THE KEsCK CONVENTION TRUST- COMPANYUAIITED B Y GUARANTEE Financial Statements For the year end8d 31 Decemb8r 2022 THE KESWICK CONVENTION TRUST Company Ng.. 03913741 Crtty No.. 1083584
THE KESMCK CONVENTION TRUST- COMPANYLIMITED B Y GUARANTEE CONTENTS PAGE Informatlon Report of the Directo 4-15 R¢port of the Independent Auditor 16-19 ststement of Flnancial Adv8$ 20 Balan Sh41 21 Stslement of Cash Flow8 22 Note8 to the Financial Stalemonts 23-37
THE KEsCK CONVENTION TRUST- COMPANYLIMITED B Y GUARANTEE R•f•ronc• Infomiatlon ADDRESS.. RaSleY Centre Main Street KeswKk Cumbria CA12 SNP REGISTERED CHARITY NUMBER. 1063564 COMPANY REGISTRATION NO. 03913741 WORKING NAME.. Keswi¢k Mini81ri68 GOVERNING DOCUMENT.. Mèmorandum and AdeS ofAssodation TRUSTEES.. Mr S Adarn, Tre88ur8r Dr T Che8t&r (R?red 20 Aprll 20221 Mr D Gascolgne Mr S Hale Mrs C H¢glh-Wnyte Dr J McQuoid, Chairman Rev A Paine Mrs A Puit Mr M Salter Rev Dr M Slgeman Mr J Tèyler Mrs J lIeo$t (Retlred 31 October 20221 Ilr M J Byatt IAFyoint•d 30 ju 20231 MINISTRY DIRECTOR & CEO.. R•v Dr J Rob8on OPERATIONS DIRECTOR,. Mr8 JeAI VM)ilthou88 ITook up p08its.on 1 Novernber 20221 CHIEF OPERATING OFFICER.. Mr D S&wday Istood down a8 COO 31 January 20221 COMPANY SECRETARY.. Mr S Overend AVDITOR.. Mazar$ LLP, Flcw, 3 Wellinglon Pla¢4, Leed8, LS14AP ACCOUNTANTS: robinson + Co, Oxford Chambers, New Oxford Street, WorkirrfJton, CA14 2LR SOLICITORS: Anlhony Collins Solicitors LLP 134 Edmund Street 8inniTrJham B3 2ES Ellis-Fermor & Negus Limited 2 Devonshire Avenue B888ton, Nottingham NG9 1DS CHARITY OBJECTS. The Trust exists to promote Taaching at an annual conntiOn in K8svMck and on other rxca8ions wlh the aim of encouraging holy and Biblical life styles. BANKERS.. HSBC plG 1 M8iket Squ8rè, Penrith CA11 7SN
REPORT OF THE DIRECTORS The Directors pre8enl their Annual Report and Financial Slalements for the year ended 31 December 2022. DIRECTORS AND OFFICERS The following directors hekl office for the whole of the year lo 31 December 2022 and lo the date of thi$ report unless otheiSe stated.. Mr S Adam, Tr•asur8r Dr T Chester (Redrgd 21 April 20221 Mr D Gascoigne Mrs C Heath-whyte Mr S Halo Dr J McQuoid. Chairman Mr M Saltef Rev A Pain& Mrs A Putt Rev Dr M Sleernan Mr J Taylor Mrs J Whilèhouse IHebrod 31 Uclober 2ts221 Mr M J Byatt 14)polnled 30 June 20231 KESWICK MINISTRIES VISION Ke8wick Ministries exis15 10 inspire and èquip Christian8 to love and live for Chri81 in His world. God's purp08e is lo bring his ble88ing lo all nations IGen12.'31. All God'8 peoplè are called to Participate in this missionary purp059 wherever we may be. Keswick Mini8lrie8 helps Christian8 to fulfil that calling. $0 thot. dire¢led and guided by God'8 Wofd, they will grow in the power of h1$ Spirit. Ke8wick Ministries has a long history of $ènding out Chrlslians into the world to lead others by leaching tho INths contained in the Bible and serying in all walk¥ of lifo, Including some of the poorest and most disadvantaged arga¥ of this country and 8round the world. We achieve th&$8 8im$ through Bible teaching at our summer Convenknon, through the resources th8111¢)W from thi8, in our programme of Teaching and Training Coursès and the publication of books., the provision of on-lin$ ro$our¢es, and podca818 that 8UPPOrt discipleship. Undertying thi$ 18 •neoursgement and 8UPPOrt for mis8ion. Over the last few yeaf8. we h8v8 been able lo extend our aclivbtles into an all-year-round ministry, through the Derwenl Project. As we look to address the spiritual need of the nation for in-depth Bible leaching and for the equipping of leaders lo opgn Ihg gospel lo others, the Derwenl Project create$ a facility which will help inspire and equip many more Christian5 of all ages and backgrounds with a variety of callings. so they can return lo their hom8¥, places of work and mlni$trles lo help further God's miss*?n in whichever capacity they $wve. The D91W8nl Project centre8 on the 811e of Keswick's fomer Pencil Factory which adjoins the Rawnsley site where Keswick Ministries alroady has offices. Tho Combination of the tsvo sites allows the Convention to be brought logelh9r in one place and provides facilities for year-round training courses and conferences. Over the last few years, the old Pencil Factory building ha8 been gutted and completely refurbished to provlée modern, light and airy meeting spaces. In 2021 we had use of the ground floor and by the lime of the 2022 ConventDn. had use of all the spaces across all three floors. The facilities have also been used by other lo¢al and visiting groups year-round, with lols of expressions of Interest in using the facilities. The Derwenl Project ropresenls a significant investment in a local facility and has involved a separate fundraising programme. We are thankful for the prayers and donation3 of thousands of supporter8 and a number of Christian trusts which have helped provide the funds needed to deliver the Deont Project.
THE KESWICK CONVENTION AND LIVING WITH COVID 2022 marked the KeswKk Convention's 1471n year. The 2020'in-person Convention had to be cancelled due to the global Covid pandemic. 2021 saw a convents'on compliantwilh Govemment Covld guidelines,. a slimmed down Kids and Youth programme, and with regislratson introduced for the first lime. We are plea8ed to have been able lo deliver a 'nearer nomial. three-week Convention in 2022, based on the Pencil Faelory and Rawnsley sites. Ahead of Convention work was undertaken on Phase 2 of the Pencil Factory building refurbishment, which 8aw the first and second floors brought into use, giving us use of all the space across the three fbors. The country land indeed the worldl was slill living with Covid. No formal restrictions were placed on us, and we look reasonabl8 pragmatsc steps to keep the event 'Covid-safe'. Understandably numbérs were down on pre-pandemic levels. Therè was a generally younger demographic and many people. inGluding families, attending for the first lim&. The Convention relies on over 650 volunteers who •n8ble UB lo deliver the event Safely and effectN¢ly. This is a very popular way to serve. Keswick Ministries provides accommodation and meals and offers Ir8vel expen8e8', many voluntèèrs return year after year lo help. We are hugely ind8bl8d lo these volunleels, wrthout whom the Convention coukl not take place. Volunt•er8 undert8ke a wKl8 variety of practical t88ks during the Convention (kids, yOLrth and young adults work, welcome team, catering, café, finanGg, gift processing and reception leamsl. W¢ provide appropriate training, including safeguarding and counter terrori8m 8waren888, and carry out the nece888ry DBS Safeguarding checks, RESOURCES Ke8wick Ministrfes conllnu•$ to publish literature and on-line resources that build on and support the 188chirvJ of the Convèntion. In 2022 we published three Food for th8 Journey devolionals- Hope, Holiness, and Lave 88 well as the Grateful study guide. Peter Maiden's book Radical Gratitude {publi8hed previously) wa$ our theme book for the 2022 Convonlion. Our regular podcasts - The Ke8wKk Podca81 and Ke8 Talks - continue lo be well reGewed and can be accessed via all podca$ling apps. THE DERWENT PROJECT The Derwenl Project has been an enomiou8 ¢¥>POrtunily. that has enabled Ke8wick mini8lrSe8 to extend our work into y6ar-round ministry. There is no doubt that our nati¢)n and the workl have on important need for 8lraightloNard Bible-based teaching. This exlands both to existing Christians and lo those who want lo consider more deeply the Promises and blessings that flow from Christian faith. We also believe that Christians who seNe provide a 8vJnificanl example to others and an encouragemgnl lo find out more of biblic81 values and Irulh8. We know this approach is warmly received by supporters who attend the Convention in the summer and is also welcomed throughout the year. The purchase of tha form6r Pencil Factory sile, which adjoins our Rawnsley sile, provided the opportunity to launch the Derwenl Project and we have bean grateful for tho enlhu8ia8tic prayers and financial support both from Conventioners and other Christians and Christian groups around the county, and indeed from overseas. It allows us to build 8 beacon of freshment and sending ¢wt where Chiislians come lo deepen their knowledge and faith in the Lord. We want to see youth leaders equipped lo speak to children and teenagers,. mini81ers, lay-leader8 and every Christs'an inspired 10 8eTve. A true place of resloralion, reflection, and growih for all Christians. The eombined siles mean we can both hold the Convention on one l¢xalion and have the space and facilities lo run Teaching and Training courses And conferences throughout the year.
