| Contents | |||
|---|---|---|---|
| Pages | |||
| Reference and administrative | information | 2-3 | |
| Chair's report | 4 —5 | ||
| Report ofthe Council | 6 —14 | ||
| Independent auditor's |
report | 15 —18 | |
| Consolidated statement offinancial activities |
19 | ||
| Balance sheets | 20 | ||
| Consolidated statement ofcash fiows |
21 | ||
| Notes to the financial | statements | 22 —45 |
| 2022 | 2021 | |||||||
|---|---|---|---|---|---|---|---|---|
| Note | ||||||||
| Income from: | ||||||||
| Investments and bank deposits |
3 | 312,855 | 429,346 | |||||
| Other trading activities —Conference Centre |
17(b) | 4,620,357 | 2,275,613 | |||||
| Charitable activities |
||||||||
| .Rental income and service charge | 2,415,925 | 2,764,021 | ||||||
| Other | ||||||||
| .Coronavirus Job Retention Scheme Grant |
85,907 | |||||||
| .Management fees receivable |
8,000 | 6,667 | ||||||
| .Profit on disposal oftangible | fixed assets | |||||||
| Total income | 7,357,137 | 5,561,554 | ||||||
| Expenditure on: |
||||||||
| Raising funds | ||||||||
| .Investment management fees |
61,222 | 112,643 | ||||||
| .Conference Centre costs | 17(b) | 2,889,221 | 1,600,913 | |||||
| .Taxation | ||||||||
| Charitable activities |
||||||||
| .Grants awarded to the National Church Institutions |
ofthe | |||||||
| Church ofEngland | 750 000 | I 752 000 | ||||||
| .Corporation operating costs |
2,450,696 | 3,057,878 | ||||||
| Other | ||||||||
| .Interest payable | 8(a) | 2,000 | 2,000 | |||||
| .Loss on disposal oftangible fixed assets | 1,167 | |||||||
| Total expenditure | 6,153,139 | 6,526,601 | ||||||
| Net income /(expenditure) before (losses)/gains |
on | 1,203,998 | (965,047) | |||||
| investments | ||||||||
| Net (losses)/gains on investments |
10 | (1,048,671) | 2,002,801 | |||||
| Net (expenditure)/income | 155,327 | 1,037,754 | ||||||
| Other recognised gains |
||||||||
| Actuarial gains on defined benefit pension scheme |
8(a) | 92,987 | 2,961 | |||||
| Net movement in funds |
6 | 248814 | 1,040,715 | |||||
| Reconciliation offunds: | ||||||||
| Fund balances brought forward |
at I January | 13 | 24,4595733 | 23,419,018 | ||||
| Fund balances carried forward at31December | 13 | 24,708,047 | 24,459,733 | |||||
| All of the grcup's activines derived |
from continuing | cpemticns | during | the above twc financial | periods. The statement | of financial | ||
| activities includes all gains and losses | recognised in the |
year |
| as at31Dece | ber 202 | 2 | ||||||
|---|---|---|---|---|---|---|---|---|
| Group | The Corporation | |||||||
| 2022 | 2021 | 2022 | 2021 | |||||
| Note | ||||||||
| Fixed assets | ||||||||
| Tangible assets | 9 | 6,154,657 | 3,048,903 | 5,958,943 | 2,859,956 | |||
| investments | 10 | 7,059,251 | 21,974,029 | 7,559,251 | 22,474,029 | |||
| Total fixed assets | 13,213,908 | 25,022,932 | 13,518,194 | 25,333,985 | ||||
| Current assets | ||||||||
| Debtors: due after more | than one year | 11(a) | 1,012,486 | 1,006,431 | ||||
| Debtors: due within one | year | 11(b) | 1,999,217 | 806,049 | 1,708.081 | 580,268 | ||
