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← St Chad's Retreat Centres

2024-12-31-accounts

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

REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

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 2024

CONTENTS Page
Reference and administrative details 1
Trustees’ report 2
Independent auditors’ report 9
Statement of financial activities 12
Balance sheet 13
Cash flow statement 14
Notes to the financial statements 15

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

REFERENCE AND ADMINISTRATIVE DETAILS

FOR THE YEAR ENDED 31 DECEMBER 2024

Trustees Rev S Watson
Mr D Boote
Revd J Hartwell
Mr J Naylor (resigned 12thMarch 2025)
Mr S Vince
Rev R Wilshire (appointed 5thSeptember 2024)
Rev N Smeeton (appointed 22ndMarch 2025)
Company Registered Number 08922281
Charity Registered Number 1157619
Registered Office St Mary’s House
The Close
Lichfield
Staffordshire
WS13 7LD
Company Secretary Mr J Hill FCMA CGMA
Chief Executive Officer Mrs J Jones BSc FCIPD (retired 31stDecember 2024)
(for the member) Mrs S Rushton (appointed 28thApril 2025)
Director of Finance Mr J Hill FCMA CGMA
Independent auditors HaysMac LLP
10 Queen Street Place
London
EC4R 1AG
Bankers Lloyds Bank Plc
22 Conduit Street
Lichfield
WS13 6JS
Solicitors FBC Manby Bowdler LLP
6-10 George Street
Snow Hill
Wolverhampton
WS2 4DN
Investment Advisors CCLA Investment Management Ltd
1 Angel Lane
London
EC4R 3AB
Insurers Ecclesiastical Insurance Group
7 East Court
London Road
Charlton Kings
Cheltenham
GL52 6HS

1

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

TRUSTEES’ REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

Chair’s Summary

Work at Shallowford House continues unabated.

Staffing

The somewhat concerning and changeable staffing position of last year has stabilised and staffing levels have increased, with a view to freeing up the time of the Business and Operations Manager and the Events Coordinator. The chef appointed last year continues in post. A Kitchen Manager has been appointed and this has considerably improved performance in the catering side of the house. In addition, a part time Guest Relations Officer has been appointed, who deals with ‘front of house’ issues, again taking the responsibility for this element of our hospitality away from more senior staff.

We employ Kitchen Porters from time to time on a casual basis.

At the end of the year all members of staff received a review of their salaries, which resulted in an increase in their remuneration, payable from January 2025.

It is extremely gratifying that we are currently in a more stable and improved situation in terms of staffing and it should be noted that the trustees fully appreciate the commitment of all our staff and the good teamwork which currently prevails.

It seems appropriate to include under this heading the continuing contribution of the Garden Working Party – our volunteers. They meet at the house regularly and work as a team in the grounds. With the assistance of a handyman who mows the grass, the team has been enabled to concentrate on the shrubs and trees and the gardens are now looking particularly good. This is an important aspect of the retreat experience and so the time and the work of our volunteers is particularly important to what we set out to achieve.

Additionally, we have benefited from the expertise of one particular volunteer who has been working on improving our online and social media presence. This is an area of our work which needs to be developed and a budget for future marketing endeavours has recently been agreed.

The trustees continue to be very appreciative of all that the volunteers offer and bring to the life and organisation of the house.

Bookings

As last year, bookings have continued to hold up, in spite of the challenging economic climate. As stated, in order to ensure future bookings, we have recently agreed a budget to reach out to new markets and to maintain our current links. Improved marketing is essential for this to be achieved and for our current performance to be improved upon.

The building

The building has required regular maintenance, as would be expected in a building of this age. In particular, certain rooms with showers have led to leaks and damage to rooms beneath them. This has been rectified and has led to great improvements in the rooms affected.

Fire escape steps are to be replaced and the heating system- currently linked to Meadow View, the detached house on the site- is to be adapted, so that the two properties will be separately heated.

Currently, the drains under part of the house are being investigated, with the assistance of the Diocesan Property Dept, to identify certain issues which have developed.

The Chapel is in more frequent use since the work mentioned in my last report was completed.

2

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

TRUSTEES’ REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

Trustees

The Board has met regularly, following a decision to keep meetings more specifically focussed on business matters, with extra meetings scheduled if and when required. After a degree of exploration, a new trustee was appointed in October, which is a positive development. The Board now comprises trustees who can offer knowledge or skill in the areas of buildings, finance, practical use of the house, prayer and the wider church.