Having rebased our offices lo the Rawnsley sile we have been able to let the former Skiddaw Street office Space and an adjoining room lo a local charity. We have also sought to increase the usage of the accommodation and have had some earty success making rooms available on Airbnb. The former amenity block and'bunk room" at Skiddaw Street are also being converted into accommodation which can be used by staff, volunteers or made available on longer term let. as needs dictate. The Proje¢l has required a considerable amount of management and staff focug, and we are hugely encouraged by the significant progress we have made. In summary the princlp81 goa18 of the DeThvenl Project arg.. to Secure the future of the Ihree-week summer Ke8wick Convention on an inlegraled site. to provide a facility for Christsan loaching and training all year round. lo serve church¢$ and other Christian organisalions in the UK and beyond, parts'cularly serving Cumbria and the north. We are al committad lo ensuring that the local town of Keswick benefits from our actsvilies. This will b& achieved by moking facili1188 available for local groups to use, and by allracling businesses to hold conler8nce8 within the Pencil Factory building and use local facilities while here. It has been pleasing to see the facilities being used by a number of local groups, 88 well as being used as 8 base for vllr8-marathon8 and triathlons. Kè5wik Tourism Association antj Cumbria Tourism have both held mèmbers events attra¢ting 6everal hundred people, with lols of enlhu$iasm and expre8slon5 of intere81 in using the fa¢ilil8s that we are now able to make availabl8. The OeTwenl Project was launched at the 2015 Convention and h88 been given a signlh'cant proflle slnce Ihen al each Convention. In 2019 there were detJi¢aled evening presenlallons including a vSdeo, and In th8 afternoon$, there was a presentation and tour of the Pencil Factory building. During the Virtual Convention In 2020 the projeGI was promoted vi8 video. In 2021 people wertr able lo see the great progre5S that had been m$de with the front of the building insulated and rendered, and with new windows., tours were run again and well received. In 2022 with the projgGI nearing completion and all thè spaces in use, we ran tours again. We Ii¥v¥ kJtwTI Vtsly tsl)boura96d by thè overwhelmingly positive re8ponsg lo tho project. and thc appeal forfinanci81 support. We have commilled to an gclive programme of engagfrmenl with the local community, presenting the posit4ve case for Ministry and the Deent Project. and explaining the b6nelits which will flow lo the local area. As mentioned above, Ihero hav6 been a number of enquiries and expres¥ions of Interest in uslng the faclliti68, which can onty ba good for the town of Keswick and for Keswick Mini81ries. Funding raised 30 far has allowed us to purchase the slte, obtain Planning Permission and complete Phasos 1 and 2, making the whole building usable ahead of the 2022 Convention. Phase 3 will seg the completion of the Derw6nl Project, with funds required to undert8k¢ thi8 work and repay intsrest free loans from generous 8UPPOrt8rs. Keswick Mini¥lries is involved in an acllve and integrated fundraising programme that reaches out lo supporters. Christian organi$alions and trusts inviting Ihem lo partner with Ke$wiGk in this ministry. th the completion of the refurbishment in sight, an Open Day was held on 3, February, with afternoon and evviiiiiy vplivii¥ Iv give ii)aximum OPF)Ortunily for allendance. vUPPOrter8. contr8ctor3, and potcnlial hirers were invited, and an open invitation was placed in the local paper. TEACHING AND TRAINING EVENTS As part of the extension of the ministry, our Teaching and Training courses and workshops go from Strength lo Strength. These have run in each of the188t SIX 8cademic years. The 2022123 Programme was laun¢hed at the 2022 Convention. with 17 courses, including 6 monihly Hebrew Workshops, run ovgr the period.
The focus of the Teaching and Training events is on biblical leaching that helps refresh, inspire and equip Christian$, Ix)th church members and those in leadership positions. The courses are developed by the Ministry Director and often in collaboration with other Christian organisalions. The ever-popular Pastoral Refreshment Conferenc8, run in conjunction with Living Leadorship, was fully booked for 2022 well before Christmas, demonslraling the need for those in church leadership land their spouse8} lo be refreshed for their service in the local church. In February 2023 we ran PRC'S back lo back lo increase capacity, and were able lo accommodate over 100 people. A now initiative- Faith in the second half - in partnership with Faith in Later Life. was launched in 2021 wilh great success. The planned in-person event had to be switched lo an online offering, but it was well received. We ran a successful event in Kèswiek in May 2022, with another planned for 2023. A now initiative- Leading WELL- for elders and lay leaders was delivered in March l April with input from FIEC among others. Ourfirst Art Retreat was run In April 2022. These new courses have been very much apprecled and we plan lo build on these with further events in 2023 and beyond. We have also launched Churches Weekend Away, to allow smaller fellowships who might not bg able lo organise an event of their own lo share with others. Keswick Ministries will provide Bible Teaching and wor8hip. The first event wa8 held in Spring 2023 wilh more than 200 pèople from 4 churches attènding. As word spreads the cour8es and workshops are 811r8cling increasing number8 of delegates, many of whom have had no pr8vlou$ ¢onne¢lion wllh u$. Some ¢ourse$ aro $tarting lo "Sell out., Feedback from delegates 15 overwhelmingly p0811ive. with many people relurnlng when COUf8es are run again and recommending them to others. THE KESWICK FELLOWSHIP Mini 'K88wick' evenl$ are held all over the ¢ounlry 88 Part of the Ke$wi¢k Fellowship. Across the UK there ar8 nearly 40 location8 whére Blble Weék8 or local 'Ke8wick' ev8nt8 are taking pla¢e. Somo Klenlify Ihemselves by the name Keswick, and others are in fellowship with the wider work but use other tille8 Iwhelher Bible Weeks, Convention8, or other designalion81. They have a famity-likeness but have no fomal or legal as8OCl8tion. A number of these evanls have been runnin9 for many years. whilst olh8rs are ju818tarting up. They are sometimes local events based in a town. and sometimes they are more regional in nature, The connection tseeen the UK Ioc81 I regional events and Ke5wick Ministrie8 18 informal and occasional, Shaped by 8 mulL1811y 89reed memorandum of understanding, bul has often been very fruillul especially in exchanging prayer now8, 8haring 8peaker8, helping one another with best practice ideas, and 80 on. Understandably Covid led lo a number of these events moving on-line or havlng to be cancelled. Some have found il harder to re51art, olhors have rolum•4 with a flouri$h. We conlinug lo be encouraged by enquirie8 around selling up new events. The Keswick Fellowship operates throughout the UK as a national netsvork lo encourage the leader8 of Bible Conv8nlions and local Keswick events through prayer, practical support and fellowship. There is also an International Kgswick Fellowship which is a looser as50cialion still, and which embraces events in parts of Europe, Asia. North America, Australia, Africa and the Caribbean. A small consultation of inlemational Keswicks took place in August 2016, which also affirmed the value of such infomal nelworking and prayerful sUPPOrt. A similar tsvo4ay event was hold in September 2019 for anyone who is part of th8 Keswick Fellowship in the UK and those planning to sel up a new one. We facilitate informal meetings of those leading Fellowships al the Convention. We are currentiy planning lo hold a gathering of UK and International Keswi¢ks in 2025, the 1501h anniversary of the Conventr'on.
GIVING AND INCOME There is no charge lo attend the Convention. We want to bè open to all peoplè just as churches across the land are open lo everyone. We encourage giving at the event and throughout the year. During the Convention. and through prinleil and on-line resources. we explain the finances of the event and the funding needs of the Deent project. During 2019 we also launched a new fund-raising programme specrfically for the Dèment Project. This involved a lundraising letter lo all our supporters, ev$nts for donors in London and Glenridding lin Cumbria) and applications lo Christian Trusts. In 2020 and 2021 fundraising was lower-key due lo the pandemic, though lundraising letters were sent out al Easter and pre-Christma3 2021 and provided a much-needed boost lo funding Particular for the Derwent Projact. Total giving was at a record level in 2019 with several larger grfts in support of the Derwenl Project. Not surprisingly. in the light of Covid, giving in 2020 and 2021 was lower, bul total income Still covered all our expenditure. Additional income streams include the letting of our facilities lo other groups and orgoni5olion¥, and car parking. For 2022 we planned a delicil budget mindful of the one-off c08tg as8OC18ted with holding our first 'normal' Convention on the new srte. In God's kindness an anonymous gift h8$ more Ih8n covered that deficit and provlded much needed funding for the Derwenl Project. The flat Standing ar$a$ al the Rawnsley Centre and the former Pencil Factory Sile are used lo provide car parking spaces for visitors to Ihg town. This hay become an important souice of income for us. Keswick Mini8lrie8 owns the entire Share capital of Ke¥wick Conventlon Projects IR8wngleyl Limited, a trading Company that operates these ¢ar parking fa¢llille$. During 2019 we 8180 applied for planning pemiisgion lo operate the Ilat standlng al the Sklddaw Street slle as a private pemiilled car park, ond Ihls was brought into use In Sprlng 2021. Spaces are 8vailable lo Guest House owners and others for periods ranging from three days to ¢)no year. Wg have also provided four gle¢lri¢ v¢hi¢lo ¢harging points al Skiddaw Street. When Keswick Mlnistries acquired the Pen¢il Fa¢lory $lte Ihls included a building that hou8e8 the K88wick Pencil Museum whose holding company now19058s that building from u$. The director8 Permit 8 hook8hop lo operate diirin9 th8 C.onventn 8ellino Chr18ti8n litfirAliJrft Ih8t Nlign wrth our values and beliefs. This provide8 8 8ource of incorne., nomin81 roy811ie5 are recèived from the sale of ro¢ordlngs and books. The company owns the entire share ¢8pital of Ke$wi¢k Conventlon Project Limlted, a company that operates ¢amp8ile in the neighbourhood during the Convenkn'on. The camp was fully booked in 2022 and COV8fed 118 ¢osl$ with a Small surplus. ACHIEVEMENTS, PERFORMANCE AND FUTURE PLAN8 KEY PERFORMANCE INDICATORS.. Financlal,. We aim to cover annual running costs each year., this was 8¢hieved in 2022 do$pite all the challenges of Covid, and thè stale of thè economy following Russia's invasion of Ukraine and 80aring inflation. For 2023 we have planned and budgaled lor a nominal dèfieil which 18 cover8d by raserva8. For the DeTrvenl Project we have raised £7.25m of our £8m target, with a further £1.4m of loans received. and have every confidence of achieving the full amount by the time of the 2023 Convention. Work is being commissioned when we have clear visibilty o18vailable funds.
