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2024-03-31-accounts

AMENDED

COMPANY REGISTRATION NUMBER: 08048023 CHARITY REGISTRATION NUMBER 1147343

Financial Statements

31 March 2024

THE CHALICE WELL TRUST

Financial Statements

Year Ended 31 March 2024

Page Trustees’ annual report (incorporating the director’s report--------------------------------- 1 Reference and administrative information ---------------------------------------------------- 14 Independent auditors’ report --------------------------------------------------------------------- 16 Consolidated statement of financial activities ------------------------------------------------ 21 Charity’s statement of financial activities ----------------------------------------------------- 22 Balance sheet --------------------------------------------------------------------------------------- 23 Statement of cash flows -------------------------------------------------------------------------- 24 Notes to the financial statements --------------------------------------------------------------- 25

THE CHALICE WELL TRUST

Trustees’ Annual Report

Year Ended 31 March 2024

These revised financial statements replace the original financial statements for the year ended 31 March 2024 which were approved by the board on 10 December 2024. These revised financial statements are now the statutory financial statements of the Trust for this period.

In accordance with Companies House Act 2006, the financial statements have been revised as at the date of the original financial statements and not as at the date of this revision. Accordingly, they do not deal with events between those dates.

Introduction

The trustees, who are also the directors for the purposes of company law, present their report and the audited financial statements of the charity for the year ended 31 March 2024.

Chair’s report

The Board of Trustees are pleased to submit their annual report covering the period from 1 April 2023 to 31 March 2024. This document details the Charity’s performance, achievements, and areas of development, whilst also presenting the financial statements for the year.

This year has marked a continued recovery from the challenges of previous years, which were characterised by stringent restrictions imposed due to the Coronavirus pandemic. These restrictions had a considerable impact on the financial stability typically enjoyed by Chalice Well. Over the past period, we have experienced a full return to our normal operations, following the disruptions of the preceding three years. This is evident in the overall results for this financial year, which reflect improvement over the previous one, and importantly, there was no need to draw upon our reserves.

Visitor numbers have increased compared to the previous year, with a return of guests from overseas and a steady rise in UK visitors. The Trustees wish to acknowledge and thank the staff for their ongoing hard work and effectiveness in managing the charity, as well as their assistance to both trustees and volunteers. Chalice Well – including its water, gardens, and buildings – has once again been cared for with dedication and affection by all who work here, both longstanding and new, in every capacity. The unique and restorative peace which envelops the site continues to be preserved and nurtured for the growing number of visitors, whether they come on pilgrimage or simply out of curiosity.

It was heartwarming to host a Companion Day in June, themed ‘Healing the Soul’. On this occasion, we engaged with external speakers who addressed topics such as homeopathy and sacred geometry. The event was a joyous gathering on a beautiful summer’s day, and we received much appreciative feedback from participants.

The Trustees wish to express their heartfelt gratitude and appreciation to the worldwide body of Companions of Chalice Well for their invaluable support and encouragement. Their contributions are essential to the preservation and protection of this ancient site and to the advancement of the Trust’s objectives.

Alison Scobie – on behalf of the Board

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THE CHALICE WELL TRUST

Trustees’ Annual Report

Year Ended 31 March 2024

Achievements and performance

Organisational

We welcomed two new Trustees to the board in financial year 2023-2024, Lynne Sedgemore CBE brings a wealth of experience having previously held roles as chief executive in further education, chair of the Glastonbury Town Deal and is expert on conscious leadership while Tom Bree brings a rich depth of spiritual knowledge to the board as Geometer Artist, Teacher, Researcher and Author.

Sadly, we lost our Office Services Manager Nicola Green who decided to pursue other opportunities outside the Chalice Well Trust. She has been replaced by Joanna Dyer who is fast becoming an asset to the Trust in her role as Lead Manager.

Following the Review of Charity’s governance, leadership and management undertaken in January 2020 work finally completed on the physical restructure of the office and the new organisational structure. The emphasis continues to be in, not only working effectively, but also to offer a warm and welcoming presence to all who visit, something which has been remarked upon by many of our guests. All staff have a working and steadily increasing knowledge of the history of the Charity and are encouraged to promote our core ethos to visitors as a sanctuary of quietude, reflection and healing. Salaries have been adjusted to reflect the new organisational structure.

All staff continue to benefit from weekly staff meetings led by the Office Service Manager/ Lead Manager, who in turn have unrestricted access to the professional expertise on the Board and the benefit of the Trust’s principal advisors noted at the end of the document. A trustee also attends these meetings once each month and the trustees now send out a regular update to all staff members as well as to all volunteers. Meetings to include all staff and trustees were held, when possible, to build a more positive relationship and there was a festive season gathering in December. Volunteers were also able to have their bi-annual get together hosted by trustees and staff.

The shop is an integral part of Chalice Well and makes a significant contribution to the finances of the Trust as well as being a most valuable point of contact with our visitors and pilgrims. It showcases and sells unique in-house produced products and other items and stock that truly capture the essence of Chalice Well and the objectives of the Trust. This year its trading was done physically as well as online and it continued to show excellent trading figures. As with our office staff, all shop staff are encouraged to offer a welcoming and knowledgeable presence to their customers and to promote Chalice Well as a sanctuary of peace and respite. The books for sale offer diverse and in depth information on many spiritual practices and beliefs and we successfully launched a Chalice Well Calendar for 2024 which has proven very successful.

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THE CHALICE WELL TRUST

Trustees’ Annual Report

Year Ended 31 March 2024

Chalice Well products

A key aspect of our strategy is to make available products and merchandise that are unique to Chalice Well. The Chalice Well essences are co-created with the spirit of Chalice Well. This range of products is proving extremely successful and expands year on year as new essences are made.

Products from the land which are sold in the shop when possible included honey, apples, apple juice, herbs and plants. The collecting and packaging of seeds from the plants of Chalice Well is ongoing and has been very successful. Our fully owned subsidiary, The Chalice Well Bookshop now offers notebooks, keyrings, eco-friendly carrier bags and many other small items carrying the Chalice Well logo.

Chalice Well Press

Chalice Well Press continues to publish the two editions of the Trust’s journal this year. These are much appreciated by our Companions. Our two core books Chalice Well – The Story of a Living Sanctuary and Light upon the Path have continued to sell steadily throughout the year while our range of Chalice Well booklets is to be extended from the current seven titles to nine next spring. An appreciation of Alice Buckton is being prepared by ex-Trustee Alistair Jones while previous Chair Paul Fletcher has been readying a new booklet on the foundations of British spirituality based on our Albion website which Paul created in 2018 when the Trust received funds from the Wrekin Trust to publish an educational online site.

