THE KESWICK CONVENTION TRUST- COMPANY LIMITED B Y GUARAP47EE Financial Statements For Ihe year oTrJ8d 31 Docamb•r 2021 THE KESWICK CONVENTION TRUST Coftyny No. 03913741 Ch8rtty ￿.. 1083084 THE KE8￿CK CONVENTION TRUST- COMPANY LIMITED B Y GUARANTE8 CONTENT8 PAGE InforrnA ReF(¥t ofthB Dlrectorn 4-16 oftho Indtyend•nt Audttor 17-lY) Sl&tom•nl of Flnand41 ActlvM01 21 a018n￿ 8h•8t SIDtsmonl ol Cwh Fbw• 23 N(11￿ Ig Ili¥ Fliwndal 8tBlomfjniJ THE KESWICK CONVENTION TRUST- COMPANY LIMITED 8Y GUARANTEE R•f•r•nc• Inlormatbon ADDRESS.. ROWn￿OY Cenlre ain Stre81 Ke$￿¢￿ Cumbrkg CA12 SNP REGISTERED CHARITY NUM8ER.. 1083584 COMPANY REGIST￿￿TIoN NO,. 03913741 ¥VORKING NAME". K06vld( Minlslrte5 GOVERNING WCUMENT.. omorandum and Artides ofA8¥ocla1￿Th TRIJSTEES.. Mr S Adam, Treasurer Dr T CheU￿r IRellred 20April 20221 . Mr D G88c¢ipne Mr S Hale Mr5 C Heath-Whyl8 Dr J M¢Quold, Chairman Rev A Pain• Mig A Pull Mr IA Saller Rev Dr M Sloeman Mr J Tayloi J Whil8htyJ8e MINISTRY DIRECTOFI & CEO,. coo.. Rev OIJ Robion Mr D Saw￿lY (Sloud 31 January 20Z21 COMPANY SECRETARY.. Mr S Ovorend AUDITOR: MozBr8 LLP, Sl P8terf8 Squ8re. MancheBtor, M2 3DE ACCOUNTANTS.. Roblnion * Co, Oxford Chamber8. New O¥lord Street, Wothln9ton, CA14 2LR SOLICITORS.. Anthony Cellins 8oU¢itorn LLP 134 Edmund Slioel 8lrmln9ham 83 2ES Elli&.Fèmior & N8gu9 Urnited 2 Oevon8hlre Avenue 8ee$ton, NothThJ NGY IOS CHARITY OBJECTS.. The Tru&l ￿￿t8 to prornote Bible Teaching al an annual c￿n¥e￿On In Ke6*4r ar￿ on oiher occasiws Ihe olencDuragin9 hc4y aThl B￿NCal lil¢ •We&. BANKERS.. HSBC plc, 1 M•rkel ￿Uara, Penrilh CA117SN RepoRT OF THE OIRecTORS Thè Dirèdors Pf•s•nt thair Annual R8POrt and Financi81 Statemènts for the yéar ended 31 Dacembor 2021. DIRECTORS AND OFFICERS The frAlowing dir8ctors hèld ollicé lor tho whol• of thè year lo 31 Oècember 2021 and to the dalè of this rèport unlèss Othèrwisé 8tat0d'. Mr S Ad￿. TreaSU￿r Dr T Chesiei (Rellf￿ 20 Apil 20221 Mr D Ga8colgno Mrs C Haaih-Whyl8 Nf S H218 Or J M¢Quold, Chglrfflan * Nl Salter Rev A Pal *B A Pull Flev Dr M Sleem Mr J TO￿or J Whiièhousi KESWICK MINISTRIES VISION Keswick Mln16tri88 exists to inspire and 8quip ChriBtians lo lov8 and liv8 lor ChriBt in Hi6 world. God's purpos8 is lo brlng h1$ ble8$lng tts all nAtions IGèn12..31. All God'8 pÈoplè ara calléd lo partlcipAI8 In IhI8 mls8lon8ry PUfPOBe wherever wo may bè. K$$wlck Minislrl¥s holps Chrlsllan9 to lullil thal calllng, 80 Ihal. dlréclad and guk1èd by God's Word, Ihay wlll grow In th8 powor ol hi8 Spirit. Ke8wick MiniBtr4e8 has 8 long hlslory ol $*nding out Chris118n5 into the world to l&ad olhgrs by t•a¢hlng th8 truth5 coniain8d In 8ibl8 and serving In all walks oi Iiie, Including some ot the poofest 8nd most di98dvantaoéd are88 ol Ihls country and aroun(J the worl#. W8 achl•v8 these aim8 through Bible 188chlng al our Bummer Conventlon, through the r8sources that flow Irorn this, in our programm& ol Teaching and Training Coufses and tha publication ol books and podcast6 that support discipleship. UDderlyln£ this 15 gn¢oura9emenl and support for mis510n. Over Ihe188118w year8, W8 h3v8 bean 8bl8 to 8Xtend tsuf 8cllvi11è8 Into 8n 811-y88r-found ministry. through th De￿onI Project. As we look to 8ddress Ihe spiritu81 need ol the nation lor in-depth Bible leachiry and lor Ihg 8qulpping ol18ad8rs lo open Ihe gospel lo others, the Derwenl Project creates J 18cilily which will help in$pir8 and equip many Mora Christs'ans of all ages and background5 with a vari8ty ol calling5. 50 they can feluin to thelr homes, places ol work min18trf88 10 help Iurlher God'8 mi88ion In whlch8ver capacily they A8rv&. The Oerwent Proje¢l ¢entr&s on thè slla ol Késwlck's former P8ncll Factory whlch adjolns tha Rawnsl8y sitè where Ke5wick Ministries already has oifices. The combination of Ihe two siles allows ltte Convenlion to bg brought tog8th8r In on8 place and provldes facllllles for year-round tralnlng coursas and conler6nces. Planning Permi55ion h83 been grantad and work Is uThJaf way lo r$stor8 tha Poncil Factory. An area ol tho bullding was claared lo enable youth activity to be hosted on Ihe sile during the 2019 Convenlion. In 2020 the Covid pand8mic m8anl that the three-week Convention in Keswick had lo be c8nc8llad. In ils pl8ce thè Pencil Factory buildiTr3 hostad 8 fivtrday Virtual Keswick Convention. The lirsl Convention was held on the combined site in 2021. Thè Covld pandamic mgant Ihal we had lo introduc8 rooislialion and booking lor Ihe first time, and to op8fale with social distancing an¢J face m85ks arnong other Covid rnitig8tions measures. The facilities will 81s0 te available to other lo&ql and visiting groups y8ar-round,. th8r8 has alréady béèn som8 U98. and 1018 of oxpr8ssions on inlerest in u8ing the lacilitigs once fully relurbi¥hed, The Oerwent Project represents a significant inv88trD8nt in a local IBcilily and h88 involved 8 Y8P8rgt8 lundraising prograrnrne. We are thankful for the pr8y8r$ and donation5 01 Ihous8nds o15UPPUrt8rs and 8 number ol Chriglian trusts which hAv8 hèlp8d provld8 th• fund8 nèÉd8d to dellver the Derwent Project. THE KESWICK CONVENTION AND COVID-19 2021 maiked the Keswick Convenbon's 146th year. Having had lo cancel the 2020 Convention due lo the global Covid pand8mic. the Iruste8s ond staff determined to pl8n as near normal 8 convgntion as possible lor 2021. compliant with Governm8nt Covid guidèlinés. Thè Primé Minist8r sèt-out b roadmÈp in Fèbruary, with four yleps to the e88ing of restriction&, Slep 4 not taking gllèci until Jun8, and then only Il corlaln conditions had b88n me8t. A5 Buch wè plannad lo op•r818 undar Tiar 3 r8slnclions, Mth maximum capacities of 1,0(M) per vtrnuo, $o¢ial dlyton¢lng and th8 W8arlngol lacema¥ks. Wa 8180 declded lo require8￿￿ence 01 a ngg8llve 1818r81 fkjw t85t, And lo manage numbers introduced registration and booking for main sessions for the fir8t lim•. A sllmmad-down Children and Yc¥Jth progremme was planned given the challenges ol oper8ts.ng with Covid roslrlclions, recruiting 18am. and the pr83sures lh8 C&Y 188m 18ad8rs wef8 working under. As will b8 r8called the move lo Slep 4 01 the Government's roadm8P W83 puI-b8ck to mid-July vindicBllng th8 decision lo operate with TSer 3 ra8lrlcllon8. Understandably a number ol regular convenlioner8 decided not lo attend, Bnd olhers were unable lo do Sts for varlous r808ons. As a r89LJIt. Convèntion Bllendonce was dovln to oround forty porcgnl ol usual numbsrs. Many lavour9bl8 commanls 8nd thanks w8r8 r8C8lved both Ircffi thos8 #ll•nding in wr$on, and from Ihoss taking advantage ol Ihe on-line provislon both liv• and via catch-up. Wth the lifting ol re$trfcllong at the slort ol Week 3 it was very moving lo hear and see peop18 singing for the rirsl Ilme In many months. The trustees want lo pul on record their great thanks 8nd appr8Cl8tion for all th8 hard work that made Ihe running ol the Convention poysible in such uncertaln 8nd lesling Iirney. The 2021 Convention was the flr61 to be based on the Pencll Factory 8nd Flawn31ey 8lt88. The addllional ¥pac* ihat th• srte3 provide w85 a significant fp¢lor in our abllily t¢ run the •v•nl with 80 many r8$lriclion$ ond oddllk)nal Covid ffl111981ion rnea8ures, We are pleased ID have b88n able lo d¢liver a'naarèr n￿rnal, thro•-w￿￿ Ctsnvantion in 2022. ba88d on thè Pancll Factory and Rawnsley sile3. Ahèèd ol Con¥8nllon work was und8rl&kèn on Pha88 2 01 the Panc Factory bulldlng rafurb15hmenl, whlch saw th8 fif8t and $•cond flocrf$ broughl Into usè. Th8 Conventlon r81i8s on ov8r 650 volunteers who enable us io dellver the event safely and elfeciivoly. Thi$ 1$ 8 Vofy popular way lo serve. Keswick Ministries p￿vide8 8ccornm¢)Jation and rneal?, end ollers Ir8¥è1 oxpenses. many volunl8ers relurn y8ar alter year lo help, Vve are hugely Indebled ID th88e voluntè8rs, without whom the Convenlion could not lake place. Vduntaars undèrtgka a vAd• varl•ty of pr8clical 188ks durtng the Convention Ichlldren. youth and young adu113 work, wèlcDma team, ca18dng, café, finonc8, gift processing And rec8plion 18amsl. Wo provid8 8ppropriale Irainlno, including $918gu8rding ond counl8r lerrorism awareness. and carry out the nece858ry DB5 $818guordlng checks. RESOURCES K89wick Miniglries conlinues to publish liler8lure r850urces that builrl on and support tha 188chino of th• Convention. In 2021 we publish8d ihr•è Food for th• Joufnay daily d8volKinals- Confid8nl, Tha Cf098 and Failhlul. We also produced the Faithful- 8ecauJe God is study guKI•. In 2022 we have publishod thr•8 Focxl lor Ihe Journey devolionals- Hope, Hdiness. and Love 88 well as Ihe Gr8t8ful 9tudy guida. P8t8r Maiden's bcd( Radical Gralitude (published prevlou61yl was our theme book lor the 2022 Convention. Our regular podc831s The Ke5wck PfrJca31 and Kes Talks - continue to be well r8C•iVtd and can b• accessed via all podcasting app8. R8cognI5ing th8 W8Blth ol 8x¢ellent, 8nd 81 lknes bewildoring rang8 01 ro8ourc88 I￿￿t are available, we have been making 'resource r•cornm&ndalion5' vla our soclal m8dla plalfoms. Du8 to olher Fre6sure8, we hava paused this Initiallve. bul would like to reintroduce rt. THE DERWENT PROJECT Th8 D8rw8nt Proj8cI is an 8norrnoLlS Opportunity, Ihal 15 8n8bling Keswlck Minislries lo extend our work Snto y88r-round rninistry. There 15 no doubl IhBt our nBllon hntl Ihe world h8V8 an Importont need for $tr&lghllon*grd 8lble-based leachlng. Tl)Is éxiands both lo exlsting ChrlsiLans aiid 10 Ih¢sa who waT)I to COllSiLlei IllLSl4i the promi86$ and blessings thot flow from Christian labth. W& also bellavel that Chrlstian$ who $8rve provide signbficant axampl• to others and an 8ncourag8mant lo Ilnd out morg ol bibllcal v8lu&s and Irulhg. Wg know thls approach Is warrnly r8c8lved by supporters who attend Iho Convention in tho Summèr ènd would 8130 be wo1cc￿ed Ihroughoul thg y8or. Thg IXJTchBs8 of the larrn8r