Charfty wbtratlon number 1148460 Compary rnylstration number 08124695 (England and Wales) MARYGATE HOUSE HOLY ISLAND ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
MARYGATE HOUSE HOLY ISLAND LEGAL AND ADMINISTRATIVE INFORMATION Trustees MrAndrew E Du Revd SaTrh Hills Mr Jonathan Mwison- Chair &Treasurer Revd Gillian Maude Revd Mary Tay ppointed 1 May 2023) Charlty numb¢r 11484eo COMnY number 08124695 Reglstornd offi Marygate Houso Holy IsLand TD152SD IndepeThlent examln•r Stuart WAlisler BA CA Greaves &Ayre 17 Walkergate )rthumberlaThJ TD15 1DJ Sollcltors T C SThMth Sokn LLP g Churth Street Bèrwith up)n Tweed )rthumbedand TD151EF
MARYGATE HOUSE HOLY ISLAND CONTENTS Pagg Trustees. report Independent examinerfs rep1 Statement of financial activibes Balance Sheet Notes to the finanoal statements 8-17
MARYGATE HOUSE HOLY ISLAND TRUSTEES. REPORT (INCLUDING DIRECTORS. REPOR FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees present their annuJ report and finala1 Statements for the year end8d 31 December 2023. The financial statements have been prepared in 8etordance wth the aecounts.ng poliaes set out in note 1 to the financial statements and comply with the Charitable Company's tiCleS of Association, the Companies Act 2006 and 'A¢counting and Reporting by charles.. Statement of Rernrnended Practice applicable lo Charities preparing their aOunt$ in accordance with the Financial Reporting Standard applicable in the UK arxl Republic of Ireland IFRS 1021" (effective 1 January 20191. Objectlves and actlvltfes Marygate House Holy Island {Charitable Company) aims to enable groups of peoF4e indlwduals to come to Holy Island and carry out a religious, educational or cultural programme.11 is also part of its remit lo assist those members of 8tsff who usually remain wtt)in the Charitable Company for up to one year and lo discern where thelr fLrture Career path e5 and to help enable them to ty and athve that goal. Visitors are provided with fijll board and whatever assistance with thew progrdmme that may be rewlred. It18 not the purpose of the Charitable Company to provide accommodation for 5easKle holidays and great care is taken to explain this to potential SitorS. The Charitable Company oTrs one large bufldin9. Marygate House. and its adjoining cottage krthvn as Elemo Cottage. The Charitable Company makes no charge for the use of facililies or ft>r stayiThJ at any of the properties. maklng it available for all. regardless of their financial situation. The Charitable Company relies solely on voluntary donations from guests and others to cover costs and running expenses. It is n¢)mial for Marygale House to be used by indidual$ and groups up to its capacity of 18 people. The Trustees have paid due ward to guidan issued by the Chortjl CommiS$K in deciding bthat acti¥eS the Charitsble Company should urKlertake. Achlovements and porfornianco In November 2022. Don and Sam Quilty. who had been Wardens at Marygate House for 9 years, resigned In order lo move on lo new ventures. The Trustees moved to appoint a new Warden and Deputy Warden and Gary Richardson began work in April 2023. Unfortunately, the new Warden designate was not able to tske up her post. and the Trustees were very sad to hear of her subsequent death in Juty. The Trustees 1$h to acknowledge their thanks for all the work, enthusiasm and dedication Gary Richardson brought to his new role, particulady as he worked without a Warden colleague from reopening the House in May until the eventual arrival of a new Warden. Frances Wilson, in October. Given the prolonged Warden vacancy, the reopening of the House for guests from May was on a Monday to Friday only basis, a$ in the prewous year. The arrival of the rtew warden in October immediately moved the work into a new phase, wth regular Soual Media posts and an ewsIetter. in order to grow the guest-basis both numerically and to attract a broader and younger dientele. It is to the ryedit of the Deputy Mlarden that the feed back from guests was very complimentary in tems of hospÉtalty and welMe, and that although the year ended wth a deficit of £7.074. this is substantially less than in recent previous years. The Trustees expect tha( a fvll complement of staff and the new verrtures in place and planned. the House shoukl arrive at a sustsinable fina401 srluaton. The House dosed lo guests from mid-November. thus giwng the Wardens an opwtunity to reeW the wl)ole operation of the House and make plans for fLrture developments. IAng to the Warden va¢ancy, progress in developing links %ryth the Communty of the Cros5 of Nails ICCN} was small, bul some of the Trustees engaged when possible with the monthly Prayer Litany on Zoom. and a member of the English Board of CCN, Mrs Mary Tayb)r, joined our Board of Trustees. Unfortunately. the fabric of the House has deteftorated ggnrficanty over the past year. not helped by the unusually high rainfall experienced on Hoty Island. At the end of the season, one of the larger rooms wa5 not able lo be used by guests because of substsntial damp-ingress affecting tsvo of the room walls. The Tru$lee$ agreed In October to -Opefi discussions th the architect prwously chosen to draw up a plan the much needed renovat of Marygate House.