Non-Financial'. The Convention continues lo be our main activity and il receives very positive feedback in tems of the qualty of the ministry and the impact it has had on peoples, lives, including new commitments lo Chri¥l and offers lo serve in the mission field. The growing programme of year-round leaching and training ents is also bging well attended and receiving very p0811ive feedback. Good relations wrth the local Christian, and wider community, have been built on, with senior membèrs of the 818ff tèam engaging widely. We have also continued our engagement with the local community, including our quarterly Town Liai80n Forum wilh members of the local community, town councillors, businesse5 and slatulory agencies. Keswick Ministries partners with different Christian organlsalions to help lake foThvard it8 oble¢llv•s. si9nifi.canl Site and building works have been undertaken on the Pencil Factory sil8. and r6furbi$hmant of the former Pencil Factory building is nearing completion. Having brought the ground flo)r into use for the 2021 Convention, work was und¢rt8k¢n so that th¢ remaining floors were able lo be u8ed for the 2022 Convenllon. RISK MANAGEMENT The TruBtee8 fegularly review the risks lo which the ¢h8rlty 1$ expts$ed, so that reasonable me8sures are taken lo ¥educe and man898 them and lo obtain insurance cover where thi8 18 linancially sensible. A risk review pro¢edur¢ 1$ in place to idonlify the most significant risks and the Trusteès check that appropriate romedial action has been taken. A Risk Management framework was pul in place adopting best practice from the April 2017 Mazarg Charity Conference and guidanc8 from the Charity Commission. We are advised on Health and Safely i$$ugs by an extemal contractor. Keswick Ministrle8 take 8afeguarding seriously. We are commltted to the 80foguarding of ¢hildr•n and adurt8 with care and 8UPPOrt needs and to ¢n8uring their wellbeing. A Iruslee lead on safeguarding was appolnted- following their appointment to a Staff role F&GP are overseeing safeguarding. We undertook a roview of our Safeguarding Policy and procedures ahead of th8 2022 Convention. Furthgr work is UndeaY building on this, working with Christian Saf6gu8rding Services and lo ensure that safeguarding is appropriately priorib'sed. E-learning m¢)dules have been developed for staff, Kid8 and Youth team, and other key rolé$. Ssleguarding 18 an agenda item al all tnJ8188 meetings. Trustees, 8taff and volunteer8 are instructed In the risk managomenl policies that are approprlale lo the work that they undertake. Monthly calls have been introduced with kgy members of the Finance and General Purp)ses Committee and Staff team, lo r8vl8w our management accounts,. agree expenditure pl8ns linked to ca8h flow, and lo manage the Risk Register. Local public relations l$$ues aro taken seriously, and regular consultative meetings are held with repre58ntalive bodies across the town. We refreshed our Town Liaison Forum in November 2017, meeting wrth busine88e8, Keswick T¢)wn Councilk>rs and offi'cial agencies representativ&s on a quarterly basi8 as Indi¢aled al>ove. A review of oui key policies has been undertaken and a system pul In place to en8ure their regular review by a trustee and staff "¢)wner°. The Finance and General Purposes Committee oversees the Risk Register, and the Truslaos rgceive a Risk Management report annually in November, with an update in May. The following have been idenlrfied 88 the main of risk..
Financlal: General & D&ent Fundraising.. The risk of raising insufficient funds lo cover annual running costs, which is mitigated by a very broad support base, non4lonor income streams, adequate reserves, tight management of expenditu and the provision and review of monthly management accounts. We ore nearing the end of the Derwent Project needing c£O.75m of our orlginal £8m target, plus £1.45m to repay interest fre8108n8. We hav& 0180 been exploring ¢ommercial borrowing options. Organ16atlonJl Rosourclng, Skllls and Knowlodg•'. The ministry reli88 on a broad fange of skills and abilities to dèllver its activitie8 and, in particular, thg annual Convention The ministry is well served by 119 Small staff team,. by ils Trustees who bring a broad mix of theological and business knowledge and expenence., and by hundred8 of volunteers. Polici8S, processes, 8nd procedure5 are maintained and reviewed. A number of changes in th• ¢ore team present challenges and opportunities that are being worked through with a view lo ensuring th81 we hav8 the right ts8m in place lo deliver the mini$lry the Lord h88 80 clearer led and used over 80 many years. 8TRUCTURE, GOVERNANCE AND MANAGEMENT The Keswick Convei)lion Trust is Ixjlh a Gompany limited by guarantee, not having a share capi181. and fegislered Gharity., il was incorporated as 8 company on 1 Seplomber 2001 when the assets and liabilities of the lomer tru8t were transferred lo the company. Unrjer the Trust Deed directors are known 88 TruBlee$. Thg Council of Management con8ists of the Truslo08 who m881 three limes a year, normally including an overnight meeting, lo managg the Trust. Trustees 8eNe for a lemi of thre8 years., are re-eleclabl8 for a maximum of a lurther Ihrae term8 lof if deemed nece$38ry for further Ihree-year term)., and may rèmain in office until ag8 70 years. New Trusleeg are Èppolnled In aecordance with the Charity's Mernoranfjurn. and Anir.IA nf AARnr.IAlinn ThA Council regularfy reviews the ski118 mix required lo manage the Charity and plans suG¢es8ion based on the known retirement dal68 of Tru8tee8. New Tru¥le¢$ arg required lo follow an induction procegs which consi518 of being introduced lo the oper8tion$ of the Tru81, normally allending one Council meeting before being formally appointed, and are offered appTopfi8le fornal training in their respon3ibililio$. A new proce88 on"inducts'on and'buddying. al Convention has been introduced for newly appointed trustees, and all Iruslg06 have undertaken a Safeguarding for Trusl8&s course facililaled by Thirtyone.'èighl. A procedure for Tru$t•e appraisol i¥ In place and takes place during the flnal year of their Ihree-year term of appointment. Throughout 2022 the staff team was head8d up by Ministry Director. James Robson. Jodi VVhilehou$e was appointed Operations Director, taking up her rolg on 1$1 November. with Simon Overend the Company Secretary reporting to her. There has been some signrficant staff tumover during 2022,. we look forward to period of stability through 2023. The st8ff team meet daily for devotions and have an allernalive fortnlqhtly Staff meeting I Convention Planning Meeting,, those not in the office join by Z¢x)m. Wrth the completion of the building element of the Derwenl Project in sight, Ihg Iruslee¥ and Ministry Oireclor have sought to reshape the staff team lo meet the ministry opportunities and related support need b&fore us. This has resulted in the departure of COO David Sawday on 3151 January 2022. Jodi Whitehouse look up the n9w Operations Director post on 1 November, with an events delivery and facilities brief. Emma Hafrison joined the team as Head of Communications and Development in July 2022," we have appointed Something More Creatwe to 8ss151.tell our Story.. There have been some Ghanges to support roles and feports'ng lines. 10
The Keswick Ministries V15ion is articulated through a Vision Document prepared by Ministry Director, James R¢bson. It had a five-year horizon running lo 2022 including planning, resourcing, and delivery. The pandemic has meant that the end point has been delayed somewhat. The Ministry Dire¢tor. Operation$ Director and Iruslees have started the process of looking at the next phase of thg vision. The Trustees IdirgGtorsl have unanimously supported this document. There are main Committees which 5UPPOrt the Council., the Ministry Committee, chaired by th8 chairman of the charity, which is iesponsible for the spiritual development of the ministry, and the Finance and General Purposes Committee, chaired by the Hon Treasurer, which is r8sponsible for the business and practical dovelopmenl. Loc81 Engagement We are commllled to the benefit8 of the Convention and the D?Ment Project also flowing through lo the town of Keswick. We want KeswiGk Ministries and ils operation lo be a source of pnde and benefit locally. Imthin the consltainls of the pandemic, we have continued with a number of initiatives to build on engagement within the town. These Includè the Town Liaison Forum, a local sourcing policy, and the promotion of Ial businesse8 via our Enjoy Keswick website. We have attended occasional Keswick Tourism As80Cl8tion meetings by invilalion. and promote an open dialogue with local stakeholders. Independence of TrusleeB'. The breath and independence of the ministry is a key $lronglh and 1$ malnlain¢d by a pr¢¢es$ of rogular r8view ol the needs and open discus51on of those who might serve and complement the 18am. There were no ch8ng85 during 2021, Tim Chester Stood down 8t th8 end of hi8 $8cond lem of office in April 2022 whi181 remaining lully committed to 8lJPPOrting K$$wi¢k Mini$lrie$. Tho Iru¥lees are actively looking at who might be Invlted to loin them, informed by a 8kills audit and mlndful of pendlng retirements over the next few years a8 8om8 long-81anding truste88 complale thair 16rm of Service. Repulalion.. Areas of reputational risks Include- ministry, moralty, health and safety, 8afeguardlng. ¢ompany and ch8rlty compliance. We are well 88rved by th8 Finance ond Gener81 Purposes Committee, where we have finance, accounting, and legal expertise, and by our profe83lon81 advisors. We also sub8criÈe lo relevant PUblallOnS, and to Companias Hou¥$ and Charity Commission email