The New Ionian Academy - Charities report - 21.2
The New Ionian Academy - Charities report - 21.2
| REGISTERED COMPANY NUMBER: |
| REGISTERED CHARITY NUMBER: |
| Report of the Trustees and |
| Unaudited Financial Statements for the Year Ended 31 May 2021 |
| for |
| THE NEW IONIAN ACADEMY |
| THE NEW IONIAN ACADEMY |
| Contents of the Financial Statements |
| for the Year Ended 31 May 2021 |
| Page |
| Report of the Trustees | 1 | to | 2 |
| Statement of Financial Activities | 3 |
| Balance Sheet | 4 |
| Notes to the Financial Statements | 5 | to | 8 |
| THE NEW IONIAN ACADEMY (REGISTERED NUMBER: 06254709) |
| Report of the Trustees |
| for the Year Ended 31 May 2021 |
| 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 31 May 2021. 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 |
| To advance the Orthodox Christian faith for the benefit of the public, mainly, but not exclusively by commissioning and publishing commentaries, histories and other works (including icons) based on Orthodox thought and culture. |
| During the 2020 year the following objects were approved by the Charities Commission and added to the charity's existing objectives: |
| For the relief of disability especially through and in collaboration with organisations run and controlled by disabled people themselves and for groups of disabled people for whom there is the least provision such as brain injury survivors other than stroke survivors, and other neuroatypical people such as those affected by dyspraxia, dyscalculia and autism. And any other exclusively charitable purposes lawful under the laws of England and Wales. |
| ACHIEVEMENT AND PERFORMANCE |
| Charitable activities |
| The charity was formed to serve as a vehicle for the advancement of the Orthodox Faith for the benefit of the public, including the public dissemination of works and icons explaining and advancing the Orthodox Christian faith. The works disseminated are to be found on the website www.orthodoxchristianbooks.com. The charity often assists with the costs of travel from clergy visiting the UK who participate in the production of the books and articles. |
| Due to the ongoing COVID-19 pandemic no clergy trips were achievable during the year and none of the designated funds for disability related projects were spent. |
| FINANCIAL REVIEW |
| Reserves policy |
| The use of the designated funds from the asset assignments from Greater London Action on Disability (GLAD) has been revised and is now not to be used for funding disability related projects directly. £100,000 is to be used to build the charity's infrastructure to enable it to contribute and advance real, safe universal design standards including online and digital defaults in conjuction with organisations of people with learning difficulties and the remaining £40,000 is to be transferred to general funds to cover the planned administrative and fund raising costs in the coming years. |
| The trustees consider that the general funds are more than sufficient to cover the next 12 months expenditure. |
| Going concern |
| The trustees consider the charity a going concern. There are sufficient reserves to support the planned operating activities of the charity. |
| FUTURE PLANS |
| Having revised the use of the designated funds the charity aims to build the charity's infrastructure to enable it to contribute and advance real, safe universal design standards including online and digital defaults in conjuction with organisations of people with learning difficulties. It is the charity's intention to improve upon any official standards produced, helping to establish a user-led user-run standards association. |
| The main focus will be on those groups of disabled people who have been most excluded, including neurodivergent people, especially the most excluded groups within those groups, such as dyspraxics and brain injury survivors other than stroke survivors. |
| THE NEW IONIAN ACADEMY (REGISTERED NUMBER: 06254709) |
| Report of the Trustees |
| for the Year Ended 31 May 2021 |
| STRUCTURE, GOVERNANCE AND MANAGEMENT |
| Governing document |
| The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. |
| Organisational structure |
| Overall responsibility for the charity's management rests with the Board of trustees who are also the charity's directors. The selection of trustees is designed to supplement the existing skills and expertise of the Board. |
| Decision making |
| R Stronach manages and runs the charity on a day-to-day basis and is responsible for implementing a set of internal controls suitable for the organisation. R Stronach reports to the trustees on a regular basis and attends trustee board meetings to report on the progress and strategic development of the charity. |
| Risk management |
| The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.These risks are considered regularly at Trustee meetings. |
| REFERENCE AND ADMINISTRATIVE DETAILS |
