REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
REPORT OF THE TRUSTEES AND |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2024 |
FOR |
KRISTOS MEDIA |
(A COMPANY LIMITED BY GUARANTEE) |
REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
REPORT OF THE TRUSTEES AND |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2024 |
FOR |
KRISTOS MEDIA |
(A COMPANY LIMITED BY GUARANTEE) |
KRISTOS MEDIA |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31 October 2024 |
Page |
Report of the Trustees | 1 | to | 2 |
Independent Examiner's Report | 3 |
Statement of Financial Activities | 4 |
Statement of Financial Position | 5 |
Notes to the Financial Statements | 6 | to | 10 |
KRISTOS MEDIA (REGISTERED NUMBER: 05603035) |
REPORT OF THE TRUSTEES |
for the Year Ended 31 October 2024 |
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 October 2024, which are also prepared to meet the requirements for a directors report and accounts for Companies Act purposes. 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 Charity's objectives are: |
(a) to advance the Christian faith and values, and |
(b) to advance the education of young people through and in the provision of all types of media including, but not limited to, music, art, the written word, radio, television and the internet throughout the world. |
ACHIEVEMENT AND PERFORMANCE |
During the year ending 31 October 2024, Kristos continued to look for opportunities to support initiatives and organisations aligned to its vision and mission and supported two projects. |
During the year a grant of £26,000 (2023: £30,000) was paid to The Ascent UK which runs a three year discipleship process for young Catholics in years 10-13 who want to embrace their faith and learn how to share it with others. First launched in 2013, the process runs in several locations around the UK, led by a competent team of around 80 volunteers who give over 15,000 hours a year to support the young people in their journeys. |
Kristos Media also supported the Catholic Leaders Conversation, which is a joint project with Catholic Voices and aims to bring together Catholic leaders, mostly in their 20-30s, to start a conversation about how best they can be supported, equipped and connected with each other in order to flourish in life, leadership and faith. Kristos Media gave a grant to the project of £8,109 (2023: £10,513) in the year. |
During the year a grant of £25,832 was paid to the One Hope Project which is a creative collective of young people encouraging fresh expressions of worship in the church |
FINANCIAL REVIEW |
Reserves policy |
At 31 October 2024, there is a surplus on reserves of £207,967 (2023: £270,896). |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Governing document |
The charity is registered as a charitable company limited by guarantee, incorporated on 25 October 2005 and registered as a charity on 10 November 2005. The company is governed by its Memorandum and Association of Articles. |
Recruitment and appointment of new trustees |
Trustees are invited to join the board by invitation of the members. |
Organisational structure |
The trustees are in contact regularly and meetings are held on a regular basis. The activities are under the overall management and supervision of the trustees, who have been selected due to their particular expertise and knowledge. |
Induction and training of new trustees |
In the event that new trustees are appointed they are offered appropriate training and induction based on their level of experience. Trustees are encouraged to read the guidance set out by the Charity Commission on their duties and responsibilities. |
KRISTOS MEDIA (REGISTERED NUMBER: 05603035) |
REPORT OF THE TRUSTEES |
for the Year Ended 31 October 2024 |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Members |
The directors for the purpose of company law and trustees for the purpose of charity law, who served during the year and up to the date of this report, are set out on page 2. |
Members of the charitable company guarantee to contribute an amount not exceeding £10 to the assets of the charity in the event of winding up. |
REFERENCE AND ADMINISTRATIVE DETAILS |
Registered Company number |
Registered Charity number |
Registered office |
Trustees |
Independent Examiner |
John B S Fairhurst BA (Hons) FCA |
Fairhurst Accountants Ltd |
Chartered Accountants |
Douglas Bank House |
Wigan Lane |
Wigan |
Lancashire |
WN1 2TB |
Bankers |
PO Box 1000 |
Harrogate |
BX1 1LT |
Approved by order of the board of trustees on |
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF |
KRISTOS MEDIA |
Independent examiner's report to the trustees of Kristos Media ('the Company') |
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 October 2024. |
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. |
John B S Fairhurst BA (Hons) FCA |
Fairhurst Accountants Ltd |
Chartered Accountants |
Douglas Bank House |
Wigan Lane |
Wigan |
Lancashire |
WN1 2TB |
28 March 2025 |
KRISTOS MEDIA |
STATEMENT OF FINANCIAL ACTIVITIES |
for the Year Ended 31 October 2024 |
2024 | 2023 |
Unrestricted | Restricted | Total | Total |
funds | funds | funds | funds |
Notes | £ | £ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Investment income | 2 |
EXPENDITURE ON |
Charitable activities | 3 |
Catholic Voices | 8,109 | - | 8,109 | 10,513 |
One Hope Project | 25,832 | - | 25,832 | - |
Total |
NET INCOME/(EXPENDITURE) | ( |
) | ( |
) | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 270,896 |
KRISTOS MEDIA (REGISTERED NUMBER: 05603035) |
STATEMENT OF FINANCIAL POSITION |
31 October 2024 |
2024 | 2023 |
Notes | £ | £ |
FIXED ASSETS |
Investments | 6 |
CURRENT ASSETS |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
NET ASSETS |
FUNDS | 9 |
Unrestricted funds | 270,896 |
TOTAL FUNDS | 270,896 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2024. |
The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2024 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 |
