CHARITY REGISTRATION NUMBER: 1049013
The Benedictine Nuns of Curzon Park Unaudited Financial Statements 31 December 2020
UHY HACKER YOUNG
Chartered Accountants St John's Chambers Love Street Chester Cheshire CH1 1QN
The Benedictine Nuns of Curzon Park
Financial Statements
Year ended 31 December 2020
| Page | |
|---|---|
| Trustees' annual report | 1 |
| Independent examiner's report to the trustees | 6 |
| Statement of financial activities | 7 |
| Statement of financial position | 8 |
| Notes to the financial statements | 9 |
| The following pages do not form part of the financial statements | |
| Detailed statement of financial activities | 21 |
| Notes to the detailed statement of financial activities | 23 |
The Benedictine Nuns of Curzon Park
Trustees' Annual Report
Year ended 31 December 2020
The trustees present their report and the unaudited financial statements of the charity for the year ended 31 December 2020.
Reference and administrative details
Registered charity name
The Benedictine Nuns of Curzon Park
Charity registration number 1049013
Principal office
The trustees
| Dame N Fairlie OSB (Abbess) | (Resigned 21 January 2021) | |
|---|---|---|
| Dame SL Collins (Chairman) | ||
| Dame S Godden | ||
| Dame J Mead | (Resigned 21 January 2021) | |
| Sister M R Maurer | (Appointed 21 January 2021) | |
| Independent examiner | UHY Hacker Young Chartered | Accountants |
| St John's Chambers | ||
| Love Street | ||
| Chester | ||
| Cheshire | ||
| CH1 1QN |
Structure, governance and management
The Benedictine Nuns of Curzon Park is a charity (registered charity number 1049013) established and governed by a Trust Deed dated 22 August 1995. The Trustees present their report along with the financial statements of the Charity for the year ended 31 December 2020. The Trustees are appointed by the Abbess and are all members of the Abbess’ Council.
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The Benedictine Nuns of Curzon Park
Trustees' Annual Report (continued)
Year ended 31 December 2020
Objectives and activities
The Charity’s principal object is the advancement of religion, especially the Roman Catholic faith. The Trustees primarily achieve this through the maintenance and support of a community of nuns resident at Curzon Park.
In addition it is engaged in prayer, almsgiving and hospitality, and regular donations are made on a monthly basis to other charities. Financial assistance is also given to individuals in need.
The Trustees have complied with their duty given in section 4 of the Charities Act 2006 by having referred to the public benefit guidance issued by the Charity Commission.
In setting the objectives and planning the activities for the year the Trustees have given careful consideration to ensuring that the charity’s activities are to the public benefit, having regard to the guidance issued by the Charity Commission. In particular the Trustees consider that public benefit is achieved by the following activities:
· Hospitality: for individual guests, for private retreatants, for Ecumenical groups, Christian prayer groups and Oblates at a cost lower than that charged by commercial facilities. This enables Old Age Pensioners to share these meetings, to mutual benefit.
· Addressing people’s spiritual needs: through spiritual accompaniment, by responding to prayer requests, by providing opportunities for quiet days, providing retreat facilities to enable the deepening of spiritual perception, and through correspondence as well as through our website, and even through casual encounters in hospitals and with passers - by.
· Ethical investment policy
· Caring for our older nuns: thus providing a model of care highly approved by NHS contacts, and consequently reducing the cost to the State, and thus to the Public in these areas.
· Reducing carbon footprints through conscientious recycling
· Contribution to other Charities
· Indirect influence upon casual visitors. Some have never met nuns before and they are relieved to find us friendly and human.
· Our garden contains small uncultivated areas, including a small meadow, which attracts bees, moths and butterflies. There are frogs and newts in the ponds, and compost bins are full of red worms recycling the food unsuitable for birds or other creatures.
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The Benedictine Nuns of Curzon Park
Trustees' Annual Report (continued)
Year ended 31 December 2020
Achievements and performance
In our monastic life we endeavour to live a life faithfully committed to God, and for the benefit of all created beings, both as a community and as individuals. Our chief guide-lines are the commands to love God above all else, and to love our neighbour as ourselves. The clause ‘as ourselves’ may be an obstacle if we lack in self-acceptance. It is this hindrance in our spirituality which the Rule of Saint Benedict helps us to correct, through the grace of God.
Our monastic activities are guided by a timetable calling us daily to communal activities, chiefly liturgical prayer and the celebration of Eucharist, and to meals together. We are expected to pray alone during the day, to meditate and reflect on spiritual reading, and to do our manual work as a service to each other, and the betterment of community life. Peaceful sharing in such tasks is a great blessing. We are called ‘not to live by bread alone’ but by every word which proceeds from God, through the mediation of others and their prayers.
