Company No. 1990308 

## Annual Report & Consolidated Financial Statements 

For the year ended 31 August 2021 

## **CWR** 

## **Contents** 

|Directors’ report|3 – 14|
|---|---|
|Independent Auditors’ report|15 – 18|
|Consolidated statement of financial activities|19|
|Consolidated and charity balance sheets|20|
|Consolidated statement of cash flows|21|
|Notes to the consolidated financial statements|22-40|





## **CWR Year ended 31 August 2021** 

## **REFERENCE AND ADMINISTRATIVE INFORMATION** 

|**Charity name**|CWR|
|---|---|
|**Charity registration number**|294387|
|**Company registration number**|1990308|
|**Registered Office**|Waverley Abbey House|
||Waverley Lane|
||Farnham|
||Surrey GU9 8EP|
||UK|
|**Directors and Trustees**|Stephen P. Apted (retired 28 April 2022)|
||Andrea Barker|
||Simon Hickman (appointed 28 July 2021)|
||Derek Holbird|
||Emma Laporte (appointed 3 March 2022)|
||Karen Murray (appointed 28 June 2022)|
||Robert Peet (Chair)|
||Fergal Roche (appointed 28 July 2021)|
||Jani Rubery (appointed 28 July 2021)|
||Graham Sopp (resigned 29 September 2020)|
|**Chief Executive**|Mark Markiewicz|
|**Bankers**|Barclays Bank plc|
||Farnham Branch|
||22 The Borough|
||Farnham|
||Surrey GU9 7NH|
|**Independent Auditors**|Mazars LLP|
||Chartered Accountants|
||2ndFloor|
||6 Sutton Plaza|
||Sutton Court Road|
||Sutton|
||SM1 4FS|
|**Solicitors**|Moore Barlow LLP|
||The Oriel|
||Sydenham Road|
||Guildford|
||GU1 3SR|



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## **CWR Directors’ report for the year ended 31 August 2021** 

The Directors, who are the Trustees of the Charity, have pleasure in presenting their report and the consolidated financial statements for the year ended 31 August 2021. 

## **Purpose and Aim** 

The Charity’s purpose is to benefit the public through the advancement of the Christian faith and education worldwide, bringing about lasting change for good in people’s lives through producing Christian resources and offering training programmes.  The Charity’s trustees have complied with the duty in section 17 of the Charities Act 2011 to have due regard to Public Benefit guidance published by the Charity Commission. 

Within the period, CWR has undergone a rebranding process; all communication and public facing documents feature Waverley Abbey Trust as a trading name of CWR. The Charity has also adopted trading names to support the provision of education and distribution of resources, Waverley Abbey College and Waverley Abbey Resources respectively. All disclaimers on written material state Waverley Abbey Trust is an operating name of CWR. 

## **Our focus** 

The ministry of CWR was founded by the late Rev Dr Selwyn Hughes in 1965 and has served Christians and the Church for over 55 years. 

Bible reading and prayer are both the heart and the foundation that CWR builds all its work on. CWR encourages personal prayer, the restoration and revival of relationships with God and each other and seeks to bring about lasting change for good in the lives of individuals and communities. CWR achieves this through the provision of Christian resources, daily Bible reading notes, as well as through its education programme of teaching, learning and training in Christian Counselling, Spiritual Formation and other important relational life issues at our centres, locally, regionally, internationally and online. 

In the period, the Charity has prepared to expand its learning and training offer to include Leadership and Theology. 

## **Review of our work** 

The Charity reviews its goals and activities each year. This review looks at outcomes of our work during the period, including the benefits brought to those groups of people we set out to help. The review also ensures that our aims, objectives and activities remain focused on our stated purpose. As required by Section 4 of the Charities Act 2011, we give due regard to the guidance contained in the Charity Commission’s General Guidance on Public Benefit when engaging in this review and in planning our future activities. In particular, the trustees have considered how our planned activities will contribute to the objectives they have set. 

## **Public benefit** 

Since its inception CWR has served individuals and communities to help people live God’s way: every day. 

Our education programme and supporting resources promote the Christian faith and endeavour to help people foster and apply spiritual disciplines to all areas of their life. This takes place through our training programmes and production and distribution of resources in digital and printed materials. Our aim is to offer training where students can integrate their faith with their studies and vocational training; degrees are underpinned by a Christian worldview. 

We have steadily increased our breadth of reach to ensure our training is as accessible as possible using delivery methods including in person training, distance learning and online learning. 

We continue to make our resources available across all generations and accessible to all economic circumstances and academic ability. The Charity provides resources to churches and individuals across the UK and worldwide, serving every walk of life from students, professionals, ministers, leaders, prisoners and young offenders. It has been our privilege to extend our provision of free copies of our dated devotionals beyond the boundaries of prisons and secure training facilities in the UK and Australasia and enable everyone 

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## **CWR** 

## **Directors’ report for the year ended 31 August 2021** 

in the UK to now access devotional materials for free. 

The Charity relies on voluntary and trading income and is particularly thankful for the CWR partners whose prayers, committed financial support, continual encouragement and kind heartedness help sustain the Charity. 

## **PRINCIPAL ACTIVITIES** 

The principal activities are inspired by Biblical scripture; to Love the Lord your God with all your heart and with all your soul and with all your mind and with all your strength. And to love your neighbour as yourself (Mark 12: 30-31).  Transformation becomes twofold; an enrichened personal faith which is subsequently lived out in the surrounding community. 

## **TRAINING** 

Waverley Abbey College has been delivering higher education courses since 2010 and since that time has increased the range and scope of courses offered and has seen a steady growth in student numbers. 

The prime focus of the college is to become a centre of quality and excellence for Christian education specialising in Counselling, Spiritual Formation and Leadership. 

The Counselling programmes continue to attract the majority of students, however, the Spiritual Formation programme introduced three years ago continued to gain traction and grown well. 

Many of our students are part-time mature students and for a good number of them this is their first experience of higher education and we help to retrain and equip others for new roles as they reach a different stage of their careers. 

We have seen good growth in income from our Training activities, deriving predominantly from growth in student numbers and modest fee increases.  Last year training income grew 21%, and the average annual growth over the past five years has been over 7% pa. 

The national lockdown in 2020 due to the Covid-19 pandemic significantly impacted our activities causing us to respond quickly and move all our teaching online. Following this experience, we were better prepared for that eventuality this academic year. We were able to welcome students at the start of the academic year before once again having to go online. It was lovely to welcome students back and resume to face teaching before the end of the academic year as government restrictions permitted. 

It is thanks to the hard work of the college staff, both academic and administrative, that student attainment does not seem to have been adversely impacted. Students were hugely appreciative of the efforts made by the college to support them through this time and impressed with the quality of the teaching provided online. This was echoed by the external examiners and our validating university who were very supportive of the approach taken by the college. 

A highlight of the period was the extension of our reach from primarily the southeast by the opening of a learning hub in Bradford where we were able to welcome our first cohort of students to study a Higher Education Diploma in Counselling. We have met our commitments to broadening access to higher education in groups that have traditionally been underrepresented through our Access and Participation Plan as agreed with the sector regulator the Office for Students. 

This year has also seen a great deal of preparation undertaken to prepare for the validation of two new programmes with Middlesex University. The first of these is a MA in Public Leadership and the second is a Higher Education Diploma in Integrating Faith and Leadership. Both programmes are distance education programmes and will be offered on an online basis by the college. 

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## **CWR** 

## **Directors’ report for the year ended 31 August 2021** 

The college was also pleased to launch the Waverley Abbey Journal as a forum for academics and practitioners to explore how faith can be integrated into everyday practice. 

The college helps its students gain professional accreditation wherever possible and in addition to our counselling courses that are designed to meet the Gold Standard of the British Association of Counsellors and Psychotherapists (BACP) we are also the only faith based college to have an accreditation with the European Mentoring and Coaching Council; many of the students on the Spiritual Formation programme have taken advantage of this opportunity to gain accreditation as a professional coach. 

Many Waverley Abbey College alumni go on to establish successful counselling practices both in the UK and around the world, providing significant support, benefits and skills to many communities who look to them for help and hope.  Our first cohort of graduates from the Spiritual Formation programme have taken up positions providing pastoral support and chaplaincy in a prison and GP surgery. 

The results from the National Student Survey for 2020 revealed 86% for overall student satisfaction which remains 11% above the sector average. 

## _Venue hire_ 

Waverley Abbey House is a grade II* listed building situated in Surrey.  In addition to hosting Waverley Abbey College courses, the building is also available as a conferencing centre to external clients, attracting group bookings ranging from Christian charities, local schools, local authorities and businesses. 

CWR were honoured to be selected as one of two of the Mayor of Farnham’s chosen charities within the period. CWR have enjoyed partnering with the Mayor on a number of initiatives including the launch of the CWR summer café and hosting the Mayor’s volunteer reception at Waverley Abbey House. The volunteer reception thanked many of the people who supported the community and celebrated the many local initiatives undertaken during the pandemic. 

Waverley Abbey House is also considered a venue of historical importance and participates in the annual National Heritage open days initiative to promote interest in the local communities. 

A number of local churches use our woodlands to host summer camp activities for young people. 

