Registered Cornpany ND". 3203917 The Christian Conference Trust Consolidated Annual Report and Financial Statements for the year ended 31 st October 2021 Registered Charity No: 1056604 serying the Christian family, with beautiful venues and great hospitality, to see ministry flourish Tho Chrlstlan Conf&rgn¢e Trust Tru$te$' Annual Report lincluding Strategic Report) Forthe y¥arend¢d 31st O¢tober 2021 Contents Page Reference and Adminislralive detsils of the Charity, its Tru51ees and advisers Trustees, Annual Report (including Strategic Report) staten)ent of Trustees. Responsibilities Independont Auditor's Rgport 10 Consolidated Statement ol Finan¢ial A¢tivities lin¢orporating a consolidated income and expenditure account) Balance Sheets 16 Consolidated Cash Flow Stalemenl 17 Notes to the Financial Statements Th¢ Chd9tlanConferènceTrusi i AMu*lRa￿rtafvd FinAndal Statèm•nts2020121 The Christian Conferen¢e Trust Trustees, Annual Report (including Strategrc Report) For the year ended 31st October 2021 REFERENCE ANO ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS Legal Status The Christian Conference Trust I'the Trusl") is a registered charity Iregislration nufnber 10566041 and is ¢onstituted as a Company registered in England and Wales and Simited by guarantee Iregislralion number 32039171 Trustees Elected by members.. Michael Page Ichairl Hayley Beckett Ifrom 15 April 20211 Peter Brierley David Evans Dionne Gravesande Michael Kinton Andrew Lucas Michael Quantick Bankars Barclays Bank plc Third Floor Office 2 High Street Nottingham NG12EN Audltor Moore Kingston Smith LLP Devonshire House 60 Goswell Road London EC1M 7AD Co-opted by Trustees.. Nicholas Myers (from 8 July 20211 Reglstorod 0ffl¢o The Christian Conferen¢e Trust The Hayés Conference Centre Hayes Lane Swanwick Alfreton Derbyshire DE55 1AU Senior Management John Heasman Lorna Page Mark Rowe Heather Thornas Chief Executive Finance Director (from 1 September 20211 Sales & Marketing Director Operations Director paw2 Tth8¢hri6tiwConf8r8nc8 Trust l Annual Rewt ar￿ SLqi6mènt$2020121 The Christian Conference Trust Truste8s' Annual R8POrt (including Strategic Reporti For the year ended 315t October 2021 STATEMENT OF FAITH The Trust's Statement ol Faith is "Ilwe confess the Lord Jesus Christ as God and Saviour and seek to fulfil mylour calling to the glory of one God.. Father, Son and Holy Spirit. OBJECTIVES The principal objective of the Trust, as slated in its memorandum and Articles of Association, is that of prornoling the Christian faith by providing facilities lo Christian groups at less Ihan Ihe commercial rale for ¢onferen¢es. retreats and meetings. This is achieved by reinvesting the annual nel surplus of the organisation so as lo continue to improve and develop the facilities available to guests. The Trust runs cenlrey for residential ond day confÈr8nces. There are currently three centres.. The Hayes in Derbyshire.. High Leigh in Hertfordshire., and Belsey Bridge in Norfolk. Each of our centres has a rich Christian legacy with which many of our groups are connected. As the Charity Trs non-denominational in OLJtlook we aim to provide inclusive, safe, comfortable and welcoming places of conference and prayer where a51 Christians might meet and tske counsel together about th& affairs of the kingdom of God. We put this into effect by.. seeking God's leading for the Trust in all that we do organising ourselves lo meet our guests, requirements. rather than expecting them to meet ours striving to treat our guests as we would wish lo be Irealed valuing each member of staff, providing them with support and training as necessary, offering employment on the basis of a mutually beneficial relationship, and recruiting in the expectation that the Trust's Christian ethos will be honoured and promoted empowering and encouraging each member of staff to take decisions that improve or enhance each guest's experience of Oljf centres playing our part as an interested and concerned Corporate citizen in each ¢ommunity Whe￿ we operate The Twst additionally provides hosprtality and conference faciliti¢s at each of the cèntrès to charities that aré not primarily Christian, to health organisations, schools and educational trusts, and local businesse5 through a wholly owned subsidiary company, First Conference Eslale Ltd. All taxable profits of the subsidiary ara gifted over lo th8 Trust. PERFORMANCE AND ACHIEVEMENTS For the second successive year our performance for 2020121 has been materially impacted by the Covid 19 pandemic, with the hospitality sector in which we operate hil particularly hard. At Christian COnfe￿nce Trust we have not l)een Immune to the opèrational and economic effects of the pandemic with our cenlres once again closed lor several months during the period. However, we were delighted to re-open all our centres in summer 2021 and have been open continuously since then. During the period while our centres were closed we had lo reduce our operating costs sKJnificanlly which regrettably involved a major staff redundancy programme in late 2020 despite accessing the government's furlough scheme. Our priority was to safeguard the jobs and livelihoods of our staff team. and where we were unable lo do this, lo safeguard th& organisation so that there were jobs lo come back to- and it is thi5 second objective we have been able to achieve as we have begun lo rehire staff over the past few months. Whilst necessarily reducing costs during the period our centres were closed, we continued to invest in sales and marketing to ensure we emerged from the pandemic in the best possible position. We retained a small team of maintenance staff across all our centre5 to ensure that our buildings were maintsined in good order during this exiended unoccupied period. We also took the opportunity during this period lo progress s8veral refurbishment projects across our estate while our cenlres were quiet. Pagp3 TheChd51ign Conl8rgthc8 Ttu$t l AMuaIRo￿rf and Flnanual sta￿en15 2020121 The Christian Conference Trust Trustees, Annual Report (including Strategic Report) Forthe year ended 31st October 2021 We were encouraged lo receive a gift of £940k during the period which has enabled us to progress our plans lo rebuild the southerly tower al High Leigh. The new tower will house a large passenger lift which will enable all our guests to access our fiTsI-floor meeting rooms. Within this project we have also allowed for the rnajor refurbishment of these first-floor rooms which afford stunning views over our formal gardens. Together with premium catering and accommodation options, this project will allow LJS to launch High Lewh Signature in spring 2022 as we restore these rooms lo their Victorian &leganco. In June 2021 we received planning consent lo demolish and rebuild the stable courtyard building at The Hayes. This important project will enable us to replace 35 nonénsuite bedrooms with modern ensuite rooms in due course, accessed by a new passenger lift. In autumn 2021 we undertook a detailed environmental and biodiversity workshop al our centres with A Rocha, the Christian environmental and conservation charity. This cornprehensive workshop, which look several days lo complete, has enabl¢d us to set clear targets for our short to medium term environmental and biodiversity strategy, as outlined in our plans for the future on page 8. Despite the severe impact of the pandemic on visitor numbers, we were still able to achieve 30,686 visitor nights for the year12019120.. 31,TOOI the vast majority of whom were attributable to Christian groups as we continue to deliver the principal objective of the charity by being able to provide these groups with the benefit of charges that were less than the commercial rate. During the period, 1012019120.. 