Those guests who choose to share our monastic life by attending community prayer and meals deeply appreciate this.
The Enevis Solar PV System continues to provide good service.
We continue to receive orders from the Monastic Shop at Buckfast Abbey, Devon for our beautifully designed and embroidered lavender bags.
The lay people who attend Mass here remain a kind and generous blessing. Their presence reminds us that we are part of the body of Christ, and that our vocation is one which encourages and supports those around us. We are grateful for their spiritual support too.
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The Benedictine Nuns of Curzon Park
Trustees' Annual Report (continued)
Year ended 31 December 2020
Financial review
Results for the year show net income of £174,754 (2019: £354,985).
Total income received excluding investment gains was £83,351 (2019: £31,476), this consists primarily of nuns income of £26,849 (2019: £25,300) and loan interest received of £52,107 (2019 - £nil).
Expenditure totalled £127,617 (2019: £121,095).
The investments recorded net gains of £218,236 (2019: £444,064).
Reserves Policy
The Charity has the following Reserves Policy -
'to maintain a balance on unrestricted funds (excluding fixed assets) which equates to approximately eighteen month's unrestricted payments to cover emergency situations that may arise from time to time'.
Statement of Trustees' responsibilities
The Trustees are responsible for preparing the Trustees Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales 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 of the charity for that period. In preparing these financial statements, the trustees are required to:
-
select suitable accounting policies and then apply them consistently;- observe the methods and principles in the Charities SORP;
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable accounting standards have been followed,
-
subject to any material departures disclosed and explained in the financial statements; andprepare the financial statements on the ongoing concern basis unless it is inappropriate to presume that the Charity will continue in business.
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 the financial statements comply with the Charities Act 2011, the (Charity Accounts and Reports) Regulations 2008 and the provisions of the Trust Deed. 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.
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The Benedictine Nuns of Curzon Park
Trustees' Annual Report (continued)
Year ended 31 December 2020
Properties held as custodian trustees
The two properties owned by the charity, namely 10 Curzon Park South, Chester and 2 The Paddocks, Chester, are registered in the names of the trustees named on page one of these accounts and held as trustees of the charity known as the Benedictine Nuns of Curzon Park.
The trustees' annual report was approved on 24 June 2021 and signed on behalf of the board of trustees by:
Dame SL Collins (Chairman) Trustee
Dame S Godden Trustee
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The Benedictine Nuns of Curzon Park
Independent Examiner's Report to the Trustees of The Benedictine Nuns of Curzon Park
Year ended 31 December 2020
I report to the trustees on my examination of the financial statements of The Benedictine Nuns of Curzon Park ('the charity') for the year ended 31 December 2020.
Responsibilities and basis of report
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the charity as required by section 130 of the Act; or
-
the financial statements do not accord with those records; or
-
the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair' view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
UHY Hacker Young Chartered Accountants Independent Examiner
St John's Chambers Love Street Chester Cheshire CH1 1QN
24 June 2021
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The Benedictine Nuns of Curzon Park
Statement of Financial Activities
Year ended 31 December 2020
| 2020 | 2019 | ||||
|---|---|---|---|---|---|
| Unrestricted | Endowment | ||||
| funds | funds | Total funds | Total funds | ||
| Note | £ |
£ | £ | £ | |
| Income and endowments | |||||
| Donations and legacies | 4 | 28,403 |
– | 28,403 | 26,880 |
| Charitable activities | 5 | 1,028 |
– | 1,028 | 2,230 |
| Other trading activities | 6 | 1,813 |
– | 1,813 | 2,366 |
| Investment income | 7 | 52,107 |
– | 52,107 | – |
| ---------------------------------- | ----------------------------- | ---------------------------------- | ---------------------------------- | ||
| Total income | 83,351 | – | 83,351 | 31,476 | |
| ================================== | ============================= | ================================== | ================================== | ||
| Expenditure | |||||
| Expenditure on charitable activities | 8,9 | 126,833 |
784 | 127,617 | 121,095 |
| ---------------------------------------- | ----------------------------- | ---------------------------------------- | ---------------------------------------- | ||
| Total expenditure | 126,833 | 784 | 127,617 | 121,095 | |
| ======================================== | ============================= | ======================================== | ======================================== | ||
| Net gains on investments | 11 | (218,236) |
– |
(218,236) | (444,604) |
| ---------------------------------------- | ----------------------------- | ---------------------------------------- | ---------------------------------------- | ||
| Net income and net movement in | |||||
| funds | 174,754 | (784) | 173,970 |
354,985 | |
| ======================================== | ============================= | ======================================== | ======================================== | ||
| Reconciliation of funds | |||||
| Total funds brought forward | 3,791,058 | 25,870 | 3,816,928 | 3,461,943 | |
| ---------------------------------------------------- | ---------------------------------- | ---------------------------------------------------- | ---------------------------------------------------- | ||
| Total funds carried forward | 3,965,812 | 25,086 | 3,990,898 | 3,816,928 | |
| ==================================================== | ================================== | ==================================================== | ==================================================== |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 9 to 19 form part of these financial statements.
