REGISTERED COMPANY NUMBER: 04244834 (England and Wales) REGISTERED CHARITY NUMBER: 1089883
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE PERIOD 1 JANUARY 2020 TO 31 AUGUST 2020
FOR
THE LONDON CENTRE FOR SPIRITUAL DIRECTION
BSR Bespoke Chartered Accountants Linden House Linden Close Tunbridge Wells Kent TN4 8HH
THE LONDON CENTRE FOR SPIRITUAL DIRECTION
CONTENTS OF THE FINANCIAL STATEMENTS for the period 1 January 2020 to 31 August 2020
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 3 |
| Independent Examiner's Report | 4 | ||
| Statement of Financial Activities | 5 | ||
| Balance Sheet | 6 | to | 7 |
| Notes to the Financial Statements | 8 | to | 15 |
THE LONDON CENTRE FOR SPIRITUAL DIRECTION (REGISTERED NUMBER: 04244834)
REPORT OF THE TRUSTEES for the period 1 January 2020 to 31 August 2020
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the period 1 January 2020 to 31 August 2020. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The Objects of the Charity, as set out in the Memorandum and Articles of Association are to promote spirituality by acting as a Christian resource for prayer, personal exploration, training and development.
Public benefit
The Trustees have referred to the Charity Commission's guidance on public benefit when reviewing the Charity's aims and objectives and in planning the Charity's future activities. In particular, the Trustees have considered how planned activities will contribute to the aims and objectives that have been set. The Trustees are satisfied that the Charity continues to meet the Charity Commission's guidelines with regard to carrying out its purposes for the public benefit.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
This period has been one of unimaginable change with the onset of the Coronavirus pandemic in 2020. The UK was placed under lockdown in March 2020 and this marked the cessation of all face to face contact, both for directors and their directees, and for all our courses and meetings. Under the leadership of Rev Beki Rogers, we were able to make a relatively speedy move to continuing to provide some meetings and Encounter courses via online technology. Whilst lockdown eased in the summer, we were unable to return to meeting in person and for almost the entire duration of this period, Beki Rogers and her colleagues worked remotely.
As a result of the move to online delivery and working, the trustees have been considering what this might mean for the future delivery of activities. It has been noted that the availability of courses online has meant there has been much greater participation from people geographically well outside our historical catchment area of South East England.
The appointment of Antonia Lynn, a long-serving member of the Centre, as Warden and Referrals Coordinator for the Spiritual Director community has been a much-welcomed addition to the staff team. Through this part-time appointment Antonia enables the matching up of directees with spiritual directors, as well as offering support and encouragement to those who belong to the community.
This report covers a shortened period of January to August 2020 to allow for a change in the future financial reporting period which will run from 1 September in future. For many years the financial balance of the year has been aligned with the academic year commencing in the autumn and this change means the future financial cycle will align with the way in which we earn and spend our resources.
FINANCIAL REVIEW
Financial performance
Incoming resources for the 8-month period amounted to £73,228 (2019: £147,691), resources expended amounted to £76,446 (2019: £159,754) and loss on investments amounted to £53,581 (2019: £29,918 gain), resulting in a deficit for the period of £56,799 (2019: £17,855 surplus) which is in line with the Trustees' expectations.
Reserves policy
The Charity aims to maintain six months running costs in reserves. The reserves at the year end totalled £130,024 (2019: £186,823).
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THE LONDON CENTRE FOR SPIRITUAL DIRECTION (REGISTERED NUMBER: 04244834)
REPORT OF THE TRUSTEES
for the period 1 January 2020 to 31 August 2020
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
Recruitment and appointment of new trustees
Potential Trustees are identified by the current Trustees on the basis of particular skills, personal reputation and competence and, where possible, a supportive attitude towards the activities of the Charity. Trustees are elected by ordinary resolutions following interviews. In September 2020 we said goodbye to Martin Sargeant who has assisted the Centre over many years and we have benefited greatly from his skills and support. At the same time we were pleased to welcome Rev Katherine Hedderly as a new trustee. Katherine is vicar of the parish of All Hallows by the Tower and Area Dean of the City of London. It is wonderful to have her contribution to trustee meetings.