Pencll Factory slte, which adjoins our Rawnsley site, providèd th8 opportunlty to launch Ihè D6n¥&rtl Project and we have been grateful lor lh8 enihuslaslic prayèrs and linanclal support both Irom Convenknon&rB and othar Chri8ti8ns 8nd Christian group6 Around Ihè country, and Inda8d Irom ov8rg8as. It allows us lo bulld a ba*on ol r81r8shrn81118nd Sanding oul whero Chri51iBns come lo deop¥n t￿11 knowlodg8 &nd lailh in the Lord. We want to s&a yc4Jth leadèrs ¢9ulpped to speak to chlldren Bnd leenagers., min151er8,18y-18gders and every Chrl8tlan Insplred lo garve. A Irufr ploca ol re8l¢xalion, r0lle¢lion, and growth lor 811 Chrlsuans. The comblned 8lt88 mean wa ¢8n both hold the Convanllon on Dn8 locallon and have thè 8pac8 and lacllllles lo run Taaching and Tralnino coursos and conf•r6nce¥ throughout tha yo9r. W8 have rebased our olllces al the Rawnsley 8118 and been able to101 Ihg forrnor office 8pac4 and an 8djoinlng room al Skiddaw Slreal lo a loLal ch8111y. We 3r8 also $88klng lo Increa88 Ihe usage of the 8ccommodgllDn and have ha¢J 8omg early gucc858 making roorn8 av8il8b18 on Airbnb. Th8 Prolact has r8qulr8d a consld8rable gmount ol rnanagemant and staff focus, and w8 are hugely IILuurt4y¥d L)y 1I1tt sSyiilliLdiil pruyr¥¥y w¥118v¥ iiiyd¥, In swnmary the prin¢lp81 go813 of the Oerwenl Projecl arè., to seryjre th8 futur8 of th8 Ihr88-W8ek surnm8r K85Nwok Convonlion on 8n inlggrgled 8ile. to provldo a facilily lof Christian leaching and Irainin9 all year round. 10 s&rv8 Ghurches and other Chrisllon Organisat￿n$ In Ihe UK an(J boyond, pa￿aUl9￿Y soivlng Curnbrfa and Iha north. We are also commilled io ensuring that the local town o>f Keswlck benefits from our actSvSlles, Thls will ba achieved by m8kino facililigs availabl8 for local groups to US8. and by atlr8Cting busin88888 lo hold conferencos wilhin the Pellryl Faclory building and u58 Iuc81 facilities while h8r8. 11 h88 been pleasing lo see the laci151ie5 being usèd by Ioc81 groups Including, 8 book18unch, climBta chan0$ and 8nvlronmèn181 meetings, and a malor ultra-rnaralhon and Irialhlon,. in addition, a lo￿1 p8r8nl and toddler group are m4klng good u30 ol the lacilth'•¥, meeung a local n&8d, and meeting twice a week. Th8 Dar￿nt PfOj¥Ct Was launchod Bl tho 2015 Convenlion and has been given a signlllc8nl profil8 sin¢9 then at each Convention. In 2019 there weie dedicated evening presentabons Including a vld80, and in tha aftemoons. Ihere was a pre8enlalion and tour ol th• Pencil Factory building. During the Virtual Convention In 2020 the project was womoled via video. Last year peoplg ￿r* able to seg the 9r?al proBreBS Ihat had bean n)ad8 wilh th$ Ironl or th6 building insulatèd and rendèred, and wllh n&w window8,' t(wr3 ￿re run again and well r8c8ived. We hav8 been very encouraged by thB overbvhelmingly p05ilive respon58 lo the proigcl. and the Bpp¢al lor lingn¢i81 Support. W8 hav8 cornmitted to arb Bctlv• programme of engagement with the local community. pr88enting th& positlve C856 lor IAinislry and the DaTw8nt Prolect. and explaining th8 benefits which wlll flow io th8 local araa. Thèr have b8&n 8 number of enquiries and 8xpr8sslons ol inlerasl in usln9 the facilili&s, in addition lo th8 Use relerred to 8bove. Fvndlng rai$¢d so lar has allowed us to purchase the 811e, obiain Planning P8rrni$sion and complota PhAsè 1 ol Ihe refurbishment lo mak8 the ground floor availfible lor the 2021 Convention. Thi$ Phase 1 work included the Insla15ation olloilels. eleclricy, dr8in899. hg8llng. and lighting. W$ hevg funds to commence Phase 2 whlch cornmonced in Nov8fflb8r 2021 but nèad Additional lund5 to completè tho work and repay interg81 free loong from 98nerous supportgr8. Ke8￿ck Mlnlstri¥g 1$ Involved In an aclvg and Integrated fundrai8ln9 prDgramrn8 that rea¢he8 OVI Io 9UPPOrtors, Chrlstian organls81Son8 and trusts Invlung them lo partner with Kgswlck in Ihls mini$lry. TEACHING AND TRAINING EVENTS As part of lh• èxt•n8lon ol Iho mlni8try. our Teaching and Tr&ining course? and work$hop9 go from $lr¥nglh lo strength. These hBve run In eA¢h ol Ihe last five ac8dgrni¢ yèars. The 2021122 programm• was Lqunchod 8t Ihe 2021 Convenlion, wilh 17 course3, including 6 rnonlhly Hebrgw Worksh¢ps, run over th8 period. Th8 locus of the Tg8¢hing and TraI￿ng •v8nls 18 on blbllc&l loachlng thal h81ps rglr8sh, In8plre and equip Chri911an¥, both Ghurch membefs and those in leaderahip p0811ion3 Th8 cours?B are dev8ltP8d by Iha Mlnisiry Dlr•clor and often In collaboration with other Chrisllan organlsalions. Covid has meant that many cc*Jrse8 h8v• needgd lo bp deliver8d on-Iln¢. ThLs ha5 meant that a nurnbor hove boen Bccès5iblo lo peopl8 who would not otherwis8 hgv8 b8èn abla to attend an event in Keswick,. and Indeed, some people ha¥0 lolnod onllng Irorn 0vor￿a6. Th• aver-populgr Pastor81 Refresttmenl Conference, run In ¢onlun¢iion wllh Llvlng Le8dar6hip. w88 fully booked for 2022 well belor8 Chri$ima$, d•rron8lr8ting Ihg nèed lor thos8 in church leadgrship land th•ir 8PKJU3esl lo be fefre8hed l¢r thèir $8rvlc8 in the locÉl church, A n&w Inlli•tSva - Follh In tho 9o¢¢nd hall- in p0rtn8iship wlth Fallh in Lal8r Lll•, was launchod wtth great ¥u¢¢•J8. Th8 plannod In-person gvgnt had lo ba sw41ched lo an onllne offering, but il was well recgivetj. We have Tull a successful event In K8sw¢ck in May 2022. A new inilialive - Leading WELL - lor elder¥ and lay 1•od8rs wag d•llvor8d In March l April wllh Input from FIEC among other8. Our 1Sr3t Art5 RelrgBI run I April 2022. These new courBes h8ve been Yery much apprgci8led 8nd we plan lo build on Ih8s8 wlth lurthgr events In 202213 and beyond. We h8v0 0180 launchèd Churchg$ W•8kènd AWAY, to allow sm8118r 18llowshlp8 who rnighl not be able to organ186 an ov8nl ol th•lr own to share ¥¥lth olhefs. Keswick Mlnislrlos wlll provldo Biblè Teachlry and worship. Tho lirst event is planned lor Spring 2023 with a number of fellowships already signed up and otherB AS word Bpreads the courses and workshops are attracting Incrg88ing nuwDb*r8 01 d*eg8195, many ol whom have had no proviau6 connection wlth us. Somg courses arg starting lo'sell out" Fgedba¢k from dg1gg8tg5 is overwhelmingly p081tive, wilh many people returning when courses W8 run 8gain and r8comrn8ndlng them to others. THE KESWICK FELLOINSHIP Mlni'K88wick' 8v8nts 8r8 hèld 811 ov8[ the country 88 part of th8 Kg8wlck Fellowghip. Acioss th8 UK Ihgro are naarfy 40 locations whorg Bibl8 We8kg or IOCBI 'K6swlck' avanls are taking place. Som& idenlily thenselves by the narne K88wi¢k. and others are in lellowshp vAth the wider work IYJL U8e other Illles (whether Bible Week8. Convenllons. or other daslgnalionsl. They havo a famil￿lIk•nO$S tAbt have no formal or legBI association. A number of these avenls have been runnlng lor mariy years. whllsl others bra just storting up. They are soniellmas local evènts basad In a town, and somètlmas thay ara niore raglonal In iialuro. Th¢ ¢oi)nèc.Ilon between the UK local I regional evenls and Keswick minis1r￿S Is informal and occasional. shaped by a mutually 8or60d momo(andum of underslanding, bul ha8 ollen bean very fruirful especially in exchanging pray8r news, sharirig 8p88k8rs, h81ping one anolher with best practic& id88$, *Jnd so on. Under81andgbly Covld hB¥ lèd to 8 numbèr ol the88 eV8nl8 movlng on-Iln& or havlng lo be can¢gltod. The K88wick FellowBhip op8rat88 Ihroughout tho UK as 8 nalKJnal network to encourage lh8 leaders ol Blbla Conventions and local Ktrswlck 8venl8 through proypA, pr￿lIC91 support and fgllow3hip. Thera Is also an International K88wick Fellowship which 18 a looser assoclatlon sllll, and whSch embraces ev•n18 in parts ol E'urope. Asia. North Amarlca, Australla. Alrlca and the Caribbean. A gm&ll consult8b.on ol In18rnHlional K85wcks look pl8C8 In Au9U512016, whlch also gflirrngd thg valug ol such Inlorrnal nalworking and prayerful support, A gimiLgr IW￿daY evanl was held In September 2019 lor anyono who Is part of the Koswlck Fellowship In the UK and th080 planning to sel up 8 new ong, GIVING AMD INCOME Thèr• is Th) charoe lo attend ihe Convention. We want lo be open to all people just as church86 acros8 the land are open lo everyon8. We 8ncour89è glvlng Al th8 event 8nd Ihrouchoul th8 ye8r. Duriry Ihe Convention, and Ihruugh prlnled and on-line Tesources, wa axplain Iha Ilrnancos of Ihfr 8vènl and thè fwdin9 need8 01 th8 De￿ent project. During 2019 we also launched a new lund-raislng programme 8pecrflcally for th8 Derwent Project. This Involvèd a lundrai8ing letler Io 811 our supporters. 