Company Registration No. 04917372 (England and Wales)
TRURO CATHEDRAL LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
TRURO CATHEDRAL LIMITED
COMPANY INFORMATION
Directors
Mr SF Hendra
Mrs JR Reynolds
Mrs B Barker
Canon A Bashforth
Canon S Griffiths
Secretary
S O'Neill
Company number
04917372
Registered office
Old Cathedral School
Cathedral Close
TRURO
Cornwall
TR1 2FQ
Auditor
RRL LLP
Peat House
Newham Road
TRURO
Cornwall
TR1 2DP
TRURO CATHEDRAL LIMITED
CONTENTS
Page
Directors' report
1 - 2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Statement of income and retained earnings
7
Balance sheet
8
Notes to the financial statements
9 - 14
TRURO CATHEDRAL LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2019
- 1 -
The directors present their annual report and financial statements for the year ended 31 December 2019.
Principal activities
The principal activity of the company continued to be that of the operation of a Cathedral shop and restaurant. Any profits achieved will be used to assist The Chapter of the Cathedral Church of the Blessed Virgin Mary in Truro to maintain and improve the fabric and work of Truro Cathedral. During the year a donation under gift aid of £
Nil
(2018: £
11,182
) was made.
Review of activities
Although the results for the year show a loss of £1,081 this is an improvement over the loss in 2018. This improved position is due to a detailed review of the company’s activities and implementation of improvements. These improvements have been focused on increasing income, rationalising staffing and controlling overheads.
Since the year end further improvements have been put in place, mainly with the most significant area of expenditure which is our staffing, we re-evaluated our staffing structure at the end of 2019 and implemented the changes in the first quarter of 2020.
The outcome resulting from the above has meant that we were able to produce a budget for 2020 that showed a projected profit, with results for the first two months on target with that budget.
Following the outbreak of Covid-19 the cathedral shop and restaurant had to close in March 2020 and remains closed at this time. All the staff have been furloughed under the Government’s Job Retention Scheme, running costs reduced as much as possible and other financial support obtained from all sources available to the company. This unprecedented action is a grave challenge to our financial situation as it is for other businesses. We do not yet know how the emergence from Covid-19 will impact us, as too much is uncertain, but we are taking all possible steps to safeguard the future of the company. During this time reliance has been place on the support from its parent undertaking, The Chapter of Truro Cathedral.
As soon as it is right to do so, it is intended to reopen the shop and restaurant, and continue operating within the improved structure which will put us in good stead for the future.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr SF Hendra
Mrs JR Reynolds
Mrs B Barker
Canon A Bashforth
Canon S Griffiths
Auditor
In accordance with the company's articles, a resolution proposing that RRL LLP be reappointed as auditor of the company will be put at a General Meeting.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
TRURO CATHEDRAL LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 2 -
On behalf of the board
Canon A Bashforth
Director
17 September 2020
TRURO CATHEDRAL LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2019
- 3 -
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
-
select suitable accounting policies and then apply them consistently;
-
make judgements and accounting estimates that are reasonable and prudent;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
TRURO CATHEDRAL LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TRURO CATHEDRAL LIMITED
- 4 -
Opinion
We have audited the financial statements of Truro Cathedral Limited (the 'company') for the year ended 31 December 2019 which comprise the statement of income and retained earnings, the balance sheet 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 company's affairs as at 31 December 2019 and of its loss 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.
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 company 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 1.2 in the financial statements, which indicate that as at 31 December 2019 the company had a negative profit & loss reserve of £9,172 and the Covid-19 pandemic has resulted in the closure of the company's operations since March 2020. As stated in note 1.2, these events or conditions indicate that a material uncertainty exists that may cast doubt on the company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.
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 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 our audit
:
-
the information given in the directors' r
eport for the financial year for which the financial statements are prepared is consistent with the financial statements
; and
-
the directors' report has been prepared in accordance with applicable legal requirements.
TRURO CATHEDRAL LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TRURO CATHEDRAL LIMITED
- 5 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie
d
material misstatements in the directors'
r
eport
.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
-
adequate 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 directors' remuneration specified by law are not made; or
-
we have not received all the information and explanations we require for our audit; or
-
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the directors' report and take advantage of the small companies exemption from the requirement to prepare a strategic report.
