Rydal Hall Limited Annual Report and Consolidated Financial Statements 31 December 2023 Company registration number." 02561024 Charity r•gistralion number: 1176419 dOdd&co
Rydal Hall Llmlted Contents Reference and Administrative Oetails Trust8•s' report Trustees. responsibileS in rel*ion to the financial statement$ Independent guditors, report (Co Act) Slalement of financial acti11¢5 Balance sheet Charity balance sheot 10 Cash flow statement 11 Notes to the financial statements 12
Rydal Hall Limited Reference and Admlnislratlve Detslls Charity n•rnv Rydal Hall Limile(I Charity r•gS8tration n4wnb•r 1176419 C¢mpany r8gi¥tration number 02561024 Prlnclpal office Rydal Hall AIABLESIDE LA22 9LX R8gi¥ter¢d offlce Church House Friargate PENRITH CA117XR TNsteeg Rev W E Swders PNYale The Venerabl• Dr R D Pratt (Retired 31 Marth 2024) R D Jaq A Whigham Secretary R DJaques Audltor Dodd & Co Audit Limited FIFTEEN Rosehill Montgomery Way Rosehill Estate CARLISLE CA12RW Pag• 1
Rydal Hall Limrted Tru8tee8' Report for the Year Ended 31 Do¢ember 2023 The TTUStees, who are directors of the Company for the purposes ol company law. pres•nt Ihe¢r report together wlth the financial statements ofthe Charity for the year ended 31 December 2023. Govèrning Document Ryd81 Hall Limited wa3 incorporated on 21 Novemb8r 1990 as a trading subsidiary of Carli5 Dioceson Board ol Finance. It obtsined ch&ity registr81ion on 21 December 2017 (number 11764191 and started to operate as a d)arity from 1 January 2018. The cornp8ny was established under a Mern4Jrandum of Association, which eslBbli5hed Ihe objects and powers of the charflable cgmpany and 18 governe(l under its Artides ofAssoLYation as amended on 13 [krnbel 2011 The ffinanual slatemenls have been pr8pared in acwrdance with the accountlng policies set out in notes lo the accounts and comply with the charity's goveming docurnonl, the Charities Act 2011 8nd Accounting and RepO"ng by Charilie$.' Ststemenl of Recommended Practice applScable lo charities prepariThJ their accourhts in accordance with the Financial Reporting Standard for Smalle¥ Entrttr"es published on 16 Juty 2014. Appointment of Directorsffrustees Up lo three Twstees can be appointed by the Cadisle Diocesan B08rd of Finance for a three year temi. Up to An 8ddib"onHI five, who sh811 not be employees or Offi1$ of the Carlisle Diocèsan Board of Finance. can be appoinled by a resolution of the TNstees. One third lor the nurnber nearest one thirdl of the Trustees app)inted by r¢solub"on of the Trustees, must retire at a meeting called for that purpose. A reliring Twstee may be reappointed. Trustee$ wll. on a regulwr basis. asses8 the need for and provide any Trustee training as may be reryired. Risk Assessment The trustees have examined the maior strategic, businèss And operational risks the tharity faces and conffims that systems have been eslablished to enable regular report¥ to be produced so thatthe necessary slep8 can be tsken to lessen these risks. Investment p0rS and restrfctlons The Trustees have the power to invest in such assets as they see fit 8ft8r Seeking suit*)le expert advtt rf considered necessary. Oblel¥e& and Activitie The objects oflhe charity are.. To promote and 85SlSt the wowk of the thurch of England for the advancement ol the Christian rallOn in thg Diocese of Carfisle and county of Cumbria To a8nce Ihe Chrfsllan reliGlon by It1 thOut plU1¢e lo the generality of the foregoinyl.. Pioviding 8 welcome and retreat house and facilities for members ofthe pAlC from within and cthide the county 7shing to leam about andlor practice the Christien religion.. Developing and providing oppotlunities for grovAh in prayer, mission arNI 5piribJality within the Dicrese of Cadi51e and ¢ounty of Cumbria.. Such othei ex¢Ju5ively charitsble purposes acwiding lo the law of England and wales that the Iruslees in their absrAut8 di5rxetson decide from b"Tn8 to ti. In setting the objective5 of the chaiiiy the trustee5 have complied with1he Chority commiss)n guidance on public benefit. Arhlevements arKI Perforniance 2023 saw the arrival of our new Gener81 M8nager, Nigel Evans, and the Trustees have been very enttjuraged by the many wwys in whith the opw8tion of running Rydal Hall have improved under Nigel's managemerrt arKI his tearn of dedicated staff. Highlights of the year indude the Tefurbishrnent of Ihe Bunkhouse and the instalation of solar panels on some of roof space (where planning permittedl - inc¥easing the proportion of our energy thal is sourced from sustainable generalion laTound iwtrthird5 ofthe charitS electsicity is sourced from Rydal Hydro Ltd-a sch8me part owned by the ClSIe Diocese). Pag• 2
Rydal Hall Limited Trustees. Report for Ihe Year Ended 31 Decffiber 2023 Incom818vels h8ve se8n incr88885 in marty 8rea5 of the charily, a5 we have strived lo deliver a high qualrty of cu51oTner eie al a fair price. Whist sorne of OUT tradition group booking5 have seèn a reduction in p8rtitypants over recent years, we have been encouraged by the numberof new groups being attracted to Rydal Hall and our bookings for 2024 are stTong. Wé (x)ntinuÈ to éxplore how we can further utilise the Hall and Estale grounds to be a resource for the Diocese in its 'God for All, work- we have been excited lo wiKk wf(h the Di(Jcese'$ Quidoor Pioneer this yeat alongside our Chaplain to bring innovative ideas for mission lo Ryd81. The Twsiees are grateful for the dedication and hard of tha slaff who continued lo wèlcom8 our guests and help fu1 'the cijjects of the charity. The Trusleps rontinutr to bè gratehA for the contributions made from th? 