The future

We intend to build and improve in all those areas where we serve the public and where we have already focussed much attention. As I write, I am conscious that 2025 will see the appointment of a new Director, which will clearly be addressed in the next Chair’s report. This will be challenging but will bring great opportunity for growth and development. We continue to actively seek God’s guidance, as we face whatever the coming months will bring.

Revd. Sue Watson Chair 6[th] May 2025

3

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

TRUSTEES’ REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

Trustees Annual Report

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 2024. 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 Shallowford 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 providing the general public the use of the centre for breaks and conferences.

Achievements and performance

After the uncertainty of the last three years due to the pandemic and restrictions, it was pleasing to see Shallowford House being well occupied and groups returning to use the house and new groups experiencing the facilities. It was pleasing to see the occupancy rates returning to the pre pandemic level. The current economic climate and conflict in Eastern Europe has made controlling costs a challenge and meant increasing prices, however this does not appear to have impacted on the interest and books at Shallowford yet. We have committed to upgrading the house itself and replaced windows with double glazing, introduced an improved heating system, as well as completely redecorating the chapel so that it has again become usable, replaced mattresses throughout, to bring them up to the required standard. There is still work to be done, which will be undertaken at an appropriate pace.

4

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

TRUSTEES’ REPORT (continued)

FOR THE YEAR ENDED 31 DECEMBER 2024

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

Overall income increased in the year to £440,105 compared to £413,372 in the previous year. Income from Charitable Activities at Shallowford increased in the year to £382,540 from £354,634 in the previous year, meanwhile income from Donations decreased slightly from £2,610 in the previous year to £2,464.

Shallowford House costs decreased in the year to £374,776 compared to £424,942 in the previous year due to the some large expenditure on the property itself during the previous year.

The charity made a surplus of £65,329 compared to a deficit of £11,570 in the previous year before revaluation. After the positive revaluation adjustment of £80,974, the charity had a surplus net movement of funds of £146,303 (2023: deficit £61,898) increasing reserves to £1,917,283 at the year end from £1,771,520 at the end of the previous year.

• 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. After receiving reassurances the Member will assist with any short-term cash flow issues.

At the end of 2024, there were free reserves (Unrestricted Current Assets less Current Liabilities – see note 21 on page 26) for Shallowford of £92,722; and this equates to approximately 3 months unrestricted expenditure. There is a surplus budget for 2025 and cash is traditionally positive at the start to the next financial year.

The Member and the trustees of the Company are satisfied the entity remains a Going Concern into the future. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies.

5

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

TRUSTEES’ REPORT (continued)

FOR THE YEAR ENDED 31 DECEMBER 2024

Reserves policy

The free reserves at the end of the year were £92,722 (2023: £29,482) – this represents current assets less current liabilities. It assumes that the loans for Shallowford House will continue 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 £93,694. Whilst the actual free reserves are marginally lower than the policy the Trustees consider this to be reasonable and acceptable, and with continued reassurance from the Member (Lichfield Diocesan Board of Finance) of any financial support should it be required.

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 subject to the approval of the Member, the person is invited to become a trustee and receive the necessary training.

• 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.

6

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

TRUSTEES’ REPORT (continued)

FOR THE YEAR ENDED 31 DECEMBER 2024

• 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.

• 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:-

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, Meadow View was no longer required for housing a member of staff and subsequently rented out as a residential property to generate additional income to support the work at Shallowford House in the financial year. From May 2025 the house will return to its use as an occupational property.

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

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.

7

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

TRUSTEES’ REPORT (continued)

FOR THE YEAR ENDED 31 DECEMBER 2024

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.

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

On 18[th] November 2024 the company’s auditor changed its name from haysmacintyre LLP to HaysMac LLP. HaysMac 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.

In preparing this report, the Trustees have taken advantage of the small companies’ exemptions provided by section 415A of the Companies Act 2006.

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

Revd S Watson Trustee/Director 6[th] May 2025

8

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 2024 which comprise the Statement of Financial Activities, the Balance Sheet, cash flow 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).

9

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 page 8, 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

10

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.

