Charity registration number 241403
FRIENDS OF LANCING CHAPEL
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
FRIENDS OF LANCING CHAPEL
LEGAL AND ADMINISTRATIVE INFORMATION
| Trustees | His Honour P W Birts QC |
|---|---|
| R J Tomlinson | |
| P Bulman | |
| R M Reeve | |
| C Reeve | |
| R Ebdon | |
| D A Kemp | |
| D T Oliver | |
| The Revd R P Harrison | |
| S Linfield | |
| C M F Brooker | |
| C A Barley | |
| Dr I Gough | |
| The Revd J Meyrick | |
| The Revd J Lawson | |
| R Hannam | |
| I Ward | |
| V Chapman | |
| Dr D A Kerney | |
| The Venerable P Jones | |
| J Alun-Jones | |
| Charity number | 241403 |
| Independent examiner | John Pudduck FCCA |
| Martlet House | |
| E1, Yeoman Gate | |
| Yeoman Way | |
| Worthing | |
| West Sussex | |
| BN13 3QZ |
FRIENDS OF LANCING CHAPEL
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 3 |
| Independent examiner's report | 4 |
| Statement of financial activities | 5 |
| Balance sheet | 6 |
| Statement of cash flows | 7 |
| Notes to the financial statements | 8 - 14 |
FRIENDS OF LANCING CHAPEL
TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2021
The trustees present their annual report and financial statements for the year ended 31 March 2021.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's constitution, the Charities Act 2011 and "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) " (effective 1 January 2019 ).
Objectives and activities
The aims of the Charity are the completion and maintenance of the fabric of the Chapel of SS Mary and Nicolas, Lancing College. In addition to being open to the public, the Chapel is used daily by Lancing College and occasionally by other Woodard Schools and the Diocese of Chichester.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
Achievements and performance
The Charity continued to make substantial contributions to routine maintenance and specific on-going conservation work. The recommended actions of the 2019 Quinquennial Report are being carried out in phases, in collaboration with the College. The Charity also contributed significant improvements in health and safety and fire escape provisions. Minor payments were also made for the conservation of valuable artefacts. The continuation of the Chapel Completion Appeal and related publications and events added to annual administration costs in this financial year.
Having secured all necessary permissions for the new design for the completion of the West End and a negotiated figure for the works, an appeal was launched in September 2019 for the outstanding balance of the contract sum (£350,000). The contract was signed in November 2019 and construction was due to begin on site in April 2020. The C OVID-19 pandemic and the first government lockdown caused a delay but it proved possible to go ahead. In spite of other interruptions, the success of the appeal and careful project management meant that significant progress had been made by March 2021.
The enforced closure of the Chapel to public access for almost the whole of this financial year completely removed the usual income from visitors’ donations and sales. There was no annual festival but the level of income from the membership remained consistent. Several charitable trusts and grant-making bodies contributed to the appeal. The Volunteer Guides were kept fully informed and engaged throughout the closure.
Financial review
The accounts show a deficit of £3,867 (2020: £117,826) for the year ending 31st March 2021. Legacies received in the year were £15,000 (2020: £91,566). The charity made its annual contribution of £22,750 (2020: £21,700) to the Chapel Maintenance Fund. We have during the year received £476,872 (2020: £195,794) in donations from various sources particularly for the completion of the West End project, which was all expensed during the year. At the year-end total reserves were £484,015 all of which are unrestricted and available for general expenditure. It should be noted that some of these funds will support the completion of the West End of the Chapel Project.
It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity ’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.
The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
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FRIENDS OF LANCING CHAPEL
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
Structure, governance and management
The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated.
The charity was established in 1946 and was registered with the Charity Commission in 1965 (Number 241403). A written constitution was adopted on behalf of the Members on 23 June 1998.
The trustees who served during the year and up to the date of signature of the financial statements were: His Honour P W Birts QC
R J Tomlinson P Bulman R M Reeve C Reeve R Ebdon D A Kemp D T Oliver The Revd R P Harrison S Linfield C M F Brooker C A Barley Dr I Gough The Revd J Meyrick The Revd J Lawson R Hannam I Ward V Chapman Dr D A Kerney The Venerable P Jones J Alun-Jones
The Executive Committee are elected on an annual basis with the Officers being elected from the membership of the Executive Committee. In normal circumstances the Annual General Meeting is held during the Annual Festival at which such elections are made.
The charity is organised as an independent association of individuals interested in the maintenance and completion of Lancing Chapel in West Sussex. The members appoint the Executive Committee who have the right to co-opt nominated members for their particular expertise.
The Executive Committee of the Charity meets at least twice every year, more often if necessary. Decisions about fundraising methods and general policy are agreed at these meetings. The Charity has two non-executive sub-committees which make recommendations on policy. The sub-committees have authority for minor expenditure on administrative and routine matters. All major payments are discussed and voted on by the Executive Committee. There were meetings by Zoom on 23 September 2020 and 31 March 2021. The Charity holds an AGM which receives the accounts and elects officers and trustees. This took place on 15 October 2020 by Zoom because of Covid regulations.
