OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2021-09-30-accounts

Charity Registration No. 528419

Company Registration No. 00679901 (England and Wales)

CENTRE MINISTRIES

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021

CENTRE MINISTRIES

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees A.P. Boulter
P. McElroy
S. McKellen
M. Rosser
J. Rosser
J. Longbone
S Murdoch
M. Beatty
Secretary H. Baxter
Cheif Executive Officer H. Baxter
Charity number 528419
Company number 00679901
Registered office Quinta Hall
Weston Rhyn
Oswestry
Shropshire
SY10 7LR
Auditor Huxley Johnston Ltd
Aqua House
Hampton Heath Industrial Estate
Malpas
Cheshire
SY14 8LY
Bankers Danske Bank
Downpatrick Branch
Northern Ireland
Solicitors Ellis Fermor & Negus
2 Devonshire Avenue
Beeston
Nottingam
NG9 1BS

CENTRE MINISTRIES

CONTENTS

Page
Trustees' report 1 - 8
Independent auditor's report 9 - 11
Statement of financial activities 12
Balance sheet 13
Statement of cash flows 14
Notes to the financial statements 15 - 27

CENTRE MINISTRIES

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 30 SEPTEMBER 2021

The trustees present their report and financial statements for the year ended 30 September 2021.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2016)

1. Reference and administration information

Centre Ministries, formerly known as Cloverley Hall Limited (date of change: 17 January 2007) is a company limited by guarantee and was formed in 1961, registration number 679901. It is a registered charity, charity number 528419.

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

A.P. Boulter P. McElroy S. McKellen C. Kelso (Resigned 1 January 2021) D. Kelso (Resigned 1 January 2021)

M. Rosser

J. Rosser J. Longbone S Murdoch M. Beatty

Three of the above trustees were re-elected on 17th November 2020; M Rosser, P McElroy and A Boulter.

Chief Executive Officer

H. Baxter

2. Structure, governance and management

2.1. Governing Document

The charity is governed by its Memorandum and Articles of Association dated 6th January 1961.

2.2. Structure and Relationship

The Charity of Charles Edward Price (charity 528419/1) [hitherto referred to as The P rice Trust]. Centre Ministries is the corporate trustee of The Price Trust which governs the use of the property known as 'The Quinta'. Centre Ministries holds this as an endowed designated property. This is governed by a conveyance to Centre Ministries dated 13th November 1985. The Charity Commission made a "Uniting Order" (July 2009) to treat The Price Trust as forming part of Centre Ministries for the purposes of Part VI (registration) and Part VIII (accounting) of the Charities Act 2011.

2.3. Organisational Management

The trustees, all of whom are directors, usually meet three times a year, however this has been restricted to videoconferencing during the pandemic, with circulatory e-mail correspondence being maintained between meetings. The day to day management of the charity is delegated to H. Baxter (Chief Executive Officer). Each of the charity's centres has a nominated trustee who liaises between the board, the executive and the centre on the general affairs of that centre and with regard to the welfare of both its guests and employees. One trustee takes special responsibility for safeguarding across the charity. All major expenditure is subject to approval at a trustees meeting.

CENTRE MINISTRIES

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED)

FOR THE YEAR ENDED 30 SEPTEMBER 2021

2.4. Recruitment and Training of Trustees

The directors are also trustees of the charity and these are appointed by a trustees' meeting. They hold office for a period of three years and then are subject to re-election. No individual training options have been taken this year, however the CEO provides regular information on governance role.

None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.

2.5. Risk Management

2.5.1. The Trustees are responsible for the management of the risks faced by the charity. Risks are identified, assessed and controls established throughout the year. The key controls used by the charity include:

2.5.2. Through the risk management processes established for the charity, the Trustees are satisfied that the major risks identified have been adequately mitigated where necessary. It is recognised that systems can only provide reasonable but not absolute assurance that major risks have been adequately managed.

3. Objects, Aims, Objective and Activities

3.1. Charitable Objects

The charity's objects, as set out in the Memorandum and Articles of Association, are the running of conference centres for the advancement of the Christian faith in accordance with the principles of Holy Scripture and to support various other Christian charities and projects as the trustees see fit. Within these objects the charity also has to maintain its buildings in fit and useful condition. The policies adopted in furtherance of these objects are set out within the accounts and there has been no change in these during the year.

