2023-03-31-accounts - King Edward Orthodox Trust Company Limited

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

Company registration number: 01617405 Charity registration number: 284929

King Edward Orthodox Trust Company Limited

(A company limited by guarantee) Annual Report and Financial Statements for the Year Ended 31 March 2023

King Edward Orthodox Trust Company Limited

Contents
Reference and Administrative Details	1
Trustees' Report	2
Independent Examiner's Report	3
Statement of Financial Activities	4
Balance Sheet	5
Notes to the Financial Statements	6 to 11

King Edward Orthodox Trust Company Limited

Reference and Administrative Details

Trustees	Rev P Sabbas
	Rev A Alexis
	Mrs E Castle
	Fr Niphon
Secretary	Rev P Sabbas
Registered Office	St. Edward Brotherhood
	St. Cyprians Avenue
	Brookwood
	Woking
	Surrey
	GU24 0BL
Company Registration Number	01617405
Charity Registration Number	284929
Bankers	CAF Bank Limited
	HSBC Bank PLC
Independent Examiner	Anthony Epton
	Goldwins Limited
	75 Maygrove Road
	London
	NW6 2EG

Page 1

King Edward Orthodox Trust Company Limited

Trustees' Report

The trustees, who are directors for the purposes of company law, present the annual report together with the financial statements of the charitable company for the year ended 31 March 2023.

Objectives and activities

Objects and aims

The principal activity of the company in the year under review was that of the promotion and furtherance of the charitable work and purposes of the Orthodox Church.

Activity review

During the year the charity has continued its property maintenance and improvements, the most significant undertaking being the laying of stone pathways to the altar door of the church and between the monastic and laymen grave sections.

Public benefit

The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.

Structure, governance and management

Nature of governing document King Edward Orthodox Trust Company is a charitable company limited by guarantee and not having a share capital. The company's constitution and governance are laid down in its Memorandum and Articles of Association.

Recruitment and appointment of trustees

The Company Articles of Association provides for a minimum of 4 Trustees and where there is a requirement for new Trustees these would be identified and appointed by the Chairman.

Induction and training of trustees

The Chairman is responsible for the induction of any new Trustee which involves awareness of a trustee's responsibilities, the governing document, administrative procedures and the history and philosophical approach of the charity. A new Trustee would receive a copy of the previous year's annual report and accounts and a copy of the Charity commission leaflet 'The Essential Trustee: What You Need to Know'.

Policy on reserves

The reserves policy is to maintain a level of reserves sufficient to cover the day to day running costs of the company for one year, although this is being allowed to accumulate to fund any future building projects which may be required. Free reserves (unrestricted funds less fixed assets) at 31 March 2023 total £258,626 (2022: £236,325).

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies’ regime within Part 15 of the Companies Act 2006.

The annual report was approved by the trustees of the charity on ............................ and signed on its behalf by:

......................................... Rev A Alexis Trustee

Page 2

King Edward Orthodox Trust Company Limited

Independent Examiner's Report to the trustees of King Edward Orthodox Trust Company Limited

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2023.

Responsibilities and basis of report

As the charity’s trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.

Independent examiner’s statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
the accounts do not accord with those records; or
the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view which is not a matter considered as part of an independent examination; or
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Anthony Epton BA FCA CTA FCIE Goldwins Chartered accountants 75 Maygrove Road West Hampstead London NW6 2EG

Page 3

King Edward Orthodox Trust Company Ltd Statement of financial activities

(incorporating an income and expenditure account)

For the year ended 31 March 2023

Note Income from: Donations and legacies 2 Investment income 3 Total income Expenditure on: Charitable activities: 4 Total expenditure Net gains / (losses) on investments Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward Net income / (expenditure) for the year Net income / (expenditure) before net Losses / (gains) on investments	Unrestricted £ 45,899 387 46,286 80,523 80,523 (8,219) (42,456) (42,456) 812,117 769,661 (34,237)	Restricted £ - - - - - - - - - -	2023 Total £ 45,899 387 46,286 80,523 80,523 (8,219) (42,456) (42,456) 812,117 769,661 (34,237)	2022 Total £ 67,599 9
				67,608
				111,978
				111,978
				2,776 (44,370)
				(41,594) (41,594) 853,711
				812,117

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. The attached notes form part of these financial statements.