'Fiiends of Rydal Hall, group, bolh through th¥ir 8UPPOrt of the Ryd81 Communlty. and through many hours of lime vdurrteeied on site wbth practical suppo Marth 2024 the retirement of our Chair, the VeneratAe Dr. Richard Pratt. Richard's love and possion for Rydal Hall and ils rnini5try has been an inspiration to many, and he will be warmty remembeTed and very welcome lo visit in the year5 ahead. Peter Yates has agreed lo step in as Acting Chair for the time beirwJ. and we IIk lOard to the arrival of the new Arcdeacon of Carlislewho wil jointhe Board later in 2024. Flnanclal Review The group recorded an unrestricte¢J defiat foi the year of £104.036 (2022 saw a deficit of £178.8751, although this was boosted by a net surplus on the designated fund by £39.167, resulting in the final deficit forthe year being £64.869. Grovp inrA> incréas8d from £1.323.079 to £1.342.686. Charitsble activities in the Hall fell to £720.514 (from £798,247) 0$ h311 ocDJpanty levels fell. Activitse5 in the ITading subsidiary ineased to £515,927 (from £467.9431 as noTrhall elements of the ¢state Saw occupanq levels incxease. Costs fell from £1,501,954 to £1,407.555 desprte high level8 of inflati. wih savings in many areas but particularty in 3tsff and food costs. A rne effedive 8tpff management progr8mme has allowed the tharity to run a betteT lev81 of seNGè wilh a smallèr staff team. Closing reserves wgr8 £241.275 in deficit. with no restricted re¥eNe$ hdd. Work on a detailed &year budget and associaled business an wa5 prepared during the year and endorsed by the Board and its parerf tharity in the Diocese of Carlisle. It shows a credible path back to achieving a Surplus posthc¥) in 2025. Dlo¢••n Support As previousty Teporte(l. the Carfi81e Dio¢es8n Board of Finance as sole sharehrAderof the charity, undertook a review of the value of the estate, potential futuie income and expenditures, and the impact of Inission and ministry fArried out in aTrJ through Rydal Hall. Diocesan Synod in Marth 2021, approved almost Lmanimously, to retain and 5UPPOrt the activities at Rydal Hall as an important part of its'G(¥J for All. vlsion. ¢ommrtling )Inances to restore the ¢hBrills reseryes in 2021. to provi¢Je addtbonal capital to prode 8 stronger future. Res•r¥o¥ Pollcy The Charity's reser¥es polcy is lo move lo a posrtion where it has free reserves equal to tsvo month's group expenditurè which, based on 2023 expenditure would be £227,297. Free Tes•rves at 31 Decernber 2023 were £182.663 in deficit. Small cornpany provl$lons Tlis report has been prepared in aOrdanceWIIh the ¥mall companies regime under the Companie5 Aci 2006. Approved by the Board and signed on its behalf by.. 0$ Tru Page 3
Rydal Hall Limited Tru8tees' Responslbllltles In r¢l•tlon to the Flnanclal Ststom•nts The trusteès {D are also direrlors of Rydal Hal Limited for the purposes 01 company laNI 9re responslble for preparing the Trustees, Annual Report and the financial statements in accordance with applicable law and th8 Finanaal Reporting Siandard 102- The FSnanoal Repwting StsThYaryl apph'cable in the UK and Republic 01 Ireland,. Company14 requires the ttustees to prepa financlal statements for each finanryal year which give 8 1rue a1 lair view of thè state of affairs of the chantable company and of the incoming re50urGes and application of resource8, induding income ond 8xpendilvre. of the charitable companyfor that period. In preparing these financial statements. the tnjstees are required lo.. select suitsble aUnting poliue8 and then apply them consisterrtly. observe the rnethods and prinryples in the Charities SORP.. make judgements and estimatesthat are reason8ble and pNdenl', stste vthether applicable UK accounting standards have been fOllV?1, subject to any rn?Iwial departures disdoseil aTrJ eyplained in the finania91 ststernents-, and prepare the financAal staternenls on Ihe going concem basis unless it is inappropriate to prasum• that Ihe thaiilable ¢ompany will continue in business. The Iwstees are responsible for keeping proper accounling retCth Ihat di$clo8e with reosonable Bccuracy at #ry time the financsal position of the charitable company and enable theTh lo ensure that the finanoal stal¢merts comply wilh the CompaniesAcl 2Q06. They are also responsible for safeguarding the assets ofthe charitable company and hence for taking reasonaLle steps for th prevention and deteLthon of fraud and other itregularities. Page 4
Independent Audilovs, Report to the Members of Rydal Hall Limited Opinion We have audited the finanaal statements of Rydal Hall Limited for the ye8r ended 31 December 2023 whith comprise CDnsolidated Statement of Finanaal Activiiies, Consolidated Balance Sheet, Charty Balance SheeL Cash Flow Statement and the related nDtes. indudFng a gJm¥nary of significant accounting poliaes. The finanual Teporting fr8mewoth that has bèen applie(J in their preparation is applicable law and United Kingdom Accounting Standards, induding Financial Reporting Standaid 102.. The Financial Reporb"ng Standard 8pph'cabSe in the UK 8nd Republi¢ of Ireland Iunited Kingdom Generally Accepted Accounting Practice). In QUT opinion f4nanoo1 statement5= give a true and fair view of the state of the group and Charale mpanY'S affairs al 31 December 2023 and it's incoming resources and application of resoUrs, induding ts income and expenditure. for the year then ended,. have been prop*ly prepad In accordance with United Kingdorn Generally Accepted Accounting Pr8Cti(x," and have bpen prepared in rd8Ce wrfh the reqimrements of the Companies Act 20C6. Basls for oplnion We conducted our audit in accordancE with Intemational Sland8rds on Auditng (UK) IISAS IUKII and 8PF4icable law. Our responsibilibes under those standards are further desuibed in the Auditor's re5ponsibilibes for the audit of the