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

3.2. Aims and Intended Impact

Our centres quietly promote our faith with its theological and ethical perspectives. Whilst one centre does cater more for adult and church family groups, overall our facilities and modus operandi have a bias to young people and students. All benefit greatly from the residential experience and the range of activities associated with our centres. There is additionally a bias to those from less well-off sectors of society. Our centres also serve other Christian Charities who use our venues for conferences and work with their constituent groups, again often young people. A number of schools and colleges use our centres for educational residential experiences and our input to their programme is an important aspect of our work.

CENTRE MINISTRIES

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2021

4. Public Benefit

4.1. Principal Benefits

4.1.1. The history of religious residential "time out" is long and extensive and not unique to the Christian faith. For the Jews it was clearly established thousands of years ago in the ancient Feast of Tabernacles, still celebrated today. This concept was further developed in the Christian faith: from Christ's 40 days in the wilderness, through a variety of approaches, to the modern Christian Conference, Retreat, Holiday or Activity Centre. The provision of residential facilities is a key element in this process enabling over one million people to enjoy a Christian residential experience in the UK each year. Centre Ministries plays a significant role in this by providing three centres with approximately 620 bed spaces. Unfortunately in 2020-21 the continued impact of the Coronavirus pandemic significantly shortened our trading period, with groups only beginning to return during the latter 4 months of our financial year.

4.1.2. Our centres are used to provide residential venues for a wide range of processes and activities that develop the physical, emotional and spiritual well-being of groups and individuals. These include: training and teaching; reflection and prayer; the enjoyment and appreciation of nature in beautiful rural environments; relaxation; recreation and social interaction

4.2. Detriment or Harm

4.2.1. We are not aware of any significant detriment or harm caused by our activities. We are aware of the difficulties with regard to bringing large numbers of people, especially young people, into rural environments but we believe these to be managed exceptionally well. Our 'spin-off' benefits, which included some community access to our facilities and a significant contribution to the local economies of our centres, far outweigh this intrusion.

4.2.2. In our pluralist society some are suspicious of us as we fulfil our objects which are specifically Christian. The Charity takes great care in managing the inherent conflict between exclusion and inclusion: to deal with the paradox of making a 'closed shop' an 'open house'. [See "Who benefits" below.] In our positive and open approach to this tension we see great benefit.

4.3. Who Benefits

4.3.1. The centres are not open to the general public but take organised groups from the Christian constituency defined by our objects. Within this our aim is to serve all people whilst avoiding support for theological and ethical perspectives that are contrary to those of our objects. Where teaching takes place, we expect this to align with our statement of faith, adopted from the Evangelical Alliance Basis of Faith and shared by over two million Christians in the UK. We therefore gently restrict use of our centres by being clear about our objects in our publicity material and ensuring centre managers are aware of our policy.

4.3.2. Schools and colleges traditionally find the environment we provide to be trustworthy, safe, secure and ideal in fulfilling their objectives for residential experiences. Alongside all the educational and activity resources we can provide, they welcome the contribution we make to their programmes from our Christian perspective to meeting their educational objectives in Personal, Social and Religious Education.

4.3.3. Two of our centres have a particular bias to the needs of children, young people and students. One hosts a large annual conference for Christian student leaders. Despite the challenges of the pandemic, this still attracted over 1,000 people. Over 100 universities and colleges from the UK and Ireland are represented.

CENTRE MINISTRIES

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2021

4.3.4. Naturally the majority of our groups are composed of UK nationals but there is a fair measure of ethnic diversity. In a typical year we would welcome groups that are predominately made up of the following national groups: Chinese, Thai, Indian, Egyptian, Iranian, Zimbabwean, Nigerian, German, American, Filipino and Irish. In addition a variety of ethnic minority churches and specialist groups where there is significant ethnic representation and a good number of individuals from other parts of Europe and further afield have visited our centres.

4.3.5. At all our centres some provision is made for people with disabilities within the limitations of our buildings. Similarly, we have a concern for people with special needs.

4.3.6. Our centres are well placed geographically. Castlewellan Castle, our centre in Northern Ireland, is the largest centre of its kind in Northern Ireland. It is in a forest park adjacent to the national arboretum within easy reach of Belfast. Our other two centres provide ready access to the Midlands, the North and the North West. Being in the Midlands they are also used for national conferences .