update8, The Council and staff remain eommitted to su81aining the ¢leor fo¢u¥ of tho organisalion around ils primary charitsble objective¥, whilst a180 8e8king to pul in place the foundallon8 lor the future development of the mlni81ry under the Lord's leading. Our v81ues u8e the mnemonic CHRIST - Commitment, Humility. Respect, Integrfty, Sleward8hlp and Teamwork. wllh th• ovorriding call to Christlikene88. Keswick Ministrie¥ partngr¥ with different Christian organisalions to help take forward 118 objectives, including the recording, broadcasting and publishing of the leaching given at the Keswick Convention., thg provision of a Convention programme for adults Wlth leaming difficulties and the provision of a Convention bookshop. A8 m¢nlioned above. we have al80 partnered ao8in with Living Leadership lo deliver the Pastoral Refreshment Conference., an evenl held over three day8'10 provide an oasi5 for those in church leadership.. A fourth PRC was held online 2021. We ran an'in-person" event again in February 2D22 and were fully booked well before Christmas. In February 2023 PRC'S were held back to back to increase capacity. Olhor Teaching and Training events are also delivered in partnership with Dlher organisations and appropriately gifted trainers. The Misslonary Ho$pitalily Fund supports the cost of attendance of missionaries al the annual Convention and also the c051s of those attending other Keswick Ministries mission related aclivilias. Consolidated financial statements have not been prepared on the grounds that the results of the subsidiary undertaking8 would not be m8leri81 to the group financial slatem&nts. 11
On Monday 3td April Keswick Ministries announced that, following the summer 2023 Keswick Convention, Ministry Oireclor, the Rev. Dr Jam88 Rob80n, will be leaving to become Principal of Oak Hill College in London. Keswi¢k mInStri95 congratulate James on his new appointment and wish him God's rhest blessing as he ¢ontinue8 to serve the Lord al Oak Hill Collgge. Keswick Ministries will aayS be grateful lo James for his godly and sure-footed leadership over the last 6 years, which has included safely navigating the ministy through the covid pandemic. undertaking a major refurbishment of the new ministry sile (Tha Detwenl Projecti and the devèlopment and growth of our year-round leaching and training pfogramme. Keswiek Ministrie8 trustees are actively seeking a new Ministry Director lo work with the board and the dynamic staff team, building on the excellent foundation James has laid. FINANCIAL REVIEW General The Trustees, financial objective5 are twofold.. To r8i8e Sufficient funds lo meet the cost of th• Tru81'9 Current a¢llvi1188 8nd to develop new activS1ies. To raise sufficient addllional money lo ¢omplete the ielurbishmanl of the Pencll Factory building to provid• further accommodation for Convention 8clivilie8, and conference focililie8, noljust lo host ministry acllvilies in pursuit of our oty'ectives al other Ilmes of the year, bul also lo be available for external hir¢. The incom8 of Keswick Ministries comes mainly from voluntary donation8 made by those who support and attend Ihe Convonlion, and its financial viability is dependenl on this. Oncg again we are grateful lo God for the financial provision in the year under review, and lo the many thousands who have Gaughl the vislon for the wort of the miniBlry and have 9iv8n 80 generously toward$ it. Summary of Flnanclal Posltlon Thè financial results are set out in the Statement of Finon¢ial Activities on page 20 and can be81 be described under heading8' The General Fund lunreslri¢1odl and Derwonl & Mission Hospitality Fund {reslricledl. The General fund had income for the year of £2,379,63ry compared with £1,425,78• in 2021, an incroa4¥0 of 67%. Expenditure, 8t £1,824,192 wa8 some 35% higher Ih8n in 2021 1£1,351,9511. T8kan together, 2022 produced a nel surplus of £555,440, compared with a nel $Ufplus of £73.831 In the previou8 year. During the year we received a very substantial donation of £1.2m, whl¢h was split beVe8n the General and Derwent Funds and which account8 for the improvement in the financial position. Wlhoul this the General Fund would have been in delicil lo the tune ol nearly £300k. We are very thankful that giving lo the General Fund has hold p well in what has been anothor year of great uncertainty followin9 the pandemic. Costs, following the pandemic, have risen quito sub51anli811y. With regards to the Derwenl Project and Mi88ion Hospitality Fund (Restrted Funds) the financial results in 2022 are also very pleasing. Income was £802,157 compared with £804,923 in the previous year, a small reduction of 0.3%. Expenditure wa$ £123.082 12021 £313,840118aving a nel 8UfpIu8 of £679.07512021 £491,083>. The Derwenl Proi¢ct, which is now in it8 ei9hlh year, accounts for the vag1 majority of the restricted income 8nd expenditure. The Mission Hospitality Fund included in these numbers, ha8 not had an appeal or special offering for the last 8even years because of the locus on Dement. Income for this fund w88 £5,644 in the year compared with £2,957 in 2021,. the balance on thi¥ Fund is now £4.935 (see note 161. This fund enables missionaries to atten¢J, and benefit from, the Convention who otherwise wouldn't be able lo do so. The Reslricled Fund8 balance al the yearend. of {£745,065112021-1£322,291), relates almost entirely lo the Dgrwenl Prc4ect. Total income {reslricled 8nd unTeslricled) amounted to £3,181,789 mpared to a previous yea¢s total of £2,230,705. After doducling expenditure. the nal surplus for the year was £1,234,51512021- £564,914). 12
Once a98in the Tru51ee¥ are Ihankfvl for the continuing high numbers supporting the ministry, and for their generosity in both prayer and giving. DONATIONS AND LEGACIES Thg aclivities of the charity are financed almost entirely by voluntary grfts throughout the year, offerings taken during Convention and legaciès. Legacies of £12,50212021 - £155,906) were recognised during the year. We gratefully acknowledge thfj many unOrded gifts of lime and expertise given by so many during the course of the year, without whtch our operating costs would increase greatly. FUNDRAISING Keswick Ministries is fortunate in having a large and loyal supporter base who have 8UPPOrted the charity for many yèars, and who give genèroLb$ly in $upport of our financial needs. When the Derwent Project was launched in the ¥ummer of 2015, the financial needs of the project were laid before our supporter8, with supporting m8teria1, and they havg rospondod m8gnificenlly. Nofmally we update our 8UPPOrter8 on plans and progress al the annu81 Convenllon, and by m¢an$ of regular new$l¢ller8, We have worked with design agencies lo produce quality campaign material, and are registered with Ihg Fundrai8ing Regulator complying with their 8tsndard8. In addition we have Tru$toe$, and a minisler-al-large, who is a fomier trustee with fund-raising 8xpenence. These areas are overseen by our Treasurer and tho Finance & General Purposes Committee of the Council. Wa h8v8 not used &xlernal aggn¢lo$ or third parties 10 Specifically fundraise on our behalf, and have taken r8sponslble appr08¢h lo seeking funds for the proleGtlon of all our 8UPPOrters, including those who may te deemed vulnerab. We have not had any complaint8 about our fundraising, but were any to be ee1ved, they would ba tskon serious and handled al a 8enior16v•l. RESERVES POLICY In addition lo the Designated Reserves sel out in Note 16, the directors have agraad a G6n6r81 Reserves policy designed lo meet the iequlred level of working capital given the cyclical nature of cash fbw,. General RgSgrv98 of £300,000 to £500,000 are considered appropriate. As Such the Gener81 Reyerves of £457,001 are considered lo be adequ81e. The Designaled Fixed Assets repr68enl the nel b¢)ok value Ihereol. less a loan from a supportive charity, on favouiable term8. REMUNERATION POLICY The pay of the senior staff is set so as to be fair in the light of prevailing rates in other Christian charil*s, arKI the locality, and lo ensure that the right ¢alibre of people can be recruited lo koy role8. The Trustees review salaries annually and usually make a cost of livlng increase to all staff. Total pay and benefi15 in the year was £441.45412021 - £413,957), an increase of 6.6% (see note 71. TANGIBLE FIXED ASSETS The asset5 and ielaled depreciation, including rates of depreciation are sel out in Notes 1 and 8. 13