Ie

Lee Stokes (Senior Statutory Auditor) For and on behalf of HaysMac LLP, Statutory Auditors

10 Queen Street Place London EC4R 1AG

Date : 30/07/2025

11

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 2024

Unrestricted Restricted Total Total
Funds Funds Funds Funds
Notes 2024 2024 2024 2023
£ £ £ £
Income from:
Donations and legacies 2 1,954 510 2,464 2,610
Other trading activities 3 53,285 - 53,285 54,557
Investments 4 1,527 289 1,816 1,571
Charitable activities 5 382,540 - 382,540 354,634
------------------- ---------------- ----------------- -----------------
Total income 439,306 799 440,105 413,372
------------------ ---------------- ----------------- -----------------
Expenditure on:
Charitable activities 6 364,866 9,910 374,776 424,942
Other Expenditure 7 - - - -
-------------------- ---------------- --------------- ---------------
Total expenditure 364,866 9,910 374,776 424,942
------------------- ---------------- ---------------- ----------------
Net income/(expenditure) before
gains and losses 74,440 (9,111) 65,329 (11,570)
Net (losses)/gains on investments and 80,974 - 80,974 (50,328)
property
-------------------- ---------------- ---------------- ----------------
Net income/(expenditure) 155,414 (9,111) 146,303 (61,898)
Transfers between funds - - - -
------------------- ---------------- --------------- ---------------
Net movement in funds 155,414 (9,111) 146,303 (61,898)
Reconciliation of funds:
Total funds at 1 January 2024 1,745,767 25,753 1,771,520 1,833,418
------------------- ---------------- ------------------ ------------------
Total funds at 31 December 2024 1,901,181 16,642 1,917,823 1,771,520
========= ======== ======== ========

All activities relate to continuing operations.

The notes on pages 15 to 28 form part of these financial statements.

A full comparative Statement of Financial Activities is included at note 24.

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.

12

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

BALANCE SHEET

AS AT 31 DECEMBER 2024

Note
Fixed assets
Tangible assets
15
Current assets
Debtors
16
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
18
Net assets
Charity Funds
Restricted funds
19
Unrestricted funds
19
Total funds		 2024
£
£
1,808,900
~~-------------~~
1,808,900
30,327
192,096
~~-----------------~~
222,423
(106,870)
~~----------------~~
115,553
~~---------------~~
1,924,453
(6,630)
~~---------------~~
1,917,823
========
16,642
1,901,181
~~---------------~~
1,917,823
========		 2023
£
£
1,729,634
~~-------------~~
1,729,634
39,322
114,573
~~-----------------~~
153,895
(99,249)
~~----------------~~
54,646
~~---------------~~
1,784,280
(12,760)
~~---------------~~
1,771,520
========
25,753
1,745,767
~~---------------~~
1,771,520
========

These financial statements are prepared in accordance with the special provisions of Part 15 of the

Companies Act 2006 relating to small companies. The financial statements were approved by the Trustees on 6th May 2025 authorised for issue and signed on their behalf by:

Revd S Watson Trustee

The notes on pages 15 to 28 form part of these financial statements.

13

ST CHAD’S RETREAT CENTRES

(A company limited by guarantee)

CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 DECEMBER 2024

2024 2023
Note £ £
Cash flows from operating activities
Net cash (used in)/provided by operating activities 21 100,061 (57,852)
----------------- -----------------
Cash flows from investing activities:
Dividends and Interest from Investments 1,816 1,571
Purchase of fixed assets (2,578) -
Interest payable (1,371) (2,234)
Proceeds of Sale of Fixed Assets - -
----------------- -----------------
Net cash used in investing activities (2,133) (663)
======== ========
Cash flows from financing activities:
Repayments of borrowings (20,405) (20,550)
----------------- -----------------
Net cash (used in)/provided by financing activities (20,405) (20,550)
======== ========
Change in cash and cash equivalents in the year 77,523 (79,065)
Cash and cash equivalents brought forward 114,573 193,638
----------------- -----------------
Cash and cash equivalents carried forward 192,096 114,573
======== ========

14

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

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

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

It is accepted that the current free reserves, unrestricted net current assets, are in line with the current policy. The trustees take into consideration the cashflow at the start of the year with deposits and early bookings for the year and the pattern of bookings throughout the year rather than a snapshot at the year end. It is appreciated that liquidity could be difficult during the year due to any unforeseen circumstances but have written reassurance in a Letter of Comfort from the Member of the Charity, Lichfield Diocesan Board of Finance, to offer short term assistance if required.

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. 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.

15

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

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2024

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

16

ST CHAD’S RETREAT CENTRES

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2024

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.

