THE KNOSSOS TRUST
BALANCE SHEET AND INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2022
THE KNOSSOS TRUST
CONTENTS
| Page | |
|---|---|
| Trustees' Annual Report | 1 - 3 |
| Independent Examiners Report | 4 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 |
| Notes to the Financial Statements | 7 - 9 |
THE KNOSSOS TRUST TRUSTEES REPORT
Charity Name
The Knossos Trust
Registered Charity No
327762
Governing Instrument
Settlement Deed dated 30 March 1988 establishing an unincorporated Trust
Trustees
Martin Sinclair Hood Professor Peter Michael Warren FBA FSA Andrew John Shapland Professor John Bennet Professor Nicoletta Momigliano
Principal Office
Haysmacintyre LLP, 10 Queen Street Place, London, EC4R 1AG
Bankers
CAF Bank Ltd, 25 Kings Hill Avenue, Kings Hill, West Malling, Kent, ME19 4JG
Investment Managers
M&G Charities, PO Box 9038, Chelmsford, CM99 2XF
Independent Examiner
M Pattenden Haysmacintyre LLP, 10 Queen Street Place, London, EC4R 1AG
History, Objects and Activities of the Trust for Public Benefit
The Charitable Trust was established by Deed on 30 March 1989. Under the terms of the Deed, the Trustees shall hold the capital and the income of the Trust Fund upon trust to apply the income and as far as necessary the capital in any manner exclusively charitable to:
a) The study of and research into the pre-history of Greece or of any other part of the Mediterranean region and the dissemination of the useful results thereof
b) Such charitable purposes charitable institutions or charitable foundations in such manner and in such proportions as the Trustees shall in their absolute discretion think fit.
The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Trust's aims and objectives and in planning future activities and setting the grant making policy for the year.
Management and Governance Arrangements
The Trustees have assessed the major risks to which the charity is exposed, in particular those relating to the operations and finances of the trust, and are satisfied that systems are in place to mitigate the Trust's exposure to the major risks. The Trustees review their affairs on an ongoing basis.
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THE KNOSSOS TRUST TRUSTEES REPORT
Procedures and Policy for Grant-Making
The Trustees' policy is to make grants to both charitable institutions and individuals whose work accords with the terms of the Trust Deed. All funds are unrestricted and the Trustees retain sufficient capital for the maintenance of the trust.
Achievements and Performance of the Trust
The Charity's aims were carried out for the public benefit. This year the charity was able to make grants totalling £27,000 to two charitable causes (2021 : £- to zero charitable causes). The Trustees have not entered into any commitments which would affect the financial position of the charity.
Investment Policy and Performance
The charity has power to invest in such assets as it sees fit. The trustees have invested in M&G Charity Fund, with a brief to adopt a medium risk investment strategy whilst providing revenue for the charity's current needs while enhancing income and capital growth over the long term.
Financial Review
During the year ended 5 April 2022, total income was £91,509.22 (2021: £8,302.42) and net expenditure was £31,745.87 (2021 : £7,085.60).
Reserves Review
The charity has unrestricted reserves of £264,234.61 (2021 : £215,721.96). The charity is mainly reliant on its return from investments to fund its charitable aims, and therefore has a reserves policy which aims to provide sustainable funds for the future.
As the charity is essentially one that does not enter into long term commitments or projects, the Trustees do not consider the need to hold significant reserve.
Risk Management
The trustees have assessed the major risks to which the charity is exposed, in particular those risks related to the investment strategy. They are satisfied that adequate procedures are in place to mitigate exposure to these risks, although it is recognised that systems can only provide reasonable, not absolute, assurance.
Public Benefit
The trustees have referred to the Charity Commission's guidance on public benefit when reviewing their aims and objectives and planning their future activities.
Going Concern
The Board of Trustees is of the opinion that the charity has adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainties regarding the Trust's ability to do so.
The Accounts
The Trustees are satisfied with the financial position of the charity and confirm that they have adequate assets available to fulfil their obligations.
All cash is held on interest bearing accounts.
The charity's assets are shown on the balance sheet with investments reflected at their market value.
There have been no material changes to the finances or the way in which the charity has been run during the year.
The accounts comply with current statutory requirements.
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THE KNOSSOS TRUST TRUSTEES REPORT
Trustees' Responsibilities Statement
The Trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue to operate.
The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Independent Examiner
The Trustees intend to ask the existing examiner to undertake the independent examination of the trust in the following year.
Signature and Declaration
I declare, in my capacity of charity trustee, that:
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the Trustees have approved the report above; and
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have authorised me to sign it on their behalf.
Martin Hood 26 September 2023 Signature.............................................. Date..............................................
Martin Hood Full Name.............................................
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INDEPENDENT EXAMINERS'S REPORT TO THE TRUSTEES OF THE KNOSSOS TRUST
I report on the accounts of the Trust for the year ended 31 December 2022, which are set out on pages 5 to 9.
Respective responsibilities of Trustees and Examiner
The trustees are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
Having satisfied myself that the charity is eligible for independent examination, it is my responsibility to:
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examine the accounts (under section 145 of the Act);
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to follow the procedures laid down in the General Directions given by the Charity Commission (under section 145(5)(b) of the Act); and
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to state whether any particular matters have come to my attention
Basis of Independent Examiner's Report
My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a "true and fair view" and the report is limited to those matters set out in the statement below.
Independent Examiner's Statement
In connection with my examination, no matter has come to my attention:
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1 which gives me reasonable cause to believe that, in any material respect, the requirements:
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proper accounting records are kept (in accordance with section 130 of the Act); and
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accounts are prepared which agree with the accounting records and comply with the accounting requirements of the Act; or
have not been met; or
- 2 to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Signature..........................................................................
