OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2020-10-31-accounts

Registered number: 02939379 Charity number: 1039170

CHRISTIAN ENDEAVOUR HOLIDAY CENTRES LIMITED

(A company limited by guarantee) TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020

CHRISTIAN ENDEAVOUR HOLIDAY CENTRES LIMITED

(A company limited by guarantee)

CONTENTS

Page
Reference and administrative details of the charitable company, its Trustees and Council of 1 - 2
Management and advisers
Trustees' report 3 - 9
Independent auditor's report on the financial statements 10 - 13
Statement of financial activities 14
Balance sheet 15 - 16
Statement of cash flows 17
Notes to the financial statements 18 - 37

CHRISTIAN ENDEAVOUR HOLIDAY CENTRES LIMITED

(A company limited by guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITABLE COMPANY, ITS TRUSTEES AND COUNCIL OF MANAGEMENT AND ADVISERS FOR THE YEAR ENDED 31 OCTOBER 2020

Trustees and Council of Management

Mr J B Furse Mr D Hoolihan (not re-elected 14 March 2020) Mr T A Hughes Mr P Miller, Vice Chairman Mr M Oliver Mrs M Pickering, Company Secretary

Mrs B J Smith

Mr M Thompson, Chairman

Company registered number

02939379

Charity registered number

1039170

Registered office

2 Rutland Park Sheffield S10 2PD

Company Secretary

Mrs M Pickering

Company accountant

Mr A Gardner

Independent auditor

BHP LLP Chartered Accountants 2 Rutland Park Sheffield S10 2PD

Page 1

CHRISTIAN ENDEAVOUR HOLIDAY CENTRES LIMITED

(A company limited by guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITABLE COMPANY, ITS TRUSTEES AND COUNCIL OF MANAGEMENT AND ADVISERS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2020

Bankers

National Westminster Bank plc PO Box 418 Lowry House 17 Marble Street MANCHESTER M60 3NN

Page 2

CHRISTIAN ENDEAVOUR HOLIDAY CENTRES LIMITED

(A company limited by guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 OCTOBER 2020

The Trustees present their report and the audited financial statements of the charity for the year ended 31 October 2020. The trustees have adopted 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).

The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity’s governing document, the Charities Act 2011 and 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 published in October 2019.

Since the charitable company 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.

Trustees of the charity

The directors of the charitable company are its trustees for the purposes of charity law. The trustees who have served during the year and since the year end were as follows:

Mr J B Furse Mr D Hoolihan Mr T A Hughes Mr P Miller Mr M Oliver Mrs M Pickering Mrs B J Smith Mr M Thompson

Objectives and activities

a. Policies and objectives

The Charity’s Objects are ‘To promote and advance the Christian Religion by the provision of facilities calculated directly to promote the effective working of all Christian Churches’. In the furtherance of these Objects we currently provide resource centres for people and bodies engaged in advancing the Christian Faith, and to establish, operate and maintain day or residential centres for holiday, recreational and conference facilities.

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)'.

In furtherance of these charitable objectives, the Centres are owned and operated for the public benefit in North Norfolk and North Wales. Guests come from different areas and church backgrounds and include general holiday guests participating in the programmes offered by the Centres, with Churches, various Christian Ministries and day school groups following their own programmes.

Page 3

(A company limited by guarantee)

CHRISTIAN ENDEAVOUR HOLIDAY CENTRES LIMITED

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2020

Achievements and performance

a. Main achievements of the charitable company

The past year has been full of unforeseen challenges which have never been encountered before, with those businesses in the hospitality sector having been severely affected. Despite this we have adapted to these new circumstances, we have reviewed all aspects of our business, for example implementing a self-catering option at both centres which has had a good response. We have introduced a new recovery plan which is moving the company in the right direction, reducing our overheads.

We were able to have both places functional for part of the trading year whilst abiding to the rules laid out relating to the COVID 19 pandemic. At each stage we had advice and support from our Health & Safety consultancy firm which we have continued to use on an ongoing basis.

We also utilised different financial supports available in the form of the ‘furlough’ schemes, grants from the UK government and other schemes provided by the relevant English and Welsh County Councils.

In addition, we applied for the Government's ‘Bounce-Back’ loan facility to the amount of £50,000. The repayments will start in 2021. Originally it had a six-year repayment period which is now extendable to 10 years. The primary reason was to give extra financial liquidity if needed. As a Board of Trustees we decided that this was a prudent provision to have in place.

As a result of the pandemic our Business Plan could only be partially implemented. At the start of the first lockdown the confirmed bookings had improved from the previous year. However all of these could not be fulfilled, with the centres only being able to be opened for part of our trading year. As the year progressed it was very hard to accurately forecast how many of them would happen. This along with the additional challenge of our guest capacity being reduced due to COVID 19 requirements made matters even more difficult. However, when the Centres first closed, we used the time to prepare ahead. For a time-limited period this enabled us to re-open promptly and compliantly from July, at The Pleasaunce, followed in August by Beechwood Court. In doing so this helped our year’s trading figures. We received very positive responses, great understanding, and very encouraging feedback from our guests. Most importantly it was good we were able to continue with our ministry at such a difficult time.