241 Christian Conferences were able lo benefit from bufsary funding, with £8.1k 12019120.. £21 kl being awarded lo Ihoso in particular need of additional financial support. Throughout 2021 we maintsined a strong marketing presence, with a consistenl message encouraging churches and Christian leaders to re¢onne¢l in person as we emerged from the pandemic. Our presence al Cljristian Resources Exhibition in October 2021 was highly effective both in terms of securing new bookings and also reassuring our existing groups that we had re-opened and weTe confident of the future. STRUCTURE, GOVERNANCE AND MANAGEMENT Corporate governance is as relevant in th8 voluntary sèctor as it is in the commercial wortd. The TTuslees of the Christian Conference Trust aim to have high standards of accountability as well as a proper and ethical performance of thèir duties. In September 2021 Lorna Page join8d the Trust as our new Finance Directof. Based al The H8yes, Loma brings a wea￿h of finance experience across the private, public and charitable sector5. During the year the Board and its three committees mel regularly, face-lo-face when permitted to do $0, and by video-conference al other limes. The Board and executive team join together in thanking God for sustsining the Trust over the past two years.. 'For I know the plans I have for you,. declares the Lord, "plan5 to prosper you and not to harm you, plans to give you hope and a future. (Jeremiah 29.111 CCT governance arrangemenls CCT is a registered charity (registration number 10566041 and is consliluled as a company registèfèd in England and Wales and limiled by guarantee (registration number 32039171. Ils objects and powers are set out in its Memorandum and Articles of Association, most recently revised in 2021. Th& Trustees of the Charity are the directors of the company and are known 88 the Board. Th8 Board meets quarterly and is responsible lor the strategic decisions of the company, having regard to advice from senior management. Day to day operational decisions are made by seniof management. The Chair and Chief Executive are in contact between Board meetings. Pa￿4 TheChti5tiAnConfBrenCe Twst lknnua1 Report and fina￿81 Stst8ments 2020r21 Thè Christian Confèréncè Trust Trustee$, Annual Report (including Strategic Rèport) Forthe year ended 31st O¢tober 2021 The composition of the Board is as follows.. The Board comprises a minimum of four and a maximum of fifteen Trustees Trustees seNe for foijr-year terms and no Trustee can seNe for more than three consecutive full terms without a break of at least ￿e1ve months While five Christian charities each have a right lo nominate a Trustee, nong have done so in recent years and three have indicated that they will not do so in the future other Trustees may be nominated for election by any member of the Trust. Trustees may also recommend individuals for election In order to b8 eligible for election a person must subscribe to the Trust's Statement of Faith and be either a member of an organisation which is a member of the Ttusl, or an individual who is a member of the Trust Approprialo induction and ongoin9 training is provided for new and existing Trustees as required. The names of the Trustees who have setv&d on the Board during the year and up to the dats of signin9 are shown on page 2. Hayley B&¢k&ll was elected by the members for a first term of four years in April 2021. Following a revlew of the organisalion's governance and the provisions of the Charity Goveman¢e Code. the Trustees appointed three independent non-exe¢utivo dire¢lors lo ils trading subsidiary during the previous period. There are three Board committees, each having specific terms of ref8rence and functions delegated by the Board lo tackle various issues. They are.. Audit and Compliance Estates and Health & Safety Sales & Marketing During Ihe pandemic, the closely aligned interests of the charity and ils trading subsidiary led lo the two organisations holding joint board meetings during the year. Manag•m8nt Structure The Chief Executive is responsible to the Board for the overall management of the Trust's affairs, leading the Senior Leadership Team which comprises the Operations Director, Finance Director and Sales & Marketing Director. The current Senior Leadership Team brings a breadth of experience to the Trust from previous roles in both the public and charitable sectors, including the hospitalty and conferencing sectors. The Chief Executive is a non-execulive Trustee of th￿e other unrelated Christian ch8rilies. This involvem8nt with other Christian organisalions enables the sharing of best pra¢ti¢e in leadership and govemance for the benefit of the Trust. Senior Management Rernuneration Policy The Trust is committed lo ensuring we pay our staff faidy and in a way which ensures we 8ttr8Ct and relain the right skills to have the greatest impact indelivering our charitable objectives. The Trust has a Remuneration Committee which meets at least annLJally. The Committee reviews senior management pay against an estsblish&d independent salary survey and makes sure salaries ￿m31n compeliliv8 wllhin the sgctor in which thè Trust operatès. Pagè S ThÈCMstlanc￿[Br*n¢ÈTpj$t l knnuèl Report and FIDan¢ial Staiements 2020121 The Christian Conferenc8 Trust Trustees, Annual Report (including Strateg1¢ Roportl For the year ended 31st Octobar 2021 Staff The work of the Trust relies on the commitment and hard work of ils valued staff. Whilst the decision-making proce55es wthin the organisalion incorporate consultalions bètween the lines of management, communicalion links with staff are maintained by the Senioi Leadership Team, by general staff meetings, departmentsl briefings or discussions with individuals. The Board recognises that, Ljnder God's leading, the success of the Trust is due in no small part to the conts'nLJing èfforts of the highest order by everybody who works for the Trust, whether they have front line ¢ontad with our guests or are tucked away in a behind the scenes role. The Board wants lo publicly ackn0￿&dge the great job that has been done by the whole Trust family over the past year.. thank you for all you do. Director5, indefflnities The Company has made qualifying indemnity provisions for the benefit of ils direetors which were made during the year and remain in force at the date of thi5 report. Related Parties The Christian Conferenc& Trust has a wholly owned subsidiary, First Conference Estate Ltd. Ouring the year a management char9e of £0.9m {2019120 £0.7ml was made from the Trust lo the subsidiary company. Public Banaflt The Trustees confirm they have referred to the guidance contained in the Charity Commission's general guidance on public bénefit when reviewing the Trust's aims and objectives and in plannin9 future a¢livilies. The Trustees ensure that pri¢es are kept as affordable as possible, whilst still ensuring ther8 are sufficient funds for maintaining and improving the facilities offered. They also recognise that those on low or no income may find it drfficult to attend conferences. To assist such delegates the Trustees havè eslabllshed a bursary fund which receives five per cent of the Trust's surplus each year. Conferences may apply for bursaries lo supplement their own funding of a bookèd evonl. The actual amount granted is at the discretion of the Chlef Executive lo ensure that as many Conferences as possible can benefit from the fund. Ten conferences look advantage ol this scheme dijring the year12019120.. 241, with £8. 1k12019120'. £21kl being awarded. The scheme continues to be monitored to ensure il is achieving ils objectives. Fundraising Règulations Statom¢nt Under provisions of section 13 of the Charill8s Act, the ijisclosure of fundraising practices is required. This provision is not applicable for The Christian Conference Trust given the Charity does not partake in fundraising activities therefore no corr8sponding fundraising Income is raised. Investm•nt Pollcy The Trustees have the authority Conferred by the Articles of Association of the Charity to invest monies not immediately required in such investments as they think fit. PRINCIPAL RISKS & UNCERTAINTIES The Trustees have previously givèn consideration to the rnajor risks that the group is exposed to and prepared a risk register. As part of this process, they have assessed the likely level of impact such risks pose on the organisation. The principal risk the Trustees believe the organisalion fa¢es is that of damage lo its reputation which could substantially affect booking5. Measures have been taken to prevent thls, including the appointmenl of a senior manager with Health and Safely responsibilities, to reduce the risk of reputational damage o¢¢urring, as a ￿sU11 of a failure lo implement appropriate standards, Pfocesses, controls and preventative measures around food safety. fire safety, legionella control and the general health and safety of guests and staff. The Estates and Health & Safety Committee considers the internal ¢ontrols already in p5ace for all health and safety risks and risks lo buildings, identifying key areas which require action to be taken. In addillon, the Audit and Compliance Committee is responsible for reviewing financial Pag8 6 Thechn￿l￿n ConfBrenceTws1 l AMualRewrtaThJ FIn?