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 COM￿nY 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 rep￿1 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 fina￿la1 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 charl￿es.. Statement of Re￿rnrnended Practice applicable lo Charities preparing their a￿Ount$ 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 ath￿ve 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 o*Trs 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 indi￿dual$ 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 wel￿Me, 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 fina￿401 srluaton. The House dosed lo guests from mid-November. thus giwng the Wardens an opwtunity to re￿eW the wl)ole operation of the House and make plans for fLrture developments. I￿Ang 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 f￿ed thatge for ar￿Mmodat￿n of gu&sts. Income ks derived from donations arHI ujvenants, with a small am(¥Jnt from the sale of pSmth￿t￿. The Trustees ackno￿edUe 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 ￿gnif￿ant drop in fijnding. they will be a￿e to continue the Charitablè Companys ￿r[ent aCtNit￿5 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 exF*ised and are satisfied that systems afe in place to M￿gate expoyjre to the Ma1￿ risks. Rlsk Revlew The Ch8ritable Company has ¢)X￿Uc1ed a rewew of rth aThJ wocedures implementing changes in a Ilmetr fashion. At present we can perC￿e primary threats pandemic related. During the pandemic with it's associated socaal distanang aThJ lock d(A¥ns there was a drain on (Alr ￿$(￿rC*s, wth expenses exceeding our ino)me. ShoL¢ld this po%tion be long lasting w8 may need to consider lay￿9 off paid staff andlor dosing until better times. Also. soaetal ha￿ may thar¥Je in rw ntymal and this may affed the Charitable Companws prospects in a F¥)Stbve or negalNe way. So. tr* Tnjslees have adcoled a W0ac*￿ attibjde. Plans forth• fu￿r0 Thomas Stewart larthiiecil will ￿ asked to draw up a fea5ib.lrty study for the bufiding. ojnshlering various options. and tsking into ac(xxJnt the fabric, at ￿st one easy access bedrocrfn and shower room. and the need to make the building moro Ènergy effiryent. The preferred option would then be worked up in sufficaent detail to estimate basic wsts in order to be atAe to de¥eky diakngue with wtenlial funders. The funding strategy is lik¢ty to irwofve grants, an appeal andlof a bank kwi. The Wardens and Trustaes a￿ mindltjl of the need to b￿n￿ the reqUIre￿nIS ol inthvidual retreat- ants and groups, and to preserve the warm wek??w￿ ar￿ hosF¥lalty. wlwlst woviding for 21st century needs. so that th8 House will be ￿$￿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 I￿and whith receives in the order of 81Y).CO) VI￿torS each year. The coming year see a devekwent In M8rygate's to behvj a p8rt of the Communtty of the Cross of Nails. t￿Igh hospitaity atml pfjrg)n￿ ￿nks. The House will re-open ￿ rnid-Febnwy 2￿24. on a 7-day week basis and has some bl*)￿ngS for 8lmo$t all weeks olthe year. Staffing The Wardens wefe assisted wfth thThsllc help from rgsvjent ￿ thg Isbnd, arK1 this will conlinua, partiojlady for'changeovel days. As guest bwkings (arKI donatirms) in¢xea8e, staffing levds may be Tewewed. Publk B•n•fft Throughjut this rem the TnL8tees have sought to hkJhllght those athvltles undertaken ty the Ch81itable Company in fvrtherancx of its tharitsble otieciwes for the public benefft. The Charitable Ccfflparry continually ¢onsidèr5 its adivrties arKI F>Jlicies wilh parbajlw ward to the pulAiG b￿efft