Page | 4

King Edward Orthodox Trust Company Ltd Balance sheet As at 31 March 2023

2023 £ 2,355 67,565	2023 £ 511,035 189,835	2022 £ 5,392 37,237	2022 £ 572,168 198,054
	700,870 68,791		770,222 41,895
69,920 1,129		42,629 734

	769,661		812,117
	769,661		853,711
	769,661		853,711

For the financial year ending 31 March 2023 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the charity to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Approved by the trustees on ……………………………… and signed on their behalf by:

Rev A Alexis Trustee

Company registration no. 01617405

The attached notes form part of the financial statements.

Page | 5

King Edward Orthodox Trust Company Ltd Notes to the financial statements For the year ended 31 March 2023

1 Accounting policies

a) Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102 - effective 1 January 2015) - (Charities SORP FRS 102) and the Companies Act 2006.

The charitable company meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.

b) Going concern

The trustees consider that there are no material uncertainties about the charitable company's ability to continue as a going concern. The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.

c) Income and endowments

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of the income

d) Donations and legacies Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject

Legacy gifts are recognised on a case by case basis following the grant of probate when the administrator/executor for the estate has communicated in

e) Interest receivable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

f) Fund accounting

Unrestricted funds are available to spend on activities that further any of the purposes of charity. Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose.

g) Expenditure

All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount

h) Charitable activities

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include finance and governance costs which support the charity and its and activities. These costs have been allocated between cost of raising funds and expenditure on charitable activities. The bases on which support costs have been allocated are set out in note 4.

i) Tangible fixed assets

Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows:

Freehold property In accordance with the property Fixtures and fittings 15% on cost Improvements to property 10% on cost Monastic house In accordance with the property

j) Fixed asset investments

Fixed asset investments, other than programme related investments, are included at market value at the balance sheet date. Realised gains and k) Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

l) Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

m) Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Page | 6

King Edward Orthodox Trust Company Ltd Notes to the financial statements For the year ended 31 March 2023

2 Income from donations and legacies

Income from donations and legacies
Donations from individuals	£ 45,899 45,899 Unrestricted	£ - - Restricted	2023 Total £ 45,899 45,899	2022 Total £ 67,599
				67,599

3 Income from investments

Income from investments
Bank interest	Unrestricted £ 387 387	£ - - Restricted	2023 Total £ 387 387	2022 Total £ 9
				9

Page | 7

King Edward Orthodox Trust Company Ltd Notes to the financial statements For the year ended 31 March 2023

4 Analysis of expenditure

Analysis of expenditure
Insurance Light & Heat Telephone Repair and maintenance Council tax Depreciation Donations Support costs Independent Examiner Legal fees Bank charges Sundry Total expenditure 2023 Total expenditure 2022	Activity Costs £ 3,887 1,948 - 9,938 996 61,133 1,679	£ - - - - - - - Governance costs	2023 Total £ 3,887 1,948 - 9,938 996 61,133 1,679	2022 Total £ 3,887 2,154 (185) 40,800 961 61,133 3,685
	79,581 - - - -	- 720 - 76 -	79,581 720 - 76 -	112,435 734 (1,668) 102 375
	79,581	796	80,377	111,978
	-	-	-	111,978

Total expenditure of £80,523 (2022: £111.978) was unrestricted.