We would like to put on record our appreciation to the Centre management staff, Volunteers and the people who led the holiday programmes, this despite having many aspects of the holidays needing to be greatly adapted to the new circumstances we all found ourselves in. A special mention is being made regarding Jillian Orme, our Centre Manager at The Pleasaunce, who also has been looking after Beechwood Court from the latter part of March 2020, when its Centre Manager resigned. We are very grateful for the exceptional level of commitment she has shown under the most demanding of situations.

Andrew Gardner has continued in his job role as our Company Accountant and as our Management Consultant for the Centres where he is available to give additional support and advice to the Centre Management teams. He has continued to be involved in the volunteer recruitment process, using his many years of experience to help in this specific area.

Our marketing processes were reviewed, with online advertising continuing through various websites along with a revised printed format of our holiday brochures, which was well received. We retained the services of a leading Christian Advertising/Publications company. Their ongoing remit was to further develop the above stated marketing development strategies aimed at attracting new guests and group bookings for the 2019-20 trading year. We also continued advertising with several different publications throughout the past year and are doing so for the 2020-21 business trading year as well.

Page 4

CHRISTIAN ENDEAVOUR HOLIDAY CENTRES LIMITED

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2020

Achievements and performance (continued)

As mentioned in previous Reports there has been continued support by the Company’s Membership, support groups, the guests, and many others, who have been willing to help in financial, practical, and prayerful ways. The Trustees on behalf of the Company would like to express our thanks and gratitude to all concerned especially so in relation to 2020 because of all the upheaval and uncertainties we have had to face.

Financial review

a. Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the charitable company has adequate resources to continue in operational existence for the foreseeable future. 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 free reserves of the charity (representing the unrestricted funds which are not included in fixed assets amount to £166,096 (2019: £301,817). The Trustees consider that these reserves are both adequate and necessary to continue the work of the Charity.

c. Principal funding

The Charity’s principal source of funding was income from guests, with some investment income and donations, as detailed in the Statement of Financial Activities. All income is utilised to finance the objects of the Charity, set out on page 3.

Incoming resources for the year were £271,362 (2019: £442,120). Expenditure for the year was £429,741 (2019: £568,877).

This resulted in an overall deficit of £158,379 (2019: deficit £126,757). Total funds at 31 October 2020 are £649,968 (2019: £808,347).

Additions to Fixtures and Fittings amounting to £9,604 are shown in note 14 to the accounts.

There is no longer a legal requirement for the Company's accounts to have a full audit. However the Trustees have given this consideration, and having discussed this matter with the Auditor, they are continuing to have the accounts independently audited.

Page 5

CHRISTIAN ENDEAVOUR HOLIDAY CENTRES LIMITED

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2020

d. Financial framework

Listed below, are the key areas of our revised Business Plan:

1) There is to be a Reserve Policy of £165,000 to be held to provide additional stability for the shorter term, newly created ‘Core/Satellite’ plan, and into the revised ‘medium term’ part of our Business Strategy. Our aim would be to retain this as a reserve but as mentioned in the last paragraph of this section of the Report some of this may need to be used depending on the ongoing impact of COVID 19.

2) Having allocated the said sum of money to the point noted in d.1 above there is a residual amount of capital left to be apportioned to cover any outstanding debts within the upcoming 12 months and the responsibility of the Company to any Pension Deficit regarding our Pension Scheme.

Further capital raising opportunities additional to the ‘medium term’ Business Plan:

1) As explained in the 2017 Report, we have taken professional advice, checked, and had matters confirmed with the appropriate authorities that we can now, if required, sell two of the properties at The Pleasaunce separately and they do not require special approval from the local Council and Planning authorities. The combined sale price is estimated to be approximately £425,000 to £450,000 but it would depend on the prevailing market price at point of sale.

2) In addition to the above, we continue to explore the possibility of the sale of land in certain boundary areas of Beechwood Court.

We are encouraged by the increase in bookings at The Pleasaunce and Beechwood Court. We are in very challenging financial circumstances but with the new Business Plan in place we have managed to substantially reduce our overheads thus giving us a better opportunity to recover.

A note of caution - Although we recognise that this may not happen, if COVID 19 were to return at the level of disruption as experienced in 2020, we would need to make provision for a further major loss in our current trading year. Therefore, the relevant capital amount would need to be raised through the selling of some of our fixed assets. If this situation were to arise it would need very careful consideration as to what would need to be sold. We feel as a Board of Trustees that it is important to bring this possible scenario to the attention of the membership.

Structure, governance and management

a. Constitution

Christian Endeavour Holiday Centres Limited (CEHC) is a company limited by guarantee and a registered charity governed by its Memorandum and Articles of Association. Company number 02939379 and Charity number 1039170.

b. Methods of appointment or election of Trustees

The Directors of the charitable company are its Trustees for the purpose of charity law and are the members of the Council of Management. Throughout this report they are collectively referred to as the Trustees. As set out in the Articles of Association, the Chairman is appointed by the Trustees, who also have the power to co-opt additional Trustees. One third of the Trustees retire by rotation each year together with new Trustees appointed by co-option during the year, and may be reappointed by the members of the charitable company attending the Annual General Meeting.

Page 6

CHRISTIAN ENDEAVOUR HOLIDAY CENTRES LIMITED

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2020

Structure, governance and management (continued)

c. Organisational structure and decision-making policies

The overall management of the charity is carried out by the Trustees, who work on a voluntary basis and meet regularly throughout the year. They are responsible for all policy matters, have specific executive functions and are assisted by other voluntary workers.