finanaal statements section of our report. We are independent of the tharttable company in accortlancE th the ethical requirements thBt are relevant to our audit of the financial stslements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical restK)nsibilities in a¢dancE wrth thèsè requiremenls. We beh.eve that the audit evidence we have obtoined is sufficient and approprialeto Provide a ba313 for our opinion. Concluslons relating to going concem In auditiny the financial ststements, we have conduded that the trustees, use of the going wncem b8¥is of accounting in the preparation olthe ffinancial statements is gpproprlots. Based on the work we have perlomed, wè have not identified any material uncert8inb"e5 relating to events or ndItionS that. indi¥idualty or cdlectivety, may cast significant doubt on the group's ability to conb.nue as a going concem for a period of at least e1ve rnonths from when the origin81 financial statementswere auihorised for i¥¥Ue. OUT respmsibilibes and the regponslbllKles of the dKectus with respect to going cc4)eem are descTibed IhB relevant sect$ ofthis report. Other Information The other infomialion comprises the information induded in the annual Teport, other than Ihe financaal sÈaternenls and our auditorfs report Ihereon. The trustees arè rèsponsible fof the other informab'on. Our opinion on the finanaal slatements does not cover Ihe other inforrnation and, except to the extent otheiSe explially ststed in our report, we do not express any fomi of assurance condusion thereon. In connection with Qui oudit of the financial statements, our responsibility is to read the other inlormation and, in doing so, consider whether the other information is materialty inconslstenl wlh the finanaal stslement¥ or our knowledge obtained in the audit or otherwise appears to be malerially misstated. If we idf&ntify such material inconsistencles Of appant material mi55taternenls, we are required to detemiine whelher there is a material misststemenl in the financial statements or a m8lerial missl8temèntof thè other infomiation. If, based on the woth we have p¢rformEd, we ¢ondude that there is a material rnisslaternent of thi3 otheT infolmation, we are required to reportthal fact. We havg nothing to report in Ihis regard Oplnlons on other matters Prered by the Companlu Act 2006 In our inton. based on the woth undertaken in the wurse of the audrt.. the information given In the trustees, report lincooratIng the strategic report and the directors. report) f(K the year frwhiCh Ihe fin8nog1 $latements are prepared 1$ consislentwrfh th8 financi315tatements,' and . the Iru3lee8' repcrt (1n(x)rpoi8ting the strategic report and 1he diTectrKs' report) havg been prepared in accordan with applicable gaI rnquirements. Page 5
Independent Auditors. Report to the Members of Rydal Hall Limited Con1{ed Mattern on which we are required lo report by exe•ption In the light of the knedge and understandiThJ of the Ch8tity and ils environment ob18ined in the Course of.the gudh. have not identified material misstatements in the Trustees, Annual Report. We have nothing to report in respect of the following matters in relation to whith the Companies Act 2006 requires ¥Js to Teport to you if, in ow opinion: rtain disclosures ol tNstees' remuneration sptafied by law are not made,. or adequate 8ceounting rec<)rds have not bten kept or returns adequats for our gudit have not been re¢e)ved fr(*n Lyanches not visited by us., or the finanrial stBtements are not in agreementwrth the 8CCAxJnling record3 and retums.. or have not obtainèd all the infomiation and explanali.ons necessary for the purposes of wr alit. R•sponslbllbtles of the trustÈè8 As explairted tnoie fvlty rn the Tnjstees. Responsibilitie5 Statement set out on p8g• 4, Ihg Iwstee5 (who are also directors of the chaiitsble company for purpose5 of company law) are responsible for the preparation of the financ4al statements and lot being 5atisfiad that they give a twe and fair view, and for such internal controls a5 they determine is necessary trj enable the preparab.on of financAal statemet)ts that arè from material misstatement, whether due to fraud or error. In prèp81in9 the finanual statèments, th8 tru5t8è8 8Te responsible for assessing the Charity'$ ability lo tntInue as a goitvJ concem, (thsdosing, a5 applicabte. rnalter5 related to going conrn and using the going concem basis of a¢untIng unless the trustees eiiher Sntend lo Iquldate the Charlty or to Cease operations, or have no realistic amemative t1 to do so. Our rnsportslbllltle¥ far th• audlt of th• finanelal sfat•monts Our objectives we to obtain reasonable assurance about whether the financial statements as a whol? are free from malerial misstatement, whether due to fraud or error, and lo issue an auditorfs repert that indude3 our opinion. Reasonable a$surance is a high level of assurance. but is not a guararrtee Ihat an audit o)nduded in aCrdanCe wrth ISAS (UK) wil always delect a material misstatement when it exists. Mi55tatements can arise from fraud or error and are considerad material rf. individu3ly or in the 8ggiegate. they could reasonably be expecied to infiuence the ecL)nomic decisions of users taken on th8 b8515 ofth858 fmanual ststements. In i¢Jentrfying and a55e5sing risks of material misstatement in respect of irregularities. induding fraud 8nd nowompliance with laws and re9ulaticms, we considered the followng.. the nature of the indu5ty sector. control environment and chaiitvs pèrformance., resuh3 of our enquiries of management abouttheir ovm identification and assessment of the risks of irregulaTiies', arty matters we Identifi haviThJ obtained and reviewed the charitys documentslion of