8v8n18 for doThor8 In London and Glenridding lin Cumbrial and applications lo Christian Trus18, In 2020 and 2021 fundrai3ina was lower-key due lo the panttemic, lttough fundraising lelters were 88nl out 81 Eastar and pre-Chrl8imB8 2021, and provldèd a muth-neoded b008110 funding p8rticul4rly lor thè De￿nt Prol•ct. To181 giwng was at a racord level In 2019 wilh 8&veral 18fger giftg In support of the Oerwent Projecl. Not surprlslngly, in Ihe I￿h£ ol Covid, giving in 2020 and 2021 was lower, but lot81 income still covefgd all our expeThJSlure. Addllional income Blrgams Includg th9 lelling ol our 18cilili98 lo olhgr group8 and orggni¥aligng, and car parking. Thè Ilal standing are88 81 the R8wn818y C8nlre and th8 lorrner Pencil F8ctory Site are u$8d lo provide car parking spaces lor vlsitors lo the town. This h88 bo¢omo an important sour¢o of income for us. Keswick Minlstries owns the gntire $har8 capit81 of KBswiEk Conv8nthDn Project5 IRawn518yl Lirnited, a trading cornpany that owrates Ihe$o car pgrking 18cililas. Durfng 2019 we also appliod for plannlng p8rmls81on to opèrate th& flat 518ndino ot tho Skiddaw Slr&et sile as a privat& perm1tt6d car park, and Ihls was brought into use In Spring 2021. Sp8ces 8r• availabl8 lo Guasl House owners and others lor periods ranging from Ihrae d8y5 to on8 year. W9 ar# also provldlng lour ole¢lrK vehide chafgiro points at Sklddaw Stregl. Whgn Keswi¢k Ministries acquired Ihg PgnGil Fa¢lory ¥it8 thi¥ in¢ludgd o buih4ing that hous95 thg Ke8wid( Penol Museurn wh080 holding ¢omp8ny now ￿8$￿5 Ihal blli5dlno from us. Thg mu88um has bègn C￿8$d for an exler)dgd pgriod du8 to Covid and we have allowed a rent-lree pgriod as part of lh8 procoss ol ranewlng Ihe lease at a higher rental. The museum rwf 8uff8red 811)rm damagè in Dgogfflbef 2021.. tha museum it stlll operating whilst repairs are Carried out. The directors p•ftnit a bookshop lo operate during the ConV8nt￿n selliw¥J Christian Ill*ratura that &lkJn with our values and beliefs. Thi5 provkJ88 a 50urc8 of In¢omg,' nominal royBIl￿$ are rocelved from the salo 01 rocordings and books. The cornpany owns the enllr& sh8re capitgl of Keswick Convention Project Limited, a company IhBI operote8 a campsite In the nelghbourhood duving th8 Convention. As a r88ullol CoV￿d the 51Z8 of tha camp was reducg(J in 2021. Good management meant that the camp w89 5¢ill ab18 to cover its co$t$. ACHIEVEMENTS, PERFORMANCE AND FUTURE PLANS KEY PERFORMANCE INDICATORS.. Financial,. We alm lo cover annual runnlng ¢o$ls 8ach y9ar,' Ihis was achieved in 2021 despi18 all the challeng88 of Covid. Foi 2022 w8 h8v8 pl8nn•d and budgel8d for a nomSnal delicil whlch18 covered by r•5erv89. For the Oerwenl Project wo hava rais8d £fj,9m ol our £8m targ8t. wlth 8 further £1.4rn ol loans recelved. nd hav9 8V8ry conliden¢e 01 achievlng thè full omount. Work Is only being comml$sloned wh8n w8 hav• cl8ar vlslbllity ol avgilgblg fund8, Noft-FwwnciaL, The Conv8nlion ¢onlinu8s lo b8 our rnaln activlty and 11 receives very po8ilive leedback in lerffl8 01 Ihg quality of Ihe mlnistry and the Impacl it h88 had on peopl88' li￿8, Ineludlng nèw CDmmltmenl8 lo Chrfsl and olf8rg 10 80rve In the ml8Bion field. Thv growlng Pfogr8rnmg ol year.round leachlng and Iralnlng evenis are also bglng w811 allend84 and rgc8iving v8ry positlve 18edback. Good rolations with the Ioc81 Chrfsllan, and whlar community, hav8 b8en bultt on, kvllh sonlor m¢mber8 01 th& 8laN lagm engaging wld•ly. Wg hove a150 continued our engagement wllh Ihe l¢c81 c¢mmunlly, includlng our quorterly Town Liaison Forum with rTiembers ol the 10¢81 community, town ¢ouncillor$. sinass9$ and statutory 898ncl8s. Ministries p8rtngrs w￿h di11oient Christian organlsotbns lo help lake lorward its obie¢lv&s. Sign￿C*nI site buildlng works hav$ beon undertaken on tho Poncil Factory 91te, and r•lurb15hm8nt ol the former Pencil Factory building 18 underw8y, Hovins brought thè ground floor inlo uge lor th• 2021 Convenllon, work h83 been undert8k&n so th81 th• rernaining two floors wor8 abl8 lo be u5•d lor the 2022 Convention. RISK MANAGEMENT Tha Tmsla8s regularfyiaviewthe risks to which tho charity is exposed. so Ihal rea80n8ble meojures 8r8 tak•n to raduco and manage them And lo obtain Insuranc8 cover whor8 this 18 fin8n¢ially $8nsib18. A risk revl•w proceduro Is in pl8ce tD identify the rn08l significant rigk5 and the Tru31eeg check Ih818pproprio1e r8m8dial acllon ha8 bean taken. A RiBk Managèment frarn8work was put in plac& adoptsng bo81 practicè from thè Apvll 2017 Mazars Charlty Conlorenco and guidance Irc¥n thg Charrty Commission. We arg gdvi¥ed on Haalth and Safely 156ues by extemal consull8nl8. KeBwi¢k Mlnl8lri88 takg 88feguardlno serlously. W8 Bf8 commitl8d to Ihe saf8guardlng ol chlldr8n and &lultB with rarg and 5UPPOrt nged5 and to ensuring Iholr wellbeing. A truslge l￿d on saleguar(Jing has bgpn 8ppolnt8d. We undertook a revlew of our Safeguarding Pollcy and procedure8 ahead ol th8 2021 convent￿n. Further work 18 Unde￿8Y lo tr￿lId on this, working with Chri81ian S8leguarding Service and to 8nsure that 8af8guafdlng Is approprlalely priorllised. Safeguardlng 15 an 8ggnda It8m at all trusteg m8eling8. Trustees, 518ff and voluntggrs are Instructed in the risk management polici88 that are ap￿Opriate to tho work that Ih8y und&rtake. Expenditure 15 monitored end tha fin9ncial situation is axamlnad by tha H￿. Tmasuror on a monthly ba$i$, vla m8n8gern8nl Accounts 50 as lo rnanag8 linanual risk. Local public felallons issues are lak8n serlously, and regular (x)nsull8live rneebngs 8Te held with rcprcjcnlalivo bDd106 UGrosts Iho town. Wo relr88hed our Town Liaison Forurr in November 2017, rnaollng with busine88. KeBwck Town Council and olficial 8g•ncias rnpr8sontslives on & qu8rt•Ay basi8 0$ indi¢atgd above. A r￿l￿W ol our koy wli¢l¢$ ha$ been und6rt8kan and a system put In place lo ensure their regular revlew by a Irust•e and staff"owne¢'. The Finance 8nd General Purp0885 Commitleè ovarseas thè Risk Reglsler. oné the Trustèès racblv8 o Rlsk Managgmenl report gnnually In Nov¥mbar, wllh an updale in MBY. Tha lollowlng hove boon k1enlllied as tha main areas ol ri$k.. Fln•nGl•l: Gen8r81.. The risk ol raising insufficient funds lo cover annual running costs, which is miligaiéd by vary broad support bas8, non-donor income strearns, adequate r88erve5. tight management ol •XP8ndilure and Ihe provislon and review ol monthly m8nangmenl oe¢ounts. Domenl Proj*¢t.. A £5m lundr&i8ing proj8cI was launched al Ihe 2015 Convenlloii. Following consullallon with plonn1ng 8ulhorilies and other3, Ihi5 wa3 re858essed lo kl.>m al th8 L011) Lonv8nlion and now stands at £8.5m due lo coyl Inflation 8nd Covid d918ys A Chrl8ti8n Tru81 purch8Bed tho Pencll Factory sit8 In K8swick on b8half ol Kaswlck MSnislri&s in 2015. Thanks to the g•narou5 givlng ol Dur support&rs, w• wèrè èbl• 10 purcha$• th• 91tè FL y•Ar ehrller than planned in 2017, Ond thg Trust 98nwousIy 8gre8d lo loigo £0.4m plus the £0.1m pNid in18as8 paym8nts slnco 2015. Th¥ Irusle86 are taking o prud8nt and rasponsiblg approach lo the phasln9 of the proj8ct, linked to tha avall8bilily ol funds. Ph088 On& relurblshm¢nt ol the lorm$r Penell Facl¢ty commèncèd in 8ulumn 2020, with tha buildlng handad back by Ihe contractor5 in lime lor lh8 2021 Convèntlon. Ai menli¢ned above Phase 2 h86 brouGht the r8m8ining two floors Into u88. wlth work only commiss10￿d whon w8 hav• clear vi8ibilily of fundin9, Qr9•nl••tl¢)n•l R•8ourclng, Sklllg •nd Knowl•dg•'. The mini81ry relie3 on a broad rangg ol skills 8nd abiliti8s lo d8lNgr Ils activit￿$ #nd, In particulai, th& annual Convention The mlnlstry 58 W811 s•rv8I by Sls small stari team., by Its Trustaes who brlng g broad mix ol Iheologic818lld bu5in8ss knowledge and experience,. and by hundred5 01 volunteer¥. Policioy, proG98se8, and pr¢¢&Jufe$ arg rnaintalned affld r&¥lewed. A numbor ol changes in th8 cor8 t8am present challeng85 8nd Dpportunit185 that 8r8 being worked through wlh a lo en8urlng Ih81 w8 hav8 thè right team In place to deliver tha ministry the Lord fvas so clearer led arKI used over $0 many ygarg. Conv•ntlon 2022: Planning for th6 2021 Convenlon during tha Covid pandemlc, wlth a lack of ￿rtAInlY over Iu8t what would be allowed and what Gonslrainl$ we would n8ed tD COm￿Y wilh was particularly challenging. Link8d lo th'5 somè changes within th8 Children & Youth Team and 8 d$8irts io ensure Ihal they can deliver a compllant programme, w26 an addilion81 $lrel¢h. We wer8 8ble io plan Yor and deliver a near nonnal Convantion in 2022. 10 STRUCTURE, GOVERNANCE AND MANAGEMENT The Keswick Convention Trust 18 bolh a company limilgd by guaranl8e, not h8vlng 8 8h8r8 capital, and a r8gi8t8r8d charity., it was incorporated 88 8 company on 1 Sep18mb8r 2001 whon th8 Bssets and liabilitie5 01 th6 lormèr tIU5t were transferred lo the cornpany. Und8r the Trust Deed directcf8 are known ay TruBtee8. The Councll of Managemgnl consists ol Ihg TruBl8es who meal three tim88 8 year. normally includin9 an ov8rni9ht me•ling, its managè thè Trust. Trustèès sèrv 101 8 10rm ol Ihreg y88r5'. arg re-olectablg for a rn8Xbmurr of 8 lurther Ihr8e 18rrns," and fflay r•m8in In otlice until ag8 70 y8ars. Tru5t88 18rm5 01 servic8 are und8r r8vi8W. New Trustees 8re appoinled in accordance wlh the Charity's Memorandum and Articles ol AgSOCl8tion. The Council regularty reviewg the sklll8 Mix required to manage the Charity 8nd pl&n8 8ucce885on ba8ed on the kmwn retirement dal88 ol Trustegs. N8w Tru8tee8 are required lo follow an Induction process whlch conglsts ol belng Introduc8d to the operatlons ol the Trust, normally attending one Council meeting before being formally appoinled, and are offered approprlal8 formal training In their respon6ibilili88. A n8w process on'induclion. 8nd"buddying' at Conventh)n has been Irstroduc8d lor newly appointsd IruBtees, and all trustees have undgrt8ken a $8f8gvarding Ic TIug1oe8 cwr$o f8¢111ts1ed by Thlrtyong'.elghl. A prcKgduro lor Truslee apprBlsal IB In placa and lakes place durtng the Ilnal year ol th8lr Ihree-year term of appoinlmenl. Throughout 2021 the glaff 16am w8¥ h$odod up by Ministry Diroclor, Jam95 Robson 89SlSt8(J by Davld Sawday, Chlel OporAllng Officer wlth Slmon Ovargnd the H&ad of Op6ratSons & Company Secretary ieportlng lo blm, In-lin8 Wlth Government Covid guidance stall have generally been working from horne lor much ol the year, and were again al the Blart 012022. using Zoorn lor daily devotions, weekly Btall ffle9tlng, and othef g91ingB. Wllh tho cornplellon ol tho buildlng elernanl ol tha Derwenl Prol8Ct in slghl, the Iruslees and Ministry Dlreclor havo 8ough( lo reshape the staff team lo meet the rnlnlslry opportunities befc*r8 U8, Thls has re8ull8d in th& departure ol COO David S8wday on 3111 Janu8ry 2022, A new Op8r8lion6 Oireclor p08118 being recruited for, with an ovenls dgllvery 8nd lac1111185 brsgf. W8 h4vg recruited lor a ngw H98d ol Cornmunicalion8 and DevelDpmenl posl. There w511 bo sorne thang8s lo reporting Ilnes, The Keswlck Mlnlstrias vlsion is artlcul8tèd thrpugh 4 Vi$lon Docum¢nl pr*p8rgd by Minl$lry Diraclor, Jame$ Robson. 