The day to day running of the Centres is carried out by the resident Centre Managers and support staff who report to the Trustees. The managers during the year under review are:

Beechwood Court – Mr M Pennington - left the Company 22-03-20 The Pleasaunce – Mrs J Orme

d. Pay policy for key management personnel

For key management positions pay and remuneration have had their levels set with several factors taken into consideration, for example we have benchmarked against similar organisations within the charity sector, their level of experience in the relevant job role and the professional qualifications that relate to it.

e. Related party relationships

There are a number of related party transactions which have been disclosed within note 26.

f. Financial risk management

The Trustees review all major risks which the Company faces and undertake appropriate risk assessments. The Trustees are able to draw on their own experience and also make use of appropriate qualified consultants, listed below are examples regarding this subject. For Safeguarding issues, we have engaged the services of a company which specializes in this important issue, in addition we have a Safeguarding Officer and trainer. We also review the company’s Safeguarding Policy annually. We have appointed a firm that specializes in Human Resources advising in such matters as legal advice and documentation support. With reference to Health & Safety matters we have appointed a company to give advice, complete site visits, reports and provide structured best practice support systems with accompanying policy document support. We complete an annual review with our Insurance provider which covers provisions to protect the Company and they also help with surveys, where applicable, and they make recommendations that help to reduce potential insurance risks. Regarding GDPR, we have resourced support material and have our policies in place with ongoing reviews. For each issue we usually appoint 2 trustees to work in each specific area in conjunction with the Centre Managers and the Council of Management. Financial risk is referred to in the financial framework on page 6 of this Report headed ‘Financial review’. As summarised above the Trustees confirm that they have established systems to mitigate significant risks, and that available reserves and insurance cover provide sufficient resources in the event of any adverse occurrences.

Page 7

(A company limited by guarantee)

CHRISTIAN ENDEAVOUR HOLIDAY CENTRES LIMITED

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2020

Plans for future periods

Due to the current Pandemic our focus over the next trading year will be that of our new ‘Core/Satellite’ recovery plan. This will mean that the The Pleasaunce will be the ‘Core’ part, as it has recovered more quickly and confirmed bookings are the higher of the two Centres, with Beechwood Court as the ‘Satellite’. By doing this we will be able to utilise both our Centres' Staff and Volunteers in a more flexible and cost-effective manner. Jillian Orme will continue to look after both Centres. Thereafter the following 2 years will be a ‘Consolidation’ period. As these next phases unfold, we aim to stabilize and develop our business model further with the implementation of this newly revised ‘medium’ term business strategy. After which we plan to move on to the next stage namely that of our ‘longer’ term planning cycle.

By taking this approach we aim to consolidate and develop a sustainable business model that will fulfil its financial obligations as a Company, serve the aims of the Charity’s Objects, and its specific purpose of being a Christian Ministry.

Statement of Trustees' responsibilities

The Trustees (who are also the directors of the charitable company 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 year. 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 charitable company 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:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company 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 charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to auditor

Each of the persons who are Trustees at the time when this Trustees' report is approved has confirmed that:

Page 8

CHRISTIAN ENDEAVOUR HOLIDAY CENTRES LIMITED

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2020

Auditor

The auditor, BHP LLP, has indicated their willingness to continue in office. The Trustees will propose a motion reappointing the auditor at a meeting of the Trustees.

Approved by order of the members of the board of Trustees and signed on their behalf by:

Mr M Thompson (Chairman)

Date: Mar 30, 2021

Page 9

CHRISTIAN ENDEAVOUR HOLIDAY CENTRES LIMITED

(A company limited by guarantee)

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CHRISTIAN ENDEAVOUR HOLIDAY CENTRES LIMITED

Opinion

We have audited the financial statements of Christian Endeavour Holiday Centres Limited (the 'charitable company') for the year ended 31 October 2020 which comprise the Statement of Financial Activities, the Balance sheet, the Statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

Page 10

(A company limited by guarantee)

CHRISTIAN ENDEAVOUR HOLIDAY CENTRES LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CHRISTIAN ENDEAVOUR HOLIDAY CENTRES LIMITED (CONTINUED)

Other information

The Trustees are responsible for the other information. The other information comprises the information included in the Trustees' report, other than the financial statements and our Auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.

We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion:

Page 11

(A company limited by guarantee)

CHRISTIAN ENDEAVOUR HOLIDAY CENTRES LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CHRISTIAN ENDEAVOUR HOLIDAY CENTRES LIMITED (CONTINUED)

Responsibilities of trustees

As explained more fully in the Trustees' responsibilities statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's report.

Page 12

CHRISTIAN ENDEAVOUR HOLIDAY CENTRES LIMITED

(A company limited by guarantee)

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CHRISTIAN ENDEAVOUR HOLIDAY CENTRES LIMITED (CONTINUED)

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.

