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2021-08-31-accounts

Ampleforth Abbey Trust Trustee’s report and financial statements 31 August 2021

Responsibilities of Trustee

As explained more fully in the Trustee’s Responsibilities Statement set out on page 13, the Trustee is 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 Trustee determines 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 Trustee is responsible for assessing the group and the parent 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 Trustee either intends to liquidate the group or the parent charity or to cease operations, or have no realistic alternative but to do so.

Auditors’ responsibilities for the audit of the financial statements

We have been appointed as auditors under the Charities Act 2011 and report in accordance with regulations made under that Act. Our objectives are to obtain reasonable assurance about whether the group and parent 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.

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 group and parent charity’s financial statements to material misstatement and how fraud might occur, including through discussions with the Trustee, 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 group and parent charity by discussions with Trustee, and updating our understanding of the sectors in which the group and parent charity operate.

Laws and regulations of direct significance in the context of the group and parent charity include the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and guidance issued by the Charity Commission for England and Wales. Laws and regulations of indirect significance include those relating to St Laurence Education Trust, where the consequences of non-compliance would have a material effect on amounts or disclosures in the financial statements through significant fines, litigation or restrictions on operations. We identified the most significant laws and regulations to be the Independent School Standards as found in the Education and Skills Act 2008 and guidance issued by the Department for Education.

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 parent charity’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 parent charity’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.

15

19 August 2022

Ampleforth Abbey Trust Ampleforth Abbey Trust
CONSOLIDATED
Statement of financial activities		 Trustee's report and financial statements
31 st August 2021
for year ended 3jst August 2021
Note 2021 202; 2027 202} 2020
Unrestricted Restricted Endowment Total Total
Funds Funds Funds
£-000 £'000 £'000 £'000 £'000
Income and endowments from:
Charitable activities
Schools income 14,797 14,797 14,634
Parish income 416 416 187
Community income 2a 473 473 477
Hospitality income 17 17 142
Other income 2a 81 81 146
Other trading activities
Non ancillary trading income 5 1,153 1,153 1,029
Other activities 3 3 22
Investments
Investment income 3a 197 47 79 323 325
Bank and other interest 3a 6 6 42
Donations and legacies
Donations and legacies 4a 2,249 1,142 3,391 1,994
Coronavirus Job Retention Scheme grant 629 629 1,153
Other incoming resources
Profit on sale affixed assets 390 390 346
Total income 19,914 1,686 79 21,679 20,497
Expenditure on:
Raising funds
Non ancillary trading 7a 931 931 1,263
Fundraising & development 7a 95 95 422
Other income generating activities 7a 137
Financing costs 7a 2
1,026 1,026 1,824
Charitable activities
Schools 16,044 364 16,408 18,435
Parish 399 399 247
Community 2,959 2,959 2,205
Hospitality 128 128 257
Other 1,603 1,603 291
Donations to connected charities 165 201 366
20,899 964 21,863 21,435
Total expenditure 7a 21,925 964 22,889 23,259
Ampleforth Abbey Trust Ampleforth Abbey Trust
Trustee's report and financial statements
CONSOLIDATED 31 st August 2021
Statement of financial activities' (continued)
for year ended 31st August 2021
Note 202; 2021 2021 2021 2020
Unrestricted Restricted Endowment Total Total
Funds Funds Funds
£'000 £'000 £'000 £'000 £'000
Net (outgoing)/incoming funds from operations
before transfers and investment gains (2,011) 722 79 (1,210) (2,762)
(2,011) 722 79 (1,210) (2,762)
Other recognised gains and losses
Net gains on investment assets 215 127 304 646 532
Transfers 17 376 139 (515)
Net (expenditure)/income (1,420) 988 (132) (564) (2,230)
Pension scheme actuarial gains 191 191 30
Transfer out to Diocese s (554)
Net movements in funds (1,229) 988 (132) (373) (2,754)
Fund balances brought forward at 38,438 3,853 3,292 45,583 48,337
1st September 2020
Fund balances carried forward at 37,209 4,841 3,160 45,210 45,583
31st August 2021
Ampleforth Abbey Trust Ampleforth Abbey Trust
AMPLEFORTH ABBEY TRUST Trustee's report and financial statements
31st August 2021
Statement of financial activities
for year ended 31st August 2021
Note 2021 2021 2021 2027 2020
Unrestricted Restricted Endowment Total Total
Funds Funds Funds
£'000 £'000 £'000 £•000 £'000
Income and endowments from:
Charitable activities
Schools - recharged expenses 6,831
Schools - rental charge 307 307 275
Parish income 416 416 187
Community income 2b 473 473 477
Hospitality income 17 17 142
Other income 2b 81 81 146
Other trading activities
Non ancillary trading income
- recharged expenses and rent to subsidiary 352
Other activities
Investments
Investment income 3b 197 47 79 323 325
Gift Aid Donation 3b 167 167
Bank and other interest 3b 5 5 40
Donations and legacies
Donations and legacies 4b 176 750 926 1,337
Coronavirus Job Retention Scheme grant 65 65 606
Other incoming resources
Profit on sale affixed assets 390 390 346
Total income 1,797 1,294 79 3,170 11,064
Expenditure
Raising funds
Non ancillary trading
- recharged expenses and rent 352
- trading expenses
Fundraising & development 363
Total deductible costs 715
Charitable activities
Schools 7,783
Parish 399 399 247
Community 2,959 2,959 2,205
Hospitality 128 128 257
Other 3,030 3,030 2,650
Donations to connected charities 165 201 366 329
6,282 600 6,882 13,471
Total expenditure 7b 6,282 600 6,882 14,186
Ampteforlh Abbey Trust Ampteforlh Abbey Trust
Trusteed report and financial stdtemenis
AMP1.EFORTH ABBEY TRUST 31.fi Augiul M!l
Statement of Hnandal activities (cffffttnuctf)
for year ended. 31st Aufust 2(121 Note 2Mt 2021 1021 2021 2020
Unresfncted Rcslrkled Endowment Total Total
Funds Funds Funds
£•000 £W)0 £•000 £•000 £•000
Net (BUtgn!ng)/incoming funds from operations bcfure
transfers and investment gams (-1,485) <M 79 (3,712) (3.1")
(4,4S5) 694 79 (3,712) (3,122)
Other recognised gains and lo$$ei>
Net gains on investment assets
Transfers		 17 2t5
267		 127
248		 }04
(515)		 646 5J2
Net (expenditnreyincome (4.003) 1,069 (112) (3,066) (2.590)
Pension scheme actuarial gains
Transfer out to Diocese		 8 191 19t 30
(5M)
Net movements in funds (i,g 2) 1,069 (132) (2,875)
Fund balances brought forward at
t st September 2020		 3S.»S4 3,617 3,292 45.863 48,977
Fund batancts e»rrted fumard •t 35,142 4,686 3,160 42,988 45,863
31 $t August 2021

