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2024-06-30-accounts

Company Registration No: 2645236 (England and Wales) Registered Charity No: 1013635

St Augustine’s Chapel Charity (A company limited by guarantee)

REPORT AND FINANCIAL STATEMENTS Year ended 30 June 2024

St Augustine’s Chapel Charity

CONTENTS
CONTENTS Page
Legal and Administrative Information 2
Report of the Directors and Trustees 3-8
Independent Auditors’ Report 9-12
Statement of Financial Activities 13
Balance Sheet 14
Cash Flow Statement 15
Notes to the Financial Statements 16-23

1

St Augustine’s Chapel Charity

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees and Directors

JR Bleakley WR May (appointed 1 January 2025) AC Moore (resigned 24 August 2023) The Rev’d DA Peters JE Priory GM Rochussen

Secretary

J Fentiman

Chapel Committee

The Rev’d DA Peters The Rev’d FB Butler-Gallie (1 September 2022 – 31 December 2023) JR Bleakley (Chairman) MA Forkgen P Greco B Matthews N Rendall JRP Thomas CD Thompson AAJ Peggie (1 September 2022 – 1 July 2023) JF van de Spuy (7 September 2023 – 6 July 2024)

Registered Office Tonbridge School Tonbridge Kent TN9 1JP

Bankers HSBC plc 100 High Street Tonbridge Kent TN9 1AN

Solicitors Farrer & Co 66 Lincoln’s Inn Fields London WC2A 3LH

Auditors Saffery LLP 71 Queen Victoria Street London EC4V 4BE

Investment Managers

HSBC Private Bank (UK) Ltd. 78 St James’s Street London SW1A 1JB

2

St Augustine’s Chapel Charity

REPORT OF THE DIRECTORS AND TRUSTEES

For the year ended 30 June 2024

The Governors, who are also the Charity Trustees and the Directors for the purposes of company law, present their annual report and financial statements for the year ended 30 June 2024. The Governors have adopted the provisions of the Statement of Recommended Practice (SORP) Accounting and Reporting by Charities 2015 (FRS102) in preparing the annual report and financial statements of the Charity.

REFERENCE AND ADMINISTRATIVE INFORMATION

The present Trustees and any past Trustees who held office during the year are given on page 2 together with the names of the senior officers and external advisers.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Document

St Augustine’s Chapel Charity is registered as a Charity under number 1013635. It is also a company limited by guarantee, having been incorporated on 12 September 1991 under number 2645236. Its registered office is as shown on page 2.

The Charity is governed by its Memorandum and Articles of Association adopted on 30 August 1991 and last amended on 30 July 1992.

Governing Body

The Trustees are responsible for the overall governance of the Charity and are appointed by the Members, and manage the business of the Charity, meeting at least once a year. The Trustees have authority to delegate any of their powers and duties to a sub-committee consisting of such of their number as they think fit.

Recruitment of Trustees

The only persons entitled to be Members of the Charity are the subscribers to the Memorandum of Association and past masters of the Worshipful Company of Skinners. In the event of the Charity being wound up, the liability in respect of the guarantee is limited to £1 per Member of the Charity. No Directors are Members of the Charity.

New Trustees are inducted into the workings of the Charity via an induction programme organised by Tonbridge School.

Organisational Management

The day to day running of the Charity is delegated to the Chapel Committee, the members of which are recorded on page 2.

Key Management Personnel

The Charity employs a Verger and Domestic Services Assistant and is supported by the staff of Tonbridge School in all other operational areas. As such there are no Key Management Personnel.

Connected Parties

The Charity works closely with Tonbridge School (Charity number 1097977) as the Chapel resides in the School’s grounds and the Chapel facilities are used extensively by the School.

3

St Augustine’s Chapel Charity

REPORT OF THE DIRECTORS AND TRUSTEES

For the year ended 30 June 2024

OBJECTS, OBJECTIVES AND PRINCIPAL ACTIVITES

Charitable Objects

The Charity has built and now holds and manages St Augustine’s Chapel, Tonbridge School, Kent. The original chapel was destroyed by fire in 1988.

The rebuilding commenced during 1992/93 and the chapel was rededicated on 20 October 1995.

The Charity’s Objects as set out in the trust deed are:

Aims and Intended Impact

Within these Objects, the Charity is committed to enabling as many of the pupils of Tonbridge School as possible to worship at the Chapel and to broaden their religious and musical education. In addition, the Charity continues to aim to provide religious and educational benefits to the wider community using the Charity’s facilities and resources.