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The Benedictine Nuns of Curzon Park
Statement of Financial Position
31 December 2020
| 2020 | 2019 | ||
|---|---|---|---|
| Note | £ | £ | |
| Fixed assets | |||
| Tangible fixed assets | 15 | 624,315 | 644,834 |
| Investments | 16 | 3,095,579 | 3,137,343 |
| ---------------------------------------------------- | ---------------------------------------------------- | ||
| 3,719,894 | 3,782,177 | ||
| Current assets | |||
| Debtors | 17 | 3,406 | 2,288 |
| Cash at bank and in hand | 275,417 | 37,380 | |
| ---------------------------------------- | ---------------------------------- | ||
| 278,823 | 39,668 | ||
| Creditors: amounts falling due within one year | 18 | 7,819 | 4,917 |
| ---------------------------------------- | ---------------------------------- | ||
| Net current assets | 271,004 | 34,751 | |
| ---------------------------------------------------- | ---------------------------------------------------- | ||
| Total assets less current liabilities | 3,990,898 | 3,816,928 | |
| ---------------------------------------------------- | ---------------------------------------------------- | ||
| Net assets | 3,990,898 | 3,816,928 | |
| ==================================================== | ==================================================== | ||
| Funds of the charity | |||
| Endowment funds | 25,086 | 25,870 | |
| Unrestricted funds | 3,965,812 | 3,791,058 | |
| ---------------------------------------------------- | ---------------------------------------------------- | ||
| Total charity funds | 19 | 3,990,898 | 3,816,928 |
| ==================================================== | ==================================================== |
These financial statements were approved by the board of trustees and authorised for issue on 24 June 2021, and are signed on behalf of the board by:
Dame SL Collins (Chairman) Trustee
Dame S Godden Trustee
The notes on pages 9 to 19 form part of these financial statements.
- 8 -
The Benedictine Nuns of Curzon Park
Notes to the Financial Statements
Year ended 31 December 2020
1. General information
The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is Benedictine Abbey, 10 Curzon Park South, Chester, Cheshire, CH4 8AB.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Charities Act 2011.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Concessionary loans
Concessionary loans are measured at the amount received or paid adjusted for any repayments and any accrued interest.
Going concern
There are no material uncertainties about the charity's ability to continue.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
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The Benedictine Nuns of Curzon Park
Notes to the Financial Statements (continued)
Year ended 31 December 2020
3. Accounting policies (continued)
Fund accounting
a) The Charity's general funds consist of funds which the Charity may use for its charitable purposes at its discretion.
b) The Charity has designated certain funds for the acquisition, improvement, maintenance and furnishing of buildings. Similarly a separate fund has been designated to deal with investments required to ensure the future income and operation of the Charity. There is no legal force for the designations and further details of the funds can be found in Note 19.
c) The Charity holds an expendable endowment fund and further information is detailed in Note 19.
Incoming resources
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Donations are recognised when the Trust has been notified in writing of both the amount and settlement date.
Legacy gifts are recognised on a case by case basis following the granting of probate when the administrator/executor for the estate has communicated in writing both the amount and settlement date.
Nuns income represents pensions received by the nuns and are recognised on a receivable basis.
Resources expended
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that the settlement will be required and the amount of the obligation can be measured reliably.
All expenditure is accounted for on an accruals basis and includes irrecoverable VAT. All expenses including support costs and governance costs are allocated to charitable activities.
Costs of charitable activities include costs of support and maintenance of the community of nuns, costs of running the retreat house, grants made and governance costs.
Grants payable are recognised when payments are authorised.