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FRIENDS OF LANCING CHAPEL
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
New trustees are invited by the Executive Committee. They are people known to the committee and having relevant expertise and experience. The names of new trustees are put forward for election at the next AGM. New trustees are fully briefed about the policies and objectives of the Charity. Any relevant training for their role is provided by the Charity and the College.
The trustees' r eport was approved by the Board of Trustees.
His Honour P W Birts QC Trustee
6 May 2022
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FRIENDS OF LANCING CHAPEL
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF FRIENDS OF LANCING CHAPEL
I report to the trustees on my examination of the financial statements of Friends of Lancing Chapel (the charity) for the year ended 31 March 2021.
Responsibilities and basis of report
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).
I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act . In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of , which is one of the listed bodies.
Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.
I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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1 accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
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2 the financial statements do not accord with those records; or
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3 the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
John Pudduck FCCA
Martlet House E1, Yeoman Gate Yeoman Way Worthing West Sussex BN13 3QZ
Dated: 6 May 2022
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FRIENDS OF LANCING CHAPEL
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2021
| Unrestricted Restricted funds funds 2021 2021 Notes £ £ Income from: Donations and legacies 3 25,566 590,516 Charitable activities 4 - - Investments 5 4,457 - Total income 30,023 590,516 Expenditure on: Charitable activities 6 68,787 590,516 Net gains/(losses) on investments 10 34,897 - Net movement in funds (3,867) - Fund balances at 1 April 2020 487,882 - Fund balances at 31 March 2021 484,015 - |
Total Unrestricted Restricted Total funds funds 2021 2020 2020 2020 £ £ £ £ 616,082 109,403 195,794 305,197 - 6,009 - 6,009 4,457 8,256 - 8,256 620,539 123,668 195,794 319,462 659,303 159,397 268,135 427,532 34,897 (9,756) - (9,756) (3,867) (45,485) (72,341) (117,826) 487,882 533,367 72,341 605,708 484,015 487,882 - 487,882 |
|---|---|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
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FRIENDS OF LANCING CHAPEL
BALANCE SHEET
AS AT 31 MARCH 2021
| Notes Fixed assets Investments 11 Current assets Stocks 13 Debtors 14 Cash at bank and in hand Creditors: amounts falling due within one year 15 Net current assets Total assets less current liabilities Income funds Unrestricted funds |
2021 £ 11,345 128,997 232,633 372,975 (55,554) |
£ 166,594 317,421 484,015 484,015 484,015 |
2020 £ 11,345 25,015 400,304 436,664 (76,054) |
£ 127,272 360,610 487,882 487,882 487,882 |
|---|---|---|---|---|
The financial statements were approved by the Trustees on 6 May 2022
His Honour P W Birts QC Trustee
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FRIENDS OF LANCING CHAPEL
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2021
| Notes Cash flows from operating activities Cash absorbed by operations 17 Investing activities Purchase of investments Proceeds on disposal of investments Investment income received Net cash generated from investing activities Net cash used in financing activities Net (decrease)/increase in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year |
2021 £ £ (167,703) (4,425) - 4,457 32 - (167,671) 400,304 232,633 |
2020 £ (95,461) 299,595 8,256 |
£ (67,782) 212,390 - 144,608 255,696 400,304 |
|---|---|---|---|
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FRIENDS OF LANCING CHAPEL
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
1 Accounting policies
Charity information
Friends of Lancing Chapel is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is Lancing College, Lancing, West Sussex.
1.1 Accounting convention
The financial statements have been prepared in accordance with the charity's constituion , the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.
The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling , which is the functional currency of the charity . Monetary a mounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include investments and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
1.4 Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
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FRIENDS OF LANCING CHAPEL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
1 Accounting policies
(Continued)
1.5 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.
Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
1.6 Fixed asset investments
Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year . Transaction costs are expensed as incurred.
1.7 Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell . Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost.
Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.
1.8 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9 Financial instruments
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity 's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
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FRIENDS OF LANCING CHAPEL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
1 Accounting policies
(Continued)
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future p aymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the charity ’s contractual obligations expire or are discharged or cancelled.