MARYGATE HOUSE HOLY ISLAND TRUSTEES. REPORT (CONTINUED){INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 Finpncial review Th¢ Charitsbie Company is ncTrpfofit making. There is no fed thatge for arMmodatn of gu&sts. Income ks derived from donations arHI ujvenants, with a small am(¥Jnt from the sale of pSmtht. The Trustees acknoedUe the generosity of those vhKJ Stay, resuMit¥J in heathy bank balances. Th& att8d)ed finanaal ststemenls show the current state of the finances whth the Tmstaès o)nsidw to be satisfxtory. The Trustees have rnviewed th• rese$ of th¥ Ch¥ritsble Company. in the lighl of the nature ofthe income and expenditu streams 8nd CA)nsider them enough lo meet cjjrrent and fulure requirements. It 15 the policy of the Charilable Ccrfnpany thal fLmds h8v¢ not been designated for a sp LFse should be maintained at a Ve1 equivalent to b&knn three and six month's expendrture. The Trustees considers that reserves at this level will enwro that, in the event of a gnifant drop in fijnding. they will be ae to continue the Charitablè Companys r[ent aCtNit5 while ccfflsideration is gNen to ways in which additional fvnds nwy bo r8ised. This level of re8eryes ha3 been wAintained throughout the year. The Twslees has assvssed the major risks to vthich the Chaiitablè C<>mpany is exFised and are satisfied that systems afe in place to Mgate expoyjre to the Ma1 risks. Rlsk Revlew The Ch8ritable Company has ¢)XUc1ed a rewew of rth aThJ wocedures implementing changes in a Ilmetr fashion. At present we can perCe primary threats pandemic related. During the pandemic with it's associated socaal distanang aThJ lock d(A¥ns there was a drain on (Alr $(rCs, wth expenses exceeding our ino)me. ShoL¢ld this po%tion be long lasting w8 may need to consider lay9 off paid staff andlor dosing until better times. Also. soaetal ha may thar¥Je in rw ntymal and this may affed the Charitable Companws prospects in a F¥)Stbve or negalNe way. So. tr Tnjslees have adcoled a W0ac attibjde. Plans forth• fur0 Thomas Stewart larthiiecil will asked to draw up a fea5ib.lrty study for the bufiding. ojnshlering various options. and tsking into ac(xxJnt the fabric, at st one easy access bedrocrfn and shower room. and the need to make the building moro Ènergy effiryent. The preferred option would then be worked up in sufficaent detail to estimate basic wsts in order to be atAe to de¥eky diakngue with wtenlial funders. The funding strategy is lik¢ty to irwofve grants, an appeal andlof a bank kwi. The Wardens and Trustaes a mindltjl of the need to bn the reqUIrenIS ol inthvidual retreat- ants and groups, and to preserve the warm wek??w ar hosF¥lalty. wlwlst woviding for 21st century needs. so that th8 House will be $Inable into the future. The Trustees have suffident lund$ for the immedi fepotr work I£1 to make thtr House waler-tighL They believe that Marygaté Housè ha5 8 strong case ts ts future viabilty as it is now the onty Retreat House able to tske groups of retrea18nts and Filgiims lo this Holy Iand whith receives in the order of 81Y).CO) VItorS each year. The coming year see a devekwent In M8rygate's to behvj a p8rt of the Communtty of the Cross of Nails. tIgh hospitaity atml pfjrg)n nks. The House will re-open rnid-Febnwy 224. on a 7-day week basis and has some bl)ngS for 8lmo$t all weeks olthe year. Staffing The Wardens wefe assisted wfth thThsllc help from rgsvjent thg Isbnd, arK1 this will conlinua, partiojlady for'changeovel days. As guest bwkings (arKI donatirms) in¢xea8e, staffing levds may be Tewewed. Publk B•n•fft Throughjut this rem the TnL8tees have sought to hkJhllght those athvltles undertaken ty the Ch81itable Company in fvrtherancx of its tharitsble otieciwes for the public benefft. The Charitable Ccfflparry continually ¢onsidèr5 its adivrties arKI F>Jlicies wilh parbajlw ward to the pulAiG befft gUKlan published by the Charity Commission in the Charities AL 2011.