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The Benedictine Nuns of Curzon Park
Notes to the Financial Statements (continued)
Year ended 31 December 2020
3. Accounting policies (continued)
Tangible assets
Fixed assets are included in the accounts at their historical cost with the exception of tangible assets donated on the creation of the Trust, which have been valued in accordance with their insurance values at that time.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property - 2-2.5% straight line Furnishings and equipment - 15% reducing balance Computer Equipment - 20% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
4. Donations and legacies
| Donations and legacies | ||||
|---|---|---|---|---|
| Total | Total | |||
| Unrestricted | Funds | Unrestricted |
Funds | |
| Funds | 2020 | Funds |
2019 | |
| £ | £ | £ | £ | |
| Donations | ||||
| Nuns income | 26,849 | 26,849 | 25,300 |
25,300 |
| Donations | 1,554 | 1,554 | 1,380 |
1,380 |
| Miscellaneous | – | – | 200 |
200 |
| ---------------------------------- | ---------------------------------- | ---------------------------------- | ---------------------------------- | |
| 28,403 | 28,403 | 26,880 |
26,880 | |
| ================================== | ================================== | ================================== | ================================== | |
| Charitable activities | ||||
| Total | Total | |||
| Unrestricted | Funds | Unrestricted |
Funds | |
| Funds | 2020 | Funds |
2019 | |
| £ | £ | £ | £ | |
| Income from visitors to the Retreat | ||||
| House | 1,028 | 1,028 | 2,230 |
2,230 |
| ============================= | ============================= | ============================= | ============================= |
5. Charitable activities
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The Benedictine Nuns of Curzon Park
Notes to the Financial Statements (continued)
Year ended 31 December 2020
6. Other trading activities
| Other trading activities | ||||
|---|---|---|---|---|
| Total | Total | |||
| Unrestricted | Funds | Unrestricted |
Funds | |
| Funds | 2020 | Funds |
2019 | |
| £ | £ | £ | £ | |
| Wayleaves | 45 | 45 | 45 |
45 |
| Sundry income - solar | 1,706 | 1,706 | 1,707 |
1,707 |
| Industries income | 62 | 62 | 614 |
614 |
| ----------------------------- | ----------------------------- | ----------------------------- | ----------------------------- | |
| 1,813 | 1,813 | 2,366 |
2,366 | |
| ============================= | ============================= | ============================= | ============================= | |
| Investment income | ||||
| Total | Total | |||
| Unrestricted | Funds | Unrestricted |
Funds | |
| Funds | 2020 | Funds |
2019 | |
| £ | £ | £ | £ | |
| Other interest receivable | 52,107 | 52,107 | – |
– |
| ================================== | ================================== | ============================= | ============================= |
7. Investment income
8. Expenditure on charitable activities by fund type
| Total | |||
|---|---|---|---|
| Unrestricted | Endowment | Funds | |
| Funds | Funds |
2020 | |
| £ | £ | £ | |
| Charitable activities | 106,644 | – | 106,644 |
| Emmaus retreat house | 6,296 | 784 | 7,080 |
| Grants payable | 11,543 | – | 11,543 |
| Support costs | 2,350 | – | 2,350 |
| ---------------------------------------- | ----------------------------- | ---------------------------------------- | |
| 126,833 | 784 | 127,617 | |
| ======================================== | ============================= | ======================================== | |
| Total | |||
| Unrestricted | Endowment | Funds | |
| Funds | Funds |
2019 | |
| £ | £ | £ | |
| Charitable activities | 100,587 | – | 100,587 |
| Emmaus retreat house | 5,764 | 784 | 6,548 |
| Grants payable | 12,038 | – | 12,038 |
| Support costs | 1,922 | – | 1,922 |
| ---------------------------------------- | ----------------------------- | ---------------------------------------- | |
| 120,311 | 784 | 121,095 | |
| ======================================== | ============================= | ======================================== |
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The Benedictine Nuns of Curzon Park
Notes to the Financial Statements (continued)
Year ended 31 December 2020
9. Expenditure on charitable activities by activity type
| Activities | Grant | Grant | Total |
Total | |
|---|---|---|---|---|---|
| undertaken | funding | of | funds |
fund | |
| directly | activities | 2020 |
2019 | ||
| £ | £ | £ | £ | ||
| Charitable activities | 106,644 | – | 106,644 |
100,587 | |
| Emmaus retreat house | 7,080 | – | 7,080 |
6,548 | |
| Grants payable | – | 11,543 | 11,543 |
12,038 | |
| Support costs | 2,350 | – | 2,350 |
1,922 | |
| ---------------------------------------- | ---------------------------------- | ---------------------------------------- | ---------------------------------------- | ||
| 116,074 | 11,543 | 127,617 |
