186 24,670 1,237 4,488 97.797 43.571 2,964 2,924 TOTAL INCOME 137.561 137,501 147.256 EXPENDITURE ON: Raising lunds Charitsble 8cllwlies 14,144 148,321 14,144 148.321 13,213 130,566 7,8,9 TOTAL EXPENDITURE 182,465 162,465 143,839 NET INCOME I IEXPENDITUREI BEFORE TRANSFERS Transfers bean Funds 124,9041 {42 (24,9041 3,417 16 NET INCOME I IEXPENDITUREI BEFORE OTHER RECOGNISED GAINS AND LOSSES 42 124,946 {24,9041 3,417 NET MOVEMENT IN FUNDS 42 124,946 (24,9041 3,417 RECONCILIATION OF FUNDS: Total funds brought forward 1,452 312,934 314,388 310,969 1,494 287,988 289,482 314,386 TOTAL FUNDS CARRIED FORWARD The notes on pag8s 11 to 21 form part of these flnancial statements. P899 9
THE SEALED KNOT IA company Ilmltod by quaranteel REGISTERED NUMBER.. 01014700 BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2023 Nots FIXED ASSETS Tangbble 85sets CURRENT ASSETS Stocks Debtors 12 2,841 3,787 13 14 20.471 22,513 323.759 11.396 24,560 351,211 Cash at bank and In hand 366.743 387. 167 CREDITORS: amounts f811ing due wSlhln one year {80,1021 (76,568) NET CURRENT ASSETS 286.641 310,599 NET ASSETS 289.482 314,386 CHARITY FUNDS Restrfcted fund$ Unrestricted lunds 16 16 1,494 287,988 1.452 312.934 TOTAL FUNDS 289,482 314.386 The ch8rit8bl8 comp0nS finandal slalement8 have been prepared in aCrdance with the provlslons applicable lo companles subject lo the srnall companies regime. The Trustggs consid8r that the charitable comp8ny 1$ entStl8d to exemption from the r8qulr•m8nt to hove an Budit under the provisions of Section 477 of the C(*np8nies Act 20061"Ihe Act") and members hav8 not required the charttsble company lo obtsbn an audll for thg yoar in question in accordance with sedon 476 of the Act. The TnJstee5 acknowledge their r85pon5ibilib.es for complying with the requlr8ments of the Companies Act 2006 th respect lo accountlng records and the prepgratoon of flnancial slalernents. Tho financial slal8ments were approved and authoTi5ed for Issue by th8 Trustees on 13 July 2025 and sign8d on their behalf, by.. C H North-Bates A KThompson Trustee Tru8to8 The notes on pages 11 to 21 form part of the58 financial statements. Page 10
THE SEALED KNOT (A company IITnlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POLICIES 1.1 8asls of prepar*lon of flnanclal •tatemont8 The linancial statements have been prepBred In accordance th Accounting and Reporting by Charflie8-. Statement of Recommended Practlce applicable lo Gharities preparing their accounts in accordanc8 wlh the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffective 1 January 20191- (Charities SORP IFRS 10211. the Financial Repixtlng Standard applicable In the UK and Rèpublic of Ireland IFRS 1021 and the Companles Aet 2006. Th8 Sealed Knol maels the d8flnilion of a public benefll entity undar FRS 102. A6s8ts and liabilities are initially recogn188d al hlslorical cost or Iran8acUon value unths otheTwl8e stsled In th8 r8levanl accounting pollcy. 1.2 Company ¥tatu• The charitable company is a cornpany limited by guarantee and a reglsi8r8d charity. In the event of the charitable company belng wound up, the liabillty in r85pecI of the guarantee is Ilmlled lo £1 p&r member of the charitable company. The chariti85 functiC1 and presentaOn currency 18 pounds stsfllng. In accordance wllh ihg Artlcley membershlp Should not exceed 2.000. 1.3 Fund a¢untIng General funds are unrestricted funds vthich are available for use at th• discrellon of the Trusloes Sn furtherance of the g8neral oblectlves of Ihe charlteble company and vthlch have not been deslgnBted for other PUTposes. Designated funds comprise unreslrfcled funds that h8va been sel 881de by the Trustees lor particular purposes. The alm and use of each deslgnaled fund is Set out in the notes to the fSnancial slalements. Re51ricled funds are funds which a lo be used in occordance with Specific restrictions Imp05ed by donor5 or which have been raised by th8 chariiable company for particular purposes. The c08ts 01 raisin9 8nd adminisiering such funds arè charged against the speciflc fund. The aim and use of each restrlct8d fund is sel out in the notes lo tho linancial stalemenls. Page 11