| Cash at bank and in hand | 12,754,363 | 2,260,479 | 10,837,878 | 1,512,182 | ||||
| Total current assets | 14,753,580 | 3,066,528 | 13,558,445 | 3,098,881 | ||||
| Liabilities | ||||||||
| Creditors: amounts falling |
due within | |||||||
| one year | 12 | (3r259,441) | (3,396,727) | (1,980,860) | (2,438,039) | |||
| Net current assets/(liabilities) | 11,494,139 | (330,199) | 11,577,585 | 660,842 | ||||
| Total assets less current liabilities | 24,708,047 | 24,692,733 | 25,095,779 | 25,994,827 | ||||
| Provisions for liabilities |
and charges | 8(a) | (233,000) | (233,000) | ||||
| Total net assets | 24,708,047 | 24,459,733 | 25,095,779 | 25,761,827 | ||||
| The funds ofthe charity | ||||||||
| Restricted income funds | 13 | 9,254 | 9,254 | 9,254 | 9,254 | |||
| . | Unrestricted income funds |
13 | ||||||
| .Designated funds |
||||||||
| . .Tangible fixed assets fund | 5,422,749 | 2,859,956 | 5,422,749 | 2,859,956 | ||||
| ..Refurbishment reserve |
6,924495 | 10,000,000 | 6,924,395 | 10,000,000 | ||||
| . .Grant-making reserve |
9,375,617 | 10,125,617 | 9,375,617 | 10,125,617 | ||||
| .Undesignated funds |
||||||||
| ..General reserve | 3,426,536 | 3,000,000 | 3,363,764 | 3,000,000 | ||||
| ,.Non-charitable trading |
fund | (450,504) | (1,302,094) | |||||
| ..Pension reserve | (233,000) | (233,000) | ||||||
| Total charity funds | 14 | 24,708,047 | 24,459,733 | 25,095,779 | 25,761,827 |
| for the year ended 31 | De | cember 2022 | ||||
|---|---|---|---|---|---|---|
| Note | 2022 | 2021f | ||||
| Cash flows from operating activities |
||||||
| Net cash (used in) provided by operating |
activities | A | (118,955) | (687,498) | ||
| Cash flows from investing activities |
||||||
| Income from listed investments | 192,817 | 428,615 | ||||
| Interest received | 120,038 | 731 | ||||
| Purchase oftangible fixed assets | (3,566,123) | (177,449) | ||||
| Purchase offixed asset investments | (1,870,372) | (3,384,228) | ||||
| Proceeds from the disposal offixed asset | investments | 14,963,147 | 3,821,773 | |||
| Net cash provided by investing activities |
9,839,507 | 689,442 | ||||
| Change in cash and cash equivalents | 9,720,552 | 1,944 | ||||
| Cash and cash equivalents at 1January |
B | 3,193382 | 3,191,438 | |||
| Cash and cash equivalents at31December |
B | 12,913,934 | 3,193,382 | |||
| Notes to the consolidated statement |
ofcash flows for the year to 31December 202Z | |||||
| A Reconciliation ofnet tnovement |
in funds tonet cash | (used in) provided | by operating | |||
| activities | ||||||
| 2022 | 2021 | |||||
| Net movement in funds (as per consolidated statement offinancial |
||||||
| activities) | 248,314 | 1,040,715 | ||||
| Adjustments for: |
||||||
| Depreciation oftangible fixed assets | 458,317 | 876,823 | ||||
| Gains/(losses) on investments |
1,048,671 | (2,002,801) | ||||
| Loss/(profit) on disposal oftangible fixed |
assets | 1,167 | ||||
| Fixed asset wiite-off | 2,052 | |||||
| Investment income |
(312,855) | (429,346) | ||||
| Decrease (increase) in debtors | (1,193,168) | 256,891 | ||||
| (Decrease) in creditors | (137)286) | (287,973) | ||||