Jane Marshall (Mar 30, 2021 15:43 GMT+1)

Jane Marshall (Senior statutory auditor)

for and on behalf of BHP LLP

Chartered Accountants Statutory Auditors

2 Rutland Park

Sheffield

S10 2PD

Date: Mar 30, 2021

Page 13

CHRISTIAN ENDEAVOUR HOLIDAY CENTRES LIMITED

(A company limited by guarantee)

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 OCTOBER 2020

Note
Income from:
Donations and legacies
4
Charitable activities
5
Investments
6
Other income
7
Total income
Expenditure on:
Charitable activities
8
Total expenditure
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2020
£
11,933
169,777
381
81,358
263,449
426,302
426,302
(162,853)
788,565
(162,853)
625,712		 Restricted
funds
2020
£
7,913
-
-
-
7,913
3,439
3,439
4,474
19,782
4,474
24,256		 Total
funds
2020
£
19,846
169,777
381
81,358
271,362
429,741
429,741
(158,379)
808,347
(158,379)
649,968		 Total
funds
2019
£
18,831
422,515
774
-
442,120
568,877
568,877
(126,757)
935,104
(126,757)
808,347

The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 18 to 37 form part of these financial statements.

Page 14

CHRISTIAN ENDEAVOUR HOLIDAY CENTRES LIMITED

(A company limited by guarantee) REGISTERED NUMBER: 02939379

BALANCE SHEET AS AT 31 OCTOBER 2020

Note
Fixed assets
Tangible assets
14
Current assets
Stocks
15
Debtors
16
Cash at bank and in hand
Creditors: amounts falling due within one year
17
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after more than
one year
18
Provisions for liabilities
25
Net assets excluding pension asset
Total net assets
Charity funds
Restricted funds:
Restricted funds
19
Total restricted funds
19
Unrestricted funds
19
Total funds		 2,850
26,935
307,839
337,624
(103,484)
24,256		 2020
£
477,325
477,325
234,140
711,465
(43,788)
(17,709)
649,968
649,968
24,256
625,712
649,968		 5,900
80,045
351,807
437,752
(116,153)
19,782		 2019
£
507,930
507,930
321,599
829,529
-
(21,182)
808,347
808,347
19,782
788,565
808,347

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.

Page 15

CHRISTIAN ENDEAVOUR HOLIDAY CENTRES LIMITED (A company limited by guarantee) REGISTERED NUMBER: 02939379

BALANCE SHEET (CONTINUED) AS AT 31 OCTOBER 2020

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

................................................

Mr M Thompson, Chairman

Date: Mar 30, 2021

The notes on pages 18 to 37 form part of these financial statements.

Page 16

CHRISTIAN ENDEAVOUR HOLIDAY CENTRES LIMITED

(A company limited by guarantee)

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 OCTOBER 2020

Note
Cash flows from operating activities
Net cash used in operating activities
22
Cash flows from investing activities
Bank interest
Purchase of tangible fixed assets
Net cash used in investing activities
Cash flows from financing activities
Cash inflows from new borrowing
Net cash provided by financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
23		 2020
£
(84,745)
381
(9,604)
(9,223)
50,000
50,000
(43,968)
351,807
307,839		 2019
£
(129,869)
774
(6,037)
(5,263)
-
-
(135,132)
486,939
351,807

The notes on pages 18 to 37 form part of these financial statements

Page 17

(A company limited by guarantee)

CHRISTIAN ENDEAVOUR HOLIDAY CENTRES LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020

1. General information

Christian Endeavour Holiday Centres Limited is a company limited by guarantee registered in England & Wales. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. The address of the registered office is given in the charity information on page 1 of these financial statements. The nature of the charity's operations and principal activities are to promote and advance the Christian religion by the provision of residential holiday, recreational and conference facilities.

2. Accounting policies

2.1 Basis of preparation of financial statements

Christian Endeavour Holiday Centres Limited is a registered charitable company in England. In the event of the charity being wound up, the liability in respect of the gurantee is limited to £1 per member of the charity. The address of the registered office is given in the charity information on page 1 of the financial statements. The nature of the charity's operations and principal activities are to promote and advance the Christian Religion by the provision of facilities calculated directly to promote the effective working of all Christian Churches.

The charity constitutes a public benefit entity as defined for FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities Statement of Recomments Practice applicable to the charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, the Companies Act 2006 and the UK Generally Accepted Accounting Practice.

The financial statements are prepared on a going concern basis under the historical cost convention modified to include vertain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £0.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

2.2 Going concern

The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.

2.3 Income

All income is recognised once the charitable company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

Page 18

(A company limited by guarantee)

CHRISTIAN ENDEAVOUR HOLIDAY CENTRES LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020

2. Accounting policies (continued)

2.4 Expenditure

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 charitable company's objectives, as well as any associated support costs.

All expenditure is inclusive of irrecoverable VAT.

2.5 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charitable company; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

2.6 Tangible fixed assets and depreciation

Tangible fixed assets costing £500 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, .

Depreciation is provided on the following bases:

2.7 Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Page 19

(A company limited by guarantee)

CHRISTIAN ENDEAVOUR HOLIDAY CENTRES LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020

2. Accounting policies (continued)

2.8 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.9 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

2.10 Liabilities

Liabilities and provisions 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.

Liabilities are recognised at the amount that the charitable company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.

2.11 Provisions

Provisions are recognised when the charitable company has an obligation at the reporting date as a result of a past event which it is probable will result in the transfer of economic benefits and the obligation can be estimated reliably.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised within interest payable and similar charges.

2.12 Financial instruments

The charitable company 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.