Organisational structure and decision making
The Trustees met twice online during this period to oversee the daily running of The London Centre for Spiritual Direction (the Centre), to consider longer term issues for the direction of the Centre, and to support the director and staff in ensuring good practice in the financing and administration of the organisation and its activities. This included regular monitoring of budgets and financial performance, as well as assessment of risks especially in the light of the events of the pandemic.
Finally, we remain grateful for the work of all the team at the Centre especially in these uncertain times and we also appreciate the support of our many users and members wherever they are. But above all we remain thankful to God for his continuing providence for the work of the Centre.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
04244834 (England and Wales)
Registered Charity number
1089883
Registered office
The Church Of St Edmund The King Lombard Street London EC3V 9EA
Trustees
Rev N R Evans Mr R G Hepburn Mr M Sargeant (resigned 16.9.20) Rev K Hedderly (appointed 16.9.20)
Independent Examiner
Stephen Pocock FCCA BSR Bespoke Chartered Accountants Linden House Linden Close Tunbridge Wells Kent TN4 8HH
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THE LONDON CENTRE FOR SPIRITUAL DIRECTION (REGISTERED NUMBER: 04244834)
REPORT OF THE TRUSTEES for the period 1 January 2020 to 31 August 2020
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
Approved by order of the board of trustees on 30 June 2021 and signed on its behalf by:
Mr R G Hepburn - Trustee
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE LONDON CENTRE FOR SPIRITUAL DIRECTION
Independent examiner's report to the trustees of The London Centre For Spiritual Direction ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the period 1 January 2020 to 31 August 2020.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
-
accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or
-
the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
-
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Stephen Pocock FCCA BSR Bespoke Chartered Accountants Linden House Linden Close Tunbridge Wells Kent TN4 8HH
30 June 2021
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THE LONDON CENTRE FOR SPIRITUAL DIRECTION
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) for the period 1 January 2020 to 31 August 2020
| Period | |||
|---|---|---|---|
| 1.1.20 | |||
| to | Year Ended | ||
| 31.8.20 | 31.12.19 | ||
| Unrestricted | Total | ||
| fund | funds | ||
| Notes | £ | £ | |
| INCOME AND ENDOWMENTS FROM | |||
| Charitable activities | |||
| Community SDD income | 2,851 | 3,574 | |
| Donations | 1,600 | 25 | |
| Grant from PCC | 7,000 | 12,000 | |
| Centre programme events | 4,719 | 15,127 | |
| Supervision groups and fees | 9,310 | 13,872 | |
| Room hire and rental income | 11,840 | 39,911 | |
| Other income | 38 | 199 | |
| Encounter course programme | 29,483 | 52,663 | |
| Investment income | 3 | 6,387 | 10,320 |
| Total | 73,228 | 147,691 | |
| EXPENDITURE ON | |||
| Charitable activities | 4 | ||
| Costs of generating income | 70,565 | 154,289 | |
| Governance | 5,881 | 5,464 | |
| Total | 76,446 | 159,753 | |
| Net gains/(losses) on investments | (53,581) | 29,917 | |
| NET INCOME/(EXPENDITURE) | (56,799) | 17,855 | |
| RECONCILIATION OF FUNDS | |||
| Total funds brought forward | 186,823 | 168,968 | |
| TOTAL FUNDS CARRIED FORWARD | 130,024 | 186,823 |
The notes form part of these financial statements
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THE LONDON CENTRE FOR SPIRITUAL DIRECTION (REGISTERED NUMBER: 04244834)
BALANCE SHEET 31 August 2020
| 31.8.20 Unrestricted fund Notes £ FIXED ASSETS Tangible assets 11 2,076 Investments 12 161,750 163,826 CURRENT ASSETS Debtors 13 39,315 Cash at bank 25,050 64,365 CREDITORS Amounts falling due within one year 14 (98,167) NET CURRENT ASSETS (33,802) TOTAL ASSETS LESS CURRENT LIABILITIES 130,024 NET ASSETS 130,024 FUNDS 15 Unrestricted funds 130,024 TOTAL FUNDS 130,024 |
31.12.19 Total funds £ 3,328 208,942 212,270 30,775 24,574 55,349 (80,796) (25,447) 186,823 186,823 186,823 186,823 |
|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 August 2020.