| (Decrease) in provisions | (233,000) | (142,974) | ||||
| Net cash (used in) operating activities |
(118,955) | (687,498) | ||||
| B Analysis ofcash and cash equivalents |
||||||
| 2022 | 2021 | |||||
| Cash at bank and in hand | 12,754863 | 2,260,479 | ||||
| Cash held by investment managers |
159,571 | 932,903 | ||||
| Total cash and cash equivalents | 12,913,934 | 3,193,382 |
| 0/ | ||
|---|---|---|
| The annual rates used for this purpose are: | ||
| Freehold | buildings | 5.00 —10.00 |
| Furniture | and fittings | 6.50 —15.00 |
| Telephone | and office equipment | 10.00 —33.33 |
| Plant and | equipment | 5.00 —20.00 |
| 2022 | 2021 | |
|---|---|---|
| 5 | ||
| Income from listed investments | 192,817 | 428,615 |
| Bank interest receivable | 120,038 | 731 |
| 312,855 | 429,346 | |
| 4 Grants payable |
||
| 2022 | 2021 | |
| Grants awarded in the year | ||
| .Archbishops' Council |
750,000 | 1,752,000 |
| 2022 | 2021 | ||
|---|---|---|---|
| Staffcosts (note 7) | 948,504 | 823,099 | |
| House expenses and cleaning | 395)550 | 394,418 | |
| Rates, insurance and heating |
294,543 | 316,614 | |
| Office and administrative | expenses | 68,152 | 33,843 |
| Repairs and maintenance | 272828 | 651,499 | |
| Marketing | (150) | (785) | |
| Professional fees |
89,623 | 53,745 | |
| Depreciation —owned assets | 370,799 | 776,359 | |
| Auditor's remuneration |
—The Corporation | 11,322 | 9,050 |
| Donations and presentations |
25 | 36 | |
| 2,450,696 | 3,057,878 |
| 2022 | 2021 | ||
|---|---|---|---|
| g | |||
| Auditor's | remuneration | ||
| .Audit | 25,143 | 22,871 | |
| .Non-audit | services —taxation and advisory services | 2,600 | 3,421 |
| Depreciation | 458,317 | 876,823 | |
| Hire ofequipment | 9,990 | 9,990 |
| Group | The Corporation | The Corporation | ||||
|---|---|---|---|---|---|---|
| 2022 | 2021 | 2022 | 2021 | |||
| Number | Number | Number | Number | |||
| Maintenance | aud | security | 10 | 10 | 10 | 10 |
| Administration | 21 | 16 | 6 | 6 | ||
| 31 | 26 | 16 | 16 |
| Staff | costs during the year were | as follows: | |||
|---|---|---|---|---|---|
| Group | The Corporation | ||||
| 2022 | 2021 | 2022 | 2021 | ||
| Wages | and salaries | 1,203,664 | 1,096,313 | 811,114 | 703,763 |
| Social | security costs | 132,591 | 122,967 | 86,656 | 77,032 |
| Other | pension costs | 154,363 | 145,933 | 50,734 | 42,304 |
| 1,490,618 | 1,365,213 | 948,504 | 823,099 |
| Group | The Corporation | The Corporation | |
|---|---|---|---|
| 2022 | 2021 | 2022 | 2021 |
| Number | Number | Number | Number |
| 2022 | 2021 | |
|---|---|---|
| Balance sheet liability at 1 Jsnuaiy | 233,000 | 375,974 |
| Deficit contribution paid |
(142,013) | (142,013) |
| Charged (credited) to the statement offinancial activities | ||
| .Interest cost | 2,000 | 2,000 |
| .Change to the balance sheet liability | (92,987) | (2,961) |
| Balance sheet liability at 31December | 233,000 |
| 31 | 31 | 31 |
|---|---|---|
| December | December | December |
| 2022 | 2021 | 2020 |
| 0/ | 0/ | |
| 0.00 | 1.30 | 0.40 |
| Freehold | Furniture | Telephone | Plant | Assets | ||