Dated................................................................................ 27 September 2023
M Pattenden
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THE KNOSSOS TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022
| Note | |||
|---|---|---|---|
| Total for | Total for | ||
| Year Ended | Year Ended | ||
| 5 April 2022 | 5 April 2021 | ||
| £ | £ | ||
| INCOME FROM: | |||
| Legacy Income | 80,837.75 | - | |
| Investments | 2 | 10,671.47 | 8,302.42 |
| Total income | 91,509.22 | 8,302.42 | |
| EXPENDITURE ON: | |||
| Charitable activities | 4 | 31,745.87 | 7,085.60 |
| Total expenditure | 31,745.87 | 7,085.60 | |
| Net Income/(expenditure) before gains | |||
| on investments | 59,763.35 | 1,216.82 | |
| Net gains on investments | 2 | (11,250.70) | 24,750.54 |
| NET MOVEMENT IN FUNDS | 56,815.07 | 25,967.36 | |
| RECONCILIATION OF FUNDS | |||
| Total Funds Brought Forward | 215,721.96 | 189,754.60 | |
| Total Funds Carried Forward | 264,234.61 | 215,721.96 |
All operations are continuing.
The Statement of Financial Activities includes all gains and losses recognised in the year.
All income and expenditure derives from continuing activities.
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THE KNOSSOS TRUST
BALANCE SHEET AS AT 31 DECEMBER 2022
| Note FIXED ASSETS Investments 2 CURRENT ASSETS Cash at bank CURRENT LIABILITIES Creditors: amounts falling due within one year 6 NET CURRENT ASSETS NET ASSETS REPRESENTED BY Unrestricted Funds |
2022 £ 28,309.26 28,309.26 25,000.00 |
£ 260,925.35 3,309.26 264,235.61 264,234.61 264,234.61 |
2021 £ 9,176.12 9,176.12 - |
£ 206,546.84 9,176.12 |
|---|---|---|---|---|
| 215,722.96 | ||||
| 215,721.96 | ||||
| 215,721.96 |
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THE KNOSSOS TRUST NOTES TO THE FINANCIAL STATEMENTS
1 Principal Accounting Policies
The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:
(a)
Basis of accounting
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 Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities (effective 1 January 2019) preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) - (Charities SORP(FRS102)(Second Edition))
The Knossos Trust meets to definition of a public entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.
(b) Going Concern
The Board of Trustees is of the opinion that the charity has adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainties regarding the Trust's ability to do so.
- (c) Investment income
Investment income is recognised on a receivable basis once the amounts can be measured reliably.
- (d) Expenditure
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
- (e) Grants
Donations are charged to the Statement of Financial Activities in the year when the donation is confirmed by the trustees.
- (e) Gift Aid
Gift aid reclaimable on donations to the charity is included with the amount received.
- (e) Fixed asset investments
Investments are a form of basic financial instruments and are initially shown in the financial statements at market value. Movements in the market values of investments are shown as unrealised gains and losses in the Statement of Financial Activities.
Profits and losses on the realisation of investments are shown as realised gains and losses in the Statement of Financial Activities. Realised gains and losses on investments are calculated between sales proceeds and their opening carrying values or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.
(f) Foreign currency translation
The charities functional and presentation currency is pound sterling. Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are recognised in the SOFA.
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THE KNOSSOS TRUST NOTES TO THE FINANCIAL STATEMENTS
1 Principal Accounting Policies continued
(g) Unrestricted Funds
These comprise those funds which the trustees are free to use in accordance with the charitable objects.
(h) Cash and cash equivalents
Cash and cash equivalents includes cash and short term highly liquid investments with short term maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
(i)
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.
- (j)
Estimates and judgements
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Although these estimates are based on the trustee's best knowledge of the amount, events or actions, actual results ultimately differ from these estimates. The trustees do not consider there to be any estimates and judgements.
2 Investments and Income
| Investments and Income Market value at 1 January 2022 Less: Disposals Add: Acquisitions at cost Accumulated dividends Unrealised gain/(loss) Market Value at 31 December 2022 Investment Income Legacy Dividends and interest Interest on cash deposits |
2022 £ 206,546.84 - 55,000.00 10,629.21 (11,250.70) 260,925.35 80,837.75 10,629.21 42.26 91,509.22 |
2021 £ 173,493.88 - - 8,302.42 24,750.54 |
|---|---|---|
| 206,546.84 | ||
| - 8,302.42 - |
||
| 8,302.42 |
3 Trustees' Remuneration and Expenses
No remuneration was paid or is payable either directly or indirectly for the year to any trustee or to any person or persons known to be connected woth any of them.
No reimbursement of expenses have been made or are due to be made to the Trustees in respect of the year to 5 April 2022 (2021: Nil).
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THE KNOSSOS TRUST NOTES TO THE FINANCIAL STATEMENTS
4 Charitable Activities
During the year to 5 April 2022 the Charity made grants totalling £27,000 (2021: £nil), as shown below.
| British School at Athens Valasia Isaakidou Governance costs (note 5) 5 Governance costs Bank Charges 6 Creditors: amounts falling due within one year Donations |
2022 £ 25,000.00 2,000.00 - - 2022 £ 82.00 4,746.87 2022 £ 25,000.00 25,000.00 |
2021 £ - - - |
|---|---|---|
| - | ||
| 2021 £ - |
||
| 7,085.60 | ||
| 2021 £ - |
||
| - |
7 Future Commitments
The Charity has no future commitments.
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