Page 20

CHRISTIAN ENDEAVOUR HOLIDAY CENTRES LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020

2. Accounting policies (continued)

2.13 Pensions

The charitable company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the charitable company to the fund in respect of the year.

The charitable company operates a defined benefit pension scheme and the pension charge is based on a full actuarial valuation dated 2 December 2018.

2.14 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charitable company and which have not been designated for other purposes.

Designated funds 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 are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charitable company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

2.15 Taxation

The charitable company is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charitable company is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

2.16 Employee benefits

The cost of short-term employee benefits are recognised as a liability and an expense.

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Page 21

(A company limited by guarantee)

CHRISTIAN ENDEAVOUR HOLIDAY CENTRES LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020

3. Critical accounting estimates and areas of judgment

Estimates and judgments 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.

Critical accounting estimates and assumptions:

The charitable company makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The following judgements (apart from those involving estimates) have been made in the process of applying the above accounting policies that have had the most significant effect on amounts recognised in the financial statements:

Support costs:

Some costs incurred by the charity such as printing, postage and stationery are shared between activities. The charity's policy is to allocate these costs on the basis of assessed consumption.

4. Income from donations and legacies

Donations
Total 2019		 Unrestricted
funds
2020
£
11,933
7,193		 Restricted
funds
2020
£
7,913
11,638		 Total
funds
2020
£
19,846
18,831		 Total
funds
2019
£
18,831

5. Income from charitable activities

Income from guests
Total 2019		 Unrestricted
funds
2020
£
169,777
422,515		 Total
funds
2020
£
169,777
422,515		 Total
funds
2019
£
422,515

Page 22

CHRISTIAN ENDEAVOUR HOLIDAY CENTRES LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020

6. Investment income

Interest receivable
Total 2019
7.
Other incoming resources
Coronavirus Job Retention Scheme income
Non Domestic Rate Grant		 Unrestricted
funds
2020
£
381
774
Unrestricted
funds
2020
£
31,358
50,000
81,358		 Total
funds
2020
£
381
774
Total
funds
2020
£
31,358
50,000
81,358		 Total
funds
2019
£
774
Total
funds
2019
£
-
-
-

The total for other incoming resources for 2019 was £nil.

Page 23

CHRISTIAN ENDEAVOUR HOLIDAY CENTRES LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020

8. Analysis of expenditure on charitable activities

Summary by fund type

Charitable expenditure (see below breakdown)
Total 2019
Breakdown of charitable activities expenditure:
Wages and salaries
Provisions, light, heat and laundry
Property running costs
Property repairs and renewals
Legal and professional
Staff travel and meeting costs
Depreciation
Governance costs (note 8)
Support costs (note 9)		 Unrestricted
funds
2020
£
426,302
564,183		 Restricted
funds
2020
£
3,439
4,694		 Total
funds
2020
£
429,741
568,877
2020
£
142,301
100,460
74,380
34,043
6,628
16,414
40,209
9,528
5,778
429,741		 Total
funds
2019
£
568,877
2019
£
196,255
157,078
71,661
55,931
8,432
22,873
40,370
9,332
6,945
568,877

Page 24

CHRISTIAN ENDEAVOUR HOLIDAY CENTRES LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020

9. Governance

2020 2019
£ £
Trustees' expenses and meeting costs 883 1,082
Auditor's remuneration 8,645 8,250

In both 2020 and 2019 all the expenditure was unrestricted. In addition to the above there was also an additional £288 paid to a Trustee with regards to travel expenses which have been capitalised on the basis that these costs were directly attributable to bringing the assets to a condition necessary for its use.

10. Support costs

Office and computer equipment
Printing, postage and stationary
Free guest goodwill contributions		 2020
£
2,476
1,536
1,766
5,778		 2019
£
3,147
2,952
846
6,945

£1,766 of the expenditure in 2020 was restricted (2019: £846) with the remaining £4,012 of the expenditure being unrestricted (2019: £6,099).

11. Staff costs

Wages and salaries
Social security costs
Contribution to defined contribution pension schemes		 2020
£
138,532
(569)
4,338
142,301		 2019
£
183,683
8,430
4,142
196,255

Page 25

(A company limited by guarantee)

CHRISTIAN ENDEAVOUR HOLIDAY CENTRES LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020

11. Staff costs (continued)

The average number of persons employed by the charitable company during the year was as follows:

2020 2019
No. No.
11 15

No employee received remuneration amounting to more than £60,000 in either year.

During the year key management personnel remuneration including Employer's NI and pension amounted to £51,587 (2019: £63,770).

12. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2019 - £NIL).

During the year ended 31 October 2020, expenses totalling £1460 were reimbursed or paid directly to 2 Trustees (2019 - £1082 to 2 Trustees).

13. Pension costs

The charity makes payments on behalf of employees into individual personal pension plans. The assets of these plans are held separately from those of the charity in independently administered funds. The pension cost charge in the Statement of Financial Activities represents contributions payable by the charity and amounts to £4,338 (2019: £4,142).

