OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2020-12-31-accounts

ST CHAD’S RETREAT CENTRES (A company limited by guarantee)

REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

Company Number: 08922281 Charity Number: 1157619

ST CHAD’S RETREAT CENTRES (A company limited by guarantee)

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

CONTENTS Page
Reference and administrative details 1
Trustees’ report 2
Independent auditors’ report 8
Statement of financial activities 10
Balance sheet 11
Cash flow statement 12
Notes to the financial statements 13

ST CHAD’S RETREAT CENTRES (A company limited by guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS

FOR THE YEAR ENDED 31 DECEMBER 2020

Trustees Mr D Pamment (to 22 July 2021)
Mr P Bevington
Mr D Beswick
Rev S Watson (from 15 November 2020)
Revd S Couvela (to 10 March 2021)
Revd S Morris
Mr I Maxwell (from 15 October 2020)
Mr S Vince (from 22 July 2021)
Committee Member(not Trustee) Rev J Austerberry
Company Registered Number 08922281
Charity Registered Number 1157619
Registered Office St Mary’s House
The Close
Lichfield
Staffordshire
WS13 7LD
Company Secretary Mrs J Jones BSc FCIPD
Chief Executive Officer Mrs J Jones BSc FCIPD
Director of Finance Mr J Hill FCMA CGMA
Independent auditors Haysmacintyre LLP
10 Queen Street Place
London
EC4R 1AG
Bankers Lloyds Bank Plc
22 Conduit Street
Lichfield
WD13 6JS
Solicitors Geldards LLP
Pride Place
Derby
DE24 8QR
Investment Advisors CCLA Investment Management Ltd
Senator House
85 Queen Victoria Street
London
EC4V 4ET
Insurers Ecclesiastical Insurance Group
Beaufort House
Brunswick Road
Gloucester
GL1 1JZ

1

ST CHAD’S RETREAT CENTRES (A company limited by guarantee)

TRUSTEES’ REPORT

FOR THE YEAR ENDED 31 DECEMBER 2020

The Trustees (who are also directors of the charity for the purposes of the Companies Act) present their annual report together with the audited financial statements of St Chad's Retreat Centres (the charity) for the ended 31 December 2020. The Trustees confirm that the Annual report and financial statements of the charity comply with the current statutory requirements, the requirements of the charity's governing document and the provisions of the Statement of Recommended Practice (SORP), applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Second Edition effective 1 January 2019).

Since the charity qualifies as small under section 383, the strategic report required of medium and large companies under The Companies Act 2006 (Strategic Report and Director's Report) Regulations 2013 is not required.

Objectives and Activities

Statement of Public Benefit

The trustees of the Charity are aware of the Charity Commission's guidance on public benefit in The Advancement of Religion for the Public Benefit and have had regard to it in their administration of the Charity.

The trustees believe that, by promoting the work of the Church of England through the provision of residential accommodation for children, young people and adult group members, it is engaging in the whole mission of the Church (pastoral, social, evangelistic and ecumenical), and that in so doing it provides a benefit to the public by:-

Activities

The principal activities of St Chad's Retreat Centres is to utilise the two Lichfield Diocesan centres, Shallowford House and Dovedale House, in order to provide places of retreat and reflection to promote Christian spiritual and religious teaching and education by providing hospitality in the Christian tradition to promote, protect and preserve spiritual, emotional and psychological health and wellbeing. This includes the Centres providing the general public the use of the centre for breaks and conferences.

Achievements and performance

Prior to the pandemic as reported last year, both Centres were well occupied; however due to the national lockdown both centres were closed for large periods of the year and continue to be in the first quarter of 2021. When able the Bungalow at Dovedale became available for rental and continues to be made available to the general public, as well as a facility to assist with Clergy and Staff needing a period of recuperation.

2

ST CHAD’S RETREAT CENTRES (A company limited by guarantee)

TRUSTEES’ REPORT (continued)

FOR THE YEAR ENDED 31 DECEMBER 2020

Investment policy and performance

Investment Powers

The Charity is granted power to invest in suitable investments under its Deed of Trust. As a charity, the Trustees have a duty of care to take such advice as is appropriate before investments are undertaken. This advice is sought from the Central Board of Finance (CCLA) in London.

lnvestment Policy

The Charity's investment policies are based on two key principles: -

Ethical Investment - this includes ensuring that investments are held in companies which have high standards of corporate governance and act in a responsible way towards stakeholders.

Long-term responsibilities - the trustees are aware of their long-term responsibilities in respect of the Restricted and Unrestricted reserves and as a result follow a prudent approach to investment decisions.

Investment policy for long-term funds is aimed primarily at generating a sustainable income, with due regard to the need for the preservation of capital value, and the possible need to realise investments to meet operational needs. The Charity does not have a policy of generating income at excessive or high risk, known as purchasing income, where high returns are guaranteed at the expense of capital.