The Strategic Report

Principal Activities and Objectives for the Year

When planning activities for the year, the Trustees have considered the Charity Commission’s guidance on public benefit and, in particular, the specific guidance on charities for the advancement of religion. The focus this year has been on the continued encouragement of participation in Chapel services by the pupils of Tonbridge School and the wider community, the provision of pastoral care for the Chapel community and the advancement of religious and musical education generally using the Chapel’s resources and facilities, and through maintaining support for the Charity’s community.

A further objective was to maintain the level of donations and collections as compared with previous periods, and to continue the limited support of external charities and missions, where possible.

REVIEW OF ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR

Tonbridge School is a Christian foundation, and Chapel services are an important and regular part of school life. A virtue of the School's size is that the whole School community can gather under one roof at the Chapel. The School day starts with a service each morning except Monday and Wednesday, and all boarders attend a full choral service on Sundays, Mattins on the first Sunday of each term, and on other Sundays an evening service which is usually, but not always, Evensong. The Eucharist is celebrated each Sunday morning, and there are several further celebrations during the year to which parents, friends of the School, and members of the public are welcome to attend. In term time, except for Mondays, there is an additional celebration of the Eucharist on a daily basis.

4

St Augustine’s Chapel Charity

REPORT OF THE DIRECTORS AND TRUSTEES

For the year ended 30 June 2024

REVIEW OF ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR - Continued

Boys who belong to other faith traditions can attend their own places of worship at the weekend. All boys attend Chapel services and other assemblies on weekdays.

The Chapel Choir (which includes treble Chorister Scholars from two local prep schools) is of cathedral standard and sings at all main School services and at external events. The Marcussen organ in the Chapel is one of the finest instruments in the country, as demonstrated by the fact that international concert organists use it for recordings. It is used regularly by the pupils and staff of Tonbridge School, with approximately nine boys learning the organ for the year under review and at least three members of the Common Room able to play it. Several boys have gone on to do organ scholarships in gap years and at University, having gained invaluable experience using the Tonbridge instrument. In normal times, weekday and Sunday Chapel services rely entirely on it for the accompaniment of School singing and for the music before and after services. Likewise, visiting organisations and schools often use the organ as part of their usage of the Chapel (e.g., school carol services and Tonbridge Philharmonic events). It is also used for various concerts and recitals, and throughout the year various groups visit Tonbridge because of the instrument. A major refurbishment of the organ is planned for summer 2025 which will be supported by a combination of internal and external funding, with an in-year donation received from Tonbridge School as noted below. The programme of refurbishment will be coordinated by the School’s Director of Music and Head of Academic Music and Chapel Choirmaster, who have identified a preferred applicant from a shortlist of specialist contractors.

Boys who wish to be confirmed are prepared for Confirmation at the School. The biennial Confirmation service was held in the Lent Term in March, with 25 boys being confirmed in the year under review. In addition, there was one wedding, one baptism and two memorial services held at the Chapel. A School Service of Remembrance was held on Remembrance Sunday, and there were three Carol Services at the end of Michaelmas Term, one for the School and two for parents and friends, where the Chapel was filled to capacity. The Chapel hosts a number of local schools and organisations for a large number of services and concerts throughout the year. Each year a visiting speaker gives a series of Lenten addresses. There is a Midnight Mass on Christmas Day.

Ablett Architects Limited were appointed Quinquennial Architect during the year, with the Inspecting Architect reporting in May 2024 following an on-site inspection in March. The previous Quinquennial Inspection of the Chapel buildings had been undertaken in March 2015. The inspection concludes the chapel buildings as being generally well maintained and looked after and provides a summary of repair items, in relation to both internal and exterior areas, categorised from those requiring immediate attention through to desirable improvements. These will form the basis of an action plan of works over the following five years, and ahead of the next scheduled inspection. The report also highlights options in relation to the environmental sustainability of the buildings, which will be considered further as the programme of works evolves.

The Statement of Financial Activities for the year is set out on page 13. The Charity benefited from several donations in year, including £100,000 from Tonbridge School, reflecting an enhanced donation to support the anticipated refurbishment of the Marcussen organ in summer 2025. This was supplemented by several individual donations from Friends of the Chapel, patrons, and other individuals benefiting from the use of the Chapel’s resources. Specific charitable collections enabled the Charity to continue its limited support of other local, national, and international charities.