4.3.7. We are a fee charging charity but we keep our fees so low that maintaining viability is a constant issue. Our full board adult per head rates for 24 hours in 202 1 ranged from £ 42 . 25 to £ 6 6.00 [the latter incl.en-suite]. There are lower rates for children. The rates for self-catering ranged from £20 .50 to £2 8 . These prices include VAT. Some of our constituent churches and organisations work in quite challenging environments and some bring to our centres people, whom they will sometimes subsidise, from physically and/or socially/emotionally disadvantaged circumstances. The Salvation Army and Christians Against Poverty are better known examples of such organisations and each is a regular user. O ur centres offer a heavily discounted rate on a late booking basis to Christian ministers and people working in Christian charities / organisations.

4.3.8. In respect of The Quinta, there is benefit to Operation Mobilisation [Charity No 1008196] who have a full repairing lease to occupy an office block and sixteen units of accommodation. The low charge levied [£2 0 , 95 0 pa in 202 1 - an amount determined largely by what it costs to help Centre Ministries to manage The Quinta Estate] greatly assists their mission and relief work by people of about 100 nationalities in around 100 countries. There is exciting congruence in the objects of Centre Ministries and those of Operation Mobilisation and this vicariously extends the global influence of Centre Ministries.

4.4. Private Benefit

We are not aware of anyone receiving private benefit from our activities except that which is incidental in making our facilities available where appropriate and possible to local community use and normally nominal fees are charged. One of our centres has a Certificated Location for the Caravan Club. The fees offset the estate management costs as does the grasskeep arrangement at one centre with 50 acres of land.

CENTRE MINISTRIES

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2021

5. Objectives, Strategies and Principal Activities for 2020-21

The charity's priorities were focused on strengthening the charity to face the challenges of the future.

Other specific objectives were recorded as:

  1. Investigate funding sources to replace the temporary loss of income currently being experienced.

  2. Carry out a strategic review of the Charity and develop a structure for operation during the period 2022-2027, which would allow the Charity to generate sufficient surplus to meet emerging needs, restore depleted reserves, and improve facilities.

  3. Plan the steps required to steer the Charity out of the current crisis over the period 2020-22, ensuring that the plan is affordable and within the capabilities of the organisation and its workforce .

  4. Continue efforts to secure the future of the Castlewellan centre in relation to its lease renewal.

  5. Ensure that our actions cause no harm or detriment by, additionally, observing Government guidance relating to the pandemic .

Strategic report

The description under the headings "Achievements and performance" and "Financial review" meet the company law requirements for the trustees to present a strategic report.

6. Review of Achievements and performance for 2020-21

6.1 In the financial year 2020- 2 1 the overall fee income was significantly impacted and the period April to September, when the Charity expects to produce a surplus to off-set the deficit of the winter, was particularly affected. Expenditure was managed but the nature of our buildings require a certain degree of cost even when not in regular use.

  1. 2 The progress made on the list of objectives for 2020- 2 1 was as follows:

  2. Funding was sourced through government, local authority, funding bodies, supporter donations and employee contributions. The charity managed to retain its full reserves for the period of the pandemic.

  3. A strategic review was carried out. This identified areas to increase the impact of our ministry, while also improving cash generation through increased revenue and streamlined costs. The trustees agreed a budget to generate £200,000 per annum over the next five years, for reinvestment in guest facilities and future-proofing of buildings and energy sources.

  4. A plan was developed to guide the charity through the re-opening and return to trading. Two of the centres are clearly ahead of plan in their recovery. Due to a slower removal of restrictions in Northern Ireland, our centre there lags a little behind.

  5. Some progress was made in efforts to secure the lease and a postponed meeting with Executive Minister and his officials finally took place in early 2022. This was a positive encounter and we continue negotiations.

  6. 5 . Despite the impact that restrictions had on our operations, Centre Ministries staff, management and trustees continually sought to act in the best interests of guests, contractors and the wider community. We continue to advise guests and staff to take sensible precautions.

  7. 5 -

CENTRE MINISTRIES

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2021

Financial review 2019-20

7.1. Financial Results

The results of the charity's activities are shown on page 1 2 of the financial statements. These show a surplus of £8,792 for the year compared to a deficit of £ 135,415 for the previous year. Whilst income from charitable activities fell further, to approximately 25% of normal levels, we were relieved to receive over £ 5 00k from other sources (mainly Government grants and support schemes) and we are very grateful to supporters, friends and client groups who, together, donated more than £100k. The main expenditure was associated with the running and the maintenance of the facilities, even when temporarily non-operational. Salary costs were off-set by the CJRS Furlough scheme (included in the figures above). Expenditure has been tightly managed during this year, and all improvement projects since March 2020 put on hold.