￿JaI Stalements 20W121 The Christian Conference Trust Trustees, Annual Report (including Strategic Reportl For the year ended 31st October 2021 intemal controls 8nd covering other risks by insurance. The Trustees undertake this process on a regular basis lo ensure that the oporalions of the group are adequately protected againsl the risks it faces in a¢hieving its main objectives. The Trustees monitor intemal control through the regular review of the financial position and the control environment. The Trust operates a comprehensiveannual planning and budgeting system. Any significant changes to those plans are subject to specific approval. The financial reporting system compares results with the plan on a monthly basis. Going Concern The financial statements are prepared c>n a going concem basis which assumes that the Charity will continue in operational exislenco for tho foreseeable ftjture. The Charity has been signrficantly impacted by Ihe Covid 19 pandemic with the Conference Centres remaining closed for most of the period from March 2020 to June 2021. During this period the Charity accessed the governfnenl's furlough s¢herne and £2.2m of loans through the Coronavirus Business Interruption Loan Scheme, which enabled all liabilities lo be met together with ongoing investment in essential maintenance and in sales and marketing. A cumulative trading surplus has been generated since the centres re-opened in summer 2021. Forecasts have been prepared under various trading scenarios for the twelve months from the dale of approval of these financial slalemenls and based on these and the Sevel Df reserves available, the Trustees have concluded that there is no material uncertainty as to the Charity's ability to meet ils liabilities as they fall due. Accordingly, the Trustees continue lo adopt the going concern basis in Ihe preparation of the financial slalemenls. FINANCIAL REVIEW 2020121 Income Total incorne was £3.32m12019120'. £3.23ml, which included government grants of £0.3m12019120.. £0.8ml. Overall, the Trust incurred an annual deficit of £0.9m12019120.. £2.Oml. Expendlture Total èxpènditure for 2020121 amounted to £4.22m12019120.. £5.24ml. Reservès Policy and Financial Position As shown in the group s balance sheet on page 16, the total funds al the end of the year amounted to £10.6m 12019120.. £11.5ml representing unrestricted funds of £9.7m12019120.' £11.5ml and restricted funds of £0.9m {2019120: £NILI. Of these funds £0.6m is freely available lo spend {2019120.. £0.8ml, the balance only being realisable by disposing of fixed assets held for charity's use. The Trustees have always managed operations in such a way that there will be a buffer of al least £250.000 between uncommitted cash and agreed overdraft facilities lo cover unknown ¢ontinganci8s and events. P8ge 7 TrèCM$iiènCDnf*rencèTru$i i knnuAI Reptytan4 ￿￿￿kiS￿lements 2020121 The Christian Conference Trust Trustees, Annual Report (including Strategic Reportl Forthe year ended 31st October 2021 PLANS FOR THE FUTURE As we emerge from the challenges of th$ pandemic, we are seeing Christian ¢onfgren¢ing thriving at our Cenlres. Our future bookings for the next years are strong, and we anlicipale 2022 being a record year for the Trust. In 2022 we celebrate the centenary of High Leigh conference centre. We are hosting multiple events Ihrough the year, beginning with the official opening of the new tower in spririg 2022. We want lo give thanks for the previous hundred years and to ask for God's favour and blessing on the next hundred. As we continue our journey of environmental sl8wardship, we will be laun¢hing The Hayes as a Partner-in- Action with A Rocha during 2022. During the year we will be planting hundreds of new trees and multiple hedgerows across our centres and we are grateful to The Woodlands Trust for two grants lor tree and hedgerow planting al The Hayes in 2022. We plan lo introduce b&ehives to The Hayes in spring 2022 as part of our biodiversity Investment. Across all cenlres, rernaining filament lighting is being replaced by LED units and we are actively looking lo reduce the carbon footprint from our catering. Plans for sensory gardens are being developed for our cenlres together with extensive wilding areas at High Leigh where we have been working with Herts Native T￿eS lo ensure that all new trees planted are indigenous lo our local area. We have also commissioned research for 2022 into renewable energy options for our cenlres to add to the existing solar panel, electric car chaTging points and air-source heal pumps we have installed in re￿nt years. We are prayerfully exploring how the Trust could extend Its presence in the Christian residential sector over the coming years. We see signrficant dernand lor Christian conferencing in specific areas of the UK where the existing provision is underserved. We are passionate about the benefits of residential ministry and as we celebrate High Leigh's centenary in 2022, we want lo continue the vision for the next hundred years that our pioneering founders had in the early 201h century. P￿￿8 TheCthsl8n ConftrenceTN￿ lknnual and FI￿ar￿al Staiements 2020121 The Christian Conferenc8 Trust Trustees. Annual Report lincluding Strategic Reportl For the year ended 315t October 2021 TRUSTEES. STATEMENT OF RESPONSIBILITIES The Iruslees (who are also directors ol The Christian Conference Trust for the purposes of company lawl are responsible for preparing the Truslees'Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), inGluding FRS 102 "The Financial Reporting Standard applicable in the United Kingdom and Rgpubli¢ of Ireland" Company law requires the trustees lo prepare finanaal slalements for each financial year which give a true and fair view of the stale of affairs of the charitable company and the group and of the incoming resources and application of resources, including the income and expenditure. of the charitsble group for thal period. In preparing these financial slalemenls, the Iruslee5 are required lo.. select suitable 8coounling policies and thèn apply thèm eonsistènlly,'obsèrve the methods and principles in the Charities SORP., make judgements and eslimales that are reasonable and prudent., state whether applicable accounting standards have been followed.. and prepare the financial statements on the going concern basis unless il is inappropriate to presume that the charitable ¢ompany will ¢ontinue in busin8ss. Thè truste8s ar8 responsible for keeping adequate accounting records that disclose with reasonable accuracy al any lime the financial position of thecharilable cornpany and enable them to ensure that the rinancial slalemenls comply with the Corllpanies Act 2006. They ale also responsible for safeguarding the assets of the charitabl& company and the group and hence lor tsking reasonable steps for Ihe prevention and detection ol fraLJd and other irregtjlarities. In so far as the trustees are aware.. there is no relevant audit information of which the charitable company's auditor is unaware-, and the trustees have taken all steps that they ought lo have taken lo make themselves aware of any relevant audit informatlon and lo establish that the auditor is aware ol that information. The Iru5tees are responsible for the mainl8nance and integrity of the charity and financial information in¢ludeé on the charity's website. Legislation in the United Kingdom goVern￿ng the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. This report satisfies the requirement for a directors, report as required by