The members have not required the company to obtain an audit of its financial statements for the period ended 31 August 2020 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
-
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
-
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The notes form part of these financial statements
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continued...
THE LONDON CENTRE FOR SPIRITUAL DIRECTION (REGISTERED NUMBER: 04244834)
BALANCE SHEET - continued 31 August 2020
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 30 June 2021 and were signed on its behalf by:
Rev N R Evans - Trustee
Mr R G Hepburn - Trustee
The notes form part of these financial statements
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THE LONDON CENTRE FOR SPIRITUAL DIRECTION
NOTES TO THE FINANCIAL STATEMENTS for the period 1 January 2020 to 31 August 2020
1. GENERAL INFORMATION
The London Centre for Spiritual Direction is a private limited company, limited by guarantee without share capital, registered and incorporated in England and Wales.
The Trustees of the company can be found in the Report of the Trustees.
The address of its registered office and place of business is The Church of St Edmund The King, Lombard Street, London, EC3V 9EA.
2. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, as modified by the revaluation of certain assets.
The presentation currency of the financial statements is the Pound Sterling (£) and amounts are rounded to the nearest whole £1.
The year end of the charitable company was changed from 31 December to 31 August in accordance with its articles to better coincide with the services provided. The current financial statements have therefore been prepared for the 8 months from 1 January 2020 to 31 August 2020 and consequently the comparative amounts presented in the financial statements (including the related notes) are not entirely comparable.
Critical accounting judgements and key sources of estimation uncertainty
Depreciation is a significant accounting estimate within the accounts. Depreciation rates are based on the useful expected lives of each asset. The Trustees review the assets to ensure that their policies remain up to date, accurate and in line with previous expectations to confirm that depreciation is not accelerated or under-provided.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Income is recognised in the period it is receivable and to the extent the charity has provided the goods or services. Income received in advance is carried forward for credit in the period to which the income relates.
Grants and donations are only included in the SOFA when the general income recognition criteria are met.
Income from interest, royalties and dividends is recognised when receipt is probable and the amount receivable can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
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THE LONDON CENTRE FOR SPIRITUAL DIRECTION
NOTES TO THE FINANCIAL STATEMENTS - continued for the period 1 January 2020 to 31 August 2020
2. ACCOUNTING POLICIES - continued
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Office equipment - 25% on cost Encounter - 25% on cost Website - 25% on cost
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Pension costs and other post-retirement benefits
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
Going concern
The trustees have made their own assessment of going concern and have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainties that cast significant doubt on the Charity's ability to continue as a going concern.
Financial Instruments
The company enters into basic financial instruments that give rise to financial assets and financial liabilities including trade and other debtors, trade and other creditors, bank account balances, bank loans and other loans and borrowings and investments in certain non puttable and non convertible equity instruments.
Debt instruments which are not payable or receivable within one year are initially accounted for at the transaction price and are subsequently accounted for at amortised cost using the effective interest method. Debt instruments payable and receivable within one year are measured at their undiscounted cash amounts. Where the debt instruments are treated as a financing transaction, then the financial asset or liability is measured at the present value of future cash flows based on a market rate of interest. Debt instruments which are treated as financial assets and accounted for at amortised cost are also assessed for impairment.
Equity instruments are initially accounted for at transaction price. They are subsequently accounted for at cost unless they can be accounted for at fair value based on a readily available market price or fair value. Equity instruments which are treated as financial assets and accounted for at cost are also assessed for impairment.
Investments
Investments in quoted shares, traded bonds and similar investments are valued initially at cost and subsequently at fair value at the year end. The same treatment is applied to unlisted investments unless fair value cannot be measured reliably in which case it is measured at cost less impairment.
continued...