Financial review

In light of the Covid pandemic and the centres being forced to close; despite utilising the Government Furlough (Job Retention Scheme) and the receipt of various Government Grants through the local authorities the trustees tried to minimise the inevitable deficit for the last financial year. Fortunately, due to good results and good stewardship in previous years there was a cushion of reserves there was sufficient reserves to fall back on. In the financial year to 31 December 2020 the trustees are reporting a deficit of £71,646 (2019: Surplus £36,695) before revaluation of assets. Naturally the largest reason for the deficit was due to Residential and Day fees falling from £433,919 to £110.419 in the last financial year.

With the pandemic restrictions continuing into 2021; the opportunity was taken to undertake an external review of the charity; looking at the current operating systems and management and exploring potential new markets and strategies. Even before the deficit and events of the last twelve months the trustees did have concerns over sufficient reserves and cash being available to maintain the properties, in particular Shallowford which is the sole responsibility of the Company. Negotiations remain ongoing with the Diocesan Board of Finance over support for Dovedale which remains a property of the Endowment and Glebe Fund of the Diocesan Board and therefore has shared responsibility.

• Going concern

After making appropriate enquiries, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. The largest concern with the Centres being closed due to the pandemic would be the loss of client base. Bookings whilst down remain adequate at Shallowford and with the Staycation trend the Bungalow is seeing a surge in bookings. Forecasts for the second half of 2021 see a sizeable bounce back and at the very least a break even in 2022, although it is hoped with the correct marketing the resurgence in bookings will continue either with new or existing customers. For these reasons 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.

3

ST CHAD’S RETREAT CENTRES (A company limited by guarantee)

TRUSTEES’ REPORT (continued)

FOR THE YEAR ENDED 31 DECEMBER 2020

• Reserves policy

The Trustees consider that the current level of reserves of £527,248 is adequate for the needs of the charity. It is appreciated that £522,680 of the total reserves relates to Property and operational Fixed Assets. On the assumption that the long-term loans, £72,202, will be paid over the agreed period of time, there are unrestricted free reserves of £46,987 and it is believed that this is a satisfactory reserve needed to ensure that the day to day operation of the charity can be sustained. The Policy agreed by the Trustees is for the charity to hold the equivalent of three months expenditure in free reserves, this would equate to £78,123. Whilst the actual free reserves are lower than the policy the trustees would have access to a Restricted Development fund to assist with the upkeep and maintenance of Shallowford and this has a reserve of £32,384 as at the year end. The Trustees consider this to be reasonable in light of the risks facing the charity (set out on page 5).

Structure, governance and management

• Constitution

St Chad's Retreat Centres is a Company Limited by Guarantee and registered in England and Wales under number 08922281, incorporated on 4th March 2014. The company is also registered with the Charity Commission under charity number 1157619 and governed by its Memorandum and Articles of Association. The initial document of 4th March 2014 has now been updated and replaced by new Memorandum and Articles dated 3[rd] December 2020.

• Members

St Chad's Retreat Centres has one member, the Lichfield Diocesan Board of Finance.

• Method of appointment or election of Trustees

In accordance with the Memorandum and Articles the maximum number of members of St Chad's Retreat Centres is 8. At no time has there been excess membership, although there is an election process built into the Memorandum and Articles should the occasion occur.

Individuals with interest in the work of St Chad's Retreat Centres, and in particular with a Christian Ethos, are invited to apply to become a trustee of the Charity. If the current Board of Directors deems the individual suitable, then the person is invited to become a member and receive the necessary training to be an active trustee.

• Policies adopted for the induction and training of Trustees

The induction process for any newly appointed trustee comprises an initial meeting with the Board of Trustees at which a pack is provided. This includes a copy of the governing document, a copy of the most recent annual report and accounts, a copy of the minutes of previous trustee's meetings and a copy of the Charity Commission guidance "The Essential Trustee".

• Organisational structure and decision making

The charity has no trading or other charitable subsidiary companies as at the year-end, nor were there any plans to undertake.

The day-to-day decision-making is delegated to the centre managers under the direction of the Trustees. The centre managers normally report in person to the Trustees at their routine meetings. All remuneration decisions are made by the Trustees within the wider context of other policies.

4

ST CHAD’S RETREAT CENTRES (A company limited by guarantee)

TRUSTEES’ REPORT (continued)

FOR THE YEAR ENDED 31 DECEMBER 2020

• Related party relationships

No payments were made to Trustees during the accounting period. The Trustees are considered to be key management of the charity and none of them were entitled to, or received any remuneration.

Connected Charities

The trustees consider the following to be Connected Charities:

Lichfield Diocesan Board of Finance - a registered charitable company whose principal activity is to promote, assist and advance the work of the Church of England in the Diocese of Lichfield and elsewhere, by acting as the financial executive of the Diocesan Synod. It oversees the resourcing of ministry within the Diocese and the financing of the work of the various diocesan bodies (constituted under ecclesiastical statute or established voluntarily by the Bishop and Diocesan Synod), which also have the object of advancing the aims of the Church of England in the Diocese and elsewhere. The Board of Finance owns the property known as Dovedale House and leases the property to the charity.

The property known as Dovedale House is currently leased from the Lichfield Diocesan Board of Finance on an annual rolling lease whilst a strategic review is undertaken on the future of the Centre.