Balance iheet
for year ended j lsi Ausivt 3011
3 lsi
August 2021
Nolc 1021 2020 2011 2020
Consolitiated Consotidafed Trust Trust
£'000 £'000 £•000 £'000
Fixed assets
Tangible assets
liivcstmenls		 70
//		 41,047
7.310		 42.623
6,760		 40.87ii
7,410		 42.584
6,860
48.357 49,383 48,288 49,444
Current »<i$et?i
Stocks 12 175 456 213
Debtors 13 3,0g9 1,505 657 701
Cash and deposits 5,537 S.9S7 1,943 4,069
8,801 7,948 2,600 4,98?
Current liiibilitics
Creditors payable wilhin one year 14 (10.&48) (10.329) (7.173) (7,775)
Net current liabiliticii (1,847) (2,3gl) (4.573) (2,792)
total itssets les-s current liabUilies 46,510 47,002 43,715 46,652
Long term liabilities
Creditors payable after one year		 15 (1,300) (1.228) __ (728) (598)
Total net assets before pension dencit 45,210 45,774 42,988 46,054
Pension scheme deficit 21 (191) - (t9I)
1 otaf net assets after pension deficit 45,210 45,583 42.988 45.863
Funds
Endowed funds 16 3,160 3,292 3.160 3,292
Restricted funds 17 4,841 3.853 4,686 3,617
Unreatricted funds
Designated funds
Other charitable funds		 IS 2,944
34,265		 2.975
35,654		 2.873
32,269		 2,904
36,241
Pension dcftcit IS (191) (191)
Totat funds 45,210 45,583 42.988 45,863
Ampleforth Abbey Trust Ampleforth Abbey Trust
Trustee's report and financial statements
3J st August 2021
Consolidated Statement of Cash Flows
for year ended 31st August 2021
Note 2021 2021 2020 2020
£'000 £'000 £'000 £'000
Net cash outflow from operations 21 (551) (1,256)
Cash flows from investing activities
Interest income 6 42
Dividend income 323 325
Proceeds from the sale of property, plant & equipment 435 500
Purchase of property, plant & equipment (668) (196)
Proceeds from sale of investments 340 4,447
Purchase of investments (271) (202)
165 4,916
Cash flows from financing activities
Financing
Cash inflows from new borrowing 750
Fees in advance scheme
New fees in advance money 711 213
Amounts accmed to fees in advance contracts 53 66
Amounts utilised (828) (1,297)
Amounts repaid
Net movement on fees in advance 64 1,018
750
Change in cash and cash equivalents in the
reporting period (386) 4,410
Cash and cash equivalents at the beginning
of the reporting period 21b 4,604 194
Cash and cash equivalents at the end of the
reporting period 21b 4,218 4,604

Notes (contimied)
2 Charitable Activities
a Consolidated 202; 2021 2027 2021 2020
Unrestricted Restricted Endowment Total Total
Funds Funds Funds
£'000 £'000 £'000 £•000 £'000
Community income from charitable activities
Other community income 473 473 477
473 473 477
All of the comparative income (£477,000) relates to the unrestricted fund.
Other income from charitable activities
Ampleforth Hospitalite of Our Lady ofLourdes 81 81 146
81 81 146
All of the comparative income (£146,000) relates to the restricted fund.
b Trust 202; 2021 2021 202] 2020
Unrestricted Restricted Endowment Total Total
Funds Funds Funds
£'000 £-000 £'000 £'000 £'000
Community income from charitable activities
Charges for work within the Trust 238 238 279
Other community income 235 235 198
473 473 477
All of the comparative income (£477,000) relates to the unrestricted fund.
Other income from charitable activities
Ampleforth Hospitalite of Our Lady ofLourdes 81 81 146
81 81 146
a Consolidated 2027 2021 2021 2027 2020
Unrestricted Restricted Endowment Total Total
Funds Funds Funds
£'000 £'000 £'000 £'000 £'000
Investment income
Dividends UK other 197 47
79		 323 325
197 47
79		 323 325
Bank and other interest
Bank and other interest 6 6 42
6 6 42
b Trust 2021 2021 2021 202; 2020
Unrestricted Restricted Endowment Total Total
Funds Funds Funds
£'000 £'000 £'000 £'000 £'000
Investment income
Dividends UK other 197 47
79		 323 325
Gift Aid Donation (see note 6) 167 167
364 47
79		 490 325
Bank and other interest
Bank and other interest 5 5 40
5 5 40
Notes (continued)
4 Donations and legacies
a Consolidated 2027 202/ 2027 2027 2020
Unrestricted Restricted Endowment Total Total
Funds Funds Funds
£'000 £'000 £'000 £'000 £'000
Donations and Legacies
Legacies 2,087 392 2,479 70
Church collections 14 14 20
Bursary fund 221
Monastery fund 18
Other 148 750 898 1,665
2,249 1,142 3,391 1,994
Consolidated - comparative 2020 2020 2020 2020 2019
Unrestricted Restricted Endowment Total Total
Funds Funds Funds
£•000 £'000 £•000 £•000 £'000
Donations and Legacies
Legacies 25 45 70
Church collections 20 20 24
Bursary fund 221 221 110
Monastery fund 18 18 80
Other 1,202 463 1,665 534
1,247 747 1,994 748
onations and legacies
Trust 202] 2021 202; 2027 2020
Unrestricted Restricted Endowment Total Total
Funds Funds Funds
£'000 £'000 £'000 £'000 £'000
Donations and Legacies
Legacies 14 14
Church collections 14 14 20
Bursary fund 136
Monastery fund 18
Other 148 750 898 1,163
176 750 926 1,337