17

ST CHAD’S RETREAT CENTRES

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2024

2. INCOME FROM DONATIONS AND LEGACIES
Total Total
2024 2023
£ £
Donations 2,464 2,610
Grants - -
----------- -----------
Total donations and legacies 2,464 2,610
====== ======
3. ACTIVITIES FOR GENERATING FUNDS Total Total
2024 2023
£ £
Bar and shop 9,117 10,423
Books - -
Sundry Income 25,068 25,614
Lettings Income 19,100 18,520
----------- -----------
53,285 54,557
====== ======
4. INVESTMENT INCOME Total Total
2024 2023
£ £
Dividends and interest receivable 1,816 1,571
====== ======
5. INCOME FROM CHARITABLE
ACTIVITIES
Total Total
2024 2023
£ £
Residential fees 359,576 330,034
Day fees 18,183 19,114
Other 4,781 5,486
----------- -----------
382,540 354,634
====== ======
6. ANALYSIS OF EXPENDITURE ON
CHARITABLE ACTIVITIES
Total Total
2024 2023
£ £
Residential fees 371,506 424,942
Other Expenditure - -
----------- -----------
371,506 424,942
====== ======

18

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

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2024

GOVERNANCE COSTS Total Total
2024 2023
£ £
Auditors’ remuneration 3,270 2,520
----------- -----------
3,270 2,520
====== ======
Total Expenditure on Charitable Activities 374,776 424,942
====== ======
7. Other Expenditure
- -
====== ======
8. 2024: DIRECT COSTS Vending
Residential Shop Machine Total
Fees Income Income 2024
£ £ £ £
Rates and insurance 11,827 - - 11,827
Repair and maintenance 72,942 - - 72,942
Food purchases 29,422 - - 29,422
Advertising & marketing 3,218 - - 3,218
Household consumables 2,270 - 2,270
Laundry and cleaning 39,988 - - 39,988
Sundry expenses 545 - - 545
Professional fees 1,704 - - 1,704
Training 874 - - 874
Wages and salaries 142,990 - - 142,990
-------------- ------------- ------------- --------------
305,779 - - 305,779
======= ====== ====== ======
2023: DIRECT COSTS Vending
Residential Shop Machine Total
Fees Income Income 2023
£ £ £ £
Rates and insurance 9,364 - - 9,364
Repair and maintenance 86,209 - - 86,209
Food purchases 37,114 - - 37,114
Advertising & marketing 650 - - 650
Household consumables 2,175 - 2,175
Laundry and cleaning 46,356 - - 46,356
Sundry expenses 533 - - 533
Professional fees 1,728 - - 1,728
Training 60 - - 60
Wages and salaries 153,311 - - 153,311
-------------- ------------- ------------- ---------------
337,500 - - 337,500
======= ====== ====== ======

19

ST CHAD’S RETREAT CENTRES

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2024

9. SUPPORT COSTS Total Total
All Residential Costs 2024 2023
£ £
Travel expenses 1,790 2,317
Light and heat 34,233 49,997
Management & Administration 18,927 18,389
Sundry expenses 8,635 2,770
Loan interest 1,370 2,234
Depreciation 4,286 4,434
Governance Costs (see note 6) 3,270 2,520
--------------- ---------------
68,997 87,442
====== ======

10. 2024: ANALYSIS OF EXPENDITURE BY TYPE

Staff Other Total
Costs Depreciation Costs 2024
£ £ £ £
Residential fees 142,990 4,286 224,230 371,506
Shop income - - - -
----------- ------------ ------------ -------------
142,990 4,286 224,230 371,506
----------- ------------ ------------ -------------
Expenditure on governance - - 3,270 3,270
----------- ------------ ------------ -------------
Charitable activities 142,990 4,286 227,500 374,776
===== ====== ====== ======
ANALYSIS OF EXPENDITURE BY TYPE
2023 Comparatives
Staff Other Total
Costs Depreciation Costs 2023
£ £ £ £
Residential fees 153,311 4,434 263,297 421,042
Shop income - - - -
----------- ------------ ------------ -------------
153,311 4,434 263,297 421,042
----------- ------------ ------------ -------------
Expenditure on governance - - 3,900 3,900
----------- ------------ ------------ -------------
Charitable activities 153,311 4,434 267,197 424,942
===== ====== ====== ======