121,095 | ||
| ======================================== | ================================== | ======================================== | ======================================== | ||
| Analysis of grants | |||||
| 2020 | 2019 | ||||
| £ | £ | ||||
| Grants to institutions | |||||
| Animal welfare | 2,996 | 2,994 | |||
| Elderly support | 1,200 | 1,200 | |||
| Overseas aid | 2,220 | 2,720 | |||
| Children | 1,584 | 1,584 | |||
| Medical | 1,140 | 1,140 | |||
| Other | 2,403 | 2,400 | |||
| ---------------------------------- | ---------------------------------- | ||||
| 11,543 | 12,038 | ||||
| ---------------------------------- | ---------------------------------- | ||||
| Total grants | 11,543 | 12,038 | |||
| ================================== | ================================== | ||||
| Net gains on investments | |||||
| Total | Total | ||||
| Unrestricted | Funds | Unrestricted |
Funds | ||
| Funds | 2020 | Funds |
2019 | ||
| £ | £ | £ | £ | ||
| Gains/(losses) on listed | |||||
| investments | 218,236 | 218,236 | 444,604 |
444,604 | |
| ======================================== | ======================================== | ======================================== | ======================================== |
10. Analysis of grants
11. Net gains on investments
12. Net income
Net income is stated after charging/(crediting):
Depreciation of tangible fixed assets
| 2020 | 2019 |
|---|---|
| £ | £ |
| 21,370 | 21,199 |
| ================================== | ================================== |
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The Benedictine Nuns of Curzon Park
Notes to the Financial Statements (continued)
Year ended 31 December 2020
13. Independent examination fees
| Independent examination fees | ||
|---|---|---|
| 2020 | 2019 | |
| £ | £ | |
| Fees payable to the independent examiner for: | ||
| Independent examination of the financial statements | 1,900 | 1,920 |
| ============================= | ============================= |
14. Trustee remuneration and expenses
All trustees are nuns of the Benedictine Nuns of Curzon Park and do not receive any remuneration by virtue of their position as trustees.
The charity maintains and supports the trustees in the same way as nuns who are not trustees. As this is part of the charitable objects of the charity it is not seen to be remuneration for their services as trustees.
No expenses have been paid or reimbursed to the trustees by virtue of their position as trustees.
15. Tangible fixed assets
| Tangible fixed assets | ||||
|---|---|---|---|---|
| Fixtures | ||||
| Freehold | and | |||
| property | fittings | Equipment | Total | |
| £ | £ | £ | £ | |
| Cost | ||||
| At 1 January 2020 | 1,181,598 | 126,846 | 7,924 | 1,316,368 |
| Additions | – | 565 | 299 | 864 |
| Disposals | – | (450) | – | (450) |
| ---------------------------------------------------- | ---------------------------------------- | ----------------------------- | ---------------------------------------------------- | |
| At 31 December 2020 | 1,181,598 | 126,961 | 8,223 | 1,316,782 |
| ==================================================== | ======================================== | ============================= | ==================================================== | |
| Depreciation | ||||
| At 1 January 2020 | 546,149 | 117,792 | 7,593 | 671,534 |
| Charge for the year | 19,730 | 1,447 | 193 | 21,370 |
| Disposals | – | (437) | – | (437) |
| ---------------------------------------------------- | ---------------------------------------- | ----------------------------- | ---------------------------------------------------- | |
| At 31 December 2020 | 565,879 | 118,802 | 7,786 | 692,467 |
| ==================================================== | ======================================== | ============================= | ==================================================== | |
| Carrying amount | ||||
| At 31 December 2020 | 615,719 | 8,159 | 437 | 624,315 |
| ==================================================== | ======================================== | ============================= | ==================================================== | |
| At 31 December 2019 | 635,449 | 9,054 | 331 | 644,834 |
| ==================================================== | ======================================== | ============================= | ==================================================== |
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The Benedictine Nuns of Curzon Park
Notes to the Financial Statements (continued)
Year ended 31 December 2020
15. Tangible fixed assets (continued)
The following properties are included within Fixed Assets:
10 Curzon Park South, Chester
2 The Paddock, Chester (Emmaus)
Tangible assets donated on creation of the Trust have been valued in accordance with their insurance values at the time. All tangible assets are used in direct furtherance of the charity's objectives.