Trust - comparative 2020 2020 2020 2020 20/9
Unrestricted Restricted Endowment Total Total
Funds Funds Funds
£'000 £'000 £'000 £'000 £'000
Donations and Legacies
Legacies
Church collections 20 20 24
Bursary fund 136 136 110
Monastery fund 18 18 80
Other 1,030 133 1,163 369
1,050 287 1,337 583
Donations from Connected charity
Donation from connected charity (note 6) 90
90

Ampleforth Abbey Trust Trustee's report and financial statements 31st August 2021

Notes (continued)

5
Non-ancillary trading income
Trading income of trading subsidiary
(excluding items cancelled on
consolidation)		 2021
Unrestricted
Funds
£'000
1,153
1,153		 2021
Restricted
Funds
£'000
-
-		 2021
Endowment
Funds
£'000
-
-		 2021
Total
£'000
1,153
1,153		 2020
Total
£'000
1,029
1,029

All of the current and prior year non-ancillary income was unrestricted.

6 Net income of trading subsidiaries

Ampleforth Abbey Trust has one wholly owned trading subsidiary which is incorporated in the United Kingdom. Ampleforth Abbey Trading Limited (company number 00513517). Ampleforth Abbey Trading Limited operates a farm, an orchard, two shops, a sports centre, all from land and property owned by the Ampleforth Abbey Trust. A summary of the results and funds of Ampleforth Abbey Trading Limited is shown below. Full accounts of Ampleforth Abbey Trading Limited are filed with the Registrar of Companies.

Profit and loss account summary:
Turnover
Cost of sales
Gross profit
Administration expenses
Other operating income
Gift Aid Donation to Ampleforth Abbey Trust (see note 3)
Net movement after gift aid
Balance sheet summary:
Assets
Liabilities
Funds		 2021
£'000
968
(774)
194
(157)
185
(167)
55
£'000
513
(90)
423		 2020
£'000
1,077
(1,203)
(126)
(81)
107
-
(100)
£'000
433
(65)
368

30

St Laurence StBenet's Total Total
Education Trust 2021 2020
Trust
Statement of Financial Activities summary: £'000 £'000 £'000 £'000
Incoming Resources
Income from charitable activities 13,664 826 14,490 14,633
Other trading activities 3 3 22
Investments 1 1 2
Donations and legacies 372 2,074 2,446 1,422
Other income 564 19 583
14,604 2,919 17,523 16,079
Resources expended
Raising funds 95 95 198
Charitable activities:
Education and grant making 14,115 1,209 15,324 17,810
Donation to Ampleforth Abbey Tmst (note 4)
Total resources expended 14,115 1,304 15,419 18,008
Net incoming/foutgoing) resources 489 1,615 2,104 (1,929)
Balance sheet summary:
£'000 £•000 £'000 £'000
Assets 4,151 2,018 6,169 2,757
Liabilities (6,679) (344) (7,023) (5,715)
Funds (2,528) 1,674 (854) (2,958)
Ampleforth Abbey Trust Ampleforth Abbey Trust
Trustee's report and financial statements
31 st August 2021
Notes (continued)
7 Analysis of expenditure
202; 2021 2021 2021 2020
a Consolidated StaffCosts Other Depreciation Total Total
expenses
£'000 £'000 £'000 £-000 £'000
Expenditure on raising funds
Trading expenses 499 432 - 931 1,263
Fundraising & development 56 39 - 95 422
Other income generating activities 137
Financing costs 2
555 471 1,026 1,824
Charitable activities
Schools 10,159 5,164 1,OS5 16,408 18,435
Parish expenses 399 399 247
Community expenses 1,508 1,451 2,959 2,205
Hospitality expenses 128 128 257
Other Charitable expenses 488 1,115 1,603 291
Donations to connected charities 366 366
11,667 7,996 2,200 21,863 21,435
12,222 8,467 2,200 22,889 23,259
There were 253 (2020: 239) recipients of bursaries and discounts.
Included in charitable activities above is £Nil (2020: £54,000) in relation to operating lease payments made.
Governance included In other charitable expenses 2021 2020
£'000 £'000
Remuneration paid to auditor for audit services 35 40
Remuneration paid to auditor for tax services 2 2
Reimbursement of Trustee expenses 1 18
Other 132 156
170 216
Notes (contimied)
7 Analysis of total resources expended (continued)
b Trust 2021 2021 2021 2021 2020
StaffCosts Other Depreciation Total Total
expenses
£'000 £'000 £'000 £'000 £'000
Expenditure on raising funds
Non ancillary trading
- recharged expenses 352
- trading expenses
Fundraising & development 363
715
Charitable activities
Schools recharged expenses 7,788
Parish expenses 399 399 247
Community expenses 1,508 1,451 2,959 2,205
Hospitality expenses 128 128 257
Other Charitable expenses 914 2,116 3,030 256
Donation to connected charity 366 366 329
Provision for inter-entity balance 2,389
1,508 3,258 2,116 6,882 13,471
1,508 3,258 2,116 6,882 14,186
Governance included In other charitable expenses 2021 2020
£'000 £'000
Remuneration paid to auditor for audit services 20 25
Remuneration paid to auditor for tax services 2
Reimbursement of Trustee expenses 1
Other 132 156
155 181

function was:
2027 2020 2027 2020
Consolidated Trust
Trading activities 18 24 18
Fundraising activities 3 4 1 3
Schools 231 250
Parish 2 2 2 2
Community 21 11 21 11
Hospitality 2 4 2 4
277 295 44 20
Recharged to St Laurence Education Trust 103
Recharged to Ampleforth Abbey Trading 2
277 295 44 125