gUKlan￿ published by the Charity Commission in the Charities AL* 2011. MARYGATE HOUSE HOLY ISLAND TRUSTEES, REPORT (CONTINUED){INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEAIBER 2023 Stru¢tur•. govemance and managom•nt Marygate House Holy I￿anrt was in¢xxporaW on 29 June 2012. The Charitable Company is a compary linited by guarantee. havirwJ rK* Sha￿ Capital and sow dwrit8b objectives. The Trustees. who ar• ￿s9 the dire(#ors forth8 purposg ofuxnpany law. and vhKJ duriryj the year were: Mrs Susan E Massey- Chaw a T￿sl￿er Mr Andrew E Duff Revd Sarah Hills Mr Jonathan Merrison- Ch•r &Treaswer Revd Gillian Maude Revd Mary Ta￿or (Retxad 8 Fetrfuory 20241 (Appty'nted 1 May 2023) The Articles of A$soci8bon W￿ldeS 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 induclK*n of any new Trustee whs¢h involves awareness of a Tw$tstr'$ responsibilities. the govgmlng document, administratNe w0￿U[¢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 CharIta￿e Company. All of thtr Tnjstees are members of th& Charrl8ble Company and 9￿arant•¢ to c£ffitrilyJte £1 in the of a *rynding up. Thg Charitable Company wor*$ ¢W *ryth St Marf$ Church. Island with regard to ts $al¢ of wblication8. MARYGATE HOUSE HOLY ISLAND TRUSTEES. REPORT (CONTINUED)(INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 Slat•m•nt of Trust808' r•8ponsibilib The Trustees, vtho are also the directors of Marygats House Hoty IslarKI for the purpose of company law. are resp￿sIble for pieparin9 the TNslees' Rep(Ml 8nd the a(rounts in applicab￿ law and United lQngdom Accwnling StsndaimWies wilh the requrements for an irw))me and exp￿rtitu[e account underthe Cornpan￿s Ad 2CK6. MARYGATE HOUSE HOLY ISLAND BALANCE SHEET AS A T 31 DECEMBER 2023 2023 2022 Flxed oss•ts Tangible assets 10 70,409 71,849 Cun¢nt assets Debtors Cash at bank and In hond 11 41.948 47.604 58,403 Crèdltorn: am¢)unts falling duè wlthin on8 ygar 12 8.272 8.479 Net ojrrent ossets 49,924 Total a￿ets less current liabilÉtie8 109.741 121.773 Credltors: amaunts falling due after more than om yoAr 14 112.wl 117,022) N•t assets 97.677 104.7S1 The funds of the Charltablo C<#npny Unrestri¢Jed funds- general Unrestrided funds- ¢Jesignated 20.135 77.542 24,578 80,173 16 97.6n 104.751 The Charitable Company is 9ntiUed lo the exemplion from ts aL*Jit requir￿}￿1 (*ntsined in section 477 of the Companies Act 2(th. knthe yw ¢rthl 31 Decemt*r 2￿23. The direcaorn ackntrwledge th￿r res[￿s￿￿tieS tr etwwJ that the CharitatAe CcrfryHny keops actountlNd record8 ich compty ￿th 8ecth)n 386 of the Ad and for preparir¥J finanLial statements wlich give a trus and fair wew of lh¢ Stale ol affairs of the Charitable Company 8$ at the end of the finar￿la1 year and of its in￿ming resources and application of rv6ources, indu(fing ils income and expenditure. for the finan081 year in a￿OrdanCe 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)rdar￿e 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 ￿ IA*s) 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 2￿6. FRS 1￿2 Tre Finan(ial R&kK)￿ng Slandard appl￿ble in the UK and RepU￿1C 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" leffe￿Ve 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 proviS￿S in the SORP fty tha￿e$ not to prepare a Statement of Cash Flows. The fina￿￿ statements are prepared in slerfing. Wh*￿ ￿ the fvr*Xonal cyj￿erry ofthe Charrlabk Company. mO￿ry 8nKJunts in these finanrial 3taterne￿ are rounded to the nearest £. The finan¢ial statefflents have been tryar8d LThJerthe h55t￿l cost o)nvention. 