their. polries 8nd proc£dures relath.ng to.. identfying, evaating and cOMp.ng wrth laws and regulats.ons and whether they are aware of any InStanS of non-cornpliance.. detecling and )ndIng to the risks of fraud and whether they have knOedge of any artual. suspected or glleged fraud.. thè intemal eontrols 8st8bllshed to mrtlgate risks of fraud or non-compllanc8 With laws and regulations., The maiters discussed among the audit team regarding how and vthere fraud might occur the finanaal statements and any potenal indicators of fraud. As a re3uh of these procedures. we conSided the opportunities ond incenlives that may exist within Ihe organisation for fraud and idenlrfied the greate81 potenb.al for fraud to bè in rèlation to rèvenue rpcognibon and management oveIde whith, in common wlh all 8udrts under IW (UK). we are requlred to perfomi SpeCe proeeduresto respond to this risk. Page 6
Independont Auditors. Report lo the Mornborn of Rydal Hall Limited .. Gn{led We also obtained an understanding of the legal and regulatory frarnework thal the charty operates in, focusing on provisions of those laws 8nd regulations that had a direct effect on the delenllinalion of material arnounts and disdosures in the finanaal staternents. The key laws and regulations we considered in this context was the Companies Act. Charrttes Act, pension legislation, employment law, tsx legislation and relevant health and safety laws. As a result of performing the above, in response to the ti8ks identified. we did not idenl'fy any'key audit matters reLthd to the potential risk of fraud or non-cornpliance with laws and regulations. In additson to the above. our procedures to respond to risks idenb.fied induded the follomng.. reviewing the llnandal statemenl disctosures and leslng to supporiing dLrumentation lo assess cOmlance with provisions of relevani18ws and regulafy'on5 described as having 8 direct effect w the financbal ststements,. enquiring of management c(¢em1ng aclual and onI181 lrtvJation and daim& perfomiing analytical Procedures to identify any unusual or unexpeded relati¢)nships that may indi¢xte risks of material mi3ststement due to fravd.. reading minutes of meetings of th03e charged vmth govemance, and in addressing the risk of fraud through man8gement ovevride of controls, testing Ihe appi(wri8len838 of joumal entn'es and other adluslments.. assessing whether the judgements made in making accounting estimates are indutive of a polenlial bias,. and evaluating the business r8tionale of any $lgnlfi¢8nt tr8nsadKJns that are unusual or outside the nomtal course ofthe charty's work. We also communicated relevant identifi8d laws and regulations and potenlial fr¥ud risk¥ lo all engagement team rnembers nd remained alert to any indications of fraud or non-compliance with law5 and regulationslhroughoul the audit. A further description of ow responsibifities for the audtt ol the ffinancial statements 15 located on the Finan1 Reporting Council's website at.. vNM.IrGoig.ukJwJditorsresponbilth'es. This desuiption fcms part of our audiiorfs Use of our rgport This port is rnade sotely lo the Charits rnembers as a body. in accordarTh with Chapter 3 of Part 16 of the Companies Act 2006. Our audii woth has been undert8k8n so that we rnight state to the charity's Mernbe those m8tters we are required to state to them in an auditorfs report and for no other purpose. To the fullest extenl pwmhied by law, we do not accept or assume respons&)ilty to anyone oiher than the chanty and its members as a body. lor OUT audit work. for this report, or forthe opinion5 we have formed. FIFfEEN Rosehill Montgomery W8y R05ehill Estate CARLISLE CA12RW Faye Arm51rong (Senior Statutory Authtoi) For and on behalfof Dodd & Co Audil Limited. Statulory Auditor Date." Dodd & Co Audit Limried is 8ligibletO 8¢t as an audilor in tem15 of section 1212 of the Companies Act 2006 Page 7
Rydal Hall Llmlted Consolidated Stalement of Financial Activities (including Income and Exp•ndltur• AGcountl for Iho Year Ended 31 December 2023 UnrostFletèd DeBignated Restrlcted Total Funds Totsl Funds Funds Funds Fund8 2023 2022 In¢ome and endowments from: Donations and legacies Rydal Hall Trading Limited Ir8diny 3divth"e8 Investments ChadtaNe tivit$ Other Total income and endcmments 43.841 515.927 6.167 720,S14 43.773 1.330,222 12.464 56,305 515,927 6,167 720.514 43,773 1.342,688 11.148 467,943 3,198 798.247 42,543 1,323,079 12.464 ExndItUre on: Charitable activtties Total expenditure 1,406,722 1.406,722 833 833 1,407,555 1,407,555 1,501,954 1,501,954 Net expenditure before transfers 176.5001 1833) 12.464 164,869} 1178,875} Tr¥nJfers Ttansfers belween fvnds 127,5361 40,0 {12.4641 Net movernenl8 in funds 1104,036) 39,167 164.889) (178.875) ReconcSllatlon of fund¥ Total funds brought fOard Total funds carried forward 1176,4061 1280,4421 1176.4C61 2.469 1241.2751 1176,4061 39,167 All of the Charty's activities derive from continuing operations during the above periods. Th? not¢$ on pagès 12 to 24 fcwm an integral part of th8s8 finanad stalem8nts. Page 8
Rydal Hall Limited Company reglstratlon number: 02561024 Consolidated BalanGo Sheèt as at 31 DgG•mber 2023 2023 2022 Note Flxed ass•ts Tangible a55etS 12 141.988 86,044 Current a69et3 Stocks and work in pr¢8res OebtOT8 Ca8h at bank and in hand 8,738 20,953 132.294 161.985 7.733 47,041 240,914 2.688 14 Credltor8'. Amounts falling du• T*lthln on• year 15 {344,6481 1357,5381 Net curront1Sablliti•s {182.663) (61,8501 Ngt IliabilitieBllassets {40,875} 24,194 Th• funds of the charity: Rg8trlct¢d funds Designated lund6 Unr•strieted fund• Called up share eapit81 Unrestri&ed incorne fund5 Totsl unrestdcted fund8 39,167 21Y),600 1280.442 200,600 1176,406) 179.8421 24.194 Totsl charty fund8 These accounts have been prepared in aeeordance with the provisions appficable lo companies subied to the small comp8nies regime. {40,675) 24.194 Approved by the Board on ues The notes on pages 12 10 24 fom an integral part of these financaal statement$. Paye 9