11 has a five-year horizon running ¢0 2022 Including planning, r#sourdng, and delivery. Tho pandomlc h88 meant that Ihg end polnl has been do18yed somewhat. The Ministry Director and Iruslees have 81arted Ihg process of looklng al the next phasB ol the vl8lon. The Tru91ees Idlrectorg) have unanlmously 8UPPOrtad Ihls docurnenl. Th816 arè fvrfo main commlttè88 which support IA8 Coun¢ll,. Ihe Mlnistry Committ80. ¢halr8d by th& ¢hAirman ol th• c￿rity, which15 re3POn5ibl8 for th8 5plritual dev8lopmenl ol th8 ministry, and th8 Finance and G8ner81 Purposes Comrnltlea, chalred by Ihè Hon Treagurèr, whlch Is r&8pon8ible lor th& bu8inasg and practlcal dovelopmonl. Loc81 Engagement Wg ore cornmilted lo the b•nefit8 of Ihe Convention 8nd the D8rwgnt Project al$0 flowing throu9h lo the lowr) of K8$￿tk. We wafti K88wick Ministries and 113 oper81ion lo be 8 3oulGe ol prid8 8nd benefit locally. Within tha constralnts ol the pandernlc, we h8V8 conlintsod wlth a numb8r of Inlllativ89 to bulld on eng8g8m8nt wlthln tho town. Thèse In¢ludè the Town Liaison Forum, A local sourclng policy, and the promollon of local businesses vla our Enjoy Keswick websita. Wg hav8 atlonded occasitfft81 Kgswlck Town Council Meetings., occasional Keswick Tourism Association rn88tings by invitation, and promot d open di81¢￿u8 wlth Ic¢al Btakehold8TB. IndeFond•nc8 ol Trustees.. The br88th and Ind*p8nd8llCo of tho minlstry is a key strength and Is m&intained by a procoss ol regulBr r?vi8w ol Ihg n•8ds and open discussion ol those who might 8erv8 and complement the learn. Two new Iruslee5 ware Eppolnled in 2019 (both under 40 arnd one f8rn21el." Iwo Iruste88 also lelt the boar(I that year. Jgrgrny McQuoid was 818cled as a new trustee in April 2020 and took ov8r the ch8irfflanship August 2020. Th8r8 w8r8 no changes duritvJ 2021. TIM Chester stood down at the end ol hi8 38cond leim ol office in April 2022 whll$l rgmaining fully CDmmltted lo supporting Koswi¢k Ministri8S Rèpulalion.. Areas of repulalional ri8k8 includ8 inislry. morality, he8lth and sa18ly, s81eguardlng. cofflpgny snd charity complidllLg. drd w&11 s¥1v￿ by Vi¥ F¥id1￿￿ drill GtTrri¥foI Puryu¥o¥ CuiiiTiiilitstt, Wh￿r¥ wo have Ilnance, aceounling, and legal gxpertlS8. and by our prof888lonal 8dvlsors. We also 8ubscrlbe to relevant publications. 8nd lo Cornpanles House and ChBrlly Commlsslon email updalgs, Tho Council and stall remain committ8d 10 5u$laininG Ihtr clear locus ol Ihg organisation oround 113 primary chaiilable obleclivg8, whllst 8180 89ekino lo pul In placa lh& foundations lor th8 ILJtur9 d8v8lopm•nl ol th8 mlnistry undgr the Lord's 188ding. Our values use tho rnnemonlc CHRIST - Ctsmmitm8nt. Humlllly, R8spqct, Inl8grity, Slewardshlp and Teamwork, wlth the ov8rridlng call lo Chrigllikeness. Koswck mini8lrios partnors Wlth iJlffor8nl Chrfgtlori orgonlsolions to holp tokè forw8rd [18 oblectlve3, ineludlng the recordirig, bro8dcasling and publi%hing of th8 ieactting uiven al Ime Kcswick Convention,. the provislon ol Cuiiv¥iiliuii yruyioiiinio loi. adults w51tt learning diflicullies and the provi81011 018 Coi)vant5on bookshop. W• have also partnerod agaln wllh Living LeaiYer8hlp lo d8llvgr 8 P&slor81 Relr8yhmenl Conlerence.. an event held over thre8 d8ys 'to provide an oasig lor th086 in church leaderghlp. A lourlh PRC was hfjld online 2021. We havo run an "In.person" ov¥iit auain in F¥biu8ry 2022 w¥r¥ lully btsok¥d w¥ll b¥fLJr¥ Chii¥tmy¥. Oihgr T+JuLliiiig Oiilj Ti ttriiiiiiu 8v&iils 81-¥ also dèlivèred In parlnèrship wlll) other oigaii15alioiis and appioprièlèly Th8 Mi5510n8ry Hosplla11ty Fund supports the cosl of &llendance of m1&81onarles al Iho annual Convgnlion and th• c09tr9 ol Ihgoe a*le4Ajryn nTrhe! K.o5141irk N.Ainiglr!oq m*4vipn c*￿+11￿!1!￿q Con8olldalèd Ilnanclal 81at8m8ni8 have not been prepared on th8 grounds th81 the r&sull$ ol the subsidlary undertgklngs would nol be rnalerial to the group Ilnancl81 slalemgnlg, COVID.19 As commented above for th8 last two years, lor overyone in the worl¢J. Covid-19 ha5 brought sigllilicant h8118nge5, Ghanges and IraLJma, and mid-2022 we are still living with it8 irnpBcI on rna￿Y 8re88 ol our li18 and witness, Withoul wantin9 to minimiso lor a rnomènt the do8p and personal Impacts on others, this contlnues to bo a time of challenge and ch8ng8 Icw K&swick Ministries as well. As indKal8d above. w8 ran as near-normal an ev8nl as posslble In 2021, operallng wlthln Gov6rnmant guid81ines, Ilaising with the local authorities and successfully maintaln8d 8 Covid fie6 slte. W8 h8v8 f8sch8dul8d a numEér of the lonly r8cenlly 81art&d I naw) tea¢hing and trainin9 evonls, wilh oth&r$ procèadlng as on.ling gvenl$- making them BCC88sibl8 to rnore p80pI8. Slaff hav9 gener811y worked from home ¥therever FX)ssible and mandated, and 8rKially distanced wh8n in th8 Difico. Wlth lower number¥ attending Ihe 2021 Convention, giving al the evenl was lower than usual. Thankftjlly thLry ha5 b88n mora made up for by Incr88sed year-round oivlng. lor whlch we are hug&ly gr8t6ful. There has 8130 bgen a loss of ne￿-donOr Income from the concellawon of accomrnodatlon booklngs. and the lack of use ol our ear parks. 12 Work on the Pencil Factory. as part of the Derwent Project, has been inlerrupled by contrgclors ne8ding to sell-isolate and by impacts on Ihe supply chain. We have also $8en quite ¥ignilic&le iner8asas in the cost ol rnDterials. and are facing substantlal incro8S88 In fuel costs. As slated above we have been able lo run a ne8r nwmBI thre8-Wgek Convontion in 2022. Miligaling th• fin8noal impact ol Iho above. we ar8 blessed by a broad and supportive donor b85e, non-donor Ilnas of Income. limilgd ras8rv6s, and no o)rnrnerclal debl. While there are a numbgr of uncertainties gnd som8 signiflc8nt chall8nggS, Ouf 2022 builgat indicat85 no need lor undue concerri. The budgol shows that. in the OPiniDn of thg Board ol Tru6t885, there are no malarial unc8rtaintles about Ihe 8nlily'$ 8billty to continuè lo oper818 85 a golng concam. Wa conllnug to glv• thank8 lor tha ways In wh￿h th8 Lord continues lo me&1 our neads. FINANCIAL REVIEW G•n•ral The Tru61ee8' flnancial objectiv88 are Iwolold.. To rBIs8 suffieS8nl fu￿5 lo m••1 thè coyt ol the Tru81'6 cumnt activities and to develop new aclivilie5. To rAlso yuffi¢Ionl additlon8I monèy lo continua Ihg rolurblshment ol the Pencil Factory bulldlng lo provlde lurih8r 8ccommod81ion lor convènts.on 8CtivitSès. and conl8ronco faciliti88 to host ministry activities in PUf8uII ol our obj8cllves al othgr Ilme8 of the year. The incorne ol Ke8Wtck M'inislrl85 comes fflainly fr￿n volunlary donollon$ mad• by Ihose who support and tland Ihe Convontlon, ond Itg financial vl8bllily Is depfjlldenl on this. Once agaln wg gralgful to God lor the flnancial provlslon In the yeor under revlew. 8nd lo Ihe many Ihous8nds who have caught Ihe vislon for th work of mlnl6lry and have given 60 generously towards11. Summary of Flnanclal Pogltlon Th8 lin8nclal rosulls aro s81 out in the Slalem8nl ol Flnancial AcllyllleB on page 21 arid can best ba dg8crib8d under Iwo hoadlngs,. The Gener81 Fund lunreslrict8dl anrj Derwenl & Mlsslon Hospitallly Fund Ire91rlctedl. Tho G•naral Fund had incomo lor tho y8ar of £1,425,782 compared wllh £1,334,130 in 2020, an incr8as8 of 7%. Expgndiluro, 81 £1,351,951 wos more than 70% hlgh8r than In 20201£784,8311, Taken together. 2021 producad 4 not surplus 01 £73,831, compared with 8 net surplus of £549,299 in the previous year. In 2020 the Phys￿81 Convenllon was cancelled 8nd r•plac8d with 8 VIrtU81 one. Nomal givifig and gxpandilurè w9r8 both considerably down In 2020 because ol th81, although Ihg reduction income was offstrl by o significant legacy. W* arè v8ry thankful that glvlng lo the General Fund has held up well in whal has bgen another year of great uncertainly due lo th• pandemic. Wilh rg9ard$ lo the Dement Prole¢t ond M15S1Dn Hospllallty Fund IRastricl8d Funds) the financial results In 2021 8r8 81$0 very ple85ing. Incom8 w98 £804,923 cornpargd wllh £618.948 in the pr•vSoug year, a ri88 01 30Y.. Expenditure w83 £313,84012020- £281,587) le8ving g nel Surplys of £491,08312020- £337,361). The De￿ent Project, which is now in Its ￿¥&￿th y88r. accounts lor Iha vast majority of the r99trictad incom8 and eX￿nditUre. The Mission Hospilalily Fund Included in theye nurnber8, ha$ not had on Bppgal or ¥PB¢lal offering lor the last SIK trEars bec8use of the focus on Dfjrwenl. Irwm8 for Ihls furTd w88 £2,957 tn the year c(Knp8réd £2,765 in 2020,1gaving a balanco on Ihe Fund of £6.48113ee note 161. This fund engbles misBionarl88 to attend, and bgnelil from. Ihe Cmv¢ntion who oth•rwl89 wouldn't b• abl8 to do go. 13 Th8 Restrict8d Funds b8lance At the year-end, of1£322,921112020 - E1,140.7891, relates almosl enlir8ly lo lh8 O•rw8nl Proj8Ct. The deficit is covered by the Oerw8nl Proiecl Designated Fund, and 8xp8Cted lo be covarad by 9Sv4ng during 202213. Total incom8 Ir8s1rict8d 8nd unrestricl8dl 8Tnounlèd to £2,230,705 compared to a prevSous year's lotal ol £1.953,078 Aftèr dèducting expenditure, the nel surplus lor Ihe year was £564.91412020- £886,660). Onco again th• Trustees are thankful lor the continuin9 high numbgrs BUPPOrting Ihg minislry, and foi their generosity in both prayar and giving. DONATIONS AND LEGACIES Th8 8ctivllie5 of th8 charlly ar8 financ8d almost 8nliTely by voluntary gifts Ihraughoul Ihe yoar, oflerings taken duflng C￿)vant10n and legacies. Lag8cl8s 01 £155,90812020 - £453,962) were recognised durlng the year. W• ora¢elully acknowledq8 th8 rniny unr8cord8d gifts ol Ilma and èxp8flls8 glvén by so many durlng th course of thè yabr, wlthout which our op6raling costs would increasa gieatly. FUNDRA151NG K•ywick Ministri85 is lortunate in h3￿n0 8 laige and loy81 supportèr basa who hava 9UPPOrt8d tha charliy lor many yeor¥. and who give 98nèrously in support ol our Iinancl81 needs. Wtton the OenpJ•nl F¥oloct W88 l&unchod In th4 8umm8r 012015. th• IlnBnelal n￿dI ol tha prolgct wore 18itJ before our 3UPPOrtars, wllh supporting matèrial. 