Environmental and ethical statement

The Trust sustained its policy to source goods as ethically as possible. Our ethos is to be as harmless as possible in what we do, buy and sell. By reference, local and organic goods are sourced and whenever possible, stock is bought from fair-trade organisations, co-operatives, small producers and traditional family businesses. Recycling is given priority across the organisation and guests are encouraged to recycle their waste and be eco aware.

As an employer the Trust endeavours to ensure that no job applicant or employee receives less favourable treatment on the grounds of his or her race, nationality, ethnic origin, religion or philosophical belief, sex, marital status, sexual orientation, disability, age, part-time status, or trade union activities. Equally, that no applicant or employee is placed at any disadvantage on the above grounds that are not justifiable in law under the relevant legislation.

Financial review

The financial statements for 2024 reflect the ongoing organisational structure as a charity. The nature of our operational activities remains fundamentally the same as in previous years.

Income from charitable activities increased from (Restated) £346,327 in 2023 to £488,734 this year. Total income, including donations and legacies increased from (Restated) £74,648 in 2023 to £530,341 in 2024.

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THE CHALICE WELL TRUST

Trustees’ Annual Report

Year Ended 31 March 2024

Total expenditure has increased from £451,831 in 2023 to £556,359 in 2024. Overall there is a net surplus for the year of £528,002 compared with a deficit of £1,677 in 2023, with the oneoff legacy income being largely responsible for this level of increase.

Trading in the Chalice Well Bookshop showed a similar increase, with an increase in turnover year on year of 15.2%. In line with this, cost of goods sold also rose by 20.9%. There was therefore a decrease in the net operating profit. The trust recharges relevant salary and other costs directly to the bookshop, so that the shop results are presented on a more commercial basis. The expenditure is also included within the charity SOFA but offset by income, being the amounts recharged. The recharged amounts amounted to £34,343 in 2024 (2023: £20,498).

Transfers between the Shop and the Trust are now re-designated as dividends and the sum transferred during the year was £164,486 (2023: £70,039). Retained funds now stand at £164,737, an increase on last year’s figure.

The trust maintains a healthy reserve figure of £1,141,813 to carry forward (Restated 2023: £613,811), all as unrestricted funds and most of it as liquid assets. There were no significant changes in tangible assets during the year.

Free reserves (total reserves less designated reserves and fixed assets) amount to £1,133,391 (Restated 2023: £607,715).

Investment Powers and Policy

According to the Trust Deeds, the Trust has the power to invest in whatever way the Trustees and Manager determine is in the best interests of the Trust. However, the Trust operates an ethical investment policy in keeping with the Trusts overall ethos, which is to actively support that which enhances our environment and human endeavours and avoid that which causes damage.

The Trust had unrestricted cash reserves of £940,361 at 31 March 2024 (Restated 2023: £654,000) of which £665,575 was invested in CCLA COIF Charities Deposit Fund (2023: £498,309).

The level of income from both the trust and shop varies throughout the year. This is a pattern to be expected. Income drops below outgoings in the winter months. The usual practice is therefore to transfer monies into reserves during the summer months and call them back during winter.

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THE CHALICE WELL TRUST

Trustees’ Annual Report

Year Ended 31 March 2024

Reserves policy

The Trust recognises within its reserves policy that reserves are needed for a variety of purposes and have reviewed the reserves policy during the year alongside the Charity Commission guidance on charitable reserves.

The trustees have identified the following four key reserve elements:

These four reserve elements total target reserves of between £850,000 and £1,250,000 and current reserves are within this desired range.

Plans for future periods

It is the Trustees’ wish to protect the site of Chalice Well at all costs and at this present time with the unpredictability of world and UK events, all with the potential to affect the Charity economically, the future of Chalice Well as a place of quiet contemplation and momentary escape from the troubled world is paramount. The organisation is now working in a far more effective and efficient way after the changes of the last three year and has just experienced an unexpectedly busy summer period.

Whilst we hope sincerely that this will continue, predictions for the future are fraught with difficulties and so we continue to maximise our effectiveness and also our ability to adjust rapidly to circumstances beyond our control. We are using this time to maximise structural repairs to ensure all of the property is in a state of good repair and to plan for self-sufficiency in power and water. We approach the next few years with optimism but also with realistic caution, whilst also taking heart from offering a place of respite in a troubled world.

Key risks and uncertainties

The board of Trustees took an unpopular decision in the summer for 2024 which caused a public outcry. This caused higher than budgeted legal costs in the FY 2024/25 and may have affected income.

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Trustees’ Annual Report

Year Ended 31 March 2024

The production of Essences had to be suspending in February 2026 due to damage to the building used for this purpose. Urgent action is being taken to replace the building and find a temporary solution to the production of Essences.

A report carried out into the health of the trees in the garden highlighted a serious weakness in a large pine tree which sits at the back of the Chalice Well Retreat House. Additional, unexpected, costs will be occurred to remove this.

Going concern

After making appropriate enquiries, the trustees had a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies.

Objectives and activities

Policies, Objectives and Public Benefit

The Chalice Well in Glastonbury is one of the Britain’s most ancient and constantly used wells nestled in the vale between famous Glastonbury Tor and Chalice Hill. It has long associations as a place of special atmosphere, healing and quiet sanctuary.

The objects of the charity are for the public benefit:

  1. To preserve in perpetuity the property known as the Chalice Well in Glastonbury in the county of Somerset and surrounding lands for the benefit of the public, so that they may for ever have access to this living sanctuary as a place of pilgrimage and rest;

  2. To preserve and safeguard the said Chalice Well and its surroundings and to beautify them;

  3. To advance religious and spiritual activities and permit members of the public of all religious and spiritual paths to take advantage of such facilities as the Chalice Well Trust can offer pilgrimage, quiet contemplation and healing;

  4. To advance education in all ways by encouraging the study and enjoyment of the sacred through arts, particularly as may be associated with the said Chalice Well and its surroundings.

The Trust pursues a range of activities to uphold these objectives and generate funds. We strive to deliver services with maximum effectiveness and at a minimum cost at point of delivery. Income is normally raised though entrance fees, supporter subscriptions, accommodation fees, the shop and its increasing online presence, unique products, publishing, events, legacies and donations.