Responsibilities of directors
As explained more fully in the directors'
r
esponsibilities
s
tatement, the directors 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 directors 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 directors are responsible for assessing the company
'
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 directors either intend to liquidate the 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 for the audit of the financial statements is located on the
Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities
.
This description forms part of our auditor’s report.
TRURO CATHEDRAL LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TRURO CATHEDRAL LIMITED
- 6 -
This report is made solely to the company'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 company'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 company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
Mark Williams (Senior Statutory Auditor)
for and on behalf of RRL LLP
22 September 2020
Chartered Accountants
Statutory Auditor
Peat House
Newham Road
TRURO
Cornwall
TR1 2DP
TRURO CATHEDRAL LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2019
- 7 -
2019
2018
£
£
Turnover
531,986
519,504
Cost of sales
(201,809)
(203,407)
Gross profit
330,177
316,097
Administrative expenses
(329,629)
(324,320)
Other operating income
252
1,009
Operating profit/(loss)
800
(7,214)
Interest payable and similar expenses
(1,881)
(1,913)
Loss before taxation
(1,081)
(9,127)
Tax on loss
-
-
Loss for the financial year
(1,081)
(9,127)
Retained earnings brought forward
(8,091)
12,218
Distributions to parent charity under gift aid
-
(11,182)
Retained earnings carried forward
(9,172)
(8,091)
TRURO CATHEDRAL LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2019
31 December 2019
- 8 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
3
82,467
80,262
Current assets
Stocks
54,434
52,590
Debtors
4
31,255
3,505
Cash at bank and in hand
10,466
50,669
96,155
106,764
Creditors: amounts falling due within one year
5
(45,617)
(50,440)
Net current assets
50,538
56,324
Total assets less current liabilities
133,005
136,586
Creditors: amounts falling due after more than one year
6
(142,176)
(144,676)
Net liabilities
(9,171)
(8,090)
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
(9,172)
(8,091)
Total equity
(9,171)
(8,090)
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 17 September 2020 and are signed on its behalf by:
Canon A Bashforth
Director
Company Registration No. 04917372
TRURO CATHEDRAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
- 9 -
1
Accounting policies
Company information
Truro Cathedral Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Old Cathedral School, Cathedral Close, TRURO, Cornwall, TR1 2FQ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
These financial statements are prepared on the going concern basis. The directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future. However, as at 31 December 2019 the company had a negative profit & loss reserve of £9,172 and the directors are aware of certain material uncertainties which may cause doubt on the company's ability to continue as a going concern due to the Covid-19 pandemic which has resulted in the closure of operations currently. The directors believe that support will continue to be provided by the company's parent, Truro Cathedral.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that
it is probable will be
recover
ed
.
1.4
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.
TRURO CATHEDRAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
1
Accounting policies
(Continued)
- 10 -
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold land and buildings
Nil
Plant and equipment
at varying rates on cost
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 credited or charged to profit or loss
.
Depreciation is not charged on property refurbishment costs as the property is kept in a good state of repair and any depreciation charge would be immaterial.
1.5
Impairment of fixed assets
At each reporting
period
end date, the
company
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). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
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 (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, 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 (or cash-generating unit) 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 (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
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.
Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
TRURO CATHEDRAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
1
Accounting policies
(Continued)
- 11 -
1.7
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
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.
1.8
Financial instruments
The company 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 company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, 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
paymen
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 business from suppliers. A
m
ounts 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.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
TRURO CATHEDRAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
1
Accounting policies
(Continued)
- 12 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
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 company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Public benefit entity concessionary loans
Concessionary loans re recognised, measured and disclosed in accordance with FRS102.34 for loans made between a public benefit entity and another party at below the prevailing market rate of interest that are not repayable on demand and are for the purposes of furthering the objectives of the public benefit entity. Truro Cathedral Limited has initially measured the arrangement at the amount received and subsequently measures the carrying amount in the financial statements, adjusting this to reflect any accrued interest payable. To the extent that the loan is irrecoverable, impairment losses are recognised in the profit and loss account.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 20 (2018 - 20).