KRISTOS MEDIA |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31 October 2024 |
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, with the exception of investments which are included at market value. |
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. |
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure. |
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. |
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. Amounts due from related undertakings are repayable on demand and are measured at the undiscounted amount due. |
Creditors |
Creditors 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 are normally recognised at their settlement amount after allowing for any trade discounts due. |
Cash at bank and in hand |
Cash at bank and in hand includes cash and short term highly liquid deposits. |
Financial instruments |
The charity 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. |
Impairment of assets |
KRISTOS MEDIA |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 October 2024 |
1. | ACCOUNTING POLICIES - continued |
At each reporting date assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared to its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in the profit or loss. |
If an impairment loss is subsequently reversed, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset in prior periods. A reversal of an impairment loss is recognised immediately in the profit or loss. |
Legal status of the Charity |
The Charity is a company limited by guarantee and has no share capital. The liability of each member in the event of a winding up is limited to £10. |
2. | INVESTMENT INCOME |
2024 | 2023 |
£ | £ |
Deposit account interest |
3. | CHARITABLE ACTIVITIES COSTS |
Grant |
funding of |
activities |
Direct | (see note |
Costs | 4) | Totals |
£ | £ | £ |
Direct costs | 7,366 | - | 7,366 |
The Ascent UK | - | 26,000 | 26,000 |
Catholic Voices | - | 8,109 | 8,109 |
One Hope Project | - | 25,832 | 25,832 |
7,366 | 59,941 | 67,307 |
4. | GRANTS PAYABLE |
2024 | 2023 |
£ | £ |
The Ascent UK | 26,000 | 30,000 |
Catholic Voices | 8,109 | 10,513 |
One Hope Project | 25,832 | - |
59,941 | 40,513 |
The charity undertakes its charitable activities through grant making and awarded grants to a number of institutions. |
In 2024 the expenditure on charitable activities was £59,941 (2023: £40,513). |
KRISTOS MEDIA |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 October 2024 |
5. | TRUSTEES' REMUNERATION AND BENEFITS |
There were no trustees' remuneration or other benefits for the year ended 31 October 2024 nor for the year ended 31 October 2023. |
Trustees' expenses |
There were no trustees' expenses paid for the year ended 31 October 2024 nor for the year ended 31 October 2023. |
6. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
MARKET VALUE |
At 1 November 2023 | 1 |
Disposal | (1 | ) |
At 31 October 2024 | - |
NET BOOK VALUE |
At 31 October 2024 | - |
At 31 October 2023 | 1 |
During the year the dormant subsidiary was dissolved and the investment written off. |
There were no investment assets outside the UK. |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Accruals and deferred income |
8. | ANALYSIS OF NET ASSETS BETWEEN FUNDS |
2024 | 2023 |
Unrestricted | Restricted | Total | Total |
funds | funds | funds | funds |
£ | £ | £ | £ |
Investments |
Current assets |
Current liabilities | ( |
) | ( |
) | ( |
) |
207,967 | - | 207,967 | 270,896 |
KRISTOS MEDIA |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 October 2024 |
9. | MOVEMENT IN FUNDS |
Net | Transfers |
At | movement | between | At |
1/11/23 | in funds | funds | 31/10/24 |
£ | £ | £ | £ |
Unrestricted funds |
General fund | 240,859 | (38,821 | ) | 5,281 | 207,319 |
Designated funds | 30,037 | (24,108 | ) | (5,281 | ) | 648 |
(62,929 | ) |
TOTAL FUNDS | (62,929 | ) | 207,967 |
Net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 4,377 | (43,198 | ) | (38,821 | ) |
Designated funds | 1 | (24,109 | ) | (24,108 | ) |
( |
) | (62,929 | ) |
TOTAL FUNDS | ( |
) | (62,929 | ) |
Comparatives for movement in funds |
Net |
At | movement | At |
1/11/22 | in funds | 31/10/23 |
£ | £ | £ |
Unrestricted funds |
General fund | 249,264 | (8,405 | ) | 240,859 |
Designated funds | 70,550 | (40,513 | ) | 30,037 |
319,814 | (48,918 | ) | 270,896 |
TOTAL FUNDS | 319,814 | (48,918 | ) | 270,896 |
Comparative net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 3,099 | (11,504 | ) | (8,405 | ) |
Designated funds | - | (40,513 | ) | (40,513 | ) |
3,099 | (52,017 | ) | (48,918 | ) |
TOTAL FUNDS | 3,099 | (52,017 | ) | (48,918 | ) |
KRISTOS MEDIA |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 October 2024 |
9. | MOVEMENT IN FUNDS - continued |
A current year 12 months and prior year 12 months combined position is as follows: |
Net | Transfers |
At | movement | between | At |
1/11/22 | in funds | funds | 31/10/24 |
£ | £ | £ | £ |
Unrestricted funds |
General fund | 249,264 | (47,226 | ) | 5,281 | 207,319 |
Designated funds | 70,550 | (64,621 | ) | (5,281 | ) | 648 |
319,814 | (111,847 | ) | - | 207,967 |
TOTAL FUNDS | 319,814 | (111,847 | ) | - | 207,967 |
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 | 7,476 | (54,702 | ) | (47,226 | ) |
Designated funds | 1 | (64,622 | ) | (64,621 | ) |
7,477 | (119,324 | ) | (111,847 | ) |
TOTAL FUNDS | 7,477 | (119,324 | ) | (111,847 | ) |
In 2022 the trustees designated £70,550 of unrestricted funds. £46,000 to The Ascent UK, an organisation that runs a three year discipleship process for young Catholic and, £20,550 to Catholic Voices, an organisation pioneering Catholic Leaders to start a conversation about how best they can be supported, equipped and connected with each other. During the year a total of £16,000 (2023: £30,000) was paid to The Ascent UK and £8,109 (2023: £10,513) to Catholic Voices, leaving £5,929 available for future spend. |
10. | RELATED PARTY DISCLOSURES |