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THE CHALICE WELL TRUST

Trustees’ Annual Report

Year Ended 31 March 2024

Activities for Achieving Objectives

The trustees are acutely aware of the duties conferred by the Trust founding deed. To this end the Well is managed with care and attention to safeguard the profound and restorative atmosphere found here. Together with staff we work to ensure that visitors can experience the quiet healing of this sacred place, have silent contemplation, take the water, and find solace and inspiration within the sanctuary that is Chalice Well. The Trust welcomes people from a wide range of spiritual traditions and all people of goodwill who are in tune with our core aims. Our ethos is holistic and we strive to manage land, services and events with awareness and regard for the environment, community and spiritual paths of pilgrims and visitors.

To preserve in perpetuity the property known as the Chalice Well in Glastonbury in the county of Somerset and surrounding lands for the benefit of the public, so that they may for ever have access to this living sanctuary as a place of pilgrimage and rest.

‘To preserve and safeguard the said Chalice Well and its surroundings and to beautify them’

The Trust has continued to preserve and conserve the heritage of all within its care (much of which is subject to Grade 1&2 listing). The Trust operated a schedule of planned maintenance which, was progressed in all areas; buildings, gardens and boundaries. Achievements were as follows:

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THE CHALICE WELL TRUST

Trustees’ Annual Report

Year Ended 31 March 2024

heartened and grateful for the continuing support that we receive from our Companions, old and new.

To advance religious and spiritual activities and permit members of the public of all religious and spiritual paths to take advantage of such facilities as the Chalice Well Trust can offer pilgrimage, quiet contemplation and healing.

The sanctuary of Chalice Well is maintained for quiet, contemplation and healing for both individuals and groups. The increased demand for collective spiritual endeavour and celebration that draws people from all over the world to Chalice Well for communal sharing is managed by the Trust through a series of yearly events. This year the eight Earth Festivals have been celebrated online and in person and our annual Companions Day was celebrated on 1[st] June.

To advance education in all ways by encouraging the study and enjoyment of the sacred through the arts, particularly as may be associated with the said Chalice Well and its surroundings.

Opportunities to enjoy drama and poetry and creative expression and exploration are normally afforded to the public through events put on by the Trust and these have been well attended over this year.

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THE CHALICE WELL TRUST

Trustees’ Annual Report

Year Ended 31 March 2024

Public Benefit

The Charity trustees exercise due to regard to the guidance on the public benefit issued by the Charity Commission when exercising their powers or duties and ensure that all projects and activities are in line with the Charity’s objectives.

Structure, governance and management

The Chief Executive along with the Finance Assistant produces an annual budget which is shared with Trustees prior to the relevant financial year. The budget is prepared from the bottom upwards, building upon years of experience in relation to, for example, the seasonal monthly changes in cash flow associated with fluctuating visitor numbers. Budgets are also updated for the pay award to staff, changes in taxation (e.g. National Insurance) anticipated inflation in other costs (for example energy) as well proposed changes to prices, and anticipated changes in the volume of business. The Chief Executive and Trustees analyse money variances from the budget to see if it is on track, and if any in year adjustments to operations are necessary. The annual variances are an important input into each subsequent budget. The nature of the business means that cash flows are also closely related to profit, and the cash position is also confirmed via bank balances.

Constitution

The charity and the group are registered as a charitable company limited by guarantee and was set up by a Memorandum of Association on 26 April 2012 and is a registered charity number 1147343.

Method of Appointment or Election of Trustees

The Board of Trustees is collectively responsible for the general control and management of the administration of the Chalice Well Trust.

This includes:

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THE CHALICE WELL TRUST

Trustees’ Annual Report

Year Ended 31 March 2024

The management of the charity and the group is the responsibility of the Trustees who are elected and co-opted under the terms of the Memorandum of Association.

New Trustees are appointed by the serving Trustees and amongst other criteria, recruitment is guided by a skills review.

In addition, the Trustees for the time being of the Charity shall be the only Members of the Charity. Every person who is appointed as a Trustee shall become a Member. On becoming a Trustee they shall sign a written consent to act as a Trustee and a Member.

Policies Adopted for the Induction and Training of Trustees

There is a thorough selection and induction process that informs prospective trustees of the work purposes and policies of the Trust and the powers, responsibilities and public duties of Trusteeship.

The Charity Commission (CC) and other leading umbrella organisations within the Charity sector are used to provide literature and on-going support and skills development.

The management and chair give further support to new board members together with documented information on operational and strategic issues as required. The Board also makes full use of its advisors who are noted in this document.

New Trustees are expected to be proactive in familiarising themselves with relevant legislation, CC guidelines and the governing documents of the Trust.

Organisational Structure and Decision Making

The Chairs are elected by board members to hold office for a period of three years. At the end of this term the Trustees’ can vote for new chairs or retain existing appointees.

Other Trustees also serve three year terms and may be re-elected by fellow Trustees.

Day to day management of the Trust and its activities are delegated by the Board to the Executive Director, who is appointed by the Board of Trustees. The powers and limits to this authority are defined in the Executive Director’s job description, and any amendments made to that by the Trustees. The Board has in place a strategic plan and policy documents are in place to support the work and operational activities. The Executive Director reports to and is accountable to the Board and the Board meets with management at least six times a year to receive reports, discuss policies, finances and longer-term planning and other statutory requirements. Other meetings between the management and the board are convened to

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Trustees’ Annual Report

Year Ended 31 March 2024

progress specific developments or matters as necessary. Members of the Board also provide advice, assistance and sit on sub-groups for activities that match their own areas of expertise.

Management

The operations of the Trust and Bookshop were managed by:-

The Executive Director

Organisational Structure

Staff report to and are accountable to the Executive Director who provides direction and guidance through regular supervision and personal development reviews. Three main areas of activity; accommodation, horticulture and retail, have supervisors who have team responsibilities. Several members of staff also have areas of special responsibility e.g. the coordination and support of volunteers, the co-ordination and planning of events, the Essence courses, and Private Access.

There are regular opportunities for discussion and learning for all through:

Investment in our people includes:

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THE CHALICE WELL TRUST

Trustees’ Annual Report

Year Ended 31 March 2024

Related Party Relationships

The Chalice Well Trust has a wholly owned subsidiary; Chalice Well Bookshop Limited, which undertakes trading activities and passes it’s profits to the Trust by means of contributions to overhead expenses and Gift Aid.

The Trust occupies the land and building at the Chalice Well under a lease agreement between The Chalice Well Trust, a company limited by guarantee ‘The Trust’ and The Incorporated Trustees of the Chalice Well Trust, the legacy charity.

