REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
REPORT OF THE TRUSTEES AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST DECEMBER 2022 |
FOR |
UKRAINIAN RELIGIOUS SOCIETY OF ST. |
SOPHIA LIMITED |
REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
REPORT OF THE TRUSTEES AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST DECEMBER 2022 |
FOR |
UKRAINIAN RELIGIOUS SOCIETY OF ST. |
SOPHIA LIMITED |
UKRAINIAN RELIGIOUS SOCIETY OF ST. |
SOPHIA LIMITED |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST DECEMBER 2022 |
Page |
Report of the Trustees | 1 | to | 2 |
Independent Examiner's Report | 3 |
Statement of Financial Activities | 4 |
Balance Sheet | 5 | to | 6 |
Notes to the Financial Statements | 7 | to | 12 |
UKRAINIAN RELIGIOUS SOCIETY OF ST. |
SOPHIA LIMITED (REGISTERED NUMBER: 01345280) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31ST DECEMBER 2022 |
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31st December 2022. The trustees have adopted the provisions of 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 2019). |
OBJECTIVES AND ACTIVITIES |
Objectives and aims |
The objects for which the charity is established for the public benefit are to promote and provide for the advancement of education and the education and the teachings of the Ukrainian Catholic religion. |
Public benefit |
In determining the charity's objectives and planning future activities and donations, the trustees have considered the Charity Commission's guidance on public benefit. |
FINANCIAL REVIEW |
At the Balance Sheet date the charity had total reserves of £1,028,476. The Trustees believe this to be an adequate level to finance the charity's activities for the foreseeable future. |
Included within Unrestricted Funds is a Designated Reserve of £195,000. |
Further information on these funds is detailed in note 11. |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Governing document |
The charity is controlled by its governing document, its memorandum and articles of association dated 5th December 1977, as amended by special resolution dated 25th March 1998 and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. |
Recruitment and appointment of new trustees |
The existing trustees will appoint new trustees on the basis of the appointee's knowledge and experience to be able to contribute towards the achievement of the charity's objectives. |
REFERENCE AND ADMINISTRATIVE DETAILS |
Registered Company number |
Registered Charity number |
Registered office |
Trustees |
UKRAINIAN RELIGIOUS SOCIETY OF ST. |
SOPHIA LIMITED (REGISTERED NUMBER: 01345280) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31ST DECEMBER 2022 |
REFERENCE AND ADMINISTRATIVE DETAILS |
Company Secretaries |
Rev Fr E Nebesniak |
Independent Examiner |
Sproull & Co. |
Chartered Accountants |
First Floor, Jebsen House |
53-61 High Street |
Ruislip |
Middlesex |
HA4 7BD |
CHARITABLE CONTRIBUTIONS |
During the year the company made charitable contributions of £16,198 (2021 - £47,459) in the furtherance of the charity's objectives. |
Approved by order of the board of trustees on |
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF |
UKRAINIAN RELIGIOUS SOCIETY OF ST. |
SOPHIA LIMITED |
Independent examiner's report to the trustees of Ukrainian religious society of St. Sophia Limited ('the Company') |
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31st December 2022. |
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: |
1. | accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or |
2. | the accounts do not accord with those records; or |
3. | 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 |
4. | 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. |
Michelle Wickwar A.C.A., F.C.C.A. |
Sproull & Co. |
Chartered Accountants |
First Floor, Jebsen House |
53-61 High Street |
Ruislip |
Middlesex |
HA4 7BD |
2nd June 2023 |
UKRAINIAN RELIGIOUS SOCIETY OF ST. |
SOPHIA LIMITED |
STATEMENT OF FINANCIAL ACTIVITIES |
FOR THE YEAR ENDED 31ST DECEMBER 2022 |
2022 | 2021 |
Unrestricted | Restricted | Total | Total |
funds | funds | funds | funds |
Notes | £ | £ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
Other trading activities | 2 |
Investment income | 3 |
Other income |
Total |
EXPENDITURE ON |
Charitable activities |
Other |
Total |
NET INCOME/(EXPENDITURE) | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 1,020,735 |
UKRAINIAN RELIGIOUS SOCIETY OF ST. |
SOPHIA LIMITED (REGISTERED NUMBER: 01345280) |
BALANCE SHEET |
31ST DECEMBER 2022 |
2022 | 2021 |
Unrestricted | Restricted | Total | Total |
funds | funds | funds | funds |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 7 |
CURRENT ASSETS |
Debtors | 8 |
Investments | 9 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 10 | ( |
) | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
NET ASSETS |
FUNDS | 11 |
Unrestricted funds: |
General fund | 833,476 | 835,735 |
Designated Reserve | 195,000 | 185,000 |
1,020,735 |
TOTAL FUNDS | 1,020,735 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2022. |
The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2022 in accordance with Section 476 of the Companies Act 2006. |
The trustees acknowledge their responsibilities for |
(a) | ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. |
UKRAINIAN RELIGIOUS SOCIETY OF ST. |
SOPHIA LIMITED (REGISTERED NUMBER: 01345280) |
BALANCE SHEET - continued |
31ST DECEMBER 2022 |
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. |
The financial statements were approved by the Board of Trustees and authorised for issue on |
UKRAINIAN RELIGIOUS SOCIETY OF ST. |
SOPHIA LIMITED |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST DECEMBER 2022 |
1. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
Income |
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. |
Expenditure |
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Freehold property | - |