Total expenditure of £181,659 and net gains on investments of £67,404 contributed towards a net inflow for the year of £22,695 (2023: -£73,074).

5

St Augustine’s Chapel Charity

REPORT OF THE DIRECTORS AND TRUSTEES

For the year ended 30 June 2024

REVIEW OF ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR - Continued

HSBC Global Asset Management (UK) Limited acted as Investment Manager for the year under review. Further information on the Charity’s investment portfolio and performance is noted under Investment Policy and Objectives below.

RESERVES POLICY

Free reserves available for use by the Charity are deemed to be those that are readily realisable, less funds whose uses are restricted or designated for particular purposes. The calculation thus excludes property and other fixed assets that will continue to be used in the day to day running of the Charity.

Free reserves were £104,061 this year (2023: £70,000). The Trustees have reviewed the current level of reserves and have maintained Free Reserves at a level required to support the Charity’s immediate operational requirements. The Trustees consider that the Charity has adequate resources and flexibility for the foreseeable future and consequently the adoption of the going concern basis is appropriate in preparing the financial statements.

Free Reserves
Total unrestricted funds
Less: designated funds
Free Reserves
Represented by:
Net assets / liabilities		 2024
£
6,206,884
(6,102,823)
104,061
104,061
104,061		 2023
£
6,184,189
(6,114,189)
70,000
70,000
70,000

FUND ACCOUNTING

The funds under the Trustees’ control are all unrestricted and consist of:

Designated funds

Undesignated funds

INVESTMENT POLICY AND OBJECTIVES

The Charity’s investment policy is to maintain investments which generate sufficient income to support its current level of activity and support future maintenance of the Chapel buildings.

The Memorandum of Association gives the Trustees power to invest “in or upon such investments, securities or property as may be thought fit subject nevertheless to such conditions (if any) and such consents (if any) as may for the time being be imposed or required by law.”

In the view of the Trustees the Memorandum of Association also gives them authority to employ an investment adviser.

The Charity’s investment portfolio is managed to provide sufficient income to support the running and maintenance of the Chapel as well as preserving the overall capital value of the investments.

6

St Augustine’s Chapel Charity

REPORT OF THE DIRECTORS AND TRUSTEES

For the year ended 30 June 2024

INVESTMENT POLICY AND OBJECTIVES – Continued

HSBC Global Asset Management (UK) Limited was appointed as Investment Manager in June 2012. Whilst the Charity’s assets continue to be managed by HSBC Global Assets Management (UK) Limited the operational day to day relationship rests with the HSBC Private Bank Charities Team. Investment strategies have been identified and approved to meet the Charity’s investment objectives.

The investment strategy and policy are monitored by the Trustees via the Finance and General Purposes Committee of Tonbridge School, as is investment performance. The Charity’s portfolio is invested in growth and income funds.

PRINCIPAL RISKS AND UNCERTAINTIES

The Trustees are mindful of the general economic and political climate and the challenges facing charitable giving and investment performance, both of which have a direct impact on it operational and grant making activities. The influence of these external pressures is reflected in year-on-year investment valuations and the level of voluntary donations received. Financial budgetary control continued to be exercised and monitored by the Trustees throughout the year to ensure that expenditure is matched against available income, and that costs are minimised, where at all possible.

Risk Management

The Trustees are responsible for the management of risks faced by the Charity and have introduced a formal risk management process to assess business risks and implement risk management strategies. This has involved identifying the types of risk the Charity faces (operational, financial, environmental, and other external risks), prioritising them in terms of potential impact and likelihood of occurrence and identifying means of mitigating the risks including a review of internal controls. The risk assessment is reviewed each year.

The global economic climate and the cost-of-living crisis affecting many families and communities remains an on-going risk during the 2024/2025 financial year, but the Charity is committed to maintaining contact with its community and will continue to work closely with the School to ensure that it can maintain this support, as well as continue to provide financial assistance to the limited number of local, national and international charities historically supported during these challenging times.

Through the risk management process established for the Charity, the Trustees are satisfied that the major risks identified have been adequately mitigated where necessary. It is recognised that no system can give an absolute assurance against major risks.