company law. The Trustees, Report, including the Strategi¢ Report, was approved by the Board and signed on its behalF by.. Michael Page Chair 7 April 2022 PJ)e 9 Chrfstlan Conle￿Th￿ Tru￿1 AnnuAIRwrtand Flr41ndal SWlemenis2020121 The Christian Conference Trust Indapendant Audltor's Report to thè Mèmbèrs of Tha Chrlstlan Conf•ron¢• Trust For th• year ended 3161 O¢tober 2021 Opinion We have audited the finan¢i81 slalements of The Christian Conference Trust for the year ended 3151 October 2021 which comprise the Group Stalefnenl of Financial Activities incorporating an Incorne and Expenditure Account, the Group and Parent Charrtable Company Balan￿ Sheets, the Group Cash Flow Statement and notes lo the financial stalemenls, 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 Stsndard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Pra¢ticel. In our opinion the financial statements: give a true and fair view of the stsle of the group's and the parent charitable company's affairs as at 3151 October 2021 and of the group's incoming resources and application ol resources, including ils income and expenditure, for the year then ended.. have been properly prepared in accordance with United Kingdom Generally A¢¢epted Ac¢ounting Pra¢ti¢e,' and have been prepared in a¢¢ordan¢e with the requirements of the Companie5 Act 2006. Basis for opinion We conducted our audit in acctsrdance with International Standards on Auditing {UKI IISASIUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the audit of the financial slalements 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 UK, including the FRC'S Ethical Standard. and we have fulfilled our other ethical responsibilities in accordance with these rèquirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide 8 b85is for our opinion. Conclusions relating to going concern In auditing the financial slatemenls, we have concluded that the Trustees. use of the going concern basis of accounting in the p￿paratiOn of the financial slalements is appropriate. Based on the work we have performed, we have not identified any material Un￿rtainlieS relating to events or conditions that, individually or collectively, may cast significant doubl on the charitable cornpany's ability to continue as a going concern for a period of al least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees wrth respect to going concern are described in the relevant sections of this report. other information The other information comprises the information included in the annual report, other than Ihe financial statements and our auditor's report thereon. The Trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except lo the exlenl otherwise explicily staled in our report, we do not express any form of assurance conclusion Ihereon. In connection with our audit of the financial stalemenls, our responsibility is lo read the other information and, in doing so, consider whether the other information is rnalerially inconsislenl with the financial slalemenls or our knowledge obtsined in the audil or otherwise appears to be materially misstated. If we identify such Pap 10 T￿¢￿s11￿ncOnIQr•nC￿TruSl lknnuAI Reportand FlnAMa Staiements2020121 The Christian Conferen¢e Trust Independent Auditor's Report to the Members of The Christian Conference Trust For the year ended 31" October 2021 material inconsistencies or apparent material misstslemenls, 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 lo report in this regard. Opinions on other matters prescribed by the Companies Acl 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the strategi¢ report and the Trustees, annual report for the financial year lor which the financial statements are prepared is consislenl with the financial slalemenls- and the strategic report and the Trustees, annual report have been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception We have nothing lo report in respect of the following matters where the Companies Act 2006 requires us to report to you rf, in our opinion.. the parent charitable company has not kept adequate and sufficient accounting records, or relums adequate for our audit have nol been rfjceived from bran¢hes not visited by us., or the parent charitsble company's financial statements ale not in agreement with the accounting rècords and r6tums,' or certain disclosures of Trust8&s' remuneration specified by law are not made.. or we have not received all the information and explanation5 we require for our audit. R¥$ponsibilitie$ of Trustees As explained more fully in the Trustees, responsibil(£ies statement set out on page 9, the Trustees (who are also the directors of the charitable company for the purposes of company lawl are responsible for the Pfeparalion of the financial statements and for being satisfied that they give a true and fair view, and for such intemal control as the Trustees determine is necessary lo enable the preparation of financial slalements that are free from material misststemenl. whether due lo fraud or error. In preparing the financial slalernents, the Trustees are responsible for assessing the group and parent Charitab￿ company's ability lo continue as a going ¢on¢ern, disclosing, as applicable, matters related to going concem and using the going concem basis of accounting unless the Trustees either intend lo liquidate the group or parent charitable company or to cèase operations, or have no realistic alternative bul to do so. Auditor's responsibilitie5 for the audit of the financial statements Our objectives are lo obtsin reasonable assuran￿ about whether the financial slalemenls as a whole are free from material misstatement, whether due lo fraud or error, and lo issue an auditor's report that includes our opinion. Re8s0nable assurance is a high level of assurance, bul is not a guarantee that an audit conducted in accordance with ISAS IUKI will always delecl a material misslalemenl when il exists. Misslalements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial slalemenls. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line wf(h our re5pon5ibilities, outlined above, lo detect material misstatements in respect of Pag811 Th8¢hrisban Confgrencg Tw8t IAnnual A8￿rtan￿ Finawi¥J Ststsmgnls2Q20DI The Christian Conference Trust Ind8pandent Audltor's Rèport to th8 Mambars of Thè Chrlstlan Conf•r•nc8 Trust For tho year endèd 31st O¢tob&r 2021 irregularities, including fraud. The extent to which our procedures are Capable of dele¢ling irregularitlOS. including fraud is detailed below. Explanatlon as to what extent the audlt wa5 consldered capable of detectlng IrregularSties, Includlng fraud The objectives of OUT audit in respect of fraud, are., to identify and assess the risks of material misstatement of the financial statements due lo fraud,. lo obtain sufficient appropriate audit evidence regarding the assessed risks of material misslalemenl due lo fraud. through designing and implementing appropriate responses lo those assessed risk5,' and to respond appropriately to instan¢es of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud re515 with btslh management and those charged with governance of the charitsble company. Our approach was as follow5.. we obtained an understsnding of the legal and regulatory requirements applicable to the charitable company through the use of permanent audit file information, updated this year for any changes that have been identified by management or by our own investigations and considered that the most significant are the Companies Act 2006, the Charities Act 2011, the Charity SORP, and UK financial reporting standards as issued by the Financial Reporting Council.. we obtained an understanding of how the charitable company complies with these requirements by discussions with management and those charged with goveman¢e and through reviews of relevant a¢¢ounling and management records., we assessed the risk of rnaterial fnisststemenl of the financi81 stslemenls, including the risk of material misstatement due to fraud and how il might occur. based on our work as outlined above,, we enqulred of management and those Charged with governance as lo any known instances of non-compliance or suspected non-compliance with laws and regulations, using associated docurnentary evidence to better understand items of inlere5t', based on this understanding. we designed specific appropriate audit pro￿dureS lo identify instances of nonInvestment Income