8nd thèy hav8 respond8d mapnllicanlly. Normally w9 updata our supporters on plans and progress al the 3nn¢Jal Convention, and by rneans of fssulor new$leller¥. Qwing lo the fact that ltta Convention in 2021, while a thre8-week physlcal event, Ylill had many reslriclion8 due to the pand8mlc, n8Ws18tler upJa18s were supplemonle(J wilh video clip updal8s, somelhlng which we plan lo continue. Wè hovè workad W￿th d8sign aoanclas lo produc8 quollly camp8ign m8leri81. Bnd 8re regi51ered with the Fundraising Regulat¢f complying with Ihsir standards. In addllion we hav8 Trusl•8s and a minisler-81-1gro8. who is a former trustee with lund-raisino experience. Theye &rèAs 8ré ovarséan by our frè8surér And thè Fin8ncè & Ganaral Purpose8 Commllloe ol Ihe Council. We have nol usad ext8rn81 aganci8s or third part183 to speclfic8lly fundrai58 C￿ our behall. and have 18k8n responsible appr08ch lo ¥eeking funds lor th8 prot•cllon of all our support•rs, Including Iho88 who rn8y b8 deam•d vuln8fablo. W? have not had any compl8int5 about oui lundiaising. bul wer8 any lo b8 rec8lv8d, Ihey would b8 lak8n seflously and handled 81 a 5enlor18v81. RESERVES POLICY In 8ddilion lo tha Dèslgn8tecJ Resarves sel oul h Note 16, the director5 have agfeed 8 Genef81 Reserves policy deyigned to me8t the r8quir8d level ol working capital given th• cyclical nature ol c88h flow-, G•neral R85erYes oi e250,000 to £400,000 are con5id8r8d appropriate. As such Iha General R•s8rv•s of £1,011,068 ar8 considered lo be more than ad8quale and 50rn8 ol this will b8 usqd lh8 D•w8nt Project. Th• Deslgnaled Flxed A55els represent the nel book valuè thèr801. 18SS 8 loan from a supportlva charity, on 18VOL1rab￿ lèrmg. 14 RENUMERATION POLICY Th• pay ol th• $8nior staff is sel so as lo be fair in Ihe light ol prevailing rates in other Christian charities, and Ihe locali¢y, and lo ensure Ih8l the right ¢81ibre of peopl8 can be recruited lo key role5. The fru$io*$ rovlgw 58lar18s annually and u5u8lly rn&ko 8 cost ol Ilviag incre85e lo a11 staff. Total pay and benefits in the y•ar was £413,957 {2020- £456,292, which includad £14,500 01 redundancy cots)," this represents a like-lor-like docrg36e 016% (see note 71. TANGIBLE FIXEO ASSETS The asse18 and rolalod d•pr8clation, Includlng rates ol d8preciation ar8 sel out in Not88 1 and e. PUBLIC 8ENEFIT The Tru8lee8 have considered the public benelil guidanceissued by the Ch8rity Cornmi58ion together wSlh the $upplemenlal guidance on the applicalion ol lh8 public benefit lesl lo charitles whose aimB include advancing r¥llgion. Tho Tru$lè8s ar8 awar8 01 thair I￿￿1 duty to hav• regard lo the publlc banefit guidance and to report on this ch&rlly'8 c¢ynpli8nce wllh Iha public bèn8lil obllgation. Th8 ph￿ICal and spirllu81 r8lr8shm•nl gain•d by those who all8nd the Convention provides a direct public born8lit by thé d8•pening ol th8 splrilual lifè ol th8 indlvidu81s and, through the individuals, thair church comrnunilies and, Ihrough those church cornmuniU8S, the wid8r cornmuni1188 In which th8 churches arè $81. In 2020 much ol Ihls benehl was achieved through having the Convenbon available on-line, and occo8s•IJ by pecyle Irorn all over the world. These beneflls are dIr￿llY r81818d lo lh8 alm$ of th8 ¢h8rlly and tha Tru8t8gs gr8 consclws ol tho need, 80 IAr 86 thoy are 8ble, 10 b81ence the dellvery of the bene1118 ogain818ny posslble detrSment or harm. Slnc8 the main Convention 8vent is open lo the public no charge is rnade lor attendance al the overwhelming rn8iorily ol the progr8mme, there is th8 widest posBible reach from th8 charity'5 aclivilie8. 8ecause there 15 no lee, those in poverty are not excluded from Ihe opporlunily lo benglil 88 Ihey can allend the meetings al no charge. Tho Trustee3 are con8ciou8 of lThe need lo ensure that any private b8nefil$ gra only Incidental. The work ol tho ch81Sly Ihrouoh th& year In offelng a881818n¢• and guldonce to 6lm113r Ccfiv8nllons And meetings elsewhe￿ has the eflecl ol spreading the publlc b8nellt even wider. INVESTMENT POLICY The dlr8Ctors have powers lo invest surplus funds in inve51rn8nls, Securi￿85 and properties a8 tr?y thlnk fit, gubl8et lo thè provislons ol any re16vanl legislatlon Property inve8lmenl may be for the dual purpose of active use by the charily and appropriate lelling lor perlods nol required lor dlrecl chaAlabl8 purp058s. Durlng thè year the Trustees have considered the investment policies. especlally In the Ilght ol the low interest rates belng pald. Giv8n the active conslderalion that Is belng given lo the limlng ol some ol the rnajor costs noted in Ihi5 report, surplus lunds are invasled In a mix of Term and Instant Access bank deposlls. Soclal, en￿rOnMental and •thical con$ideralon$ ara consldar8d Sn 8el•cling th8 banks al an approprS818 ￿¥81 ol rlsk. Lmjuid funds are Invested with g view lo rnalnlainlng their value, pending planned expendilufe in the Short lo m•dium larm. The trustees consider the perforrnance ol these inveslments lo be 58ts'slaclory. DIRECTORS. RESPONS181LITIES Cornp8ny18w require5 the directors to prepare accounfs for each finan¢i81 year which give 8 true gnd for vivw of the 51ale ol allairs ol Ihe company and ol Ihe profit or1035 01 the company for that year. In preparing Iho3e ccyJnts. th8 direct￿$ are r8qured to.. selecl suitabl¥ 8¢coun￿￿9 policiès and th$n apply them consistèntly., makè judggm8nts and èslimatas that ar• reascN)abl8 and prud8nl', 15 stale whether appllcable accounting 81andard8 have b08n Ic41ow8d, Subject lo any material departures dsclosèd and éxpiainthj In th6 financial staiement8', pr8para the financi81 sla18ments on the going concem ba818, unless it 18 In8pproprlale lo presume th81 the ¢mpany wlll continue In busin8SS. Th8 dirèctors arè r8sponsible for k8eping prop8r acc(xJnling recordB wh￿h di￿1089 wlth rea&onab* accuracy al any limo tha Ilnancial posllion ol th8 company and to enable Ih8m lo en6ur8 Ihal th8 ￿0vnIS comply with the Companies Act 20￿. Tttay ara also r8sponsible for Safoguarding the a6s6t6 01 th& company and h•nc8 for taking reasonable sleps lor the pr8v8nllon and dalectlon ol fraud and other In8gularlll88. TM• diro¢lors o1$0 ¢onlirm that a$ lar as Ihey ar8 awar8 thero 18 no relevant &udS1 hlormalion ol whKh Iho charity'8 audilors aro unaware and Ihgy have take*n 8118leps Ihal th8y ouohl lo hav8 l8k8n Bs dif8¢tor5 In or(1gr to mak8 Ih8msalv88 aware ol any relevant 8udll Inlormollon and lo 9818bllsh thal the comp8ny'8 8udllofs 8r8 awar• ol thAI inlomiation. In prepbrfng this Teport Ihe Iru81008 have taken advantage of the 8m811 company exemp￿nn￿ provld8d by $ecllon 415A of tho CornpAni8s Act 2006. By ord8r of the Dlrector8 Sl8ve Adafn ITr8aBurerl Dg18'. 16 Independenl auditor's report to the members of Keswick Convention Trust O￿nIOn W9 have auditgd tho flnanclal slalam6nts ol Kaswick Conv8nlion Tfu61 Ith• 'charity'l lor tha yaar andgd 31 Dacgmber 2021 which cornpri3e siatoment of Financial Aclivillgs. tha 8&lancg Shetrl, the Slaternenl ol Cash Flows and notes lo the Ilnandal statements. inelvdlng o 8UTllfflary ol Bionllicant accoUn￿n9 polirAes. Tho financl81 raportlng Irarnework Ihal hos been aP￿led in their prgparollon is BpplI￿ble law and Unit8d Kingdom Accounting Standards. including FRS 102 "Th8 Fin8n¢i81 Reporting Standafd appllcable in tha UK ond Republic ol Irel8nd" IUnil8d Kingdorn Generally Accepled Accoullting Pr8Ctic81. In our oplnjon, the linanclal 51atamgnts'. givg a true and lalr view ol the 8tal& ol the charity's gff8irs 83 * 31 Docemb8r 2021 and ol Its incomg and axpènditurè lor Ihe y88r then ended,. have been properly preparod in accordance wlh Unlled Klngdom G•norally Accèplod Accounting Pracllc8. Bnd hBV8 be8n pr8par8d In gccordAnce wlth th& requirernenls ol tho Companies Act 2006. Ba819 for oplnlon We conducl8d our audll In accord8nG& with Inl8rn8tional Sland8rds on Audlllng IUKI IISAS IUKII ond applicabl8 law. Qur reyponsibiliti88 under Ihose standards aro lurth•r d&$cribed In th• 'AuditOf'S responsibililtes for tho aurjil of thè Ilnancial slalemen18" g0¢li¢n ol our r8POrt. Wg ara indgpandont ol tha company in aceDrd8nc• with Ihè 81hical r8quir&m8Dts that are rolevanl to Ouf audll ol Ihg Ilnanclal slatgfflentg in th& UK, including tho FRC'S Ethlcal Standard, and w8 h8ve lullilled our other ethical re8ponslbllltl85 In Accord8nca with Ihesa r8qulr8ment8. We bellgv8 that lh8 8udit 8vid8ncg we hav8 obtained 18 sufficl8nt and appropfiato tts provide a ba815 lor our opinion, Conclu8lon• 14l•tlng to golng concorn In audlllng the flnancial slalemen18. we hav8 concludèd that Ihg dire¢lor3' ol the going c￿C•r￿ basls ol 8ccountlng in Ihg prgpgration of Ihg linancl81 slat•m8nls Is 8ppropri81•, 8a8ed on the work wa h8v• pgrfomad. w8 havs not id8ntilled any material uncertglnll03 rg18ling lo 8v8nts or condition¥ that, individually or colleGllvely, may cast slgnificanl doubl on thp wrnpany's abillty lo continue 99 ing concern lor a p8riod of al least Iw81v& months Irom when the financial slalemgnls 8r8 authorlsgd lor 185118. Our responslblllli88 and the rosponslbllltl&$ of tho dlrector3 with re8pec¢ lo going con￿rn arè describ8d in the rolevant seth'on3 01 thig report. 17 Othèr Informatlon Th8 other information c¢ynprise$ the information included in th8 Ttuslees, r8POrt, other than the linan¢ial slal8m8nts and our 8udltor's report Iher8on. The tlirectors are responsible fof Ihg other inlorm8tion contsln8d within the annu81 rèport. Our oplnion on Ihe Iinancial slalernenls does nol covtrr tha other inlc¥rnalion and, •xcgpl lo th8 exl8nt othafwlse explicitly slal&d in our report. we do not 8xpress any loim o1858uranc8 concluslon Iher80n. Our re5ponslbilily Is lo read the oth8r inl¢)rmalion and. in doing so, consider ￿eth•1 tho other Information 1$ materially inconsislenl with th8 financial 8lalem8nls or our knowlèdgè obtained in tho cours& ol th8 audil. or oth8rwis¢ appoars to be materially mis5tat8d. If w8 identify such m8tefial inconsislencig8 or apparent mBl8rio1 iss1￿l￿rI7ents, we are rAqiiir6d tn d*l*rrnln(I whEJlhar this olv8s ris8 tD 3 m818rial mis51at&mgnt in Ihe financial 8lalemE)nts Ihgn7581v85. 