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THE LONDON CENTRE FOR SPIRITUAL DIRECTION
NOTES TO THE FINANCIAL STATEMENTS - continued for the period 1 January 2020 to 31 August 2020
3. INVESTMENT INCOME
| Investment income 4. CHARITABLE ACTIVITIES COSTS Direct Costs (see note 5) £ Costs of generating income 66,406 Governance - 66,406 5. DIRECT COSTS OF CHARITABLE ACTIVITIES Staff costs Centre programme events Subscriptions Supervisors fees Utilities Library Encounter course expenses Community of SD expenses Service charge to SMW PCC Depreciation |
Period 1.1.20 to Year Ended 31.8.20 31.12.19 £ £ 6,387 10,320 Support costs (see note 6) Totals £ £ 4,159 70,565 5,881 5,881 10,040 76,446 Period 1.1.20 to Year Ended 31.8.20 31.12.19 £ £ 29,445 58,532 3,125 5,959 399 623 154 7,161 (648) 193 136 607 21,849 46,047 1,083 626 10,333 15,500 530 2,228 66,406 137,476 |
Period 1.1.20 to Year Ended 31.8.20 31.12.19 £ £ 6,387 10,320 Support costs (see note 6) Totals £ £ 4,159 70,565 5,881 5,881 10,040 76,446 Period 1.1.20 to Year Ended 31.8.20 31.12.19 £ £ 29,445 58,532 3,125 5,959 399 623 154 7,161 (648) 193 136 607 21,849 46,047 1,083 626 10,333 15,500 530 2,228 66,406 137,476 |
|---|---|---|
| 137,476 |
continued...
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THE LONDON CENTRE FOR SPIRITUAL DIRECTION
NOTES TO THE FINANCIAL STATEMENTS - continued for the period 1 January 2020 to 31 August 2020
6. SUPPORT COSTS
| Costs of generating income Governance |
Governance Other costs £ £ 4,159 - - 5,881 4,159 5,881 |
Totals £ 4,159 5,881 |
|---|---|---|
| 10,040 |
7. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
| Period | ||
|---|---|---|
| 1.1.20 | ||
| to | Year Ended | |
| 31.8.20 | 31.12.19 | |
| £ | £ | |
| Independent examination | 800 | 800 |
| Preparation of financial statements | 5,081 | 4,664 |
| Depreciation - owned assets | 1,252 | 3,590 |
8. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the period ended 31 August 2020 nor for the year ended 31 December 2019.
Trustees' expenses
During the year, Mr R G Hepburn was reimbursed £58 (2019: £nil) in relation to travel expenses incurred.
9. STAFF COSTS
| Period | ||
|---|---|---|
| 1.1.20 | ||
| to | Year Ended | |
| 31.8.20 | 31.12.19 | |
| £ | £ | |
| Wages and salaries | 39,062 | 72,461 |
| Social security costs | 538 | - |
| Pension costs | 972 | 1,603 |
| 40,572 | 74,064 | |
Key management remuneration
During the year, Rev Beki Rogers a director of the Charity received remuneration of £10,987 (2019: £13,335) for services provided.