Purchases of property, plant and equipment
**Net cash (used in) investing activities**
**Cash flows from financing activities:**
Interest paid
Cash inflows from new borrowing
Repayment of borrowings
**Net cash provided by financing activities**
**Change in cash and cash equivalents in the reporting period**
**Cash and cash equivalents at the beginning of**
**the reporting period**
**Cash and cash equivalents at the end of**
**the reporting period**
**A: Analysis of cash and cash equivalents**
Cash in hand
Cash at Bank
Cash in notice deposits
Total cash and cash equivalents
**B: Analysis of changes in net debt**
Cash
Loans falling due within one year
Loans falling due after more than one year
**Total**
**Net cash flows provided by / (used in) operating activities**|**2021**
**£**
**Note**
**23**
528,494
1
(510,039)
**(510,038)**
(3,000)
500,000
(30,000)
**467,000**
**485,456**
2,027,941
**2,513,397**
**2021**
**£**
2,475
2,505,972
4,950
**2,513,397**
**At beginning of**
**year**
**Cashflows**
**£**
**£**
2,027,941
485,456
(60,000)
(341,667)
(1,740,000)
(128,333)
**227,941**
**15,456**|**2020**
**£**
(1,355,554)
3,191
(2,311,271)| |---|---|---| |||**(2,308,080)**| |||-
1,800,000
-| |||**1,800,000**| |||| |||**(1,863,634)**| |||3,891,575| |||**2,027,941**| |||**2020**
**£**
1,423
2,021,568
4,950| |||**2,027,941**| |||**At end of year**
**£**
**2,513,397**
**(401,667)**
**(1,868,333)**| |||**243,397**| ____________________________________________________________________ Page 17 The Christian Conference Trust | Annual Report and Financial Statements 202/21 The Christian Conference Trust Notes to the Financial Statements For the year ended 31st October 2021 Accountlng Policles Company and charitable statu$ The Ch￿s￿an Collferen￿ Tru51. a publK benefit entity. 15 a regislefed charityin England and Wales Inurnber 10566041 and 15 incorpoialed In England and W8le$ 8$ a Corpany limiied by guafanlee not havlng a sh8re capilal Icompgny number 32039171 11 1$ govemgd by 11$ mem￿andum and Artides of Associalmin and at the year end Ihere were 17 metnbers12019I20- 161 whowere each liable lo contribute £1 in the 8venl of the company being WOU￿ up. The Chaiily has adapied the Compan￿$ Act fomi81s lo refiect Ihe charl1￿$ SORP and the spe¢kql nature of the Charit￿$ a¢iiwI*s. Basis of accountlng The financial slalements have been prepared under the histoncal Gosl convention and n accordance WI￿ th8 Compafiies Act 2006. ihe Charit￿9 Act 2011 and the Slalemeni ol Re¢ommended Pra￿l¢e appli¢able 10 ¢hanlies prep8ring their a¢¢ounl$ in a¢¢ordan¢e with the Financ￿1 Reporting Standard applicable in the UK and Repubhc of Ireland IFRS 1021, effective 1 January 2019, inC￿jd1n9 update bLdlelin 2. The group 15 a putAic benefit anlity as dellned by FRS 102. Slalemenl of Financial Activities ISOFAI and Balance Sheei consolKlale the financial ststernents of Ihe parent charit3bk9 company and Its sU￿ldiary uTrJertaklnJ. resutts of Iht subsid￿ry are ¢onsolldat8d on a line by line basis. The finantyal Sta￿￿nIS a￿ prepa￿0 In sledin9, which 1$ the fvncth)nal currerty of the groupand ¢harily. Monetary amounts In these fin8n¢ial 51aletnen15 are rounded lo the nearest pound. Golng ¢on¢•rn Th9 fillan￿al statements are prepared on a 9tyn9 wn¢8m basis whith assumes ihat th6 Chariiywill Continue in optraiM)nal eiistsn¢e forlhtr foreseeable ILrture.The Charity ha5 been signthcanlty Impacted by the Covid IS parM1emic with the Conference Cenlres remaining closed for most of Ihe period from ￿arch 20201¢ June 2021. During this perM)d Ihe Chardy a¢¢essed the g¢vemmeni'$ furt￿gh scheme and £2.2m Of loans Ihrough the CoronaviFus Busines5 Inlettuplion Loan Scheffle. which enabled all liabilities lo be tnel together with ongoing investment in e5senlk41 maintenance and in sales and mark&ling. Acumulatsve trading surplus has been generated since the cenlres r&opened in summer 2021. Forecas15 have baen prepared under varK)U5 trading $¢enano$ forlht Iwelve rmnihs from the dai6 of approval of thes6 financial st¥tsmenis ana based on Ihè$o and level of reseNes available. the Ifuslees have concluded that there is no material uncertainty as lo the Charity'5 ability lo meet ils liabilities as ihey fall due. Acc¢rdiryty the trustses conllnue to adopi lh8 going corKern basis in th8 pr8paration of Ihefinancial 5talemenls. Bas1$ of consolldatlo Group finanual slal8ments have been prepared in respect of The Christian ConfererKe Trust and its wholly owned subsidiary, First ¢onfereTr￿ E518le Ltd. T￿se finan¢i81 siaiements haye been ￿n$￿idated on a line by line basi8 and the resuhs of the subsidiary undertaklng are discbsed in N¢ia 5. AS ptrmittod by Section 408 of Iho Comp$nies A¢1 2006, w separate Statement of financial a¢twitlos or In¢om• and Exwndilurtr A¢¢ouni h¥$ baen pr85enled in respect of the parent charitable company. Thg Gharilable company ha5 taken advantage of the exetnplion5 in FRS 102 from Ihe requirements to P￿sent a charitable company only Cash Flow Stgtamenl and certain dksck)sures ab(xrt the charilaNe compon¥s fin¥nual Instruments. Income and expenditure Income and expendrture are generalty acwunted lor on an ac(xuals basis. In¢om8 ncame from ¢onferen¢e fee$ and other $ovr¢es of in¢ome is re¢ognised when the Charity and subsidiary have enlitlemenl 10 the funds. it 1$ prOba￿e the income will be received and the amount can be measured with sufficient rdiability. Donatsd profes5ioDal services and dDnaled fa￿litIeS are recogni￿￿ as in¢omo Ihtr Gharityhas ¢DDlrol Dverlhe item. any GDndthons asSo￿ated the donated item Xave t)een met, the reTripl ol economiG benefit frotD the use by ihe charityof th8 item Is pr￿>3b￿ and Ihal ecO[K)m￿ beneffl can be measured reliably. Incorne from govemmenl and othergranls are rec￿ThiSed al ra￿ValUe when Me Gharity ha5 entit￿rr}ent after any performance condilions have been l. il Is probable that lh¢ hcome wlll tyg received and the 8rty)uri can be measured rg518bly. Ifenfjusmenl Is not mel then ih8s0 amounts arg defe￿•d. Capital grants are accounted for as incorne a5 soon as they ara reCer￿ab1e. Expendlture Expenditure Is recognised as soon as Ihefe is a legal or c0n51rucl￿e obligation cornmitting the charilylo the expendlture. Al expenditure Is accounted for on an axruab ba$k% and h8$ been ¢la$$ffied under héadings that aggregate all costs relal$d lo the ¢alagory. Expendilure raising funds indude those Gos15 direclty related ID Ihe olher IradiDg activiliE518ee note 51, ThEse costs afe re9aided a5 necessary lo raLsefunds that are needed lo finance charitable aclNiknes. Support cost$ 8ra Ihostr funthons that aSSi$l thè WO￿ ol the charity bul do not direeluy undertakb charilabk acllvth$s. They Includo Costs su¢h as general managaFnenl. finance, Pfemises and fa￿lI￿e5, marketing and 9overnan¢é. The Christian Conference Trust | Annual Report and Financial Statements 2020121 Page 18 The Chrlstlan Conforence Trust Notes to the Financial Statements For the year ended 31st October 2021 Fund A¢¢ountlng The charrfable company main￿nS three types offund. Unro$trf¢t•d fund$ are 8vallable for al the dl$er&t￿n of the board af dir8ctors in furthèranc8 ol the gemral charitablè objoctvas of th& Deslgnat•d unrestrfeled funds are mon￿5 sel aside by the tx>ard frorn unreslricled fund5 ft)r a specffic purpose. Ro8td¢t8d I￿ndS hold moni?$ Vlhith h8v• be8n r¥•v8d for 0 5rwfr purp09e. Tanglble fixed assets and depreclatlon Tangl￿¢ flxsd assets ar• siaied 41 ¢OSl legs a¢cumulaled deprÉciatiDn. 08preciabon is provided on all tangible fixgd assets. olhar than freeho￿ land. at rates Galculaled Io Wfile off the cost or valuation over their estimated ustful ewnomiG lrfe al the followng annual ratss. Fr¢ehold, long lea$Bhdd buildingts Assets under conslrucbon Plant, furniwre and eqUip￿n1- cornpulers and other electronic equipment all other Items moior vohirle$ 2Vty on cost no d0pre¢￿tron 33% on wsl 20'A on written dowfi value 25% on V4ritt*n (bwn ¥alLke Invoslmonts The investment M the Subsidiary is irKluded in the Charitys finanGial slalemenls al c051. 