20

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

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2024

11. ANALYSIS OF EXPENDITURE BY ACTIVITIES

Activities
Undertaken Support Total
Directly Costs 2024
£ £ £
Residential fees 305,779 65,728 371,506
Shop income - - -
------------ ------------ -------------
Total 305,776 65,728 371,506
====== ====== ======
ANALYSIS OF EXPENDITURE BY ACTIVITIES
2023: Comparatives
Activities
Undertaken Support Total
Directly Costs 2023
£ £ £
Residential fees 337,500 83,542 421,042
Shop income - - -
------------ ------------ -------------
Total 337,500 83,542 421,042
====== ====== ======
12. NET INCOME/(EXPENDITURE) 2024 2023
£ £
This is stated after charging:
Depreciation of tangible fixed assets:
- owned by the charity 4,578 4,434
Auditors’ remuneration 3,270 2,520
====== ======

During the period, no Trustees received any remuneration (2023: None) During the period, no Trustees received any benefits in kind (2023: None)

During the period, Trustees received £177 as reimbursement of expenses (2023: £346)

21

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

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2024

13. AUDITORS’ REMUNERATION

The Auditor’s remuneration amounts to an Audit Fee of £3,270 (2023: £2.520)

14. STAFF COSTS 2024 2023
£ £
Staff costs were as follows:
Wages and salaries 126,019 135,308
Employers National Insurance 10,839 12,031
Pensions 4,240 3,755
----------- -----------
141,098 151,094
====== ======
Included in Wages and Salaries were termination costs of £Nil (2023: £Nil).
The average monthly number of persons employed during the year was:
2024 2023
No. No.
Shallowford House 4 4
----------- -----------
4 4
====== ======

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 2024 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 2024 1,715,553 - 21,430 1,736,983
Additions - - 2,578 2,578
Disposals - - - -
Revaluation in the year 80,974 - - 80,974
---------------- ------------- ------------- ----------------
At 31 December 2024 1,796,527 - 24,008 1,820,535
--------------- -------------- ------------- ---------------
Depreciation
At 1 January 2024 - - 7,349 7,349
Disposal - - - -
Charge for the year - - 4,286 4,286
-------------- ------------ ----------- --------------
At 31 December 2024 - - 11,635 11,635
-------------- ------------ ----------- --------------
Net book value
At 31 December 2024 1,796,527 - 12,373 1,808,900
======== ====== ======= ========
At 31 December 2023 1,715,553 - 14,081 1,729,634
======== ====== ======= ========

22

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

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2024

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. DEBTORS 2024 2023
£ £
Trade debtors 30,327 39,322
Other debtors - -
------------- -------------
30,327 39,322
====== ======
17. CREDITORS: amounts falling due within one year 2024 2023
£ £
Payments received on account 42,896 40,894
Trade creditors 38,359 7,362
Amounts owed to group undertakings (including Loans) 6,129 20,404
Other taxation and social security 5,929 12,499
Bursary 10,407 14,850
Accruals 3,150 3,240
------------- -------------
106,870 99,249
====== ======

23

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

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2024

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

Amounts owed to group undertakings

2024 2023
£ £
6,630 12,760
====== ======

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:

2024 2023
£ £
Between one and two years 6,630 12,760
Between two and five years - -
Over five years - -
-----------
 -----------
6,630 12,760
======
 ======
19. STATEMENT OF FUNDS
Brought Transfers Gains/ Carried
Forward Income Expenditure In/out (Losses) Forward
£ £ £ £ £ £
Unrestricted funds
General funds 1,745,767 439,306 364,866 - 80,974 1,901,181
----------- ------------- ------------- -------------- ----------- -----------
Restricted funds
Shallowford
Development
Project		 25,753 799 9,910 - - 16,642
----------- ------------- ------------- -------------- ----------- -----------
25,753 799 9,910 - - 16,642
----------- ------------- ------------- -------------- ----------- -----------
Total of funds 1,771,520 440,105 374,776 - 80,974 1,917,823
====== ======= ======= ======= ====== ======
Summary of funds
General funds 1,745,767 439,307 364,867 - 80,974 1,901,181
Restricted funds 25,753 799 9,910 - - 16,642
----------- ------------- ------------- -------------- ----------- -----------
1,771,520 440,105 374,776 - 80,974 1,917,823
====== ======= ======= ======= ====== ======

