Registered number: 09581857
Charity number: 1165112
THE PURE LAND FOUNDATION
(A company limited by guarantee)
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2023
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THE PURE LAND FOUNDATION
(A company limited by guarantee)
CONTENTS
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Reference and administrative details of the Foundation, its Trustees and advisers
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Statement of financial activities
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Notes to the financial statements
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THE PURE LAND FOUNDATION
(A company limited by guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE FOUNDATION, ITS TRUSTEES AND ADVISERS
FOR THE YEAR ENDED 30 DECEMBER 2023
Company registered number
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Charity registered number
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7 Savoy Court
London
WC2R 0EX
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Adler Shine LLP
Statutory Auditor
Aston House
Cornwall Avenue
London
N3 1LF
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THE PURE LAND FOUNDATION
(A company limited by guarantee)
TRUSTEES' REPORT
FOR THE YEAR ENDED 30 DECEMBER 2023
The Trustees present their annual report together with the financial statements of the The Pure Land Foundation for the period ended 31 December 2022 to 30 December 2023. The annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).
Since the Foundation qualifies as small under section 382 of the Companies Act 2006, the strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.
Structure, governance and management
a. Constitution
The organisation is a not for profit company limited by guarantee, incorporated on 8 May 2015. The company is responsible for the administration and management of the Foundation and is governed in accordance with its Articles of Association. In the event of the company being wound up members are required to contribute an amount not exceeding £1 each.
In the event that the company is wound up or dissolved and after all debts and liabilities have been satisfied there remains a surplus, this shall not be paid to the members but shall be given to some company or companies with similar objects which prohibit the distribution of its or their income to an extent as least as great as that imposed on this company or if that cannot be done to then to some other charitable object.
b. Methods of appointment or election of Trustees
The current trustee directors were appointed on the following dates: Mr CH Wang on 23 March 2016; Mr G J Atchison on 25 July 2016; and Ms J MacMillan on 21 July 2021, and are subject to retirement in accordance with the Articles of Association.
In accordance with the Articles of Association, one of the three directors will retire at the next Annual General Meeting to be held in September 2023 in accordance with article 5.8 of the Articles of Association, and if eligible offer themselves for re-election and be duly re-elected.
c. Organisational structure and decision-making policies
The Board of Trustees is responsible for decisions relating to the governance and future development of the organisation.
d. Financial risk management
The Pure Land Foundation has a strict Grant Making Policy which guides all decisions by the Trustees. The Grant making Policy ensures the charity's objectives are met and allows for a thorough due diligence process to be conducted before any grant is awarded. In addition to this, the Trustees of the charity are appointed due to their expertise and experience in this field.
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THE PURE LAND FOUNDATION
(A company limited by guarantee)
Objectives and activities
a. Policies and objectives
The Foundation's Objectives are:
∙To advance in life and help young people by providing support and activities which develop their skills, capacities and capabilities to enable them to participate in society as mature and responsible individuals.
∙To advance education, relieve sickness and promote and protect good health and wellbeing.
∙To promote for the benefit of the public the arts and culture primarily in the theatrical arts but including any other media.
∙The promotion of any other charitable purpose for the benefit of the public.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
b. Strategies for achieving objectives
The trustees award grants in line with their objects and detailed grant making policy in order to achieve their objectives.
c. Activities undertaken to achieve objectives
The Charity is primarily a grant giving organisation.
Through the Charities Objectives, the Foundation has supported the following organisations which support the charity's objectives:
∙English National Opera
∙BAFTA
∙Hawn Foundation - Mind UP
∙Guerrand-Hermes Foundation for Peace
∙Royal College of Music
Previously it was decided to make the Foundation inactive and for the current year the Foundation has not received any donations nor made any grants.
Achievements and performance
a. Main achievements of the Foundation
This year the Foundation remained inactive.
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THE PURE LAND FOUNDATION
(A company limited by guarantee)
Financial review
a. Going concern
The Trustees have decided that the Foundation will be dormant. The Trustees do not wish to wind up the Foundation at this time, as they do not believe it is in the public interest to do so, and they may wish to continue with their grant making activities in the future.
The Trustees will continue to file annual accounts and annual returns during the period of dormancy. The Trustees will keep this decision under review on an annual basis in line with their duties. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
b. Reserves policy
The Charity commission defines reserves as 'income which becomes available to the charity and is to be expended at the Trustees' discretion in furtherance of the Charity's objects, but is not yet spent, committed or designated'.
At the balance sheet date, the Charity's reserves have been utilised by providing grants and support activities to the Charity. It is the Trustees policy to utilise resources for its objectives and not to retain unnecessary funds.
Consequently, the Trustees have acted to utilise all surplus funds in furtherance of the Charity's objectives.
Members' liability
The Members of the Foundation guarantee to contribute an amount not exceeding £1 to the assets of the Foundation in the event of winding up.
Statement of Trustees' responsibilities
The Trustees (who are also the directors of the Foundation for the purposes of company law) 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).
Company law requires the Trustees to prepare financial statements for each financial . Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Foundation and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
∙select suitable accounting policies and then apply them consistently;
∙observe the methods and principles of the Charities SORP (FRS 102);
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Foundation will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Foundation's transactions and disclose with reasonable accuracy at any time the financial position of the Foundation and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Foundation and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the members of the board of Trustees and signed on their behalf by:
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THE PURE LAND FOUNDATION
(A company limited by guarantee)
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THE PURE LAND FOUNDATION
(A company limited by guarantee)
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT)
FOR THE YEAR ENDED 30 DECEMBER 2023
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Total funds brought forward
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Total funds carried forward
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The Statement of financial activities includes all gains and losses recognised in the year.
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The notes on pages 8 to 11 form part of these financial statements.
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THE PURE LAND FOUNDATION
(A company limited by guarantee)
REGISTERED NUMBER: 09581857
BALANCE SHEET
AS AT 30 DECEMBER 2023
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Creditors: amounts falling due within one year
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Net current assets / liabilities
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Total assets less current liabilities
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The Foundation was entitled to exemption from audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
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Mr G Atchison
Trustee
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The notes on pages 8 to 11 form part of these financial statements.
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THE PURE LAND FOUNDATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2023
The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales. The registered office address is 7 Savoy Court, London, WC2R 0EX. The registered company number is 09581857 and the charity number is 1165112.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
The Pure Land Foundation 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.
The Trustees have a reasonable expectation that the Foundation has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
All income is recognised once the Foundation has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Foundation's objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
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THE PURE LAND FOUNDATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2023
2.Accounting policies (continued)
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Liabilities and provisions
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Liabilities are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
The Foundation only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Foundation and which have not been designated for other purposes.
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Income from donations and legacies
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Analysis of expenditure on charitable activities
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Trustees' remuneration and expenses
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During the year, no Trustees received any remuneration or other benefits (2022 - £NIL).
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THE PURE LAND FOUNDATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2023
5.Trustees' remuneration and expenses (continued)
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During the year ended 30 December 2023, no Trustee expenses have been incurred (2022 - £NIL).
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THE PURE LAND FOUNDATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2023
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Creditors: Amounts falling due within one year
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Accruals and deferred income
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Statement of funds - current year
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Balance at 31 December 2022
£
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Balance at 30 December 2023
£
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General Funds - all funds
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Statement of funds - prior year
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Balance at
1 December 2021
£
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Balance at
30 December 2022
£
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General Funds - all funds
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