|---|---|---|---|---|---|---|
| land and | aod | and office | and | under | ||
| Group | buildings | fittings | equipment f |
equipment | construction | Total |
| Cost | ||||||
| At I January 2022 | 6,030,092 | 7,203,992 | 1,163,445 | 7,819,268 | 31,668 | 22,248,465 |
| Additions | 76,625 | 161,627 | 3,327,871 | 3,566,123 | ||
| Disposals | (2,052) | (2,052) | ||||
| At 31December 2022 | 6,030,092 | 7,203,992 | 1,238,018 | 7,980,895 | 3,359,539 | 25,812,536 |
| Depreciation | ||||||
| At 1 January 2022 | 4,241,218 | 7,066,145 | 1,017,649 | 6,874,550 | 19,199,562 | |
| Disposals | ||||||
| Charge for the year | 175,330 | 95,990 | 69,457 | 117,540 | 458,317 | |
| At 31December 2022 | 4,416,548 | 7,162,135 | 1,087,106 | 6,992,090 | 19,657,879 | |
| Net book values | ||||||
| At 31December 2022 | 1,613,544 | 41,857 | 150.912 | 988,805 | 3,359,539 | 6,154,657 |
| At 31December 2021 | 1,788,874 | 137,847 | 145,796 | 944,718 | 31,668 | 3,048,903 |
| Freehold | Furniture | Telephone | Plant | Assets | under | ||
|---|---|---|---|---|---|---|---|
| land and | snd | and office | and | Construction | |||
| buildings | fittings | equipment | equipment | Total | |||
| The Corporation | |||||||
| Cost | |||||||
| At 1 January 2022 | 6,030,089 | 6,739,337 | 433,720 | 7,819,268 | 31,668 | 21,054,082 | |
| Additions | 9,598 | 161,627 | 3,298,561 | 3,469,786 | |||
| Disposals | |||||||
| At 31December 2022 | 6,030,089 | 6,739,337 | 443,3187,980,895 | 3,330,229 | 24,523,868 | ||
| Depreciation | |||||||
| At 1 January 2022 | 4,241,220 | 6,655,592 | 422,764 | 6,874,550 | 1$,194,126 | ||
| Disposals | |||||||
| Charge for the year | 175,330 | 72,134 | 5,794 | 117,540 | 370,799 | ||
| At 31December 2022 | 4,416,551 | 6,727,726 | 428,558 | 6,992,090 | 18,564,925 | ||
| Net book values | |||||||
| At 31December 2022 | 1,613,538 | 11,612 | 14,758 | 988,$04 | 3,330,229 | 5,958,943 | |
| At 31December 2021 | 1,788,869 | $3,745 | 10,955 | 944,718 | 31,668 | 2,859,956 |
| Listed | 2022 | 2021 | ||||
|---|---|---|---|---|---|---|
| investments | Cash | Total | Total | |||
| Group | 8 | |||||
| Cost or valuation | ||||||
| At 1 January | 21,041,126 | 932,903 | 21,974,029 | 21,170,261 | ||
| Additions | 1,870,372 | 1,870,372 | 3,384,228 | |||
| Disposals at opening book value | "v | (15,330,312) | (15,330812) | (3,740,803) | ||
| Net unrealised | (losses)/gains | (681,506) | (681,506) | 1,921,831 | ||
| Net movement | in year | (773,332) | (773,332) | (761,488) | ||
| At 31December | 6,899,680 | 159,571 | 7,059,251 | 21,974,029 | ||
| Investment | ||||||
| in subsidiary | Listed | 2022 | 2021 | |||
| The Corporation | undertaking | investments | Cash | Totalf | Total | |
| Cost or valuation | ||||||
| At I January | 500,000 | 21,041,126 | 932,903 | 22,474,029 | 21,670,261 | |
| Additions | 1,870,372 | 1,870,372 | 3,384,228 | |||
| Disposals at opening book value *v |
(15,330,312) | (15,330,312) | (3,740,803) | |||
| Net unrealised | (losses)/gains | (681,506) | (681,506) | 1,921,831 | ||
| Net movement | in year | (773,332) | (773,332) | (761,488) | ||
