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2021-12-31-accounts

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

REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

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 2021

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 2021

Trustees Rev S Watson (Chair from 10 December 2021)
Mr P Bevington (to 10 December 2021)
Mr D Beswick
Mr D Boote (from 27 January 2022)
Revd J Hartwell (from 27 January 2022)
Mr I Maxwell (to 23 September 2021)
Revd S Morris
Mr J Naylor (from 27 January 2022)
Mr S Vince (from 22 July 2021)
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 2021

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 2021. 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. From 01 January 2022 Dovedale House transferred from the Charitable Company to the Mercian Community Trust (registered company 04345177).

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 over the last two years. 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 2021

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

Despite the continuation of the disruption through the Covid pandemic; the work of both Centres in minimising costs during the quieter periods, and maximising income opportunities in the second part of the year, resulted in a small surplus in day-to-day activities of £3,729 compared to the deficit reported in the previous financial year of £71,646. Residential and Day fees increased from £110,419 to £247,056 in the last financial year. The continuation of the use of the Covid Job Retention Scheme helped retain some essential staff to maximise the income. In the year £9,482 was claimed compared to £44,037 in the previous year, however there were some redundancies made in 2020 to reduce the financial impact on expenditure in 2021, streamlining the resources available.

During 2021, as part of the review of the Charitable Company both Centres were revalued in accordance with the FRS102 for an investment property. Shallowford House is owned by the Company and the revaluation added a significant increase in value and this is reflected in the financial statements for the year. The revaluation of the Property asset in the year was £1,157,909 (2020: £35,087) and the investments increased by £12,929 (£2020:£1,499) giving a total revaluation increase of £1,170,838 (2020:£35,586). This gave a year end Net Movement in Funds of £1,174,567 (2020: Deficit £35,060).

In December 2021 the decision was made by the Member of the Company – the Lichfield Diocesan Board of Finance to transfer Dovedale House out of the Company and move to the Mercian Community Trust, from 01 January 2022. The reserves that will be transferred total £36,693 – see page 24.

• 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 for 2022 are excellent with 93% confirmed and above expectation. In the last financial year Shallowford House made a surplus of £39,493 and expectation is for a larger surplus in 2022. Dovedale House made a deficit in the last financial year of £20,703 – however with the transfer of this operation out of the Company there is far more optimism over the future of the Company as a Going Concern into the future. 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 2021

• Reserves policy

With the increase in revaluation of Shallowford House and the transfer of Dovedale House, the Reserve Policy has changed from total reserves to free reserves. The free reserves at the end of the year excluding Dovedale House was £56,453 – this represents Investments plus current assets less current liabilities. It assumes that the loans for Shallowford House will continue on their current arrangement and therefore amounts to be paid in future years are excluded.

The Policy agreed by the Trustees is for the charity to hold the equivalent of three months budgeted expenditure in free reserves, this would equate to £64,589. Whilst the actual free reserves are lower than the policy the Trustees consider this to be reasonable and acceptable in the current economic climate and with the transfer of Dovedale House.

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 2021

• 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:-

Future

Following the decision in December 2021 to reduce the number of centres within the Company, three new trustees have been recruited, two from the Bishop’s Council of the Lichfield Diocesan Board of Finance to add expertise in the required areas for the Company. This includes new trustees with a financial and business background, in particular experience in the hospitality trade.

There has been a restructure of Staff creating new roles for the key staff in the creation of Chief Business and Operations Manager and Events Coordinator and Office Manager to oversee and implement the key strategies set out by the trustees.

The Wardens House, Meadowcroft is no longer required for housing a member of staff and consideration is being given to renting out the property to generate additional income to support the work at Shallowford House.

New Policies have been added to the staff handbook, including policies for Volunteers, Quality Management, Equality and Diversity and Environmental Issues.

5

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

TRUSTEES’ REPORT (continued)

FOR THE YEAR ENDED 31 DECEMBER 2021

On the financial side, advance bookings for 2022 are excellent, with 93% confirmed with deposits and bookings. Group bookings stand at 96 at the time of this report, 296 days and 96 nights occupancy have been confirmed allowing a budget expectation of income to be in excess of £250,000 and a forecast budget in the region of £100,000.

Bookings for 2023 are also strong with 78% already confirmed and advance bookings to the value of £95,000. Other projected income is in the region of £50,000 including potential rental income of the Wardens House, Renewable Heat Incentives.

A programme of maintenance to the property is being agreed to ensure the building remains well maintained and presented.

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 2021

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:-

SJ Watson Revd S Watson Trustee/Director

10 May 2022

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 2021 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

9

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

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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.