• Risk management

In order to identify the major risks to which St Chad's Retreat Centres is exposed, it takes guidance from the Lichfield Diocesan Board of Finance which undertakes a full risk assessment review under the headings of Governance & Management, Operations, Financial, Environmental/External Factors and Compliance with Law & Regulation. The full risk register is available on request from the Diocesan Office.

The Key Risks to the Charity are as follows:-

Covid

Due to the pandemic witnessed in 2020, both centres were forced to close in March 2020. An inquiry was made regarding the loss of income under Business Interruption Insurance and at the time of this report the pandemic was not covered under the relevant section of the policy as witnessed by many businesses. However, there is an ongoing test court case between the FCA, and eight insurers, including Ecclesiastical Insurance and the outcome was in favour of the Insurance Companies.

In order to compensate for the loss of income, 8 staff were placed on furlough from 25 March 2020; leaving the centres to operate on skeleton staff to deal with queries and keep an oversight of the properties during lockdown. In the case of staff at Shallowford it has been decided to make some of the staff redundant, in order to sustain the business. Overall the Company received in excess of £44,000 in furlough (Job Retention Scheme), however it was also necessary to make staff redundant and his cost the Company £6,328

Both centres were grateful for local Council grants, both Dovedale House and Shallowford House receiving grants of £25,000 due to the pandemic and later received regular grants through the local authorities support system.

5

ST CHAD’S RETREAT CENTRES (A company limited by guarantee)

TRUSTEES’ REPORT (continued)

FOR THE YEAR ENDED 31 DECEMBER 2020

The trustees have met regularly to discuss the future of both centres and worked with the managers of the centres on a strategy to make both centres sustainable moving forward. The use of both centres for self-catering groups and to develop that market area appears to have been more successful. Naturally with the Bungalow at Dovedale this operation is already in place and with people not going abroad become increasingly popular in the summer months of 2020.

Regular cash flows have been examined with emphasis on Shallowford and the initial plan to ensure that there was enough liquidity in place if the centre remained closed for the rest of 2020. With the use of furlough and redundancies as well as the Council grant this object was achieved.

A policy was made for those wishing to cancel bookings that offers would be made for the booking to be carried over into 2021 which was taken up by many parties which is helping with income in future years. There remain some concerns over Shallowford but as a Group the trustees are confident that with future bookings at Dovedale Bungalow the charitable company remains sustainable through this pandemic period.

Both centres are looking at exploring new markets, and in particular the self-catering market and similar options to try and react to business post Covid 19 – and the expectation of potential customers in respect of social distancing and related issues from the lockdown. In addition this market should also reduce potential fixed costs which will help in respect of sustainability.

Members' liability

The Members of the charity guarantee to contribute an amount not exceeding £1 to the assets of the charity in the event of winding up.

Pension Scheme

St Chad's Retreat Centres operates a pension scheme for all employees via NEST (National Employment Savings Trust). This is a defined Contribution Scheme and became operational from 1 September 2017.

Trustees’ responsibilities statement

The Trustees (who are also directors of St Chad's Retreat Centres for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The Trustees are also responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website.

Company law requires the Trustees to prepare financial statements for each financial year. Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and 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.

6

ST CHAD’S RETREAT CENTRES (A company limited by guarantee)

TRUSTEES’ REPORT (continued)

FOR THE YEAR ENDED 31 DECEMBER 2020

They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Auditor

Haysmacintyre LLP has expressed its willingness to continue as auditors to the Charity.

So far as each trustee is aware, there is no relevant audit information of which the company’s auditors are unaware.

Each trustee has taken all reasonable steps in order to make themselves aware of any relevant audit information and to establish that the company’s auditors are aware of that information.

The Trustees have taken the exemptions available to small companies and have not prepared a strategic report.

The Trustees’ Report was approved by the trustees and signed on their behalf by:-

P.R.J.Bevington

Mr Peter Bevington Trustee/Director

12 May 2021

7

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF ST CHAD’S RETREAT CENTRES

Opinion

We have audited the financial statements of St Chad Retreat Centres for the year ended 31 December 2020 which comprise the Statement of Financial Activities, the Balance Sheet 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, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. 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 independent of the 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. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ 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 charitable company'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 trustees 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 Trustees’ Annual Report. 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 that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Annual Report (which incorporates the directors’ report).

8

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF ST CHAD’S RETREAT CENTRES

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

Responsibilities of trustees for the financial statements

As explained more fully in the trustees’ responsibilities statement set out on pages 6 and 7, the trustees (who are also the directors of the charitable company for the purposes of company law) 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 the trustees 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 charitable company’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 charitable company 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the charitable company and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to the regulatory requirements of the Charity Commission, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and the Charities Act 2011, and considered other factors such as payroll tax.

We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries and management bias in certain accounting estimates and judgements such as the income recognition policy. Audit procedures performed by the engagement team included:

Tailored narrative here but consider the following

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/auditorsresponsibilities. This description forms part of our auditor’s report.