| At 31December | 500,000 | 6,899,680 | 159,571 | 7,559,251 | 22,474,029 |
| 2022 | 2021 | |||||
|---|---|---|---|---|---|---|
| Group | ||||||
| UK bonds | 261,838 | 264,248 | ||||
| International | bonds | 617,082 | 1,443,636 | |||
| UK equities | 1,852,574 | 8,515,039 | ||||
| International | equities | 2,657,809 | 8,360,336 | |||
| Private equity and alternatives | 1,510/77 | 2,457,867 | ||||
| Total listed | investments | 6,899,680 | 21,041,126 | |||
| Cash with investment | managers | 159,571 | 932,903 | |||
| 7,059&251 | 21,974,029 | |||||
| Historic cost oflisted investments | (excluding | cash) | 5,606,411 | 15,824,247 |
| 2022 | 2021 | |||||
|---|---|---|---|---|---|---|
| %of | %of | |||||
| Value | investment | Value | investment | |||
| 8 | portfolio | portfolio | ||||
| Trojan Investment | Funds | 540,470 | 7.83 | |||
| Findlay Park American Fund |
476,617 | 6.91 | 958,490 | 4.56 | ||
| Vanguard S&P500UCITS ETF | 452,196 | 6.55 | 610,542 | 2.90 | ||
| CG Portfolio Fund | - Capital | 407,866 | 5.91 | |||
| MU Lyxor Core US TIPS | 309,102 | 4.48 | ||||
| Robeco BPGlobal | Premium | Equities | 275,968 | 4.00 | ||
| UK Govt 0.125% | RPI IL2026 | 261,969 | 3.80 | |||
| Neuberger Bennan |
US Large | Cap | 240,240 | 3.4$ | ||
| Scbroder Asia Alpha Plus Fund | 238,386 | 3.45 | ||||
| Wellington Global |
Healthcare | 222,790 | 3.23 |
| Group | The Corporation | The Corporation | ||||
|---|---|---|---|---|---|---|
| 2022 | 2021 | 2022 | 2021 | |||
| Trade debtors | 769,490 | 560,314 | $0,487 | 79,154 | ||
| Owed by subsidiary | undertaking | 426,140 | 291,719 | |||
| Rental debtors | 651,250 | 1,240 | 651,250 | 1,240 | ||
| Other debtors | 8,022 | 3,270 | 8,112 | 3,270 | ||
| Recoverable VAT | 221,478 | 45,685 | 221,478 | 45,685 | ||
| Prepayments | and accrued income | 348,$87 | 195,540 | 320,614 | 159,200 | |
| 1,999,217 | $06,049 | 1,708,081 | 5$0,26$ |
| Group | The Corporation | The Corporation | |||||||
|---|---|---|---|---|---|---|---|---|---|
| 2022 | 2021 | 2022 | 2021 | ||||||
| g | 8 | ||||||||
| Trade and expense creditors | 567,290 | 520,029 | 118,284 | 145,135 | |||||
| Taxation | and social security | costs | 39,580 | 49,054 | 39,580 | 49,054 | |||
| Amounts | owed to | subsidiary | undertaking | ||||||
| Other creditors | 142,781 | 19,749 | 72,427 | 19,749 | |||||
| Deposits | held | 271,242 | 312,959 | ||||||
| Grants | payable | to | the | National | Church | ||||
| Institutions ofthe |
Church ofEngland | 750,000 | 1,752,000 | 750,000 | 1,752,000 | ||||
| Accruals | 1,117,117 | 631,436 | 629,138 | 458,901 | |||||
| VAT payable | 98,300 | ||||||||
| Deferred | income (see | below) | 371,431 | 13,200 | 371,431 | 13,200 | |||
| 31259,441 | 3,396,727 | 1,980)860 | 2,438,039 | ||||||
| Group | The Corporation | ||||||||
| 2022 | 2021 | 2022 | 2021 | ||||||
| Deferred | income: | 6 | |||||||
| At 1 January | 13,200 | 696,901 | 13,200 | 696,901 | |||||
| Released | in the year | (13,200) | (696,901) | (13,200) | (696,901) | ||||
| Deferred | in the year | 371,431 | 13,200 | 371,431 | 13,200 | ||||
| At 31December | 371,431 | 13,200 | 371,431 | 13,200 |