11, bas4d on the work wo hava p•rformad, wg conclud8 that thore Is a rnalgrial issIBlomeni ol Ihis olher inlortnatlon, w8 ar& requir8d lo report Ihal lacl. We have nothlng lo r8port in this regard, Oplnlon8 on othor matt•r8 pr•8crlb•d by th• Comp•nl•* Att 2008 In our opinion, based on Ihe work undartaken in the ¢Ollf5e nl Ihf> ftiidil.. Iho Information given In the Tru818os' Report and the Dlreciors. report lor lh8 Iln¥nci81 y¥ar lor which the financial stat8mènls ar8 pr8par8d is c¢nsigienl with the Iinoncial slatemen18', and Ihe Directors. Report includ8d wlihln lh• Trusl008' R8POrt hav8 baèn praparad In accordance wltti ppliogblo legg1 requlr&m8ni6. the trustees were nol enli118d ID 6)r8pare Ihft linanci81 $1819rnents In accordance wlth th8 small companles regime ond lake a(Jvanl8ge ol th8 SMAII cnmpanies, exempti￿ In prapailng tho Trusièes. R4port and Irom Ihe ieqLJir8ment lo prepar& a Strateqic Report. Matters on whlch we arv required to report by éxcfrptlon In light ol the knowl4d99 and und8rslandlng of thé company and its envlronrnenl obtained in Ihe course ol tho audit, we hav8 not Idenlilied malgrSal misslg1om•nls In the Dirècl¢Trrs' and Tru51ees' Report. We have nolhlng 10 rèport In respL+cI ol th8 fallowing malt6rs in relation lo which the Cl￿PanIeS Act 2006 requir98 us lo report lo you If, Iii our npinion-. 8dequale accounting records have not b88n kept, or returns adequa1& for our audit hAva not b••n rac8ived from br8nche$ not visi18d by us.. or Ihg fina￿cial slalèmenls are not in agre8m8nl wvilh lh• accounting records 8nd roturn$.' or ¢ortBln dlsclosures ol dir8clor$' r8muneialion specified by law are nol tnade, or we have not recoived 811 the information and expl8nations wa raqulr8 lor our audit. Ihe Irusleas wèr• not oThlitled to preparg the finallcial staternents in accord8n¢e wllh the small companle$ r8gifflè and lake advantage ol the Small companies. exemplion in preparing the Trustees, Raport and from Ibe lgquiremenl 1¢> prgpare a SITalegi¢ Repori. R•sponsibiliti85 of Dirèctors As explain8d more lully in th8 directors, responsibrltlios slalement s81 out on pages 15 & 16, the directors are responsible for the preparati￿ of th8 financial st8ternent5 and for b8iry $8bsfied Ihal they giv• 8 true and falr vlew. and lor such internal conlrol as the dlr8ctors determine is necessary to enable the preparation ol financial 51alemenl$ Ihal ai¢ flee from m8tarkg1 misstatamonl, whèlh£r duè lo frhud or arror. In prgparing th8 linan¢i•l stAl$fflanls, th8 diraelor$ ar8 responslbl• lor •ss8ssing Ihe compan￿$ abillty to conts.nuo as o going concern, dlscloslng, as appllcable, mallers related to going concern and using the going con¢ein basis olaccounllng unl858 the dlreclors either intend lo liquidate the cofflp8ny 01 lo cease op8r81ion8, Of have no r8811st￿ Alt8fN8tIV8 bul to do so. Audltor'8 re8pon8lbllltle8 for the audlt of th• flnanclal 8tatement8 Our obj8clives are to obtain re8$on8￿8 assurance about whether the fin8nciBI stslemgnts B8 B whole are Iree liom malarial rnisslalern8nl, wh8lh8f du8 to fraud or 8rror. and to Issu• an auditor's r8port th8t includ8s thjr oplnion. Reasonable assur8nce is 8 hlgh 18V81 ol aBsurance but not 8 guaran18e that an audlt conduclad in accordancè vllh ISAS IUKI will alwaysdet8cI a maièrlal misslalèmenl when it 8xisls. Mlsstalamanls can oris8 from fraud or error and ale considered material if. Indlvidually or in the aggregate, they could r88son8bly be èxpactéd lo influ•nc• tha economlc dacislon9 01 us8r8 iakén on th8 b8818 ol the fln8nclal statèmènts. The extent lo whlch our procedures are capable ol delecllng irreGularllle8, includlng Ir8ud18 detalled below. Irr8gularllieg, Including Ifgud, or• In8lBnce8 ol non-compllancg wlih law9 and iegulalions. We deslgn piocedure3 in line with our re3ponsibililies. outlined above, lo delecl material ml$stolernenl$ in r08pecl ol iriegulari1108, Induding Iroud. 885ed on our un¢Jerslbnding of the charity 8nd ils Snduslry, we Identified that the prineip81 Hsks ol non- comp118n¢e with 18w8 18oulallon8 relgled to the Charille$ Act 2011 Itte Chgrille$ Slal8m8nl ol R&comm•nded Practice. UK tax legi61ation, penslons leglslalion. employmenl regulallon and health and solely r8gulalSon, anli-brlbery. corrupllon and fraud, rnoney laundefing and ￿ consldered the 8Xtenl to wttlch non- compliance might havo a ma18rial allèci on th8 flnanclal stat8mènis. We also con8idèrad thos8 18ws and rggulalions that have a dlr•cl Impacl C￿ th8 pr8paration ol tha financlal slalorn•nls, such as the Companl8S Act 2006. To help us Idenllly instances ol non-compllance ￿th the88 laws and iegul81ion3, and In Identif￿ng and asse531ng the ri5k5 01 rnalerial m1581ol•m•nl in r05pect ¢0 non.¢ompllance, ¢yJr pro¢edure$ in¢lud•d, bul w•re not limit8d lo". Inquiring ol manogernenl and, wher# Appropri819, Iho$e ¢h8rged with gov$inant•, 88 lo whelh•r the ¢ornpany Is in complianc8 with laws and regulations, and discusslng Iheif pol￿￿eS and procedurès regardlng compliance with laws and regulations., In5pecling correspondence, if any. with relevant licensing or legula1￿Y 8uthori11o8'. Communicating id8nlifi•d laws and r8gu18tions to the •ngag•m•nt taam and rernaining a18rt to any indlcalions ol non.compliance throughout our audit,. and Con5i(J8ring the risk of gcts by th¥ company which were contrary to opplicgblg laws and regula￿on5. indudlng fraud. We also considéred Ihtsse laws antj f8gulBtiong that a ¢JirÉct èffact on th8 prèpwation of th8 ffln8ncl81 statements, such as CharIt￿S Act 2011 the Charllles Slalement ol R8cornmend8d Practlc8. UK lax legislallon, 19 pensions legislation, employment regulation and health and safety regulation, anti-bribery, corruption and fraud, money laundering. In addition, we evaluated the directors' and management's incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of management override of controls, and determined that the principal risks related to posting manual journal entries to manipulate financial performance, management bias through Judgements and assumptions in significant accounting estimates, in particular in relation to investment properties and the treatment of transactions related to the Derwent Project, revenue recognition (which we pinpointed to the cut-off assertion), and significant one-off or unusual transactions. Our audit procedures in relation to fraud included but were not limited to: - Making enquiries of the directors and management on whether they had knowledge of any actual, suspected or alleged fraud; - Gaining an understanding of the internal controls established to mitigate risks related to fraud; - Discussing amongst the engagement team the risks of fraud; and - Addressing the risks of fraud through management override of controls by performing journal entry testing. There are inherent limitations in the audit procedures described above and the primary responsibility for the prevenliun ant.l t.Jelediun ur irregularilies inclut.Jiny rraut.J resls will1 111ana1:Jellle11l. A8 wilh any aut.lil, lllere remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's wobsito xd 888èts •h Iw•d kn) Inv•¥tlng icll¥lll•• 11,3SO 192,197 2,500 1,912.791 1,766.744 26,191 109,281 1,365,8411 1,2JO.369 C•4h flty*• from fln•f￿11Vj actl¥ltl••'. Ral$ing Qlborrowlng Npt ¢iih Ilow• ffom fv•rKlng •¢t￿lI• 13 IDetYta8•1 ￿n c8&h and ea$h •quival•nl& in lh• Caih 4nd ca8h ￿Ul￿lents 8tlhe beginnlng ollho >taf Totsl c•sh and c••h •qufv•l•nti it lh• •Thl olth• 1702,1101 1788,7721 2.579,536 1,817,426 3,346.308 2.579.530 23 Notes to th• Flnan¢lJl $18t•m•nts For the y•ar •ndod 31 D•c•mb•r 2021 Accounllng pollel•s a. Accountlng conv8ntion Tho chDrlty i- publio b&n&lil entity 8nd th8 8ecount£ Ar• pr•par•d und•r th• historical cost convention ill accordance with FRS 102, th8 Financial Reportlng Standard applicable in the UK and the R8publlc ol Ireland, the Companl¢s Act 2006 and Stalement ol Recommended Pr8¢tKa, Aceountlng and Reporti￿ by ChorilK8J ISORP 1021. The Keswick Convention Trust is a piivate company limited by gu8ranl¢g and is non.profit making. The Keswick Convention Trust is incorporated in the Unltéd Kinudotn and 1ggisteiBd In England and Wale8. b. Consolidallon The ¢h8rlty's two 8ub8idiari88 ar8 not consolidal8d on the ground8 01 Immaterijllly. c. f4rJlnJ r,nnr.prn Thy Lufiipafly'S bu¥fjTI¥¥L4 ¥bllvi11118, il¥ p8rfrJrmaiica aiid positson ar• set out in Ihe Dirtclor8' Report on Pbutts 4 10 1G. Tho compan￿9 lorec8st8 and projocllong show Ihal the comp8ny should b? abb 10 opgralg wlthSn the worklng capi181 la¢llllas avallabl6 to il. The lorec8515 and proj¢¢tlons havè slncè ba&n omendod to rell&cl thè PDt8nlial Impact ol Covid-19 3nd th8 Impact ol the$8 arg dlscussgd on pag￿ 12-13. The Trusieg5 have g r8a8nnable exp8ci#llon Ihgt th# Lumpuny lia¥ r¥8uurL¥¥ Iu LXJ111iiiu¥ In oper8lional ax181ence for Ihe lorg¥0¥8blt lulur&. Thoy Iherelur& continuo 10 adopt Ihe going ¢oncern ba$l$ of accounting in preparing tha 8nnu81 lin8nclal glat8m8nls. Thore ar8 no material uncertBinlias about the enlily's atAlily lo ¢onllnu8 lo operat•. d. Income Donations and 1gga¢ios consSst of gifts, olf8ring8, 18gach8s and rolat•d Gift Ald cleths. Incomg which is recèived lor 8 spaGili purpose Is accounted lor within a reslricigd lurtd. Incomo Is recognl8ed in Iho y¢0r in whlch the cornp8ny is entillgd lo r8c8lpl ond the amount can be measured reliably. 