## **Future Objectives** 

- To continue developing new higher education (H.E.) courses, currently accredited by Middlesex University, and non-H.E. course in three formats, classroom based, blended learning (part classroom and part online) and distance education (all online) 

- To improve marketing and communication strategy to grow student numbers 

- To recruit regional hub leaders 

- To increase the proportion of online courses for blended and distance learning 

- To design and deliver further short courses (Seminars, Certificate and Diploma) 

- To further develop the reach of the Waverley Abbey College Journal 

- To partner with other organisations to deliver mutually beneficial courses 

- To plan and apply for Degree Awarding Powers 

- To develop a product development pipeline 

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## **CWR Directors’ report for the year ended 31 August 2021** 

## **RESOURCES** 

During this period CWR has continued to originate, supply and curate a variety of resources developed to support a church, ministry, small group, or individual in living out their Christian faith. Such resources are aligned with CWR’s commitment to Leadership, Counselling and Theology. They take the form of face-to-face courses, blended learning, and distance education, as well as products available in printed, audio and e- pub/mobile formats. 

_Every Day with Jesus (EDWJ)_ , our primary free resource, is now available in print, as an e-send, and a daily podcast. These latter two are freely available to a growing international audience. Inspiring Women Every Day is also growing its existing readership. Every two months we send some 3,000 copies of our daily bible reading notes into prisons and young offender institutions in the UK and a further 7,000 into prisons in Australia and New Zealand. 

This year, CWR has developed the EDWJ offering and now produces a daily podcast for Torch Trust who work to provide Christian resources and activities for blind and partially sighted people worldwide. This is a partnership that CWR hopes to develop with an increasing emphasis on ensuring all resources are made accessible. 

The ministry has released a number of resources within the period focussed on nurturing individual personal faith. CWR published several new books which help people in the areas of mental health and wellbeing, spiritual formation, and leadership: 

- _Bouncing Forward_ by Patrick Regan helps people to explore resilience, acceptance and emotional agility. It has been read widely as part of a national church campaign; The Big Church Read. 

- _Unwavering_ by Jen Baker unpacks the life-transforming power of intentional living and choosing well, through exploring characters from both the Old and New Testaments as well as Jesus Himself. The book inspires people to live an empowered lifestyle of faith. 

- _Simply Church_ by Sim Dendy looks at how we ‘do’ church now, especially in light of Covid-19 

- _Strengthen you Core_ by Jenny Campbell provides eight workouts for the soul set within a spiritual formation training regime encouraging people to practice spiritual disciplines. The title is available for individuals but will also become a core text to support the Spiritual Formation programmes offered at Waverley Abbey House. 

- _The Bird Who Sang Again_ by Judy Moore encourages people to rediscover their God-given voice and encourages them to enhance their relationship with Jesus. 

We are grateful for the partnerships already established with other organisations and authors which enhance the ministry offering.  The highly successful collaboration with HOPE Together and KingsGate, which created God’s Plan for Your Wellbeing by Dave Smith is being launched as a church based campaign. There is also interest in a Chinese edition for use with the East Asian Community within the UK. It continues to offer support for those in search of an effective tool to address their wellbeing (physical, mental and spiritual) journey in everyday life. 

Following its great success, the Insight series continues to grow and develop. This series offers an informed and professional introduction to mental health issues. Many people have benefitted from the clear and concise books on topics such as disappointment, grief and depression. These books have been used widely in prisons. Prison chaplains have reported that the Insight books on shame, self-acceptance and addiction have been particularly well-received by prisoners. We are delighted to have appointed Dr Janet Penny as Series Editor to offer a professional critical eye over the subject matter and ensure the series remain a reliable source of support to those experiencing or supporting others in the field of mental health. 

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## **CWR Directors’ report for the year ended 31 August 2021** 

CWR has also started the process of making the Insight series available as individual and small group online materials to extend their reach to a wider audience. “An Insight into Self-Esteem” and “An Insight into Anxiety” were developed within the year and available as online courses with more themes in the pipeline. 

## **Future Objectives** 

- To strengthen the marketing and recruitment process for HE courses 

- To develop a suite of non HE courses accessible at multiple entry points through the year 

- To align the creation of all new products to support the College’s focus on Theology, Leadership and Counselling, addressing issues of Mission, Spiritual Formation, Ministry, Integrated Approaches to Faith and Leadership, and Mental Health & Wellbeing. 

- To launch Waverley Abbey Publishing (WAP) for college approved books 

- To open digital studio at WAH for content creation 

- To continue to develop strong and beneficial partnerships with churches and ministries 

- To create strategy to be marketing led on the creation of all content 

- To launch a ministry publication inclusive of EDWJ & IWED to present to objectives and work of CWR 

## **INTERNATIONAL** 

CWR’s resources continue to be requested, purchased, distributed, and valued around the world for their practical guidance and down to earth application. 

CWR not only distributes and supplies internationally but enables local partnerships to translate and print locally. This provision allows for both cultural relevance and local pricing and thereby increases the opportunity for communities to access Christian materials. 

## _CWR Asia Care and Counselling_ 

The Covid-19 pandemic has impacted the delivery of courses in Asia. 

## _Singapore_ 

The Covid 19 pandemic suspended the delivery of Introductory Certificate in Christian Counselling & Care courses within the period. 

During this postponement, there has been a review within Waverley Abbey as to what courses to deliver in the future in Singapore. The pandemic has highlighted the need for trauma informed, community based pastoral counselling initiatives. 

## _Cambodia_ 

As a result of the Covid 19 pandemic, the 2020 Introductory Certificate in Christian Counselling & Pastoral Care course (ICCPC), which is now a six-week modular course, delivered by a local team and taught in Khmer, was drawn out across three financial periods. Study commenced in February 2020 and was finally completed in November 2021. 

The pandemic has impacted the delivery of courses, highlighting global inequalities in access to education. The pandemic also significantly evoked much past trauma distress within the region and extra support has been given to deliver monthly mental health seminars to a church community. We hope this initiative will lay the foundation for the development of a short course our ICCPC alumni can deliver to their communities, therefore widening the access to mental health resources. 

A Memorandum of Understanding with YWAM Cambodia was signed within the period to enable formalisation of the work. 

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## **CWR** 

## **Directors’ report for the year ended 31 August 2021** 

## **Future Objectives** 

- To open a Singapore fundraising and ministry office 

- To increase number of training courses in Asia 

   - Develop learning resources to create modular non-university accredited certificate and diploma level courses in counselling understandings and skills. 

   - Develop a course on holistic wellbeing that certificate alumni can deliver within the communities that they serve. 

- To launch CWR Asia Campus/Hub 

- To open Australia/New Zealand Fundraising and Ministry Office 

- Creating Resources with a view for translation and contextualisation for different nations. 

- On-going support to enable alumni to translate, contextualise and deliver courses in local languages. 

## **STRUCTURE, GOVERNANCE and MANAGEMENT** 

## **Governing Document** 

The organisation is incorporated as a charitable company, limited by guarantee and governed by its Memorandum and Articles of Association. 

## **Statement of Directors’ Responsibilities** 

Law applicable to charities in England and Wales requires the Directors to prepare financial statements for each financial year that give a true and fair view of the Charity’s financial activities during the year and of its financial position at the end of the year. In preparing financial statements giving a true and fair view, the Directors should follow best practice and: 

- follow suitable accounting policies and then apply them consistently; 

- state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in operation; 

- set and monitor financial controls and policy, ensuring the Charity properly stewards its resources and secures value for money; and 

- make judgments and estimates that are reasonable and prudent. 

The Directors are responsible for keeping proper accounting records which disclose, with reasonable accuracy at any time, the financial position of the Charity and which enable them to ensure that the financial statements comply with applicable law. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 

## **Directors** 

Directors are appointed by the Board from among the Members of the Company. The Directors set out below held office for the whole of the period from 1 September 2020 to the date of this report, unless otherwise stated. 

Stephen P. Apted (retired 28 April 2022) Andrea Barker Simon Hickman (appointed 28 July 2021) Derek Holbird Emma Laporte (appointed 3 March 2022) Karen Murray (appointed 28 June 2022) Robert Peet (Chair of the Board) Fergal Roche (appointed 28 July 2021) 

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## **CWR Directors’ report for the year ended 31 August 2021** 

Jani Rubery (appointed 28 July 2021) Graham Sopp (resigned 29 September 2020) 

## **Corporate Governance** 

The members of the Board of Directors, who are the charitable Trustees of CWR, have the ultimate responsibility for directing the affairs of the Charity, ensuring that it is solvent, well-run and delivers its charitable outcomes. The Board agrees the strategic plan and budget annually with input from the full Executive team. 

Formal Board meetings are held quarterly, and an annual Board development day nurtures the Board in areas of growth and development. The members of the Charity meet annually and appoint external auditors to examine the affairs of the organisation and report to the Board. 

The Board is assisted in its work by the following Advisory Groups which functioned throughout the period covered by these financial statements and during the period to the date of their approval: 

1. **The Governance and Risk Advisory Group** has key responsibilities for: 

- ensuring that the planning, control, supervision, and general administration of the resources for the development of the organisation are in place to ensure the integrity of CWR’s long-term mission and strategic objectives. 

- monitoring the organisation’s relationship with the Charity Commission and other external statutory bodies. 

- recommending such changes in the structure and procedures of the Charity as may be deemed necessary. 

- maintaining an on-going programme of Trustee recruitment, induction, and training. 

- providing clear personnel policies in line with current employment legislation. 

- monitoring and recommending to the Board any updating of the organisation’s Ethos, Values and other Statements, and the Charity’s Policies 

- reviewing and updating the charity Risk Policy in line with statutory guidelines and recommend them to the Board for approval 

2. **The Waverley Abbey College Advisory Group** has key responsibilities for: 

- oversight of the College’s dealings with the Office for Students and other bodies associated with the delivery of Higher Education 

- considering whether there are any ‘Reportable Events’ the board needs to consider and advise on what they might be 

- appointing the ‘Accountable Officer’ for the college 

- reviewing and submitting relevant policies to the CWR Board for approval 

- making recommendations to the Board for major strategic programme development and how that may be funded 

- ensuring the Christian vision and mission of CWR are reflected in the programmes on offer by the College 

- ensuring that a coherent College Strategy and Budget is prepared for the CEO and Board to evaluate annually. 