Ampleforth Abbey Trust Trustee's report and financial statements 31st August 2021

Notes (continued)

9 Staff numbers and costs (continued)

The aggregate payroll costs of these persons were as follows:

Wages and salaries
Social Security costs
Pension contributions - defined benefit
Pension contributions - defined contribution
Recharged to St Laurence Education Trust
Recharged to Ampleforth Abbey Trading
Aggregate employee - benefits of key
management personnel		 2021
£'000
10,030
906
964
322
12,222
-
-
12,222
972
Consol		 2020
£'000
10,420
852
980
257
12,509
-
-
12,509
764
idated		 2021
£'000
1,221
111
114
62
1,508
-
-
1,508
236
Tr		 2020
£'000
1,438
76
48
-
1,562
2,752
131
4,445
153
ust

On a consolidated basis redundancy and termination payments of £15k (2020: £33,500) were incurred during the year. At the year end £ Nil (2020: £ Nil) of these were accrued for. In the Trust only accounts redundancy and termination payments of £ Nil (2020: £ Nil) were incurred during the year. At the year end £ Nil (2020: £ Nil) of these were accrued for.

Certain directors of the Trustee company are members of the monastic community of Ampleforth Abbey and the Trust provides accommodation, meals and other basic living expenses for all its members. However, the directors did not receive any remuneration or reimbursement of expenses for their services.

The average number of persons employed during the year was 478 (2020: 501).

The number of staff earning in excess of £60,000 per annum was as follows:

£ 60,000 - £ 70,000
£ 70,001 - £ 80,000
£ 80,001 - £ 90,000
£ 90,001 - £100,000
£100,001 - £130,000
£200,000 - £220,000		 2021
4
3
1
3
1
1
Consol		 2020
2
3
1
2
-
1
idated		 2021
-
2
-
2
-
-
Tr		 2020
-
-
1
1
-
-
ust

Of the above 5 (2020: 5) were accruing retirement benefits under the Teachers' Pension Defined Benefits Scheme and 4 (2020: 4) under defined contribution schemes. The amount payable to defined contribution schemes for these members of staff was £112,439 (2020: £118,459).

35

Consolidated
Freehold land Other Improvements Plant and Total
and buildings Freehold to leasehold equipment
Monastery Land and property
and school Buildings
£'000 £'000 £'000 £'000 £'000
Cost
Balance at 1st September 2020 67,306 1,319 3,083 71,708
Additions 377 7 284 668
Disposals (2,490) (17) (862) (3,369)
Balance at 31st August 2021 65,193 1,309 2,505 69,007
Accumulated depreciation
Balance at 1 st September 2020 26,321 151 2,613 29,085
Charge for the year 2,047 153 2,200
Disposals (2,490) (835) (3,325)
Balance at 31 st August 2021 25,878 151 1,931 27,960
Net book value
At 31st August 2021 39,315 1,158 574 41,047
At 31st August 2020 40,985 1,168 470 42,623
Notes (continued)
10 Tangible fixed assets (continued)
b Trust Freehold land Other Improvements Plant and Total
and buildings Freehold to leasehold equipment
Monastery Land and property
and school Buildings
£'000 £'000 £-000 £'000 £'000
Cost
Balance at 31st August 2020 66,856 1,319 2,989 71,164
Additions 377 7 70 454
Disposals (2,490) (17) (862) (3,369)
Balance at 31st August 2021 64,743 1,309 2,197 68,249
Accumulated depreciation
Balance at 31st August 2020 25,875 151 2,554 28,580
Charge for the year 2,016 100 2,116
Disposals (2,490) (835) (3,325)
Balance at 31 st August 2021 25,401 151 1,819 27,371
Net book value
At 31st August 2021 39,342 1,158 378 40,878
At 31st August 2020 40,981 1,168 435 42,584
£'000
Net book value
At 31st August 2021
At 31st August 2020
Depreciation charge for the year
At31st August 2021
At 31st August 2020 14
Notes (continued)
31 st August 2021
31 st August 2021
ixed asset investments 2021 2020 2027 2020
£'000 £'000 £•000 £'000
Consolidated Trust
Balance at 1st September 2020 6,760 10,473 6,860 10,573
Additions 271 202 271 202
Disposals (340) (4,447) (340) (4,447)
Revaluation 619 532 619 532
Market value at 31st August 2021 7,310 6,760 7,410 6,860
Historical cost at 31 st August 202 1 5,407 4,578 5,507 5,507
2027 2020 2027 2020
£'000 £'000 £'000 £'000
Consolidated Trust
Investment in subsidiary companies 100 100
Managed Funds 7,193 6,561 7,193 6,561
BATA shares 3 3 3 3
Unquoted investments 63 63
Loans 133 133
Investments with Curzon Rochford 63 63
Investments in property 51 51
7,310 6,760 7,410 6,860
2027 2020 2021 2020
£'000 £'000 £'000 £'000
Cosisolidated Trust
Sarasin endowments fund class A INC 6,196 4,857 6,196
4,857
Sarasin income & reserves fund class A INC 538 475 538
475
12 Stocks 2027 2020 2027 2020
£'000 £'000 £'000 £'000
Consolidated Trust
Goods for resale 95 215
Other 80 241 213
175 456 213
Debtors 2021 2020 2027 2020
£'000 £'000 £'000 £'000
Consolidated Trust
Trade debtors 784 756 3 12
Amounts owed by subsidiary undertakings 238
Prepayments 496 577 391 527
Other 1,809 172 25 162
3,089 1,505 657 701
reditors: amounts falling due within one year 2021 2020 2021 2020
£'000 £'000 £'000 £'000
Consolidated Trust
Bank Loan 5,647 5,647 5,647 5,647
Trade creditors 589 631 216 555
Amount due to subsidiary undertakings 102 164
Fees received in advance of term 2,273 1,758
Confirmation fees 269 170
Composition fees (fees in advance scheme) 591 786 591 786
Accmals 567 638 58 99
Taxation and social security 406 233 253 233
Other creditors 306 466 306 291
10,648 10,329 7,173 7,775