MARYGATE HOUSE HOLY ISLAND TRUSTEES, REPORT (CONTINUED){INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEAIBER 2023 Stru¢tur•. govemance and managom•nt Marygate House Holy Ianrt was in¢xxporaW on 29 June 2012. The Charitable Company is a compary linited by guarantee. havirwJ rK Sha Capital and sow dwrit8b objectives. The Trustees. who ar• s9 the dire(#ors forth8 purposg ofuxnpany law. and vhKJ duriryj the year were: Mrs Susan E Massey- Chaw a Tsler Mr Andrew E Duff Revd Sarah Hills Mr Jonathan Merrison- Ch•r &Treaswer Revd Gillian Maude Revd Mary Taor (Retxad 8 Fetrfuory 20241 (Appty'nted 1 May 2023) The Articles of A$soci8bon WldeS for a minimum of six TTUStees. Where there 1$ a requirement for new Trustees, these would be Klenfified and appointed by ordinary resolutscffl. The Chair of Trustees is responsiblo for the induclKn of any new Trustee whs¢h involves awareness of a Tw$tstr'$ responsibilities. the govgmlng document, administratNe w0U[¢S. the histcKy and philosophical aFwa¢h of the Charitable Company. A new Trnst¢¢ would receive copi8s ofthe pmious yearfs annual rerth w)d aw)unts. None of tho Trustee8 has any beneficial interest in the CharItae Company. All of thtr Tnjstees are members of th& Charrl8ble Company and 9arant•¢ to c£ffitrilyJte £1 in the of a rynding up. Thg Charitable Company wor$ ¢W *ryth St Marf$ Church. Island with regard to ts $al¢ of wblication8.
MARYGATE HOUSE HOLY ISLAND TRUSTEES. REPORT (CONTINUED)(INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 Slat•m•nt of Trust808' r•8ponsibilib The Trustees, vtho are also the directors of Marygats House Hoty IslarKI for the purpose of company law. are respsIble for pieparin9 the TNslees' Rep(Ml 8nd the a(rounts in applicab law and United lQngdom Accwnling Stsndai<l$ IUnitei1 Ki(1 Generdlty AcTrpted Accounting Prathce). Company law requires the Trustees to prepare accounts for e finan081 Y whi¢ give 8 true and fair view of ihe slate of affairs of the Charitae Company and of thè inc)Jming res¢ur¢$ •ThJ 8ppli¢8tion of r&8ources, induding the income and expenditure. ol the charitablè tsnp8ny for thal ye8r. In preparing these accou. TruStee$ aft to: - s$le¢l $uit8ble 8(nting Fdi¢ies and then apFty them Isten. - observe the methods and prinaFles in the Charilies SORP: . make ju(Jgement$ and eslimates thal are reawnth and pnthnt" - ststa whether applirable UK Accwnting Standards have been gjbieca to any material departures dis¢1088<18nd 8xplained in the aoxunts: ar - prepare the accounts on the 90ing cs)Thxm untOSS it is inapwowiate to Pres that the Charit8trJe Company will conlinue in OkwratKJn. The Trustses are re4)orwble for keepiTr3 adequate aD)JuntirMJ records that disdose wilh reasonable ac(aJracy at any lime the finanryal F)osibon of the CharTtable Company and enable them to ensure that the aco)unts o)mp with the Companies Ad 20C6. They afe also Sponble for safeguarding the assets of the Charitable Company and hence for taking reasonable steps for the prentts)n and detgthon of fraud and cther irreguLarities. EXempon9 This report has been prepared in a(zordm wilh the SFecyal probryshjns rdating to small (mpanS within Part 15 ofthe CompaNesAct 20C6. ThgTruslg9s' report w8$ 8pprovwJ by the Board olTN8tee& Mr JIYthan M•rrlson - Chalr & TY•aurnr Dated.. 9April 2024
MARYGATE HOUSE HOLY ISLAND INDEPENDENT EXAMINER'S REPORT TOTHE TRUSTEES OF MARYGATE HOUSE HOLY ISLAND I report lo the Tnjstees on my ex8min8lKffi of the finanaal slatements of Mwygate Hse Hoty Island (the charitab Cclmpany) for thè year ended 31 Deceth 2023. Rosponslbilitie¥ and basls of rnport As the Trustees of the CharTtable Company (and also Its dirertors for the purposes of company18wl you a responsible for thtr preparation of the finanoal ststwnents in acrdanCe with reqUirents of the CompanbsAd 2CIA (the 2(NAAd). Having satisfied myseK that thè finarKial statements of the Ctwitablè CoMpY are not required to be auditgd rer Part 16 of the 2006 Act and are eligible for indepeThdent exAmination, I report in respect of my examination of thè Chaiitsble CompanYs finanaal statements c8fTied out under secon 145 of the Ch8ri1ie$ Act 2011 {the 2011 Ad). In Larryg J1 my examinalion I have folky•BJ all the appfublg Direclions gwen by the Charity Cfxnmission urbjer SeCn 14515)(bl ofthe 2011 Ac. Independent examlnèrfs