- identifying potential programmes and people that could enable the College to achieve its strategic plans seeking opportunities for the College to expand, nationally, digitally, and internationally. 

3. **The Finance & Audit Advisory Group** has key responsibilities for: 

- ongoing monitoring and review of financial performance and expenditure 

- agreeing draft annual budget for recommendation to the board 

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## **CWR** 

## **Directors’ report for the year ended 31 August 2021** 

- ensuring there is a framework for accountability 

- reviewing the systems of internal control including sign off authorities for expenditure 

- identifying, managing, and reporting of financial risks 

- ensuring CWR is compliant with relevant accounting and financial practices 

- considering the relationship with and monitoring the performance of CWR’s external auditors 

- monitoring the implementation of any audit recommendations. 

4. **The People and Organisational Development Advisory Group** was established after the reporting yearend and has key responsibilities for: 

- ensuring that People policies, plans and practice are in place to contribute to CWR’s mission and strategic objectives being achieved 

- supporting the organisation in creating an environment which nurtures highly motivated and highachieving employees 

- encouraging an organisational culture in which individuals can acquire knowledge and develop skills to contribute to the achievement of agreed personal and career development goals 

- supporting the organisation in its development of teams and effective teamwork skills 

- facilitating the effective implementation of organisational change and ensuring people are supported throughout the process 

- recommending such changes in the structure of the Charity as may be deemed necessary. 

## **Meeting attendance and frequency** 

A minimum of two trustees are required to sit on each Advisory Group, one of whom acts as the Chair. Advisory Groups are attended by the Board Secretary and relevant members of the senior management team. Outside advisers may be invited to attend Advisory Groups where appropriate and will be advised of the term of service at point of invitation. 

Each Advisory Group generally meets before the four primary Board meetings, with the Chair having discretion to call additional meetings as and when considered necessary. At least two weeks’ notice is given to Advisory Group members to attend a meeting. Advisory Groups shall annually review their terms of reference and own effectiveness and recommend any necessary changes to the Board. 

Responsibility for carrying out the day-to-day management of the Charity is delegated by the Trustees to the Chief Executive Officer. The CEO and Chair meet monthly. The Board is supported and kept informed of Charity updates by the Board Secretary. 

## **Internal Control** 

The system of internal controls is designed to cover business, operational and compliance risk as well as financial risk. The approach to internal controls is risk based, aiming to identify and mitigate risks to the ongoing achievement of the Charity’s policies, aims and objectives, to evaluate the likelihood of those risks happening and consider the impact should they be realised, and to manage them efficiently and economically. 

The system of internal controls is based on a framework of regular management information and administrative procedures including: 

- segregation of duties with clear operating and financial responsibilities 

- detailed annual budgeting process with monthly variance analysis and finance reporting to senior management and trustees 

- maintenance of a comprehensive risk register which is regularly reviewed and updated 

- clearly defined capital investment control guidelines 

- clearly defined authorisation controls for varying levels of expenditure 

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## **CWR Directors’ report for the year ended 31 August 2021** 

## **Risk Management** 

The major risks to which the Charity are exposed are reviewed and scored for probability and impact. Risks, including Health and Safety issues, are formally reviewed quarterly; any new project or change is also assessed for risk during the period by the Executive Team. A schedule of the current controls, further action required to regulate and mitigate those risks, and the person responsible at an operational level is monitored and amended as appropriate. A business continuity plan is considered at regular intervals. 

The four most significant risks identified, and the mitigating actions being taken, are: 

- Impact on facilities or staff of events outside organisation’s control, such as pandemic (particularly the Covid-19 outbreak), fire, flood, or terrorism – appropriate safety measures taken and asset/business continuity insurances in place. 

- Failure to maintain accreditation for the HE courses - continued cultivation of the relationship with our accrediting University is closely monitored. 

- Inability to service secured loans and other creditors - continued monitoring of cash position and flows to trigger necessary management actions. 

- Threat from systems failure/cyber-attack - appropriate back-ups and safety measures in place including staff awareness. 

The Directors do not believe there has been any detrimental impact from the UK leaving the European Union, due to the nature of the Charity’s operations and support base. 

The Charity’s external auditors identified a significant deficiency in internal control around bank signatories of a subsidiary charity which had not been updated in a timely manner. The Executive has taken steps to rectify the situation and implement policies to prevent a repeat. 

## **Recruitment and Appointment of Trustees** 

Within the period, a professional recruitment agency has been appointed to support the trustee recruitment process and source suitable candidates. A skills review has been undertaken in the year to identify underrepresented skills among trustees and has helped inform the candidate profile new trustees are recruited to meet the skill needs of the organisation and to ensure a blend of culture carriers to champion the mission and heritage of the Charity. Personal recommendation may also be considered. Each nomination begins with a conversation with the Chief Executive and Chair followed by an interview with two or three members of the Board; potential trustees are invited to observe a Board meeting in advance of appointment. Trustees give of their time voluntarily and receive no remuneration from the Charity. Any expenses or fees for other services claimed from the Charity are set out in note 11 to the financial statements. 

## **Trustee Induction and Training** 

Prospective trustees are given a copy of the Trustees’ Handbook, which includes a broad background to the ministry, the governance and finances of the Charity; information from the Charity Commission setting out trustee responsibilities and a form to make a declaration of their eligibility to become a trustee. All newly appointed trustees, along with new staff members, attend an Induction Day to understand more fully the ethos, governance and heritage of the Charity. Trustees also sign a form agreeing to abide by the codes and policies set out in the Trustees’ Handbook, complete a statement of their professional and personal business interests each year and sign HM Revenue & Custom’s Fit and Proper Persons declaration. 

Our trustees ensure they maintain a current and up-to-date knowledge of applicable rules and regulations regarding the sector.  Collective training on the introduction and requirements of GDPR was provided in 2018 and the trustees have been kept informed of all changes and developments in this regard. 

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## **CWR Directors’ report for the year ended 31 August 2021** 

## **People** 

Regular staff communication meetings continue across the Charity to share news and vision updates with staff. All new members of staff complete the Charity’s induction process. 

More focussed leadership training continues for managers and team leaders and the staff-wide teambuilding meetings ensure a greater cohesiveness within the staff body. 

It is important to acknowledge that our people have done a fantastic job dealing with the challenges over the last 18 months. The scale and pace of change have been significant, workload has increased for most, and many of the team have encountered challenges associated with the impact of Covid-19. It is testimony to our people their unwavering commitment, enthusiasm, and a shared sense of purpose. 

The staff restructure was implemented within the period resulting in the outsourcing of the Customer Services department and the closure of the Publishing department and repositioning of short courses. Changes generated a reduction in staff numbers and produced efficiencies of services. Other key features of the period include: 

- We continued to be able to attract high quality new recruits 

- Staff turnover has been on a downward trend, halving since pre-pandemic levels 

- 1 in 5 of our employees has taken on new roles and/or significant additional responsibilities 

- Improved frequency and quality of communication with employees 

- Review of people-related statutory policies 

- Appointment of Chaplain to CWR employees 

- HR strategy has a renewed focus on wellbeing, engagement, development and remuneration 

## **Key management remuneration** 

Remuneration of senior members of staff is set having due regard to the need to retain and attract the appropriate level of skills and attributes and is benchmarked against the wider charitable sector. 

## **STRATEGIC REPORT** 

## **Financial Review** 

The Charity draws its income principally from Higher Education & Other Training, Voluntary donations, and Publishing activities, printed and digital. 

The ongoing Covid pandemic and associated lockdown proved a challenging backdrop for the second consecutive year.  We also saw changes to the operating model following the necessary provision of on-line tuition and the switch from a subscription to donation model for our Every Day With Jesus (EDWJ) and Inspiring Women Every Day (IWED) publications, alongside the implementation of restructuring provided in the 2020 financial year, with the outsourcing of customer services, and new distribution arrangements. 

With significant pressures on cash, the key event was a refinancing, secured on our principal asset, the Waverley Abbey House estate.  This loan has made available £1.5M of funding, of which £0.3M was used to settle the existing mortgage, £0.8M was drawn down in the financial year, and the balancing £0.4M is available on demand.  We also availed of £50,000 from the Corona-virus bounce back loan scheme (CBBLS). 

This loan income is helping management address underlying operating issues and overdue, expensive repairs & maintenance work on the property and wider estate – but cash will need to be supplemented with fundraising initiatives properly to address necessary activity. 

CWR’s cash balance at the end of the financial year amounted to £626,217 (£141,698).  Net debt increased by £393,840 to £643,534 (£249,694).    Income grew by 8% to £2.958M (£2.730M) and was accompanied by a modest improvement in the deficit, which amounted to £573,203 (£677,499). 

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## **CWR Directors’ report for the year ended 31 August 2021** 

Donations income increased to £836,464 (£626,985), of which £149,706 related to the switch in January to a donation model for EDWJ / IWED.  One-fifth of donation income was restricted in nature.   Following an unusually low prior year, we booked a substantially increased sum from Legacies of £113,471 (£8,081).  We are grateful for all supporters’ contributions to the work of our Ministry. 