they will be repayable as follows:		 ,
2021 2020 2021 2020
£'000 £'000 £'000 £'000
Within 1 year 269 170
Within 1 to 2 years 189 217
Within 2 to 5 years 366 387
Over 5 years 17 26
841 800
2027 2020 2027 2020
Composition fees fall due as follows: £-000 £'000 £-000 £'000
Within 1 year 591 786 591 786
Within 1 to 2 years 369 334 369 334
Within 2 to 5 years 314 218 314 218
Over 5 years 45 45 45 45
1,319 1,383 1,319 1,383

14 Creditors: amounts tailing due within one year (continued) 202; 2020
£'000 £'000
Tmst
Summary of movements in liability
Balance at 1st September 2020 1,383 2,401
New contracts 711 213
Repayments
Amounts used to pay fees (828) (1,297)
Amounts accrued to contract as debt financing cost 53 66
Balance at 31 st August 2021 1,319 1,383
15 Creditors: amounts falling due after more than one year 2021 2020 2021 2020
£'000 £'000 £'000 £'000
Consolidated Trust
Bank Loan
Confirmation fees 572 630
Composition fees received (fees in advance scheme) 728 598 728 598
1,300 1,228 728 598
The bank loan falls due as follows: £'000 £'000
Within 1 year 5,647 5,647
Within 1 to 2 years
Within 2 to 5 years
Over 5 years
5,647 5,647
16 Endowment funds Balance at Income Expended Investment Income Expended Investment Transfers Balance at
Consolidated and Trust 31-Aug-20 gains 31-Aug-21
£'000 £'000 £'000 £'000 £'000 £'000
Permanent endowment
Scholarship and bursaries 622 - - 41 (213) 450
622 41 (213) 450
Expendable endowment
The Miles Wright Bursary 1,900 56 187 (213) 1,930
The Bi-uno Bursaiy 770 23 76 (89) 780
2,670 79 263 (302) 2,710
3,292 79 304 (515) 3,160