Facing the effects upon the charity of an unprecedented global pandemic, the trustees began to review the challenges, opportunities and areas of need arising from these circumstances. A number of focus groups were established to look at Fundraising, Alternative Revenue Streams, and longer term Ministry Alternatives. We are grateful to staff, guests and other supporters who gave their time and expertise to these ventures. The first two groups led to immediate actions resulting in a generous flow of donations, and a flurry of activity on our sites during the summer months. The latter group gave rise to a deeper and longer term strategic review of the charity which has begun to yield fruit as we return to some semblance of normality in our activities.

7.2. Valuations

The land and buildings were re-valued as of 30th September 201 4 by A Boulter [FRICS, IRRV], of Underwoods [Property Consultants and Chartered Surveyors] and the trustees believe that these valuations adequately reflect the true position of their asset value.

7.3. Reserves

The policy requires that the charity will hold a minimum cash reserve of £200,000 (3 months’ operational costs if income streams ceased). The unprecedented effects of the current pandemic have shown that to be inadequate and it will be reviewed in line with our strategic plan in 2021.

8. The Price Trust

8.1 Centre Ministries has been enabled to fulfil not only the objects of The Price Trust but also to do this in a way that we believe would have delighted and thrilled our benefactor beyond his wildest dreams. We know, from an eye witness account, that Charles Price's sisters were critical of his decision to purchase The Quinta. From his will we also know that if there was no appropriate use then the property was to be sold and the money given to world mission, with a particular emphasis on China. A biography of Thomas Barnes who built Quinta Hall in the Nineteenth Century has been published. It is almost certain that Thomas Barnes will have been an influential figure for the young Charles Price. The book records that one of the motives for the building of Quinta Hall was that Christian ministers could be entertained and given times of rest and refreshment.

8.2 As already detailed (Public Benefit), The Quinta now not only serves the Christian church all over the UK but is also a centre of world mission. This demonstrates the spectacular fulfilment of the wider desires of our benefactor and, specifically, the fulfilment of the objects of The Price Trust through the work of Centre Ministries. It is the icing on the cake that, amongst the substantial number of guests, foreign nationals are well represented including many from China.

8.3 Both Centre Ministries and Operation Mobilisation continue to maintain and improve the buildings they use. The estate is well used by guests and kept in an attractive condition.

CENTRE MINISTRIES

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2021

9. Future Plans for 2021-22

9.1 The pattern of events arising from the pandemic rendered many of what would have been our immediate plans toward beneficiaries unachievable. The focus for the trustees has been to ensure that the Charity's resources are best protected for future use in line with the primary purpose of the Charity. The cessation of normal trading has presented both an opportunity and a perspective to assess the effectiveness and efficiency of the Charity beyond this pandemic.

The future plans for 20 2 1 -2 2 are as follows:

  1. The period of interrupted trading has led to a number of unfilled staff vacancies. We plan to address the staffing structure across all centres to ensure suitability and adequacy.

  2. Closely manage performance against the steps agreed in the strategic review to ensure long-term goals can be achieved.

  3. Build on recent progress to bring Castlewellan Castle lease negotiations to a satisfactory conclusion.

  4. Cautiously resume improvement projects suspended during the pandemic.

  5. Carry out a review of areas of ministry, operations, market and staff structure at Castlewellan Castle.

  6. Take active steps to recruit new Trustees to provide succession.

Disabled persons

The charity's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.

Information of matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the group's performance.

10. Conclusion

10.1. Volunteers

The charity benefited again from the help of volunteers, especially at Cloverley Hall with help in looking after their grounds. Our structure includes a Support and Advice Group for each centre whose members are volunteers and who meet twice a year. During the year, a wide range of interested individuals gave up time to contribute to various consultations on how the Charity could best react to the difficulties being experienced. The Board of Trustees would like to take the opportunity to thank them for their continuing and valued support.

10.2. Staff

The trustees wish to place on record their appreciation of the enormous contribution of all employees and those who give free advice and assistance to the charity. This has been a particularly challenging time for staff, many of whom we recognise choose to work at our centres because of a calling - one which they have been unable to fulfill this year.

