| Page | |||
|---|---|---|---|
| Report ofthe Trustees | 1 | to | 11 |
| Report ofthe Independent Auditors |
12 | to | 14 |
| Statement ofFinancial Activities | 15 | ||
| Statement ofFinancial Position | 16 | ||
| Statement ofCash Flows | 17 | ||
| Notes to the Statement ofCash Flows | |||
| Notes to the Financial Statements | 19 | to | 31 |
| 2021 | 2020 | |||||
|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | Total | |||
| funds | funds | funds | funds | |||
| Notes | ||||||
| INCOME AND ENDOWMENTS FROM | ||||||
| Donations and legacies |
6,173 | 6,173 | 4,959 | |||
| Other income | 209,067 | 209,067 | 221,630 | |||
| Investment income |
155,758 | 155,758 | 141,357 | |||
| Gain on sale ofproperty | 84,482 | 84,482 | 338,650 | |||
| Total | 455,480 | 455,480 | 706,596 | |||
| EXPENDITURE ON | ||||||
| Charitable activities |
||||||
| Retreats and formations | 5,919 | 5,919 | 3,521 | |||
| Missions | 16,135 | 16,135 | 19,914 | |||
| Office expenditure | 13,241 | 13,241 | 12,167 | |||
| Motor and Travel expenditure | 27,850 | 27,850 | 35,377 | |||
| Donations and gifts |
11,826 | 11,826 | 18,050 | |||
| Establishment costs |
171,150 | 171,150 | 158,698 | |||
| Support costs | 298,840 | 298,840 | 295,256 | |||
| Total | 544,961 | 544,961 | 542,983 | |||
| Net gains on investments | 508,710 | 508,710 | 49,326 | |||
| NET INCOME | 419,229 | 419,229 | 212,939 | |||
| RECONCILIATION | OF FUNDS | |||||
| Total funds brought | forward | 6,338,510 | 566,891 | 6,905,401 | 6,692,462 | |
| TOTAL FUNDS CARRIED FORWARD | 6,757,739 | 566,891 | 7,324,630 | 6,905,401 |
| 2021 | 2020 | |||||
|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | Total | |||
| funds | funds | funds | funds | |||
| Notes | ||||||
| FIXEDASSETS | ||||||
| Tangible assets |
12 | 1,495,047 | 560,000 | 2,055,047 | 2,233,285 | |
| Investments | 13 | 4,622,323 | 4,622,323 | 4,142,553 | ||
| 6,117,370 | 560,000 | 6,677,370 | 6,375,838 | |||
| CURRENT ASSETS | ||||||
| Debtors | 48,341 | 48,341 | 86,853 | |||
| Cash at bank and in hand | 700,257 | 6,891 | 707,148 | 592,330 | ||
| 748,598 | 6,891 | 755,489 | 679,183 | |||
| CREDITORS | ||||||
| Amounts falling due within one year |
15 | (101,333) | (101,333) | (149,620) | ||
| NET CURRENT ASSETS | 647,265 | 6,891 | 654,156 | 529,563 | ||
| TOTAL ASSETSLESSCURRENT | ||||||
| LIABILITIES | 6,764,635 | 566,891 | 7,331,526 | 6,905,401 | ||
| CREDITORS | ||||||
| Amounts falling due after more than one year |
16 | (6,896) | (6,896) | |||
| NET ASSETS | 6,757,739 | 566,891 | 7,324,630 | 6,905,401 | ||
| FUNDS | 19 | |||||
| Unrestricted funds: |
||||||
| General fund | 2,059,118 | 2,109,868 | ||||
| Retirement Reserve Fund |
3,728,786 | 3,316,534 | ||||
| Care and Development | Fund | 969,835 | 912,108 | |||
| 6,757,739 | 6,338,510 | |||||
| Restricted funds | 566,891 | 566,891 | ||||
| TOTAL FUNDS | 7,324,630 | 6,905,401 |
| 2021 | 2020 | ||||||
|---|---|---|---|---|---|---|---|
| Notes | |||||||
| Cash flows from operating activities |
|||||||
| Cash generated Rom operations |
(140,245) | (68,136) | |||||
| Interest paid | (244) | (5,130) | |||||
| Net cash used in operating | activities | (140,489) | (73,266) | ||||
| Cash flows from investing | activities | ||||||
| Purchase oftangible fixed assets Purchase offixed asset investments Sale oftangible fixed assets |
(19,699) (710,559) 228,075 |