9

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF ST CHAD’S RETREAT CENTRES

Use of our report

This report is made solely to the charitable company'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 charitable company's members those matters we are required to state to 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 charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Steven Harper (Senior Statutory Auditor) For and on behalf of Haysmacintyre LLP, Statutory Auditors

10 Queen Street Place London EC4R 1AG

Date : 27 September 2021

10

ST CHAD’S RETREAT CENTRES

(A company limited by guarantee)

STATEMENT OF FINANCIAL ACTIVITIES (Incorporating income and expenditure account)

FOR THE YEAR ENDED 31 DECEMBER 2020

Unrestricted Restricted Total Total
Funds Funds Funds Funds
Notes 2020 2020 2020 2019
£ £ £ £
Income from:
Donations and legacies 2 107,381 1,060 108,441 15,297
Other trading activities 3 24,024 - 24,024 40,501
Investments 4 3,473 32 3,505 3,690
Charitable activities 5 110,409 - 110,409 467,786
------------------- ---------------- ----------------- -----------------
Total income 244,617 1,092 246,379 527,274
------------------ ---------------- ----------------- -----------------
Expenditure on:
Charitable activities 6,7 312,492 5,533 318,025 490,579
-------------------- ---------------- --------------- ---------------
Total expenditure 10 312,492 5,533 318,025 490,579
------------------- ---------------- ---------------- ----------------
Net income/(expenditure) before
gains and losses (67,205) (4,441) (71,646) 36,695
Net gains on investments and property 32,905 3,681 36,586 20,043
Loss on Sale of Fixed Assets - - - (2,874)
-------------------- ---------------- ---------------- ----------------
Net income/(expenditure) (34,300) (760) (35,060) 53,864
Transfers between funds 20 (341) 341 - -
------------------- ---------------- --------------- ---------------
Net movement in funds (34,641) (419) (35,060) 53,864
Reconciliation of funds:
Total funds at 1 January 2020 533,106 29,202 562,308 508,444
------------------- ---------------- ------------------ ------------------
Total funds at 31 December 2020 498,465 28,783 527,248 562,308
========= ======== ======== ========

All activities relate to continuing operations.

The notes on pages 14 to 27 form part of these financial statements.

A full comparative Statement of Financial Activities is included at note 26.

No separate income and expenditure account has been presented on the grounds that the differences between the net income as stated above and the profit and loss for the year for the purposes of the Companies Act 2006 relates solely to the movements on endowments.

11

ST CHAD’S RETREAT CENTRES Company Number 08922281 (A company limited by guarantee)

BALANCE SHEET

AS AT 31 DECEMBER 2020

Note
Fixed assets
Tangible assets
15
Investments
16
Current assets
Debtors
17
Cash at bank and in hand
Creditors:Amounts falling due
within one year
18
Net current assets
Total assets less current liabilities
Creditors:amounts falling due
after more than one year
19
Net assets
Charity Funds
Restricted funds
20
Unrestricted funds
20
Total funds		 2020
£
16,015
95,603
~~-----------------~~
111,618
(125,072)
~~----------------~~

 £
522,680
90,224
~~-------------~~
612,904
(13,454)
~~---------------~~
599,450
(72,202)
~~---------------~~
527,248
========
28,783
498,465
~~---------------~~
527,248
========		 2019
£
68,128
130,737
~~-----------------~~
198,865
(135,984)
~~----------------~~

 £
489,400
88,725
~~-------------~~
578,125
62,881
~~---------------~~
641,006
(78,698)
~~---------------~~
562,308
========
29,202
533,106
~~---------------~~
562,308
========

The financial statements were approved by the Trustees on 12 May 2021 authorised for issue and signed on their behalf by:

P.R.J.Bevington

Mr P Bevington Trustee

The notes on pages 13 to 27 form part of these financial statements.

12

ST CHAD’S RETREAT CENTRES

(A company limited by guarantee)

CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 DECEMBER 2020

2020 2019
Note £ £
Cash flows from operating activities
Net cash (used in)/provided by operating activities 22 (27,321) 3,346
----------------- -----------------
Cash flows from investing activities:
Dividends and Interest from Investments 3,505 3,690
Purchase of fixed assets (4,823) (9,061)
Proceeds of Sale of Fixed Assets - 900
----------------- -----------------
Net cash used in investing activities (1,318) (4,471)
======== ========
Cash flows from financing activities:
Repayments of borrowings (6,495) (27,030)
----------------- -----------------
Net cash (used in)/provided by financing activities (6,495) (27,030)
======== ========
Change in cash and cash equivalents in the year (35,134) (28,155)
Cash and cash equivalents brought forward 130,737 158,892
----------------- -----------------
Cash and cash equivalents carried forward 95,603 130,737
======== ========

13

ST CHAD’S RETREAT CENTRES (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

1. ACCOUNTING POLICIES

1.1 Basis of preparation of financial statements

St Chad’s Retreat Centres is a charitable company incorporated in England and Wales under the Companies Act and registered as a charity with the Charity Commission in England and Wales. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. The address of the registered office is given in the reference and administration details of these financial statements. The nature of the charity's operations and principal activities are detailed in the trustees report.