1.10 $to¢k$ Stocks are s&led al Ihe lower of cost and net realisable Value. 1.11 OperatSng Le8$¢$ The ¢o$ts of¢p¥aUn9 leases a￿ Chary￿ lo the Income 8nd expenditure gc¢ount as they gc¢rue. 1.12 Panslons The Chrisban Conference Tru81 operatss a defined ¢oDlributi¢Y) PBoonal pension ¥cheFne. contributior￿ are ¢harg8d lo the siaiement ofFInan￿al Acti¥￿e5 a5 Ihey become payaNe. 1.13 Flnanclal Instruménts The company has financial assets and liabilities of g kind that gualrfy a5 basK finaTrcA¥ instruments. Basic finanrAal instruments are inthally recognised ai tf8ns8cl￿ ¥8luo and subsequonlty measured ai their settkmenl value. Trade and other debtors are r8¢oynis8d at th6 sertlemenl amount due after any trad8 dis￿￿1 Offered. Prepawnents are Valued al the amount prepaid, nel of any trade discounts dve. Cash at bank and cash In hand includes cash and short leTm higNy Iwuid iTweslrnen15 ￿th a short maturity of three months or lèss from the dalè of acquisition or opening of ihe deposit 01 51milar account Credltors and provlslon5 are recognised where the wmpany ha5 a presenl Dblualion resuNing frDtD a past that will probably rtrsull in lh8 Iransfor ol funds 1¢ a third party and Ihtr amouni setlle th8 obligation can be mèasurèd or èslimat8d rèliably. Credi￿rg and provisions are ormalfv recooni5ed attheir 5etVerneDI amount after allowino for 8nvtrade discounts due 1.14 TaxatioTh The Chnstian Coriference TTUSt 15 polentHIWexernptfrorn taxa￿￿ on its income afid gains under sections 466 10 493 of the CorpDration Tax Act 2010 and Seciion 256 of the 18xauon of eapiL91 Gains Act 1992. lo the exient knal theyare applied lor charitable purposes. No taxatrAe profil ari5e5 on Fir51 Conference Estait Limited due to the laci thai all iaxable profil$ ar8 grftod io The Christian Conference Tftssl under Deed of Covenanl. Critical Accounting judgements and key 50urce5 of estimation In the appI￿allOn of the Graups accounting poli￿e5, which are described in note 1. the trustees are required lo makejudgemen15, e51itnates and assumptions abDuI th8 carryng amounts ol assets and liabilitses Ihal are not readity apparent from other sources. The estimates and assorjated assumptions are based on hi8iori¢al exp6ritrn¢t ¥Dd other fac￿r$ thai ¢on$idered 10 be r*￿Vant. Aciual r¢su￿ts may differfrom th¢s¢ 08bmatss. The 951imates and undedwng as5umplions are reviewed on an ongoing ba51s. Revisions to ac¢ounlng Fslitnates are rBcogDi5ed in Ihe ppnod in whi¢h the eslimaie Is revised If ihe revision aftects ontylhat per￿, OT in the period of the rev15ion and future period5 il the revi%ion affec15 bolh current and fulJre psriods. Th8 trustees do not consider there ar8 aTrycribGaljL￿gernents or SDurces of estimation uncertainty rwuiring di8¢lo$urB. The ChnslkAn Conference Trust l Annual Report and FinanckAI St8￿Ments 2020121 Page 19 The Chrlstian Conference Trust Notes to tho Financial Statements For the year ended 31 st October 2021 2021 202 Income from Donations Indwidual glvirwJ donalDns 940,508 1.544 940.508 Of total donat￿n5 ￿Ported above £940.(K)O is attribula￿e to reslriclpd fund512020..£NILI and £508 is altributab￿ ID unrestricted funds 12020."£1.5441. 2021 2020 Income from Charitable kntiwtie conferen￿ fees 1.363,511 1.906,843 1,383,511 1,906,843 JI income from charitatle aciiviues Is athibuiable lo unreslricled funds. Other Trading ActSvltle¥ 2021 2020 Trading 5ub5Kliary activities.. Conference 18e$ Bar and shop sales Otheroperating income 607.917 52,980 21.655 682,552 a￿.742 65,333 10.551 460,626 Rontal incomè 6.000 13.467 474.093 Tradlng subslillary The Chr151ian Conference Trust ovffls the wthole of the ltssued ordinary ¥har& ¢¥pi181 of Flrsi Conferon¢g E$t8ie Ltd., a Company rggistered in England and Wales. The share capilal ol the subsidiary consists of 110.358 shares of £1 e￿￿. The principal aclwityof Fir51 Conference Estsle Ltd ￿ that of providing onlerence facilities to s*¢u18r ¢h¥frfies ana Qlher organi$2tians, and the provision of all bar and shop lacilibes for conferences hekl al The Hayes. HvJh Levjh and 8*sey Btidge. The taxable profrts of tho SubS￿￿8ry are grftad to Th& Cthrtsi￿n Ccrfer8nc&Trusl. 2021 2020 TurrK)ver Cosi of sabs and adminlstration expensas Management charge from parent company Olher op¢rabng Irwne 660.897 164.2241 450.075 148.1441 1662.4801 10,551 21.655 Not Profit 129S,4861 1249,978 Amount grfted to the charity Rotalnod St) iho $u)8ldlary 295,416 249.978 Thè aggrogala of thè assats. ILdbilit￿5 and reserves of the subsidiarywere". Asseis 917,659 7S7,0871 160,572 565.855 1109,7971 496.051 Aggregate share capital and reserves Govornmttnt Grant Income 2021 2020 CJRS Grant Income Govemm8ni Grani Gift in KJnd- CBILS Loan Int&msl Olhergovemment & Lo￿1 aulh(￿ty grant incorne 202.694 842.4 5.638 40.(N)O 303.$01 848.047 The Chrksban Conference Trust | Annual Report and Financwl Slalemenls 2020121 Page 20 Th• Chrl$tlan Conf•r¢n¢• Trust Notes to the Financial Statements For the year ended 31st October 2021 2021 2D20 nv•stm•nt Incom• Bank Intyre$t 3,191 1191 oft)up's Investment iieome an5es Irom an Inleresi bearing deposlt accLwJnt. alysls of Expèndltufe R•statod Dlre¢l 8taff VJ5ts Olhw Dlr*et Support costl costs Totsi 2021 Total 2020 Rai￿￿ Funds (Tfadmg sub81d￿ry IS0• not• 841 35.e95 28.825 6S.867 Totsl Exwfidityr• on g•n•r¥ting funds 1,147 JS,895 28.825 65,867 Conferantiw 8CtivitièS 1.476,326 7.245 1.815.920 4.149.491 S.1US.940 Totsl ExpgThdrtur• on chartt4bl• acllvtti• 1,476,326 857,245 1,815,92 4,149,491 $,105,94 Totsl Expendlturfj 1 477 473 4215351 T¢*al Exp•nditur• 2P7Q 2 149 1 221 112 1 B7tl V24 l expendiiure SncuThed OD aCtIvR￿ were anr1buta￿Q to Un￿s111cted tunds for ￿th curreDI pihjr yeai. COMPPJiATIVE INFORMATION.. A}4￿YS1s OF EXPENDITURE YE￿ ENDED 31 OCTOBER 2020 Re8latsd Dlr¢ct Staff sls other Dlr•ct Support costs Total 2020 91 exp•nthu¥• on.. RaL%iThJ Funds ￿tadIng subS￿lary act￿ltI&$I IS•• ntst4 041 25,413 19.591 SI,￿4 Totsl Ex￿￿ditU￿• on o•n•riliThB fund¥ 9,900 25,413 19,591 S4,￿4 cOnferen￿ThJ acbwti85 2.139,808 1.19S.699 1.850.434 5.18S.940 Totsl ExpwTrdltsr• on chwritsbl& xtivÉti 2,139,808 1,195,699 1,850.434 5,185,910 Totsi Expendi￿r4 2 149 708 1 221 112 1870 024 Support cost alocat￿n [r￿hDd was I8vis8d fory8ai 8nd8d 31 Octob8r 2021 and has ba8n reStr0p8￿¥ety ￿p￿Vad to ￿MPar&t￿8 flgui88 for2Q20 r88utrry in'rKtated' amounts for gxpgnditure This re$taietnent did not have an iryaLton the annu¥ result reportgd foi yearended 31 Octob9r?020. R•tht•d 2020 2121 alslng F￿TrdS subsidi8ry GOStSTfjl8ts to." Conf6Yonc8 costs Bar and Shop ¢0sts OtherDiredcust¥ Suppurt r(BtS 35,895 2S.413 9.900 19.591 (Seè note 91 28.825 65,867 5I.9Q4 The Chrislian Conlerence Trust l Annual and Flnanclal Statern&nts 20201Z1 Page 21 The Chrlstlan Conference Trust Notès to thè Flnanclal Statements For the year ended 31st October 2021 R•#tatéd 2D2 2021 Suppurt Cost Anal￿1 sièff 9uprx)rtC09ts FinArtid admin & management c06 tsenera ruTrning 8 adm￿$￿￿tiO Rates & uiilltles Tglepmne, w5tage a pnnting General PrOfesSK￿dI fees MorketlrvJ Dep￿cIal￿n Insuran Loan inièr&sl pald Bank t￿￿e5 Bursari GovEmantelJè* note 8*1 250.5S9 103.607 376.478 292.0fj2 52.546 15S,313 283,792 110,720 367,657 65,333 57,916 86,366 555,617 85.836 61,837 509,415 75,385 4,084 8,109 9S.292 4.W3 21.056 75.515 1,144,f4S 1,870,024 Suprthc09ts havè been allKated on a staff cost baws to activthgs Jsfoknvs". Rai￿n0 funds CharfftaNe actikn1 28.82S 1.815.920 19.591 1.850.434 1.844,745 1,870,024 R••ta¢•d 2•2ty 2021 GD¥•vhinc• ci)4t* Stalf& mawèmÈni costs TnJstBe$' expenses Board trÈmbets' litt￿￿ty Insuranee Lega5 Ènd pmfesslonal fees Ar￿￿￿t¥ pr8paration & audit 18e8 (ya• IiOt• 101 6U,039 2,313 $2,533 2.66B 1.304 23,427 19.010 95,292 75.515 2021 2020 10 N•t l•xp•ndltur•l forth• y•ar is slatsd aft￿Cha￿l￿. Depr￿a￿n ofownèd aSS&t$ Deli￿tI Isurylus) on ¢li$ptssèl of fixed assets Int8ieyt on bank loèns Oveidrèft Op8ratiny kases Auditora rèmrtèrabCAI -cwrfi￿ ￿￿rIa•S.. Extèmal audft - Pdtsr yeai fees.. EXleM￿ 8uoII under I loverlacuu - Non audii seNKes.' ACc￿nIS preparatNJn - Non atsdil seNKes'. Tax ￿lian￿O- GyirgDt ygai - Non audit seNKes.' Tax cmyliance prioryearundeT I l(werl3wu 509.415 5SS.614 ,808 5.638 15,5 1.472 3.275 I,OfKI 1.25S 15,100 3.1(KJ 980 Indudgd In wJdW6 remungraliw 1$ £6.350 rplabty to th8 cost of th8 audiiol Ihè Su￿￿9￿[2019120'. £e,1501 and £2,32S reLqdng ￿(x)st of non AL￿￿1 5erYlte6 12019120.. £2.2001.' Ihese ary)ounts have been Induded In Ihg trad¥y costs ol 5ubsldiary. Staff Gos1# and qmployte b*wlt*-Group and Char4ty 2021 2020 Wagos Social se¢urty costs Pèwon to318 1.928.825 144.824 65.491 2.378.864 141.591 120.330 1139,140 2,640,785 R￿Undan¢Y and teminabw costs tot*hry £298.7y gre In¢kndad wthin slaffeosts r4ptsrtèd ab￿(2020..