Income from Publications fell by almost one-third to £598,700 (£873,344), reflecting both the switch in funding model for EDWJ/IWED and the impact of Covid lockdown on the Christian bookshop trade, alongside the longestablished pattern of attrition in the wider market for printed materials. 

Training activities experienced a 21% growth in revenue to £1.289M (£1.065M), notwithstanding the pressures of the pandemic.  We saw good growth from our Masters Counselling and Spiritual Formation courses, together with non-academic courses and first-time grant income from the Office for Students. 

Within other income of £103,279 (£126,545), grant income from the government’s job-retention scheme fell to £73,721 (£108,765).  We were again grateful for this support. 

Costs rose 4% overall, to £3.535M (£3.408M).  Following restructuring, the staff cost component of this fell by 15% to £1.538M (£1.799M).  Other costs grew 8% to £1.736M (£1.609M).  Within this, we experienced a significant increase in Publications costs including stock write-offs ahead of new distribution arrangements and outsourced services; also in Fundraising including related consultancy; on repairs and maintenance; and in interest and legal costs associated with the mortgage application. 

## **Fundraising** 

The Charity raises funds from members of the public, through occasional appeals, the receipt of legacies and its partnership programme.  We remain registered with both the Fundraising Regulator and Fundraising Preference Service.  There were no failures to comply with the fundraising standards. We are committed to ensuring that no individual feels subject to unreasonable intrusion of privacy or persistent or undue pressure to donate.  Requests are made generally via mail only to people who are already customers or supporters of the charity, and we routinely offer options to unsubscribe. 

We work hard to comply with the Fundraising Regulator’s voluntary regulation scheme and require our suppliers and agents to do the same. We are ever thankful to God for the generous donors and partners who make the ministry possible, and we continue to recover UK Gift Aid where we can from the government for donations from UK taxpayers. 

## **Reserves** 

Taking into account the tangible fixed assets and amounts falling due to creditors in more than one year, the free reserves of the Charity at 31 August 2021 were £(19,025) compared with £(396,725) at the end of the previous financial year. The Trustees are mindful of the need to utilise the resources made available to the Charity but recognise the importance of re-establishing a level of reserves sufficient to withstand periods of fluctuating income and expenditure, such as that experienced during the Covid-19 pandemic. 

## **Going Concern** 

The Trustee Board has recognized the depletion of resources evident over recent years. Given the challenging circumstances facing the operation, Trustees feel obliged to declare a material uncertainty to the status of the Charity as a going concern. In particular, these uncertainties relate to the Charity’s ability to increase fundraising (and particularly to current efforts to raise donations from the U.S., such donations subject to uncertainty governing the amount and timing of the flow of funds); to the on-going demand for its publications; and to the costs of Repairs and Maintenance on its principal asset, the Waverley House estate, including grade II* listed premises. Failure to raise sufficient funds may lead to the sale of part or all of the Waverley House estate in order for the Charity to continue as a going concern. Without these donations or the sale of assets 

13 



## **CWR** 

## **Directors’ report for the year ended 31 August 2021** 

the Charity will be unlikely to meet its on-going liabilities. 

## **THE FUTURE** 

The Charity plans to continue with the activities as outlined in the sections above, subject to satisfactory funding and resources. 

The Charity’s primary focus will be to advance the growth of bridging Christian values in education and the workplace by connecting a person’s faith and their education. 

The Charity will curate content to support the college programmes and growth in personal faith using a variety of physical and digital platforms to serve consumer choice. 

## **STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS** 

We have taken all the necessary steps to make ourselves, as Directors, aware of any relevant audit information and to establish that the auditors are aware of that information. As far as the Directors are aware, there is no relevant audit information of which the Charity’s auditors are unaware. 

CWR expresses its thanks to Mazars LLP for its commitment and service to the charity throughout the years. A resolution to appoint new independent auditors for the ensuing year will be proposed at the Annual General Meeting. 

In approving the Directors’ report, we are approving the strategic report in our capacity as Directors. 

Approved by the Board on: Jul 28, 2022 

Signed on its behalf by: 

## Robert Peet 

Robert Peet (Jul 28, 2022 14:44 GMT+1) 

Mr R.J Peet, Director 

14 



## **Independent auditor’s report to the members of CWR** 

## **Opinion** 

We have audited the financial statements of CWR (the ‘charity’) for the year ended 31 August 2021 which comprise of the Consolidated statement of financial activities, the Consolidated and charity balance sheets, the Consolidated statement of cashflows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice). 

In our opinion, the financial statements: 

give a true and fair view of the state of the charity’s affairs as at 31 August 2021 and of its income and expenditure for the year then ended; 

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with the requirements of the Companies Act 2006. 

## Basis for opinion 

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. 

## Material uncertainty related to going concern 

We draw attention to note 1.3 in the financial statements, which indicates that without raising sufficient funds through additional fundraising or sale of assets CWR may not be able to meet its on-going liabilities which indicates that a material uncertainty exists that may cast significant doubt on the ability of CWR to continue as a going concern. In order to meet on-going obligations CWR are attempting to raise additional donations however there is uncertainty over the amount and timing of these donations. Should these donations not be received, CWR may be able to sell part or all of their principle asset, Waverly Abbey House to raise additional funds, however the time it could take to realise funds from the assets is uncertain. 

As stated in note 1.3, these events or conditions, along with the other matters as set forth in this note to the financial statements, indicate that a material uncertainty exists that may cast significant doubt on the charity’s ability to continue as a going concern. Our opinion is not modified in respect of this matter. 

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate. 

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. 

## Other information 

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 

15 



## **Independent auditor’s report to the members of CWR** 

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. 

We have nothing to report in this regard. 

## Opinions on other matters prescribed by the Companies Act 2006 

In our opinion, based on the work undertaken in the course of the audit: 

the information given in the Trustees’ Report which includes the Directors’ Report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and 

the Directors’ Report included within the Trustees’ Report has been prepared in accordance with applicable legal requirements. 

## Matters on which we are required to report by exception 

In light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors’ Report included within the Trustees’ Report. 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: 

adequate and proper accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or 

the financial statements are not in agreement with the accounting records and returns; or certain disclosures of trustees’ remuneration specified by law are not made; or 

we have not received all the information and explanations we require for our audit. 

## Responsibilities of Trustees 

As explained more fully in the trustees’ responsibilities statement set out on page 8, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. 

In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. 

## Auditor’s responsibilities for the audit of the financial statements 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected 

16 



## **Independent auditor’s report to the members of CWR** 

to influence the economic decisions of users taken on the basis of the financial statements. 

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Based on our understanding of the charity and its activities, we identified that the principal risks of non-compliance with laws and regulations related to the ESFA funding agreements, the OFS regulatory framework, Charities Act 2011, UK tax legislation, pensions legislation, employment regulation and health and safety regulation, anti-bribery, corruption and fraud, money laundering, non-compliance with implementation of government support schemes relating to COVID-19, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements, such as the Companies Act 2006 and the Charities Statement of Recommended Practice. 

We evaluated the trustees’ and management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates, in particular in relation to use of restricted and endowment funds, and significant one-off or unusual transactions. 

Our audit procedures were designed to respond to those identified risks, including non-compliance with laws and regulations (irregularities) and fraud that are material to the financial statements. Our audit procedures included but were not limited to: 

Discussing with the trustees and management their policies and procedures regarding compliance with laws and regulations; 

Communicating identified laws and regulations throughout our engagement team and remaining alert to any indications of non-compliance throughout our audit; and 

Considering the risk of acts by the charity which were contrary to applicable laws and regulations, including fraud. 

Our audit procedures in relation to fraud included but were not limited to: 

Making enquiries of the trustees and management on whether they had knowledge of any actual, suspected or alleged fraud; 

Gaining an understanding of the internal controls established to mitigate risks related to fraud; Discussing amongst the engagement team the risks of fraud; and 

Addressing the risks of fraud through management override of controls by performing journal entry testing. 

There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls. 

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report. 

## Other required reporting 

Opinion on other matters prescribed in the OfS Audit Code of Practice issued under the Further and Higher Education Act 1992. 

In our opinion, in all material respects: 

funds provided by the OfS and UK Research and Innovation (including Research England) have been applied in accordance with the relevant terms and conditions attached to them; and the requirements of OfS's accounts direction have been met. 

17 



## **Independent auditor’s report to the members of CWR** 

Matters on which we are required to report by exception 

We have nothing to report in respect of the following matters in relation to which the OfS Audit Code of Practice requires us to report to you if, in our opinion: 

the provider's grant and fee income, as disclosed in the notes to the financial statements, has been materially misstated; or 

the provider's expenditure on access and participation activities, as disclosed in the financial statements, has been materially misstated. 

Use of the audit report 

This report is made solely to the charity’s members as a body in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charity’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s members as a body for our audit work, for this report, or for the opinions we have formed. 