Fixtures and fittings | - |
Land and buildings are shown at cost less any accumulated depreciation and any accumulated impairment losses. |
Land and buildings are depreciated over their estimated useful economic life after taking the residual value of the assets into consideration. The trustees consider the residual value of the company's land and buildings to be in excess of the original cost and consequently no depreciation is provided. |
The residual value of the company's assets and whether the value has been impaired are considered by the trustees on an annual basis. |
It is the opinion of the trustees that the freehold property is maintained at such a level that its residual value would be in excess of its original cost, and hence any depreciation charge would be immaterial. |
Taxation |
The charity is exempt from corporation tax on its charitable activities. |
Fund accounting |
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. |
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. |
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. |
UKRAINIAN RELIGIOUS SOCIETY OF ST. |
SOPHIA LIMITED |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2022 |
2. | OTHER TRADING ACTIVITIES |
2022 | 2021 |
£ | £ |
Hostel fees |
3. | INVESTMENT INCOME |
2022 | 2021 |
£ | £ |
Deposit account interest |
4. | NET INCOME/(EXPENDITURE) |
Net income/(expenditure) is stated after charging/(crediting): |
2022 | 2021 |
£ | £ |
Depreciation - owned assets |
5. | TRUSTEES' REMUNERATION AND BENEFITS |
2022 | 2021 |
£ | £ |
Trustees' salaries |
Trustees' social security |
Trustees' expenses |
During the year 1 (2021 - 3) trustees was reimbursed expenses totaling £875 (2021 - £2,029). These related to general administrative and travelling expenses. |
6. | STAFF COSTS |
The average monthly number of employees during the year was as follows: |
2022 | 2021 |
Administration | 1 | 1 |
Trustees | 7 | 7 |
UKRAINIAN RELIGIOUS SOCIETY OF ST. |
SOPHIA LIMITED |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2022 |
7. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | and |
property | fittings | Totals |
£ | £ | £ |
COST |
At 1st January 2022 |
Additions |
At 31st December 2022 |
DEPRECIATION |
At 1st January 2022 |
Charge for year |
At 31st December 2022 |
NET BOOK VALUE |
At 31st December 2022 |
At 31st December 2021 |
8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Prepayments |
9. | CURRENT ASSET INVESTMENTS |
2022 | 2021 |
£ | £ |
Loan to Orlov | 30,260 | 45,260 |
UKRAINIAN RELIGIOUS SOCIETY OF ST. |
SOPHIA LIMITED |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2022 |
10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Social security and other taxes |
Accrued expenses |
11. | MOVEMENT IN FUNDS |
Net | Transfers |
movement | between | At |
At 1.1.22 | in funds | funds | 31.12.22 |
£ | £ | £ | £ |
Unrestricted funds |
General fund | 835,735 | 7,741 | (10,000 | ) | 833,476 |
Designated Reserve | 185,000 | - | 10,000 | 195,000 |
7,741 |
TOTAL FUNDS | 7,741 | 1,028,476 |
Net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 153,494 | (145,753 | ) | 7,741 |
TOTAL FUNDS | ( |
) | 7,741 |
Comparatives for movement in funds |
Net | Transfers |
movement | between | At |
At 1.1.21 | in funds | funds | 31.12.21 |
£ | £ | £ | £ |
Unrestricted funds |
General fund | 787,426 | 20,303 | 28,006 | 835,735 |
Designated Reserve | 185,000 | - | - | 185,000 |
972,426 | 20,303 | 28,006 | 1,020,735 |
Restricted funds |
Prof. Cymbalistyj Foundation | 179,237 | (151,231 | ) | (28,006 | ) | - |
TOTAL FUNDS | 1,151,663 | (130,928 | ) | - | 1,020,735 |
UKRAINIAN RELIGIOUS SOCIETY OF ST. |
SOPHIA LIMITED |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2022 |
11. | MOVEMENT IN FUNDS - continued |
Comparative net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 152,122 | (131,819 | ) | 20,303 |
Restricted funds |
Prof. Cymbalistyj Foundation | - | (151,231 | ) | (151,231 | ) |
TOTAL FUNDS | 152,122 | (283,050 | ) | (130,928 | ) |
A current year 12 months and prior year 12 months combined position is as follows: |
Net | Transfers |
movement | between | At |
At 1.1.21 | in funds | funds | 31.12.22 |
£ | £ | £ | £ |
Unrestricted funds |
General fund | 787,426 | 28,044 | 18,006 | 833,476 |
Designated Reserve | 185,000 | - | 10,000 | 195,000 |
972,426 | 28,044 | 28,006 | 1,028,476 |
Restricted funds |
Prof. Cymbalistyj Foundation | 179,237 | (151,231 | ) | (28,006 | ) | - |
TOTAL FUNDS | 1,151,663 | (123,187 | ) | - | 1,028,476 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 305,616 | (277,572 | ) | 28,044 |
Restricted funds |
Prof. Cymbalistyj Foundation | - | (151,231 | ) | (151,231 | ) |
TOTAL FUNDS | 305,616 | (428,803 | ) | (123,187 | ) |
The Designated Reserve is a fund that has been established to provide funds in order to contribute to the cost of major renovation works that are anticipated to arise in the future and are set aside out of current and previous years' surpluses. |
UKRAINIAN RELIGIOUS SOCIETY OF ST. |
SOPHIA LIMITED |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2022 |
11. | MOVEMENT IN FUNDS - continued |
The Prof. Cymbalistyj Foundation was a restricted fund resulting from a bequest received in 2008 which required the formation of a foundation in the name of the donor to publish their academic works and works of other authors on the history and culture of the Ukrainian people.Up until 31st December 2020 this Foundation formed part of these financial statements. |
During the financial year ended 31st December 2021, the Trustees reviewed the documentation regarding the creation of the Prof. Cymbalistyj Foundation and determined that this should be managed separately, outside of these financial statements. Accordingly this fund no longer forms part of the financial statements of Ukrainian Religious Society of St. Sophia Limited. |
12. | RELATED PARTY DISCLOSURES |