2019
2018
Number
Number
Total
20
20
TRURO CATHEDRAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 13 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2019
71,176
170,814
241,990
Additions
-
4,259
4,259
At 31 December 2019
71,176
175,073
246,249
Depreciation and impairment
At 1 January 2019
-
161,728
161,728
Depreciation charged in the year
-
2,054
2,054
At 31 December 2019
-
163,782
163,782
Carrying amount
At 31 December 2019
71,176
11,291
82,467
At 31 December 2018
71,176
9,086
80,262
4
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
6,340
-
Amounts owed by group undertakings
22,195
-
Other debtors
2,720
3,505
31,255
3,505
5
Creditors: amounts falling due within one year
2019
2018
£
£
Trade creditors
17,742
16,108
Amounts owed to group undertakings
-
7,807
Taxation and social security
23,160
24,255
Other creditors
4,715
2,270
45,617
50,440
TRURO CATHEDRAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 14 -
6
Creditors: amounts falling due after more than one year
2019
2018
£
£
Amounts due to Truro Cathedral
142,176
144,676
Both the loans from The Chapter of Cathedral Church of the Blessed Virgin Mary in Truro are repayable not later than 26 June 2043. Interest is charged at a rate of 1.30% (2018: £1.30%) per annum. As such the arrangements are treated as public benefit entity concessionary loans.
7
Events after the reporting date
Since the year end the Covid-19 pandemic became prevalent in the UK and the country entered into lockdown. This has severely restricted the company’s ability to operate, and the
shop
and restaurant closed to
customer
s
in
March 2020. The full financial effect of this closure will not be known for some time. However this did not reflect conditions at the balance sheet date and therefore no adjustments are required to the amounts recognised in the financial statements at
31 December 2019.
8
Related party transactions
During the year the company charged the Cathedral £19,512
(2018: £1
8,716
) in respect of the shop and restaurant goods.
During the year the company was charged by the Cathedral £16,8
68
(2018: £16,
847
) in respect of establishment costs and £24,996 (2018: £24,996) in respect of management charges.
All transactions were conducted on an arms length basis.
A donation by way of gift aid totalling £Nil (2018: £11,182) was made to the Cathedral in the year.
On 8 March 2005, the Cathedral entered into a loan agreement with Truro Cathedral Limited for £79,494. This loan is repayable not later than 26 June 2043. Interest is charged at a rate of 1.30% (2018: £1.30%) per annum.
On 25 March 2010, the Cathedral entered into a loan agreement with Truro Cathedral Limited for £100,182. Interest was charged at 1.30% (2018: £1.30%). This loan is repayable no later than 26 June 2043.
As at the year end, the total amount owed to The Chapter of the Cathedral Church of the Blessed Virgin Mary in Truro is £
1
19,981 (2018: £15
2,
4
83
).
9
Parent company
The ultimate controlling party is The Chapter of the Cathedral Church of the Blessed Virgin Mary in Truro.
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core:RetainedEarningsAccumulatedLosses
2018-01-01
2018-12-31
04917372
core:LandBuildings
2019-12-31
04917372
core:OtherPropertyPlantEquipment
2019-12-31
04917372
core:LandBuildings
2018-12-31
04917372
core:OtherPropertyPlantEquipment
2018-12-31
04917372
core:CurrentFinancialInstruments
core:WithinOneYear
2019-12-31
04917372
core:CurrentFinancialInstruments
core:WithinOneYear
2018-12-31
04917372
core:CurrentFinancialInstruments
2019-12-31
04917372
core:CurrentFinancialInstruments
2018-12-31
04917372
core:Non-currentFinancialInstruments
2019-12-31
04917372
core:Non-currentFinancialInstruments
2018-12-31
04917372
core:LandBuildings
core:LongLeaseholdAssets
2019-01-01
2019-12-31
04917372
core:PlantMachinery
2019-01-01
2019-12-31
04917372
core:LandBuildings
2018-12-31
04917372
core:OtherPropertyPlantEquipment
2018-12-31
04917372
2018-12-31
04917372
core:OtherPropertyPlantEquipment
2019-01-01
2019-12-31
04917372
core:WithinOneYear
2019-12-31
04917372
core:WithinOneYear
2018-12-31
04917372
bus:PrivateLimitedCompanyLtd
2019-01-01
2019-12-31
04917372
bus:FRS102
2019-01-01
2019-12-31
04917372
bus:Audited
2019-01-01
2019-12-31
04917372
bus:FullAccounts
2019-01-01
2019-12-31
xbrli:pure
xbrli:shares
iso4217:GBP