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 : 28 September 2022

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 2021

Unrestricted Restricted Total Total
Funds Funds Funds Funds
Notes 2021 2021 2021 2020
£ £ £ £
Income from:
Donations and legacies 2 44,463 960 45,423 108,441
Other trading activities 3 21,897 - 21,897 24,024
Investments 4 3,309 3 3,312 3,505
Charitable activities 5 247,056 - 247,056 110,409
------------------- ---------------- ----------------- -----------------
Total income 316,725 963 317,688 246,379
------------------ ---------------- ----------------- -----------------
Expenditure on:
Charitable activities 6,7 311,670 2,289 313,959 318,025
-------------------- ---------------- --------------- ---------------
Total expenditure 10 311,670 2,289 313,959 318,025
------------------- ---------------- ---------------- ----------------
Net income/(expenditure) before
gains and losses 5,055 (1,326) 3,729 (71,646)
Net gains on investments and property 1,162,368 8,470 1,170,838 36,586
Loss on Sale of Fixed Assets - - - -
-------------------- ---------------- ---------------- ----------------
Net income/(expenditure) 1,167,423 7,144 1,174,567 (35,060)
Transfers between funds 20 - - - -
------------------- ---------------- --------------- ---------------
Net movement in funds 1,167,423 7,144 1,174,567 (35,060)
Reconciliation of funds:
Total funds at 1 January 2021 498,465 28,783 527,248 562,308
------------------- ---------------- ------------------ ------------------
Total funds at 31 December 2021 1,665,888 35,927 1,701,815 527,248
========= ======== ======== ========

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 27.

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 2021

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		 2021
£
£
1,676,630
103,153
~~-------------~~
1,779,783
22,457
162,006
~~-----------------~~
184,463
(203,284)
~~----------------~~
(18,821)
~~---------------~~
1,760,962
(59,147)
~~---------------~~
1,701,815
========
35,927
1,665,888
~~---------------~~
1,701,815
========		 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
========

The financial statements were approved by the Trustees on 10 May 2022 authorised for issue and signed on their behalf by:

SJ Watson

Revd S Watson 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 2021

2021 2020
Note £ £
Cash flows from operating activities
Net cash (used in)/provided by operating activities 22 79,596 (27,321)
----------------- -----------------
Cash flows from investing activities:
Dividends and Interest from Investments 3,312 3,505
Purchase of fixed assets (2,970) (4,823)
Proceeds of Sale of Fixed Assets - -
----------------- -----------------
Net cash used in investing activities 342 (1,318)
======== ========
Cash flows from financing activities:
Repayments of borrowings (13,535) (6,495)
----------------- -----------------
Net cash (used in)/provided by financing activities (13,535) (6,495)
======== ========
Change in cash and cash equivalents in the year 66,403 (35,134)
Cash and cash equivalents brought forward 95,603 130,737
----------------- -----------------
Cash and cash equivalents carried forward 162,006 95,603
======== ========

13

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

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

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

With the transfer of Dovedale House, this task was undertaken looking at the remaining centre, Shallowford House. After making appropriate enquiries, including reviewing its cash flow forecasts, 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 2021

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 on a 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 2021

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 normally 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. In light of the review of the charity and the longer-term sustainability a full valuation was undertaken by a qualified surveyor to give a market value of the Shallowford House. The value was significantly higher and this has been reflected in the financial statements.

16

ST CHAD’S RETREAT CENTRES

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2021

2. INCOME FROM DONATIONS AND LEGACIES
Total Total
2021 2020
£ £
Donations 11,441 10,754
Legacies - -
Grants (Re Covid grants from Local Authorities) 24,500 53,650
Furlough Income 9,482 44,037
----------- -----------
Total donations and legacies 45,423 108,441
====== ======
3. ACTIVITIES FOR GENERATING FUNDS Total Total
2021 2020
£ £
Bar and shop 5,199 1,955
Books 5 1,257
Sundry Income 16,693 20,812
----------- -----------
21,897 24,024
====== ======
4. INVESTMENT INCOME Total Total
2021 2020
£ £
Dividends and interest receivable 3,312 3,505
====== ======
5. INCOME FROM CHARITABLE ACTIVITIES
Total Total
2021 2020
£ £
Residential fees 237,838 103,016
Day fees 4,083 7,393
Other 5,135 -
----------- -----------
247,056 110,409
====== ======
6. ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES
Total Total
2021 2020
£ £
Residential fees 311,559 315,056
Shop and Vending Machine - 629
----------- -----------
311,559 315,685
====== ======

