2022-03-31-accounts

CHARITY REGISTRATION NUMBER: 241403

FRIENDS OF LANCING CHAPEL

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

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

	Pages
Trustees' report	1 to 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 to 14

FRIENDS OF LANCING CHAPEL

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 MARCH 2022

The trustees present their annual report and financial statements for the year ended 31 March 2022.

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 to improvements in the electrical installations in the Chapel. Minor payments were again 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.

The contract to complete the west end, which was started in 2019, continued well into the autumn of 2021 and final works were still being done in the spring of 2022. There is a retention held over until the autumn of 2022. The Friends contributed extra funds for various finishing touches and these will also appear in the accounts for 2022-2023. The new porch itself was dedicated on 23 April 2022, completing the building of the Chapel after 154 years.

The continued enforced closure of the Chapel to public access for almost the whole of this financial year completely removed most of the usual income from visitors’ donations and sales. The annual festival was revived, however, and the level of income from the membership remained consistent. The Volunteer Guides were kept fully informed and engaged throughout the closure.

Plans for future periods

The Completion Campaign achieved its objectives and by the end of the financial year 2022 the building was finished. This has been a great boost to publicity and support. When pandemic restrictions are lifted and the Chapel is reopened in April 2022, it will be paramount to increase membership of the Charity, invite regular donations and boost the number of tourist visitors and coach parties. The Trustees will then revise their constitutional objectives from ‘completion and maintenance’ to ‘maintenance, conservation and enhancement’ of the Chapel. New members paying regular direct debits are being sought to support these aims. More tourist activity will be encouraged along with events at the Chapel. The Charity will continue to advise and assist with all aspects of the Chapel’s long-term preservation, use and public significance.

Financial review

The accounts show a deficit of £316,831 (2021: £3,867) for the year ending 31st March 2022. This reflects the costs of completion of the West End Porch. Legacies received in the year were £nil (2021: £15,000). The charity made its annual contribution of £23,900 (2021: £22,750) to the Chapel Maintenance Fund. During the year £35,804 (2021: £476,872) was received in donations from various sources. At the year-end total reserves were £167,184 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.

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FRIENDS OF LANCING CHAPEL

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 MARCH 2022

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

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.

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The Executive Commiuee of the Charity meets at lea51 ￿1¢¢ tvery ye8r. more often if necessary. De¢isioi about fundraising meth¢)ds and generdl policy are agreed at thcsc meeting5. The Charity has nonthexecutive su&¢ommillees ￿,hICh mak¢ recommendations on policy. The Sub-￿[nM1tt¢es hai authority for minor expenditure on admintstraiiNe and rouiine matters and mcct ar leasi thrce iimcs eaLh yeor. Ail major payments are discussed and Yoted on by the Exe¢uLiv¢ Comtnitle¢. Thrre were meeiiDgs by Zoom on 31 MaKh and 9 (kiobEI 2021. The Cturity holds aD AGM which receives thc accounts and elects offic¢rs trustees. This took pJa¢e on 9 Octobet 2021 by Zijom because of Covid Jrgulaiions. New trt￿lees are invi*d by the Executive Committee. They are people known to the comrnittee and having relevant expertise and experienee. The names of new trustees are put forward for ¢l¢¢tion ai ihe nexl AGM. New injstees are fully briefed about the ￿)lICieS and objecllves of the Charity. Any relevant tr&ining for their rol¢ is provid¢d by the Charity and the College. The trustc¢s' report Was approved by the Board of Tn￿. Hi5 Honour P W Birts QC Trusiee 25 July 2022

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 2022.

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

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:

1 accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or 2 the financial statements do not accord with those records; or 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: 2022 25 July