statsment I have cornpted my examination. I confirm blat no matters have come to my attenti in connection with the exafflination giving causè to lIeve that in any material respecl.. anting reo)rds were not kepl thi Spect of the Chantable CoMpY as requirnd by 8edion 386 of the 20LA(t. or the finan¢rdl stslements do not accord with those r8(x)rds'. or the financtal s181ements do not compty with the auntIng requirements of sedion W of the 20[ Act other than any requEret ihat the accounts 9ive a true arKI fair vNv whKh is not a matter ¢on$ldered as Part of 8n independent examination., or the finaal $latemerrt$ have not been prepared in alrdarKe with the methods and princW&s of Ihè Statement of Reo)fflmended PractKe for accounting aThJ reporting by charities applicable to tharities preparing thèir accounts in acCOrdar wrfh the Finan¢ial ReFxNting Standard applicable in the UK and Republic of Irend IFRS 102). I have no c4Jncems have ojffle ac¥oss no other matters in e4)nn•dion whth the examination to whi attention should be drawn In th re in order to enabte a proper utMler*ndiig of the accounts to be reached. Stuart WAllister BA CA Greaves 8 Ayre Chartered Accountants & Statut¢)ryAtbJib 17 lkergate Benwck-upon-Tw¢ed Northumberfand TD15 1DJ Dated.. 9 A1 2024
MARYGATE HOUSE HOLY ISLAND STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE AccouKr FOR THE YEAR ENDED 31 DECEMBER 2023 Unrestrleted iknr¢stri¢t•d funds genernl deslgnated 2023 2023 Total Unrestricted Unrestricted fund fvnd¥ n•AI d•signated 2022 2022 Tolal 2023 2022 orne and ondowments from: Donations and leg8des Investments Other irKJJme 57.766 57.766 707 .667 275 2.7 60.667 286 2.867 57 11 Totsl income 58.416 57 58.4n 11 63,620 Ex enditur• an: Charitable actNitS 65.547 83.ff28 8.371 Net movement In funds {4,44¥ (2.631) (T.074) 119.419) (6.360) 125.779} Fund balance5 at 1 January 2023 24.578 80.1n 104.751 43.997 86,533 130.5YJ Fund balances at 31 Doc•mr 2023 20,135 77.542 97.677 24.578 80.173 104.751 The statement of ffinants a(¥Ftses ITh1eS al gaTh and b)sses recogrmsed in the year. The statement offinanua acvÉbes al 9ar* 8nd h)sso$ wrmsad lli the y¥ar. Al ino)mè arKI expeThliture derrve from conlinuing athvibes. The statèmènt of finaroal athitw aL80 (x>mWies wilh the requrements for an irw))me and exprtitu[e account underthe Cornpans Ad 2CK6.
MARYGATE HOUSE HOLY ISLAND BALANCE SHEET AS A T 31 DECEMBER 2023 2023 2022 Flxed oss•ts Tangible assets 10 70,409 71,849 Cun¢nt assets Debtors Cash at bank and In hond 11 41.948 47.604 58,403 Crèdltorn: am¢)unts falling duè wlthin on8 ygar 12 8.272 8.479 Net ojrrent ossets 49,924 Total aets less current liabilÉtie8 109.741 121.773 Credltors: amaunts falling due after more than om yoAr 14 112.wl 117,022) N•t assets 97.677 104.7S1 The funds of the Charltablo C<#npny Unrestri¢Jed funds- general Unrestrided funds- ¢Jesignated 20.135 77.542 24,578 80,173 16 97.6n 104.751 The Charitable Company is 9ntiUed lo the exemplion from ts aLJit requir}1 (ntsined in section 477 of the Companies Act 2(th. knthe yw ¢rthl 31 Decemtr 223. The direcaorn ackntrwledge thr res[stieS tr etwwJ that the CharitatAe CcrfryHny keops actountlNd record8 ich compty th 8ecth)n 386 of the Ad and for preparir¥J finanLial statements wlich give a trus and fair wew of lh¢ Stale ol affairs of the Charitable Company 8$ at the end of the finarla1 year and of its inming resources and application of rv6ources, indu(fing ils income and expenditure. for the finan081 year in aOrdanCe with the quirements of sections 394 and 395 8nd otherwise o)mpty with the réquirements of the Companies Ad 2W6 relating to finanaa ststerwnts, so far as applicable to thg Charit8Ue Company. The m•mbers hav¢ r)t required the o)mpany to oblwn 8n dIt of its fnancad Stateme fr)r the year in question in accordance with se(on 476. These finanoal statemenls have bgen wepared Mi aecy)rdare 7hilh wlic£blè to D)mpanies subject lo the small companies regimg. Th• ffinan¢ial talements were apwoved by the Twst¢es on 9hwl 2024 MT Jonathan Merrison- Ch8ir a Trea3wer Trustee Company rngistratton number 08124695 (England IAs)
MARYGATE HOUSE HOLY ISLAND
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Accounting pollcles
Charlty Inforniatlon
Marygate House Hoty Istand 1$ 8 wÉvate ct4nP8ny linited by warantee inLwornted in England and les.