Comparative
Consolidated and Trust		 Balance at Income Expended Investment
Sl-Aug-19 gains		 Balance at Income Expended Investment
Sl-Aug-19 gains		 Balance at Income Expended Investment
Sl-Aug-19 gains		 Balance at Income Expended Investment
Sl-Aug-19 gains		 Transfers Balance at
SI-Aug-20
£'000 £'000 £'000 £'000 £'000 £'000
Permanent endowment
Scholarship and bursaries 511 14 - 20 77 622
511 14 20 77 622
Expendable endowment
The Miles Wright Bursary
The Bruno Bursary		 1,836
744		 44
18		 75
30		 (55)
(22)		 1,900
770
2,580 62 105 (77) 2,670
3,091 76 125 3,292
17 Restricted Funds Balance at Income Expended Investment Transfers Balance at
Consolidated 31-Aiig-20 gains 31-Aug-21
£'000 £'000 £'000 £'000 £'000 £'000
Ampleforth Hospitalite of Our Lady ofLourdes (a)
Pennanent endowment funds income accounts (b)
The Miles Wright Bursary restricted fund (c)
The Bmno Bursary restricted fund (c)
Mission funds (d)
Bursary fund (e)
War memorial fund (f)		 366
293
414
9
917
251
404		 81
8
13
2
416
337
12		 (39)
(4)
(114)
(4)
(399)
(264)		 456
25
10
41		 (17)
362
72
(11)
12		 408
280
720
85
959
323
469
St Benet's Hall hardship fund (g) 40 40
St Benet's Hall other (h)
Monastery fund (i)		 101 72 (100) (79) (6)
Monastery refurbishment fund (j) 80 80
Abbey Church/extending Ampleforth Welcome (k)
General 95 95
Listed Places of Worship roof repair fand (1) 80 80
Teaching schools and school improvement (m)
St Laurence Education Tmst fund (n) 491 491
Marian Garden (o) 95 95
Other (p) 217 4 (6) 215
Stewardship (r)
Historic England (s)		 540
201		 (34) (201) 506
3,853 1,686 (964) 127 139 4,841
Ampleforth Abbey Trust Ampleforth Abbey Trust
Trustee's report and financial statements
31st August 2021
Notes (continued)
17 Restricted funds (continued) Balance at Income Expended Investment Transfers Balance at
Sl-Aug-19 gains Sl-Aug-20
Consolidated - Comparative £'000 £'000 £'000 £'000 £'000 £'000
Ampleforth Hospitalite of Our Lady ofLourdes (a) 295 146 (75) 366
Permanent endowment funds income accounts (b) 275 18 293
The Miles Wright Bursary restricted fund (c) 383 31 414
The Bruno Bursary restricted fund (c) 7 2 9
Mission funds (d) 1,531 187 (247) (554) 917
Bursary fund (e) 146 346 (241) 251
War memorial fund (f) 540 22 (158) 404
St Benet's Hall hardship fund (g) 40 40
St Benet's Hall other (h) 28 252 (179) 101
Monastery fund (i)
Monastery refurbishment fund (j) 61 19 80
Abbey Chureh/extending Ampleforth Welcome (k)
General 95 95
Heritage Lottery Fund grant
Listed Places of Worship roof repair fund (1) 85 (5) 80
Teaching schools and school improvement (m)
St Laurence Education Tmst fund (n) 491 491
Marian Garden (o) 100 (5) 95
Other (p) 227 40 (50) 217
4,204 1,163 (960) (554) 3,853
Trust Balance at Income Expended Investment Transfers Balance at
31-Aug~20 gains 31-Aug-21
£'000 £'000 £'000 £'000 £'000 £-000
Ampleforth Hospitalite of Our Lady ofLourdes (a) 366 81 (39) 408
Permanent endowment funds income accounts (b) 293 8 (4) (17) 280
The Miles Wright Bursary restricted fund (c) 414 13 (114) 45 392 750
The Bmno Bursary restricted fund (c) 9 2 (4) 6 72 85
Mission funds (d) 917 416 (399) 25 959
Bursary fund (e) 107 17 10 (11) 123
War memorial fund (f) 404 12 41 12 469
St Benet's Hall hardship fund (g) 40 40
St Benet's Hall other (h)
Monastery fund (i)
Monastery refurbishment fund (j) 80 80
Abbey Church/extending Ampleforth Welcome (k)
General 95 95
Heritage Lottery Fund grant
Listed Places of Worship roof repair fund (1) 80 80
Teaching schools and school improvement (m)
St Laurence Education Trust fund (n) 491 491
Marian Garden (o) 95 95
Other (p) 226 4 (6) 224
Stewardship (r) 540 (34) 506
Historic England (s) 201 (201)
3,617 1,294 (600) 127 248 4,686
Notes (continued)
31st
August 2021
17 Restricted funds (continued)
Trust comparative figures Balance at Income Expended Investment Transfers Balance at
Sl-Aug-19 gains 31-Aug-20
£'000 £'000 £'000 £'000 £'000 £'000
Ampleforth Hospitalite of Our Lady ofLourdes (a)
Pemianent endowment funds income accounts (b)		 295
275		 146
18		 (75) 366
293
The Miles Wright Bursary restricted fund (c)
The Bruno Bursary restricted fund (c)		 3837 31
2		 4149
Mission funds (d)
Bursary fand (e)
War memorial fund (f)
St Benet's Hall hardship fund (g)		 1,531
146
540
40		 187
146
22		 (247)
(185)
(158)		 (554) 917
107
404
40
St Benet's Hall other (h)
Monastery fund (i)
Monastery refurbishment fund (j) 62 18 80
Abbey Church/extending Ampleforth Welcome (k)
General 95 95
Heritage Lottery Fund grant
Listed Places of Worship roof repair fund (1)
Teaching schools and school improvement (m)		 85 (5) 80
St Laurence Education Trust fund (n) 491 491
Marian Garden (o)
Other (p)		 214 100
33		 (5)
(21)		 95
226
4,164 703 (696) (554) 3,617

Notes (continued) Ampleforth Abbey Trust
Trustee's report and financial statements
31 st August 2021		 Ampleforth Abbey Trust
Trustee's report and financial statements
31 st August 2021		 Ampleforth Abbey Trust
Trustee's report and financial statements
31 st August 2021		 Ampleforth Abbey Trust
Trustee's report and financial statements
31 st August 2021		 Ampleforth Abbey Trust
Trustee's report and financial statements
31 st August 2021		 Ampleforth Abbey Trust
Trustee's report and financial statements
31 st August 2021
18 Designated funds Balance at Income Expended Investment/ Transfers Balance at
31-Aug-lO Pension gains 3l-Aug-21
Consolidated £'000 £'000 £'000 £'000 £'000 £'000
Pension reserve (191) - -191
Other:
School bursary fund 799 799
School new bursary fund 832 21 (115) 71 (9) 800
Monastery refurbishment fund 1,190 1,190
Vocations fund 22 22
Monastery general fund 45 45
St Benet's Hall Fellows research fund 71 71
St Benet's Hall graduate research fund
Other 16 16
2,975 21 (115) 71 (9) 2,944
2,784 21 (115) 262 (9) 2,944
Balance at Income Expended Investment Transfers Balance at
Sl-Aug-20 gains 3t-Aug-21
Trust £'000 £'000 £'000 £'000 £'000 £'000
Pension reserve (191) 191
Other:
School bursary fund 799 799
School new bursary fund 832 21 (115) 71 (9) 800
Monastery refurbishment fund 1,190 1,190
Vocations fund 22 22
Monastery general fund 45 45
Other 16 16
2,904 21 (115) 71 (9) 2,873
2,713 21 (115) 71 182 2,873
Notes (continued)
18 Designated funds (continued)
Balance at Income Expended Transfers Balance at
3I-Aug-19 31-Aug-20
Consolidated - comparative £'000 £'000 £'000 £'000 £'000
Pension reserve (336) 115 30 (191)
Other:
School bursary fund 799 60 (60) 799
School new bursary fund
Monastery refurbishment fund		 781
1,185		 51s 832
1,190
Vocations fund 22 22
Monastery general fund 44 1 45
St Benet's Hall Fellows research fand 14 78 (21) 71
St Benet's Hall graduate research fund
Other 18 (2) 16
2,863 195 (83) 2,975
2,527 195 32 30 2,784
Balance at Income Expended Transfers Balance at
Sl-Aug-19 31-Aug-20
Trust - comparative £'000 £'000 £'000 £'000 £'000
Pension reserve (336) 115 30 (191)
Other:
School bursary fund
School new bursary fund		 799
781		 60
51		 (60) 799
832
Monastery refurbishment fund 1,185 5 1,190
Vocations fund 22 22
Monastery general fund 44 45
Other 18 (2) 16
2,849 117 (62) 2,904
2,513 117 53 30 2,713
2021 2020 2021 2020
£'000 £'000 £'000 £'000
Consolidated Trust
Operating leases:
At 31st August 2021 the company had annual commitments under non-cancellable operating leases as follows:
2021 2020 2021 2020
Operating lease payments over the following periods: £'000 £'000 £'000 £'000
Consolidated Trust
a) Land and buildings
In less than one year
Between two and five years
b) Other
In less than one year 13
Between two and five years
13