(79,099) (780,288) 811,700 |
|||||
| Sale offixed asset investments | 740,042 | 804,756 | |||||
| Sale ofsocial investments | 27,999 | ||||||
| Loan repayments received |
43,825 | ||||||
| Interest received | 48 | 2,109 | |||||
| Net cash provided by investing activities |
281,732 | 787,177 | |||||
| Cash flows from financing | activities | ||||||
| New loans in year | 50,000 | ||||||
| Loan repayments in year |
(642,275) | ||||||
| Capital repayments in year |
(953) | ||||||
| Grants received | 1,592 | ||||||
| Net cash used in financing | activities | (953) | (590,683) | ||||
| Change in cash and cash | equivalents | in | |||||
| the reporting period |
140,290 | 123,228 | |||||
| Cash and cash equivalents | at the | ||||||
| beginning ofthe reporting |
period | 497,755 | 374,652 | ||||
| Cash in cash and cash equivalents | due to | ||||||
| exchange rate movements | 56 | (125) | |||||
| Cash and cash equivalents | at the end | of | |||||
| the reporting period |
638,101 | 497,755 |
| 1. | RECONCILIATION | OF NKT INCOME TO | OF NKT INCOME TO | NET CASH FLOW FROM | NET CASH FLOW FROM | OPERATING ACTIVITIES | OPERATING ACTIVITIES |
|---|---|---|---|---|---|---|---|
| 2021 | 2020 | ||||||
| Net income for the reporting | period (as per the Statement ofFinancial | ||||||
| Activities) | 419,229 | 212,939 | |||||
| Adjustments for: |
|||||||
| Depreciation charges |
69,530 | 75,452 | |||||
| Gain on investments | (486,332) | (94,442) | |||||
| Profit on disposal offixed assets | (89,423) | (339,538) | |||||
| Interest received | (48) | (2,109) | |||||
| Interest paid | 244 | 5,130 | |||||
| Gain/(loss) on disposal |
ofinvestments | (22,921) | 16,992 | ||||
| Loss on foreign exchange | (543) | 28,124 | |||||
| Grants received | (1,592) | ||||||
| (Increase)/decrease in |
debtors | (4,826) | 10,953 | ||||
| (Decrease)/increase in |
creditors | (25,155) | 19,955 | ||||
| Net cash used in operations | (140,245) | (68,136) | |||||
| 2. | ANALYSIS OF CASH AND | CASH EQUIVALENTS | |||||
| 2021 | 2020 | ||||||
| Cash in hand | 2,846 | 694 | |||||
| Notice deposits (less than 3 months) | 704,302 | 591,636 | |||||
| Overdrafts included in |
bank loans and overdrafts | falling due within | one year | (69,047) | (94,575) | ||
| Total cash and cash equivalents | 638,101 | 497,755 | |||||
| 3. | ANALYSIS OF CHANGES IN NET FUNDS |
| Other | ||||
|---|---|---|---|---|
| non-cash | ||||
| At 1.1.21 | Cash flow | changes | At 31.12.21 | |
| Net cash | ||||
| Cash at bank | ||||
| and in hand | 592,330 | 114,818 | 707,148 | |
| Bank overdraft | (94,575) | 25,528 | (69,047) | |
| 497,755 | 140,346 | 638,101 | ||
| Debt | ||||
| Finance leases | 953 | (12,995) | (9,292) | |
| 953 | (12,995) | (9,292) | ||
| Total | 497,755 | 141,299 | (12,995) | 628,809 |
| 3. | DONATIONS | AND LEGACIES | ||
|---|---|---|---|---|
| 2021 | 2020 | |||
| Donations | 6,173 | 4,959 | ||
| 4. | OTHERINCOME | |||
| 2021 | 2020 | |||
| Covenanted income |
209,067 | 220,038 | ||
| Government grants |
1,592 | |||
| 209,067 | 221,630 | |||
| 5. | INVESTMENT INCOME | |||
| 2021 | 2020 | |||
| Rents received | 1,300 | 1,600 | ||
| Dividends and |
interest | 154,410 | 137,648 | |
| Bank interest | 48 | 2,109 | ||
| 155,758 | 141,357 | |||
| 6. | CHARITABLE ACTIVITIES COSTS | |||
| Direct | ||||
| Costs | ||||
| Retreats and formations | 5,919 | |||