The Trustees ensure that major risks the Trust may be exposed to, have been identified and reviewed and that there are systems to alleviate these as far as possible. Operational and financial risks and compliance with statutory requirements are reviewed in terms of their impact on delivery of Trust objectives. Health and safety compliance is ensured through a robust programme. Fire-fighting equipment is serviced annually. Training in Fire Safety and First Aid is delivered and updated on a cyclical basis.

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THE CHALICE WELL TRUST

Trustees’ Annual Report

Year Ended 31 March 2024

Statement of Trustees’ responsibilities

The trustees (who are also directors of The Chalice Well Trust for the purposes of company law) are responsible for preparing the Trustees’ Report (incorporating the strategic report and directors’ report) and the financial statements in accordance with applicable law and United Kingdom Accounting Standards, including Financial Re-porting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and the group and of the income and expenditure, of the charitable group for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

Approved by the board and signed on its behalf by:

………………………………………….

Alison Scobie

Chair

Apr 28 2026 Date: …………………………..

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THE CHALICE WELL TRUST

Reference and Administrative information

Year Ended 31 March 2024

Registered charity name

The Chalice Well Trust

Charity registration number

1147343

Company registration number

08048023

Principal office and registered office

85-89 Chilkwell Street Glastonbury BA6 8DD Somerset

Trustees

Sophia Knock (Retired 10 November 2025) Philip Roberts (Resigned 22 June 2024) Sarah Williamson (Resigned 9 August 2023) John Capper (Resigned 22 June 2024/Re-Appointed 19 February 2025) Lindsay Smith (Resigned 25 July 2024) Alison Scobie Lynne Sedgemore (Appointed 27 January 2024/Resigned 8 July 2024) Tom Bree (Appointed 27 January 2024/Resigned 4 February 2026) Marion van Eupen (Appointe11 November 2024) Michael White (Appointed 11 November 2024/Resigned 31 October 2025) Jacqueline Wright (Appointed11 November 2024) Jim Lunney (Appointed 1 April 2025)

Company secretary

Steve Hawkins (Resigned 31 May) Joanna Dyer (Appointed 9 September 2024)

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THE CHALICE WELL TRUST

Reference and Administrative information

Year Ended 31 March 2024

Key management personnel

Executive Director Lead Manager Chief Executive Retail, Events & Communication Manager Head Gardener Care-Taker

Steve Hawkins (resigned 31 May 2024) Joanna Dyer (appointed 8 January 2024) Joanna Dyer (promoted 9 September 2024) Caroline Glazebrook Dave Balian Martin Faulkner

Independent Auditors

Burton Sweet Limited The Clock Tower 5 Farleigh Court Old Weston Road Flax Bourton Bristol BS48 1UR

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THE CHALICE WELL TRUST

Independent Auditor’s Report

Year Ended 31 March 2024

Independent auditor’s report to the members of The Chalice Well Trust

Qualified opinion

We have audited the financial statements of The Chalice Well Trust (the “Charity and the group”) for the year ended 31 March 2024 which comprise the group and charity Statement of Financial Activities, the group and charity Balance Sheet, the consolidated Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, except for the possible effects of the matter described in the basis for qualified opinion section of our report, the financial statements:

Basis for qualified opinion

We were not appointed as auditor of the group until after 31 March 2024 and thus did not observe the counting of physical inventories at the end of the year. We were unable to satisfy ourselves by alternative means concerning the inventory quantities held at 31 March 2024 and 2023 which are included in the balance sheet at £69,200 (2023: £67,092) by using other audit procedures. We were also unable to obtain sufficient appropriate audit evidence valuation and cut-off of inventories by alternative audit procedures.

Inventories affect the determination of cost of goods sold and, consequently, the income and expenditure for the year. Consequently we were unable to determine whether any adjustments were necessary to inventories stated in the balance sheet and to expenditure reported in the Statement of Financial Activities. In addition, were any adjustment to the inventory balance to be required, the strategic report would also need to be amended.

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law, except for the matter described in the Basis for Qualified Opinion paragraph. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are

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THE CHALICE WELL TRUST

Independent Auditor’s Report

Year Ended 31 March 2024

independent of the group and Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. Except for the matter described above, we believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion.

Emphasis of matter

We draw attention to page 1, which explain that the financial statements have been revised from those previously filed at Companies House and Charity Commission. Our opinion is not modified in respect of this matter.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group and charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

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

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

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THE CHALICE WELL TRUST

Independent Auditor’s Report

Year Ended 31 March 2024

As described in the basis for qualified opinion section of our report, we were unable to satisfy ourselves concerning the inventory quantities of £69,200 on 31 March 2024 (2023: £67,092). We have concluded that where the other information refers to the inventory balance or related balances such as cost of sales, it may be materially misstated for the same reason.

Opinions on other matters prescribed by the Companies Act 2006

Except for the possible effects of the matter described in the basis for qualified opinion section of our report, in our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

Except for the matter described in the basis for qualified opinion section of our report, in the light of our knowledge and understanding of the group and charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report.

Arising solely from the limitation on the scope of our work relating to inventory, referred to above:

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

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THE CHALICE WELL TRUST

Independent Auditor’s Report

Year Ended 31 March 2024

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Auditor’s responsibilities for the audit of the financial statements

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

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

Our audit procedures in relation to fraud included but were not limited to:

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THE CHALICE WELL TRUST

Independent Auditor’s Report

Year Ended 31 March 2024

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditors/audit-assuranceethics/auditors-responsibilities-for-the-audit . This description forms part of our auditor’s report.

Use of our report

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

Ed Marsh BSc(Hons) FCA DChA (Senior Statutory Auditor) For and on behalf of Burton Sweet Limited Statutory Auditor The Clock Tower 5 Farleigh Court Old Weston Road Flax Bourton Apr 28 2026 Bristol BS48 1UR Date: ……………………………

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CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME & EXPENDITURE ACCOUNT)

YEAR ENDED 31 MARCH 2024

Note
Income from:
Donations and legacies
2
Charitable activities
3
Other trading activities
4
Investments - Bank interest
Total income
Expenditure on:
Raising funds
5
Charitable activities
6
Total expenditure
Net income and net movement in funds
8
Total funds at start of year (as previously stated)
Prior year restatement
23
Total funds at start of year (restated)
20
Total funds at end of year
20		 Total Funds
Total Funds
2024
2023
£
£
(Restated)
365,855
4,609
488,734
346,327
582,110
505,150
30,170
8,681
1,466,869
864,767
441,939
347,033
520,281
425,099
962,220
772,132
504,649
92,635
880,625
709,266
(78,724)
-
801,901
709,266
1,306,550
801,901

The Group has no recognised gains or losses other than the results for the year as set out above.