Page 26

(A company limited by guarantee)

CHRISTIAN ENDEAVOUR HOLIDAY CENTRES LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020

14. Tangible fixed assets

Cost or valuation
At 1 November 2019
Additions
Disposals
At 31 October 2020
Depreciation
At 1 November 2019
Charge for the year
On disposals
At 31 October 2020
Net book value
At 31 October 2020
At 31 October 2019
15.
Stocks
Finished goods and goods for resale		 Freehold
property
Major structural
enhancements
£
£
446,093
240,765
-
-
-
-
446,093
240,765
184,051
90,617
8,922
18,415
-
-
192,973
109,032
253,120
131,733
262,042
150,148		 Fixtures and
fittings
£
600,847
9,604
(7,394)
603,057
505,107
12,872
(7,394)
510,585
92,472
95,740
2020
£
2,850		 Total
£
1,287,705
9,604
(7,394)
1,289,915
779,775
40,209
(7,394)
812,590
477,325
507,930
2019
£
5,900

Page 27

(A company limited by guarantee)

CHRISTIAN ENDEAVOUR HOLIDAY CENTRES LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020

16. Debtors

Due within one year
Trade debtors
Other debtors
Prepayments and accrued income		 2020
£
11,118
9,167
6,650
26,935		 2019
£
73,245
848
5,952
80,045

17. Creditors: Amounts falling due within one year

Bank loans
Trade creditors
Other taxation and social security
Other creditors
Accruals and deferred income		 2020
£
6,212
10,727
812
24,726
61,007
103,484		 2019
£
-
28,437
19,368
24,878
43,470
116,153

18. Creditors: Amounts falling due after more than one year

2020 2019
£ £
Bank loans 43,788 -

The bank loan is part of the Governments Bounce Back Loan Scheme in relation to the COVID-19 pandemic. The loan amounts were received in the year, and the balance is interest free for the first 12 months with repayments due to begin 12 months after being received.

Page 28

CHRISTIAN ENDEAVOUR HOLIDAY CENTRES LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020

19. Statement of funds

Statement of funds - current year
Unrestricted funds
Designated funds
Fixed assets
General funds
General funds excluding pension
fund
Pension Fund
Total Unrestricted funds
Restricted funds
Free guest goodwill fund
Beechwood Court pledge fund
The Pleasaunce pledge fund
Total of funds		 Balance at 1
November
2019
£
507,930
301,817
(21,182)
280,635
788,565
2,091
7,939
9,752
19,782
808,347		 Income
£
-
259,551
3,898
263,449
263,449
693
3,620
3,600
7,913
271,362		 Expenditure
£
(40,209)
(385,668)
(425)
(386,093)
(426,302)
(1,766)
(1,673)
-
(3,439)
(429,741)		 Transfers
in/out
£
9,604
(9,604)
-
(9,604)
-
-
-
-
-
-		 Balance at 31
October 2020
£
477,325
166,096
(17,709)
148,387
625,712
1,018
9,886
13,352
24,256
649,968

Page 29

CHRISTIAN ENDEAVOUR HOLIDAY CENTRES LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020

19. Statement of funds (continued) Statement of funds - prior year

Unrestricted funds
Designated funds
Fixed assets
General funds
General funds excluding pension
fund
Pension fund
Total Unrestricted funds
Restricted funds
Free guest goodwill fund
Beechwood Court pledge fund
The Pleasaunce fund
Total of funds		 Balance at
1 November
2018
£
542,263
403,762
(23,759)
380,003
922,266
2,838
-
10,000
12,838
935,104		 As restated
Income
£
-
426,893
3,589
430,482
430,482
99
7,939
3,600
11,638
442,120		 As restated
Expenditure
£
(40,370)
(522,801)
(1,012)
(523,813)
(564,183)
(846)
-
(3,848)
(4,694)
(568,877)		 As restated
Transfers
in/out
£
6,037
(6,037)
-
(6,037)
-
-
-
-
-
-		 Balance at
31 October
2019
£
507,930
301,817
(21,182)
280,635
788,565
2,091
7,939
9,752
19,782
808,347

Page 30

(A company limited by guarantee)

CHRISTIAN ENDEAVOUR HOLIDAY CENTRES LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020

19. Statement of funds (continued)

Fixed assets - represent the net book value of fixed assets held by the charity.

Pension fund - represents the present value of the provisions required for the defined benefit pension scheme.

Free guest goodwill fund - receives donations from guests to enable people with particular needs to take a holiday who would otherwise not be able to. Guests are able to nominate individuals or groups, the standard cost of providing a holiday is then re-claimed from the fund.

Beechwood Court pledge fund - For general improvements to Beechwood Court.

The Pleasaunce pledge fund - Funds to support activity at the Pleasaunce.

Transfers - transfers in the year represented the movement in fixed assets and the pension liability.

20. Summary of funds

Summary of funds - current year

Designated funds
General funds
Restricted funds
Summary of funds - prior year
Designated funds
General funds
Restricted funds		 Balance at 1
November
2019
£
507,930
280,635
19,782
808,347
Balance at
1 November
2018
£
542,263
380,003
12,838
935,104		 Income
£
-
263,449
7,913
271,362
As restated
Income
£
-
430,482
11,638
442,120		 Expenditure
£
(40,209)
(386,093)
(3,439)
(429,741)
As restated
Expenditure
£
(40,370)
(523,813)
(4,694)
(568,877)		 Transfers
in/out
£
9,604
(9,604)
-
-
As restated
Transfers
in/out
£
6,037
(6,037)
-
-		 Balance at 31
October 2020
£
477,325
148,387
24,256
649,968
Balance at
31 October
2019
£
507,930
280,635
19,782
808,347