The registered office is Mayg8te House, Hoty18laThJ. Berwio u[ TvRed. TD15 2SD.
1.1 A¢¢ounting conventi¢Jn
Thg finano81 stslements have been prepar&J in aCc4jrdan wllh the Charftable Companys Artlde8 of
Ass¢)rialion, the Companies Act 26. FRS 12 Tre Finan(ial R&kK)ng Slandard applble in the UK and
RepU1C of Ireland" fFRS 1027 and the Charilies SORP-A&unting and Reporting by Charities.. Statement
of Recommended Practrn applicable to chartbes preparing their ao>)unls in a¢xordance with the Finanual
Rep)rting Ststwjard applicaL4e in the UK and Republic of Ireland IFRS 11Y21" leffeVe 1 January 20191. T
Charitable Company is a Public Benefft Enbty as defined by FRS 102.
The Charitsble Company has taken ad¥anlage of the proviSS in the SORP fty thae$ not to prepare a
Statement of Cash Flows.
The fina statements are prepared in slerfing. Wh the fvrXonal cyjerry ofthe Charrlabk Company.
mOry 8nKJunts in these finanrial 3taterne are rounded to the nearest £.
The finan¢ial statefflents have been tryar8d LThJerthe h55tl cost o)nvention.
1.2 Golr& concem
At the time of aFly0n9 the fwbancaal statèments. Trustees ha¥e a re&8onatrJe expedation that the
Charitable Company has 8deqyatg fes
MARYGATE HOUSE HOLY ISLAND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) R?R THE YEAR ENDED 31 DECEMBER 2023 c¢untlng pollcles (Continued) 1.5 Rewurces expended Expendtture is recognised once thwe Is 8 W or ¢>mstruclpR 1JatIOn to transfer economic tnefft to a third party. Tt is probable that a transfer of ¢oyv)mic beneffts vlill te required in and the arjnt of the obligation can be measuffjd rel131y. Expenditure 1$ d8SSTfied by &Nryty. The of each a¢kn we m&le up of the total of direct costs and shared costs, induding 5UPPOrt costs irNofved in und¢rtaking ea( actiwty. Direc costs attributaL4e to a single ath.vity are allocated directly to that acbvtty. Shared (rJ51s whith contribuie to more than on¢ adiwty and support costs which are not altribth8ble to 8 siTrJle aclivty are apporhoned between thosè actiwties on a basis con$151enl WTth the use of soUrCes. Central staff costs are albcal cm the basis of tim& spen( epreatn charges are allocated on the pOrn of the assefs use. R¢$wrS expended are all¢xatsd to dirpcl thaiitable expenditure. ¢sts of generailng fuThas and govemance costs under the appropriate headings. 1.6 Tangible fix•d ass•ts Tangible frxed assets are initialty measurgd at ¢ost and Subsequentty m8asur&J * ¢)xl or v8lu8tion, net of deprecAa1 and any wN)aim)ent )$. DeprttcAation is reccJnised so as to vKite off Iht Q)St or valualion of assets kn their rosidual v81(w over their useful Iwes on the followtro bases.. Land and buildings Property improvefflents FFxtures, frtbngs & equiwnent IO% Str8ight Le 25% Straght Lin Allhough ACCJnIIng StsThJards wuire the amual deprla1)n of fixeAI assets, thèrè 1$ no provision in the nanaal statem¢nts for deweryaiM of Freehohj Land and buildings. The buildiTrJs are mainta)r to a high standard to prevent deterioration. The estimated reshlual value of the buildirwjs are, at current prices. not less than Ih¢ir book value. The Trustees therefore llie¥¢ th81 polw of not prowding deprecAation is nee•ssary for the aCCnIS to gNe a true and fair Yivw. freehokl property is hdd on frJrtheranGg of thg Char[tab Companys objecves and rnt as 8n irweslment. Th• gn w bss alising on the dtsposal of an asstt r& determined as the difference betrn tha $8 prOed$ aThJ the carying value of the asset. arKI rwnised in the statement of finaal actNities. 1.7 Impairment of fixed assets At each rowting end date, the Charilabk Company rèyièws th¢ carrying amounts of its tangibl8 assets to detemiine whether there is any indication that those assets have suffered an impainnent kiss. If any such indication gxists. the reo)verat4e arTb)unt of the assgt is eslimated in crder to detem11 the extent of the Impoimient loss lif any). 1.8 Cash and Cash •quivaknts Cash and cash equivalents indudè in harKI. depots hekj at call with banks. 0¥ $hort-term liqui inve31ments wrth original maturilies of thrnè months or less. and bank overdrafts. Bank overdrafts are shown ithin borrcMing$ in current ithrths.