17

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

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2021

7. GOVERNANCE COSTS
GOVERNANCE COSTS Total Total
2021 2020
£ £
Auditors’ remuneration 2,400 2,340
Legal and professional fees - -
----------- -----------
2,400 2,340
====== ======
Total Expenditure on Charitable Activities 313,959 318,025
====== ======
8. 2021: DIRECT COSTS Vending
Residential Shop Machine Total
Fees Income Income 2021
£ £ £ £
Rates and insurance 24,541 - - 24,541
Repair and maintenance 32,659 - - 32,659
Light and heat - - - -
Food purchases 41,694 - - 41,694
Advertising & marketing 478 - - 478
Cost of opening retreat - - - -
Household consumables - - - -
Laundry and cleaning 10,085 - - 10,085
Sundry expenses 353 - - 353
Bookstall - - - -
Professional fees 6,858 - - 6,858
Training 536 - - 536
Developmental costs - - - -
Wages and salaries 122,439 - - 122,439
-------------- ------------- ------------- ---------------
239,643 - - 239,643
======= ====== ====== ======
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

18

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

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2021

9. SUPPORT COSTS Total Total
All Residential Costs 2021 2020
£ £
Bank charges - 3
Travel expenses 2,493 1,409
Light and heat 28,629 31,457
Management & Administration 30,130 30,130
Sundry expenses 3,257 2,466
Loan interest 478 393
Vehicle costs - -
Depreciation 6,929 6,629
Governance Costs (see note 7) 2,400 2,340
--------------- ---------------
74,316 71,982
====== ======
10. 2021: ANALYSIS OF EXPENDITURE BY 2021: ANALYSIS OF EXPENDITURE BY TYPE
Staff Other Total
Costs Depreciation Costs 2021
£ £ £ £
Residential fees 122,439 6,929 182,191 311,559
Shop income - - - -
----------- ------------ ------------ -------------
122,439 6,929 182,191 311,559
----------- ------------ ------------ -------------
Expenditure on governance - - 2,400 2,400
----------- ------------ ------------ -------------
Charitable activities 122,439 6,929 184,591 313,959
===== ====== ====== ======
ANALYSIS OF EXPENDITURE BY TYPE
2020 Comparatives
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
===== ====== ====== ======

19

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

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2021

11. ANALYSIS OF EXPENDITURE BY ACTIVITIES

Activities
Undertaken Support Total
Directly Costs 2021
£ £ £
Residential fees 239,643 71,916 311,559
Shop income - - -
------------ ------------ -------------
Total 239,643 71,916 311,559
====== ====== ======
ANALYSIS OF EXPENDITURE BY ACTIVITIES
2020: Comparatives
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
====== ====== ======
12. NET INCOME/(EXPENDITURE) 2021 2020
£ £
This is stated after charging:
Depreciation of tangible fixed assets:
- owned by the charity 6,929 6,629
Auditors’ remuneration 2,400 2,340
====== ========

During the period, no Trustees received any remuneration (2020: None) During the period, no Trustees received any benefits in kind (2020: None) During the period, no Trustees received any reimbursement of expenses (2020: None)

20

ST CHAD’S RETREAT CENTRES

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2021

13. AUDITORS’ REMUNERATION

The Auditor’s remuneration amounts to an Audit Fee of £2,400 (2020: £2,340)

14. STAFF COSTS 2021 2020
£ £
Staff costs were as follows:
Wages and salaries 109,986 143,104
Employers National Insurance 8,249 7,523
Pensions 4,144 4,096
----------- -----------
122,379 154,723
====== =======
Included in Wages and Salaries were termination costs of £Nil (2020: £6,328).
The average monthly number of persons employed during the year was:
2021 2020
No. No.
Dovedale House 2 2
Shallowford House 4 10
----------- -----------
6 12
====== ======

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 2021 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 2021 505,819 - 16,861 522,680
Additions - - 2,970 2,970
Disposals - - - -
Revaluation in the year 1,157,909 - - 1,157,909
---------------- ------------- ------------- ----------------
At 31 December 2021 1,663,728 - 19,831 1,683,559
--------------- -------------- ------------- ---------------
Depreciation
At 1 January 2021 - - 18,182 18,182
Disposal - - - -
Charge for the year - - 6,929 6,929
-------------- ------------ ----------- --------------
At 31 December 2021 - - 25,111 25,111
-------------- ------------ ----------- --------------
Net book value
At 31 December 2021 1,663,728 - 12,902 1,676,630
======== ====== ======= ========
At 31 December 2020 505,819 - 16,861 522,680
======== ====== ======= ========

21

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

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2021

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 2021, as part of the review Shallowford House was revalued by Richard Johnson at Keates Estate Agents and Valuers and the increase in value recorded in the financial statements. The Nationwide Index will be used for subsequent years with a review every five years.