Page 31

(A company limited by guarantee)

CHRISTIAN ENDEAVOUR HOLIDAY CENTRES LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020

21. Analysis of net assets between funds

Analysis of net assets between funds - current period

Tangible fixed assets
Current assets
Creditors due within one year
Creditors due in more than one year
Provisions for liabilities and charges
Total
Analysis of net assets between funds - prior period
Tangible fixed assets
Current assets
Creditors due within one year
Provisions for liabilities and charges
Total		 Unrestricted
funds
2020
£
477,325
313,368
(103,484)
(43,788)
(17,709)
625,712
Unrestricted
funds
2019
£
507,930
417,970
(116,153)
(21,182)
788,565		 Restricted
funds
2020
£
-
24,256
-
-
-
24,256
Restricted
funds
2019
£
-
19,782
-
-
19,782		 Total
funds
2020
£
477,325
337,624
(103,484)
(43,788)
(17,709)
649,968
Total
funds
2019
£
507,930
437,752
(116,153)
(21,182)
808,347

Page 32

(A company limited by guarantee)

CHRISTIAN ENDEAVOUR HOLIDAY CENTRES LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020

22. Reconciliation of net movement in funds to net cash flow from operating activities

Net expenditure for the period (as per Statement of Financial Activities)
Adjustments for:
Depreciation charges
Bank interest
(Increase)/decrease in stocks
(Increase)/decrease in debtors
Increase/(decrease) in creditors
Pension provision adjustment
Net cash used in operating activities
23.
Analysis of cash and cash equivalents
Cash in hand
Total cash and cash equivalents
24.
Analysis of changes in net debt
At 1
November
2019
£
Cash at bank and in hand
351,807
Debt due within 1 year
(24,797)
Debt due after 1 year
-
327,010		 2020
£
(158,379)
40,209
(381)
3,050
53,110
(18,881)
(3,473)
(84,745)
2020
£
307,839
307,839
Cash flows
£
(43,968)
(5,541)
(43,788)
(93,297)		 2019
£
(126,757)
40,370
(774)
975
(41,114)
8
(2,577)
(129,869)
2019
£
351,807
351,807
At 31 October
2020
£
307,839
(30,338)
(43,788)
233,713

Page 33

CHRISTIAN ENDEAVOUR HOLIDAY CENTRES LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020

25. Pension commitments

The company participates in the TPT Retirement Solutions – The Growth Plan, a multi-employer scheme which provides benefits to some 950 non-associated participating employers. The scheme is a defined benefit scheme in the UK. It is not possible for the company to obtain sufficient information to enable it to account for the scheme as a defined benefit scheme. Therefore it accounts for the scheme as a defined contribution scheme.

The scheme is subject to the funding legislation outlined in the Pensions Act 2004 which came into force on 30 December 2005. This, together with documents issued by the Pensions Regulator and Technical Actuarial Standards issued by the Financial Reporting Council, set out the framework for funding defined benefit occupational pension schemes in the UK.

The scheme is classified as a 'last-man standing arrangement'. Therefore the company is potentially liable for other participating employers' obligations if those employers are unable to meet their share of the scheme deficit following withdrawal from the scheme. Participating employers are legally required to meet their share of the scheme deficit on an annuity purchase basis on withdrawal from the scheme.

A full actuarial valuation for the scheme was carried out at 30 September 2017. This valuation showed assets of £794.9m, liabilities of £926.4m and a deficit of £131.5m. To eliminate this funding shortfall, the Trustee has asked the participating employers to pay additional contributions to the scheme as follows:

Deficit contributions

________________ From 1 April 2019 to 30 September 2025: £11,243,000 per annum (payable monthly and increasing by 3% each on 1st April)

Unless a concession has been agreed with the Trustee the term to 31 January 2025 applies.

Note that the scheme’s previous valuation was carried out with an effective date of 30 September 2014. This valuation showed assets of £793.4m, liabilities of £969.9m and a deficit of £176.5m. To eliminate this funding shortfall, the Trustee has asked the participating employers to pay additional contributions to the scheme as follows:

Page 34

(A company limited by guarantee)

CHRISTIAN ENDEAVOUR HOLIDAY CENTRES LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020

25. Pension commitments (continued)

Deficit contributions

_____________ From 1 April 2016 to 30 September 2025: £12,945,440 per annum (payable monthly and increasing by 3% each on 1st April) _____________ From 1 April 2016 to 30 September 2028: £54,560 per annum (payable monthly and increasing by 3% each on 1st April)

The recovery plan contributions are allocated to each participating employer in line with their estimated share of the Series 1 and Series 2 scheme liabilities.

Where the scheme is in deficit and where the company has agreed to a deficit funding arrangement the company recognises a liability for this obligation. The amount recognised is the net present value of the deficit reduction contributions payable under the agreement that relates to the deficit. The present value is calculated using the discount rate detailed in these disclosures. The unwinding of the discount rate is recognised as a finance cost.