11 is allocated to 8cliville8 on &n 8CtuBI b8818. In accordanc8 with Ihls policy, legacies are Included when it is probable that il will bo re￿1ve0. Donations in klnd ttre report8d al lair valu•, in 8CCOfdanco Wlth accounling sland8rd8. e. Eip&ndltura Includes all expendilura diroctly relating lo the ¢bleEts of th8 cha￿y, included on an accruals basiB, ir￿luSive of any VAT whSch rAnnol be recov9red. and on tho lollowlng ba&is'. Wher8V8T POS81ble, costs are 8lloc8ted to 8¢tlvltl8s on an aclual baBls. C0818 sh8r8d b&h¥een act￿VIllaS are apportioned b&tWoen th•s8 octivi1185. Support costs which are not attribut8bl8 to specific aGlivity havo been 8pportionod between Ihg acb'vilies being support&rJ. Wogos and s&18rtes have been split between lunda on th8 bos1$ of esllmgt•J time spent by staff members on th8 D8￿nt projecl. 24 Notes to the Flnanclal Stat•m•nts For th• yoar onded 31 D•cemb•r 2021 Conunuèd l. Flnanc181 Instrum¥nt8 The trusl only h85 flnancial as8818 and11gbilltlèg 019 klnd Ihgt qualify qs b88iC fingncl81 In8lrurngnts. g. Dgblor8 In¢lude8 8rnounts invoiced but nol yet paid, tog81her with payment6 in advance, 1858 provk8ions lor 8ny doubtful dgbts. h. Cash at bank and In hand Equat•$ lo Kry8B than 100 days accoss bank balanc88 and c98h floats. l. Crgdllors ¥nd prov￿OnB for ligbi111198 Includ88 purch8988 involc•d bul not yet pald. ConceBylonary108n3 •r& m&a$ured al arnortl8gd co8t. l. Flxed aB8el Flx8d aB3etB arp 8hown DI orlglnal cost or, If donalgd. 8t thelr v81ue on tho d810 ol the glfl, 1998 accumul8ted depro¢lalitsn. Depreciauon 59 calculatod lo wrlt8 oll the cost 183s e$tlrnatod rosidual valu8 ol fixed assets over th¥ir eslirnaled useful life, Land is not depreciated and buildlng6 aro dopraciat8d Bl 8 ro18 012¥o on a Straighl-ling b881s: equlpmgnl arKI fumllure ar8 d8procialed on 8 reduclng balanca basls at a rgla o130Y,; The minllnum capil811981ion lav81 ig £1,000. k. Fund a￿OuntIng Tho diroclors hava r8tain8d th8 de819r)81ed surns lormlng part of the ¢h8rily'8 unre81rlcted lund5 10 be usod lar p8rti¢ular purpo¥g¥ In the lulure es oullin8d In Note 18. Inveslmenl8 In 8ub8ldlarl•s 8r8 recognl$8d by Ihe ¢hortly al co$1 le88 8nd provt8lon lor Irnp8iment. l. InveBlrnents Inve8lm8nts held a5 fixed asset3 8r• slal8d #l cost 1•85 provlslon loi any p&rman8nt diminution in value or Bt lalr valuè 8$ d8t8rmlngd by tha Trustèos as shown In Note 9. Inv•slm•nl8 In 8ub8idlary und&rtakiTras 8re reBognised al cost less any Pfovislon lor Impalm8nt. m. Public bgnefil conce$glonary10gns Public bonefit concessionary loans arg Initl8lly maasured at cost with thè cariying arnount adjuBlgd In subsèquent years to renecl repayments and any Imp8imenl as determined no¢e8￿rY by Ihe Tru81ees. n. Operating leBse8 Rgnt81$ paid under operating leaBes are recognised kn income on a slraighl-llne basis ovar th8 p8rk)d of the leasè. 25 Notos to tho Flnanelal Statements For th• yoar end•d 31 DecefflbOT 2021 Contlnued Jud9ementJ In applying acttountlng pollcl•s and kèy 8ourea8 of e8llmallon unettrtalnty Invè¥lrnttiil prop¥rli¥ Tha Rawnsley Silo ha8 bogn v•lu¢d th& basls ol the n81 Incom8 derived liom c8r parking. An inlorrned view has been t8k8n as 10 gn approprlalo r818 ol raturn. wlth income lor?cast ovor a 20 year perlod 8nd into p8rp8lulty, Infomed by hlsloric trends, known plans 8nd Any other portinonl extèrnal f8¢lors, The P8n£il Mu50um has boen valtsod on the basis ol the net incorne derived from rental income. An informod view has b8gn tAk8n as to an appropriate rat8 01 return. wilh inc0rn8 for8ca81 over a 5 y8ar petiod and Into perpeiuity. Inlomied by historic trends, kni)wn plan3 and any olhar pgrtln$nl extorn81 laclors. '8counl 18to8 in th• rangè 7.5% 10 8.0% ar8 consld•rod approp1￿18 and havo ￿en u8ed for the50 alcu18tions. Derwant Prol•cl Sile d8vebpmanl co818 In ro8PO¢t ol tha D8rw•nl Project fall vAthln th8 VAT Capllal Good8 Scheme an(J 88 Such 8n 85tJm&tè ol Iha VAT pgrtlally rè¢ov6rabl8 Ihèreon18 Included ai tha b8lanca 8heèl date. The amounl ol VAT partially racover*d Is linked lo the current and prTrie¢1￿ a¢livitie3 01 th8 charity. Incorn• Don8ltyJns 8nd l•98Ci88'. 2021 2020 Lgg3cIo¥ Unrg$tricl•d donatlons Re51iicled domiiona 155,9Q6 931.099 804.923 1 891.928 452,962 8eo,529 818 948 .733.430 hM8lmentg-, 2020 knlere81 welwd Renlol I￿¢m6 11,350 192, 196 203,S40 26,191 109,281 135.472 26 Notes to lh• Flnanclol Stat6m•nt¥ For th• year gnd•d 31 Doc•fflber 2021 Contlnued Analysls ol •xp•ndllur• on charltabla aetlvltl4• Actliities undertaken dlreclly Supp)rt costs Tot81 Mlsslonary kb)stytallty FUTr Dewènl Proigct 25,646 172,207 197.853 Ch8rflabl• 8ctliill•$ Other Totsi 861.024 43.622 930.292 261,622 10S,S63 539,392 1,122.646 149.185 1,469,684 Ch8rilabl8 aCtIv11￿5 COSt8 Includo th8 y•ar round co913 of Ihe Skiddaw Str881 Conv&ntion Contr8 and staff offl¢08. Ind of Ihe RawnBl•y bulldlng. 2020 ¢ompaf411Y• Act1￿1$8$ undertakon dlreclly Supwt C0818 Tol Actlvlty Ml$$l¢nary Ho8pll81Sly Fund D•l￿nI Proj8cI 250 28,97Q 148,223 177,193 ChBrttable act5￿¢￿e$ Olher Totsl 256,476 71,174 356.870 306,582 76.839 5S3,058 148,013 888,514 Chaillobl8 Bcllvltleg costs Includ¥ Ihe year round cost8 of tho Sklddaw Slrgel conv9n1￿n Centre and staff offlc8$, 8nd ol th• Rawn3ley building. * ry v> * * 19 1 1 Not?s to the Flnanelal Statem•nts For the y•ar gnded 31 Dgc•rnber 2021 Conlinue(I Audltor'g r•mun•r8llon Th8 company incurred the following charges from th8 8uditor'. 2021 2020 Avdil fo•- 2019 Audit IAe- 2020 A￿￿11 IB8- Tax athice and consultancy 11801 12.600 1115 12,996 1,750 14,170 12.681 Stafl co•t4, f•lat•d p•rtl•i Ind volunt••r• 2021 zozo W8ge3 5alwies Social Security cosly Pension contribLttKJns Redundancy 338,470 22,615 52,872 365.9)4 29.382 46.9)6 14,500 456,292 413,937 The TruJl op•r81•s 8 defined contribution pènsion sch8m•. No employ8a •afnad £60,0(X) pèr annum or more12020- no employees falling In the band efjO,O(K 1¢ £70,OC()I The average number ol full lime 8qUiV8leni ernployees wa8 10,S12020- 121 and the average h8adcount Was 1312020- 151. fEx 2021 2020 Tru31ee M￿ls1ry Director ICEOI & Chltl Q￿r$I￿n9 Offic8 ICOOI The abov6 r8mun6ration is consldered lo be the remLsnerqlion ollhe key man898rnènt p•rionnd. J8mes Rob30n led the organlsallon, 88SlSt8d by tha Chièl Op8ratlng oific8, Davld Sawday. Mrs E McQuoid. a tru$t8e dirèctor (Resigned on 23 April 20201, rocelved remuneration ol £nil12020 E5.0281, under an 8mployrn£nt conlr8cI a8 a trustee up lo the date ol re5ign8lion. In respect ol ommissionlng Edltor y£rvic8$, Acontribulton ol£nll12020- £2861 vlas ay) made lo the charity defined ¢ontribulion p8nsion 5cherne. AUth￿IlY lor the trustee diroclor'3 em￿0yMonI 15 contained wilhin the con¥titution of lh8 charily. Expgn$gs 01 £67712020 - £1.9931 were relmbursed to 612020 - 111 dir¥clor$ lor travol and meeting expenges in the year. The spouse ol 8 trustee, receiv8d r8mun#ralion of £14,305 12020 - £9.2841. A contribution of £656 12020- £5721 w88 also mada lo the clarity d8fin8d contrlbullon pension scheme. 29 Not8• to Ihg Flnancial Statgfflonts Forth• y•ar •nd•d 31 D•G•mb•r 2021 Conlinii*d staff co$t8, ralatod partl•s and volunt¢•r4 Icontinuedl Nn Iriistee director recoived any remuneralv)n in rt$pe¢l ol their $grvice8 as a Trustee ol the chaiity. Thg charilyls *Xtr8mely grat81ul to over 600 volunteeis assist during the Ihr88 w88k5 01 th Convention and al other Ilmes throughoLrt the year. The Convention vo1unleers undertake a wid8 varleiy ol practical tasks in th• ar•as of children, youth, and young adult's ministry, st•warding, catering, gift processing, and reception. H&ving had lo cancol tho in-person Convention In 2020 du lo the Covld pandemlc, R wa8 w¢ndorFul to se6 Pgopla fèlurnlnu to 88tva and m8k8 th8 In-p8rson event Such a b1e8¥in9 to 80 Many. We are al80 indgbl8d to tho volunl6&rs who have helped year round wilh &drninlstrativ8 ta8k8, And wllh pr8Cli¢o1 work on sit8 in supporf ol tho Derwgnl Project and the general mamtenance of our 51t85. Th6 Iruslees wlsh lo rocord their appr8cialiori lor all the aB6i8t8nce that has bgen, and ¢ontlnuo$ to be given in 8UPPOrt ol the mini81ry. Flxod a•s•t• Frè•hold land & bulldlnq• Fr••hold l•nd & bulldln95 Equlpni•iit & Furnltur• A￿1• und•r Tolal Constru¢tlon COST Al 1 J8nuary 2021 Addltlons Dlspay49 Al 31 tl£c8mb8r 3021 DEPRECIA-fioN Al l January 2021 Chafge for the ye8r Oi$po$als At 31 DgC8rnÈ*r 2021 977,427 669.935 184,279 18,826 ?4.478 178,429 4,855,712 1.954.163 6,687.353 I,Y72,791 ?4.478 8.6J5,b66 977.427 689.935 6,I109,875 518,799 19,550 183,046 13,398 156,614 8.47è 11i.002 149.011 858,459 41,427 538,349 196,444 883,804 ETBOOK VALUE Al 31 Decembor 2021 439,078 473,491 29,418 6 809 87S Al 31 Oecember 2020 458,828 486.889 27,665 4.85S.712 5.828,894 Thè Convention Centre al Skidd8w Slr8el, witr & nel book value ol E439,078 8g¢uro9 a loon on lavouiabltr term8 Irorn a supportlV8 ch8rit8ble Iru8l. 30 Note• to the Flnanelal Stst•m•nt$ For th• year •nd•d 31 Dècomb•r 2021 Contlnued Inv•8tm•nts Inv¢stmgnt Prop•rty Falr V•lu• Quotod Unquotod Inwo*m•nts Inva•lm•nts Valuatlon Cost Bavl¥ of v¥lu•¢lon Tot41 Co$1 or ￿luatIOn at 1 January 2021 D15P058ls 81 cosl or ￿l￿tIon Gains on revaluallon Transfer 1¢ ¢urrèni 8ssets Coat oi V•lu8llon at 31 O•o•mb•r 2021 2.137,5 2,715 2,140,220 770,000 770,000 2,907,5 2.718 2.910.220 Th8 lalr volue ol tha Inv8Stm8nl p￿perlY ha6 been calculal&d uslng tho cash flows ol rental Income 28 a yield on Ihe Inveslmerit. No forrnal valuation h8s b88n obtained from 8 qualilieé Independent valuer. There are no re8triclions on the ability io reall38 proceeds on di8po8al ol the propertlos or on the rèmittance ol incom•. Subsldla Com anl 2021 2020 Wholly own•d 8ub$ldlary'. Keswlck Con*niion Prol8ei8 Ltd KeswiGk CO￿￿tIon Prol8c18 IRBwnaleyl Ltd K8gwlck Convonllon Proiocl Llmlt8d, a company ong8g8d In CBrrySng out projects in connection wlth th& K8swick Convenlion, and Keswick Convention Projects IRawnsl8yI Limiled, a company engaged in C8rrying out tradlng aclivil108 In 8UPPOrt ol the Keswlck Convention, are bolh wholly own8d tradlng $LJbsitJiari85. 