Signed: 

Nicola Wakefield (Jul 28, 2022 16:26 GMT+1) 

Nicola Wakefield 

(Senior Statutory Auditor) 

for and on behalf of 

Mazars LLP 

Chartered Accountants and Statutory Auditor 

2nd Floor, 6 Sutton Plaza 

Sutton Court Road 

Sutton 

Surrey 

SM1 4FS 

Date:      Jul 28, 2022 

18 



## **CWR** 

## **Consolidated statement of financial activities for the year ended 31 August 2021** 

|**Notes**<br>**Unrestricted**<br>**funds**<br>**£**<br>**Income**<br>Donations and legacies<br>780,644<br>_Income from charitable activities_<br>Publications<br>598,700<br>Training<br>1,289,189<br>Income from other trading activities<br>16,751<br>Investment income<br>423<br>Other income<br>103,279<br>**Total income**<br>**3**<br>2,788,986<br>**Expenditure**<br>Expenditure on raising funds<br>**4**<br>476,070<br>Expenditure on trading activities<br>**5**<br>16,437<br>_Expenditure on charitable activities_<br>Publications costs<br>**6**<br>1,311,759<br>Training costs<br>**7**<br>1,587,794<br>**Total expenditure**<br>3,392,060<br>Net (expenditure) / income<br>(603,074)<br>Transfers between funds<br>**19/20**<br>218<br>Gain on disposal of intangible assets<br>3,407<br>**Net movement in funds**<br>(599,449)<br>**Reconciliation of funds**<br>Total funds brought forward<br>2,291,144<br>**Total funds carried forward**<br>**19/20**<br>1,691,695|**Restricted**<br>**Funds**<br>**£**<br> <br>169,291<br>-<br>-<br>-<br>-<br>-<br>169,291<br>7,514<br>-<br>95,451<br>39,862<br>142,827<br>26,464<br>(218)<br>-<br>26,246<br>231,230<br>257,476|**2021**<br>**Total**<br>**Funds**<br>**£**<br>949,935<br>598,700<br>1,289,189<br>16,751<br>423<br>103,279<br>2,958,277<br>483,584<br>16,437<br>1,407,210<br>1,627,656<br>3,534,887<br>(576,610)<br>-<br>3,407<br>(573,203)<br>2,522,374<br>1,949,171|**2020**<br>**Total**<br>**funds**<br>**£**<br>635,066<br>873,344<br>1,065,297<br>28,982<br>1,097<br>126,545<br>2,730,331<br>361,287<br>28,052<br>1,476,256<br>1,542,235<br>3,407,830<br>(677,499)<br>-<br>-<br>(677,499)<br>3,199,873<br>2,522,374|
|---|---|---|---|



The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. 

The notes on pages 22 – 40 form part of these financial statements. 

19 



## **CWR** 

## **Consolidated and charity balance sheets at 31 August 2021** 

|**Group**<br> **Group**<br>**2021                   2020**<br>**Notes**<br>**£**<br>**£**<br>**Fixed assets**<br>Intangible assets <br>**12**<br>144,651<br>195,689<br>Tangible assets <br>**13**<br>2,671,823<br>2,707,198<br>**Total fixed assets**<br>2,816,474<br>2,902,887<br>**Current assets**<br>Stocks<br>**14**<br>52,943<br>210,601<br>Debtors<br>**15**<br>898,746<br>1,045,312<br>Cash at bank and in hand<br>576,173<br>141,698<br>**Total current assets**<br>1,527,862<br>1,397,611<br>**Liabilities**<br>Creditors falling due within one year<br>**16**<br>(1,289,411)<br>(1,563,106)<br> <br>**Net current assets / (liabilities)**<br>238,451<br>(165,495)<br>**Total assets less current liabilities**<br>3,054,925<br>2,737,392<br>Creditors falling due<br>after more than one year<br>**17**<br>(1,105,754)<br>(215,018)<br> <br>**Net assets**<br>1,949,171<br>2,522,374<br>**Funds of the charity**<br>Unrestricted<br>**19**<br>1,691,695<br>2,291,144<br>Restricted<br>**20**<br>257,476<br>231,230<br>1,949,171<br>2,522,374|**Charity**<br>**2021**<br>**£**<br>144,651<br>2,671,823<br> <br>2,816,474<br>52,943<br>937,678<br>537,344<br> <br>1,527,965<br>(1,285,391)<br> <br> <br>242,574<br> <br>3,059,048<br>(1,105,754)<br> <br>1,953,294<br> <br>1,695,818<br>257,476<br> <br>1,953,294|**Charity**<br>**2020**<br>**£**<br>195,689<br>2,707,198<br>2,902,887<br>210,601<br>1,085,200<br>100,630<br>1,396,431<br>(1,558,337)<br> <br>(161,906)<br>2,740,981<br>(215,018)<br>2,525,963<br>2,294,733<br>231,230<br>2,525,963|
|---|---|---|



> Approved by the Board on: Jul 28, 2022 Signed on its behalf by 

## Robert Peet 

Robert Peet (Jul 28, 2022 14:44 GMT+1) 

Mr R.J Peet, Director 

The notes on pages 22 – 40 form part of these financial statements. 

20 



## **CWR** 

## **Consolidated statement of cash flows for the year ended 31 August 2021** 

|||**2021**||**2020**|
|---|---|---|---|---|
||**Notes**|**£**||**£**|
|**Net cash (used in) operating activities**|**27**|(390,158)||(296,892)|
|**Cash flows from investing activities:**|||||
|Purchases of property and equipment||(31,145)||(76,041)|
|Purchases of intangible assets||-||(27,358)|
|Net proceeds from disposal of assets||11,000||-|
|Interest received||423||1,097|
|**Net cash used in investing activities**||<br>(19,722)||(102,302)|
|**Cash flows from financing activities:**|||||
|Interest paid||(34,004)||(7,108)|
|Repayment of borrowings|**(i)**|(291,391)||(324,641)|
|Cash inflows from new borrowings|**(i)**|1,169,750||-|
|**Net cash from / (used in) financing activities**||<br>844,355||(331,749)|
|**Change in cash & cash equivalents in the year**|**(i)**|434,475||(730,943)|
|Cash & cash equivalents at the beginning of the year||141,698||872,641|
|**Cash & cash equivalents at the end of the year**||576,173||141,698|
|**(i) Analysis of changes in net debt**|||||
||**At**|**1 Sept 2020**|**Cash flows**|**At 31 Aug 2021**|
|||**£**|**£**|**£**|
|**Cash and cash equivalents**|||||
|Cash||141,698|434,475|576,173|
|**Borrowings**|||||
|Debt due within one year||(176,374)|12,377|(163,997)|
|Debt due after one year||(215,018)|(890,736)|(1,105,754)|
|||(391,392)|(878,359)|(1,269,751)|
|**Total**||(249,694)|(443,884)|(693,578)|



The notes on pages 22 – 40 form part of these financial statements. 

**1 Accounting policies** 

21 



**CWR Notes to the consolidated financial statements For the year ended 31 August 2021** 

## **1.1 Charity information** 

CWR is a company limited by guarantee and registered in England and Wales, registration number 1990308, and a registered charity, number 294387. The registered office is Waverley Abbey House, Waverley Lane, Farnham, Surrey GU9 8EP. 

## **1.2 Basis of preparation of financial statements** 

The financial statements have been prepared in accordance with 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 2015) – (Charities SORP (FRS 102)), and the Companies Act 2006. 

CWR meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note. 

The financial statements are prepared in sterling (£) and rounded to the nearest pound. The financial statements consolidate the results of the Charity with its wholly owned subsidiary companies (see note 21) on a line-by-line basis. CWR controls its subsidiaries through 100% ownership of shares except for The Stapleford Centre which is through common control of those charged with governance. 

A separate Statement of Financial Activities and Income and Expenditure Account for the Charity has not been presented because the Charity has taken advantage of the exemption afforded by section 408 of the Companies Act 2006. 

The financial performance of the charity alone is: 

|**Net movement in funds**<br>Total funds brought forward<br>**Total funds carried forward**|**2021**<br>**£**<br>(572,983)<br>2,523,618<br>1,950,635|**2020**<br>**£**<br>(676,391)<br>3,200,009<br>2,523,618|
|---|---|---|



Key accounting estimates and judgements 

The Charity makes certain estimates and assumptions regarding the future. Estimates and judgements are continually evaluated based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In the future, actual experience may differ from these estimates and assumptions. 

Stocks are reviewed on a line-by-line basis, having due regard to quantities held and recent sales history. Provisions are established where, in the opinion of management, the full value of stock may not be realised. 

**1.3 Going concern** 

22 



## **CWR Notes to the consolidated financial statements For the year ended 31 August 2021** 

The Charity’s financial statements have been prepared on a going concern basis. The trustees have carefully considered the forecasts for the next twelve months and are of the opinion that with fundraising activity underway, and / or a sale of part or all of the principal asset, CWR can meet its liabilities for at least twelve months from the date of signing. Notwithstanding, the trustees do acknowledge there is a material uncertainty to the status of the Charity as a going concern in their report. Without these donations or the sale of assets the Charity will be unlikely to meet its on-going liabilities. 

## **1.4 Income** 

Donations are credited to the Statement of Financial Activities as received, except that provision is made for income tax recoverable in respect of donations received under Gift Aid. Legacy income is recognised when it is probable that it will be received. 

Most subscriptions received and some training course fees relate partly to the following year. The amount credited to the Statement of Financial Activities is that relating to the year ended 31 August 2021 and the balance is carried forward as deferred income. 

## **1.5 Allocation of costs** 

Costs of charitable activities of the Charity comprise expenditure directly relating to the objects of CWR. It includes the direct cost of publications and courses, staff, depreciation, premises, and other appropriate costs. 

Support costs comprise costs incurred directly in support of expenditure on the objects of CWR. It includes appropriate staff and overhead costs, as well as governance costs. These costs are apportioned on the bases of staff numbers and computer usage in each area of activity. 

Costs are apportioned to restricted funds as they are incurred in generating and fulfilling the requirements of these funds. 

## **1.6 Fund accounting** 

Following the requirements of the Statement of Recommended Practice all funds of CWR have been analysed over the different types of funds, which are: 

## **Unrestricted funds** 

Unrestricted funds are those funds not subject to any restrictions regarding their use and are available to spend on activities that further any of the purposes of the charity. 

Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose. 

## **Restricted funds** 

Restricted funds are donations which the donor has specified are to be solely used for particular areas of the charity’s work or for specific projects being undertaken by the charity. The purpose of any restricted funds is stated in note 20 of the financial statements. 

**1.7 Depreciation – Property, plant, and equipment** 



## **CWR Notes to the consolidated financial statements For the year ended 31 August 2021** 

Individual fixed assets costing £500 or more are capitalised at cost and are depreciated over their estimated useful economic lives on a straight-line basis as follows: Freehold property 100 years Windows, doors, and electrical work 10 years Computers, office, and kitchen equipment 3–5 years 

## **1.8 Development of software** 

Costs directly attributable to the development of computer software are capitalised as intangible assets only when technical feasibility of the project is demonstrated, the Group has an intention and ability to complete and use the software and the costs can be measured reliably. Such costs include purchases of materials and services. Research costs are recognised as an expense when incurred. On completion, assets are amortised over their estimated economic lives on a straight-line basis as follows: 

Software 

5 years 

## **1.9 Stocks** 

Stock and work in progress is valued at the lower of cost and estimated net realisable value. 

## **1.10 Foreign currency** 

Assets expressed in foreign currency and sales transactions to be settled in foreign currency are translated into sterling at an average exchange rate for the period, since in the opinion of the Directors the amounts involved are insignificant except for monetary assets that are translated at the rate ruling at the balance sheet date. Differences arising on the translation of such items are dealt with in the Statement of Financial Activities. 

## **1.11 Leases** 

Operating leases – Rentals payable under operating leases are charged on a straight-line basis over the term of the lease. 

## **1.12 Pension costs** 

The Charity operates a defined contribution pension scheme. Contributions payable to this pension scheme are charged to the Statement of Financial Activities in the period to which they relate. 

## **1.13 Redundancy policy** 

The charity recognises redundancy costs in the financial year during which the employee(s) are notified of the termination of their employment and provides for those costs when the effective date and cash payment crosses into the following financial year. 

**1.14 Financial instruments** 

24 



## **CWR Notes to the consolidated financial statements For the year ended 31 August 2021** 

The charity only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares. 

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing  transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an  out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan. 

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the statement of financial activities. 

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. 

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which approximates the amount that the charity would receive for the asset if it were to be sold at the reporting date. 

Financial assets and liabilities are offset, and the net amount reported in the balance sheet when there is an 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. 

25 



## **CWR Notes to the consolidated financial statements For the year ended 31 August 2021** 

## **2 Comparative statement of financial activities** 

|**Unrestricted**<br>**funds**<br>**notes**<br>**£**<br>**Income**<br>Donations and legacies<br>448,381<br>_Income from charitable activities_<br>Publications<br>873,344<br>Training<br>1,065,297<br>Income from other trading activities<br>28,982<br>Investment income<br>1,097<br>Other income<br>126,545<br>**Total income**<br>**3**<br>2,543,646<br>**Expenditure**<br>Expenditure on raising funds<br>**4**<br>357,466<br>Expenditure on trading activities<br>**5**<br>28,052<br>_Expenditure on charitable activities_<br>Publications costs<br>**6**<br>1,417,624<br>Training costs<br>**7**<br>1,470,809<br>**Total expenditure**<br>3,273,951<br>Net (expenditure) / income<br>(730,305)<br>Transfers between funds<br>(26,049)<br>**Net movement in funds**<br>(704,256)<br>**Reconciliation of funds**<br>Total funds brought forward<br>2,995,400<br>**Total funds carried forward**<br>**19/20**<br>2,291,144|**Restricted**<br>**funds**<br>**£**<br>186,685<br>-<br>-<br>-<br>-<br>-<br> <br>186,685<br> <br>3,821<br>-<br>58,632<br>71,426<br> <br>133,879<br> <br>52,806<br>(26,049)<br> <br>26,757<br>204,473<br> <br>231,230|**2020**<br>**Total**<br>**funds**<br>**£**<br>635,066<br>873,344<br>1,065,297<br>28,982<br>1,097<br>126,545<br>2,730,331<br>361,287<br>28,052<br>1,476,256<br>1,542,235<br>3,407,830<br>(677,499)<br>-<br>(677,499)<br>3,199,873<br>2,522,374|
|---|---|---|



26 



## **CWR** 

## **Notes to the consolidated financial statements For the year ended 31 August 2021** 

## **3 Income** 

The income and movement in funds are attributable to the principal activity of contributing to the spiritual growth of Christians throughout the world by publishing Bible materials and teaching and training through seminars and courses. The whole of the income arises in the UK except for overseas donations, course fees, product sales and royalties of £266,213 (2020: £306,051). 

## **Analysis of income** 

|**Unrestricted**<br>**Income**<br>**funds**<br>£<br>Donations<br>667,173<br>Legacies<br>113,471<br>**Total donations, legacies, and grants**<br>780,644<br>Publications income<br>598,700<br>Training income<br>1,289,189<br>**Total income from charitable activities**<br>1,887,889<br>Income from other trading activities<br>16,751<br>Investment income – deposit interest<br>423<br>Other income<br>103,279<br>**Total income**<br>2,788,986|**Restricted**<br>**funds**<br>£<br>169,291<br>-<br>169,291<br>-<br>-<br>-<br>-<br>-<br>-<br>169,291|**2021**<br>**Total**<br>£<br>836,464<br>113,471<br> <br>949,935<br> <br>598,700<br>1,289,189<br> <br>1,887,889<br> <br>16,751<br>423<br>103,279<br> <br>2,958,277|**2020**<br>**Total**<br>£<br>626,985<br>8,081<br>635,066<br>873,344<br>1,065,297<br>1,938,641<br>28,982<br>1,097<br>126,545<br>2,730,331|
|---|---|---|---|



Income from publishing derives mainly from the sale of printed and digital products. It also includes income from royalties and packaging. 

Training income consists of student fees from higher education programmes, grant income and income from short courses and seminars. 

|**Details of Grant and Fee Income**<br>Grant income from the OfS<br>Grant income from other bodies<br>Fee income from taught awards (exclusive of VAT)<br>Fee income for research awards (exclusive of VAT)<br>Fee income from non-qualifying courses (exclusive of VAT)<br>**Total Training income**|**2021**<br>£<br>103,721<br>0<br>1,091,157<br>0<br>94,311<br> <br>1,289,189<br>|**2020**<br>£<br>0<br>0<br>1,005,429<br>0<br>59,868<br>1,065,297|
|---|---|---|



27 



## **CWR Notes to the consolidated financial statements For the year ended 31 August 2021** 

## **3 Income (continued)** 

Trading income arises from conferencing and events held at the charity’s venue located in Surrey. Other income includes rentals of spare office capacity and vacant land, and sundry income from photocopying and postage. Both financial years 2021 and 2020 include claims for wages through the government’s coronavirus job retention scheme for staff on furlough. 

## **4 Expenditure on raising funds** 

|Salaries<br>Printing appeals<br>Distribution and postage<br>Fulfilment and other costs<br>Fundraising consulting<br>Support costs (note 8)<br>**5**<br>**Expenditure on trading activities**<br>Salaries<br>Food expenses<br>Repairs and maintenance<br>Other costs<br>Support costs (note 8)<br>**6**<br>**Publications costs**<br> <br> <br>Publications salaries<br>Cost of publications<br>Sales and marketing expenses<br>Other costs<br>Distribution costs<br>Support costs (note 8)|<br>|
|---|---|



28 



## **CWR** 

## **Notes to the consolidated financial statements For the year ended 31 August 2021** 

|**7**|**Training costs**||||||||
|---|---|---|---|---|---|---|---|---|
|||||**2021**||||**2020**|
|||||**£**||||**£**|
||Training salaries|||563,483||||586,432|
||Marketing expenses|||1,474||||10,166|
||Course and events activity costs|||352,204||||294,452|
||Other costs|||22,132||||26,574|
||Support costs (note 8)|||688,363||||624,611|
|||||<br>1,627,656||||<br>1,542,235|
||<br>**Details of access and participation investment included within Training costs**||||||||
|||||**2021**||||**2020**|
|||||**£**||||**£**|
||Access investment|||14,237||||2,895|
||Financial support investment|||19,245||||13,333|
||Research and evaluation investment|||18,272||||17,368|
||Support for disabled students|||2,790||||-|
|||||<br>54,544||||<br>33,596|
|**8**|**Analysis of support and governance costs**||||||||
|||**Raising**|**Trading**|**Publication**<br>**Training**|||**Total**|**Total**|
|||**funds**|**activities**|**costs**|**costs**||**2021**|**2020**|
|||**costs**|**costs**||||||
|||**£**|**£**|**£**|**£**||**£**|**£**|
|Support and other costs include|||||||||
|the following:|||||||||
|Support staff costs||208,401|1,138|246,965<br>218,862|||675,366|818,290|
|Administration and insurance||5,063|-|8,946<br>38,558|||52,567|111,841|
|Bank charges and interest payable||12,482|-|19,386<br>22,325|||54,193|30,753|
|Depreciation and amortisation||36,660|-|23,242<br>50,063|||109,965|89,489|
|Office and equipment maintenance||21,026|1,607|37,555<br>160,138|||220,326|177,192|
|Distribution, stationery, and||1,401|-|2,477<br>10,674|||14,552|19,110|
|printing|||||||||
|Governance costs||12,800|1,500|37,195<br>47,562|||99,057|100,746|
|Other support costs||37,074|-|97,723<br>140,181|||274,978|253,800|
|||<br>334,907|4,245|473,489<br>688,363||<br>1,501,004||1,601,221|



29 



## **CWR Notes to the consolidated financial statements For the year ended 31 August 2021** 

|**9**|**Net (expenditure) / income for the year**|||
|---|---|---|---|
|||**2021**<br>|**2020**|
|||**£**|**£**|
||This is stated after charging:|||
||Auditors’ remuneration: audit fees|13,500|10,500|
||taxation services|1,000|815|
||other services|1,000|605|
||Interest payable: mortgage loans / other|34,004|7,108|
||Depreciation/amortisation of owned fixed assets|109,965|89,489|
||Hire of other assets – operating leases|9,850|12,998|
|**10**|**Staff costs**|||
|||**2021**<br>|**2020**|
|||**£**|**£**|
||Salaries and wages|1,303,883|1,506,362|
||Pension costs|139,816|168,413|
||Social security costs|93,870|123,802|
|||<br>1,537,569<br>|1,798,577|



Included in staff costs are redundancy payments to 3 employees of £52,617. 