All of the activities of the Group are classed as continuing.

All activities in the current and prior year are unrestricted.

The notes on pages 25 to 36 form part of these financial statements.

21

THE CHALICE WELL TRUST

THE CHARITY'S STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME & EXPENDITURE ACCOUNT)

YEAR ENDED 31 MARCH 2024

Note
Income from:
Donations and legacies
2
Charitable activities
3
Other trading activities
4
Investments - Bank interest
Total income
Expenditure on:
Raising funds
5
Charitable activities
6
Total expenditure
8
Total funds at start of year (as previously stated)
Prior year restatement
23
Total funds at start of year
20
Total funds at end of year
20
Net income/(expenditure) and net
movement in funds		 Total Funds
Total Funds
2024
2023
£
£
(Restated)
530,341
74,648
488,734
346,327
35,138
20,498
30,148
8,681
1,084,361
450,154
36,078
26,732
520,281
425,099
556,359
451,831
528,002
(1,677)
692,535
615,488
(78,724)
-
613,811
615,488
1,141,813
613,811

The Charity has no recognised gains or losses other than the results for the year as set out above.

All of the activities of the charity are classed as continuing.

All activities in the current and prior year are unrestricted.

The notes on pages 25 to 36 form part of these financial statements.

22

THE CHALICE WELL TRUST

BALANCE SHEETS

AS AT 31 MARCH 2024

Company number: 08048023

Fixed assets
Note
Tangible assets
11
Investments
12
Current assets
Stock
13
Debtors
14
Cash at bank and in hand
Liabilities
Creditors : amounts falling
due within one year
15
Net current assets
Total assets less current liabilities
Creditors: amounts falling
due after more than one year
16
Net assets
FUNDS
Unrestricted funds
General funds
21
Designated funds
21
Total funds		 Group
2024
£
8,644
-
8,644
69,200
293,471
1,094,585
1,457,256
(148,439)
1,308,817
1,317,461
(10,911)
1,306,550
1,297,906
8,644
1,306,550		 Charity
2024
£
8,420
2
8,422
-
332,060
940,361
1,272,421
(128,119)
1,144,302
1,152,724
(10,911)
1,141,813
1,133,391
8,422
1,141,813		 Group
Charity
2023
2023
£
£
(Restated)
(Restated)
6,411
6,094
-
2
6,411
6,096
67,092
-
15,002
67,808
846,508
654,000
928,602
721,808
(133,112)
(114,093)
795,490
607,715
801,901
613,811
-
-
801,901
613,811
795,490
607,715
6,411
6,096
801,901
613,811

Trustees responsibilities:

The accounts have been prepared in accordance with the provisions applicable to the small companies' regime and in accordance with FRS102 SORP.

These financial statements are revised accounts and replace the financial statements for the year ended 31 March 2024 which were previously approved and delivered to the Registrar.

Apr 28 2026

These financial statements were approved by the Trustees on …............................... and are signed on their behalf by:

…........................................................

Ms A Scobie Trustee

The notes on pages 25 to 36 form part of these financial statements.

23

THE CHALICE WELL TRUST

CONSOLIDATED STATEMENT OF CASH FLOWS

YEAR ENDED 31 MARCH 2024

Note
Net cash inflow from operating activities
18
Non-operational cash flows:
Investing activities
Payments for tangible fixed assets
Investment income
Net cash inflow for the year
19		 2024
£
223,945
(6,038)
30,170
24,132
248,077		 2023
£
(Restated)
122,498
(5,973)
8,681
2,708
125,206

Cashflow Restrictions

Charity law prohibits the use of net cash inflows on any endowed or other restricted fund to offset net cash outflows on any fund outside its own objects, except on special authority. In practice, this restriction has not had any effect on cash flows for the year.

The notes on pages 25 to 36 form part of these financial statements.

24

THE CHALICE WELL TRUST

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2024

1 Accounting policies

Accounting convention

The financial statements have been prepared in accordance with the historical cost convention (except where otherwise stated in the accounting policy note) and in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019, and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), and the Companies Act 2006.

The charity is a public benefit entity as defined under FRS102.

The Trustees consider that there are no material uncertainties affecting the ability of the charity to continue as a going concern.

Basis of consolidation

The Consolidated Statement of Financial Activities (SOFA), Consolidated Balance Sheet and Consolidated Cash Flow Statement consolidate the financial statements of the Charity and its subsidiary, Chalice Well Bookshop Limited. The results of the subsidiary are consolidated on a line by line basis.

Income

Income from donations is included in income when these are receivable, except as follows:

I. When donors specify that donations given to the charity must be used in future accounting periods, the income is deferred until those periods;

II. When donors impose conditions which have to be fulfilled before the charity becomes entitled to use such income, the income is deferred until the pre-conditions have been met.

Legacies are included on a receivable basis where charity is entitled to the income, it can be measured reliably and receipt is probable. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is not included in income but is treated as a contingent asset and disclosed if material.

Income from contracts for the supply of goods and services is recognised with the delivery of the contracted good and/or service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.

Investment income is included on a receivable basis.

Expenditure

Expenditure is recognised in the period in which it is incurred. Expenditure includes attributable VAT which cannot be recovered.

Raising funds

Raising funds expenditure include those costs incurred in seeking voluntary contributions, costs of goods sold and other costs which include the costs of running and participating in fundraising events and collections and cost of goods purchased for resale.

Charitable Activities

Expenditure on charitable activities comprises those costs incurred by the Charity in the delivery of its activities and services. It includes both costs that can be allocated directly to this activity and those costs of an indirect nature necessary to support them.

Support costs and other costs that cannot be directly attributed to activities are allocated on a basis consistent with the use of the resource.

25

THE CHALICE WELL TRUST

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2024

1 Accounting policies (continued)

Governance costs

Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include the audit fees and costs linked to the strategic management of the charity. Governance costs are included within support costs.

Allocation and apportionment costs

Certain expenditure is directly attributable to specific activities and this has been included in those cost categories. Other costs, which are attributable to more than one category, are apportioned across cost categories on the basis of an assessment of workload carried out from time to time.