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FRIENDS OF LANCING CHAPEL

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2022

			Unrestricted	Restricted	Total	Unrestricted	Restricted	Total
			funds	funds		funds	funds
			2022	2022	2022	2021	2021	2021
	Notes		£	£	£	£	£	£
Income from:
Donations and
legacies		3	36,372	103,585	139,957	25,566	590,516	616,082
Charitable activities			-	-	-	-	-	-
Investments		4	3,848	-	3,848	4,457	-	4,457
			------------------------------	-----------------------------------	-----------------------------------	------------------------------	-----------------------------------	------------------------------
			40,220	103,585	143,805	30,023	590,516	620,539
			-----------------------------------	------------------------------	------------------------------	------------------------------	-----------------------------------	------------------------------
Expenditure on:
Charitable activities		5	363,711	103,585	467,296	68,787	590,516	659,303
			-----------------------------------	------------------------------	------------------------------	------------------------------	-----------------------------------	------------------------------
Net gains/(losses)
on investments		9	6,660	-	6,660	34,897	-	34,897
			-----------------------------------	------------------------------	------------------------------	------------------------------	-----------------------------------	------------------------------
Net movement in	funds		(316,831)	-	(316,831)	(3,867)	-	(3,867)
Fund balances at 1	April
2021			484,015	-	484,015	487,882	-	487,882
			------------------------------	-----------------------------------	------------------------------	------------------------------	-----------------------------------	------------------------------
Fund balances at	31
March 2022			167,184	-	167,184	484,015	-	484,015
			===================================	===================================	===================================	===================================	===================================	===================================

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 2022 2022 2021 Note$ Flxcd a55ets Invtstments io 173254 166,594 Current gssets Stocks Debtors Cash at bank and in hand 13 14 6,173 15.301 44,061 11.345 128.997 232,633 65.535 372,975 Creditors: amounts falling due Trlthin one yeAr Net current asset5 15 171,605) {55.554) {6,07O} 317,421 Total assets less current liAbllitles 167.184 484.015 Incorne funds Unrestritt¢d li￿d$ 167,184 484.015 167.184 484.015 The finaiiLial 5taleiiients were approved bj Ilie TrusTte5 on 25 July 2022 His EIon¢7111 P IV Birts QC

FRIENDS OF LANCING CHAPEL

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 MARCH 2022

			2022		2021
	Notes	£	£	£	£
Cash flows from operating activities
Cash absorbed by operations	17		(192,420)		(167,703)
Investing activities
Purchase of investments			-	(4,425)
Proceeds on disposal of investments			-		-
Investment income received		3,848		4,457
		------------------------------		-----------------------------------
Net cash generated from investing activities			3,848		32
Net cash used in financing activities			-		-
			-----------------------------------		-----------------------------------
Net decrease in cash and cash equivalents			(188,571)		(167,671)
Cash and cash equivalents at beginning of year			232,633		400,304
			-----------------------------------		-----------------------------------
Cash and cash equivalents at beginning of year			44,061		232,633
			===================================		===================================

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FRIENDS OF LANCING CHAPEL

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

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 constitution, 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 amounts 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 2022

1 Accounting policies

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 2022

1 Accounting policies

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 payments 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	Total	Unrestricted	Restricted	Total
		Funds	Funds		Funds	Funds	Funds
		2022	2022	2022	2021	2021	2021
		£	£	£	£	£	£
	Donations and gifts	36,372	35,804	72,176	10,566	476,872	487,438
	Legacies receivable	-	-	-	15,000	-	15,000
	Listed Places of Worship
	Grant	-	67,781	67,781	-	113,644	113,644
		------------------------------	-----------------------------------	-----------------------------------	------------------------------	-----------------------------------	-----------------------------------
		36,372	103,585	139,957	25,566	590,516	616,082
		==============================	===================================	===================================	==============================	===================================	===================================

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FRIENDS OF LANCING CHAPEL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2022

4 Investments

	Unrestricted	Unrestricted
	Funds	Funds
	2022	2021
	£	£
Income from listed investments	3,836	3,799
Interest receivable	12	658
	---------------	-------------------------
	3,848	4,457
	===============	=========================

5 Charitable activities

	Unrestricted	Restricted	Total	Unrestricted	Restricted	Total
	Funds	Funds		Funds	Funds	2021
	2022	2022	2022	2021	2021
	£	£	£	£	£	£
Maintenance fund	23,900	-	23,900	22,750	-	22,750
Cost of sales	5,172	-	5,172	-	-	-
West Porch Costs	317,388	103,585	420,973	33,728	590,516	624,244
	------------------------------	-----------------------------------	-----------------------------------	------------------------------	-----------------------------------	-----------------------------------
	346,460	103,585	450,045	56,478	590,516	646,994
Share of support
costs (see note 7)	17,251	-	17,251	12,309	-	12,309
	------------------------------	-----------------------------------	-----------------------------------	------------------------------	-----------------------------------	-----------------------------------
	363,711	103,585	467,296	68,787	590,516	659,303
	==============================	===================================	===================================	==============================	===================================	===================================
Analysis by fund
Unrestricted funds	363,711	-	363,711	68,787	-	68,787
Restricted funds	-	103,585	103,585	-	590,516	590,516
	------------------------------	-----------------------------------	-----------------------------------	------------------------------	-----------------------------------	-----------------------------------
	363,711	103,585	467,296	68,787	590,516	659,303
	==============================	===================================	===================================	==============================	===================================	===================================