8rid Incorpoialed in Eng18lld. All 8h8res hel(J 8r8 Drdin8ry £1 gh8res. Thp year end for both sub91dlgrla8 18 31 Dacèmbèr 2021. Tha aggregalo sh8r¥ capital 8nd ras8rw8s ol Kaswick Convention Proj9cI8 IR8wNs18yl Llmit•d wag £2 and Its lurnovor lor tha year was £199.245 resulllng in a loss of E3. Ke8wkk Convenllon Project Llmlled 8ggreg818 share capital and reseryes at 31 December 2021 was £4,809 and its lurnovgr for the year was £22,114 Tosulllng in a nel profil before lax of £2,772 and don8llons to the parenl company 01 £6,425. Consolid81ed lin8nci81 sl818W8flts h8v8 not been prepared oll the grounds th8t thg re¥ully ol th• subsidi8ry undertakings would not m8terlal lo groyp lin8rbcig1 stst9ment8. 31 Not•s to the Flnanclal S¢atem•nt• For th• y•ar •nd•d 31 Decgmbgf 2021 Continued 10. D•btors 2020 Trad• (J8bto¥s Paym8nts In 8dk£nc8 - 8cComM￿st1¢j) Prepaymants and accrued incixn8 AmrAJnlJ owad by group und&rtaklng$ Oth•r d•blors 11,623 35,427 80,025 19,233 32.282 178,590 4,323 63,551 583,526 1.107 68.189 718,696 11. C•gh and ca•h •qul¥al•nt• 1021 2020 Cash In hand Notic& dèposS18 lI￿S Ihan thr80 months) Curreiil as5el 1,131,2S6 680,617 1,e11.873 511,983 2,062,053 2.574 01G 2021 2020 Lorsor iémi daposils N￿￿U￿*￿t a8$•t 5,553 5,SS3 5,520 1520 Total cash 1,817,426 2.579,538 12. Cr•dllori: amount$ lalllng du• wlthln on• y•ar 2021 1020 Trade credltor8 Othèr eredlto Accruals D8fwred Incom8 128.743 100.OCYI 58,085 23.131 309.959 125.674 113,911 13,997 254121 Delerrod Income relates lo deposits lorcentra booklng9 and cours& f&09 Iftlling in n¥xt Ilnancl81 yaar Deferred Incom8 h85 bg&n r&cogni5ed 8s lollow5'. 2021 2020 D8f8rr8d income brought forwurd Released lo income duriry th8 year Rècelwd durfng the year Dokired income carried forwwrd 13,997 113,9971 23.131 23.131 26,222 124,1371 11,912 32 Notes to Ihe Flnan¢lal Slatern•nts For th• y•8r 8ndod 31 D•¢ember 2021 Continued 13. Crodltorjs.. amount5 falllng due aftor one year ConrAJ•lonary loans Due between 1 and 2 years Oue between 2 and 5 years Due 4fter 5 yea 2021 2020 550,OC 150,OQO 7￿,oCKI 750,000 750,OLNJ 1,450,000 1 450 000 The £750.000 loan18 corKe881on8ry'. from a 8UPPOrtive Chrisli8n Trusl.. al zero inler06t', repay8￿￿ by 16 Jun8 2027 ￿nd 6ecur8d by a fiw5t ch8roe on tho Sliddaw Str881 Convention Centre. Thg £550.OC¥J loan 18 concassK)nary', from sUPPOrtive Individua16'. al zero Inl8fèBt,' r¢payÈbl• by 31 D8cernber 2023 and18 un80cured. Th8 £150,000 108n is conceBsionary', Irorn 8 8UPPOrtIv8 individual., al zero inlere81', r&payobl• by 31 December 2025. 14, Fln•n¢l•l In•trum•nt• 2021 2020 Fin8nri81 Mo￿ur8d &1 •mort1s8d cosl Cash and Ga5h $q¢Jl¥Al#nlJ Flnan¢lg1114billli88 m•48urod 81 amoni80d CDs1 30.856 1,817,426 1,578,743 5,430 2 579,536 1,575,e74 FinBn¢lal o$$e18 me85ured al arnorlised cost cornpiise trade and olhef debt015, Financial liaèilllieg m88sur8d 810rn0rt158d cosl cornpii59 trade and olh&r credltors end loan8, 15. R•*trl¢t•d fund• BalanE• Mov•m•nt Exp•ndltur• and Tr*n8forn 31 0•¢ombgr 2021 2021 Bol•n¢• In¢om• 1 January 2021 2021 Mi55ion8ry Ho8Pltalily Fund DerweTht Pr￿￿1 Fund 3.524 1, 13T.265 1140,789 2.957 8CJI,966 8,481 1328.772 3Z2.291 2.268,003 2.268.003 The Mi¥sionary HospilBlity Fund was trslablished lo rocgfve glfts In or(98f that accommodation can bè providod and granls can bo given en8bling missionaries lo attend the Convention and other Keswl¢k ministri￿ mlssSon felaled activille5, logtstlier wilh associaled admSnislratlon co$ts. The Derwenl Projèct will 59¢ure ¢hg futurg of the Convention and allow lor the growth OF Ihg ministry al olh8r tirnas of the y88r. Furlhgr information in respect ol Ihe Derwenl Proj'ec¢ can be found Ihe directo(s' report. Thg d￿l¢ll Arising on the D8fwenl Project fund Is covered by the Den¥enl Projecl Designated fund. Re81ricted funds are hold in liquld assgts. 33 Notès to the Flnanclal Slatementg For th• yoar •nd•d 31 D•c•mb•r 2021 Conllnu8d 16. Summary of lund mov•m•nl8 8418nc• 1 January 2021 Income Extwdllure Gain on ro¥oluallon ol Balance 31 Oecemb8r 2021 Tw$fer8 Fund Qe¥igDaLed.FvDA# Fly8d A8891 D8ThYent Prolecl Fund 0￿8raI Funds 7,218,3 49,824 770,0(X1 1,972,791 9,909.361 300,C¥)O y).000 900,042 1,42fJ 702 1,302,127 118.8281 1,011,069 Unr8strfcl￿ Funds 8.422,436 1,425.782 1,351,951 770,000 1.954,163 11,220,430 l$$lonory Hospitallty Fur Dernenl Proh¢i Fund R¥¥liiblwJ Full￿. 3.524 2,957 6,481 1,137,285 801.ge8 313,840 11,9Jf4,1631 1328,7721 322.291 1,140,789 804.92J J13,640 Total Fund6 9,563 225 2 230 705 1,665,791 770,0 10.898.139 or. n.Ilfflrl F Jn Ttte ￿1X&d Aysat Fund r8pros8n18 thè ioial amotsnis Invested. from general lunds and opeclal &ppe815 in th8 pasl. in langlbl8 fixèd ass8is and Investment propertie5 le8s depreci81ion and borfowlngs Secured ther80n. Includgd within Ihe Fixed A58el Fund 18 £2,139.918 12020.. £1.369.918I ol non-dlstrlbutbble re86rves. arislng from rgvaluation. The Derwenl Project DeBignaled Fund r8pr860nl8 amounts set asldo In r8lation lo th8 Derwent Project. The Truslee8 expect the amount lo bo used wllhln th8 year following. nsle Transfers of £1,954,163 from Ihg D8N6nt Reslrlct8d Fund lo tho General Fund r618le6 to th8 c8pit8lis81ion ol fixefj asBelB purch8S8d In ra$pecl ol the Defw•nl Prol•ct. Transler8 DI £18,S28 Iiom the Gener81 Fund to the Fixed Asset De8*nat8d Fund relate lo the capltall8alion ol Ilxed 8888ls purchBsed in r86P6Ct ol Ihe general fund. 34 Note4 lo tho Flnanclal Stst•m8ntg For the year ¢nd•d 31 0ec•mb•r 2021 Conlinu•d 17. Analys1¥ of n•t ••getg belween fund• Nel Current LonG Torn Assètsllliabilit CorK9s$ionary les} Loan 2021 Tangiblg As8018 In￿stmentS & D8POSit8 TotAI Unr8slriclwl- e5ignBled Unrè$triet¢d general Totsl ynr••lwlct•d 7.751.862 2,907.5CX) 300,000 17X),(XJOI 71J),0001 11.4SI,(X)01 10,209,362 5.558 2,913.058 1,705,510 2,005,510 1,011,068 11,Y20.430 7.751.862 Mi8BKJnw HoBpllallty Fund D8￿￿*t Prc4act Tol•l r••trl¢t•d 2.715 3.766 6.481 326,772 1325,0061 328,772 1322,2911 2,715 Tot41 fundi 7,751,862 2,915,773 1.680.504 1,450,000 10,898,139 2020 TaryJible A88818 In￿&t￿OnI5 & Nel Curr8nl Long Tenn Deposlt8 ABg818llllabllll Conc8891on8ry Tot81 Unre8trfct•d- 8ign8t8d Unre8ldcled- general TotAI unr•*lctqd 5,828.894 2,137,500 300,000 1730,0001 700,000 11,450,000) 7,516.394 5,525 2, 143,025 1,600,517 1.000.517 906,042 8,422,438 5,828.894 Ml8glon8ry *18pIIBNIy Fund Dorwont Prolecl Fund Totsl rothlct•d 2,715 809 3,524 1,137,265 1,138.074 1,137,265 1,140.789 2.715 Totsl lund• 2,145 740 3 038 591 1,450,000 9,563.225 35 Not•8 to th• Flnanclal Statement6 For th• yé•r •nd•d 31 D•c•mb•r 2021 Conllnued 18. Rglatod party tran•a¢tlon• K•swck Convenliofj Projects IRawnsl8yl Limited is a wholly owned 8Libsidiary of K8swirk r,onvenlion Trust. For th8 yagr anded 31 Decgmber 2021 Ke5wlck Convenllon Project8 IRawn8leyj Limited was charged rent of £171,285 12020 . £84,847) by Keswick conv8nts.on Trust, ol which £19,23312020 £1.1071 r8mAined ouislanding as at the year 8nd. Keswick Conventson Project Limited 13 a wholly own9d 3ubsidlary of Ka$wick Conventlon Tfu81, K&swick Convantlon Trust incurred no expensas on beh811 ol th8 subsldi8ry. AL Iliv y¥br￿11￿ M VlLSVi¥iUlI Ily¥ IlièTrLJii lui Ili¥ pdyiii¥iil ul ¥ Ll)&iilabltr dolla15￿) 511 K¥¥wlLk Conv8nlion Proj9¢1 Limi19d'J accounts to K86wick Conv8nlion Trust lor th& sum of £8,42512020- £nill. Durlng thé y8ar th8 Trust•88 made donations to Iha Ch8rlty of £10.78512020- £3,a401. 01 thi8 £1.895 12020 - £2,020) wa8 in relation to tho O•fwtrnl Prcdect. Th& pfojgcl tha lull 8UPPOrt ol tha Trusla89. 19. Fln•n¢lal cornmllfflgnt$ At 31 O¢comber 2021 Iho charity had c8pilal rornrnitmftnlA Int￿1)1￿￿ f1,1,IA,n7n i?n?n, f1 A.?R,7nni 20, P•n•lon commllmgnl8 Tho charlly oper?1*g a delin&d contribullon pension scheme compllant wllh aulo enTolm8nl The 885618 ol the 8rh8m8 Aro h*ld AApaiatAly Irnm Ihnsft nf Ihfi p,hailly In InrtAPRndAntly ArtmSnlAIArArt fijnrl. Thfl ponsion COGI charoo roproGontS Gonlributions payable by the charity lo th6 lund and amounlad to £52.87212020.' £46,905). Coniribulions lotalling £nil12020'. £nill w8ra payable to th8 fund al th8 b8lar sheet csate. The pellslon commllmenl8 8r*> • Ilablllty of the unreglrlcted fund8. In line wlth the expenBO. Nol•• to th• Fln#n¢lal StsternÉnt8 For th• y•ar •nd•d 31 D•c•mbor 2021 Contlnued 21. Reconelllatlon ol n•t mov•m•nt In fund• to ca•h Ilow from oporatlng actlvlll•i 2021 2020 Nat Income br Il* rèwjrtlng pariod 584,914 886.6eo Adlu8lm*ni$ In regpect OP. Dapreclallon charg88 Loss on dlsposgl of flxed 88Bet8 Interest feceiwj Rental Inccrfne L)8crea8&lkncrea8el In debluB kncrease In crtrjilors 41.427 5.896 111.35Ql 1192,1961 540,1C6 55,837 1.004,634 41.658 126,1911 1109.2811 1464,9601 135.711 463.597 32. An•ly•lJ of chang•• In n•t lund¥ At 1 January 2021 At31 D•c•mb•r 2011 C•th flow• Cash and ca$h equI￿lent& Debt due after ttne year 2.579.536 1782.1101 1,817.426 1.129.530 763,110 387,426 37 23, 2020 50FA comparatlvo8 Unreslrict8d Funds R8Strfct8d Fund Tot81 Funé8 Incom• and andowmgnts from.. Donallons and legacies CharllBblo aclimlies Olher tradlng acll¥i1185 Inheslmenls Rents and licence incom• Olhew Total 1,114.491 22.279 5,730 13b.412 18,417 37.741 1.334.130 618.946 1,733,439 22.279 6.730 135,472 18,417 37,741 1.953.078 618.948 Exp8ndlknr• on: R8lBirvJ fvJnd$ Chadt8N• a¢ll￿tl•S Tot#l 73,760 711,071 784,831 104.144 177,443 281,687 177,9 888,514 1 066419 Npl In¢om• 549,249 337,361 Rgwlu*lon ol Inwilmenl property Tr8ll5f8rs bolwoon funds Npt mov*m•nl In lund8 157,500 1,358,976 2 085,775 157,Y)) 1,3S8,976 1 021,615 1,044,160 R•¢on¢lllÈtton of fvnd•'. T0181 tsnds brought I0￿￿rd Total fund8 ¢arrl•d forward 6.356 661 ,422,43fj 2.162,404 1,140.789 8 5191J85 9 $63.225 38