24

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

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2024

Transfers

In the year the no transfers were made:-

Unrestricted Unrestricted
Restricted
Restricted
Total
£ £ £
Fund Transfers - - -
----------------- ------------- -------------
STATEMENT OF FUNDS –
2023 comparative
Brought Transfers Gains/ Carried
Forward Income Expenditure In/out (Losses) Forward
£ £ £ £ £ £
Unrestricted funds
General funds 1,804,795 412,391 421,091 - (50,328) 1,745,767
----------- ------------- ------------- -------------- ----------- -----------
Restricted funds
Shallowford Development
Project
Project 28,623 981 3,851 - - 25,753
----------- ------------- ------------- -------------- ----------- -----------
28,623 981 3,851 - - 25,753
----------- ------------- ------------- -------------- ----------- -----------
Total of funds 1,833,418 413,372 424,942 - (50,328) 1,771,520
====== ======= ======= ======= ====== ======
Summary of funds
General funds 1,804,795 412,391 421,091 - (50,328) 1,745,767
Restricted funds 28,623 981 3,851 - - 25,753
----------- ------------- ------------- -------------- ----------- -----------
1,833,418 413,372 424,942 - (50,328) 1,771,520
====== ======= ======= ======= ====== ======

25

ST CHAD’S RETREAT CENTRES

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2024

Transfers

There were no inter fund transfers in 2024 or 2023.

Restricted funds

Shallowford Development Project

This fund represents money donated to Shallowford House redevelopment plan.

20. ANALYSIS OF NET ASSETS BETWEEN FUNDS 2024
Unrestricted Restricted Total
Funds Funds Funds
£ £ £
Tangible fixed assets 1,808,458 442 1,808,900
Current assets 206,223 16,200 222,423
Creditors due within one year (106,870) - (106,870)
Creditors due in more than one year (6,630) - (6,630)
--------------- ---------------- ----------------
1,901,181 16,642 1,917,823
======= ======= ========
ANALYSIS OF NET ASSETS BETWEEN FUNDS
2023 Comparatives
Unrestricted Restricted Total
Funds Funds Funds
£ £ £
Tangible fixed assets 1,729,045 589 1,729,634
Current assets 128,731 25,164 153,895
Creditors due within one year (99,249) - (99,249)
Creditors due in more than one year (12,760) - (12,760)
--------------- ---------------- ----------------
1,745,767 25,753 1,771,520
======= ======= ========

26

ST CHAD’S RETREAT CENTRES

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2024

21. RECONCILITION OF NET MOVEMENT IN FUNDS TO 2024 2023
NET CASH FLOW FROM OPERATING ACTIVITIES £ £
Net Movement for the year (as per Statement of Financial Activities) 146,303 (61,898)
Adjustment for:
Depreciation charges 4,286 4,434
Dividends, interest and rents from investments (1,816) (1,571)
Interest Paid 1,371 2,234
(Gains)/Losses on Property and Investments (80,974) 50,328
Cash equivalent transfer Dovedale House - -
(Increase)/Decrease in debtors 8,995 89,048
Increase/(Decrease) in creditors 21,896 (140,427)
------------- -------------
Net cash provided by operating activities 100,061 (57,852)
====== ======

22. 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 £12,579 as at 31 December 2024.

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

23. 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.

27

ST CHAD’S RETREAT CENTRES

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2024

24. PRIOR YEAR STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted Restricted Total
Funds Funds Funds
Notes 2023 2023 2023
£ £ £
Income from:
Donations and legacies 2 1,870 740 2,610
Other trading activities 3 54,557 - 54,557
Investments 4 1,330 241 1,571
Charitable activities 5 354,634 - 354,634
------------------- ---------------- -----------------
Total income 412,391 981 413,372
------------------ ---------------- -----------------
Expenditure on:
Charitable activities 6 421,091 3,851 424,942
Other Expenditure 7 - - -
-------------------- ---------------- ---------------
Total expenditure 421,091 3,851 424,942
------------------- ---------------- ----------------
Net income/(expenditure) before
gains and losses (8,700) (2,870) (11,570)
Net (losses)/gains on investments and property (50,328) - (50,328)
-------------------- ---------------- ----------------
Net income/(expenditure) (59,028) (2,870) (61,898)
Transfers between funds - - -
------------------- ---------------- ---------------
Net movement in funds (59,028) (2,870) (61,898)
Reconciliation of funds:
Total funds at 1 January 2023 1,804,795 28,623 1,833,418
------------------- ---------------- ------------------
Total funds at 31 December 2023 1,745,767 25,753 1,771,520
========= ======== ========

28