1.2 Golr& concem At the time of aFly0￿n9 the fwbancaal statèments. Trustees ha¥e a re&8onatrJe expedation that the Charitable Company has 8deqyatg fesJncem basis of acxzjunting in weparing the finanaal statements. 1.3 Charltabl• funds Unreslricted fijnds arn ava￿abl• fry use al tr* disuglb)n of Tn*tees Sn furthwance of thew tharitable objeLtive$. Designated funds comwse fvnds whth have boèn set a&dè at thè discrelitin of the TrLfs199s for specffi purposes. The purposes a￿1 uses oflhe dewgrt8te(l ftjnds are $et wt in note8 lo the finan(x31 stslements. 1.4 Incomlng r•soure•s Income is recognised when the Ch•ilth Company is legally enliU•J to 11 aftgr ￿Y kwrfomanc4 ￿n￿l￿n8 have been met, Ihe amcmjnts can be measLKed reliabty. and it is wobaW that inc¢m¢ wll be r￿￿ed. Cash donatio￿ are recognised on r8c4pL Olh8r donatths are rèc1)gni￿ Ot￿ thg Charitablo Ccffipany has been notff￿￿ of the donalion. unless ￿￿10M8[￿L thndition$ require deferral of the 8rnount. Income tsx recoverable in relalion to donations raceived und¥r Grfl￿d ry dood$ of ¢>)ven•rtt 1$ re¢ognised al the tirre of the Ilonation. Grarts rec8Nable are recoJnised in tr* Slatemont of Fmwthl Adivit*s in in the year which thty become ieeeNablo. that 1$ t*th¢n th¢ ¢orKlilb)ns for r￿1p1 been meL Tumover is Mea￿Jred at the fair vahje of the Can￿deratiOn receNed of ￿e1Vable and represents amounts recEivabte for goc¥Js and seNices wovkled the nml cxjurse of trAtsiness. nèt of disc¥)ur)ts. VAT and other sales related taxes. 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 ￿1￿JatIOn to transfer economic t*nefft to a third party. Tt is probable that a transfer of ¢oyv)mic beneffts vlill te required in and the ar￿jnt of the obligation can be measuffjd rel131￿y. 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$151enl WTth the use of ￿soUrCes. Central staff costs are albca￿l cm the basis of tim& spen( epre￿at￿n charges are allocated on the pOr￿n of the assefs use. R¢$wr￿S 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 ￿)$￿. DeprttcAation is recc*Jnised so as to vKite off Iht Q)St or valualion of assets kn their rosidual v81(w over their useful Iwes on the followtro bases.. Land and buildings Property improvefflents FFxtures, frtbngs & equiwnent IO% Str8ight L￿e 25% Straght Lin Allhough ACC￿JnIIng StsThJards wuire the amual depr￿la1￿)n of fixeAI assets, thèrè 1$ 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 l*lie¥¢ th81 polw of not prowding deprecAation is nee•ssary for the aCC￿nIS to gNe a true and fair Yivw. freehokl property is hdd on frJrtheranGg of thg Char[tab￿ Companys objec*ves and rnt as 8n irweslment. Th• g*n w bss alising on the dtsposal of an asstt r& determined as the difference betr￿n tha $8 prO￿ed$ aThJ the carying value of the asset. arKI ￿ rwnised in the statement of fina￿al 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. depo￿ts 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 el￿ted to ap￿ the provisions of Section 11 'Basic Financial Instrurrths. arKI Se¢th)n 12 '0ther Financd 1nstsU￿nts Issues. of FRS 11r2 to all of ils finaNJal Snstruments. Financial instruments are ￿c))gniSed in the ch8fita￿8 Companls baL9nce sheet when the Charitable Company becomès party to the cryrtra¢Auai Provi￿On$ ofthe instrLment. Fin8nCtal assets and liabil1t￿S are offset, with the ￿t amounts k¥esented in the financial slatemerrts. when there is a legally enforceable right to $et off the rwy)gnised a￿￿￿tS and there is an intention lo settle on a net basis or to redise the asset ond setue Ihe IKqts"bty ¥multane￿ty. Basle finan¢i•l assets Basic finanoal ass¢ts. vthith indude deb1Th5 and cash aThJ bank