During the year the number of employees who received remuneration above £60,000 was: 

|**Remuneration**|**Pension contributions**|**2021**|**2020**|
|---|---|---|---|
|||**Number**|**Number**|
|£60,001 to £65,000|£5,945|-|1|
|£75,001 to £80,000|£6,149|-|1|
|£80,001 to £85,000|£3,967|1|-|



The key management personnel of the charity and the group comprise the Chief Executive Officer, the Directors of Finance and Services, Resources, Publishing, International Ministry and the Director of Higher Education (Head of Provider). The total employee benefits of the key management personnel were £287,971 (2020: £345,737). 

|**Head of Provider remuneration**<br>Paid basic salary before salary sacrifice arrangements<br>Deductions to reflect salary sacrifice arrangements<br>Paid basic salary after salary sacrifice arrangements<br>Pension contributions<br>Total disclosure relating to head of provider (before salary sacrifice)|**2021**<br>**£**<br>51,000<br>(1,569)<br> <br>49,431<br> <br>4,080<br> <br>55,080|**2020**<br>**£**<br>51,000<br>(1,569)<br>49,431<br>4,080<br>55,080|
|---|---|---|



30 



## **CWR Notes to the consolidated financial statements For the year ended 31 August 2021** 

## **10 Staff costs (continued)** 

The relationship between the head of provider’s remuneration and that for all other employees employed in the reporting year, expressed as a pay multiple was: 

- basic salary was 2.2 times the median pay of staff (2020: 2.2 times) 

- total remuneration was 2.2 times the median total remuneration of staff (2020: 2.2 times) 

Waverley Abbey College operates within the CWR charity. The remuneration of the Head of Provider and other staff is commensurate with this status as a charity, simple in structure and modest in nature. Performance is judged within an annual appraisal process common to all staff and reviewed by the Chief Executive and Trustees. Reference is made to student satisfaction surveys. Remuneration decisions are taken in relation to individual performance and the overall means of the charity. The remuneration of our Head of Provider is justified, referencing college development and a third successive year of 100% student satisfaction with the college and its courses. 

## **Staff numbers** 

The average head count for the year was 60 staff (2020: 64 staff). The total number of Directors at the year end, and the number of employees during the year, calculated on a full-time equivalent basis was: 

||**2021**|**2020**|
|---|---|---|
||**Number**|**Number**|
|Directors|7|5|
|Senior Management|4|4|
|Ministry and Support|36|44|
||<br>47|53|
||||



## **11 Directors and related parties** 

Of the Directors who served during the year, none (2020: none) received any remuneration for their services as directors. Payments amounting to £249 (2020: £597) were made to reimburse Directors for travelling and other expenses during the year. 

During the year the following income transactions occurred between related parties in which some of the charity’s directors also were independently involved with: 

- Clarion Call - £230 for higher education course 

- Good Shepherd Foundation - £150 royalties received 

- Access Underwriting Ltd - £50,474 insurance and brokerage fees 

- There were no balances outstanding at year end. 

The Charity has an unsecured loan of £100,000 (2020: £115,000) from one of the directors of its subsidiary CWR Care and Counselling (Asia) Limited (note 16). 

31 



## **CWR** 

## **Notes to the consolidated financial statements For the year ended 31 August 2021** 

## **12 Intangible fixed assets** 

|**Group and Charity**<br>**Cost**<br>At 1 September 2020<br>Transfer<br>Disposal<br>At 31 August 2021<br>**Amortisation**<br>At 1 September 2020<br>Charge for the year<br>Disposal<br>At 31 August 2021<br>**Net book values**<br>At 31 August 2021<br>At 31 August 2020<br>Amortisation rates per annum|**Under**<br>**Software**<br>**construction**<br>**£**<br>**£**<br>127,465<br>129,983<br>121,019<br>(121,019)<br>(10,811)<br>-<br> <br>237,673<br>8,964<br> <br>61,759<br>-<br>43,445<br>-<br>(3,218)<br>-<br> <br>101,986<br>-<br> <br>135,687<br>8,964<br> <br>65,706<br>129,983<br> <br>20%|**Total**<br>**£**<br>257,448<br>-<br>(10,811)<br>246,637<br>61,759<br>43,445<br>(3,218)<br>101,986<br>144,651<br>195,689|
|---|---|---|



32 



## **CWR Notes to the consolidated financial statements For the year ended 31 August 2021** 

## **13 Tangible fixed assets** 

||**Group and Charity**<br>**Freehold**<br>**property**<br>**Office**<br>**furniture and**<br>**equipment**|**Group and Charity**<br>**Freehold**<br>**property**<br>**Office**<br>**furniture and**<br>**equipment**|**Group and Charity**<br>**Freehold**<br>**property**<br>**Office**<br>**furniture and**<br>**equipment**|**Total**|
|---|---|---|---|---|
|||**£**|**£**|**£**|
||**Cost**||||
||At 1 September 2020|3,151,862|598,252|3,750,114|
||Additions|**-**|31,145|31,145|
||||||
||At 31 August 2021|3,151,862|629,397|3,781,259|
||||||
||**Depreciation**||||
||At 1 September 2020|582,399|460,517|1,042,916|
||Charge for the year|25,940|40,580|66,520|
||||||
||At 31 August 2021|608,339|501,097|1,109,436|
||||||
||**Net book values**||||
||At 31 August 2021|2,543,523|128,300|2,671,823|
||||||
||At 31 August 2020|2,569,463|137,735|2,707,198|
||||||
||Depreciation rates per annum|1%<br>10% to 33.3%|||
||10% on<br>property<br>additions||||



The tangible fixed assets are all held for charitable purposes. 

|**14**<br>**Stocks**<br>**Group and Charity**<br>Work in progress<br>Publications for sale|**2021**<br>**£**<br>1,027<br>51,916<br> <br>52,943|**2020**<br>**£**<br>10,839<br>199,762<br>210,601|
|---|---|---|



The value of stocks expensed during the year was £378,646 (2020: £316,910). 

33 



## **CWR** 

## **Notes to the consolidated financial statements For the year ended 31 August 2021** 

|**15**<br>**16**|**Debtors**<br>**2021**<br>**2020**<br>**Group**<br>**Group**<br>**£**<br>**£**<br>Due within one year:<br>Trade debtors<br>704,565<br>939,941<br>Other debtors<br>108,186<br>31,201<br>Balances due from group<br>companies<br>-<br>-<br>Prepayments and accrued<br>income<br>85,995<br>74,170<br>898,746<br>1,045,312<br>**Creditors falling due within one year**<br>**2021**<br>**2020**<br>**Group**<br>**Group**<br>**£**<br>**£**<br>Commercial mortgage<br>-<br>61,374<br>Mortgage loan<br>53,997<br>-<br>Bank and short-term loans<br>110,000<br>115,000<br>Trade creditors<br>156,070<br>127,135<br>Deferred income<br>830,060<br>1,105,496<br>Taxation and social security<br>22,509<br>29,734<br>Other creditors and accruals<br>116,775<br>124,367<br>1,289,411<br>1,563,106<br>**Reconciliation of movement in deferred income during the year**<br>**2021**<br>**Group and Charity**<br>**£**<br>Beginning of the year<br>1,105,496<br>Received during the year<br>1,090,019<br>Released to statement of financial activities<br>(1,365,455)<br>End of the year<br>830,060|**2021**<br>**2020**<br>**Charity**<br>**Charity**<br>**£**<br>**£**<br>704,565<br>939,941<br>107,550<br>30,582<br>39,568<br>40,507<br>85,995<br>74,170<br> <br>937,678<br>1,085,200<br> <br>**2021**<br>**2020**<br>**Charity**<br>**Charity**<br>**£**<br>**£**<br>-<br>61,374<br>53,997<br>-<br>110,000<br>115,000<br>156,070<br>127,135<br>830,060<br>1,105,496<br>22,509<br>29,734<br>112,755<br>119,598<br> <br>1,285,391<br>1,558,337<br> <br>**2020**<br>**£**<br>855,845<br>1,600,428<br>(1,350,777)<br>1,105,496|
|---|---|---|



Deferred income relates to student fees and subscriptions of dated reading notes received in advance. 

