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|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|
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|||||||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|||||||
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||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|
##
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|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|
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|||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|
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||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|
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|||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|
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||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|
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||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|
##
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||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|
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||||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|
##
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|||||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|||
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||||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$0,26$|
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|||||||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|