balaTr￿S. are initially measured at tr8nsa¢tion Pri￿ induding trarbsa¢*on costs and are subsequ&rtty carrieil at amortisttd cx)st using the effe(#ive interest method unless the arra￿Jement constilutes a finanang trans*ion, Whe￿ the Irans8diM 1$ rne83ured at the pre6enl value of the future receipts discounted at a markèt rate of interest. Finanaal assets C￿Ssified as receivable wrthin one year 81¢ N)t amorli¥ad. Basle flnan¢lal Il•bllltles Basic finanoal liatxlthes, I￿Udir0 creditors and bank loans are inibally recognised at transaction price ￿n￿$S the airangement C￿StitUteS a fin8n¢Fng transac*0￿. where the debt instrument is Ineasured at the present value ol the futur& payment$ discounted at a rna￿et rate of interest. Financaal lia1xl￿eS dassffied as payable in one year a￿ not wnorts"sed. Debt instruments are subsequentty carried at am￿lIS￿ 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 paYa￿e are dassified as ujrrent liabifftiès if paym￿1 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 liab￿ltieS are derecognised when the Ch￿11￿ 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 ¢m￿0Yrnent of an employee or to PEDvide 1ern1nat￿ beneffts. 1.11 Retirement beneffts Paym¢nts to defin￿1 9JntrLWlp￿ ret￿ern￿ benefft 6d￿Me8 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 app￿CatIOn of the Charilable Compan1$ ac£wntiry OKies, the Trustees are reqLNred lo make judgements, estim81es and 8$8umpti￿S about the carrying amount of assets and liabilthes that are not readily appaient from other $(￿r￿s. The estimates aTrJ asscoaled assumptions are based on histOri¢81 experience and othèr f8(*ors Ih8t are considered to be ielevant. Aciua fèsulis may dtfferfrom these estimates. The estirnates arKI urbjetyng assump1#￿S arè revi8*J M an orwing basi& Revisions to accounlng estimates are recognised in the perth in whth the estimate is revis&J where the fev¢sion affects only that period, or in the period of the and future peritrjs where the revis￿ affe¢Xs both ￿rrent and fvlure periods. Donations and legacles 2023 2022 Cknnations from guests Legaues receivable Génèr￿ don?Iv)ns Covenanted d￿a￿n$ 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 I￿orne Unrnstrletsd funds general 2023 Totsl 2022 COV1[￿19 B￿nesS 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 Smp8lnY*nl 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￿$1￿Cled funds- general Unrestric*ed bjnds. designated 19.423 19.4Z3 65.547 For thè y•#r ended 31 December 2022 Unrsstriet8d funds- general Unrestricted funds- dwnat•d 44.913 38,115 83,028 8,371 6.371 44.913 38.115 6.371 T￿￿tee$ None of th& Truste8s (or any pgrsM$ D￿n¢￿$d wilh r?￿l￿e Long temi liabilities 70,409 7,076 70.409 39,332 {12.C641 32,256 112.(Nl 20.192 77.485 97,67T 19 Operatlng lease commttsnents Al the reporting eThJ date the Ch8ri18trJe Comp9ny had ￿tsI￿ll¥j ￿NIments for fuiure mirimum lease payments under nc¥}￿nce1laI)1e opwaliThJ * whKth tsll dut 4$ fdhx: 2023 2022 Wthk) one ye8r 20 Relat•d party transactlons The Chafi18ble Company works cbsely ￿th St. Marfs ChuTL*, Hoty I￿aTrI with regafd to the 8ab of publicat￿n3. 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* prn￿de IndeThmty Insuran￿ to protect th& Charitable Company and its Twstses against Ihe I￿nseQ￿ceS of any neglect or defaults. Ou￿n9 the year, £2,841 (2022.. £3.(kSn was to the and OXF*nditure 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 dtXwt￿S and gift 13,262 53.231 2,345 57.766 60,667 Inv•sknent Ineom• Bank interost Bank interest (D8￿gnat￿ 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• Y￿r (7.0741 125.779) -19-