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Second Edition effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

St Chad’s Retreat Centres meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

1.2 Going concern

After making appropriate enquiries, including reviewing its cash flow forecasts on all the Centres light of Covid 19, the trustees have a reasonable expectation that the charity has adequate resources as to continue in operational existence for the foreseeable future. There has been an external review of the organisation that set out the challenges ahead in a changing marketplace. The pre bookings for the next 24 months appear to be encouraging and there is a significant up take in the latter part of the following year; existing and new customers and the bounce back of bookings due to the increase in Staycation across the country. For this reason they continue to adopt the going concern basis in preparing the financial statements.

1.3 Company status

The company is a company limited by guarantee. The members of the company are the Trustees named on page 1. In the event of the company being wound up, the liability in respect of the guarantee is limited to £1 per member of the company.

1.4 Fund accounting

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

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

14

ST CHAD’S RETREAT CENTRES (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2020

1. ACCOUNTING POLICIES (continued)

1.5 Income

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the Trust that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor's intention to make a distribution. 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 treated as a contingent asset and disclosed if material. Job Retention Scheme payments have been received ona monthly basis and are accounted for in the month they relate.

Donated services or facilities are recognised when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use of the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), the general volunteer times of the Friends is not recognised and refer to the Trustees' report for more information about their contribution.

On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

1.6 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to make payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

All expenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocated to the applicable expenditure headings.

1.7 Tangible fixed assets and depreciation

Motor Vehicles and Office Equipment costing more than £250 are capitalised, all other costs are written off in the year of purchase.

Property is held and shown at valuation. The property is revalued each year using the Nationwide Property Index for all properties by region.

Tangible fixed assets are stated at cost or valuation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Motor vehicles 20% straight line, no depreciation charge in the year of acquisition Office equipment 20% straight line, no depreciation charge in the year of acquisition

15

ST CHAD’S RETREAT CENTRES (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2020

1. ACCOUNTING POLICIES (continued)

1.8 Investments

Investments are stated at market value at the balance sheet date. The Statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.

1.9 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity. This is normally upon notification of the interest paid or payable by the Bank.

1.10 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discounts offered. Prepayments are valued at the amount repaid net of any trade discounts due.

1.11 Cash at bank and in hand

Cash at bank and 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.

1.12 Creditors and provisions

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 trade discounts due.

1.13 Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of loans which are subsequently measured at amortised cost using the effective interest method.

1.14 Judgement and Key Sources of Estimation Uncertainty

The preparation of the financial statements in conformity with generally accepted accounting practice requires the directors to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenditures during the reporting period. Actual results in the future could differ from those estimates. In this regard, the directors believe that the most significant areas of judgement relate to the valuation of property.

Valuation

The Directors use Diocesan expertise available through the Diocesan Property Department plus local agents; and the re valuation method is to use the Nationwide Property Index plus any reasonable factors to adjust the index figures. There was no adjustment from the index link percentage increase in the reported financial year or in the previous accounting period.

16

ST CHAD’S RETREAT CENTRES (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2020

2. INCOME FROM DONATIONS AND LEGACIES
Total Total
2020 2019
£ £
Donations 10,754 15,297
Legacies - -
Grants (Re Covid grants from Local Authorities) 53,650 -
Furlough Income 44,037 -
----------- -----------
Total donations and legacies 108,441 15,297
====== ======
3. ACTIVITIES FOR GENERATING FUNDS Total Total
2020 2019
£ £
Bar and shop 1,955 10,028
Books 1,257 2,077
Sundry Income 20,812 28,396
----------- -----------
24,024 40,501
====== ======
4. INVESTMENT INCOME Total Total
2020 2019
£ £
Dividends and interest receivable 3,505 3,690
====== ======
5. INCOME FROM CHARITABLE ACTIVITIES
Total Total
2020 2019
£ £
Residential fees 103,016 433,919
Day fees 7,393 33,867
Other - -
----------- -----------
110,409 467,786
====== ======
6. ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES
Total Total
2020 2019
£ £
Residential fees 315,056 485,159
Shop and Vending Machine 629 3,380
Resourcing education - -
----------- -----------
315,685 488,539
====== ======