MARYGATE HOUSE HOLY ISLAND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 A¢¢¢>unting policies (Continued) 1.9 Flnanclal Instruments The Charitable Company has elted to ap the provisions of Section 11 'Basic Financial Instrurrths. arKI Se¢th)n 12 '0ther Financd 1nstsUnts Issues. of FRS 11r2 to all of ils finaNJal Snstruments. Financial instruments are c))gniSed in the ch8fita8 Companls baL9nce sheet when the Charitable Company becomès party to the cryrtra¢Auai ProviOn$ ofthe instrLment. Fin8nCtal assets and liabil1tS are offset, with the t amounts k¥esented in the financial slatemerrts. when there is a legally enforceable right to $et off the rwy)gnised atS and there is an intention lo settle on a net basis or to redise the asset ond setue Ihe IKqts"bty ¥multanety. Basle finan¢i•l assets Basic finanoal ass¢ts. vthith indude deb1Th5 and cash aThJ bank balaTrS. are initially measured at tr8nsa¢tion Pri induding trarbsa¢on costs and are subsequ&rtty carrieil at amortisttd cx)st using the effe(#ive interest method unless the arraJement constilutes a finanang transion, Whe the Irans8diM 1$ rne83ured at the pre6enl value of the future receipts discounted at a markèt rate of interest. Finanaal assets CSsified as receivable wrthin one year 81¢ N)t amorli¥ad. Basle flnan¢lal Il•bllltles Basic finanoal liatxlthes, IUdir0 creditors and bank loans are inibally recognised at transaction price n$S the airangement CStitUteS a fin8n¢Fng transac0. where the debt instrument is Ineasured at the present value ol the futur& payment$ discounted at a rnaet rate of interest. Financaal lia1xleS dassffied as payable in one year a not wnorts"sed. Debt instruments are subsequentty carried at amlIS cosl. usiNJ the elledive intsrnsl rale mgthod. Trade creditors are obltgations to pay for good$ or se[¢ that hav$ Lwen a¢quired in the ordinary course of operations from suppliers. Amounts paYae are dassified as ujrrent liabifftiès if paym1 is due withÈn one year or less. If no( they are presented as non-(xJrrent liabililies. Trdde ¢reditors are recognised inibally al transaction Pri and subsewentty measured at ¢))st using the effeclwe interest Meth. Oerecognition of financial liabllitles Financi81 liabltieS are derecognised when the Ch11 c£rfrtraaual obEvJatbJn$ expire are distharged or carKdled. 1.10 Employw b•n•flts The o)sl of any unused hdiday entit18m8rrt is rec£¥Jnised n the In the employee's Se¢$ are receNed. Ternwnation benofft$ are reo>3nised wnmedialety as an expense when the Charitable Company is demc)strabty cunmrfted to térniinate tho ¢m0Yrnent of an employee or to PEDvide 1ern1nat beneffts. 1.11 Retirement beneffts Paym¢nts to defin1 9JntrLWlp retern benefft 6dMe8 are dwged as an expense as they fall due. 10-
MARYGATE HOUSE HOLY ISLAND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 CrfY¢81 a¢¢ounting e8timatss and judyrn In the appCatIOn of the Charilable Compan1$ ac£wntiry OKies, the Trustees are reqLNred lo make judgements, estim81es and 8$8umptiS about the carrying amount of assets and liabilthes that are not readily appaient from other $(rs. The estimates aTrJ asscoaled assumptions are based on histOri¢81 experience and othèr f8(ors Ih8t are considered to be ielevant. Aciua fèsulis may dtfferfrom these estimates. The estirnates arKI urbjetyng assump1#S arè revi8J M an orwing basi& Revisions to accounlng estimates are recognised in the perth in whth the estimate is revis&J where the fev¢sion affects only that period, or in the period of the and future peritrjs where the revis affe¢Xs both rrent and fvlure periods. Donations and legacles 2023 2022 Cknnations from guests Legaues receivable Génèr don?Iv)ns Covenanted dan$ and grft okj 13,262 500 44.560 2.345 53.231 4.535 57,766 60,867 Investrnents iknrestrfcted Unrestrfct•d fund$ genernl d•slgnatsd Totsl 2022 2023 Irrterest rtteNakAe 57 707 For the year ended 31 DKombgr 2022 275 11 286 Other Iorne Unrnstrletsd funds general 2023 Totsl 2022 COV1[19 BnesS 8uFwi grants 2.667 11