THE SEALED KNOT {A company limitod by guarantse} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POLICIES {contlnuedl 1.4 Incom• All incomo Is recognised once the charflable comp8ny has entillemenl to the Income. it Is probable that the Income wll be received and the amount of income receivable can be measured reliably. Don8t8d s8Niees or facilities are recognSs•d when the charitable company h8s control over Ihe hem. any conditions associated wllh the donated it8m have been mel, the receipt of economlc benefit from the use of the charitable company of the item is probable and thal economlc benefit can be measured reliobly. In accordance Mlh Iha Charits'es SORP IFRS 1021, thg general volunteer time of Iha Friends is not recogn568d and ref8r lo the Trusl8o8' report lor more Irrformatlon about Ihelr conth'bution. On recelpl, donated prEif8sslonal se¢86 and donated facilitsas are recognlsed on Ihe basis of the value of the gift lo the ¢harilable company whlch is the amount the chari18ble company would have been willlng lo pay to obtain 5eNces OT faciliti8s of equivalent economic benefit on the open market., cori8sponding amount is then Tecognised in expenditure In the period of r8ceipt. Income tax recoverable In Telallon lo donatlons recelved under Gift Ald OT deed5 of covenant Is rgcognisad al the timo of the donatlon or in a later per1j when it me8ts the income recognition crllerla. Income IBX recoverable in relallcffl lo investment Incom8 Is recognised 8t the Ilmg the investment income18 feceivabl8. Other income is recognised In the period in which 11 Is receivablB and lo the 8xl8nt the good8 have b88n provided or on complellon of the s8rvlca. 1.S Expendlturo Expendllure Is r8cognlsed once there 15 a legal or constTudve obligatoon to transfer economic benefit lo a thlrd paty. it is probable Ihat a tr8nsfer of economic benefits wlll be required In 5etll8menl and the amount of th8 obligation can bè measured Teliably. ExpendSture is classified by actiwty. Thg Costs of each aclbvily are mad8 up ol the lolal of direct cosis and shared costs, Includlng support costs involved In undertaking each acuvity. Dlrect Costs 8ttribulable to a single 8dlvty are allocated directly lo that actlvity. Shared costs vthich contribute to more than one activity and support costs which 8re not altributable lo a single 3ctivity are apportioned betW88n those 8clivilies on a basis consislpnt wth the use of resources. Central staff costs are alloc8lod on the basis of time spent, and depreclats'on charge5 allocated on the pO.on of tho asset's use. Governan¢8 costs ar8 thos8 Sncurred in connection with adminislralion of the charitoble company and cornpliance wth constitutnal and stalulory requirements. C051s of generating funds are costs Incurred in attracting voluntary incomg. and those incurred In tradlng activiles that raise lunds. Charitable activities 3nd Governance costs are Msts incurred on the ch8rftsblè companls educational operatlons, Including support costs and costs relating lo the governan of the charitable company apportioned lo charitable activltios. Page 12
THE S&4LED KNOT IA company Ilmitod by guaranteo) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POLICIES lcontlnuodl 1.6 Tanglble flxed a88•ts and d•preclatlon l assets costing more than £500 are capitslised as well as lower value assets that are d08m8d to h8ve a long social Ilfe. A revlew for imp8lmènl of a fixed asset is carried out rf events or changes in circumstances indlcate that the earrwng value of any fixed asset rnay not be recoverable. Shortfalls between the carylng value of flxed 8s981s and Ihelr recoverable amounts are recognls&d a$ Impoirments. Impalrrnenl losses are recognised in th8 Staiemenl of financial 8ctiviti85 Incorporating income and expendllure account. T8ngible fixed a$sels are carried at cost, ng1 of depreclalion and any provlslon for Impalmienl. Depraclalion is prowded al r8tes c8lcul8t8d to wrile off the cost of fixed a56els. less Iheir esb'mated residual value, over Ihelr expected useful lives on the following bases.. Motor vehlcles Offlce equipment 25% reduclng b8lance 25% reduclng balance 1.7 Sto¢k• Stock9 arg valued Al the ltswer of co81 and nel re8llsgble value. on a fir8t In flrst out basls. after maklng due allowance for ob501ele and 8low-movlng stocks. 