major assumptions used by the actuary were:
31-Aug-21 Sl-Aug-20
Rate of increase in salaries N/A 4.20%
Rate of increase in pensions accrued post 1997 3.65% 3.60%
Rate of increase in pensions in deferment 3.00% 3.00%
Discount rate 1.70% 1.70%
Inflation assumption RPI 3.30% 3.20%
Inflation assumption CPI 2.50% 2.40%
Members taking tax free cash allowance 65.00% 65.00%
Mortality rates S3PXA yob S3PXAyob
i) The amounts recognised in the balance sheet are as follows:
31-Aug-21 31-Aug-20
£'000 £-000
Fair value of scheme assets 3,858 3,251
Present value of scheme liabilities (3,375) (3,442)
Less provision for irrecoverable surplus (483)
Deficit in the scheme (191)
The major categories of scheme assets as a percentage of total scheme assets are as follows:
3l-Aug-21 Sl-Aug-20
Cash 5.24% 10.18%
Equities 28.69% 60.63%
Fixed interest 0.00% 17.84%
Other 66.07% 11.00%
ii) The amounts included within the Statement of Financial Activities 2027 2020
£'000 £'000
Cun-ent Service costs 139 120
Net interest on defined benefit liability (2) (5)
Net charges to the Statement of Financial Activities 137 115
2027 2020
£'000 £'000
Analysis of amount recognised within actuarial gains and losses
Actual return less expected return on pension scheme assets 524 (52)
Experience (losses) and gains arising on the scheme liabilities 32 14
Changes in assumptions underlying the present value of the scheme liabilities. (19) 68
Less provision for irrecoverable surplus (483)
Actuarial gains and (losses) recognised in the SOFA 54 30
Actual return on scheme assets 580 9
Ampleforth Abbey Trust Ampleforth Abbey Trust
Trustee's report and financial statements
31st August 2021
Notes (continued)
20 Pension and similar obligations (continued)
£•000 £'000
tii) Changes in the present value of the defined benefit obligation are as follows:
Opening defined benefit obligation (3,442) (3,533)
Service cost (1) (4)
Interest costs (58) (66)
Actuarial losses/(gains) 13 82
Benefits paid 113 80
Contribution by members -01
Closing defined benefit obligation (3,375) (3,442)
2021 2020
iv) Changes in the fair value of scheme assets are as follows: £'000 £'000
Opening fair value of scheme assets 3,251 3,197
Expected return
Actuarial gains and losses		 524
56		 (52)
61
Contributions by employer 140 124
Contributions by members 1
Benefits paid (113)_ (80)
Closing value of scheme assets 3,858 3,251
2021 2020
v) Reconciliation of movements in the Present Value of £'000 £'000
Plan Liabilities and Assets
Net liability at beginning of year (191) (336)
Movements in the year:
- Employer's current service cost
- Employer's contribution		 (1)
140		 (4)
124
- Expected return on plan assets 524 (52)
- Actual return less expected return on plan assets 56 61
- Interest on pension liabilities (58) (66)
- Experience losses arising on plan liabilities 13 82
- Irrecoverable surplus (483)
Net liability at end of year (191)
vi) Amounts for the current and previous four years are as follows:
2021 2020 2019 2018 20/7
£'000 £'000 £•000 £'000 £'000
Defined benefit obligation
Scheme assets		 (3,375)
3,858		 (3,442)
3,251		 (3,533)
3,197		 (3,006)
2,967		 (3,162)
2,801
Surplus/(Deficit) 483 (191) (336) 1391 (361)
Experience adjustments on scheme liabilities
Experience adjustments on scheme assets		 9
524		 14
(52)		 (13)
141		 (1)
61		 (53)
163

Notes (continued)
21 Notes to the Cash Flow Statement
2021 2020
21a Reconciliation of net incoming resources to net cash flow from operatioi £'000 £'000
Net Incoming resources (564) (2,230)
Elimination of non-operating cashflows:
- (gains) on investments (619) (532)
- Investment income (329) (367)
- Pension movements (145)
Depreciation 2,200 2,314
(Profit) on sale affixed assets (390) (346)
(Increase)/Decrease in debtors (1,584) 785
Increase/(Decrease) in creditors (excluding fees in advance scheme) 455 (797)
Decrease in stocks 280 62
Net cash outflow from operations (551) (1,256)
21b Analysis of cash and cash equivalents 2021 2020
£'000 £'000
Cash at bank and in hand 5,537 5,987
Composition Fees 0,319) (1,383)
4,218 4,604
22 Analysis of group net assets between funds
202; 2021 2021 2021 2020
Unrestricted Restricted Endowment Total Total
£'000 £'000 £'000 £'000 £'000
Fund balances at 31st August 2021 are represented by:
Tangible fixed assets 40,630 417 41,047 42,623
Investments 2,155 1,995 3,160 7,310 6,760
Current assets 6,371 2,430 8,801 7,948
Current liabilities (10,648) (10,648) (10,329)
Liabilities due after more than one year (1,300) (1,300) (1,228)
Pension scheme funding deficit (191)
Total net assets at 31st August 2021 37,208 4,842 3,160 45,210 45,583
2020 2020 2020 2020 2019
Unrestricted Restricted Endowment Total Total
£'000 £'000 £'000 £•000 £'000
Fund balances at are represented by:
Tangible fixed assets 42,094 529 42,623 45,449
Investments 1,884 1,584 3,292 6,760 10,473
Current assets 6,208 1,740 7,948 5,403
Current liabilities (10,329) (10,329) (6,052)
Liabilities due after more than one year (1,228) (1,228) (6,600)
Pension scheme funding deficit (191) (191) (336)
Total net assets at 38,438 3,853 3,292 45,583 48,337