FUTURE PLANS

The Charity will continue to promote attendance and participation in its services and activities during the current financial year and will aim to increase awareness of the work of others in the advancement of religion and education through its limited support of other charities. Work will progress on the development of a programme works in relation to recommendations of the Quinquennial Inspection. The significant refurbishment of the Marcussen organ is proposed for summer 2025 and will extend through to the beginning of the Michaelmas term 2025. This will require careful planning to mitigate, as far as possible, the disruption to planned Chapel services and available facilities.

7

St Augustine’s Chapel Charity

REPORT OF THE DIRECTORS AND TRUSTEES

For the year ended 30 June 2024

ACCOUNTING AND REPORTING RESPONSIBILITIES

Statement of Trustees’ Responsibilities

The Trustees (who are also Directors of St Augustine’s Chapel Charity for the purposes of company law) are responsible for preparing the Report of the Directors and Trustees 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 Charity for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper 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.

In so far as the Trustees are aware:

Auditors

Saffery LLP have indicated their willingness to remain in office for the coming year.

This report was approved by the Board on 24 March 2025 and signed on its behalf by:

J Fentiman Secretary

8

St Augustine’s Chapel Charity

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS

For the year ended 30 June 2024

Opinion

We have audited the financial statements of St Augustine’s Chapel Charity for the year ended 30 June 2024 which comprise the Statement of Financial Activities, Balance Sheet, the Cash Flow Statement 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 Financial Reporting Standard 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 charitable 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.

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 charitable company'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 trustees 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.

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.

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St Augustine’s Chapel Charity

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS

For the year ended 30 June 2024

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

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

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:

Responsibilities of trustees

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

In preparing the financial statements, the trustees are responsible for assessing the charitable 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 trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditors under the Companies Act 2006 and report in accordance with regulations made under that Act.

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.

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St Augustine’s Chapel Charity

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS

For the year ended 30 June 2024

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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.

Identifying and assessing risks related to irregularities:

We assessed the susceptibility of the charitable company’s financial statements to material misstatement and how fraud might occur, including through discussions with the trustees, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the charitable company by discussions with trustees and updating our understanding of the sector in which the charitable company operates.

Laws and regulations of direct significance in the context of the charitable company include The Companies Act 2006, and guidance issued by the Charity Commission for England and Wales .

Audit response to risks identified:

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the charitable company’s records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the charitable company’s policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

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

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St Augustine’s Chapel Charity

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS

For the year ended 30 June 2024

Use of our report

This report is made solely to the charitable 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 charitable 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 charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Cara Turtington (Senior Statutory Auditor) for and on behalf of Saffery LLP, Statutory Auditors 71 Queen Victoria Street, London, EC4V 4BE

Date: 26 March 2025

Saffery LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

12

St Augustine’s Chapel Charity

STATEMENT OF FINANCIAL ACTIVITIES (incorporating an income and expenditure account) For the year ended 30 June 2024

Note
INCOME
Donations and legacies
Grants and donations
3
Investments
Investment income
4
Total income
EXPENDITURE
Costs of raising funds
Investment management
5
Charitable activities
The advancement of religion and grant making
Total expenditure
5
Net expenditure before transfers
and investment gains/(losses)
Realised investment gains /(losses)
Unrealised investment gains/(losses)
Net income / (expenditure) for the year
Transfers between funds
NET MOVEMENT IN FUNDS
Fund balances brought forward at 1 July 2023
Fund balances carried forward at 30 June 2024		 Unrestricted
Unrestricted
Funds
Funds
2024
2023
£
£
118,781
64,507
18,169
15,901
136,950
80,408
5,016
5,116
5,016
5,116
176,643
168,691
181,659
173,807
(44,709)
(93,399)
8,151
(2,242)
59,253
22,567
22,695
(73,074)
0
0
22,695
(73,074)
6,184,189
6,257,263
6,206,884
6,184,189

The notes on pages 16 to 23 form part of these financial statements.

13

St Augustine’s Chapel Charity

BALANCE SHEET

As at 30 June 2024

Note
FIXED ASSETS
Tangible assets
8
Investments
9
CURRENTS ASSETS
Debtors
10
Cash and deposits
CURRENT LIABILITIES
Creditors payable within one year
11
NET CURRENT ASSETS
NET ASSETS
REPRESENTED BY:
Unrestricted Funds
TOTAL FUNDS
12		 £
25,408
10,329		 2024
£
£
5,435,085
755,551
6,190,636
2,477
14,133
16,610
(36,636)
16,248
6,206,884
6,206,884
6,206,884		 2023
£
5,513,855
690,360
6,204,215
(20,026)
35,737
(19,489)
6,184,189
6,184,189
6,184,189

The notes on pages 16 to 23 form part of these financial statements.