MARYGATE HOUSE HOLY ISLAND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Charitsbl¢ #ctivtties Ch•ril•l)l• Staff costs Deprnciatlon tivities Total 2023 Total 2022 Staff costs Depreaalk)n and Smp8lnYnl Sundries Independent examination costs General njnning expenses Heating and lighting Councal lax and water charps Repairs, renewals and equipment In$uran( Rent Refuse cdledon Advertising Postage and stationery Telephone CompLrter costs Other tharitat4e exFonditLWe B¥nk Charges 19.423 19.423 38.115 6.371 747 3,837 15,772 6.059 3.428 1,417 3,057 5.200 3.387 5.516 11.682 1,557 7.128 2.841 5.516 11.682 1.557 7,128 2.841 3.144 3.144 22 495 401 20 43,436 19.423 65.547 89.399 Analysts by fund Un$1Cled funds- general Unrestriced bjnds. designated 19.423 19.4Z3 65.547 For thè y•#r ended 31 December 2022 Unrsstriet8d funds- general Unrestricted funds- dwnat•d 44.913 38,115 83,028 8,371 6.371 44.913 38.115 6.371 Ttee$ None of th& Truste8s (or any pgrsM$ Dn¢$d wilh r?le<l any remuneralion during the year12022.' NO). 12-
MARYGATE HOUSE HOLY ISLAND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 EmployeeB The average monthty Thjmber ofemtAoyees duriNJ the yearwas.. 2023 Number 2022 Number Employmènt costs 2023 2022 ges and sataries 19,413 10 34.395 3.720 19.423 38,115 The total wagas expense for the year was £19.423 (2022.. £38.1151 ¥ryJ no kkneS Ned ernoluments greater than £60.( {2022: Nil). Taxatlon Tho chafItab Company is exernpt from Tax and is rw)t rtyi5tered forvaluo added tsx. 10 Tanglblg fix¢d assets L•nd •NI Prop•rty tr111n knpro¥*nt• Flxth fftting& & Tolal At 1 January 2023 Addbtsons 63,672 61,763 16,484 1.248 141,919 1.248 At 31 Decemb¢r 223 63,672 61.783 17,732 143,167 Depreciatlon •nd impalnnent At l January 2023 Depreciabon tharged year 53,736 2.233 16.334 455 70,070 2,688 At 31 De¢ember2023 55.9 16.789 72.758 Carrylng amount At 31 L)ecefftber 2023 63,672 70,409 At 31 Decthnber 2022 63.672 8.027 150 71.849 Marygate Hou8e and Elerm Cottage wwe valued al £1254.621 in Juty 2021 tr Insuran rein8tatement purp03es. 13-
MARYGATE HOUSE HOLY ISLAND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 11 Dobtors 2023 2022 Amounts f•lllng duo wlthln on• y••r. Trade debtofs 5.256 4CX) 8,464 400 5.656 8,864 12 CrltOrS. amounts falllng due T*lthln one ymr 2023 2022 B¥nk loans Othaf creditors A15 and defgThgd Irr 13 4,957 312 4.830 147 3,502 8,272 8.479 13 Loans and overdrafts 2023 2022 Bank loans 17.021 21.852 Payabte within one year PaYae after one year 4,957 12.¢164 4.830 17,022 14 Cr•dltoYs: amounts falllThJ dug aftor morn than om y•ar 2023 2022 Bank h)ans 13 12.C 17.Ir22 15 R•tir•m•nt b•n•fft sehom•s D•llMd ¢ontrflxrtlon s¢hem•s The Charitable Company opwates 8 d&fiw1 c£KlIX1ti(m1 pension s(41eme all qualrfyirwJ employees. The a$set$ of the sdwntr 81¢ hdd seporatety frryn th0$0 of thè charitab Company in an indèpèndèntly administered fvr. Tha charge to wofft or loss in resped ofd&fined contrbuim SdMeS was £10 (2022.. £3.7201. 14-