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FRIENDS OF LANCING CHAPEL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2022

6 Support costs

	Support	Governance	2022	Support	Governance	2021
	costs	costs		costs	costs
	£	£	£	£	£	£
General Office	1,886	-	1,886	6,908	-	6,908
Travel and subsistence	1,132	-	1,132	-	-	-
Accountancy fees	420	2,200	2,620	1,500	1,600	3,100
Conservation	4,000	-	4,000	-	-	-
Advertising	2,285	-	2,285	1,007	-	1,007
Printing, postage and
stationery	5,035	-	5,035	-	-	-
Bank charges	293	-	293	1,294	-	1,294
	------------------------------	-----------------------------------	-----------------------------------	------------------------------	-----------------------------------	-----------------------------------
	15,051	2,200	17,251	10,709	1,600	12,309
	==============================	===================================	===================================	==============================	===================================	===================================
Analysed between
Charitable activities	15,051	2,200	17,251	10,709	1,600	12,309
	==============================	===================================	===================================	==============================	===================================	===================================

Accountancy fees include payments to the independent examiner of £2,620 (2021: £3,100). Included in this figure is £420 (2021: £1,500) relating to the provision of non-independent examination services.

7 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

8 Employees

The average monthly number of employees during the year was:

	2022	2021
	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.

9 Net gains/(losses) on investments

	Unrestricted		Unrestricted
	funds		funds
	2022		2021
		£	£
Revaluation of investments	6,660		34,897
	==============================		==============================

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FRIENDS OF LANCING CHAPEL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2022

10 Fixed asset investments

	Listed
	investments
	£
Cost or valuation
At 1 April 2021	166,594
Additions	-
Valuation changes	6,660
	-----------------------------------
At 31 March 2022	173,254
	----------------------------------
Carrying amount
At 31 March 2022	173,254
	==============================
At 31 March 2021	166,594
	==============================

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 (2021: £132,517).

11 Financial instruments

		2022	2021
		£	£
	Carrying amount of financial assets
	Instruments measured at fair value through profit or loss	173,254	127,372
		==============================	==============================
12	Stocks
		2022	2021
		£	£
	Goods for resale	6,173	11,345
		==============================	==============================
13	Debtors
		2022	2021
		£	£
	Other debtors	12,932	128,599
	Prepayments and accrued income	2,369	398
		------------------------------	-------------------------
		15,301	128,997
		==============================	=========================

Other debtors includes a grant due from the Department for Digital, Culture, Media & Sport of £113 (2021: £113,644).

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FRIENDS OF LANCING CHAPEL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2022

15 Creditors: amounts falling due within one year

		2022	2021
		£	£
	Amounts owed to related parties	35,119	-
	Accruals and deferred income	36,486	55,554
		-------------------------	-------------------------
		71,605	55,554
		=========================	=========================
16	Related party transactions
		2022	2021
		£	£
	Amounts owed to related parties
	Lancing College	35,119	-
		=========================	=========================

On occasion Lancing College, a school which shares grounds and administration services with the charity, pays for goods and services on the charity's behalf. The amount owed in respect of goods and services at the year-end was £35,119 (2021: £nil).

17 Cash generated from operations

	2022	2021
	£	£
Deficit for the year	(316,831)	(3,867)
Adjustments for:
Investment income recognised in statement of financial activities	(3,848)	(4,457)
Fair value gains and losses on investments	(6,660)	(34,897)
Movements in working capital
(Increase)/decrease in stocks	5,172	-
(Increase)/decrease in debtors	113,696	(103,982)
(Decrease)/increase in creditors	16,051	(20,500)
	-------------------------	-------------------------
	(192,420)	(167,703)
	=========================	=========================

18 Analysis of changes in net funds

The charity had no debt during the year.

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