The financial statements on pages 13 to 23 were approved by the Trustees on 24 March 2025 and were signed on their behalf by:

GM Rochussen - Trustee

Company Registration Number 2645236 (England and Wales)

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St Augustine’s Chapel Charity

CASH FLOW STATEMENT

For the year ended 30 June 2024

Note
£
CASH OUTFLOW FROM OPERATING 14a
ACTIVITIES
CASH FLOW FROM INVESTING ACTIVITIES
Purchase of investments
9
(366,994)
Sale of investments
369,207
Investment income
18,169
Net cash provided by investing activities
DECREASE IN CASH IN THE YEAR
15
CASH AND CASH EQUIVALENTS
AT THE START OF THE YEAR
CASH AND CASH EQUIVALENTS
AT THE END OF THE YEAR
ANALYSIS OF CASH AND CASH EQUIVALENTS
Cash in hand
Notice deposits (less than 3 months)		 £
(366,994)
369,207
18,169		 2024
£
£
(24,186)
(388,743)
383,531
15,901
20,382
(3,804)
14,133
10,329
10,329
0
10,329		 2023
£
(26,340)
10,689
(15,651)
29,784
14,133
14,133
0
14,133

The notes on pages 16 to 23 form part of these financial statements.

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St Augustine’s Chapel Charity

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 30 June 2024

1 Accounting policies

St Augustine's Chapel Charity is a charitable company limited by guarantee, registered in England (charity number 1013635, company number 2645236). Its registered office address is, Tonbridge School, Tonbridge, Kent, TN9 1JP.

The financial statements have been prepared under the Companies Act 2006 and in accordance with the Charities Statement of Recommended Practice "Charities SORP (FRS102)" and Financial Reporting Standard 102. These financial statements are prepared on the historical cost accounting basis except that investment assets are carried at market value.

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

The Charity constitutes a public benefit entity as defined by FRS102.

1.1 Investments and investment income

Investments are held in the balance sheet at their market value. Investment income is accounted for in the period in which the Charity is entitled to receipt.

1.2 Donations and legacies

Donations and legacies are accounted for as and when entitlement arises, the amount can be reasonably quantified and the economic benefit to the Charity is considered probable.

Donations for the Charity's general purposes is accounted for as unrestricted and is credited to the General Reserve. Where the donor or an appeal has imposed trust law restrictions, voluntary income is credited to the relevant restricted fund and incoming endowments are accounted for as permanent trust capital or expendable trust capital, according to whether the donor intends retention is to be permanent or not. Gifts in kind of value is at estimated market value at the date of the gift, in the case of assets for potential consumption, or at the value to the Charity in the case of donated services or facilities.

1.3 Expenditure

Expenditure is accrued as soon as a liability is considered probable, discounted to present value for longer-term liabilities. Expenditure attributable to more than one cost category in the SOFA is apportioned to them on the basis of the estimated amount attributable to each activity in the year, either by reference to staff time or the use made of the underlying assets, as appropriate. Irrecoverable VAT is included with the item of expenditure to which it relates.

Grants awarded are expensed as soon as they become legally legal or operational commitments. Governance costs comprise the costs of complying with constitutional and statutory requirements.

1.4 Tangible fixed assets and depreciation

All costs connected with the planning, design and rebuilding of the Chapel have been capitalised and the building is stated in the accounts at cost. No account is taken of the value of the ruins remaining after the fire.

Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost on a straight-line basis over their expected useful economic lives. Equipment is depreciated over its estimated useful life of 5

16

St Augustine’s Chapel Charity

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 30 June 2024

1.4 Tangible fixed assets and depreciation (continued)

years on a straight-line basis. The Chapel building is depreciated over the remaining length of the lease on a straight-line basis.

1.5 Investments

Listed investments are valued at market value as at the balance sheet date. Unrealised gains and losses arising on the revaluation of investments are credited or charged to the SOFA and are allocated to the appropriate Fund according to the ownership of the underlying assets.

1.6 Fund Accounting

Donations received by the Charity and its subsidiaries are accounted for as unrestricted or restricted income, or as endowment capital, in accordance with the terms of trust imposed by the donors or any appeal to which they may have responded. Endowment funds are further subdivided into permanent and expendable.