31 October 2020
31 October 2019
31 October 2018
(£s)
(£s)
(£s)
________________
Present value of provision
17,709
21,182
23,595

RECONCILIATION OF OPENING AND CLOSING PROVISONS

Period Ending
Period Ending
31 October 2020
31 October 2019
(£s)
(£s)
________________
Provision at start of period
21,182 23,595
________________
Unwinding of the discount factor (interest expense)
211
364
________________
Deficit contribution paid
(3,898)
(3,589)
________________
Remeasurements - impact of any change in assumptions
214
310
________________
Remeasurements - amendments to the contribution schedule
-
502
______________
Provision at end of period
17,709
21,182
________________

Page 35

(A company limited by guarantee)

CHRISTIAN ENDEAVOUR HOLIDAY CENTRES LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020

25. Pension commitments (continued)

INCOME AND EXPENDITURE IMPACT

Period Ending
Period Ending
31 October 2020
31 October 2019
(£s)
(£s)
________________
Interest expense
211
364
________________
Remeasurements – impact of any change in assumptions
214
146
________________
Remeasurements – amendments to the contribution schedule
-
502
________________
Contributions paid in respect of future service
-
-
________________
Costs recognised in income and expenditure account
425
1,012
________________
ASSUMPTIONS
________________
31 October 2020
31 October 2019
31October 2018
(% per annum)
(% per annum)
(% per annum)
________________
Rate of discount
0.52
1.10
1.67
________________

The discount rates shown above are the equivalent single discount rates which, when used to discount the future recovery plan contributions due, would give the same results as using a full AA corporate bond yield curve to discount the same recovery plan contributions.

Page 36

(A company limited by guarantee)

CHRISTIAN ENDEAVOUR HOLIDAY CENTRES LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020

26. Related party transactions

At the year end interest free loans remained outstanding from the following trustees: Mrs B J Smith £100 (2019: £100), Mrs M Pickering £100 (2019: £100), Mr M Thompson £150 (2019: £150), Mr P Miller £500 (2019: £500), Mr T A Hughes £100 (2019: £100), Mr J B Furse £100 (2019: £100), and Mr M Oliver £100 (2019: £100).

Interest free loans also remained outstanding from close family of the following trustees: Mr M Thompson £350 (2019: £350), Mr P Miller £500 (2019: £500), Mr J B Furse £100 (2019: £100), Mr B J Smith £100 (2019: £100) and Mr M Oliver £100 (2019: £100).

On 14 March 2020, Mr D Hoolihan was not re-elected as trustee. As at this date an interest free loan of £100 (31 October 2019: £100) was outstanding from this trustee and an interest free loan of £100 (31 October 2019: £100) was outstanding from a close family member. There were no transactions with this trustee in the period to 14 March 2020.

During the year no wages and salaries were paid to employees who have direct family relations with trustees (2019: 2 direct family members of Mr M Thompson were employed by the charity and received wages totalling £15,903).

During the year 2 trustees received reimbursed trustee expenses totalling £1,460 (2019: £1,082) relating to travel costs and printing, postage and stationery.

Page 37

Christian Endeavour Holiday Centres Ltd

BHP LLP 2 Rutland Park SHEFFIELD S10 2PD

Dear Sirs

We confirm to the best of our knowledge and belief that the following representations are made on the basis of enquiries of management and staff with relevant knowledge and experience (and, where appropriate, of inspection of supporting documentation) sufficient to satisfy ourselves that we can properly make each of the following representations to you in connection with your audit of the charity's financial statements for the year ended 31 October 2020.

General

Internal control and fraud

Assets and liabilities

Accounting estimates

Loans and arrangements

Legal claims

Law and regulations

Related parties

Subsequent events

Going concern

Grants and donations

Yours faithfully

Mark Thompson

Chairman

Christian Endeavour holiday Centres Ltd

Signed on behalf of the board of Directors/Trustees.

Date Mar 30, 2021

Christian Endeavour Holiday Centres Limited 2020 - Final Accounts

Final Audit Report

2021-03-30

Created: 2021-03-29 By: Laura Reeve (laura.reeve@bhp.co.uk) Status: Signed Transaction ID: CBJCHBCAABAAVlsnCgL5mIcfTdOa3lG9A2OjyYBFcHql

"Christian Endeavour Holiday Centres Limited 2020 - Final Acco unts" History

Document created by Laura Reeve (laura.reeve@bhp.co.uk)

2021-03-29 - 4:00:18 PM GMT- IP address: 81.23.52.242

Document emailed to Mark Thompson (thethompsons@ballymullan.co.uk) for signature 2021-03-29 - 4:03:05 PM GMT

Email viewed by Mark Thompson (thethompsons@ballymullan.co.uk)

2021-03-30 - 12:04:09 PM GMT- IP address: 84.92.67.42

Document e-signed by Mark Thompson (thethompsons@ballymullan.co.uk)

Signature Date: 2021-03-30 - 2:29:22 PM GMT - Time Source: server- IP address: 84.92.67.42

Document emailed to Jane Marshall (jane.marshall@bhp.co.uk) for signature 2021-03-30 - 2:29:24 PM GMT

Email viewed by Jane Marshall (jane.marshall@bhp.co.uk)

2021-03-30 - 2:42:40 PM GMT- IP address: 154.51.173.10

Document e-signed by Jane Marshall (jane.marshall@bhp.co.uk)

Signature Date: 2021-03-30 - 2:43:05 PM GMT - Time Source: server- IP address: 86.186.158.239

Agreement completed.

2021-03-30 - 2:43:05 PM GMT