2 Critical accounting estimates and judgements
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3 Donations and legacies
| Unrestricted Restricted funds funds 2021 2021 £ £ Donations and gifts 10,566 476,872 Legacies receivable 15,000 - Listed Places of Worship Grant - 113,644 25,566 590,516 |
TotalUnrestricted Restricted funds funds 2021 2020 2020 £ £ £ 487,438 17,837 195,794 15,000 91,566 - 113,644 - - 616,082 109,403 195,794 |
Total 2020 £ 213,631 91,566 - 305,197 |
|---|---|---|
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FRIENDS OF LANCING CHAPEL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
4 Charitable activities
| Unrestricted | ||
|---|---|---|
| Funds | ||
| 2020 | ||
| £ | ||
| Chapel sales (nil in 2020/21 due to the pandemic) | 6,009 | |
| Investments | ||
| Unrestricted | Unrestricted | |
| funds | funds |
|
| 2021 | 2020 |
|
| £ | £ |
|
| Income from listed investments | 3,799 | 6,223 |
| Interest receivable | 658 | 2,033 |
| 4,457 | 8,256 |
5 Investments
6 Charitable activities
| Unrestricted funds Restricted funds 2021 2021 £ £ Maintenance fund 22,750 - Cost of sales - - West Porch Costs 33,728 590,516 56,478 590,516 Share of support costs (see note 7) 12,309 - 68,787 590,516 Analysis by fund Unrestricted funds 68,787 - Restricted funds - 590,516 68,787 590,516 |
Total 2021 Unrestricted funds Restricted funds 2020 2020 £ £ £ 22,750 21,700 - - 1,025 - 624,244 120,063 268,135 646,994 142,788 268,135 12,309 16,609 - 659,303 159,397 268,135 68,787 159,397 - 590,516 - 268,135 659,303 159,397 268,135 |
Total 2020 £ 21,700 1,025 388,198 410,923 16,609 427,532 159,397 268,135 427,532 |
|---|---|---|
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FRIENDS OF LANCING CHAPEL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
7 Support costs
| Support costs Governance costs £ £ General Office 6,908 - Travel and Subsistence - - Accountancy fees 3,100 - Conservation - - Advertising 1,007 - Printing, postage, and stationery - - Bank charges 1,294 - 12,309 - Analysed between Charitable activities 12,309 - |
2021 Support costs Governance costs £ £ £ 6,908 5,133 - - 286 - 3,100 1,600 - - 2,400 - 1,007 3,456 - - 3,467 - 1,294 267 - 12,309 16,609 - 12,309 16,609 - |
2020 £ 5,133 286 1,600 2,400 3,456 3,467 267 16,609 16,609 |
|---|---|---|
Support costs includes payments to the independent examiner's of £3,100 (2020- £1,600). Included in this figure is £1,500 which relates to the provision of non-independent examination services (2020- £0).
8 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
9 Employees
The average monthly number of employees during the year was:
| 2021 | 2020 | |
|---|---|---|
| Number | Number | |
| Total | - | - |
There were no employees during the year. The trustees gave their time without receiving any benefits and Lancing College provided administration services without charging the charity.
10 Net gains/(losses) on investments
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2021 | 2020 | |
| £ | £ | |
| Revaluation of investments | 34,897 | (9,756) |
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FRIENDS OF LANCING CHAPEL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
11 Fixed asset investments
| Listed | |
|---|---|
| investments | |
| £ | |
| Cost or valuation | |
| At 1 April 2020 | 127,272 |
| Additions | 4,425 |
| Valuation changes | 34,897 |
| At 31 March 2021 | 166,594 |
| Carrying amount | |
| At 31 March 2021 | 166,594 |
| At 31 March 2020 | 127,272 |
Fixed asset investments revalued
Fixed asset investments are measured at fair value through the income and expenditure account .
Basis for valuation is the mid-market price at each reporting date as provided by Interactive Data (Europe) Ltd.
The historic cost of fixed asset investments at the reporting date is £132,517 (20 20 : £128,198).
| 12 Financial instruments Carrying amount of financial assets Instruments measured at fair value through profit or loss 13 Stocks Goods for resale 14 Debtors Amounts falling due within one year: Other debtors Prepayments and accrued income |
2021 £ 166,594 2021 £ 11,345 2021 £ 128,599 398 128,997 |
2020 £ 127,272 2020 £ 11,345 2020 £ 23,713 1,302 25,015 |
|---|---|---|
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FRIENDS OF LANCING CHAPEL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
14 Debtors (Continued)
Other debtors includes a grant due from the Department for Digital, Culture, Media & Sport of £113,644 which has been received since the year-end.
15 Creditors: amounts falling due within one year
| Creditors: amounts falling due within one year | ||
|---|---|---|
| 2021 | 2020 | |
| £ | £ | |
| Accruals and deferred income | 55,554 | 76,054 |
16 Related party transactions
T he following amounts were outstanding at the reporting end date:
| Amounts owed to | related | |
|---|---|---|
| parties | ||
| 2021 | 2020 | |
| £ | £ | |
| Key management personnel | - | 30,000 |
A loan was made to the charity by a trustee in 2020 for £30,000. No formal terms were in-place, and no interest was charged. The loan was repaid during the period.
17 Cash generated from operations
| 17 | Cash generated from operations | 2021 | 2020 |
| £ | £ | ||
| Deficit for the year | (3,867) | (117,826) | |
| Adjustments for: | |||
| Investment income recognised in statement of financial activities | (4,457) | (8,256) | |
| Fair value gains and losses on investments | (34,897) | 9,756 | |
| Movements in working capital: | |||
| (Increase)/decrease in stocks | - | 978 | |
| (Increase) in debtors | (103,982) | (9,546) | |
| (Decrease)/increase in creditors | (20,500) | 57,112 | |
| Cash absorbed by operations | (167,703) | (67,782) | |
| 18 | Analysis of changes in net funds |
The charity had no debt during the year.
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