16. Investments
| Investments | |||
|---|---|---|---|
| Listed | Other | ||
| investments | investments | Total | |
| £ | £ | £ | |
| Cost or valuation | |||
| At 1 January 2020 | 2,737,343 | 400,000 | 3,137,343 |
| Additions | – | – | – |
| Disposals | (60,000) | (200,000) |
(260,000) |
| Net unrealised gains on investments | 218,236 | – | 218,236 |
| ---------------------------------------------------- | ---------------------------------------- | ---------------------------------------------------- | |
| At 31 December 2020 | 2,895,579 | 200,000 | 3,095,579 |
| ==================================================== | ======================================== | ==================================================== | |
| Impairment | |||
| At 1 January 2020 and 31 December 2020 | – | – | |
| ======================================== | ==================================================== | ||
| Carrying amount | |||
| At 31 December 2020 | 2,895,579 | 200,000 | 3,095,579 |
| ==================================================== | ======================================== | ==================================================== | |
| At 31 December 2019 | 2,737,343 | 400,000 | 3,137,343 |
| ==================================================== | ======================================== | ==================================================== |
The above carrying amounts are recognised as follows:
| The above carrying amounts are recognised | as follows: | ||
|---|---|---|---|
| Listed | Other | ||
| investments | investments | Total | |
| £ | £ | £ | |
| At 31 December 2020 | |||
| Held at fair value | 2,895,579 | – | 2,895,579 |
| Held at historical cost less impairment | – | 200,000 | 200,000 |
| ==================================================== | ======================================== | ==================================================== | |
| At 31 December 2019 | |||
| Held at fair value | 2,737,343 | – | 2,737,343 |
| Held at historical cost less impairment | – | 400,000 | 400,000 |
| ==================================================== | ======================================== | ==================================================== |
- 15 -
The Benedictine Nuns of Curzon Park
Notes to the Financial Statements (continued)
Year ended 31 December 2020
16. Investments (continued)
Financial assets held at fair value
The cost of the listed investments held at the year end, at fair value was £1,711,234 (2019: £1,751,451). Other investments is a concessionary loan to Stanbrook Abbey, Wass, Yorkshire, for the building of their church. Interest on this loan is charged at 3.5% per annum. The trustees previously agreed that interest would no longer be charged on this loan, however, Stanbrook Abbey decided that they wished to pay the interest back-dated to May 2017 and this has been received in the year.
17. Debtors
| Debtors | ||
|---|---|---|
| 2020 | 2019 | |
| £ | £ | |
| Prepayments and accrued income | 2,009 | 1,570 |
| Other debtors | 1,397 | 718 |
| ----------------------------- | ----------------------------- | |
| 3,406 | 2,288 | |
| ============================= | ============================= | |
| Creditors: amounts falling due within one year | ||
| 2020 | 2019 | |
| £ | £ | |
| Accruals and deferred income | 7,819 | 4,917 |
| ============================= | ============================= |
18. Creditors: amounts falling due within one year
- 16 -
The Benedictine Nuns of Curzon Park
Notes to the Financial Statements (continued)
Year ended 31 December 2020
19. Analysis of charitable funds
Unrestricted funds
| At | At | |||||
|---|---|---|---|---|---|---|
| 1 Jan | Gains and | 31 Dec | ||||
| 2020 | Income | Expenditure | Transfers | losses | 2020 | |
| £ | £ | £ | £ | £ | £ | |
| General funds | 311,759 | 83,351 | (106,427) |
57,757 | – | 346,440 |
| Capital fund | 2,737,343 | – | – |
(60,000) | 218,236 | 2,895,579 |
| Building fund | 349,474 | – | (12,757) |
2,243 | – | 338,960 |
| Other | ||||||
| designated fund | 392,482 | – | (7,649) |
– | – | 384,833 |
| ---------------------------------------------------- | ---------------------------------- | ---------------------------------------- | ---------------------------------- | ---------------------------------------- | ---------------------------------------------------- | |
| 3,791,058 | 83,351 | (126,833) |
– | 218,236 | 3,965,812 | |
| ==================================================== | ================================== | ======================================== | ================================== | ======================================== | ==================================================== | |
| At | At | |||||
| 1 Jan | Gains and | 31 Dec | ||||
| 2019 | Income | Expenditure | Transfers | losses | 2019 | |
| £ | £ | £ | £ | £ | £ | |
| General funds | 374,312 | 31,476 | (100,029) |
6,000 | – | 311,759 |
| Capital fund | 2,298,739 | – | – |
(6,000) | 444,604 | 2,737,343 |
| Building fund | 362,107 | – | (12,633) |
– | – | 349,474 |
| Other | ||||||
| designated fund | 400,131 | – | (7,649) |
– | – | 392,482 |
| ---------------------------------------------------- | ---------------------------------- | ---------------------------------------- | ----------------------------- | ---------------------------------------- | ---------------------------------------------------- | |
| 3,435,289 | 31,476 | (120,311) |
– | 444,604 | 3,791,058 | |
| ==================================================== | ================================== | ======================================== | ============================= | ======================================== | ==================================================== |
- 17 -
The Benedictine Nuns of Curzon Park
Notes to the Financial Statements (continued)
Year ended 31 December 2020
19. Analysis of charitable funds (continued)
Building Fund
This fund represents the net book value of the Charity's land and buildings, excluding the new Annex and the retreat centre (see note 20). A transfer is made to or from unrestricted reserves each year to ensure that the fund continues to reflect the net book value of these assets.