| Missions | 16,135 | |||
| Of6ce expenditure | 13,241 | |||
| Motor and Travel expenditure | 27,850 | |||
| Donations and |
gifts | 11,826 | ||
| Establishment | costs | 171,150 | ||
| 246,121 |
| SUPPORT COSTS | ||||||
|---|---|---|---|---|---|---|
| Governance | ||||||
| Finance | Other | costs | Totals | |||
| Other resources expended | 1,976 | 161,206 | 135,658 | 298,840 | ||
| Support costs, included | in the above, are as follows: | |||||
| 2021 | 2020 | |||||
| Other | ||||||
| resources | Total | |||||
| expended | activities | |||||
| Bank charges | 1732 | 2,190 | ||||
| Interest payable and similar charges |
244 | 5,130 | ||||
| Wages | 41,722 | 55,023 | ||||
| Postage and stationery | 13,241 | 12,167 | ||||
| Loss on foreign exchange | 27,998 | |||||
| Establishment costs |
9,930 | (264) | ||||
| Investment managers |
fees | 31,724 | 28,903 | |||
| Depreciation oftangible | fixed assets | 69,530 | 75,452 | |||
| Profit on sale oftangible | fixed assets | (4,941) | (888) | |||
| Auditors' remuneration |
11,310 | 16,860 | ||||
| Book keeping | 5,800 | 9,432 | ||||
| Legal fees | 32,100 | 29,413 | ||||
| Strategic and financial | advice | 86,448 | 33,840 | |||
| 298,840 | 295,256 |
| 9. | STAFF COSTS | |||||
|---|---|---|---|---|---|---|
| 2021 | 2020 | |||||
| Wages and salaries | 41,722 | 55,023 | ||||
| 41,722 | 55,023 | |||||
| The average monthly | number ofemployees | during the year was as follows: | ||||
| 2021 | 2020 | |||||
| Administration and support |
3 | 3 | ||||
| No employees received emoluments |
in excess off60,000. | |||||
| 10. | COMPARATIVKS | FOR THE STATEMENT OF FINANCIAL ACTIVITIES | ||||
| Unrestricted | Restricted | Total | ||||
| funds | funds | funds | ||||
| INCOME AND ENDOWMENTS | FROM | |||||
| Donations and legacies |
4,959 | 4,959 | ||||
| Other income | 221,630 | 221,630 | ||||
| Investment income |
141,316 | 41 | 141,357 | |||
| Gain on sale ofproperty | 338,650 | 338,650 | ||||
| Total | 706,555 | 41 | 706,596 | |||
| EXPENDITURE ON | ||||||
| Charitable activities |
||||||
| Retreats and formations | 3,521 | 3,521 | ||||
| Missions | 19,914 | 19,914 | ||||
| Office expenditure | 12,167 | 12,167 | ||||
| Motor and Travel expenditure | 35,377 | 35,377 | ||||
| Donations and gifts |
18,050 | 18,050 | ||||
| Establishment costs |
158,698 | 158,698 | ||||
| Support costs | 295,256 | 295,256 | ||||
| Total | 542,983 | 542,983 | ||||
| Net gains on investments | 49,326 | 49,326 | ||||
| NET INCOME | 212,898 | 41 | 212,939 | |||
| RECONCILIATION | OF FUNDS | |||||
| Total funds brought | forward | 6,125,612 | 566,850 | 6,692,462 |
| 10. | COMPARATIVES FOR THK STATEMENT OF FINANCIAL ACTIVITIES -continued | COMPARATIVES FOR THK STATEMENT OF FINANCIAL ACTIVITIES -continued | COMPARATIVES FOR THK STATEMENT OF FINANCIAL ACTIVITIES -continued | |
|---|---|---|---|---|
| Unrestricted | Restricted | Total | ||
| fimds | funds | funds | ||
| TOTAL FUNDS CARRIED FORWARD | 6,338,510 | 566,891 | 6,905,401 | |
| 11. | AUDITORS' RK1VHPKRATION | |||
| During the year remuneration of$16,860(2019:$19,674) |
was paid to the auditors ofthe charity. | |||
| 12. | TANGIBLE FIXEDASSETS |
| TANGIBLE FIXEDASSETS | |||
|---|---|---|---|
| Fixtures | |||
| Freehold | Leasehold | and | |
| property | property | fittings | |
| COST | |||
| At 1 January 2021 | 582,950 | 1,755,321 | 175,232 |
| Additions | 5,449 | ||