| Registered Company number |
| Registered Charity number |
| Registered office |
| Trustees |
| Company Secretary |
| Approved by order of the board of trustees on |
| THE NEW IONIAN ACADEMY |
| Statement of Financial Activities |
| for the Year Ended 31 May 2021 |
| 31.5.21 | 31.5.20 |
| Unrestricted | Total |
| funds | funds |
| Notes | £ | £ |
| INCOME AND ENDOWMENTS FROM |
| Donations and legacies |
| EXPENDITURE ON |
| Charitable activities |
| Other |
| Total |
| NET INCOME/(EXPENDITURE) | ( |
) |
| RECONCILIATION OF FUNDS |
| Total funds brought forward |
| TOTAL FUNDS CARRIED FORWARD | 141,933 |
| THE NEW IONIAN ACADEMY (REGISTERED NUMBER: 06254709) |
| Balance Sheet |
| 31 May 2021 |
| 31.5.21 | 31.5.20 |
| Unrestricted | Total |
| funds | funds |
| Notes | £ | £ |
| CURRENT ASSETS |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 4 | ( |
) |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| NET ASSETS |
| FUNDS | 5 |
| Unrestricted funds: |
| General fund | 41,753 | 1,933 |
| Disability related activities | 100,000 | 140,000 |
| 141,933 |
| TOTAL FUNDS | 141,933 |
| The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2021. |
| The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2021 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. |
| 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 |
| THE NEW IONIAN ACADEMY |
| Notes to the Financial Statements |
| for the Year Ended 31 May 2021 |
| 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. |
| 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. |
| Designated funds - These comprise unrestricted funds that have been set aside by the trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. |
| 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. |
| 2. | TRUSTEES' REMUNERATION AND BENEFITS |
| There were no trustees' remuneration or other benefits for the year ended 31 May 2021 nor for the year ended 31 May 2020. |
| Trustees' expenses |
| There were no trustees' expenses paid for the year ended 31 May 2021 nor for the year ended 31 May 2020. |
| THE NEW IONIAN ACADEMY |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 May 2021 |
| 3. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
| Unrestricte |
| funds |
| £ |
| INCOME AND ENDOWMENTS FROM |
| Donations and legacies |
| EXPENDITURE ON |
| Charitable activities |
| Other |
| Total |
| NET INCOME |
| RECONCILIATION OF FUNDS |
| Total funds brought forward |
| TOTAL FUNDS CARRIED FORWARD | 141,933 |
| 4. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.5.21 | 31.5.20 |
| £ | £ |
| Accruals and deferred income |
| 5. | MOVEMENT IN FUNDS |
| Net | Transfers |
| movement | between | At |
| At 1.6.20 | in funds | funds | 31.5.21 |
| £ | £ | £ | £ |
| Unrestricted funds |
| General fund | 1,933 | (180 | ) | 40,000 | 41,753 |
| Disability related activities | 140,000 | - | (40,000 | ) | 100,000 |
| (180 | ) |
| TOTAL FUNDS | (180 | ) | 141,753 |
| THE NEW IONIAN ACADEMY |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 May 2021 |
| 5. | MOVEMENT IN FUNDS - continued |
| Net movement in funds, included in the above are as follows: |
| Incoming | Resources | Movement |
| resources | expended | in funds |
| £ | £ | £ |
| Unrestricted funds |
| General fund | - | (180 | ) | (180 | ) |
| TOTAL FUNDS | ( |
) | (180 | ) |
| Comparatives for movement in funds |
| Net |
| movement | At |
| At 1.6.19 | in funds | 31.5.20 |
| £ | £ | £ |
| Unrestricted funds |
| General fund | 1,063 | 870 | 1,933 |
| Disability related activities | - | 140,000 | 140,000 |
| 1,063 | 140,870 | 141,933 |
| TOTAL FUNDS | 1,063 | 140,870 | 141,933 |
| Comparative net movement in funds, included in the above are as follows: |
| Incoming | Resources | Movement |
| resources | expended | in funds |
| £ | £ | £ |
| Unrestricted funds |
| General fund | 3,851 | (2,981 | ) | 870 |
| Disability related activities | 140,000 | - | 140,000 |
| 143,851 | (2,981 | ) | 140,870 |
| TOTAL FUNDS | 143,851 | (2,981 | ) | 140,870 |
| Transfers between funds |
| The charity has reviewed the use of the designated funds and £40,000 has been transfered into the general fund to cover the planned administrative and fund raising costs in the coming years. |
| THE NEW IONIAN ACADEMY |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 May 2021 |
| 6. | RELATED PARTY DISCLOSURES |
| During the previous year the charity received a donation from Greater London Action on Disability (GLAD) of £141,847. The amount represented an assignment of the proceeds of a share in a property after legal and professional fees, which included administering a payment of £7,000 to A Whyatt on completion for the reimbursement of legal costs incurred on behalf of GLAD. |
| GLAD was a private company limited by guarantee. N Harris and A Moss were appointed as directors of GLAD during the 2020 year. A Whyatt was already an existing director of GLAD. |
| GLAD was dissolved on 29 September 2020. |