£NIL} The Chrfstwn Conleren¢eTrust l Annu￿ ReP￿t 8T￿ Financial Statetnenis 2020121 Pag8 22 The Chrlstlan Conference Trust Notes to the Finan¢ial Statements For th• y&ar •nd8d 31st October 2021 11 st￿1(¢￿ts emplo￿ b•n•fit*-Group and Chortty Icorttlnuodl Staff Ixjsts have been èMo¢ated to activthes as ￿￿￿.. Z021 2Q20 Rawng tvn¢¥ ¢harit8We ￿tiVitIe Supportcos15 1.476,326 661,667 2.139.￿8 491.OTI 2,139,140 2,640,705 Al staff a￿ by lh& Pa￿Tht tharitablp ￿pany, The Ckn%tion Confeience Ttuyt 2021 2020 No Averd9e numberol si8H $1 196 Tth numbarof empbyees w￿Se emolumen15. exdL&ling Contr1￿bonS and e￿￿y￿s, natsonal insu{ance. in￿￿11n9 ben8fi1S. wèrg in èxctgs DI£60.NO in year was as fol&￿5.. 20Z1 No 2ts No f￿,001-£1￿,o00 £80,001-£90.WO 170.001- EBO.WO £60.N1. E70.rrf)o Thè kèymanAgeff*nt peismnd ol the Group aie11sted on page 3 and comprise Ihose ol the paignl charn1ab￿ company, Thg Christian C¢nfor¢n¢e Trust snd it5 wttoly owned trAdin9 Subsidiary Fifsi COnfe￿nce Esiaie Lld. The lo￿1 remneral￿)n Iindudiw PenS￿)n conlribulionE ¥nd empby9rs' nat￿￿￿1 l$urancel Oft￿ key management persorfftelof ihe Charity forlhe year totalhd £362.995 12019120.. E271.86DI. 114 Tw•lws' R•rnun•r*tsD 2021 2020 Pènsi￿ io Klnton. As a foFmrexeculSvedlrect(Y of the subsldwry (Nole 221 016 Olhertthn the IT￿109$ receive M remuneratson1ortheir￿￿Kw butar8r8snthr*Èdfofthèirtlavd èxpènsè$ to Bts8￿ meoting9 And Sunary otr￿r eypenses Incurred. Ourlry the per￿ ended 31 Octobei 2021 traveling and othgr g¥p8ns83 were rgimbwEod totslling e2.3131201W ￿,688110 912019120". 91 inJStees. In a￿tt￿)n. the 9ioup rnalntains an Insurance for Ils dire¢lors against Iwblilw In rglgtion to woup. ¢tysting £l.S1212019r20 t1.2￿). 11b Empltyèe retirtment bene16ts Tho CL¥rwl pensbn for staft is p￿n￿Pally4 Giwp PanS￿n pLqn AV￿a. In addltk)n to this penslons A￿ madeio fomer roctor5 OfFi￿1¢0￿f8ren¢O Estat8 Ltd and spousès. Group Charity 21121 2020 staff penswjn costs Pewcw tofLwm•rdirectLYS of Ihe Sub￿diary $8,397 116.890 3.440 6&491 120.330 As al 31 Odob9r 2021, totsl contribulHJns oLrt$iar￿iny ¥vaS £13.17012020. £17,T811 and 15 included Wlhin year-end creditors as pw note 15. Thè ch￿st￿1Th ConlerenceTrtssl l Annual Rep)rt ststen￿t¥ Z020121 Page 23 The Chrlstlan Conference Trust Notes to the Flnanclal Statements For the year ended 31 st October 2021 12 Tanglbl• fl¥•d a$$ot$ All ol the adivilitrs undèrtakan by tho ¢haritytsii th6 oxempvons grantèd ￿ charftle5 by lÉgslalion. Plant, Equiptn•nt and Vehlclg5 Group & Chadty Land and Buildlngs A8$et8 under construction Total Cost 1$1 No¥$mber 2020 Additions Transl•r ol a$$eis durfng th8 yaar 11.982,249 6,310,794 25.009 3,094,028 485,030 13.094.028) 21,387.071 510.039 3.049,144 At 31 October 2021 15,031.393 6,380.687 485.030 21,897,110 Depreciation 1$1 NovetDber 2020 Ch8rge foi year 4.075.517 279.686 5.266.715 229.730 9.342,232 509,415 At 31 O¢tobDr 2021 4.355.203 5,496,445 9,851,647 Net book value At 31 October 2021 10,676,190 884.242 485.030 12.045.463 At 31 O¢tob*r 2020 7.906,732 1,044.079 3,094,028 12,1)44,839 The legal lit￿ ol the properbes rests wilh Fi￿t Conference Estate Ltd ￿nefiCIal owneT5hip belonging lo Christian Conference Trusi. The properties We￿ w￿￿ed n 1996 before b￿ng assi9n8d over lo The Chrislkin Confefenc8 Truston a 280 ypar ￿a$8 at an annu81 rentof E1. tffe¢tNaly a b)ng laasehold pro￿rtyWhlCh was lo the implementation ol Finan￿31 Reporknng Standard 15 (tangible fixed as5etsl. The charity thes not reV￿￿e itsfLxed assets and retains ihB book amoun1$ onty within the Financi￿ Stslements. Restated 2020 Land and 8uilding8 2021 Al valuation- 1996 Addilions al cost 2.719,999 12.796.424 2,719,999 12,311.394 15.516,423 14031.393 If 51aled under historical cosl prin¢ipbs. thè c¢mparaN? am￿nts for the total freehokl yopertywould be. Cost lo The Chris113n COnfe￿nce TnJ51 Accutnulatgd deprpoation 15,284.605 {4.239,7591 14.799,575 13,964.7091 Historical cost net Ix)ok walue 11,OtU,B46 10.B34,866 12a Land and Bullthngs comprfs* the follo%Ylng.' Group Chaiity Re$¢atsd 2020 RAstat•d 2020 2021 2021 Freehold Propety 14,985.127 11,935,983 Freehdd Propety- Ks$et under constnKtKJn 485,030 3,049,144 LOTr) leasehold property 46.266 46.266 15.516,423 15,031,393 15.516,423 15,031,393 15,516,423 14031,3#3 The Christian conferen￿ Trust l knnual Report and Finan￿al Staiomenis 2020121 Page 24 The Chrlstlan Conference Trust Notes to the Financial Statements For the year ended 31st October 2021 13 Investment In $ub8idiary Ch￿ty 2021 2020 The Christian Conferellce T￿￿1 has a wholty owned sUbs￿l8ry Flrst Confer¢n¢e Est8ie as detri￿d In Note 58. The amwnl dis¢lossd i% al cost. Inve$iTnent in subsKliaty Iregisiralityi number 001095881- Note 53 t10.358 110.358 14 Debtors du¢ withirb one year Group 2021 Charty 2021 2020 2020 Trad• d&blors Amounts due frotn subsidiary undertaking VAT re¢overabl6 Prepayrnenls and accrued Incotne 372.581 35.195 262.430 480.046 115.073 21.404 78.830 86.829 27.916 133.814 30.655 133,814 539.239 196,927 944,377 185,873 15 Crndltor$.' •mounts tslllng du• wlthln one y￿r Group 2021 c￿rity 2021 2020 2020 Trade creditors Amount owed to subsidiary undertaking Loans payaLltr ltsee nots 171 Olher Laxalion and social securily Other creditors A¢¢ruals and Deferred InccThe Deposi15 forfuture conferences Isee note Isal 591,909 113,289 564,326 112,649 481,879 eo,000 37,771 38,233 169,975 430,061 401.667 36.143 6D,000 37.771 38.471 184.301 515.659 401.667 36.143 16,211 239.742 895.401 255.775 1.114.877 2,416,583 949.491 1153.491 1,330,568 15• DepO$￿A for futUT• conferenc￿.. Group 2021 Charity 2021 2020 2020 Brought foryéard Deferred in th8 year Re￿aSed in the year 562,393 863,840 1123.4841 571,529 337,753 1346.9791 470,445 712,777 1118.5481 487.240 284.227 1301.1221 1,302.660 562.303 1,064,674 470.445 Deposits for lulure conferences include £187,78412019120.. £46,645) held bythe group in respe¢t of wnferen*$ sch￿￿￿￿ lo take place more than y6ar from balancè sMèl date. The Christian ConferenGe Trust l knnual Report and FInan¢￿1 Staiemenis 2020121 Page 25 The Chrlstlan Conference Trust Notes to the Financial Statements For the year ended 31st October 2021 16 Creditors.. amounts falling due after Dne year Group 2021 Charity 2021 2020 2020 Deposts for future confer8n¢es Loans PaYa￿e (see note 171 187.784 1.868.333 46.645 1.740.txJo 169.272 1.868.933 40.385 1.740.￿0 2.056,117 1,786,645 2,037,605 1.780.385 160 Debenture loAn Group and Charrty 2021 2020 1.204 debenture5 of £15 DebeDlure 510th wa$ issued In 1997 10 shareholders of First Conferen¢e Eslale Limited In exchange lor shares they held In Ihal company. one debenlure being issued foT each shafe hekl. The debenivre stock bvas rgpayable in 2021. At lh8 beglllniny ol thè yo¥r 1.204 debtrfuras r8main*d outst¥ndlDg wilh A loial value of £18.060. No debenture5 wefo Fedegmed during the yaar. Desprte exiens￿e efforts ihe present whereabou15 of the rernaining deberilure hokJer5 are unknown and coD5equenity the deci$ioD was m8de 10 wrrfe Off the ba￿nce due in 2020. wognK%ing Ihat amounts may still be Oue rf debeniure hO￿erS come forward in future. 17 Lo*n* payable Loans pay¥tde includes £2.270.￿01202O.. t1.8￿.000> reLaling lo Ihe UK Government Coronavirus Busines5 1ThlernJplK)n Loan Stherne repayable to BarGlayE 8ank PLC." Int&re81 is ¢har9ed 312.99'A and monthly caprfal and ￿)￿18$1 payments commenced in Seplembgr 2021. Capital repaymen15 are due a5 folow5. 