CENTRE MINISTRIES

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2021

Statement of trustees' responsibilities

The trustees, who are also the directors of Centre Ministries for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company Law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. 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.

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of accounts may differ from legislation in other jurisdictions.

The trustees are to comply with the duty in section 17(5) of the Charities Act 2011 to have due regard to guidance published by the Charity Commission.

Disclosure of information to auditor

Each of the trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.

Auditor

In accordance with the company's articles, a resolution proposing that Huxley Johnston Ltd be reappointed as auditor of the company will be put at a General Meeting.

The trustees' r eport, including the strategic report, was approved by the Board of Trustees.

..............................

A.P. Boulter

Trustee Dated: .........................

CENTRE MINISTRIES

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF CENTRE MINISTRIES

Opinion

We have audited the financial statements of Centre Ministries (the ‘charity’) for the year ended 30 September 2021 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the notes to the financial statements, including 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:

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.

Conclusions relating to going concern

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.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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 contained within the annual report. 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. 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 this gives rise to a material misstatement in the financial statements themselves. 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 our audit:

CENTRE MINISTRIES

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF CENTRE MINISTRIES

Matters on which we are required to report by exception

In the 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 strategic report or the d irectors ' r eport included within the trustees' r eport.

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:

Responsibilities of trustees

As explained more fully in the s tatement of trustees' r esponsibilities, the trustees, who are also the directors of the charity for the purpose 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 charitable company 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 to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: http s :// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Extent to which the audit was considered capable of detecting irregularities, including fraud

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. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below .

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements., whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This included consideration of the risk of acts by the entity that were contrary to the applicable laws and regulations, including fraud.

CENTRE MINISTRIES

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF CENTRE MINISTRIES

Audit response to risk identified

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to the material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Richard John Huxley (Senior Statutory Auditor) for and on behalf of Huxley Johnston Ltd Chartered Certified Accountants Statutory Auditor

Aqua House Hampton Heath Industrial Estate Cheshire SY14 8LY

.........................

CENTRE MINISTRIES

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 SEPTEMBER 2021

Unrestricted Endowment
funds
funds
2021
2021
Notes
£
£
Income and endowments from:
Voluntary income
3
123,934
-
Incoming resources from charitable activities
4
331,294
-
Investments
5
515
-
Other income
6
527,379
-
Total income
983,122
-
Expenditure on:
Charitable activities
7
974,330
-
Net incoming/(outgoing) resources before
transfers
8,792
-
Gross transfers between funds
10,991
(10,991)
Net movement in funds
19,783
(10,991)
Fund balances at 1 October 2020
3,048,875
3,059,042
Fund balances at 30 September 2021
3,068,658
3,048,051		 Total
2021
£
123,934
331,294
515
527,379
983,122
974,330
8,792
-
8,792
6,107,917
6,116,709		 Total
2020
£
108,720
486,362
669
408,258
1,004,009
1,139,424
(135,415)
-
(135,415)
6,243,332
6,107,917

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

CENTRE MINISTRIES

BALANCE SHEET

AS AT 30 SEPTEMBER 2021

Notes
Fixed assets
Tangible assets
13
Current assets
Stocks
14
Debtors
15
Cash at bank and in hand
Creditors: amounts falling due within
one year
16
Net current assets
Total assets less current liabilities
Capital funds
Endowment funds-general
General endowment funds
Revaluation reserve
18
Income funds
Unrestricted funds
General unrestricted funds
Revaluation reserve
The financial statements were approved by the Trustees		 2021
£
£
5,571,094
29,406
29,758
611,152
670,316
(124,701)
545,615
6,116,709
2,662,838
385,213
3,048,051
1,898,708
1,169,950
3,068,658
6,116,709
on .........................		 2020
£
£
5,672,561
28,032
24,460
488,218
540,710
(105,354)
435,356
6,107,917
2,673,829
385,213
3,059,042
1,878,925
1,169,950
3,048,875
6,107,917

.............................. A.P. Boulter Trustee

Company Registration No. 00679901

CENTRE MINISTRIES

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 SEPTEMBER 2021

Notes
Cash flows from operating activities
Cash generated from/(absorbed by)
operations
22
Investing activities
Purchase of tangible fixed assets
Investment income received
Net cash used in investing activities
Net cash used in financing activities
Net increase/(decrease) in cash and cash
equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2021
£
(4,906)
515		 2020
£
£
£
127,325
(75,157)
(102,633)
669
(4,391)
(101,964)
-
-
122,934
(177,121)
488,218
665,339
611,152
488,218