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 2021 2020
£ £
Market Value
As at 01 January 2021 90,244 88,725
Revaluations in the year 12,929 1,499
------------- -------------
As at 31 December 2021 103,153 90,224
====== ======
Historical cost 68,993 68,993
====== ======
The investments are in pooled funds.
17. DEBTORS 2021 2020
£ £
Trade debtors 17,742 13,070
Amounts owed by group undertakings - -
Other debtors 4,715 2,945
------------- -------------
22,457 16,015
====== ======
18. CREDITORS: amounts falling due within one year 2021 2020
£ £
Payments received on account 47,099 44,175
Trade creditors 10,257 1,235
Amounts owed to group undertakings (including Loans) 96,352 36,984
Other taxation and social security 4,216 -
Bursary 34,894 38,618
Other creditors 8,066 -
Accruals 2,400 4,060
------------- -------------
203,284 125,072
====== ======

22

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

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2021

19. CREDITORS: amounts falling due after more than one year 2021 2020
£ £
Amounts owed to group undertakings 59,147 72,202
====== ======

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:

2021 2020
£ £
Between one and two years 25,884 25,983
Between two and five years 33,313 46,219
Over five years - -
-----------
 -----------
59,147 72,202
====== ======
20. STATEMENT OF FUNDS
Brought Transfers Gains/ Carried
Forward Income Expenditure In/out (Losses) Forward
£ £ £ £ £ £
Unrestricted funds
General funds 498,465 316,725 (311,670) - 1,162,368 1,665,888
----------- ------------- ------------- -------------- ----------- -----------
Restricted funds
Shallowford
development
Project 31,293 963 (2,289) - 8,470 38,437
Dovedale (2,510) - - - - (2,510)
----------- ------------- ------------- -------------- ----------- -----------
28,783 1,092 (2,289) - 8,470 35,927
----------- ------------- ------------- -------------- ----------- -----------
Total of funds 527,248 317,688 (313,959) - 1,170,838 1,701,815
====== ======= ======= ======= ====== ======
Summary of funds
General funds 498,465 316,725 311,670 - 1,162,368 1,665,888
Restricted funds 28,783 963 2,289 - 8,470 35,927
----------- ------------- ------------- -------------- ----------- -----------
527,248 317,688 (313,959) - 1,170,838 1,701,815
====== ======= ======= ======= ====== ======

23

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

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2021

Transfers

In the year the following transfers were made:-

Transfer of long term loans

Unrestricted Restricted Total
£ £ £
- - -
----------------- ------------- -------------

On 8[th] December 2021, it was agreed by the Lichfield Diocesan Board of Finance (who own the property) that Dovedale House would be transferred into the Mercian Community Trust with effect from 01 January 2022. See Note 26 on page 26.

STATEMENT OF FUNDS – 2020 comparative

2020 comparative
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
====== ======= ======= ======= ====== ======

24

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

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2021

Transfers

There were no inter fund transfers in 2021.

Transfers 2020 comparative

In the year the following transfers were made:- Unrestricted Restricted Total
£ £ £
Transfer of long term loans (341) 341 -
----------------- ------------- -------------

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
ANALYSIS OF NET ASSETS BETWEEN FUNDS 2021
Unrestricted Restricted Total
Funds Funds Funds
£ £ £
Tangible fixed assets 1,676,630 - 1,676,630
Fixed asset investments 35,776 67,377 103,153
Current assets 141,340 43,123 184,463
Creditors due within one year (128,711) (74,573) (203,284)
Creditors due in more than one year (59,147) - (59,147)
--------------- ---------------- ----------------
1,665,888 35,927 1,701,815
======= ======= ========
ANALYSIS OF NET ASSETS BETWEEN FUNDS 2020
2020 Comparatives
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
======= ======= ========

25

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

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2021

22. RECONCILITION OF NET MOVEMENT IN FUNDS TO 2021 2020
NET CASH FLOW FROM OPERATING ACTIVITIES £ £
Net Movement for the year (as per Statement of Financial Activities) 1,174,567 (35,060)
Adjustment for:
Depreciation charges 6,929 6,629
Dividends, interest and rents from investments (3,312) (3,505)
Interest Paid 480 -
(Gains)/Losses on Property and Investments (1,170,838) (36,586)
Loss/ on Sale of Fixed Assets - -
(Increase)/Decrease in debtors (6,442) 52,113
Increase in creditors 78,212 (10,912)
------------- -------------
Net cash provided by operating activities 79,596 3,346
====== ======

23. OPERATING LEASE COMMITMENTS

At 31 December 2021 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 three loans from the parent charity to St Chads Retreat Centres totalling £59,147 as at 31 December 2021.

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. POST BALANCE SHEET EVENT

On 8[th] December 2021, it was agreed by the Lichfield Diocesan Board of Finance (who own the property) that Dovedale House would be transferred into the Mercian Community Trust with effect from 01 January 2022.

The assets of Dovedale House would be transferred from that date and are represented as follows:-

Unrestricted Funds – Current Assets £39,203 Restricted Funds – Current Assets (£2,510) Total £36,693.

26

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

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2021

27. PRIOR YEAR STATEMENT OF FINANCIAL ACTIVITIES

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

27