17

ST CHAD’S RETREAT CENTRES

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2020

7. GOVERNANCE COSTS
GOVERNANCE COSTS Total Total
2020 2019
£ £
Auditors’ remuneration 2,340 2,040
Legal and professional fees - -
----------- -----------
2,340 2,040
====== ======
8. 2020: DIRECT COSTS Vending
Residential Shop Machine Total
Fees Income Income 2020
£ £ £ £
Rates and insurance 22,975 - - 22,975
Repair and maintenance 35,325 - - 35,325
Light and heat - - - -
Food purchases 13,276 1,550 - 14,826
Advertising & marketing 389 - - 389
Cost of opening retreat - - - -
Household consumables 711 - - 711
Laundry and cleaning 5,088 - - 5,088
Sundry expenses 1,286 - - 1,286
Bookstall - 149 - 149
Professional fees 4,143 - - 4,143
Training 100 - - 100
Developmental costs - - - -
Wages and salaries 161,051 - - 161,051
-------------- ------------- ------------- ---------------
244,344 1,699 - 246,043
======= ====== ====== ======
8. 2019: DIRECT COSTS Vending
Residential Shop Machine Total
Fees Income Income 2019
£ £ £ £
Rates and insurance 21,199 - - 21,199
Repair and maintenance 78,053 - - 78,053
Light and heat - - - -
Food purchases 56,430 5,935 - 62,364
Advertising & marketing 175 - - 175
Cost of opening retreat - - - -
Household consumables 1,381 - - 1,381
Laundry and cleaning 16,251 - - 16,251
Sundry expenses 2,771 - - 2,771
Bookstall - 1,920 - 1,920
Professional fees 634 - - 634
Training 5,997 - - 5,997
Developmental costs - - - -
Wages and salaries 207,296 - - 207,296
-------------- ------------- ------------- ---------------
390,188 7,854 - 398,042
======= ====== ====== ======

18

ST CHAD’S RETREAT CENTRES (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2020

9. SUPPORT COSTS Total Total
All Residential Costs 2020 2019
£ £
Bank charges 3 47
Travel expenses 1,409 4,423
Light and heat 31,457 54,462
Management & Administration 27,285 23,230
Sundry expenses 2,466 3,255
Loan interest 393 1,292
Vehicle costs - -
Depreciation 6,629 4,816
Governance Costs (see note 7) 2,340 1,920
--------------- ---------------
71,982 92,537
====== ======

10. 2020: ANALYSIS OF EXPENDITURE BY TYPE

Staff Other Total
Costs Depreciation Costs 2020
£ £ £ £
Residential fees 161,051 6,629 147,293 314,973
Shop income - - 712 712
----------- ------------ ------------ -------------
161,051 6,629 148,005 315,685
----------- ------------ ------------ -------------
Expenditure on governance - - 2,340 2,340
----------- ------------ ------------ -------------
Charitable activities 161,051 6,629 150,345 318,025
===== ====== ====== ======
ANALYSIS OF EXPENDITURE BY TYPE
2019 Comparatives
Staff Other Total
Costs Depreciation Costs 2019
£ £ £ £
Residential fees 207,296 4,816 275,046 487,158
Shop income - - 1,381 1,381
----------- ------------ ------------ -------------
207,296 4,816 276,427 488,539
----------- ------------ ------------ -------------
Expenditure on governance - - 2,040 2,040
----------- ------------ ------------ -------------
Charitable activities 207,296 4,816 278,467 490,579
===== ====== ====== ======

19

ST CHAD’S RETREAT CENTRES (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2020

11. ANALYSIS OF EXPENDITURE BY ACTIVITIES

Activities
Undertaken Support Total
Directly Costs 2020
£ £ £
Residential fees 244,344 71,982 313,986
Shop income 1,699 - 1,699
------------ ------------ -------------
Total 398,043 71,982 318,025
====== ====== ======
ANALYSIS OF EXPENDITURE BY ACTIVITIES
2019: Comparatives
Activities
Undertaken Support Total
Directly Costs 2019
£ £ £
Residential fees 390,188 92,537 482,725
Shop income 7,854 - 7,854
------------ ------------ -------------
Total 398,042 92,537 490,579
====== ====== ======
12. NET INCOME/(EXPENDITURE) 2020 2019
£ £
This is stated after charging:
Depreciation of tangible fixed assets:
- owned by the charity 6,629 4,816
Auditors’ remuneration 2,340 2,040
====== ========

During the period, no Trustees received any remuneration (2019: None) During the period, no Trustees received any benefits in kind (2019: None) During the period, no Trustees received any reimbursement of expenses (2019: None)

20

ST CHAD’S RETREAT CENTRES (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2020

13. AUDITORS’ REMUNERATION

The Auditor’s remuneration amounts to an Audit Fee of £2,340 (2019: £2,040)

14. STAFF COSTS 2020 2019
£ £
Staff costs were as follows:
Wages and salaries 143,104 193,915
Employers National Insurance 7,523 8,901
Pensions 4,096 4,480
----------- -----------
154,723 207,296
====== =======
Included in Wages and Salaries were termination costs of £6328 (2019: £1,000).
The average monthly number of persons employed during the year was:
2020 2019
No. No.
Dovedale House 2 4
Shallowford House 10 15
----------- -----------
12 19
====== ======

No employee received remuneration amounting to more than £60,000 in either year.

Remuneration of key management personnel

Key management personnel are deemed to be those having authority and responsibility delegated to them by the trustees for planning, directing and controlling the activities of the company. During 2020 they were the trustees, who received no remuneration. There were no employed key personnel.