Rydal Hall Llmtted Charlty Balance Sheet as al 31 Docember 2023 2023 2022 Note Fixed assets Tangible assèts Inve5trnents 12 13 141.988 141.989 Stod(s and work in progress Debtors Cash at bank and in hend B.738 20.956 132.294 161,988 7.733 47.041 240,914 295.688 14 Cr•dltors: arnounts falllng due T+Vithin on• y•ar 15 1344,651) {357.5391 Net Current Olabilitia5Va558lB 1182.6631 140,6741 (61.851) 24,194 Th• lunda 01 thè tharity: Unrestricted fundg Called up shaTe capital UnTe51ricted income fvnds Total unrestricted fund8 ?,600 1241,2751 200.600 (176,406) (40.6751 24,194 Tatsl ¢h•rrty fun (40.6751 24,194 These Accounts have been PTPP3Ted in accordance with the provisions 8pplicatle to companies $ubJect to the small Compani regime. No Slatern8nt of Finaniaal Activity is presented the charity as pemitted by Section 408 of the Companie8 Ad 20Lb. The ¢hÈnty posted a deficrt for the finanu81 year of£1W2.59412022- deficii of £213,846). Apwoved by the Board on ! Ca.vl).'.4nd signed on its behalf by. The notes on poges 12 10 24 fomi 8n integral part of these financil ststements. Page 10
Rydal Hall Limited Consolidat8d Cash Flow Statement for tha Year Ended 31 Oecomber 2023 2023 2022 Net cash provided by lui•d by) operating activities Net expendtlure for the period Depreciation charges Lo88 on Ihe sale of frxed assets Increase in stocks De(¥ease in debtors (DeCaSe)lcr88se in rreditor5 164,8691 33.004 2,838 11.C#)51 26,085 (12.887) 117.0361 1178.875) 17,992 (8341 62.254 72,502 (26,961) Net ¢aJh provlded ty luged In) Inv¥8tlng activities Purchage of prq)erty. pL8nt and equipment (91,5841 191,5841 {44.530) (44,5301 Decrease In c•8h 1108,6201 (71.4911 The notes on pages 12 10 24 form an inlegTal part of these finonc481 slalemenis. Page11
Rydal H•ll Limilod Notes to the Financial Statements for the Year Ended 31 December 2023 Accounting policias Sumrnary Of s•gnificant acGountlng pollcles and key acCotIng e•timate5 The prinapal accounting polirye5 applied in the preparation of thèsè finanri81 statements ale set t bekvw. These policies have been consistently applied to all the years pSented. unless otheNse slated. Statement of compliance The financial statements have been prepared in 8ccord8nce with Att£•unting and Reportlng by CharilE8'. Statement of Recommended Practice applicable to tharibes preparing their accounts in accordan¢e with the Financ4al Reporbng Starmlaid applirable in the UK and Republic ol Iieland IFRS 1021 (effective 1 January 20191- Icharities SORP IFRS 1021). the Financial Reporb"ng Stsndard 8pplicable in the UK and Republic of Ireland IFRS IW21 and the Companies Aet 200S. Buls of prgp•ration The eharitable comp8ny rneets the definib'on of a public benefft entity undèr FRS 102. Assels and liabiliiies a Snltlgt recognised at historical cost orlransaction value unless otheMse ststed in the relevart accounting policy notes. Going concoTn These fjnanThal statements have been prepared on a going concern basis. The tnjstees assess whelher the use of going eoncem is appropriate i.e. whether there are any matèrial uncertainlies reloted to events OT eondition$ Ihal m8y Cast sign[fint doubt on the ability of the Charity to continue as a going ¢oncem. Tho trustéès make this assessment in rÈspÉd of 8 period ol one year from the date of approval of the finanoal statements. Thè group is d8p8ndent on thè ongoing support of it$ Parent cherty, Carfi8le DioGesan B08rd of Finan ICOBFI. in ordeT to continue tradin9. COBF has forrnally confirmed such suPrt shall continue to be promded gnd on that basis the chaiity remains a 90ing conM. Fund a¢¢ountlng poll¢y Unrestrirted income fund3 are general funds that are available for use al the trustees, disuetion in furtheran of the objecb"ve$ ofthe charfty. Designated fijnds are unrestricted fldS sel aside at the distrellon oftho tru8tee8 for specnlc purposes. FLWther details of each fund are disdosed in note 20. Page12
Rydal Hall Limited Notes lo the Finan¢lal Slat¢ments for the Year Ended 31 December 2023 .. conlinued In¢om¢ and endowments Donations 8re recogni8ed when the Charity has been notifled in wiibng of both the amount and setuernent date. In the event Ihat ? donatlon 15 subject to conditions that requiTe a level of perfoTmance by the Charity befom the Charity 1$ entiued to the funds. the income is deferred and not iecognised until either those conditions are fvlly met, or th¥ lulfilment of those conditions is whdly ¥thin the ¢onlrcA of the Charity and it is probable th these conditions wiu be lulfilled in the TepcKtg periJ. Legary gfft8 are rpcognl$ed on a case by case basis followin9 the grant of probate when the 3dmini¥torlexecutor for the e518te has Comm)icated in writsng both the amount and setllement date. In the event that the gift is in the fomi of an as5el other than Gash or 8 finanaal asset traded on a recognised stock exchange, recognrtion is subject to the value of the gth being reliaNy m8asLbred with a degree of reasonable accuracy and the trtle to the asset h8ving been transferred lo Ihe CPLarty- Income from Government and otheT gTEnts, whether'capit81' grants or'revenue. grants, is r8cognised when th¢ tharfty has entitlement to the fvjnds, any perforniance condilions attach¢d lo the grants have been met, il is probable that the income will be received and the arnount can be measured reliably is not deferred. Invtt5fment income is recognised on a receivable ba$is. Inc4)me from