| Disposals | (172,858) | ||
| At 31December 2021 | 410,092 | 1,755,321 | 180,681 |
| DEPRECIATION | |||
| At 1 January 2021 | 131,154 | 66,000 | 123,982 |
| Charge for year | 11,659 | 34,000 | 7,688 |
| Eliminated on disposal |
(37,340) | ||
| At 31December 2021 | 105,473 | 100,000 | 131,670 |
| NKT BOOK VALUE | |||
| At 31December 2021 | 304,619 | 1,655,321 | 49,011 |
| At 31December 2020 | 451,796 | 1,689,321 | 51,250 |
| TANGIBLE FIXEDASSETS - continued | |||
|---|---|---|---|
| Motor | Computer | ||
| vehicles | equipment | Totals | |
| COST | |||
| At 1 January 2021 | 142,684 | 7,180 | 2,663,367 |
| Additions | 24,495 | 29,944 | |
| Disposals | (35,220) | (208,078) | |
| At 31 December 2021 | 131,959 | 7,180 | 2,485,233 |
| DEPRECIATION | |||
| At 1 January 2021 | 102,385 | 6,561 | 430,082 |
| Charge for year | 15,891 | 292 | 69,530 |
| Eliminated on disposal |
(32,086) | (69,426) | |
| At 31December 2021 | 86,190 | 6,853 | 430,186 |
| NET BOOK VALUE | |||
| At 31December 2021 | 45,769 | 327 | 2,055,047 |
| At 31December 2020 | 40,299 | 619 | 2,233,285 |
| Freehold property | consists offour properties | in the following | locations:- | |
|---|---|---|---|---|
| Liverpool | 285,092 | |||
| Porthmadog | 125,000 | |||
| 410,092 |
| FIXEDASSET INVESTMKNTS | ||||
|---|---|---|---|---|
| Shares | in | |||
| gloup | Listed | |||
| undertakings | investments | Totals | ||
| MARKET VALUE | ||||
| At 1 January 2021 | 4,142,552 | 4,142,553 | ||
| Additions | 710,559 | 710,559 | ||
| Dispo sais | (717,121) | (717,121) | ||
| Revaluations | 486,332 | 486,332 | ||
| At 31December 2021 | 4,622,322 | 4,622,323 | ||
| NET BOOK VALUE | ||||
| At 31December 2021 | 1 | 4,622,322 | 4,622,323 | |
| At 31December 2020 | 1 | 4,142,552 | 4,142,553 |
| DEBTORS | ||
|---|---|---|
| 2021 | 2020 | |
| Amounts falling due within one year: |
||
| Amounts owed by group undertakings |
13,596 | 19,275 |
| Other debtors Social security and other taxes |
21,013 652 |
53,879 |
| Prepayments and accrued income |
11,880 | 13,699 |
| 47,141 | 86,853 | |
| Amounts falling due after more than one year: |
||
| Other debtors | 1,200 | |
| Aggregate amounts |
48,341 | 86,853 |
| CREDITORS: AMOUNTS FALLING DUK WITHIN ONK YEAR | ||
| 2021 | 2020 | |
| Bank loans and overdrafts (see note 17) |
69,047 | 94,575 |
| Hire purchase (see note 18) | 2,396 | |
| Creditors Social security and other taxes |
3,856 10,944 |
|
| Other creditors (see note 19) Accrued expenses |
6,886 23,004 |
7,881 32,364 |
| 101,333 | 149,620 |
| 16. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE | CREDITORS: AMOUNTS FALLING DUE AFTER MORE | CREDITORS: AMOUNTS FALLING DUE AFTER MORE | CREDITORS: AMOUNTS FALLING DUE AFTER MORE | THAN ONE | YEAR | |
|---|---|---|---|---|---|---|---|
| 2021 | 2020 | ||||||
| Hire purchase (see | note 18) | 6,896 | |||||
| 17. | LOANS | ||||||
| An analysis ofthe maturity | ofloans is given | below: | |||||
| 2021 | 2020 | ||||||
| Amounts falling due within one year on demand: |
|||||||
| Bank overdrafts | 69,047 | 94,575 | |||||
| 18. | LEASING AGREEMENTS | ||||||
| Minimum lease payments |
under hire purchase | fall due as follows: | |||||
| 2021 | 2020 | ||||||
| Net obligations repayable: |
|||||||
| Within one year | 2,396 | ||||||
| Between one and five years | 6,896 | ||||||
| 9,292 | |||||||
| 19. | MOVEMKNT IN | FUNDS | |||||