15. TANGIBLE FIXED ASSETS Freehold Motor Office
Improvements Vehicles Equipment Total
£ £ £ £
Cost
At 1 January 2020 458,455 - 30,220 500,953
Additions - - 4,823 4,823
Disposals - - - -
Revaluation in the year 35,086 - - 35,086
---------------- ------------- ------------- ----------------
At 31 December 2020 505,819 - 35,043 540,862
--------------- -------------- ------------- ---------------
Depreciation
At 1 January 2020 - - 11,553 11,553
Disposal - - - -
Charge for the year - - 6,629 6,629
-------------- ------------ ----------- --------------
At 31 December 2020 - - 18,182 18,182
-------------- ------------ ----------- --------------
Net book value
At 31 December 2020 505,819 - 16,861 522,680
======== ====== ======= ========
At 31 December 2019 470,733 - 18,667 489,400
======== ====== ======= ========

21

ST CHAD’S RETREAT CENTRES (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2020

15. TANGIBLE FIXED ASSETS (continued)

The charity owns the 19th century property known as Shallowford House, Shallowford, Stone. This property was gifted by the Webster family to the Diocese of Lichfield in 1936 and opened as the Diocesan Retreat and Conference Centre in 1938 and vested in the Lichfield Diocesan Trust as custodian trustee on behalf of the charity until 2016.

The property was transferred to St Chad's Retreat Centre on 9 March 2016. At this point the accounting policy changed so properties were held at fair value. The valuation was undertaken using the Nationwide Index. In 2016, there was an adjustment on Book Cost to bring in line with the historical cost calculation.

The fixed assets of the charity are secured by way of a legal charge, securing all monies and obligations should it be necessary to repay a grant made by The Lichfield Diocesan Board of Finance to the charity for the capital development project.

16. INVESTMENTS 2020 2019
£ £
Market Value
As at 01 January 2020 88,725 80,960
Revaluations in the year 1,499 7,765
------------- -------------
As at 31 December 2020 90,224 88,725
====== ======
Historical cost 68,993 68,993
====== ======
The investments are in pooled funds.
17. DEBTORS 2020 2019
£ £
Trade debtors 13,070 68,128
Amounts owed by group undertakings - -
Other debtors 2,945 -
------------- -------------
16,015 68,128
====== ======
18. CREDITORS: amounts falling due within one year 2020 2019
£ £
Payments received on account 44,175 33,411
Trade creditors 39,853 52,414
Amounts owed to group undertakings (including Loans) 36,984 40,141
Other taxation and social security - 6,258
Other creditors - -
Accruals 4,060 3,760
------------- -------------
125,072 135,984
====== ======

22

ST CHAD’S RETREAT CENTRES (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2020

19. CREDITORS: amounts falling due after more than one year

Amounts owed to group undertakings

2020 2019
£ £
72,202 78,698
====== ======

The amount owed to group undertakings included three loans from The Lichfield Diocesan Board of Finance (Incorporated). The loans are repayable in quarterly instalments plus interest from June 2012. Interest on the loan is calculated at an agreed variable interest rate. Repayments are as follows:

2020 2019
£ £
Between one and two years 25,983 25,983
Between two and five years 46,219 52,715
Over five years - -
----------- --------------
72,202 78,698
====== ======
20. STATEMENT OF FUNDS
Brought Transfers Gains/ Carried
Forward Income Expenditure In/out (Losses) Forward
£ £ £ £ £ £
Unrestricted funds
General funds 533,106 244,617 (312,492) (341) 32,905 498,465
----------- ------------- ------------- -------------- ----------- -----------
Restricted funds
Shallowford
development
Project 32,800 1,092 (5,530) (750) 3,681 31,293
Dovedale (3,598) - (3) 1,091 - (2,510)
----------- ------------- ------------- -------------- ----------- -----------
29,202 1,092 (5,533) 341 3,681 28,783
----------- ------------- ------------- -------------- ----------- -----------
Total of funds 562,308 246,379 (318,025) - 36,586 527,248
====== ======= ======= ======= ====== ======
Summary of funds
General funds 533,106 245,287 (312,492) (341) 3,2904 498,465
Restricted funds 29,202 1,092 (5,533) 341 3,682 28,783
----------- ------------- ------------- -------------- ----------- -----------
562,308 246,379 (318,025) - 36,586 527,248
====== ======= ======= ======= ====== ======

23

ST CHAD’S RETREAT CENTRES (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2020

Transfers

In the year the following transfers were made:-

Unrestricted Unrestricted
Restricted
Restricted
Total
£ £ £
Transfer of long term loans (341) 341 -
----------------- ------------- -------------
STATEMENT OF FUNDS –
2019 comparative
Brought Transfers Gains/ Carried
Forward Income Expenditure In/out (Losses) Forward
£ £ £ £ £ £
Unrestricted funds
General funds 482,953 524,487 (478,405) (4,396) 8,467 533,106
----------- ------------- ------------- -------------- ----------- -----------
Restricted funds
Shallowford development
Project 33,438 2,787 (12,127) - 8,702 32,800
Dovedale (7,947) -- (47) 4,396 - (3,598)
----------- ------------- ------------- -------------- ----------- -----------
25,491 2,787 (12,174) 4,396 8,702 29,202
----------- ------------- ------------- -------------- ----------- -----------
Total of funds 508,444 527,274 (490,579) - 17,169 562,308
====== ======= ======= ======= ====== ======
Summary of funds
General funds 482,953 524,487 (478,405) (4,396) 8,467 533,106
Restricted funds 25,491 2,787 (12,174) 4,396 8,702 29,202
----------- ------------- ------------- -------------- ----------- -----------
508,444 527,274 (490,579) - 17,169 562,308
====== ======= ======= ======= ====== ======