CENTRE MINISTRIES

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021

1 Accounting policies

Charity information

Centre Ministries is a private company limited by guarantee incorporated in England and Wales. The registered office is Quinta Hall, Weston Rhyn, Oswestry, Shropshire, SY10 7LR. The members of the company are the trustees named on page 1. In the event of the company being wound up, the liability in respect of the guarantee is limited to £1 per member of the company.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's [governing document], the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)". The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling , which is the functional currency of the charity . Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2 Going concern

As part of the trustees' consideration of the appropriateness of adopting the going concern basis in preparing the financial statements, a range of severe scenarios ha ve been reviewed. T he assumptions modelled wer e based on the potential impact of Covid-19 restrictions and regulations, along with the Charity's proposed response . The Charity managed to retain its full reserves during the year and now that restrictions have been lifted the charity is expecting to return to normal trading. On the basis of these reviews, the trustees consider it is appropriate for the going concern basis of accounting to be adopted in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

CENTRE MINISTRIES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2021

1 Accounting policies

(Continued)

1.5 Expenditure

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be reclaimed, and is reported as part of the expenditure to which it relates.

Charitable expenditure comprises those costs incurred by the charity in the delivery of its objectives. It includes both costs that can be allocated directly to such activities and the costs of an indirect nature necessary to support them. Where costs cannot be directly attributed to particular activities they have been allocated on a basis consistent with the use of the resources.

Support costs are those costs incurred directly in support of expenditure on the objects of the company and include project management carried out by the Group head office.

Governance costs include those costs associated with administering the charity and meeting the constitutional and statutory requirements of the charity and include audit fees and costs linked to the strategic movement of the charity.

Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attached are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment but not accrued as expenditure.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation of tangible fixed assets

The freehold land and buildings have to be maintained in good working order. As such the estimated residual value of the buildings is not considered to be materially different to their carrying value. Therefore depreciation has been charged at nil%. The only exception to this is the land and buildings at Quinta which are owned by the Price Trust. The ownership of this property is conditional, however the trustees consider there to be no foreseeable circumstances where they could not continue to use the Quinta and as such consider a nil% depreciation rate to also be appropriate. Impairment reviews have so far confirmed that all properties service potential remains undiminished.

Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Freehold property NIL for land and buildings and 12.5% straight line for biomass plant Leasehold property improv's Over remaining lease term (3 years) Fixtures, fittings & equipment 10% straight line and 25% reducing balance Computers 3 years straight line Motor vehicles 25% reducing balance

Freehold land is not depreciated.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year.

CENTRE MINISTRIES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2021

1 Accounting policies

(Continued)

1.7 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any ) .

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in income/ (expenditure for the year , unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately, unless the relevant asset is carried in at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.8 Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell . Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

1.9 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity 's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

CENTRE MINISTRIES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2021

1 Accounting policies

(Continued)

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future p aymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity ’s contractual obligations expire or are discharged or cancelled.

1.11 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12 Retirement benefits

The charity operates a defined contributions pension scheme. Contributions payable to this scheme are charged to the statement of financial activities as they become payable in accordance of the rules of the scheme. These contributions are invested separately from the Charity's assets.

1.13 The Price Trust

The only income that might be considered to belong to The Price Trust is the rent from the buildings leased to Operation Mobilisation. However this rent is not set at commercial levels but is deliberately composed to be of no material benefit to Centre Ministries by the trustees in their role as trustees of The Price Trust. The use of those buildings by Operation Mobilisation fulfils the objects of The Price Trust.

The rent reflects a share of the cost of maintaining the condition of the land and services of the estate. It is revised annually, up or down, according to three factors: the number of people Operation Mobilisation have working at The Quinta, the Retail Price Index and the Average Earnings Index. Thus, over time, the rent is so close to costs that there is an assumption of no income or expenditure for The Price Trust apart from the rise or fall of the asset value.

1.14 Employee costs of own work capitalised

Employee costs arising directly from the construction or acquisition of fixed assets are identified by internal procedures and are capitalised out of staff costs (see note 11).