34 



## **CWR Notes to the consolidated financial statements For the year ended 31 August 2021** 

## **17 Creditors falling due in more than one year** 

|**Group and Charity**<br>Commercial mortgage, repayable<br>In one to two years<br>In three to five years|**2021**<br>**£**<br>-<br>-<br>-|**2020**<br>**£**<br>74,421<br>140,597<br>215,018|
|---|---|---|



The commercial mortgage (notes 16 and 17) which was secured by a charge on a freehold property was repaid in full during the year. 

|Mortgage loan A, repayable<br>In one to two years<br>In three to five years<br>After five years|56,760<br>188,152<br>820,842<br>1,065,754|-<br>-<br>-<br>-|
|---|---|---|



The mortgage loan (Loan A) (notes 16 and 17) is secured by a charge on a freehold property and will be repaid over 15 years from February 2021. The rate of interest on the mortgage is 5% pa. variable on one month’s notice. 

An additional loan facility (Loan B) of £355,000 is available for drawdown at a rate of interest of 5.25% pa. variable on one month’s notice. A non-utilization fee charged at 1% pa. of the unutilised balance is payable monthly. 

|Bounce Back loan, repayable<br>In one to two years<br>In three to five years|10,000<br>30,000<br>40,000|-<br>-<br>-|
|---|---|---|



The charity has taken advantage of the Bounce Back Loan Scheme guaranteed by the UK government with a loan through Barclays Bank of £50,000 for a period of 6 years at a fixed rate of interest of 2.5% pa. During the first 12 months, the UK Government will pay the interest due under this Loan to the Bank. No repayment of capital was required during the first 12 months of the Loan. Repayments will commence 13 months after first drawdown in September 2021. 

|Creditors falling due in more than one year|1,105,754|215,018|
|---|---|---|



35 



## **CWR Notes to the consolidated financial statements For the year ended 31 August 2021** 

## **18 Financial instruments** 

|**Financial assets**<br>Cash and cash equivalents<br>Financial assets that are debt instruments<br>**Financial liabilities**|**2021**<br>**£**<br>626,217<br>762,071|**2020**<br>**£**<br>141,698<br>970,523|
|---|---|---|
||||
||1,388,288<br> <br>1,442,596|1,112,221<br>527,984|



Financial assets measured at amortised cost comprise trade and other receivables and amounts owed by group undertakings. 

Financial liabilities measured at amortised cost comprise trade payables, amounts owed to parent undertaking, loans and other creditors. 

## **19 Unrestricted funds** 

||**Group**|**Charity**|
|---|---|---|
||**£**|**£**|
|Balance at 1 September 2020|2,291,144|2,294,733|
|Income|2,788,986|2,766,181|
|Expenditure|(3,392,060)|(3,369,035)|
|Transfer between funds|218|532|
|Gain on disposal of intangible assets|3,407|3,407|
|Balance at 31 August 2021|<br>1,691,695|1,695,818|
||||



36 



## **CWR Notes to the consolidated financial statements For the year ended 31 August 2021** 

## **20 Restricted funds** 

## **Group and Charity** 

|**Funds**<br>**Balance at**<br>**31 Aug**<br>**2020**<br>**£**<br>Prisons Ministry<br>75,252<br>Asia Ministry<br>148,729<br>Summer 2019 appeal<br>7,249<br>Christmas 2020 appeal<br>-<br>Easter 2021 appeal<br>-<br>231,230|**Income**<br>**£**<br>7,504<br>120,220<br>400<br>20,409<br>20,758<br>169,291|**Expenses**<br>**£**<br>(71,531)<br>(32,362)<br>(7,500)<br>(20,340)<br>(11,094)<br>(142,827)|**Transfers**<br>**Balance at**<br>**31 Aug**<br>**2021**<br>**£**<br>**£**<br>-<br>11,225<br>-<br>236,587<br>(149)<br>-<br>(69)<br>-<br>-<br>9,664<br> <br> <br>(218)<br>257,476|**Transfers**<br>**Balance at**<br>**31 Aug**<br>**2021**<br>**£**<br>**£**<br>-<br>11,225<br>-<br>236,587<br>(149)<br>-<br>(69)<br>-<br>-<br>9,664<br> <br> <br>(218)<br>257,476|
|---|---|---|---|---|
|||||<br>257,476|



The Prisons Ministry fund contributes towards the costs of printing and distributing bible readings notes to many prisons around the UK and in Australia and New Zealand. 

The Asia Ministry fund continues to fund the translation and printing of key CWR titles in Mandarin and other languages for distribution to churches and individuals in China and countries across Southeast Asia as well as supporting the cost of running core counselling modules in Singapore and Cambodia. 

The 2019 summer appeal raised funds to make Christian counselling support accessible to all those who need it no matter what their financial circumstances are by training more Christian counsellors. 

The 2020 Christmas appeal raised funds to provide support and hope to the many individuals struggling with mental health challenges arising from the pandemic and lockdown. Digital content from the Insight series of books on topics such as anxiety and depression was made accessible online. 

The 2021 Easter appeal raised funds to continue making Bible reading notes freely available in as many areas of the world as possible, helping people in whatever circumstance to live every day with Jesus. Providing daily Bible reading notes in a digital form allows wider access into the hardest to reach places, supporting and sustaining the Christians living there and suffering for their faith. 

37 



## **CWR** 

## **Notes to the consolidated financial statements For the year ended 31 August 2021** 

## **21 Subsidiary Companies** 

|**Subsidiaries**|**Activities**|**% of**<br>**capital**<br>**held**|**Net assets /**<br>**(liabilities) at**|**Net assets /**<br>**(liabilities) at**|**Surplus / (deficit)**<br>**for the year ended**|**Surplus / (deficit)**<br>**for the year ended**|
|---|---|---|---|---|---|---|
||||**2021**|**2020**|**2021**|**2020**|
||||**£**|**£**|**£**|**£**|
|CWR Care and Counselling<br>Asia Limited (a company<br>incorporated in Singapore)<br>(Co no. 200923041W)|Training|100%<br>subsidiary|(39,184)|(38,051)|(1,133)|(3,168)|
|CWR Trading Limited (a<br>company incorporated in UK)<br>(Co no. 07818060)|Conferencing<br>and events|<br>100%<br>subsidiary|-|-|-|-|
|The Stapleford Centre<br>Limited (a company<br>incorporated in UK)<br>(Co no. 03371977)<br>(Charity no. 1063856)|Education<br>and training|Common<br>control|35,061|34,462|599|1,131|
|Waverley Abbey College<br>Limited<br>(a non-trading company<br>incorporated in UK)<br>(Co no. 09153329)|Education<br>and training|100%<br>subsidiary|-|-|-|-|



## **Registered addresses** 

CWR Care and Counselling Asia Limited 133 Cecil Street, #16-01 Keck Seng Tower, Singapore 069535 

CWR Trading Limited / The Stapleford Centre Limited / Waverley Abbey College Limited Waverley Abbey House, Waverley Lane, Farnham, Surrey, GU9 8EP, UK 

For the year ending 31 August 2021 the following subsidiaries were entitled to exemption from audit under section 479A of the Companies Act 2006 relating to subsidiary companies: CWR Trading Limited, The Stapleford Centre and Waverley Abbey College Limited. 

38 



## **CWR Notes to the consolidated financial statements For the year ended 31 August 2021** 

## **22 Analysis of net assets between funds - Group** 

||**Unrestricted**|**Restricted**|**Total funds**|**Total funds**|
|---|---|---|---|---|
||||**2021**|**2020**|
||**£**|**£**|**£**|**£**|
|Fixed assets|2,816,474|-|2,816,474|2,902,887|
|Cash at bank|318,697|257,476|576,173|141,698|
|Other current assets|951,689|-|951,689|1,255,913|
|Current liabilities|(1,289,411)|-|(1,289,411)|(1,563,106)|
|Long term liabilities|(1,105,754)|-|(1,105,754)|(215,018)|
||1,691,695|<br>257,476|<br>1,949,171|<br>2,522,374|
||||||



## **23 Pension commitments** 

The Charity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Charity in an independently administered fund. The pension cost charge represents contributions payable by the Charity to the fund and amounted to £139,816 for the year (2020: £168,413). At 31 August 2021 pension contributions of £1,331 were due for payment (2020: £13,111). 

## **24 Capital commitments** 

At 31 August 2021 the Group had no commitments to capital expenditure (2020: £nil) which were not provided for. 

## **25 Other financial commitments** 

At 31 August 2021 the Group was committed to making the following lease payments under noncancellable operating leases: 

|During the next year<br>Due in two to four years|**2021**<br>**£**<br>11,772<br>31,391<br>43,163|**2020**<br>**£**<br>11,772<br>43,163<br>54,935|
|---|---|---|



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## **CWR Notes to the consolidated financial statements For the year ended 31 August 2021** 

## **26 Subsequent Events** 

There were no subsequent events to report. 

## **27 Reconciliation of net movement in funds for the year to net cash (outflow) / inflow from operating activities** 

|**Cash flows from operating activities**<br>Net movement in funds<br>Adjustments for:<br>Depreciation of property and equipment<br>Amortisation of intangible assets<br>Interest received<br>Interest paid<br>(Gain) / Loss on disposal of assets<br> <br>Decrease (Increase) in debtors<br>Decrease in stock<br>(Decrease) Increase in creditors<br> <br>**Cash (used in) operating activities**|**Group**<br>**2021**<br>**£**<br>(573,203)<br>66,520<br>43,445<br>(423)<br>34,004<br>(3,407)<br>146,566<br>157,658<br>(261,318)<br> <br>(390,158)|**Group**<br>**2020**<br>**£**<br>(677,499)<br>63,850<br>25,639<br>(1,097)<br>7,108<br>29,397<br>(117,358)<br>23,558<br>349,510<br>(296,892)|
|---|---|---|



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