Overhead support costs have been allocated between fundraising and publicity costs, fundraising trading and charitable activities. The apportionment has been allocated on the basis of income received for the activity and is analysed in note 7.

Pension costs and other post-retirement benefits

The charity contributes to defined contribution pension schemes. Contributions payable to the charity's pension schemes are charged to the Statement of Financial Activities in the period to which they relate.

Tangible fixed assets

Fixed assets are held at historical cost less accumulated depreciation. Assets costing less than £1,000 are not capitalised. Depreciation is calculated so as to write off the cost of an asset, less its estimated ultimate residual value, over the useful life of that asset as follows:

Computer equipment - 33% straight line Furniture and equipment - 20% straight line

Garden equipment - 20% straight line

Fixed asset investments

Investments in subsidiaries and associates are included at cost less impairment at 31 March. The SOFA includes the net gains and losses arising on revaluations and disposals during the year.

Stock

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost is determined using the Average cost method (AVCO). Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Trade debtors

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

Cash and cash equivalents

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

Creditors

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any discounts due.

Fund accounting

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

26

THE CHALICE WELL TRUST

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2024

1 Accounting policies (continued)

Fund accounting ( continued )

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Further explanation of the nature and purpose of each fund is included in notes to the financial statements.

2 Income from: Donations and legacies

Group & Charity
Donations
Donation from Chalice Well Bookshop Limited
Legacies
Total Charity
Inter-group activity
Total Group
3
Income from: Charitable activities
Group & Charity
Admissions, guide books and other sales
Retreats, accommodation and meetings
Events and training
Companionship Fees		 Total Funds
Total Funds
2024
2023
£
£
(Restated)
6,052
4,609
164,486
70,039
359,803
-
530,341
74,648
(164,486)
(70,039)
365,855
4,609
Total Funds
Total Funds
2024
2023
£
£
(Restated)
214,641
191,805
142,498
84,368
38,924
18,222
92,671
51,932
488,734
346,327
Management charge - Chalice Well Bookshop Limited
Total Charity
Chalice Well Bookshop Limited - Shop sales
Inter-group activity
Total Group		 Total Funds
Total Funds
2024
2023
£
£
(Restated)
35,138
20,498
35,138
20,498
582,110
505,150
(35,138)
(20,498)
582,110
505,150

27

THE CHALICE WELL TRUST

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2024

5 Expenditure on: Raising funds

Current year
Fundraising costs
Other costs
Total Charity
Chalice Well Bookshop Limited
Less inter-group activity
Total Group
Prior year
Fundraising costs
Other costs
Total Charity
Chalice Well Bookshop Limited
Less inter-group activity
Total Group
6
Expenditure on: Charitable activities
Group & Charity
Admissions, guide books and other sales
Retreats, accommodation and meetings
Events and training
Companionship Fees
Prior year
Admissions, guide books and other sales
Retreats, accommodation and meetings
Events and training
Companionship Fees		 Direct costs
£
-
-
-
440,999
(35,138)
405,861
Direct costs
£
-
-
-
340,799
(20,498)
320,301
Direct
Costs
£
14,685
19,803
28,784
6,542
69,814
Direct
Costs
£
21,323
22,055
21,467
6,201
71,046		 Support
Costs
Total Funds
(Note 7)
2024
£
£
6,263
6,263
29,815
29,815
36,078
36,078
-
440,999
-
(35,138)
36,078
441,939
Support
Costs
Total Funds
(Note 7)
2023
£
£
4,287
4,287
22,445
22,445
26,732
26,732
-
340,799
-
(20,498)
26,732
347,033
Support
Costs
Total Funds
(Note 7)
2024
£
£
205,693
220,378
120,114
139,917
37,397
66,181
87,263
93,805
450,467
520,281
Support
Costs
Total Funds
(Note 7)
2023
£
£
156,957
178,280
110,938
132,993
14,928
36,395
71,230
77,431
354,053
425,099

28

THE CHALICE WELL TRUST

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2024

7 Support costs

Support costs are allocated between raising funds and charitable activities on the basis consistent with use of resources. Support costs, included in notes 5 & 6, are as follows:

Current year
Staff costs
Premises
Communications and IT
General office
Human resources
Finance costs
Governance costs
Repairs
Insurance
Health and safety
Motor and travel
Prior year
Staff costs
Premises
Communications and IT
General office
Human resources
Finance costs
Governance costs
Repairs
Insurance
Health and safety
Motor and travel		 Garden and
Well
Admission
£
149,837
7,277
3,500
11,483
2,109
6,255
11,222
9,583
2,311
477
1,639
205,693
Garden and
Well
Admission
£
107,538
5,146
3,533
9,793
2,017
4,202
8,325
10,943
3,221
511
1,728
156,957		 Retreats
accommodation
and meetings
£
77,189
17,901
1,803
5,916
1,086
3,222
5,780
4,937
1,190
246
844
120,114
Retreats
accommodation
and meetings
£
71,885
9,458
2,362
6,547
1,348
2,809
5,565
7,315
2,153
341
1,155
110,938
Charitable
Charitable		 Events and
Raising
Total
training
Companionships
Funds
2024
£
£
£
£
27,243
63,567
22,836
340,672
1,323
3,087
1,175
30,763
636
1,485
1,930
9,354
2,088
4,872
1,710
26,069
383
894
64
4,536
1,137
2,654
190
13,458
2,040
4,760
4,893
28,695
1,742
4,066
1,598
21,926
420
981
1,148
6,050
87
202
14
1,026
298
695
520
3,996
37,397
87,263
36,078
486,545
Events and
Raising
Total
training
Companionships
Funds
2023
£
£
£
£
10,227
48,802
18,651
257,103
489
2,335
1,144
18,572
336
1,604
1,356
9,191
932
4,445
945
22,662
192
915
55
4,527
400
1,907
114
9,432
792
3,778
1,792
20,252
1,041
4,966
1,641
25,906
306
1,462
553
7,695
49
232
14
1,147
164
784
467
4,298
14,928
71,230
26,732
380,785
activities
activities

8 Governance costs

Accountancy fees
Independent examination fees
Auditor's remuneration
Legal Fees
Trustees' meetings & liability insurance		 2024
2023
£
£
12,396
11,525
1,795
1,753
11,900
-
1,254
7,023
3,530
1,976
30,875
22,277
Group		 2024
2023
£
£
10,216
9,500
1,795
1,753
11,900
-
1,254
7,023
3,530
1,976
28,695
20,252
Charity