4 Analysis of expenditure (prior year)

Activity £ 3,887 2,154 (185) 40,800 961 61,133 3,685 - - - -	Support costs £ - - - - - - - 734 (1,668) 102 375	2022 Total £ 3,887 2,154 (185) 40,800 961 61,133 3,685 734 (1,668) 102 375	2021 Total £ 3,457 1,665 472 21,688 1,017 61,133 16,800 734 636 101 -
112,435 (457)	(457) 457	111,978 -	107,703 -
111,978	-	111,978	-
107703	-	107703	-

Total expenditure of £111,978 (2021: £107,703) was unrestricted.

Page | 8

King Edward Orthodox Trust Company Ltd Notes to the financial statements For the year ended 31 March 2023

5 Net income / (expenditure) for the year

This is stated after charging / (crediting): Depreciation Independent Examiner	2023 £ 61,133 734	2022 £ 61,133 734

6 No trustees, nor any persons connected with them, have received any remuneration from the charity during the year (2022: Nil).

No trustees have received any reimbursed expenses from the charity during the year (2022: Nil).

7 Taxation

The charitable company is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

£ 52,500 - - Freehold property	£ 27,209 - - Fixtures and fittings	£ 550,377 - - Improvements to property	£ 557,039 - - Monastic house	Total £ 1,187,125 - -
52,500	27,209	550,377	557,039	1,187,125
13,151 525 -	27,209 - -	491,245 55,038 -	83,352 5,570 -	614,957 61,133 -
13,676	27,209	546,283	88,922	676,090
38,824	-	4,094	468,117	511,035
39,349	-	59,132	473,687	572,168
			2023 £ 198,054	2022 £ 198,054
			198,054	198,054
			198,054 (8,219)	155,278 40,000 2,776
			189,835	198,054

8 Tangible fixed assets

9 Investments

Page | 9

King Edward Orthodox Trust Company Ltd Notes to the financial statements For the year ended 31 March 2023

10 Debtors Gift claim for Oct to March Insurance Prepayment 11 Creditors: amounts falling due within one year Accruals 12 Analysis of net assets between funds Tangible fixed assets Investments Net current assets Net assets at the end of the year Analysis of net assets between funds (prior year) Tangible fixed assets Investments Net current assets Net assets at the end of the year 13. Movements in funds £ Unrestricted funds: Unrestricted general funds 647,447 Non distributable reserves 3,624 Total unrestricted funds 651,071 Movements in funds (prior year) £ Unrestricted funds: Unrestricted general funds 850,087 Non distributable reserves 3,624 Total unrestricted funds 853,711 At the start of the year At the start of the year	General unrestricted £ 511,035 189,835 68,791	2023 Total funds £ 511,035 189,835 68,791	2023 £ 2,355.00 -	2022 £ 1,505.00 3,887.00
			2,355.00	5,392.00
			2023 £ 1,129	2022 £ 734
			1,129	734
			General unrestricted £ 572,168 198,054 41,895	2022 Total funds £ 572,168 198,054 41,895
	769,661	769,661	812,117	812,117
	General unrestricted £ 572,168 198,054 41,895	2022 Total funds £ 572,168 198,054 41,895	General unrestricted £ 633,301 155,278 65,132	2021 Total funds £ 633,301 155,278 65,132
	812,117	812,117	853,711	853,711
	£ 38,067 - Incoming resources & gains	£ 80,523 - Outgoing resources & losses	Transfers £ - -	£ 766,037 3,624 At the end of the year
651,071	38,067	80,523	-	769,661
£ 850,087 3,624 At the start of the year	£ 70,384 - Incoming resources & gains	£ (111,978) - Outgoing resources & losses	Transfers £ - -	£ 808,493 3,624 At the end of the year
853,711	70,384	(111,978)	-	812,117

Page | 10

King Edward Orthodox Trust Company Ltd Notes to the financial statements For the year ended 31 March 2023

14 Legal status of the charity

The charity is a company limited by guarantee and has no share capital. Each member is liable to contribute a sum not exceeding £1 in the event of the charity being wound up.

15 Related party transactions

There are no related party transactions to disclose for 2023(2022: none).

Page | 11