PUBLIC BENEFIT The Trustees have considered the public benefit guidance issued by the Charity Commission together with the &upplemenlal guidance on the application of the public benefit lest lo charities whose aims include advancing religion. The Trustees are aware of Ihair legal duly lo have regard to the public benefit guidanG8 and to report on this charity's compliance with the public benefit obligation. Thè physical and spiritual r8freshmenl gained by Ihoje who attend the Convention provideg 6 dircct publi benefit by the deenIng of the spiritual lrfe of the individuals and, through the individuals, their church c(*nmunilies and, through those church Communities, the wider communitS in which the churches are set. In 2022 much of this benefit was achieved through having the Convention available on-line, as well as through the physical event,. the on-lin8 material being accessed by many thousands of peoplo from all ovèr th6 world. The$¢ banefil8 8re directly related to the aims of the charity and the TTU8t885 are conscK)us of the naed, so far as Ih¢y are able, lo balance the delivery of the ben8fit5 against any p0831bl8 detriment or harm, Since the main Conv•ntion event Is op8n lo the public and no charge i¥ made for attendance at the overwhelming majority of the programme. there is the widest possible reach from the charity's activities. 8ecause ther¢ 1$ no fae, those in povety are not excluded from th¢ opportunity to benefit as they can allend the m¢oting8 at no charge. The Trustees are cons¢k)us of the need to ensure that any private benefits are only in¢Kl$ntsl. The work of the charlly through the year in offering asslstance and guidance to $lmllar Convention8 and meetings elsewhere has tho effect of spreading the public bentrfil even widor. INVESTMENT POLICY The directors have powers lo inve81 surplus funds in inveslmènls. securities and properties as they think fil, ubjecl lo th8 provisions of any relevant legislation. Propety investment may be for the dual purposo of active use by the chanty and appropriate lelling for periods not required for direct charitable purpose8. During th¢ year the Trustees have considered the investment policies, especialty in Ihg light ol the low inl¢r8st rate8 being paid. Given the active Consideration that is being given lo the liming of some of the major cost5 noted in Ihls report, SUTplu$ fvnd$ are invested in 8 mix of Term and Instant Access b8nk depo8115. Social, environmental and ethical ¢on$ideralionB ara con8hlered in 8elecling the bank8 al an appropriate level of d8k. Liquid funds are invested with a view lo maintaining their value, pending planned expenditure in the ghort lo medium term. The trustees con$id8r the performance ol IheBe investments lo be salisfaclory. DIRECTORS, RESPONSIBILITIES Company law requires the directors to prepare accounts for each financial year which give a true and fair view of the slate ol affairs of the Company and of the profil or1058 of the company for that year. In preparing those accounts, the diro¢lors are required lo." 8elecl suitable accounting poli¢ie$ and then apply them consistently; make judgements and eslimales that are reasonable ant1 prudent., Stste whether applicable accounting standards have been followed. subject to any material dgpartures disclosed and explainèd in the financial 8lalements' prep8r8 the financ1 stslements on the going concern basis, unless il is inappropriate lo presume that the company will continue in business. The diroctors are responsible for keeping proper accounts'ng records which dis¢lose with reasonable accuracy al any lime the financial position of the company and to enable them to gnsure that the accounts comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the preventson and detection of Iraud and other irwulaiilies. The di[torS also confim that a8 far as they are aware there is no relevant audit infomats'on of which the charity's auditors are unaware and they have taken all Steps that they ought to have taken as directors in ord&r 14
to make thems8lve8 aware of any relevant audlt Infomation and lo establish that the company's ouditor8 are aware of that infomialion. In preparing this report the trusteès have takgn advantage of the small company exemptions provided ty 8eclion 415A of the Compani68 Act 2006. By order of the Diwlorts steve Adam (fre88urer) Oate.. 15
Independent auditor's report to the members of Keswick Convention Trust Oplnlon W• have audited the financial statements of Keswick Convention Trust {the 'charity'l for the year ènded 31 December 2022 which comprise Slalemenl of Financial A¢livitios, Balance Sheet and notes lo th¢ finan¢ial slalemenls, including a summary of significant aecounling policies. The fi"nanci81 reporting framework that has btron appllgd in their preparation Is applicable law and United 'ngdom Accounting Standards. including FRS 102 'The Financial Reports'ng Standard applicable in the UK 8nd Republic of Ireland. lun11 Klngdom Generally Accepted Accounting Praclicel. In our oplnion, the fsn8ncial statements.. give a true and fair view of the stste of the charity'8 affairs as 8131 Decemter 2022 and of its income and expenditure for the year then ended., have been properly prepared in accordance with United Kingch)m Generally Acceplgd Accounting Practice,. and have be8n prepared in accordance with the requirements of the Companies Act 2006. Basls for oplnlon We conducted our audit in accordance with Inloinational Standard8 on Audlllng {UKI IISAS IUKI} and applicable law. Our responsibilities under Ih08e stsnd8rds are further degcribed in the "Audilorf8 r•$ponsibililie8 for the audit of the financial 8tal8menls" section of our report, We are independent of the charity in accordance with the ethical requirgmenls that are relevant to our audit of the fin8nclal stalemenl$ In the UK, including the FRC'S Ethi¢al Standard, and we have fulfilled our olh•r ethical respon5ibililie8 in accordance with Ihe8e requirement$, W& b¢lièva that the audit evidence we have oblabned i¥ sufficient 8nd 8pproprial8 to provlde 8 basis tor our opinion. Concluglons relatlng to golng concern In auditing tho financial statements. we have concluded that the Iru$tè8$' use of the 9Jing concem ba81$ of accounting in the preparation of the financial slalemen18 is approprialg. Based on th¢ work we have performed, we have not identified any materi81 uncertainties relating to events or conditions that, individually or collectively. may cast Sl9nifiGanl doubt on the charity's ability lo continue a5 a going concem for a period of al least e1Ve months from when the financial statsments are 8ulhon8ed for 18sue. Our respon5ibililies and the responsibilitie8 of the trustees with pect to golng concern are describod in the relevant sections of this report. 16
Other Infonnatlon The other infomialion comprises the information includod in the annual report, other than the financial Statements and our auditor's report Iheieon. The trustees are responsible foi the other infomialion contained within the annual report. Our opinion on the financi81 slalements does not cover the olhor information and, except to the extent olherwi8e explicitly slated in our report, we do not express any fomi of assurance conclusion Ihareon. Our rgsponsibilily 15 to read the other information and. in doing 80. consider whether the other information is mat8f1811y inconsislenl with the financial statements or our knowledge obtsined in the course of the audit, or otheise aparts lo be malerlally misslaled, Ilwe itjents'fy such material inconsistencies apparent material mis3lalemenls, we are required lo determine whether thi8 9ives nse lo a material mi8slal8m8nl in Iha financial statements themselves. If, based on the work wo hav8 performed, w• conclude that there is a material misslalement of this other information. we are required to report that fact. We have nothing to report in this regard. Oplnlom on other matters prescrlbed by the Companles Act 2006 In our opinion, based on the work undortaken in the course of the audit.. the information given in the lru8lee8' report which in¢lude$ the d1ctOrs, report for the financial year for which the flnan¢lal $tstomonl$ are prepared is consi8lenl with the flnanclal 8lalements', and the directors, report including in the tru61ee8' reixirt has been prepared In 8¢¢ordan¢e with applicable legal requirements. the IruBlee$ were not enliued lo prepare the financial statements in accordance wSlh the 8m811 compani88 regime and take advantage of the 8mall companles, exemption in prepsring the Report of the Trustees and from the requirement lo prepare a Slralggic Report. Matters on whlch wo are requlred to report by exceptlon In light of the knowledgo and under8tsnding of the charity and 118 environment obtained in the course of the audit, we have not Identified matedal mis8tal8ment8 in the 8lrategi¢ report or Ihe dlrfj¢tors' report. We have nothing lo report In r¢$pe¢l of th& following mall•r8 in Telation to whKh the Companies Act 20C6 requires u5 to report to you rf, in our opinion.. adequate accounting records havg not b¢on kept, or r•lums adequate for our audit have not been eived from blanches not visited by us., or the fi'nancial statements are not In agreement wlth the a¢¢ounlin9 rn¢ord$ and returns., or certain di8closure8 of Iruslees, remuneraln specified by law are not made., or we have not racelved all the Infom*ion and explanations we require for our audit. 17
Responsibilities of Trustees As explained more fully in the trustee. responsibilities statement sel out on page 14, the Iw$lees are responsible for the preparation of the financi81 ststements and for being satisfied that they give a true and fair VW, and for such intern81 control as the trustees determine 1$ neGes$ary lo enable the preparalKJn of financial slalemenls that are free from material misstatement, whether due lo fraud or error. In preparing the financial 5tstfjm8nls, the trustees are responsible for assessing the charity's ability lo continue 89 a going concem. disclosing, as applicable, matters related to going concern and using the going concem basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no reali81ic 8lternatsve bul to do $0. AudIt08 re8ponslbllltle8 for the audlt of the flnanclal ststements Our obje¢liv&$ 8re lo obtain reasonable assurance about whether the financlal stslemenls as a whole are free from material misslalemenl, whether due lo traud or error, and lo issue on auditor's report that includes our opinion. Reasonable a8$uranc8 is a high level of assurance bul 18 not a guarantee that an audit conduclod in accordance with ISAS IUKI will aayS delecl a material mis51alemenl whtsn il exi$ls. Mi$$tslemenls can ari88 from fraud or error and ara ¢on$idered material if. individually or in the aggregate, they could reasonably bo expected lo influence the e¢onomi¢ de¢l8ion8 of users taken on the bas18 of the financial slatemenl8. Th• exl•nl lo which our procedures aig capablg of dele¢ling