CENTRE MINISTRIES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2021

1 Accounting policies

(Continued)

1.15 Fund accounting

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3 Voluntary income

Unrestricted Unrestricted
funds funds
2021 2020
£ £
Donations and gifts 123,934 108,720

CENTRE MINISTRIES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2021

4 Incoming resources from charitable activities

Fee income Fee income
2021 2020
£ £
Sales within charitable activities 297,248 434,716
Ancillary trading income 1,186 7,901
Charitable rental income 21,387 20,730
Other income 11,473 23,015
331,294 486,362
Investments
Unrestricted Unrestricted
funds funds
2021 2020
£ £
Interest receivable 515 669
Other income
Unrestricted Total
funds
2021 2020
£ £
Coronavirus government job retention scheme funding 382,025 238,511
Other income - 50
Government grant income 135,497 147,719
Non-primary purpose income 9,856 19,203
Non-primary purpose rental income 1 2,775
527,379 408,258

5 Investments

6 Other income

CENTRE MINISTRIES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2021

7 Charitable activities

Charitable Charitable
activities activities
2021 2020
£ £
Staff costs 594,487 639,039
Depreciation and impairment 106,374 103,624
Guest accommodation maintenance 56,156 61,179
Purchases 29,144 61,819
Property insurance 29,929 30,088
Vehicle costs 1,184 5,452
Office expenses 16,682 18,268
Professional fees 2,107 4,021
Event costs 2,791 2,553
Marketing & advertising costs 340 861
Guest accommodation - utilities 72,075 139,046
Bad debts - 48
Bank interest & fees 119 188
911,388 1,066,186
Grant funding of activities (see note 8) 2,400 2,400
Share of support costs (see note 9) 49,373 57,203
Share of governance costs (see note 9) 11,169 13,635
974,330 1,139,424
Analysis by fund
Unrestricted funds 974,330 1,139,424
Grants payable
Charitable Charitable
activities activities
2021 2020
£ £
Grants to individuals 2,400 2,400
2,400 2,400

8 Grants payable

All of the grants and donations were made in the furtherance of the charity's objective.

CENTRE MINISTRIES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2021

9 Support costs

Support
costs
Governance
costs
£
£
Staff costs
34,311
5,769
Vehicle costs
957
-
Office expenses
1,346
-
Professional fees
6,722
-
Insurance
2,439
-
Marketing & advertisng
costs
2,089
-
Guest accommodation-
utilities
1,200
-
Bank interest & fees
309
-
Audit fees
-
5,400
Trustee meeting costs &
expenses
-
-
49,373
11,169
Analysed between
Charitable activities
49,373
11,169		 2021
£
40,080
957
1,346
6,722
2,439
2,089
1,200
309
5,400
-
60,542
60,542		 2020 Basis of allocation
£
47,194 Charitable activity in
full
- Charitable activity in
full
1,500 Charitable activity in
full
6,373 Charitable activity in
full
2,957 Charitable activity in
full
4,105 Charitable activity in
full
1,200 Charitable activity in
full
465 Charitable activity in
full
5,400 Governance
1,644
Governance
70,838
70,838

10 Trustees

None of the trustees (or any persons connected with them) received any remuneration during the year . No trustees were reimbursed any expenses during the year (2020- 8 were reimbursed £ 1 , 644 ).

CENTRE MINISTRIES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2021

11 Employees

Number of employees

The average monthly number of employees during the year was:

Running of conference centres
Management and administration of the charity
Employment costs
Wages and salaries
Other personnel costs
Capitalised labour
Social security costs
Other pension costs		 2021
Number
62
1
63
2021
£
535,150
32,759
-
30,544
36,114
634,567		 2020
Number
70
1
71
2020
£
602,782
37,402
(28,627)
35,512
39,163
686,233

There were no employees whose annual remuneration was £60,000 or more.