| Net | Transfers | ||||||
| movement | between | At | |||||
| At 1.1.21 | in funds | funds | 31.12.21 | ||||
| Unrestricted funds |
|||||||
| General fund | 2,109,869 | (244,434) | 193,683 | 2,059,118 | |||
| Retirement Reserve |
Fund | 3,316,533 | 594,202 | (181,949) | 3,728,786 | ||
| Care and Development Fund |
912,108 | 69,461 | (11,734) | 969,835 | |||
| 6,338,510 | 419,229 | 6,757,739 | |||||
| Restricted funds |
|||||||
| Sisters | 566,886 | 566,886 | |||||
| Retirement Property |
Fund | 5 | 5 | ||||
| 566,891 | 566,891 | ||||||
| TOTAL FUNDS | 6,905,401 | 419,229 | 7,324,630 |
| Net movement in funds, |
included | included | in the above are as follows: | |||
|---|---|---|---|---|---|---|
| Incoming | Resources | Gains and | Movement | |||
| resources | expended | losses | in funds | |||
| Unrestricted funds |
||||||
| General fund Retirement Reserve Fund Care and Development Fund |
301,070 119,756 34,654 |
(544,961) | (543) 474,446 34,807 |
(244,434) 594,202 69,461 |
||
| 455,480 | (544,961) | 508,710 | 419,229 | |||
| TOTAL FUNDS | 455,480 | (544,961) | 508,710 | 419,229 | ||
| Comparatives for movement |
in | funds |
| Net | Transfers | |||||
|---|---|---|---|---|---|---|
| movement | between | At | ||||
| At 1.1.20 | in funds | funds | 31.12.20 | |||
| Unrestricted funds |
||||||
| General fund Retirement Reserve Fund Care and Development Fund |
1,903,411 3,335,412 886,789 |
8,808 142,035 62,055 |
197,649 (160,913) (36,736) |
2,109,868 3,316,534 912,108 |
||
| Restricted funds | 6,125,612 | 212,898 | 6,338,510 | |||
| Sisters Retirement Property Fund |
566,845 5 |
41 | 566,886 5 |
|||
| 566,850 | 41 | 566,891 | ||||
| TOTAL FUNDS | 6,692,462 | 212,939 | 6,905,401 | |||
| Comparative net movement |
in funds, included | in the above are as follows: | ||||
| Incoming | Resources | Gains and | Movement | |||
| resources | expended | losses | in funds | |||
| Unrestricted funds |
||||||
| General fund Retirement Reserve Fund Care and Development Fund |
568,908 100,911 36,736 |
(542,983) | (17,117) 41,124 25,319 |
8,808 142,035 62,055 |
||
| Restricted funds |
706,555 | (542,983) | 49,326 | 212,898 | ||
| Sisters | ||||||
| TOTAL FUNDS | 706,596 | (542,983) | 49,326 | 212,939 |
| Net | Transfers | |||||
|---|---|---|---|---|---|---|
| movement | between | At | ||||
| At 1.1.20 | in funds | funds | 31.12.21 | |||
| Unrestricted funds |
||||||
| General fund | 1,903,411 | (235,626) | 391,332 | 2,059,117 | ||
| Retirement | Reserve Fund | 3,335,412 | 736,237 | (342,862) | 3,728,787 | |
| Care and Development | Fund | 886,789 | 131,516 | (48,470) | 969,835 | |
| 6,125,612 | 632,127 | 6,757,739 | ||||
| Restricted | funds | |||||
| Sisters | 566,845 | 41 | 566,886 | |||
| Retirement | Property Fund | 5 | 5 | |||
| 566,850 | 41 | 566,891 | ||||
| TOTAL FUNDS | 6,692,462 | 632,168 | 7,324,630 |
| Incoming | Resources | Gains and | Movement | ||
|---|---|---|---|---|---|
| resources | expended | losses | in funds | ||
| Unrestricted funds |
|||||
| General fund | 869,978 | (1,087,944) | (17,660) | (235,626) | |
| Retirement Reserve Fund |
220,667 | 515,570 | 736,237 | ||
| Care and Development | Fund | 71,390 | 60,126 | 131,516 | |
| 1,162,035 | (1,087,944) | 558,036 | 632,127 | ||
| Restricted funds |
|||||
| Sisters | 41 | 41 | |||
| TOTAL FUNDS | 1,162,076 | (1,087,944) | 558,036 | 632,168 |