tharitable activities indudes incorne regniSed as eame(I las the related good5 Qr services are proirided) under wntsad. xpendituie abilmes 8rg renISed as soon as Ihgre 15 8 legal or constructive obligation cornmitting the chanty to the expenditure. All expenditure is acry)unlefJ for on an accruals basis and has been dassrfled under headings Ihat aggregate all cos15 ielated to Ihg category. Choritable expendTture ¢omr4ses those costs incuThed by the tharity in the deSvery of Ils actNities and swvirx5 for its beneficiaries. It indudes both costs that can be alICrle{l direcuy to such aCtNe3 and those costs of 8n Indirect nature necessary to 5UPPOrt them. Support costs Support costs indL*Je ntral functions and have been allo(xted to activity cost categorfes on a basis consthnt Yth the use of resources, for example. allocating propty o)st8 by IIDor areas. or per capiia, staff costs by the time spenl and other costs by their usage. Ie¢0rable VAT lffecoverable VAT is tharged against the Category of resources expended forwhth it incurred. Taxatlon The Charity Is ¢onsldered to pass the lesls s8t out in Paragraph 1 Sth¢dule 6 of the Finance Acl 2010 and therefore il meets the definitson of a charitzljle cornpany fo¥ UK Corporation tsx puiposes. Accordingty, the Charity is polentialty exempt from tsxation in respect of i1me or eapital gains received wthin tegorieS covered by Chopter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such inccffle or gains are pled exclusivelyto chÈritatrAe purposes. Flx•d as8•t8 Indidual fixed 8$$et$ costing £1ThJO or more ar• inilialty recorded at ¢osL Page 13
Rydal Hall Llmfted Notes to Ihe Financlal Statsments for tho Year Ended 31 De¢omber 2023 .. continued Depreclatlon O'ep¥ec4ation is prowded on tangible flxed #$sets so as lo wriie off the cost or vglualion, les5 any estimated residual value, over their expected useful et10M&¢ lrfe as foHows'. Leasehold land and buibjings Plant and machinery induding rnolor vehides Fixiurts, fftting5 and equipment 10 ye8[3 Btraight line basis 25% slraight lin8 basis or 10 years straigtrrt line bas1$ 25% straight Ine basis cf 2 years slralglrt line ba51S stock Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slcw moving stocks. Net realisable value is based on selling pri less ants"eipated costs lo cornpletion and sdling costs. Items donated f resale or distribution are not included in the ffin8na81 statements until they are sold or distributed. Tr•dg Dèbtor¥ Trade debtOTS Bre anwjunts due from customers for mer¢h3ndise 3old or services performed in the ordinary course of business. Trade deblors a COgnised initially at the transoction price. They are subsequenuy measured at amortised cost using the effective interest method. less provision for impairment A provision for the imp8imient crf trade debtor5 is established when there is objective evi4Jence thdi the Charity wl not be able to collect al arnounts due according to the original terms of the receivables. Cash and Cash EquiYal8nts Cash 8nd cash equivalents cornprise cash on hand and call deposits. and shcrt-lemi highly liquid inve8tmw that are readity con¥ertknle to a kncwn amount of cash and are suty'ect to Èn insigniffic8nl risk of change in value. Liabllltles Trade creditors are obligationsto pay for goods or services Ihat have bèèn 8cwired in the ordinary course of business from supplieTS. Accounts payable are dassffied as current liabilities if the Charity does nol have an unconditional rfght, at Ihe end of the reporting period, to defer settlement of Ihe creditor for at least twelve months after the reporting d81¢. If there is an unCOnd0nal right to defer settlement at lea3t trwefve monlhs after the reporting date. they presented as non-current liabilities. Trade creditors are recognised initially at the transacti price and subsequently asUred 3t amortised co8t using the effe¢Xi¥e interest method. OpeTatinB leas Leases in which substantially all the risk5 and rewards of ownership afe retaineil by thp lesscy a classified a5 operating leases. Rentals payable under operating leases are charged li the Statement of Finan(a81 Activitie5 on straight line basis over the lease lenn. Penslons The tharity operates a deffin&J ojniribubonyension scheme. Contrsbution5 we charged in the $18tement of finanaal adivities as they become payable in accordance with the Tules of the scheme. Page 14
Rydal Hall Limited Notgl to the Financlal Statements for the Year Ended 31 December 2023 .. CL1ued Flnanclal Instruments assets and finanryal liabile$ are reGognised when the charity becomes a party to th8 ¢ontraclual provi510nS f tho instrument Financial liabilities and equity instruments aTe da55ffjied 8ccording to the Substance of th8 conlrartual affangements entered into. An equity instrument Is any contract that evidences a sIdUal interest in the assels of the Charity after deducting all of rts liabilities. All finanryal assets and liabilities are initially measured al transacbon price (including transadion costs). except for those financial assets da5Stfied a5 at lair valuE through profrt or105s, which are initially measured at fair value Iwhich is normally the tr8nsaction price exduding transaction costs), un18SS the arrangement con8tilutes a finanang Ir8nsactTon. If oirwngornent Wnstilule5 a finanong transaction, the finanaal asset or financi81 li8kn1ty is measured Bt the present value of Ihe future payments discounted at a market Tate of interest a similardebt instrumenl. Financial assats and liabilitiès ar8 only offset in the stalement of finand81 posrtion vjhen. and cmly vknen there e$ts a 1898lly enf(xceablE rsght to Set off the recognised amounts aFKI the Chartty inlends eilher to setlle a net bass, or