Capital Fund
This fund represents the market value of the Charity's Investment portfolio. A transfer is made from unrestricted reserves each year to ensure that the fund continues to reflect the market value of these assets.
Other Designated Funds
These funds represent a donation from St Mary's Priory that has been designated towards helping finance future building projects of the Charity, and the Annex fund which represents the net book value of the charity's annex building.
Unrestricted General Fund
This fund represents unrestricted funds that have not been designated for any particular purpose.
Endowment funds
| At | At | |||||
|---|---|---|---|---|---|---|
| 1 Jan | Gains and | 31 Dec | ||||
| 2020 | Income | Expenditure | Transfers | losses | 2020 | |
| £ | £ | £ | £ | £ | £ | |
| Expendable | ||||||
| Endowment | ||||||
| Fund | 25,870 | – | (784) |
– | – | 25,086 |
| ================================== | ============================= | ============================= | ============================= | ============================= | ================================== | |
| At | At | |||||
| 1 Jan | Gains and | 31 Dec | ||||
| 2019 | Income | Expenditure | Transfers | losses | 2019 | |
| £ | £ | £ | £ | £ | £ | |
| Expendable | ||||||
| Endowment | ||||||
| Fund | 26,654 | – | (784) |
– | – | 25,870 |
| ================================== | ============================= | ============================= | ============================= | ============================= | ================================== |
- 18 -
The Benedictine Nuns of Curzon Park
Notes to the Financial Statements (continued)
Year ended 31 December 2020
19. Analysis of charitable funds (continued)
In 1997, the Emmaus retreat centre was transferred to the Charity with the expectation that it would continue to be used by the Charity as a retreat centre. The direct charitable expenditure charged to this fund is in respect of the depreciation of the building which is charged at the rate of two percent on a straight line basis.
20. Analysis of net assets between funds
| Total | |||
|---|---|---|---|
| Unrestricted | Endowment | Funds | |
| Funds | Funds | 2020 | |
| £ | £ | £ | |
| Tangible fixed assets | 599,229 | 25,086 | 624,315 |
| Investments | 3,095,579 | – | 3,095,579 |
| Current assets | 278,823 | – | 278,823 |
| Creditors less than 1 year | (7,819) | – |
(7,819) |
| ---------------------------------------------------- | ---------------------------------- | ---------------------------------------------------- | |
| Net assets | 3,965,812 | 25,086 | 3,990,898 |
| ==================================================== | ================================== | ==================================================== | |
| Total | |||
| Unrestricted | Endowment | Funds | |
| Funds | Funds | 2019 | |
| £ | £ | £ | |
| Tangible fixed assets | 618,964 | 25,870 | 644,834 |
| Investments | 3,137,343 | – | 3,137,343 |
| Current assets | 39,668 | – | 39,668 |
| Creditors less than 1 year | (4,917) | – |
(4,917) |
| ---------------------------------------------------- | ---------------------------------- | ---------------------------------------------------- | |
| Net assets | 3,791,058 | 25,870 | 3,816,928 |
| ==================================================== | ================================== | ==================================================== |
21. Transactions with trustees
During the year the Trustees donated their pensions amounting to £12,087 (2019 - £11,981) to the charity, in the same way as nuns who are not trustees. There were no conditions attached to these donations.
- 19 -
The Benedictine Nuns of Curzon Park
Management Information
Year ended 31 December 2020
The following pages do not form part of the financial statements.