Ampleforth Abbey Trust Trustee's report and financial statements 31st August 2021

Notes (continued)

23 Ultimate controlling party

The ultimate controlling party is The Ampleforth Abbey Trustees (company number 00396036), a company limited by guarantee. The Ampleforth Abbey Trustees is the corporate trustee of the Ampleforth Abbey Trust.

24 Related party transactions

The Ampleforth Society promotes the interests of former students of Ampleforth College and it provides funds for bursaries at Ampleforth College. During the year the St Laurence Education Trust paid across £66,575. (2020: £63,088) from net fee income across to the Ampleforth Society and the Society provided £72,900 (2020: £74,150) to the St Laurence Education Trust for bursaries. The Ampleforth Society includes a number of monks within the board of trustees.

The trustees are monks who live in the community of Ampleforth, therefore their living expenses are paid for through the trust.

During the year a donation of £60k was received from the Philip Marsden Family Charitable Trust into The St Benet's Trust.

The following transactions took place with the parent charity, Ampleforth Abbey Trust and its subsidiaries:

The following transactions took place with the parent charity, Ampleforth Abbey Trust and its subsidiaries:
2021 2020
a) St Laurence Education Trust £'000 £'000
- recharges to the St Laurence Education Trust for a proportion of centrally
managed costs (including related wages and a share of depreciation) 153 6,022
- rental charge by Ampleforth Abbey Trust for use of land and buildings 307 275
- donation (to)/from the St Laurence Education Trust - 329
- balance owed from/(to) the St Laurence Education Trust as at the year end date (fully provided for) 2,838 2,387
b) The St Benet's Trust
- recharges for Batells for members of the monastic community - (8)
- donation from the Ampleforth Abbey Trust - re use of buildings for lettings (85) (11)
- donation from the Ampleforth Abbey Trust - other - -
- donation to the Ampleforth Abbey Trust for capital expenditure - -
- balance owed by/(to) The St Benet's Trust 153 (44)
- interest recharged from Ampleforth Abbey Trust 53 105
c) Ampleforth Abbey Trading Limited
- recharges to Ampleforth Abbey Trading Limited for a proportion of centrally managed
costs (including related wages and a share of depreciation) and rental charges - 352
- donation (from) Ampleforth Abbey Trading 167 -
- balance owed to Ampleforth Abbey Trading as at the year end date (78) (119)

25 Post balance sheet events

For some years St Benet’s Trust has been working towards independence from the parent company, Ampleforth Abbey Trust (AAT), and gaining collegiate status, for which it must own its own buildings. A major fundraising campaign was launched by St Benet’s Trust which it was hoped would provide sufficient funds to buy both the two properties it currently occupies and which are owned by AAT, as well as providing a substantial endowment fund. As with many charities the impact of the ongoing pandemic has meant that this campaign has not produced the desired results.

And therefore on 9 May 2022, the University Council decided not to grant a long-term Licence to St Benet’s Hall to continue to operate as a Permanent Private Hall. AAT subsequently took the decision to place on the open market the two Oxford properties occupied by St Benet’s Hall.

51

26 Consolidated Statement of Financial Activities - comparative figures by fund type
for year ended 31st August 2020 Unrestricted Restricted Endowment Total
Funds Funds Funds
Income and endowments from: £'000 £'000 £'000 £'000
Charitable activities
Schools income 14,634 14,634
Parish income 187 187
Community income 477 477
Hospitality income 142 142
Other income 146 146
Other trading activities
Non ancillary trading income 1,029 1,029
Other activities 22 22
Investments
Investment income 166 S3 76 325
Bank and other interest 42 42
Donations and legacies
Donations and legacies 1,247 747 1,994
Coronavirus Job Retention Scheme Grant 1,153 1,153
Other incoming resources
Profit on sale of fixed assets 346 346
Total income 19,258 1,163 76 20,497
Expenditure on:
Raising funds
Non ancillary trading 1,263 1,263
Fundraising & development 422 422
Other income generating activities 137 137
Financing costs 2 2
Total deductible costs 1,824 1,824
Charitable activities
Schools 17,842 593 18,435
Parish 247 247
Community 2,165 40 2,205
Hospitality 257 257
Other 211 80 291
20,475 960 21,435
Total expenditure 22,299 960 23,259

Ampleforth Abbey Trust Trustee's report and financial statements 31st August 2021

Notes(continued)
26 Consolidated Statement of Financial Activities(continued)
Net incoming funds from operations
before transfers and investment gains
Transfer between funds
Other recognised gains and losses
Net gains on investment assets
Net income
Pension scheme actuarial (losses)/gains
Transfer out to Diocese
Net movements in funds
Fund balances brought forward at 31st August 2019
Fund balances carried forward at 31st August 2020		 Unrestricted
Funds
£'000
(3,041)
-
407
(2,634)
30
-
(2,604)
41,042
38,438		 Restricted
Funds
£'000
203
-
-
203
-
(554)
(351)
4,204
3,853		 Endowment
Funds
£'000
76
-
125
201
-
-
201
3,091
3,292		 Total
£'000
(2,762)
-
532
(2,230)
30
(554)
(2,754)
48,337
45,583

53