1.8 Intor•*t r•c•lv•bl• Interest on funds held on daposit Is included when recelvabla and the amount can be measured reliably by the charliabla company.. Ihls is norm8lly upon noliflcation ol the interest pald or payabla by the 8ank. 1.9 D¢btorn Trade and other debtors are recognisod al the settlement amount 8fter 8ny tr8d8 discount offered. Prepayments are valued 8t the 8mount prepaid nel of any trade dlscounts due. 1.10 Cash at Bank and In h•nd Cash at bank and in hond includes cash and short lemi hlghly liquld investments wlh a short maturlty of three months or less from the dale of acqulsilion or opening of the deposit or similar account. 1.11 Llabllltie• and provisions Liabilitles are recognlsed when there Is an obligation at the Balance sheet date as a rasull of a pa51 evenl, it Is probable that a Iransfor of economic benelil wll be required in setllemenl. and the amount of the 5ettleffjenl can bè estimated reliabty. Liabilib"es ar& reeognised at the amount that the ch8ritsble comp8ny anticipates it will pay lo settle the debt or the arnounl it has r8c8iv8d as advanced paymenis for the goods or services 11 musl providg. Provisions are measured al the best estimate of the amounts required to sgttb thg oblMJation. Page 13
THE SEALED KNOT {A company limlted by gvarant••) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POLICIES (contlnuedl 1.12 Flnanclal Instmm•nts The chBriiable company only has financial ass8ts and financial liabilities ol a klnd that qualify as baslc financial instruments. Baslc financlal Instruments are initially recogni5ed at transaction vAlue and subsequently measured al their seltlemènt value with the exception of bank 108ns vknich 8r8 subsequenuy rneasured at amortised cost using the effective interest rnethod. 1.13 SubsGrlptlon8 Sub8crlptK)n Income Is accounlad lor on a receivable bas18. 1.14 Con•olldatlon The Sealed Knol has B signiflcanl number of reglments throughoul the country, whlch have their own bank accounts and which produce thelr own accounts. 1115 considered that these rogimènts have $ufflci8nt financial and adminlstrative aulonomy that thelr accounts do nrjt need to be included in thes8 financial Btslements. VOLUNTARY INCOMÉ Re8trlct•d Unr•strlcted funds funds 2024 2024 Total funds 2024 Total runds 2023 Sub8criplions G1ft Ald Other Income 911,614 15.335 1.217 90.614 15.33S 1.217 78,376 18.391 1,030 Total voluntary Sncome 107,166 107.166 97,797 Tr*812023 97,797 97,797 FUNDRAISING INCOME R•8trl¢ted Unrnstrlcted funds funds 2024 2024 Total funds 2024 Total ftirnts 2023 Traders and Filming Income 1.237 1.237 2.964 Tot812023 2,964 2.964 Pag¢ 14
THE SEALED KNOT IA company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 INVESTMENT INCOME Restricted Unrnstricted funds funds 2024 2024 Totsl funds 2024 Total lunds 2023 Interest Receivable 4,488 4,488 2,924 Total 2023 2,924 2,924 INCOME FROM CHARITABLE ACTIVITIES R••lrlcl•d Unr•8trlct•d funds fund• 2024 2024 Totsl fund• 2024 Total funds 2023 Muster Income 24,670 24.670 43,511 Total 2023 43.571 43.571 COSTS OF RAISING FUNDS Restrlcted Uniutrlctèd funds funds 2024 2024 Total lunds 2024 Total runds 2023 Printing. postage and stslionery Office expenses 12,744 1,400 12.744 1,400 13,019 254 14,144 14.144 t3,273 Total 2023 13.273 13,2T3 Page 15
THE SEALED KNOT IA company limited by guarantse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 GOVERNANCE COSTS Rostrlcted UnrnJtrl¢t funds funds 2024 2024 Total funds 2024 Tol81 funds 2023 Office exp8ns85 L8gal and professional Independent examiners fees AccountsnGy fees 285 158 2.000 2.100 285 158 1,000 2,100 160 2,500 2.000 2,000 4.543 4,543 6,660 DIRECT COSTS Muster and E¥•nts Totsl 2024 Tot81 2023 Muster èxpenses Muster bounty and army grant3 Black powder Motor and travel cos16 Medlcal cover and supplles Horse hir8 Charitable dMatlons 8ank charges Depreclatlon and10ss on dlsposal 70.849 13,126 15.20S 2,272 5,309 9,323 41,987 21,971 7,408 2,804 1, 741 8,344 540 225 1.261 13.126 15.205 2.272 5.309 9,323 1.040 400 400 118,270 118,270 86,281 Tot812023 86,281 86,281 Page 16