MARYGATE HOUSE HOLY ISLAND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 16 unrtrIC fund&. degnated Th&8e are desw funds whK* are material to the ChIlable C)0n5 athvthe8 made up as follows: At 1 January In¢Miing 2023 rnsour R?sourceB Tran8ferg expended At31 D•¢•mber 2023 Building Maintenance FLTh4 Fixed Asset Fund EIEabeth Banie FurKI 4.520 71,849 57 {1.248} 1.248 3,329 70.409 3.804 P.6881 80.173 57 P.6881 77.542 Prevlous y•ar. At 1 January Ineoming Rewurces Trnnsf•rs 2022 rnsour¢ts expended At31 D•e•mber 2022 Buildir¥J Malntenance Fj Fixed Asset Fund EIEabth Bale Fund 11 4,520 71,849 3,804 78.220 (6.371} 11 (6.371) 80,173 The Oesignat8d Buddww MainlenarKe FuThJ ¥A$ Ugoled to 8co)unl for onw¥ng property wnprovements and maintenance. The Designated Fixed Assel Fund has been ated to a)))unt ts (aa$ In tho fixod assets of the CharTtable Company 8nd aswaled deFwalion charges. The Elizabelh Barriè Fts w•¥ set up in 2017 from a donation madè by Dr K Butterwoth in memory ofthe late Elyzabeth Barrie. who volunteered at St Mays House. Tr remaini babnce beiro set aside for an as yet undea<led project that wiu benefft dl guests. 15-
MARYGATE HOUSE HOLY ISLAND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 17 Unrest1kt fund¥ The unrestiided fuThJs of the Charitsble Comp8ny comprise the unexpended balan of donations and gonts whith ore not $ubJo¢t to $peifi¢ WKliti"on$ by th)nors and grantors a$ lo they may bè LFsed. At 1 January At31 2023 Gen9ral fvnds 24.578 $8.416 (62.8591 20.135 Prevlou8 year. At 1 Janu•ry Incomlng R6r¢¢• At31 2022 resour$ expended December 2022 General funds 43,997 (83,028) 24.578 18 Anatysls of net assets t¥en fundB Unrestrl¢t•d Fund$ D¢$lgnat Funds Totsl Fund balances at 31 DoLmber 23 are rtpreS by. Tangible as8ets Current assetsllliabilities> Long temi liabilities 70,409 7,076 70.409 39,332 {12.C641 32,256 112.(Nl 20.192 77.485 97,67T 19 Operatlng lease commttsnents Al the reporting eThJ date the Ch8ri18trJe Comp9ny had tsIll¥j NIments for fuiure mirimum lease payments under nc¥}nce1laI)1e opwaliThJ * whKth tsll dut 4$ fdhx: 2023 2022 Wthk) one ye8r 20 Relat•d party transactlons The Chafi18ble Company works cbsely th St. Marfs ChuTL, Hoty IaTrI with regafd to the 8ab of publicatn3. Al the year end £Nil12Q2: £Nil) was to pattl to the Church for sales. 16-
MARYGATE HOUSE HOLY ISLAND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 21 Indemnlty Insurance Funds of the Charilablè C¢)rnpany have been used tr prnde IndeThmty Insuran to protect th& Charitable Company and its Twstses against Ihe InseQceS of any neglect or defaults. Oun9 the year, £2,841 (2022.. £3.(kSn was to the and OXFnditure account in respocl L)f k)d¢mnity in8urance. 17-
MARYGATE HOUSE HOLY ISLAND DETAILED INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 Donat5ons and l•gaet•8 tbnalions from guests Legacies General donations Cov&nan18d dtXwtS and gift 13,262 53.231 2,345 57.766 60,667 Inv•sknent Ineom• Bank interost Bank interest (D8gnat fu 275 11 707 286 Othér lrtaming rèwr COVID.19 Bwn&ss sUpKK grnnts 2.687 Total IncomSng rnsourc 58.473 63.620 18-
MARYGATE HOUSE HOLY ISLAND DETAILED INCOME AND EXPENDITURE AccouKf (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 Balanc8 Brought Fonvard 58.473 Charitable activitres Sundri•$ General running expenses Heating and lighting CounrAI tax and water Charges Repairs, fenewals and equipment Insurance Rent Refuse colleclion Advertising Postage and stslionery Telephong Conyuter ojsts Loan interest ges and natM)n•l intAJran Pens 747 15.772 6.059 3,428 1.417 3,057 5,200 3,387 505 5.516 11.682 1.557 7.128 2.841 3,144 495 19.413 10 401 34,395 3,720 158,823) (79,1711 Othèr wource8 eyndgd Other charg•s Independent ex8min81ion costs Bank tharges Deprea8tion (Despjnated fu 4.036 3.837 20 6,371 (6,724) {10,2281 D•ficlt forth• Yr (7.0741 125.779) -19-