29

THE CHALICE WELL TRUST

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2024

8 Net income/(expenditure) for the year

This is stated after charging:

This is stated after charging:
Independent examiner's fees
- for independent examination
- for accounts preparation
and other services
Auditor's remuneration
- for audit services
- for accounts preparation
Depreciation		 2024
2023
2024
2023
£
£
£
£
1,795
1,730
1,795
1,730
7,530
11,525
5,350
9,500
11,900
-
11,900
-
1,800
-
1,800
-
3,805
4,118
3,712
3,567
Group
Charity
Staff costs and numbers
The aggregate payroll costs were:
Wages & salaries
Social security costs
Pension contributions
Redundancy costs		 2024
2023
2024
2023
£
£
£
£
(Restated)
(Restated)
393,265
300,780
298,111
235,921
22,123
15,247
15,677
11,334
7,203
4,286
5,791
3,180
2,798
-
2,798
-
Group
Charity
425,389
320,313
322,377
250,435
The average weekly number of employees (including senior management/leadership team) during the year was:
2024
2023
2024
2023
£
£
Number of staff
24
22
20
18
Group
Charity

No employee received emoluments of more than £60,000 during either the current, or preceding year.

No remuneration or other benefits from employment with the charity or related entity were received by the trustees in the current or preceding year.

Trustees had travel, subsistence or accommodation expenses reimbursed during the year totalling £578 (2023: £Nil).

During the year, the total employee benefits of key management personnel were £44,926 (2023: £32,335).

10 Taxation

The charity is exempt from corporation tax on its charitable activities.

30

NOTES TO THE FINANCIAL STATEMENTS

THE CHALICE WELL TRUST

YEAR ENDED 31 MARCH 2024

11 Tangible fixed assets

----- Start of picture text -----
|||||| |---|---|---|---|---| |Group| |Computer|Furniture and|Garden| |Equipment|Equipment|Equipment|Total| |£|£|£|£| |Cost or valuation| |At 1 April 2023|25,663|50,171|11,603|87,437| |Additions|2,118|3,920|-|6,038| |At 31 March 2024|27,781|54,091|11,603|93,475| |Depreciation| |At 1 April 2023|25,100|45,835|10,091|81,026| |Charge for the year|1,086|1,908|811|3,805| |At 31 March 2024|26,186|47,743|10,902|84,831| |Net book value| |At 31 March 2024|1,595|6,348|701|8,644| |At 31 March 2023|563|4,336|1,512|6,411| |Charity| |Computer|Furniture and|Garden| |Equipment|Equipment|Equipment|Total| |£|£|£|£| |Cost or valuation| |At 1 April 2023|14,256|14,654|11,603|40,513| |Additions|2,118|3,920|-|6,038| |At 31 March 2024|16,374|18,574|11,603|46,551| |Depreciation| |At 1 April 2023|13,693|10,635|10,091|34,419| |Charge for the year|1,086|1,815|811|3,712| |At 31 March 2024|14,779|12,450|10,902|38,131| |Net book value| |At 31 March 2024|1,595|6,124|701|8,420| |At 31 March 2023|563|4,019|1,512|6,094| |12|Investments| |Shares in group undertakings and participating interests|

----- End of picture text -----

----- Start of picture text -----
|||| |---|---|---| |Subsidiary| |Undertakings|Total| |£|£| |Cost or valuation| |At 1 April 2023 and at 31 March 2024|2|2|

----- End of picture text -----

31

NOTES TO THE FINANCIAL STATEMENTS

THE CHALICE WELL TRUST

YEAR ENDED 31 MARCH 2024

12 Investments ( continued )

Details of undertakings:

Company name
Holding
2024
2023
Chalice Well Bookshop Limited
Ordinary
100%
100%
Chalice Well Bookshop Limited
Turnover
Cost of sales
Gross profit
Distribution costs
Administrative expenses
Operating profit
Interest payable and similar charges
Profit before taxation
Tax charge for the year
Profit for the period
Retained earnings brought forward
Less donation to parent Charity
Retained earnings carried forward
England and
Wales
Proportion of voting rights
and shares held
Country of
incorporation		 Principal activity
£
£
582,110
505,150
(279,617)
(231,307)
302,493
273,843
(85,653)
(63,132)
(75,729)
(46,360)
141,111
164,351
22
-
141,133
164,351
-
-
141,133
164,351
188,090
93,778
(164,486)
(70,039)
164,737
188,090
Year Ended 31
March 2024
Year Ended
31 March
2023
Retail sale of books in
specialised stores

13 Stock

Stocks
Debtors
Due in less than one year:
Trade debtors
Due from group undertakings
Prepayments and accrued income
Other debtors		 2024
2023
£
£
69,200
67,092
2024
2023
£
£
(Restated)
1,134
148
-
-
292,337
14,854
-
-
293,471
15,002
Group
Group		 2024
2023
£
£
-
-
2024
2023
£
£
(Restated)
776
148
36,620
52,806
292,337
14,854
2,327
-
332,060
67,808
Charity
Charity

14 Debtors

32

THE CHALICE WELL TRUST

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2024

15 Creditors: amounts falling due within one year

Trade creditors
Taxation and social security
Other creditors
Accruals and deferred income
Creditors: amounts falling due after more than one year
Accruals and deferred income		 2024
2023
£
£
(Restated)
31,081
28,898
18,773
13,453
4,134
4,523
94,451
86,238
148,439
133,112
2024
2023
£
£
10,911
-
10,911
-
Group
Group		 2024
2023
£
£
(Restated)
21,604
23,976
10,455
3,392
4,134
2,932
91,926
83,793
128,119
114,093
2024
2023
£
£
10,911
-
10,911
-
Charity
Charity

16 Creditors: amounts falling due after more than one year

17 Deferred income

Deferred income represents amounts received in advance for goods or services to be delivered in future reporting periods. In accordance with the Charities SORP, income is deferred where the charity has not yet earned the income or has not met the performance conditions attached to it.