lff•gul8rilies, Includlng fraud is detailed below. Irregularities. Iluding fraud, are instances of non-compliance with law6 and rogulationo. We design procedures in line with our Tesponsibililies. outlined above, lo delecl m8lerial misslalement8 in re8pe¢l of irragularilles, Including fraud. Based on our understanding of th¢ ¢harity and118 industry, we considered that non.complion¢e with the fdlowing laws and regulations might have a material 8ffe¢t on the financial 8lalemonls.' Chariti¢$ Act 2011, UK lax legislation, anli-britery, corruption and fraud and money laundering. To help us identify in8lance8 of non-complisnee with these 18W8 and regulallons, and in idenlifying and a$sessing the ri8k8 of material mi881alement in respect lo nOnOmPlISnCe, our proeèdures includèd. bul were not limited to.. Inquiring of management and, where appropriate, those charged with governanc8, as lo whether the charlly15 in compli8nce wlth laws and regulatn8, and di8cu88ing IhgiT policles and procedu$ regarding compliance with laws and regulalion8', Inspecting corre8pondence, if any. with relevant licensing or regul8tory aulhorltle8; Communicating idontifi¢d laws and regulation8 lo the engagement team and rem8ining alert to any indic8tion8 of non-compliance throughout our 8udit', and Considering the r18k of ac18 by the charity whlch were contrary lo applicabl• laws and regul8tlons. including fraud, We 81so con8idered those laws and regulations that have a direct effect on the preparation of the financial Statements, such as the Companies Act 2006 and the Charities Slalemenl of Recommended Practice. 18
In addlkn"on, we evaluatèd the trustees, and man3gement'5 incentives and opp)rtunltSes for fraudulenl manipulation of the financial stalemenls, Sncluding the risk of management override of controls. and delermlned that the prfncipal risk8 related lo posting manual loumal èntries to rnanipulate fin8ncial performance. management bias through judgements and assumptions in signillcant accounting ostimates, In particular in relatlon to revenue recognition (thICh we pinpoinlad lo the cut-off assertion), the cla5sificalion of income and expendlture, valuation of investment properties. the treatment of transactions related lo Ihe Derwent Project and signlficant onewoff or unusu81 Iran5aclions. Our audit procedures in relation to frauLI induded bul wero not limitod to.. Making enquirles of the trustees and managem8nt on whether they had knowledge of any aclual, 8U8pected or alleged fraud., Galning an understanding of the Intemal controls esl8bllshed to mlllgalÈ dsks reJale(I lo fraud. Discussing amongst the engagement team the risks of fraud.. and Addressing the r18ks ol fraud through rnan8gemenl override olconlrols by perfomlng loumal enlry18s1irq. There are inherent limitatn5 In the audit procedures descrfbed above and the primary re8pon8lbllily for Ihg prevention and detection of irregularlties indud5ng Iraud rests with management. As wlth any audit, there remained a risk of non-delection of irregulari118s, as these May involve collusion, forytsry. inl6nb.onal omis8ion8, ml8representation8 or the override of internal conlrc4s. A further d8scriplron of our resw)nslbS111ies for the audll of Ihe finondal sl8lements ia Ioc4t8d on the Fln8ncial Reporting Councll'8 website al This descripllon forms part of our 8udltor's rewt. UB• of tho audlt report This report is made solely lo the Charity's m8mber5 as a body In accordance wSlh Chapter 3 of Part 16 of the Cijmpanies Act 2006. Our audit work has been und8rtak8n so that we might slate lo the charity's rnembers those rn8ller8 we a required lo slate to them In an 8udilorfs report and far no other purpose. To the fullest 8xlenl pemiltted by law, we do not accept or assume resptsn8ibilily to onyone other than the charfty ond lh• charity's members 88 a t>)dy for our audll work, for this report, or for the oplniong we have fomied. D8vld Hoose (Senlor Statutory Audrtorl for and on b8h811 of Mazar8 LLP Ch8rtered Accountants and Slalulory Auditor 5th Floor 3 Wg11ington Pla Loeds LS14AP Dale.. 7 Av2LJ£6 2Q2S 19
Statement of Fln•nclal ActMtle• lincludiThg incom• and oxp•nditur• accoun For th• y•ar •nded 31 Doc•mr 2022 Unr88tr1eted Funds Total Fund5 2021 Totol fvJnd6 {notè 23 No Funds kn¢om• and •ndowm•nt• fr¢m: DonaOon8 and18gaci Ch•rftabl• 0th8r tr8dlng InN•81menl8 Ronts and Ilc•ne• in¢om• Ohor Total 1.908,420 83,184 54,906 221.099 92,420 19,623 2,379,632 802,157 2.710,577 83,164 54,908 221,099 92,420 19.623 3.181,789 1.891,928 28.015 38,330 203,546 57.405 11.481 2330,705 802,157 etp•ndttw• an: Rai8lng nd• Charttable ac111•* 65,1503 1,758,889 1.824,192 e7.939 55,143 123,082 133,442 1.813,832 1,947274 196.107 1,469,884 1.065.791 T1 SJS.440 679.075 13J4I15 564,914 Roluon oflnw•kn•nt property 770.000 Tr¥nBforn botwa•n hJnd• N•t mtMm•nt In fwKI• 16 1,101.84 1,6S7209 11,101.8491 422,7741 1234.515 1.334,914 R•c¢xKNkntlon olfvnd•: Total fvndB brought forward Tat•llund• IornT•rd 11220,430 12177.719 1322,2911 745,005 10,898,139 12.132.054 9.563,225 10.898.139 $ts19rnonl ol FknancLql Att11 includes all gakn8 and k>88w r•caanl8•d In ts yopr. AJI Irthmo and oxp•n¢Jltur8 d8ri¥w from wnunuing thiU68. 20
Company number: 03913741
Balance Sheet As at 31 December 2022
| heet ecember 2022 |
Com | pany number: | |
|---|---|---|---|
| Total | Total | ||
| Note | Funds | fnds | |
| 2022 | 2021 | ||
| Fxed assets | £ | £ |
|
| Tangible assets | 8 | 9,633,218 | 7,751,862 |
| lnvs tm ents | 9 | 2,907,505 | 2,910,220 |
| Deposits | 11 | 5,553 | 5,553 |
| Ttal fxed assets | 12,546,276 | 10,667,635 |
|
| Current assets | |||
| Debtors | 10 | 153,062 | 178,590 |
| Cash at bank and in hand | 11 | 1,288,529 | 1,811,873 |
| Total current assets | 1,441,591 | 1,990,463 |
|
| Liabilities | |||
| Creditors: amounts falling due within one year | 12 | 1,105,213 | 309,959 |
| Net current assets | 336,378 | 1,680,504 |
|
| Total assets less current liabiities | 12,882,654 | 12,348,139 |
|
| Long Term Loans | 13 | 750,000 | 1,450,000 |
| Total net assets or liabiliies | 12,132,654 | 10,898,139 |
|
| The funds of the charity: | |||
| Restricted income funds | 15, 16, 17 | (745,065) | (322,291) |
| Unrestricted funds - Designated | 16, 17 | 12,420,718 | 10,209,362 |
| Unrestricted funds - General | 16, 17 | 457,001 | 1,011,068 |
| Total chariy funds | 12,132,654 | 10,898,139 |
These financial statements have been prepared in accordance with the special provisions of the Companies Act 2006 relating to small companies.
Approved by the directors on and signed on their behalf by
Steve Adam (Treasurer)
21
statsment of Cash Flows Forlho year ended 31 Docombgr 2022 2022 2021 Noto Ca•h pro¥ldod by op•radng ctlvltl•i 21 1,236,479 1.004,634 Ca•hllTh• frMI M•tkng actitI•l.. Interest Rents from insestment8 Sale of tanglble hxpd a68•ts S81e OlinStMents Purch38ts oltangibl fiyd 4688ts Ca•h lu•ed Inl I provkknd by Im••tlny a¢tl¥ldo• 8,880 212.219 250 2,194 11,983,366) 11.759,8231 11,350 192,197 2.500 11,972.7911 11,766.7441 IDéero•8è1 lin¢r•a86 in ca8h and ca8h •qulwal8n16 In lh• sear Cash and cg8h equivalonts al the beginnlng of the par Totsl ¢••h •nd ¢••h •qvIll at th• •nd ofth• y••r 1523,3441 1762,1101 2.S79,536 1.817A26 1,817,428 1,19482 22
Noto8 to the Flnancl41 Statomonts For th8 year ended 31 December 2022 Accountlng pollcle8 a. Accountsng convention The charity 18 8 public benefit entity and the accounts are prep8f8d under the historical cost convention in accordance with FRS 102, the Financial Reporting Standard 8pplicable in the UK and the Republic of Iieland, thg Companies AGI 2006 and Statement of Recommended Practice, Accounting and Reporting by Charities ISORP 1021. The K¢$wi¢k Convention Trust is a private Company limited by guaranleg and is non-profit making. The KeswKk Convention Twst 18 incorporated in the United Kingdom and regislewd In England and W81es. b. con801idalion The charity'8 subsidiaries ar¢ not ¢on$olldaled on the grounds of immaloriality. Going concem Th• company's busines8 aclivilie8, 118 perfomiance and po811ion are 881 out in the Oireclors, Report on pages 4 to 15. The company's forecasts and projection8 show that the company Should be able to operate within the working capital facilille8 available to it. The Truste88 have a reasonable expectatn th8t the ccmpany ha8 adequate re80urces to conllnuè In operation81 exi8lence fow the forosgeable fulurg. They therefore conllnu• to adopt the going Goncern basis of accounting in preparing the annual financial 81alemenl8. There ar8 no material un¢ortalnti08 about th• entity's ability lo continu• lo oporal•. d. Income DonalionB and legacie8 con818t ol g1ft8. offertng8, legacle8 and related Gfft cl8im8. In¢om• which 18 r8¢8ived for 8 specific purpo&e 18 accounted for wlthln a re8tricled fund. Income IB recognised in the yoar in which the company is entitled to receipt and the amount can be measured reliably. 11 is allocated to 8clivitie8 on an actual ba818. In accordanc¢ wllh thi$ poli¢y, leggcie8 gre inGludod when it 18 probable that they will be received. Donation8 in kind are reported 8t fair v81ue, in accordance with accounting stsnd8rd$. e. Expenditure Includgs all expenditure directly relating to the objects of the charity, included on an accNals basis, inclusive of any VAT which cannot be recovered, and on the following ba31$.' Wherever possible, costs are allocated to acllvlties on an actual basis. Costs shared beeen aelivilies a 8PPOrtioned beeen these aclivilies. Support costs which are not attributable to specific activity have been apPortned beeen the activities being supported. Wages and salaries have been split betsveen funds on the basis of estimated time spent by staff members on the Dement project. 23