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THE LONDON CENTRE FOR SPIRITUAL DIRECTION
NOTES TO THE FINANCIAL STATEMENTS - continued for the period 1 January 2020 to 31 August 2020
9. STAFF COSTS - continued
The average monthly number of employees during the period was as follows:
| Staff No employees received emoluments in excess of £60,000. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES INCOME AND ENDOWMENTS FROM Charitable activities Community SDD income Donations Grant from PCC Centre programme events Supervision groups and fees Room hire and rental income Other income Encounter course programme Investment income Total EXPENDITURE ON Charitable activities Costs of generating income Governance Total Net gains on investments NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Period 1.1.20 to Year Ended 31.8.20 31.12.19 5 5 Unrestricted fund £ 3,574 25 12,000 15,127 13,872 39,911 199 52,663 10,320 147,691 154,289 5,464 159,753 29,917 17,855 168,968 186,823 |
Period 1.1.20 to Year Ended 31.8.20 31.12.19 5 5 Unrestricted fund £ 3,574 25 12,000 15,127 13,872 39,911 199 52,663 10,320 147,691 154,289 5,464 159,753 29,917 17,855 168,968 186,823 |
|---|---|---|
| 147,691 154,289 5,464 |
||
| 159,753 29,917 |
||
| 17,855 168,968 |
||
| 186,823 |
10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
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THE LONDON CENTRE FOR SPIRITUAL DIRECTION
NOTES TO THE FINANCIAL STATEMENTS - continued for the period 1 January 2020 to 31 August 2020
11. TANGIBLE FIXED ASSETS
| Office equipment Encounter £ £ COST At 1 January 2020 and 31 August 2020 43,506 23,577 DEPRECIATION At 1 January 2020 40,974 23,577 Charge for year 721 - At 31 August 2020 41,695 23,577 NET BOOK VALUE At 31 August 2020 1,811 - At 31 December 2019 2,532 - INVESTMENTS MARKET VALUE At 1 January 2020 Additions Revaluations At 31 August 2020 NET BOOK VALUE At 31 August 2020 At 31 December 2019 |
Website £ 24,882 24,086 531 24,617 265 796 |
Totals £ 91,965 88,637 1,252 89,889 2,076 3,328 The M&G Equities Investment Fund for Charities £ 208,942 6,387 (53,579) 161,750 161,750 208,942 |
|---|---|---|
12. INVESTMENTS
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THE LONDON CENTRE FOR SPIRITUAL DIRECTION
NOTES TO THE FINANCIAL STATEMENTS - continued for the period 1 January 2020 to 31 August 2020
13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| 13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||
|---|---|---|---|
| 31.8.20 | 31.12.19 | ||
| £ | £ | ||
| Trade debtors | 36,594 | 30,775 | |
| Other debtors | 2,721 | - | |
| 39,315 | 30,775 | ||
| 14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||
| 31.8.20 | 31.12.19 | ||
| £ | £ | ||
| Trade creditors | 1,725 | 3,803 | |
| Other creditors | 3,101 | 3,174 | |
| Refundable to the Diocese | 24,299 | 20,382 | |
| Accruals and deferred income | 58,462 | 49,824 | |
| Accrued expenses | 10,580 | 3,613 | |
| 98,167 | 80,796 |
The Charity assists the Diocese with running a Christian Studies course. During the 8 month period, the course generated income of £8,274 (2019: £13,805) and expenses of £4,356 (2019: £10,513), resulting in a surplus of £3,918 (2019: £3,292). The accumulated surplus in respect of the course was £24,299 (2019: £20,382) at the period end. It is included in creditors as it is held by the Charity on behalf of the Diocese.
Included within creditors is deferred income of £58,462 (2019: £49,824) which relates to income received in advance of services provided.
15. MOVEMENT IN FUNDS
| Unrestricted funds General fund TOTAL FUNDS Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 73,228 TOTAL FUNDS 73,228 |
At 1.1.20 £ 186,823 186,823 Resources expended £ (76,446) (76,446) |
Net movement At in funds 31.8.20 £ £ (56,799) 130,024 (56,799) 130,024 Gains and Movement losses in funds £ £ (53,581) (56,799) (53,581) (56,799) |
At 31.8.20 £ 130,024 |
At 31.8.20 £ 130,024 |
|---|---|---|---|---|
| 130,024 | ||||
| (56,799) |
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THE LONDON CENTRE FOR SPIRITUAL DIRECTION
NOTES TO THE FINANCIAL STATEMENTS - continued for the period 1 January 2020 to 31 August 2020
15. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Unrestricted funds General fund TOTAL FUNDS |
At 1.1.19 £ 168,968 168,968 |
Net movement in funds £ 17,855 17,855 |
At 31.12.19 £ 186,823 |
|---|---|---|---|
| 186,823 |
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 147,691 147,691 |
Resources expended £ (159,753) (159,753) |
Gains and Movement losses in funds £ £ 29,917 17,855 29,917 17,855 |
Gains and Movement losses in funds £ £ 29,917 17,855 29,917 17,855 |
|---|---|---|---|---|
| 17,855 |
16. RELATED PARTY DISCLOSURES
The were no material related party transactions for the period ended 31 August 2020 nor for the year ended 31 December 2019.
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