to realiselhe as$•t and $8tU• th• liabilty simultaneously. Flnand81 a$sèts ara der8cognised when and onty when al th? c(thcbJ81 rights to the cash flNs from the finandal Bsset expire or ere settled. bl the Charity tran5fets lo another party substsntially all of the risks and rewards of ownership of the financial asset. or ¢) the Chariiy, despite having retained some. but not al, significant risks and rewartls of ownership, has transferred contrc4 of the asset to another paty. Financial lialylities ate derecognisl onty when the obliualion specified in the contrad is (Jlscharged, cancelled or expires. Don•tloM and legacles Unroetrlcted Dl9ntwd Re&trictsd Total Funds Total Funds Funds Funds Fund* 2023 2022 Donation¥ and 1990¢1 Garden tours and donations 3.841 3,841 2.926 Grants Govemrnenl giant$ r¢1v¥bI¥ 08F 6,222 40.0 3,000 9,464 12,464 43.000 9,464 S2,464 Carbon Lake District Grant StheTne 40,000 8,222 43.841 12,464 56.305 11.148 Of the donations and legaciÉs income in 2022, £8.926 related lo unrestricted lunds and £2.222 related to reStri¢¢Y fund& Page 15
Rydal Hall Umfted Not95 to the Flnanclal Statement8 for the Year Ended 31 De¢ember 2023 coml'nued Rydal Hall Trndlng Llmlted tradlng a¢tlYlll¢$ UntrIthd D•5ignated Restricted Totsl Fund• Total Funds Funds Funds Funds 2023 2022 Cottages PcJs Ythth Camping and caf park Sale of logs Tea shcp Yurt Herdy huts 56,593 14.287 41,680 149,521 56,593 14,287 41,680 149,521 57,848 18,155 33.727 129.817 414 195.358 20,124 14.500 467,943 224,854 15,978 12,650 515,927 224,854 15,978 12.650 515,ty27 All of the other trading a¢Aivite5 income in 2022 related to unre8trided fvnds. Investments unr•8trlet Dgnad Restricted Totsl Fund¥ Total FundB Funds Fundg Fund8 2023 2022 Interest on 8h deposits 6,187 8,167 3.198 I1 of Ihe investments income in 2022 related to unrestricted ffijnds. Charftsble actSvltlè$ Unrestrict•d Designated Restricted Total Funds Totsl Fund Funds Funds Funds 2023 2022 BaT and H811 Shop takings Miscellaneous receipts Roorn hire Hall Miscellaneous 59.169 41.724 28.268 590.710 59,169 41.724 28,268 s.710 86,554 53,459 8,434 669,800 720.514 720,514 798,247 l of Ihe income from tharhtst4e in 2022 related to nStr1ded fundB. Page 16
Rydal Hall Limited Notes to the Flnanclal Ststements for the Year Ended 31 Docomber 2023 othor Unrn8tslcted Designated R•#trfctod Totsl Funds Total Fund9 Fund• Fund• Funds 2023 2022 Staff accommodation Waterand hydrtrolecaric recapts 43,773 43,773 42.120 423 42,543 43,773 43,773 hjl c4 the other income in 2022 related to unrestricted knnd& Page 17
Rydal Hall Limited Not88 to the Flnan¢lal Statements for the Year Ended 31 Docember 2023 .. conllnuéd Expendre Rydal Hall Trading Charitsble actlvlties Totsl 2023 T¢)tal 2022 Dlrect costs Food purchases- Adjusted for stodr Employment Costs Rent Rates Electricity. gas and water syste Insuianre Repairs and nlaintenance Upkeep of gTounds Garden Project general expendrture Telephone and fax Cotnpul¢r Software and rnaintenance costs Printing. postage and stationery Hire of plant and mathinery Sundry expen8es Cleaning Management charges payable Motor expense¥ Advertising Bad debts wwitten off Booking commission 62.488 215,713 133.964 596,852 1S6,452 812.585 180,920 848,377 45,000 9,439 95,804 22.240 113.273 121 5.511 8,158 16,849 5,986 6,143 5,315 39,069 8,000 503 9,930 3,849 30,315 10,667 52,170 5.539 43,623 15,350 S1,765 167 2,012 5,620 4,540 2,207 2,545 2.OS7 35.436 9,388 73.938 26,017 103.935 283 3,410 9,525 7.695 3.741 4.314 1,398 3,905 3,155 1,534 1,769 1,399 11,464 46.900 20 3.330 130 4,746 408.168 28 4,792 187 6.829 913,513 48 8,122 317 11,575 1,321,681 12,524 1,433,162 Support costs Re¢ruilmenl costs Staff training Ch8pl8incy offer The audit of the charitys annual aCconts AUdrtO. iemuneration- non audit wryk Le9al and professonal fees Bank Gharges Depreciation of plant and mathnery IProfrtlAoss on salè of intangible fixed assets held for ¢h3ritls own use 923 451 1,328 2,251 1,100 16,369 8,000 2,285 8,995 11,234 33,004 9,448 1,482 3,874 16,369 8.000 1,510 5,676 6.S29 33.004 2.636 775 3.319 4,605 3.125 15.792 11.729 17,992 10,073 75.801 85,874 66,792 418,241 989,314 1,407,55S 1.501,9Y Of the expenditure in 2022. £1,499,732 related to unrestricted fiJnd$ 8nd £2,222 restricted. Of this, £1.068.982 rÈlated to Rydal Hall Limited and £432,972 related to Rydal Hall Trading Limited. Page 18
Rydal Hall Limited Nots$ to tho Financial Stalements for thè Year Endod 31 December 2023 txnlN7ued Goveman¢• ¢08t8 2023 2022 Auditors remuneratlon Auditors remuneration. non audit work Management fees Legal and prOfeSonal fee5 8,000 2.285 5,350 3,125 6.000 15,792 32,267 8,995 19,280 Trugtoe6' remuneratlon Ond oxppnw• No trust any rernunwation or expenses during the year. 10 Not OXPonditur• Net expditY[9 is stated after thaTgwig'. 2023 2022 Aurfrtors. Temuneralion- audit serwces DepreCiatiC of tangible fixed assets Lossllprofitl on sale of intangi• fad assets 8.000 33,004 5,350 17,992 2.636 11 Employees. remun•ratlon The rnonthly ¥verage number of person¥ Cindudiny senior management) employed ty the thprily dung tha ar was as follvws.. 2023 No. 2022 Rydal Hal 36 37 The aggregate payroll costs oflhese persons were as foltows.. 2023 2022 Wages and salaries Socjal security Othèr pslon eA)8ts 699,433 53,991 59,141 812,565 751.596 48.221 48.560 848.377 No employee received emoluments of more Ihan £60,¢XIO durlng the year. The key managernent personnel comprise the Trustees. The total employee beneffits of the key rnanagement personnel of the Ch&ity were £nil {2022- £nill. Pag8 19