THE SEALED KNOT IA company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 31 DECEMBER 2024 SUPPORT COSTS Mujtèr and Events Total 2024 Total 2023 Insurance Web slle 8nd IT costs Sundry 18,678 6,011 819 18.678 6.011 819 3f.031 5.974 620 25,508 25.508 37,625 Total 2023 37,625 37,625 10. NET INCOMEIIEXPENDtfuRE) This is st8lgd aft8r charglng.. 2024 2023 D8precSalion of tangible fixed assets.. - owned by the charity 946 1.261 Durlng the year, no Trusl8es recelved any r8muneratlon12023- £NILI. Durlng the ya8r, no Truste85 received any benefrts in kind12023- ÈNILI. 5 Tnjslees receivod reimbur5emenl of expenses amounting to £4,332 in the current year, {2023 Trustee5 - £7,2151. Thes8 amounts represent the relnbursem8nl ol chadty bJ8iness runnlng expenses pald by Tru$tee¥ on behalf ol the charity. 11. INDEPENDENT EXAMINERS. REMUNERATION The Independent Examiner's remuneratbn amounts lo an Independent Examln8tlon fee of £2.00012023- £2.000) Pag8 17
THE SEALED KNOT IA company limited ljy guaTantse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 12. TANGIBLE FIXED ASSETS OffSu and oth•r •qulpment Motor vehlcl•8 Total Cost At 1 January 2024 and 31 Decembor 2024 25,910 16,985 42,895 Depr•¢latlon Al 1 January 2024 Charge for the year 23,936 493 15.172 453 39,108 Al 31 08cernber 2024 24,429 15.625 40,054 N¢t book valua At 31 Decernber 2024 1,481 1.360 2,841 Al 31 December 2023 1.974 1.813 3,787 13. STOCKS 2024 2023 Black Powder 20,471 11,396 14. OEBTORS 2024 2023 Trade debtors Other debtors PrapayThents and accrued Income 169 18,369 3,975 2,827 1T.761 3.972 22,513 24,560 15. CREDrroRS: Arnounts f#lllng duè wlthln one year 2024 2023 Trade creditors Accruals and deferred income 98 80,004 40 76,528 80,102 76.566 Pago 18
THE SEALED KNOT IA company limlted by guarantsel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 15. CREDITORS: Amounts falllng due wbthln one year Icontlnu•dl D•ferred income- sub$crlptlon• Defèrwd Income a11 January 2024 Resources deferred during the year Amounts released from previous years 68.167 73,906 {68,1671 Deferred Income at 31 December 2024 73,906 16. STATEMENT OF FUNDS STATEMENT OF FUNDS-CURRENTYEAR B•lanc• at 31 D•cemb•r 2024 BJlanG• at 1 January 2024 Tran$f•rs Inlout Incomg Exp•ndltur• D••lgn•t•d funds ursary Fund 2,500 2,500 Gwn•r•l fund• General Funds 310,434 137,561 1162,46S {421 285.488 Total Unrestricted funds 312,934 137,561 1162,465 {421 287,988 R••trlctod funds Liquidab"on account Promoting the Molyneux me 869 583 583 1,452 42 Total of funds 314,386 137,561 1162,465) 289,482 STATEMENT OF FUNDS - PRIOR YEAR Balance at 31 December 2023 Balance al 7 January 2023 Transfers inlout Incon Expenditure BuTsary Fund General Funds 2.500 30T,071 14T,256 (143,839) 310,434 Page 19
THE SEALED KNOT IA company limited by guarnntee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 STATEMENT OF FUNDS l¢ontlnuedl R•strlct•d fvnds Llquidalion account Promoting the MO18u name 875 583 (6) 869 583 1.458 (6) 1,452 SUMMARY OF FUNDS-CURRENT YEAR Balanc• at 31 Decefflbtrr 2024 B•lanc• at 1 January 2024 TrnnJferB Inlout Incom• Exp•ndtture Designated fundB General funds 2,500 310,434 2,500 285,488 137.561 1182.4651 1421 312,934 1,452 137.561 1162,4651 1421 42 287.988 Reslricled lunds 314,388 137.561 1162.4651 289,482 SUMMARY OF FUNDS- PRIOR YEAR Balanca 81 31 DeGernber Balanco 81 l January 2023 Transfers in/oul Income Expenditure 2023 Unreslricled funds General funds 2,500 307,011 2,500 310,434 147.256 (143,839) 309.517 1,458 147,256 (143,839) 3tZ,934 1.452 Restricted funds (6) 310,969 147,256 (143,839) 314,386 Th8 Ikluidallon a¢¢ounl represents the amounts paid by subscribers on becoming full members al an additional cost of £1 p8r m8mb8r. R8strict8d funds are also held to promote the Molyneux name. The bursary fund represents arnounls sel aside for educational bursary awards to members. Page 20
THE SEALED KNOT (A company Ilmltfjd by guarant•g) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 17. ANALYSIS OF ASSETS 8ETWEEN FUNDS ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT YEAR Restrfd•d Unrn8trfct•d lunds funds 2024 2024 Tol•l funds 2024 Tanglblt flxed 8886ts Current aSS8t3 Creditors due vAthin ono yg8r 2.841 365.249 180.1021 2,841 366,743 180,1021 1,494 1,494 287.988 289,482 ANALYSIS OF NET ASSETS BETWEEN FUNDS. PRIOR YEAR Rgstrictsd Unrestricled funds funds 2023 2023 Total funds 2023 Tanglble fixed assets Current ass815 Creditors due within one yEar 3. 787 385.715 f76.568) 3,787 387, 167 {76.568J 1,452 1.452 312.934 314,386 18. RELATED PARTY TRANSACTIONS The company 18 conlrolle(I by It8 Board of Truslegs. Page 21