During the year, income was deferred in respect of:

At 1 April
Resourced deferred in the period
Amounts released from previous periods
At 31 March		 2024
2023
£
£
78,724
-
257,984
214,052
(261,075)
(135,328)
75,633
78,724
Group		 2024
2023
£
£
78,724
-
257,984
214,052
(261,075)
(135,328)
75,633
78,724
Charity

18 Reconciliation of net movement in funds to net cash inflow from operating activities

Statement of Financial Activities: Net movement in funds
Investment income
Depreciation
Increase/ (decrease) in operational creditors: current liabilities
Increase in operational creditors: non-current liabilities
(Increase)/ decrease in operational debtors
Increase in stock
Net cash (outflow)/inflow from operating activities		 2024
2023
£
£
(Restated)
504,649
92,635
(30,170)
(8,681)
3,805
4,118
15,327
56,210
10,911
-
(278,469)
12,256
(2,108)
(34,040)
223,945
122,498

33

THE CHALICE WELL TRUST

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2024

19 Analysis of changes in cash during the year

Cash at bank and in hand
Cash at bank and in hand
20 Movement in funds
For the year ended 31 March 2024
Unrestricted funds
Fixed asset fund
General funds
Total funds Charity
Chalice Well Bookshop Limited
Inter-entity transactions
Total funds Group
For the year ended 31 March 2023
Unrestricted funds
Fixed asset fund
General funds
Total funds Charity
Chalice Well Bookshop Limited
Inter-entity transactions
Total funds Company
Total funds Group		 At 1 Apr
2023
£
(Restated)
6,094
607,717
613,811
613,811
188,092
(2)
188,090
801,901
At 1 April
2022
£
4,008
611,480
615,488
615,488
93,780
(2)
93,778
709,266		 Income
£
-
1,084,361
1,084,361
1,084,361
582,132
(199,624)
382,508
1,466,869
Income
£
(Restated)
-
450,154
450,154
450,154
505,150
(90,537)
414,613
864,767		 2024
£
1,094,585
2023
£
(Restated)
846,508
Expenditure
£
(3,712)
(552,647)
(556,359)
(556,359)
(440,999)
35,138
(405,861)
(962,220)
Expenditure
£
(3,567)
(448,264)
(451,831)
(451,831)
(340,799)
20,498
(320,301)
(772,132)		 2023
Change
£
£
(Restated)
(Restated)
846,508
248,077
2022
Change
£
£
721,302
125,206
At 31 Mar
Transfers
2024
£
£
6,038
8,420
(6,038)
1,133,393
-
1,141,813
-
1,141,813
(164,486)
164,739
164,486
(2)
-
164,737
-
1,306,550
At 31 March
Transfers
2023
£
£
(Restated)
5,653
6,094
(5,653)
607,717
-
613,811
-
613,811
(70,039)
188,092
70,039
(2)
-
188,090
-
801,901

34

THE CHALICE WELL TRUST

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2024

21 Analysis of net assets between funds

Charity
As at 31 March 2024
Tangible fixed assets
Investments
Current assets
Current liabilities
Non-current liabilities
Total charity
As at 31 March 2023
Tangible fixed assets
Investments
Current assets
Current liabilities
Total charity
Group
As at 31 March 2024
Tangible fixed assets
Current assets
Current liabilities
Non-current liabilities
Total group
As at 31 March 2023
Tangible fixed assets
Current assets
Current liabilities
Total group		 Designated
General
Funds
Funds
Total
£
£
£
8,420
-
8,420
2
-
2
-
1,272,421
1,272,421
-
(128,119)
(128,119)
-
(10,911)
(10,911)
8,422
1,133,391
1,141,813
Designated
General
Funds
Funds
Total
£
£
£
(Restated)
(Restated)
6,094
-
6,094
2
-
2
-
721,808
721,808
-
(114,093)
(114,093)
6,096
607,715
613,811
Designated
General
Funds
Funds
Total
£
£
£
8,644
-
8,644
-
1,457,256
1,457,256
-
(148,439)
(148,439)
-
(10,911)
(10,911)
8,644
1,297,906
1,306,550
Designated
General
Funds
Funds
Total
£
£
£
(Restated)
(Restated)
6,411
-
6,411
-
928,602
928,602
-
(133,112)
(133,112)
6,411
795,490
801,901
Unrestricted
Unrestricted
Unrestricted
Unrestricted

35

YEAR ENDED 31 MARCH 2024

THE CHALICE WELL TRUST

NOTES TO THE FINANCIAL STATEMENTS

22 Related parties

During the year, the charity entered into the following related party transactions:

Trustee payments for services

Sophie Knock (Trustee) provided professional training services directly to the Trust totalling £800 (2023: £800).

Tom Bree (Trustee) provided professional event related services directly to the Trust totalling £625 (2023: £450).

Chalice Well Bookshop Limited

Payments made to Trustees and Key Management Personnel of The Chalice Well Trust for goods and services provided to the subsidiary at an arms-length basis:

Sophie Knock (Trustee of The Chalice Well Trust and Director of Chalice Well Bookshop Limited) - Essences £3,042 (2023: £3,876) Lynne Sedgemoor (Trustee of The Chalice Well Trust and Director of Chalice Well Bookshop Limited) - Books £64 (2023: £nil) Tom Bree (Trustee of The Chalice Well Trust) - Books £1,377 (2023: £Nil)

Steve Hawkins (Key management personnel) - Woodturning products £636 (2023: £149)

Jo Laxton (Trustee of The Chalice Well Trust, Chalice Well Legacy Trust) - Stained Glass products £325 (2023: £Nil).

These payments are permitted under the governing document (Articles of Association) for the charity.

The Charity has taken advantage of the exemption under FRS102 section 33 not to disclose transactions with entities, 100% of whose voting rights are wholly controlled by The Chalice Well Trust.

Except for the above, there are no related party transactions in addition to those disclosed throughout the financial statements.

23 Prior-year restatement - Group

Comparative figures have been restated due to misstatements in the recognition of deferred income relating to future companionship fees and retreats, accommodation and meetings income. These amounts should have been deferred until the related services were delivered.

The adjustment increases deferred income and reduces income previously recognised. The impact of the restatement is summarised below:

Analysis by net assets:
Tangible assets
Stock
Debtors
Cash at bank and in hand
Creditors <1 year
Total net assets		 As previously
stated
2023
£
6,411
67,092
21,802
839,561
(54,240)
880,626		 Restated
Adjustment
2023
£
£
-
6,411
-
67,092
(6,800)
15,002
6,947
846,508
(78,871)
(133,111)
(78,724)
801,902

The above adjustment also includes a reclassification of debtor balances for fairer representation of the financial statements.

Income and expenditure:
Income from charitable activities
Retreats, accommodation and meetings
Companionship Fees		 As previously
stated
2023
£
127,944
87,080
215,024		 Restated
Adjustment
2023
£
£
(43,576)
84,368
(35,148)
51,932
(78,724)
136,300

36