12 Taxation

As a charity, Centre Ministries is exempt from tax on income and gains falling within Section 505 of the Taxes Act 1988 and 256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

CENTRE MINISTRIES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2021

13 Tangible fixed assets

Cost or valuation
At 1 October 2020
Additions
At 30 September 2021
Depreciation and impairment
At 1 October 2020
Depreciation charged in the year
At 30 September 2021
Carrying amount
At 30 September 2021
At 30 September 2020		 Freehold
property
£
5,437,490
3,528
5,441,018
115,126
24,507
139,633
5,301,385
5,322,364		 Leasehold
property
improv's
£
529,969
-
529,969
366,896
48,414
415,310
114,659
163,073		 Fixtures,
fittings &
equipment
£
517,501
1,378
518,879
341,046
31,613
372,659
146,220
176,455		 Computers Motor vehicles
£
£
18,570
25,977
-
-
18,570
25,977
18,051
15,826
240
1,600
18,291
17,426
279
8,551
519
10,150		 Total
£
6,529,507
4,906
6,534,413
856,945
106,374
963,319
5,571,094
5,672,561

CENTRE MINISTRIES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2021

13 Tangible fixed assets

(Continued)

Land and buildings with a carrying amount of £5,3 01 ,3 85 were revalued on transition to SORP (FRS102) at 30th September 2014 by A Boulter [FRICS, IRRV ], a trustee who is a partner in Underwood's, a firm of independ ant valuers. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties.

At 30 September 2021, had the revalued assets been carried at historic cost less accumulated depreciation and accumulated impairment losses, their carrying amount would have been approximately £3,7 46 , 221 (20 20 - £3,7 67 , 110 )

14 Stocks

Shop stock and consumables
15
Debtors
Amounts falling due within one year:
Trade debtors
Prepayments and accrued income
16
Creditors: amounts falling due within one year
Other taxation and social security
Trade creditors
Other creditors		 2021
£
29,406
2021
£
4,291
25,467
29,758
2021
£
19,144
83,101
22,456
124,701		 2020
£
28,032
2020
£
3,096
21,364
24,460
2020
£
27,272
64,457
13,625
105,354

17 Retirement benefit schemes

Defined contribution schemes

The charity operates a defined contribution pension scheme for all qualifying employees. 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 company to the fund and amounted to £ 36 , 114 (20 20 : £ 39 , 163 ).

CENTRE MINISTRIES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2021

18 Endowment funds

Endowment funds represent assets which must be held permanently by the charity. Income arising on the endowment funds can be used in accordance with the objects of the charity and is included as unrestricted income. Any capital gains or losses arising on the assets form part of the fund.

Balance at
1 October 2020
£
Permanent endowments
Freehold property- 'The Quinta'
3,059,042
3,059,042		 Transfers
Balance at
30 September
2021
£
£
(10,991)
3,048,051
(10,991)
3,048,051

The permanent endowment fund represents assets held by The Price Trust. Centre Ministries are trustees of The Price Trust and under a retrospective Uniting Direction granted by The Charity Commission on 28th July 2009 are able to show the asset held by The Price Trust (The Quinta) as tangible freehold property in the accounts using a substance over legal form treatment to show a true and fair view. Under The Price Trust Scheme of 1985 a power of sale was conferred in that if as trustees Centre Ministries judge that it is no longer viable to operate "The Quinta" and if they can demonstrate that no one could viably operate it in the furtherance of the objects then with the approval of The Charity Commission they could sell the asset. The proceeds from this sale would however continue to be held by Centre Ministries as a permanent endowment fund of The Price Trust.

Transfers to unrestricted funds of £ 10,991 relate to fixed asset property additions at 'The Quinta' during the year of £ 3,528 less depreciation on freehold property in the year at the Quinta of £14,519.

19 Restricted funds

The income funds of the charity included no restricted income during the year.

20 Analysis of net assets between funds

Unrestricted
funds
Endowment
funds
2021
2021
£
£
Fund balances at 30 September 2021 are
represented by:
Tangible assets
2,523,043
3,048,051
Current assets/(liabilities)
545,615
-
3,068,658
3,048,051		 Total
2021
£
5,571,094
545,615
6,116,709		 Total
2020
£
5,672,561
435,356
6,107,917

CENTRE MINISTRIES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2021

21 Related party transactions

Remuneration of key management personnel

The remuneration of key management personnel, is as follows.

Aggregate compensation
22
Cash generated from operations
Surplus/(deficit) for the year
Adjustments for:
Investment income recognised in statement of financial activities
Depreciation and impairment of tangible fixed assets
Movements in working capital:
(Increase)/decrease in stocks
(Increase)/decrease in debtors
Increase/(decrease) in creditors
Cash generated from/(absorbed by) operations		 2021
2020
£
£
32,571
37,059
2021
2020
£
£
8,792
(135,415)
(515)
(669)
106,374
103,624
(1,374)
10,956
(5,298)
29,640
19,346
(83,293)
127,325
(75,157)