2021 2020 0-1wr 2-5years 5 years * 401.667 1.810.000 58.333 60,000 1,440,000 300,000 2,270,000 1,800,000 The 14 secured by a specffic ￿gaI tharge on group wopety, The Haye5 conferen￿ Cenlre, Swanwck, Derbyshire. The Christian Conference Trust l ADnua1 Rewrt and Finall¢i81 Staiemeni$ 2020r21 Page 26 The Chrlstlan Conforence Trust Notes to the Financial Statements For the year ended 31st October 2021 18 RgconCllla￿Qn ol rnovgmerbt In lund• Year ended 31 October 2021 Gwu B8l•n¢¥ bm In¢omo Expènd￿￿r• Othergains & Transfers Bal•n¢• ¢ir Unr•strlct£d Funds Gerberal incoffle fijnd 11.326,700 2,376.073 14,207,2491 4.636 9,500,160 De$lgn•t•d funds Bursary funds RevalualioTr reserve 87.347 18.1091 79.238 116,465 14.6361 Total Unr0¥trI¢t￿ Fut)d8 11 535148 2 376 073 421535 9 695,662 Restricted fund¥ Tower project Fund 940,000 940.000 Total Restricted Fund5 940.OQO 940.000 Total Funds 11,535,148 3,316.073 4.215,358 10,635,862 BalaD¢e brt In¢om¢ expendltu Othprgains & Transfers 8al8n¢¢ ¢11 Unrestricted Funds GeneTal incotne fJnd 10.981.002 2,607,335 14,143,026) 4.638 9,449,947 Designated funds Bursary fund$ Revalualion reserve 87.347 79,238 116.465 14.6361 Total Unr•strkt•d Funds 11,189,49 2,607.335 14,151,135) 9,645,8SO R•sldctod fund5 Tower project Fund 940.000 940,000 Total Restrfctsd Funds 940,000 940.000 Total Funds 11,189,4511 3,$47,335 4,1SI,13S 10.585,6 Bursary FundJ- A d85ignaled unrt$lriGtod burnary fund 1$ m8inlained vthere 5% 01 the nel general fund S￿r￿u5 Is allocated to the fund each year. Bursaries ar• available lo organisalions for tre support of individuals attending conferences al any ol ttTre Ihree centres. The amount of bursary awarded to an organisatioTh is charged again51 the bursaryfund when the conference has taken la¢e. Rovaluatlon res&rve- Unrealised capital surpluses and deficits arising gn the revalualiDn of land and buildin96 are taken lo a fixed a55el revalualian reserve. An annual amount, equivalent 10 thè additional d6prt¢iaii¢n On rfrvalued a$$ei$. ts transferred from Ihe fevaluaiion reserv$ fund 10 Ihe nreslricled general Income fund. Tow•r Pr0￿ct Fund-A r&sthcled fund was crealed during the period lo refleGI a gift of £940k made wlh Ihe express purpose of finafjcing the rebuilding of the 50Uthern lower at High Leigh. Works began on this capital proj¢¢i dJdng the perlod and artr èxpè¢t¢d to ￿ ¢omplètsd durirw 2022 f01h)v￿nQ which the reslrictyon on the girtwll have been discharged. The Christian Conftrente Twst l Report8nd Financial St8teme4)ts 2020121 Page 27 The Christian Conference Trust Notes to the Financial Statements For the year ended 31 st October 2021 18a COMPARATIVE INFORMATION.. R•conrili*iion of mo¥•mont In fvnd$ lor Yoar•nd•d 31 October 2020 Restated Balance bm Income Expenditure Othergalns & Transfers Balanco clf Llnrestricted Fund8 G•neral Incom0 fund 13,308,135 3,233,717 15.219,7861 4.636 11.326,700 Dqslgnatqd fund8 Bvr$8ry funds Revaluation re5erYe 108,403 125.737 121.0561 67,34T 121,101 14,6361 Total Unr*stri¢l•d Funds 13.S42,275 3,233,717 15,240.8441 11.535,14B Fdlowing a review ol reser4fe5 during the year, funds hold a$ relating 10 a'¢apHal r$$èrvÈ' and a Yevalualion rèseNe' were found ID be erroneou51y Shown as resirf¢ied funds. No reslrlcbons e￿st with regard5 to these funds and so theywere Teclassified as unrtsin¢ted lunds. R•staf@d Restated Balanc• blt Income Cha Expondhurg Oth•r galns & Balanc• ¢11 Llnroslrkt¢d Funds Gonèral Income fund 12,712.458 3,435.551 15.171,6431 4,636 10.981,002 Designated funds Bursary funds Revaluation reserve 108,403 125.737 121.0561 87,347 121.101 14.6361 Toki Unr•strlct4d Funds 12 946 598 3 435.551 5,192.699 11.189,450 The Chris*an Conference Trust | Annual Rèport and Financial Stai•m8nis 2020121 Page 28 The Christian Conferenee Trust Notes to the Financial Statements For the year ended 31 st October 2021 19 kna1￿15 of assets and liabllrtl￿ betw•en futtd$ Year ended 31 October 2021 Unrestrlcted Fund Designated Fund Restrictsd Fvnd Total Grou Tangible fixed assets Current ass8ts 11.928,998 2,043,B61 12,416,S831 12.056.117) 116.465 79,238 12,045.463 3,063,D99 12,416.5831 12,056,117) 940,000 Credilois due after one year At 31 Octob•f 2021 9,5QO,159 195,703 940,000 10.635.862 Tangit)￿ fixed assets Investm￿1 in $ubsidiary Current assets 11,928.998 110.358 1.601.687 12.153.4911 12,037.6051 116.465 12,045,463 110.358 2.620,925 12,153.4911 12.037,6051 79,238 940.(X)O Crtdlors dut ¥ft¢r one year At 31 O¢tobor2021 9,449.947 195,703 940.000 10.58S.650 Llnrmtrided Fun Oesignat•d Fund Re*trictsd Fund Total Grou 202ts com arative Tangib￿ fixed assets Current assets 11.923.738 2,139.098 1949,4911 11,786.6451 17,044.a39 2,226,445 1949,4911 11.786,6431 87,347 Creditors due afterone year At 31 O¢tob¢r2D20 11.326.TOO 2Q8,448 11.535.14B Cha 2020 com aratbve Taryible fixed as5etS Invo$imeniin sJbsld18ry Currenl assets Curreni l￿bil￿e$ Creditors due after yoar At 31 October 2020 11,923,738 110,356 2,057,856 11.330.568) 1.780,3851 10.981,002 12.044.639 110,358 2.145,205 11.330.568) 1,780,385) 11,189,450 87.347 208,448 Tfvt Chrlstian Conferen¢• Tru$1 i Annu81 Report and Flnancial SIAlements 2020121 Page 29 The Chrlstlan Confèrence Trust Notes to the Financial Statements For the year ended 31st October 2021 2Q ¢•pltal ¢ommltmonts Group ¥nd Charity 2021 2020 Contracted for bul not prowded Authori$èd but not yel ￿ntract￿￿ 390.268 Commitments al year end relate lo the dernolilion ¥Trd con$tru¢ii¢n of the southern lowerai High L*gh wnferen* ￿ntre which c¢mmerKed in July 2021. Accrued relenlion5 to dale lotalling £20k relating lo Ihis project is included within year end creditors per note 15. 21 op•ra￿Tr9 Los50r commltm*nt5 The group leases farm land and surplus building areas 10 Ihird partios Undfrroperaii￿ laasa arrangements. The ioial mininum ronial Inc(yne recarrfab under no￿￿rKell8￿1e operating leases for propety are 05 follows.. Gro Building 2021 Bullding 2020 Wiihin a yeaT Two 10 five years More than 5 ￿ar5 3.000 12,240 3,000 12.24Q Ch• Bulldlng 2021 Total 20211 Within a year Two lo five years More than S sEars 3,000 3,000 211 OperatIr￿ Leas• Comm￿m•￿t$ There are I￿￿lUre minimum lease payments undBr nQn-EaT*dl8￿t oper81ing leases 22 Related partytransactions Tht Christian Confeton¢oTNtsl has a whdly owned subsidiary. First confere￿ Estate Ltd. The trading activities of companyare set out in Nole S. The amounts from to the $ub5idiary are disdosed in Noto 14. Duiing year a m8nagemeni charge of£913.81412O19￿Q e662,4601 was made from the Trust lolhe $ubsO1¥ry company. There were no other related paty transact￿nS dunng the year12019120.. £Nill. 23 Reconclllatloll of net Income to new cash flowfrom operating actlvlty 2021 2020 0￿ratIng actlyltks Nel Expenditure forthe year 1699.2851 12.007.127) Adjustments for.. Inieresi payable on bank loans and debsniure loan stock Interest reeeivable D•pr•ciaiion and deficit dispos￿ oltafl9ible astseis Iln¢reasel l Decrease in stock Ilncrea5el l Decrease ID debtors In¢re8se I IOe¢re¥sel in ¢rediiors 3.1M)O 509.415 18,8861 1342,3121 1.266.563 555,614 60.027 436,934 1397.8111 14et prowtltrd by op•iating a¢tivitl•8 528.494 1,355,554 The ChristyAn COnf￿n￿ Tru511 Report and FiTrancial slalemen15 2020121 Pag8 30 The Christlan Conference Trust Notes to the Financial Statements For the year ended 31st October 2021 24 COMPARATIVE INFORMATION.. CONSOUDATED STATEMENT OF FINANCIAL ACTIVITIES FOR YEAR ENDED 31st OCTOBER 2020 Restated Total 2019 153 Weeksl Unrtrltrictsd Funds Re¥triet¢d Funds Total 2020 Wot8 In￿me trom.. Cfvarita￿e aclivilltrs Other trading a¢tivibes Governmenl 9ranlS lnvts1m￿t income 1.908.387 474.093 848,047 1.908.387 474.093 848.IW7 3.191 5,408.454 1.842.694 9,478 Total Incorne 3,233,717 3,233,71T 7,260,626 Expondlture on Gentraling twds Charitsble getw￿eS 54.904 S.185.940 $4.904 5.185.940 S,928,444 Toial oxpondftur• 5,240,844 5.240.844 6,292,704 Net loxpendrturel N Intomt lortho yoar b•for• transf•rs 2,007,12 12,Q07,1271 967,922 Transfers bewon funds Net rnovernent In funds 2.007.127 2,007.12 967.922 ReconcllFallon of lunds Funds broughlfor¥Yard 18 13,542.275 13.542.275 12.574.353 Total funds carrt•d forward 18 11 535 148 11535146 1354227S The slatemeniof finaDoal a¢liV￿e$ Indudes all gains and losses recognised in the ytrar. Al income and expenditure d8rlvq¥ from contintyrvj 8CtNth¢s. The accompan￿ry note5 foTm part of Ihe¥e financkql stslements. Th8 ChrisIHn Conferertt Tmsl l Annual Rewrt and Financial Statements 2020121 Pag& 31