Unrestricted income belongs to the Charity's corporate reserves, spendable at the discretion of the Trustee either to further the Charity's Objects or to benefit the Charity itself. Where the Trustee decide to set aside any part of these funds to be used in future, for a specific purpose, this is accounted for by transfer to the appropriate designated fund.

Restricted income comprises gifts, legacies, and grants where there is no capital retention obligation or power but only a trust law restriction for some specific purpose intended by the donor.

1.7 Foreign Currencies

Transactions in foreign currencies are recorded at the rate ruling on the date of the transaction. Monetary assets and liabilities are translated at the rate of exchange ruling at the balance sheet date. All differences are taken to the Statement of Financial Activities.

1.8 Financial instruments

The Charity has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are recognised initially in the accounts at transaction price, including any transaction costs. At the end of each accounting period, basic financial instruments are recognised at amortised cost. For debt instruments this is calculated using the effective interest rate method.

1.9 Pension schemes

The Charity contributes to a defined contribution scheme (note 16). Contributions to the scheme are charged to the Statement of Financial Activities as they become payable in accordance with the scheme rules.

1.10 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus, the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

17

St Augustine’s Chapel Charity

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 30 June 2024

2 Critical accounting judgements and key sources of estimation uncertainty

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 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 effects both current and future periods.

Critical judgements in applying the Charity’s accounting policies

There are no critical accounting judgements in 2024 or 2023

Critical accounting estimates and assumptions

There are no critical accounting estimates or assumptions in 2024 or 2023

3

4

5

Voluntary Income

Voluntary Income
Investment Income
Analysis of total expenditure
Chapel collections
Donations from other charities
Sundry donations
Income from Fixed Interest investments
Income from Equities
Costs of raising funds
Investment management fees
Total costs of raising funds
Charitable expenditure:
Donations from collections
Governance
Depreciation of buildings
Chapel maintenance and running costs
Total charitable expenditure
Total expenditure		 2024
2023
£
£
15,245
10,577
100,000
50,000
3,536
3,930
118,781
64,507
2024
2023
£
£
5,977
5,514
12,192
10,387
18,169
15,901
2024
2023
£
£
5,016
5,116
5,016
5,116
15,245
10,577
8,110
8,380
78,770
78,770
74,518
70,964
176,643
168,691
181,659
173,807

18

St Augustine’s Chapel Charity

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 30 June 2024

6 Staff costs

Staff costs
Wages & Salaries
Social security costs
Pension costs
The average number of employees in the year was:
Administration of the Charity		 2024
2023
£
£
31,268
29,145
2,335
2,199
2,341
2,194
35,944
33,538
2024
2023
Number
Number
2
2

No employee received emoluments in excess of £60,000 during the year. (2023: £ Nil).

There were no key management personnel costs (2023: £ Nil).

7 Trustees’ Remuneration

The Trustees received no remuneration during the year (2023: none).

No expenses or travel costs were reimbursed to Trustees during the year (2023: £ Nil).

19

St Augustine’s Chapel Charity

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 30 June 2024

8
Tangible Fixed Assets
9
Fixed Asset Investments
Cost
At 1 July 2023
At 30 June 2024
Depreciation
At 1 July 2023
Charge for the year
At 30 June 2024
Net book value
At 30 June 2024
At 30 June 2023
Market value 1 July 2023
Acquisitions at cost
Disposals at opening book value
Increase in value of investments
Market value at 30 June 2024
Invested in:
UK Fixed Income
Overseas Fixed Income
UK Equities
Overseas Equities
Alternative Investment Property
Other Mutual Funds
Commodities
Market value at 30 June 2024
Historical cost 30 June 2024		 Freehold Land
& Buildings
£
7,246,453		 Furniture
Total
& Equipment
£
£
56,886
7,303,339
7,246,453 56,886
7,303,339
1,732,598
78,770		 56,886
1,789,484
0
78,770
1,811,368 56,886
1,868,254
5,435,085 0
5,435,085
5,513,855 0
5,513,855
2024
2023
Total
Total
£
£
690,360
664,823
366,994
388,743
(361,056)
(385,773)
59,253
22,567
755,551
690,360
3,720
25,028
196,885
165,384
107,537
120,279
377,145
313,098
47,721
53,010
4,529
6,872
18,014
6,689
755,551
690,360
690,255
681,849

