|||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| ## ## ## ## ## ##