- 20 -
The Benedictine Nuns of Curzon Park
Detailed Statement of Financial Activities
Year ended 31 December 2020
| 2020 | 2019 | |
|---|---|---|
| £ | £ | |
| Income and endowments | ||
| Donations and legacies | ||
| Nuns income | 26,849 | 25,300 |
| Donations | 1,554 | 1,380 |
| Miscellaneous | – | 200 |
| ---------------------------------- | ---------------------------------- | |
| 28,403 | 26,880 | |
| ---------------------------------- | ---------------------------------- | |
| Charitable activities | ||
| Income from visitors to the Retreat House | 1,028 | 2,230 |
| ----------------------------- | ----------------------------- | |
| Other trading activities | ||
| Wayleaves | 45 | 45 |
| Sundry income - solar | 1,706 | 1,707 |
| Industries income | 62 | 614 |
| ----------------------------- | ----------------------------- | |
| 1,813 | 2,366 | |
| ----------------------------- | ----------------------------- | |
| Investment income | ||
| Other interest receivable | 52,107 | – |
| ---------------------------------- | ----------------------------- | |
| ---------------------------------- | ---------------------------------- | |
| Total income | 83,351 | 31,476 |
| ================================== | ================================== |
- 21 -
The Benedictine Nuns of Curzon Park
Detailed Statement of Financial Activities (continued)
Year ended 31 December 2020
| 2020 | 2019 | |
|---|---|---|
| £ | £ | |
| Expenditure | ||
| Expenditure on charitable activities | ||
| Legal and professional fees | 450 | – |
| Depreciation | 21,370 | 21,199 |
| Loss on asset | 13 | – |
| Grants paid | 11,543 | 12,038 |
| Church expenses | 10,504 | 9,955 |
| Bank expenses | 195 | 189 |
| Cleaning | 8,489 | 8,448 |
| Rates and water | 4,886 | 4,510 |
| Light and heat | 12,732 | 9,179 |
| Repairs and maintenance | 27,404 | 23,460 |
| Insurance | 1,546 | 2,542 |
| Sundries | 3,762 | 3,141 |
| Travel expenses | 620 | 917 |
| Household provisions | 17,430 | 17,799 |
| Medical costs | 2,052 | 2,158 |
| Postage, telephone, books and stationery | 2,721 | 3,638 |
| Independent examination and accountancy | 1,900 | 1,922 |
| ---------------------------------------- | ---------------------------------------- | |
| 127,617 | 121,095 | |
| ---------------------------------------- | ---------------------------------------- | |
| ---------------------------------------- | ---------------------------------------- | |
| Total expenditure | 127,617 | 121,095 |
| ======================================== | ======================================== | |
| Net gains on investments | ||
| Gains/(losses) on listed investments | 218,236 | 444,604 |
| ---------------------------------------- | ---------------------------------------- | |
| ---------------------------------------- | ---------------------------------------- | |
| Net income | 173,970 | 354,985 |
| ======================================== | ======================================== |
- 22 -
The Benedictine Nuns of Curzon Park
Notes to the Detailed Statement of Financial Activities
Year ended 31 December 2020
| 2020 | 2019 | |
|---|---|---|
| £ | £ | |
| Expenditure on charitable activities | ||
| Charitable activities | ||
| Activities undertaken directly | ||
| Depreciation | 20,586 | 20,415 |
| Loss on asset | 13 | – |
| Church expenses | 10,504 | 9,955 |
| Bank expenses | 195 | 189 |
| Cleaning | 8,489 | 8,448 |
| Rates and water | 3,051 | 2,876 |
| Light and heat | 11,145 | 7,629 |
| Repairs and maintenance | 25,516 | 21,847 |
| Insurance | 1,318 | 2,230 |
| Sundries | 3,344 | 2,846 |
| Travel expenses | 620 | 917 |
| Household provisions | 17,430 | 17,799 |
| Medical costs | 2,052 | 2,158 |
| Postage, telephone, books and stationery | 2,381 | 3,278 |
| ---------------------------------------- | ---------------------------------------- | |
| 106,644 | 100,587 | |
| ---------------------------------------- | ---------------------------------------- | |
| Emmaus retreat house | ||
| Activities undertaken directly | ||
| Depreciation | 784 | 784 |
| Rates and water | 1,835 | 1,634 |
| Light and heat | 1,587 | 1,550 |
| Repairs and maintenance | 1,888 | 1,613 |
| Insurance | 228 | 312 |
| Sundries | 418 | 295 |
| Telephone | 340 | 360 |
| ----------------------------- | ----------------------------- | |
| 7,080 | 6,548 | |
| ----------------------------- | ----------------------------- |
- 23 -
The Benedictine Nuns of Curzon Park
Notes to the Detailed Statement of Financial Activities (continued)
Year ended 31 December 2020
| 2020 | 2019 | |
|---|---|---|
| £ | £ | |
| Grants payable | ||
| Grant funding activities | ||
| Grant charitable activity - Grants paid | 11,543 | 12,038 |
| ---------------------------------- | ---------------------------------- | |
| Support costs | ||
| Activities undertaken directly | ||
| Legal and professional fees | 450 | – |
| Independent examination and accountancy | 1,900 | 1,922 |
| ----------------------------- | ----------------------------- | |
| 2,350 | 1,922 | |
| ----------------------------- | ----------------------------- | |
| ---------------------------------------- | ---------------------------------------- | |
| Expenditure on charitable activities | 127,617 | 121,095 |
| ======================================== | ======================================== |
- 24 -