Rydal Hall Llmlted Note8 to the Flnanclal Statsments fot th¢ Year Ended 31 DeceTrknr 2023 conhnued 12 Tanglbl• flx•d a•s•ts Group and charlty Plant and machinery Flxtures. L•as•hold l¥nd including motor fittSngs and and bulldlngs vehi¢leB equipment Cost As at 1 January 2023 Addibons Disposals As at 31 DeceMr 2023 135,469 13,183 {62,275 86,377 26.354 40.7 12551 66.889 88.879 37,611 (14,5681 91,924 230.702 91,584 177,OSEI 245,190 Depreciation As at 1 January 2023 Eliminated on disposals Charge for th8 y&8r As al 31 December 2023 93,224 {59,639) 9.117 42,702 17.515 33.919 (15.377) 20,623 39,165 144,858 174,460) 33,004 103,202 3,264 21.335 Net book value As at 31 Do¢emb&r 2023 As at 31 DeTrmber 2022 43,875 42,245 45.SS4 8.839 52.759 141,988 13 Investments in sub•idi•rie$ The chanty hdds more than 2N oflhe share capil81 of the followng company. Country of Incorporatlon Pri1paI •ctivity ClaBS subdIary undertakSng8 Rydal Hall Trading Linmled United KiThJdoTn PrOvIr of camp srte facilities Ordinary 1CiI Capltal & Profltlllos¥) for the p?riod Subsidiary undertaking Rydal Hall Trading Limited Page 20
Rydal Hall Limitod Notes to the Flnanclal Statements for the Year Ended 31 December 2023 .. continued 14 D•btor8 Group 2023 2022 Other debttrr5 Pmpoymenls and accrued income 11.429 9.524 20,953 39,849 7,192 47.041 Charity 2023 2022 Other d•btor5 Prepaymènts and accrued ino)me 11.429 9,524 20,953 39,849 7,192 47.041 15 CredltOY8: Amounts tslllng du• within one year Gro 2023 2022 Trath ¢reditor8 Amounts owed lo group undertakings Taxation and social secJJrity Other credilors Accruats and deferred income 11,759 166,107 21,135 84,220 61,427 25,987 134,271 23.118 88.065 86.097 357,538 Charlty 2023 2022 Trade uedltors Amounts owed lo group Un1knngS Taxafjn and soaal security other credf(OTS AGGnl8 and deferred incA)me 11,759 186,758 21,135 84,220 60,777 344,649 25.987 134.922 23.116 88,065 85,447 357,539 16 Sharn cwxtsl 2023 2022 Alloted, called up and fvlly paid Or(lin8ry £1 share capital 200,600 200,600 200.600 200.600 Page 21
Rydal Hall Limited Notes to the Financial Slatements for the Y•ar Ended 31 December 2023 .. Conntl 17 Capilal ¢ommitmentB Expenditure conttscted lor but not provided in the financial statements.. 2023 2022 con8tsuLth work Fire alaTh installation 24,685 11,662 11,662 24,685 18 Pension xheme Defined contribution pgn8lon 8cherne The tharty operates a deffined contribuiion pension scheme. The pension cost charge for the period rewesents contribution5 payable by the chawity to the stheme and amounted to £59,141 12022- £48,1. Ther•were no outsianding or prepaid contributK)ns at eitherthe beginning or end ol the finanrial year. Page 22
Rydal Hall Limlt¢d Notes to the Financial Ststemènts for the Y¢ar Ended 31 December 2023 contin1d 19 Relat•d partl Controlling entity c8rh.sle Dioce58n Board of Finance Limited (registered charlty) is the ultimate controlling party of both Rydal Ham Limited. and Rydal Hall Limited's whdly owned tradlng sUbsidry Ryd81 Hall Trading Lirnrted. During the yeBr Rydal Hall Limited paid rent lo Cartisle Diocesan Board of Finance of £nil12022- £45,000) Ènd also paid a managemerrtfre of£nil {2022- £8,000). Carl8le Dio¢eson Board of Finance PTovJed grant fvnding to Rydal Hall in the period of £43,00012022- £nil)- The balancg du8to Cadisle Diocesan Boar(l of Flnance al 31 December 2023 is £166,10712022- £134,271). Durmg the year Rydal Hall Trading Lirniled committed to making a dongtion to Rydal Hall Limiied 01 £97,725 (2022 - £34,971). The baL7nce due to Rydal Hall Trading Limsted al 31 December 2023 is £nil12022. £nil). 20 Analysis of fvnds At31 December 2023 At 1 January 2023 Ineomlng Res¢urces r¥8ources exp•nded Transfern Genernl Fund¥ Unre5tr1cted Income fund 1176,406) 1.330.222 11.408,722) 127,5361 {280,442} De8lgnatsd Fundg Cabins (833) 40,OCX) 39,167 R•stricted Fund8 Low Carbon Lake Distri¢A Grant Scheme Carflsle DBF 9,464 3,000 12,464 19,4841 3,0001 112,464) {176,406) 1,342.686 {1.407,555} 1241,2751 Cabin$- Funds received Ircyn DBF vjhith has been used to fvnd the purchase of 3 c8bins. The trustees have agreed the designated fvnds will be fed back to unrestricted funds inlinewith depreciab'on. L(w Carbon Lake Distsicl Grant Scheme- Income recer4fed $tn"cted to fund the instsllalion of solar panels. Carlisle DBF- IrDe rerxNed restricted lo fund the installation of sdar panels. 21 Tran•fern During the year, £40.(KIO has been transferred from unre5triGte(I funds to designated funds for the Purchase 013 cabins. The cabins were purchased in the yew and the trustees have agreed thg deggnaled funds wll be fed back to unrestrfcted funds inline with depreaation. £12.464 was tr8nslÈrrèd from restricted to unrestsicted in rglgtion to the purtha5e of solar panet& Cknce instslled. Ihè re¥tri¢tion on the grnnt funding was 381i3fied and therefce Iranslerred to unrestn'cted funds. Page 23
Rydal Hall Llmlted Notès to the Flnanclal Statoments for th• Year Ended 31 Do¢frmber 2023 .. continued Prior pgriod At1 January 2022 Incoming resources Resou$¥ expended At31 December 2022 General Funds Unrestiicted income fund 2,469 1,276,737 11.457,6121 (176,408} Restslctsd Fund¥ DWP 2,222 12,2221 1.280.959 (1,459,834) 2,469 1176,41A) 22 Not assets by fvnd Unre•trlet•d Funds Total Funds 2023 Totsl Funds 2022 Tangible assets Current assets Creditors.. AmL)unts falllng duewthin one year Ordinary share capital assets 141,988 161.985 1344,648) I200,6) (241.2751 141.988 161.985 1344,6481 12C#),6001 1241,275> 86.044 295,688 1357,5381 1200,600) (176,406) Prior perlod Unrestricted Funds Total Fund• 2022 Tgtal Funds 2021 Tangible 83sets Current assets Creditors.. Amounts fallng due within one year Ordinary shaf8 capital Net ossets 88,044 295.e88 1357.538) 1200.6OJ 1176,4rA) 59,508 426.1)01 (282.4381 1200.6001 2.469 295.688 1357,538) 1200.800) 1176.406) P8ge24