Note8 to the Flnanclal Statements For tho yo•r ondèd 31 D•c•mbor 2022 Continued f. Financial instruments The tru61 only has finan¢lal a88els and liabilities of a kind that qualify as basic financial in8lrum•nts. g. Dobtors Includas amounts invoiced bul not yel paid, together with payments in advan¢g. provlsions for any doubtful debts. h. Ca¥h at bank 8nd In hand Equate$ lo le$8 than 100 days access bank bolances and cash floats. Creditors and provi8ion5 for liabllili•$ Include8 purchases invoiced but not yel paid. Con¢e$slonary108ns are measur8d at amort18ed cost. j. Fixed 8$88ts Fixed as8els are Shown al onginal cost or, if donated, al their value on th¢ date of the gfft, les8 accumulated depreciotion. Depreeialion 18 C8lculal8d to write off the c08t less estimated residual value of fixed assets over their estimated u88ful lila. Land 18 not deprecial8d and building8 are depraciatsd at a rate 012% on a straighl-line ba8i8.' equipment and furniture are d8pre¢laled on reducing bal8nco b8si$ al a rate of 30%.. Tho minimum ¢apltali8atn level 18 £1,OCO. k. Fund accounting The dlreclors have relainod tha doslgnaled sum$ formlng part of the charty's unreslricled funds lo be used for p8rticular purp08e8 in the future as outlined in Note 16. Inv88tm8n18 in subsidiaries are reccbanised by the charity al ¢08t l•$s and provision for Impairment. l. Investments Inve¥lmgnl$ held ay fixed assets are staled al cost le88 provision for any pemianenl dlminution in value or at fair value as determinod by the Truslee¥ as Shown in Note 9. Inveslmonts in subsidiary undert8king8 are racognised at C0811888 any PfOV18ion for impaimient. PubliG benefit con¢es$K)n8ry loans Public bengfit con¢e35ionary loan8 8re initially measured al c08t wlh the carrying amount adjusted in subsequgnl years lo reflect repayments and any Impalmienl as determined neces8ary ty the Tru8lee8. Operating lease5 Rentals paid undef Opgraling 1gas8s are r8cognised in expenditure on a straight-line basis over the period of the lease. 24
Noto8 to tho Flnanclal Statomènt8 For the yoar ended 31 Decèmbor 2022 Continued Judgomonts ln applylng accountlng pollclos and key 8ourc•• of tIMatIOn uncortalnty Investrnent properti The Rawnsley sile has been valued on the basis ofthg net income derived frorn car parking. An infomed view has been taken as to an appropriate rate of return, with income forecast into perp8luity, infomied by historlc Irend8. kncwln plans gnd any other pertlnent external factor5. The Pencil Museum h88 been valued on the ba8is of the net income derlved from rental in¢ome. An informed view has begn taken as lo an appropriale rate of return, with income forecast Into perpelully, infomied by historic trends. known plans and any other pe.nent external factor8. Discount rates in the range 7.5% to 8.0% are con8ider8d appropriate and have been u8ed for these calculations. D8ent Project Sit• d•vebpmenl costs in respect of the Do81 Project fall within the VAT Capital Good8 Schemo and as such an 88limale of the VAT partially fecoverable Ihereon 18 included 8t thè balance Sheet date. Thé amount of VAT p8rts.ally recovered IB linked lo the current and projected aclivilie8 of the charity. Income Cknatlon8 legaclg8'. 2022 Legaci88 UnreslActed donatlons Restricted donations 12,502 1,895,918 802. 157 2,710,077 155,S¥J6 931,099 804,923 1.891,928 In*stm•nt$: 2022 2021 Intèrest récei4ed Rental Income 8.880 212,219 221,099 11,350 192,196 203.546 25
Note8 to the Flnanclal Statements For the yèar ended 31 Docomber 2022 Continued Analy818 of •xp•nditurè on charltablfr actlvltl•• Actiulies undertaken dlreclly Supkx costs Total A¢ty Reslricled fvnds Ml$sionary Hosytallly Fund DetvMt Project 7,190 47,953 7,190 47,953 Lknfestrfcled fvnd¥ Charitable actiiilles Oth&r Totsl 1,018.314 68.483 1,141.940 440,827 231,065 671,892 1,459. 141 299,548 1,813.832 Charftable acllvllles costy Include the yvar iuuiid ul Ili¥ Skid¢J¥w 811¥¥1 Conv¥i)Uoii cent aild staff offices, and of the Rawn81gy building. 2021 ¢ornyrntlv• Acli4ilie8 unthrtaken dlreclly Support co$t$ Total Actlvlty Reslricled funds Mlssionary Ho8ylallty FuTha Derwpnt ProjeGt 25,646 172.207 197,853 Unreslficled thJnd8 Charitale lI111e$ Other Tolal 861,024 43.622 930,292 281,822 105,863 539.392 1,122,646 149,185 1.469.664 Charitable adivitlés C08ts include the year round costs of the Sklddaw Street Conventson Centre and staff office8, and of thg Rawn31ey building. 26
lri Tr- M ? ¢0
Notes to the Financlal Statèm•nts For tho yo•r onded 31 Dgcember 2022 Continu•d AuditoV8 remunoratlon The ¢ompany incurrèd the following charges from the auditor.. 2022 2021 Audlt fee- 2020 Audit lee- 2021 Audit fee- 2022 Tax adiice arKI Gon¥ullan¢y {1151 12,996 18,959 3,500 20.459 12.881 Stsff ¢o•t•, r•latsd p•rtS08 and voluntoorn 2022 2021 Wages and salarfe Soclal Secudty costs Pension Gontributions Employment settlement 349,725 27.913 $4,256 9,560 441,454 338,470 22,615 52,872 413,gS7 The Tru8t operate8 a deh'ned contribution pension 8chem8. No employe8 earned £60,000 per annum or more (2021- no employee earned £60,0¢)O per annum or more}. Th8 average number of fvll tlme equivalent employees was 10.912021- 10.51 and the ov?rago hèadcount W89 1412021 131 rui Chl fEx cutlY• Rem 2022 2021 Truglees Mlnislry Direct ICEOI, Chief Operating Office ICOOI & 0per8llon8 Director The above remuneration is considered to be the rernuneralion of the key management personnel. Jame8 Robson led the organisation, assisted by the Chief Operating Officer, David Sawday (Stood down 31 January 2022) and Operations Oireclor. Jodi Whitshouse (Appointed 1 November 20221. Authority lor thg Iru81e¢ dire¢lor'$ empbymenl is contained wrthin the conslilulion of the charity. Expenses of £4.09912021- £6771 were reimbursed to 11 (2021 - 61 directors for travel and meeting expenses in the year. The spouse of a trustee, received remuneration of £14,770 {2021 £14,305). A contribution of £886 12021- £858) was also math lo the charity defined ¢ontribution pension gcheme. 28
Note8 to the Financial Statom8nts For the year ended 31 Docomb•r 2022 Continued Staff cot•, rolat•d parti•5 and volunt••rs (continu•d) No trustse director received any remuneration in re$pe¢t of their seThice8 as a Trustee of the charity. The charity is 8xlremely gral6ful lo over 600 volunteers who assist during th8 three weeks of the Convention and at other limes throughout the year. The ConventKJn volunteers undertake a wide variety of practical tasks in the areas of children, youth, and young adult's ministry. stewarding, catering, gift processing, and reception. Having held the flrsl full Convention 5in¢e Covid, and on the new site, it wa8 wonderful to See everyone working tojelher in the 8eNice of our Lord. We are also indeblgd lo tho volunteers who have helped year-round with administrative tasks, and with practical work on sile in support of the Oomenl Projact and the ganeral maintenance of our site8. Thg Irustses wish lo record their apweciatson for all the as8181ance that has been. and continue8 to be given in support of the ministry. Flx•d •$8&t• Freehold land & bulldlngs Sklddaw Fro•hold l¥nd & bulldlng• R•wn•y Equlpm•nt & Furnlturo Pon¢ll F•¢tory Total sits COST Al 1 January 2022 Addllion8 tI8posa18 Al 31 DeCemr 2022 DEPRECLATION Al 1 January 2022 Ch8rge for the year Oi¥posal$ Al 31 Deceml)w 2022 977,427 108,308 669,935 178,429 2,600 11,208 179,821 8,809,875 1.872.45B 8,635,688 1,983.388 11,2081 10,617,824 1,085,735 669,935 8,882.333 538.349 19.549 198,444 13,399 149,011 9,350 19181 157,443 883,804 101,720 19181 9B4.606 59,422 557,898 209,843 59,422 NET BOOK VALUE Al 31 December 2022 527,837 460,092 22,378 8,622,911 9,633,218 At 31 Decembgr 2021 439,078 473,491 29,418 8,809,875 7,751.862 The Convention Centre at Skiddaw Street, with a net book value of £419.529 secures a loan on lavourable temis from a supportive ¢haritsble trust. 29
Notes to the Flnanclal Statements For tho ygar 0nd•d 31 Docombor 2022 Continued Inv88tm•nts Inv•8trnenl Quotsd Unquot•d Propety Inv•8tm•nts Invoslments Falr Valuo Valuallon Cost Bas18 of valuatlon Total Cost or valuation at 1 January 2022 Disposals al cost or lUatIon Gains on lallOn Tran8fer lo current assets C09t or VJlu4tlon at 31 D•c•mb•r 2022 2,907,500 2,715 {2,715) 2.910.220 12.7151 2,907,500 2,907,505 The fair value of the invèstment property ha8 been cal¢ulatad using the cash flows of rental Income a8 yield on tha investment. No formal valuation ho3 been obtained from a qualified indgpendent valuer. There are no reslriclions on the ability to reali88 proceeds on di8POS81 of the properti88 or on the remillance of income. ubsldla Com anle8 2022 2021 Wholly ed 8th8idiary'. K86wck Con%pnlion Projo¢1 Ltd Ke8%%lGk ConntIon Prohecl8 IRawn8leyl Ltd Keswlck Convenllon Prolect Limited, a company engaged In carrying out projgc15 in Connection with the Keswick Convention, and Keswick Convention Projgcts (Rawnsleyl Limited, a company engaged in carrying out trading 8clivilies in support of the Keswick Convention, ar¢ both wholly owned trading subsidiaries, and ineorporaled in England. All Shares held are ordinary £1 shares. The year end for both subsidiarie$ 1$ 31 December 2022. The aggrggate share capllal and re88rve8 of Ke8wick Convenllon Projects IRawnsley} Limited w8$ £2 and rt8 lumover for the year w88 £231,755 re8ulling in a £nil profil or108S. Ke8wick Convention Projèct Limited aggregate share capital and r¢$grves al 31 December 2022 was £4,809 and ils lurnovor for the year was £43.222 resulting in a n?1 profil before tax of £nil and donations to the parent company of £13,452. Consolldated financial statement$ hav& not been prepared on the grounds that the r68uIts of the 8ub8idiary undertakings would not be material lo group financial statement8. 30