20

St Augustine’s Chapel Charity

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 30 June 2024

10
Debtors
11
Creditors: amounts payable within one year
12
Allocation of net assets to funds and reserves
Amounts owed by Tonbridge School
Prepayments & accrued income
Trade creditors
Other creditors
Accruals and deferred income
Fixed Assets
£
Unrestricted
Designated funds:
Administration Fund
0
Rebuilding Fund
5,435,085
General Fund - free reserves
0
5,435,085		 10
Debtors
11
Creditors: amounts payable within one year
12
Allocation of net assets to funds and reserves
Amounts owed by Tonbridge School
Prepayments & accrued income
Trade creditors
Other creditors
Accruals and deferred income
Fixed Assets
£
Unrestricted
Designated funds:
Administration Fund
0
Rebuilding Fund
5,435,085
General Fund - free reserves
0
5,435,085		 Investments
£
755,551
0
0		 2024
2023
£
£
22,778
0
2,630
2,477
25,408
2,477
2024
2023
£
£
0
21,562
1,508
624
17,981
14,450
19,489
36,636
Total
Other Net
Assets/
(Liabilities)
30 June 2024
£
£
(87,813)
667,738
0
5,435,085
104,061
104,061
5,435,085 755,551 16,248
6,206,884

Included within the Administration Fund is a revaluation reserve with a balance of £65,296 (2023: £8,511). All reserves relate to the revaluation of investments.

As noted on page 6, the funds under the Trustees’ control are:

Designated Funds:

Undesignated Funds:

21

St Augustine’s Chapel Charity

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 30 June 2024

13
Analysis of movement in funds
At
1 July 2023
Unrestricted
£
Designated funds:
Administration Fund
600,334
Rebuilding Fund
5,513,855
General Fund - free reserves
70,000
6,184,189
Year ended 30 June 2023
At
1 July 2022
Unrestricted
£
Designated funds:
Administration Fund
594,638
Rebuilding Fund
5,592,625
General Fund - free reserves
70,000
6,257,263		 13
Analysis of movement in funds
At
1 July 2023
Unrestricted
£
Designated funds:
Administration Fund
600,334
Rebuilding Fund
5,513,855
General Fund - free reserves
70,000
6,184,189
Year ended 30 June 2023
At
1 July 2022
Unrestricted
£
Designated funds:
Administration Fund
594,638
Rebuilding Fund
5,592,625
General Fund - free reserves
70,000
6,257,263		 Transfers &
Income
Expenditure
Investment
Gains/(Losses)
£
£
£
18,169
0
49,235
0
(78,770)
0
118,781
(102,889)
18,169		 Total
30 June 2024
£
667,738
5,435,085
104,061
6,184,189 136,950
(181,659)
67,404		 6,206,884
Transfers &
Income
Expenditure
Investment
Gains/(Losses)
£
£
£
15,901
0
(10,205)
0
(78,770)
0
64,507
(95,037)
30,530		 Total
30 June 2023
£
600,334
5,513,855
70,000
6,257,263 80,408
(173,807)
20,325		 6,184,189

14 Reconciliation of net income to net cash from operating activities

15

Analysis of changes in net debt
Net (expenditure) / income
Investment income received
Realised gains on investments
Unrealised gains on investments
Depreciation
(Increase) in debtors
(Decrease) / increase in creditors
Net cash used in operating activities
Cash in hand and at bank		 At
Cash flows
1 July 2023
£
£
14,133
(3,804)		 2024
£
22,695
(18,169)
(8,151)
(59,253)
78,770
(22,931)
(17,147)		 2023
£
(73,074)
(15,901)
2,242
(22,567)
78,770
(220)
4,410
(24,186) (26,340)
Other
changes
£
0		 Balance
30 June 2024
£
10,329

22

St Augustine’s Chapel Charity

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 30 June 2024

16 Pension costs

The Charity provides retirement benefits to its employees via a group scheme, with an employer’s contribution rate of 7%.

17 Related / connected parties

Related / connected parties
Support was provided by Tonbridge School as follows during the year:
Grant towards the general running costs of the Chapel		 £
100,000		 £
50,000
100,000 50,000

18 Taxation

As a registered Charity its income is not liable to direct taxation as it is fully applied to charitable activities.

19 Company Status

The Charity is a charitable company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the charitable company in the event of liquidation.

23