Transfers 2019 comparative

In the year the following transfers were made:-

Unrestricted Restricted Total
£ £ £
Transfer of long term loans (4,396) 4,396 -
----------------- ------------- -------------

24

ST CHAD’S RETREAT CENTRES (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2020

Restricted funds

Shallowford Development Project

This fund represents money donated to Shallowford House redevelopment plan.

Dovedale

This fund represents the development and refurbishment of Dovedale House.

21. ANALYSIS OF NET ASSETS BETWEEN FUNDS 2020
Unrestricted Restricted Total
Funds Funds Funds
£ £ £
Tangible fixed assets 522,680 - 522,680
Fixed asset investments 31,317 58,907 90,224
Current assets 69,615 42,003 111,618
Creditors due within one year (53,945) (71,127) (125,072)
Creditors due in more than one year (72,202) - (72,202)
--------------- ---------------- ----------------
498,465 28,783 527,248
======= ======= ========
ANALYSIS OF NET ASSETS BETWEEN FUNDS 2019
2019 Comparatives
Unrestricted Restricted Total
Funds Funds Funds
£ £ £
Tangible fixed assets 489,400 - 489,400
Fixed asset investments 33,499 55,226 88,725
Current assets 158,542 40,323 198,865
Creditors due within one year (70,724) (65,260) (135,984)
Creditors due in more than one year (77,611) (1,087) (78,698)
--------------- ---------------- ----------------
533,106 29,202 562,308
======= ======= ========

22.

RECONCILITION OF NET MOVEMENT IN FUNDS TO 2020 2019
NET CASH FLOW FROM OPERATING ACTIVITIES £ £
Net Movement for the year (as per Statement of Financial Activities) (35,060) 53,864
Adjustment for:
Depreciation charges 6,629 4,816
Dividends, interest and rents from investments (3,505) (3,690)
(Gains)/Losses on Property and Investments (36,586) (20,043)
Loss/ on Sale of Fixed Assets - 2,874
(Increase)/Decrease in debtors 52,113 (42,522)
Increase in creditors (10,912) 8,047
------------- -------------
Net cash provided by operating activities (27,321) 3,346
====== ======

25

ST CHAD’S RETREAT CENTRES (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2020

23. OPERATING LEASE COMMITMENTS

At 31 December 2020 the charity had total commitments under non-cancellable operating leases as follows:

24. RELATED PARTY TRANSACTIONS

The parent undertaking is the Lichfield Diocesan Board of Finance (incorporated), a charitable company incorporated in England and Wales. The amounts of the St Chads Retreat Centres are consolidated in the accounts of the parent charity.

The parent charity uses the centres on an occasional basis for continuing work activities. The amounts are minimal. However there are four loans from the parent charity to St Chads Retreat Centres totalling £105,768 as at 31 December 2020.

There were no other related party transactions in the current or previous year.

25. ULTIMATE PARENT UNDERTAKING AND CONTROLLING PARTY

The largest and smallest group in which the results of the company are consolidated is that headed by Lichfield Diocesan Board of Finance, a charitable company incorporated in England and Wales (registered number: 00239561, charity number: 1107827).

The consolidated accounts of this group are available to the public and may be obtained from the group at the Lichfield Diocesan Board of Finance, St Mary’s House, The Close, Lichfield, Staffordshire, WS13 7LD.

26

ST CHAD’S RETREAT CENTRES (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2020

26. PRIOR YEAR STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted Restricted Total
Funds Funds Funds
2019 2019 2019
£ £ £
Income from:
Donations and legacies 13,231 2,066 15,297
Other trading activities 40,501 - 40,501
Investments 3,653 37 3,690
Charitable activities 467,102 684 467,786
------------------- ---------------- -----------------
Total income 524,487 2,787 527,274
------------------ ---------------- -----------------
Expenditure on:
Charitable activities 478,405 12,174 490,579
-------------------- ---------------- ---------------
Total expenditure 478,405 12,174 490,579
------------------- ---------------- ----------------
Net income/(expenditure) before
gains and losses 46,082 (9,387) 36,695
Net gains on investments and property 11,341 8,702 20,043
Loss on Sale of Fixed Assets (2,874) - (2,874)
-------------------- ---------------- ----------------
Net income/(expenditure) 54,549 (685) 53,864
Transfers between funds (4,396) 4,396 -
------------------- ---------------- ---------------
Net movement in funds 50,153 3,711 53,864
Reconciliation of funds:
Total funds at 1 January 2019 482,953 25,491 508,444
------------------- ---------------- ------------------
Total funds at 31 December 2019 533,106 29,202 562,308
========= ======== ========

27