Notè8 to the Flnanclal Statements For tho yèar ondod 31 Do¢¢mb6r 2022 Continued 10. Dobtor8 2022 2021 Trade debtors Payments in adhence- accommodation Pr¢paymenl$ and a¢¢ru¢d in¢ome Amounts owed by group undertaking8 othèr debtors 9,508 49.088 61,185 12.495 20,786 IS3.062 11,623 35.427 80,025 19.233 32,282 178,690 11. C•8h And c••h •qulval•nt• 2022 2021 Cash in hand Notlce depos118 Ile88 than three month81 Current asset 275,760 1,012.769 1,288.529 1,131,258 680.617 1,811,873 2022 2021 Longer twm de118 Non<urrent asset 5.553 553 5,553 6,653 Total ¢88h 1,2M,082 1,817,426 12. Credltor•: amounts lalllng duo wlthln ono year 2022 2021 Trade credllor8 Other crgdilor¥ C¢•¥810nary loan$ Accruals DthThed Income 10,110 302,591 7CQ,C 52.038 40,474 1,105,213 128,743 1CQ,CO) 23,131 309,959 The £550,000 loan is conces8lonary.' from Supportive indlvlduals, 8t zero Inl8ro$t', repayable by 31 December 2023 and is unsecured. The £150.000 ban is ¢onc8ssKJnary', from a supportlV8 individual., al zoTo interest. repayable by 31 December 2025 but may be payab on demand. Deferred Income relala8 to dep08118 for centre bookings and COLrr3e fees falllng In the nextfln8ncial year. Deferred income has been recognised as follows,. 2022 2021 Derred income brought foNRrd R8l•asad to Iome during the year Receiwd during th8 year Deferred income carried ryrard 23.131 122,3561 39,699 40.474 13.997 {13,99n 23,131 23,131 31
Not08 to the Flnancial Statement8 For tho year ondod 31 D•comber 2022 Continued 13. Crndltors: amount¥ f•lling due after onè year Conc8951onary loan$ Due between l and 2 years belwegn 2 5 years rJè 8fter 5 years 2022 2021 550,000 150,000 750,000 1,4SO,000 750,000 750,000 The £750,000 loan is conce8sionary'. from a $upportlVo Chrl8tian Tru8t,' al zefo int8rest', repayabl• by 16 June 2027 and $e¢ured by a first charge on th8 Skiddaw Street Conv•nllon Centre. 14. Flnanclal In•trum•nt¥ 2022 2021 Flnanclal asset8 measured al amortised co81 Cash and ¢ash èqui¥elents Flnancial liabllllies measured al amortiséd co#1 22,W3 1.294.082 1,460.110 1,817,426 1,578,743 Financial 88sels measured at amortised cost ¢ompri$o Ir8de and other deblor8. Flnancial liabilitie8 m8a8ured at amortlsed cost compnse Ir8de and other credltors and loans. 15. Rtrf¢ted fund• lance Movement EXpeDdlr• and Tr8n•rn 31 Dèc•mb•r 2022 2022 B•l•nc• Incom& 1 January 2022 2022 Missionary Hospllalily Fund Derwent Project Fund 6.481 1328,7721 1322,291} 5,644 798,513 802,167 7,190 1,217,741 1.224,931 4,935 1750,0Tr)1 1746.065} The Misslonary Hospitality Fund was eslabli8h8d to recefve gift6 in order that accommodation can be piuvid¥d uiid yi¥iii¥ Lèiii yiviiii *iiabling iiiissioiiaries lo attend the Convention and other Ke8wick Minislfies mission related aGliv1tS. together with 8ssocialed 8dminislralion costs. The Derwenl Project will secure the future of the Convention and allow for the grobvth of the ministry at other limes of th8 ygar. Further infofmali¢n In respect of the Deent Project can be foun¢J in th¢ ¢Jireetor8' report. The deficit arising on the Derwenl Project fund is ¢overed by the Derwent Project Designated fund together with funds received after the year end. Re$tri¢ted fund$ are held in liquid assets. 32
Notes to the Flnanclal Statements For tho year •nd•d 31 Docember 2022 Conlinuod 16. Summary of fund mov•m•nt8 Balance Gain on ccffle Expenditure revaluati of InStMent Balance 31 Decemt¢r 1 January 2022 Transfers Fund 2022 n8lèd Fund$ Fixed Asset D¢wl Project Fund Gera1 Funds 9,909,362 102,010 1,983,386 11.790,718 300,000 330,CKJO 630,C4XJ 1,011,068 2,379,832 1,722,182 11,211,517) 457,C01 Unreslricled Funds 11,220,430 2,379,632 1,824, 192 1,101.649 12,877,719 Rè8tricled Fund8 Missionary Hospi181ily Fund DeTh¥ent Project Fund Reslrfcled Funds 6,481 7.190 4,935 1328,7721 798.513 115,892 11.101,8491 1750.0001 1322,2911 802,157 123,082 11,101,849) 1745.C651 Tclal Funds 10,898,139 3,181.789 1,947,274 12,132,654 The Fixed A88el Fund represents the lolal amount8 invested, from general funds and 8PeCI81 appeals in th8 P881, in tangible fixed assets and investment proporties18ss d8preci8tion and tx>rrowings secured thereon. Included within the Fixed Asset Fund is £2,139,918 {2021." £2,139,918} of non4islfibulable re8eThes. 8ri8ing from ravaluallon. The Derwent Project Designated Fund represents amount$ sel a$ide In relatn lo tho D¢Monl Project. The Tru$lo•9 •xpeGI tho amount to bo used within thè year following. Transfers of £1.872,458 from the Daent Project R88lricled Fund to thè Fixed A88els DeskJnaled Fund relats$ lo the ¢apitslisalion of fixed assets purchased in respect of Ihg DaNnI Projgct. Tr8ngfers of £110,908 from the General Fund lo the Fixed Asset Designated Fund r8lat8 lo Ihe capilalisalion of fixed a888ts purchased in r88pect of the general fund. Transfers of £770,609 from the G8neial Fund lo the D&rwent Project R881ricled Fund relate lo expenditur8 paid for the Derwenl Project Fund. in excess of income generated. Tr8n8fers of £330,000 from the General Fund to the Dgtwent Project 08signalgd Fund relates to an inerease of fiJnds yet aside for the Derwent Project within the General Fund. 33
Notgs to the Financlal Stat•monts For tho year onded 31 December 2022 Continued 17. Analysbs of net a•8•t• two•n fund8 L9 Te Nel Cuffent Asselsllliablllt Concesslonary iesl Loan 2022 Tanglble Assets InKe81ments & Deposits Total Unreslricled- d881gnaled Unreslricled- general Totsl unf•rfcled 9.633,218 2,907,500 830,000 1750.0001 12.420,718 5,558 2,913,058 451.443 1,443 457,001 12,877,71 9,833,218 1750,0001 Mi58lonwy Hospitallly Fund Oerwl Pf4ecl Fund Total relctod 4,935 4.935 1750,0001 {745,0851 1750.0001 1745.0651 Totsl fund• 9,633,218 2,913.058 336,378 (750,0001 12,132,854 2021 Tangl0 Asset8 Inbvstment8 & Net Current Long Te Dep0811s Assetslllialylil Conces$ionary Total Unre8tricled- designated Unr88tncled- general Total unreotrlct•d 7,751,882 2,907,500 300,OOQ {750,0001 10,209,362 5,558 2,913.058 1,705,510 2,005,510 1700,0001 11,45D,0001 1,011.6 11,220,430 7,751.862 m18s1¢ary Ho¥pttality Fund Derwent Proiecl Fund Total re*rfctsd 2,715 3,7e6 6,481 {328,7721 I325,Cl 1328,7721 1322.2911 2,715 Totsl funds 7,751,862 2,915,773 1,680,504 11,450,000> 10,898, 139
Notes to the Financial Statemonts For the yoar endod 31 D•cembor 2022 Continued 18. Relate(I party transactlons Keswick Convention Prolects (Rawnsleyl Limited is a wholly owned sub5¢diary of Keswick Convention Trust. For the year ended 31 December 2022 Keswick Convention Projects {Rawnsleyl Limited was charged rent of £196,057 12021 £171.2851 by Keswick Convenbon Trust, of which £12.49512021 £19,233) remained oul$landing as al the year end, KeSWk Convention Project Limited is a wholly ¢)wned Subsidlary of Keswick Convention Tru81. Keswick Convention Trust incurred no expenses on behalf of the 8ub8idiary. Al the year.end a provision has be8n made for the payment of a charitable donation in Ke8wlck Conventn Project Limiled's account8 lo Ke8wick Convenlbn TN$l for tha $um of £13,452 12021 £6,42SI Durino the ye8r the TfU8le88 m8d8 donatlons lo the Charlty of £14.84812021 - £10,785). 01 this £6,020 12021- £1.6951 was in relation lo thg Derwenl Project, The prolecl has the full 8UPPOrt of the Trustee8. Mr S Halo. a tru8t•o dlre¢tor. is a dlre¢tor of Ellis-FernoT & Negus Ltd, a Solicitors firm, whlch received payments lotalling £2,17212021- £2,602) in respect of legal service8. Al the year end the amount owing lo Elli8-Fermor & Negus Ltd was £nil12021 £nill. 19. Flnan¢l•l ¢ommltm•nt• Al 31 Decembor 2022 tho ¢harily had ¢apital ¢ommilmenl8 totalling £330.00012021'. £1,138,070). 20. P•n•lon ¢ommltm•nt• Th& ¢harlty opeialas a define(I ntribUtIon pension schem compliant with auto enrolment. The as8e18 of the 8cheme 8re held separately from those of the charity in an indepgndenlly adminiylered fund. The pension cost charge represanls contributions payable by the charlly lo the fund and amounted to £54.25612021'. £52,872). Contributions toialling £nil {2021'. £nill were payable to the fund al the balan¢e 8heel data. The pension commitments are a liability of the unrO$tri¢l fvnd$, in lino with the expense, 35
Not08 10 tho Flnan¢i•l Ststements For th• y•ar ended 31 D9¢br 2022 Continued 21. R•conclllation of net movement In fund8 to net cash flow Irom op8ratlng actlvltl 2022 2021 Net income for the reporting period 1.234,515 564,914 Adjuslmenls in r85pecl of. Deprecialion charg88 Los8 on disposal of fixed assets Loss on di8F($8al ol InVBblm•S Inter881 r8ceiK•d Rental income D8cmse In debtor8 kn¢w$e In ¢drtOr8 101,720 40 521 18,8801 1212,2191 25,526 95,254 1.236,479 41.427 5,896 111,350) I192,1> 540,1C6 55,837 1,004,634 22. Anaty•l• ol chang•• In not fund• At1 J•nuary 2022 At31 D•comb•r 2022 Cath flt)W• Tr4nd•rn Cash and cash equi*1onl$ Oebt dLie le88 than one year Debt after one y•4r 1,817,428 1523,3441 1,294,082 1700,0001 1750,0001 155,9181 170D,0001 700.000 11,450,OCIJI 387,420 523,3441
- 2021 SOFA comparatSve8 Unrestricted Funds Roslricled Funds Tot81 Funds In¢omo and ondowmentsfrom.. Don81iong and legacie$ Charilable acliwlies Other IradirrfJ actiiities InbEstmenls RentB arKI Ilcence In¢ome Other Totsl 1,087,005 28.015 38,330 203,546 57,405 11,481 1.425,782 804,923 1,891,928 28,015 38,330 203,548 57,405 11,481 1230.706 804,923 Exyndltur• on: Raiglng knnd$ Charitable act111185 Totsl 80,120 1,271,831 1,351,951 115.987 197,853 313,840 198,107 1,469,684 1,665,791 N•t In¢om• 73.831 491.083 5H914 ReluatIOn ol nlMent property Tran¥fors b8lween fiJrKIB N•t movement In funds 770,WO 1,954,163 2,797,994 770,000 11.954. 1631 11,463,080) 1.334,914 R•conclllatlon of fvnds: Total ndS brought foThvard Totsl fvnd8 urrlod to1rd 8,422,436 11.220.430 1.140,789 1322,2911 9.563.225 10,898,139 37