2023-03-31-accounts - The Mother Agnes Trust

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REGISTERED CHARITY NUMBER: 1061968 Report of the Tnjstees and Flnantlal Statemènts for thevear Ended 31 March 2023 The Mother Agnes Trust

The Mother AgnesTrust Contents of the Flnanclal Statements for the Year Ended 31 March 2023 Page Report of the Trustees Ito3 statement of Flnanclal Attlvltles Balance Sheet Notes to the Flnanclal Statements 6tolO Detalled Statement of Flnanclal Actlvltles li

The Mother Agnes Trust TRUSTEES, REPORT forthe Year Ended 31 March 2023 The trustees present their report wrf(h the financial stètements ol the charity for the year ended 31st March 2023. The tru5tee5 h3ve 3dopted the provisions of Accounting and ReportinE by Charities.. Statement of Recommended Prèctice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applltable in the UK and Republlc of Ireland IFRS 1021 leffÈctlve l Janu8ry 20151. OBJEIvEs AND ACTIVITIES Prln¢ipal otsje¢tives To advance the Christian relg10n In all or any of the followin8 Wav5 as the trustees think lit:_ The advancement and promotion of religion. theological education and trHininE for lay and ordained persons in the Church of England and other churches in communion with it including lamongst other means) through ecumeni5rn Wlth churche5 designated from time to time by the Archblshops of Canterbury anrl York pursuant to the Church of England (Ecumenlcal Relatlonsl Measure 1988., The malntenonce and upkeep ol a theologlcal Ilbraryi The relief ol aged, slck or needy nuns who are Of who have been profe55ed meTnbers of an AnElican Order or Community and who arÈ or have bÈÈn involved In the promotion of Chrlstlan educatlon and training.. Such other charitable activities a5 theTru5tee5 may frorn time to tlme determlnÈ. Property at Molmhurst St Mary Sale of the18nd at the former convent at Holmhurst, St Mary was completed just prior to the start of the 2022-23 Financlal Year, on 18th March 2022. The Nun's Graveyard on that slte remalns In the care of the Trust. Ongolng maintellance costs of this slte will remain the re5POn5ibility of the Trust. ACHIEVEMENT AND PERFORMANCE Charitable activitles The trustee5 have de3lt with the object5 as follows.. Oble¢t I Charity monles have been mède available in the form of grants and 108ns as indicated in the accounts to part fund work on building5 adjzcent to Christ ChuT¢h, St Leonards-on-sea. The Trust previously supported the Magnet Centre In these buildings but rhls did not d&velop out as origlnally envlsaged. The trustees are now looking 3t alternative way5 of delivering Object l. The Llbrary has been relocated to the St Augustine College ol Theology based at Malling Abbeyi Kent 4llowing an itnportant resourcè to be more fully used by a much wider group ol people from across the 50Utheast of England. Following the dèath of the flnal slster of the Communlty of the Holy F8mily in late 2010 this object is in alvance. Oblect 2 Object 3 Public Benefit The trustees wlsh to ensure that the wldest posslble publlc benellt Is secured within the par8rneter5 set down in the Trust Deed. They will achieve this by ¢onsidÈrin8 thÈ fundlnE of rÈsourcÈs for educatlon and training as lald down In the objects. P8ge I

The M¢)iher Agnes Trust TRUSTEES, REPORT forihe Year Ended 31 Marth 2023 FINANCIAL REVIEW Investment poll¢y and objective5 The trustees have considered In the past the most approprlate pollcy for Investing fund5 and found that 5pecialised units, designed for the charlty sector, meet thelr requirement to generate both incotne and capital growth. Now the trust has funds available lor Investrnent, this policy wlS1 be reviewed. Reserves pollcy Whilst there are unknown amounts of potentlal funding expected to be glven In the near futurÈ, there are difficultles in expanding on the Reserves policy at thls time. As projects develop in partnership with Christ Church Old Bulldin85 Trust and a5 the Trustees continue to explore other po55ibilitie5 lor the use of its funds, continued conslderatlon wlll be given to the development ol this policy. Flnanclal posltlon TotBI Income for the year amounted to £74.833.' wlth expense5 at a level of £162,840 a defScit of £87,957 for the year was recorded. Expenses remain at a higher level partly due to additional cost5 arising frorn the trust's prevlous ownership of the land. The trustees are also conscious of a poteTTrtial li&bility ol up to £370.996, as noted at polnt 12. FUTURE PLANS Since the receipt of funds from the sale of the former convent, careful conslderatlon has bÈen glven to the Trust's vlslon as to the use of Sts funds. The Trust reIn£ tommitted to Its moral obligation to reinvest In the H3stin8s area In whSch it originated, and tts the upkeep of the 8raveyard. H3vin8 decided upon a course of action for the investrnent of its fund5, the Trust will continue to consider how best it might put them to publlt beneflt in the pursuance of its Objects in the comlng years. STRUCTURE, GOVERNANCE ANO MANAGEMENT Governing document The Charity is governed by a Trust Deed dated 19 February 1997 as varied by supplementary deeds. Recrvltment and appolntment of new trustees The method of appointment of trustees 15 said down In the governing document. ThÈ board of trustees cornprises 3 ex-officio trustees. l Co-opted trustee and I nominated trustee. The ex-officio trustees sh311 be.. The Lord Bishop of Chlchester - The Archdeacon of Ha5tings -The Secretary of the Chichester Dlocesan Fund and Board of Flnance IlncorporatÈdl The nominated trustee shall be a representative appointed by the Flnance Commltte@ of thÈ Chlehester Diocesan Fund and 8oard of Fln3nce Iincorporatedl. The co-opted trustee Is aPfK)inted for an initial tertn of 5 years. ew trustees receive trèlnlng from the Charlty's professional advisors and the existing trustees where needed to supplement that recelved from othercharities. Page 2

The Mother Agnes Trust TRUSTEES, REPORT forthe Year Ended 31 March 2023 REFERENCE AND ADMINISTRATIVE DETAIL5 Reglstered Charlty number 1061968 Prlnclpal address The Palace Cèfion Lane Chlchester West Sussex P019 IPY Trustee5 The Right Reverend Or M Cwarner M5 G HlgeSns Lord Bishop of Chichester Secretary of the Chichester Dlocesan Fund and Board of Flnance Ilncorporatedl Archdeacon ol Hastin85 Nominated by Chlchester DBF Appointed 10.11.22, resigned 20.06.23 Appolnted 10.11.22 The Venerable E Dowler S Stonor The Very Reverend John Hall Mr G Mahon Independent Examlner A Kelly FCA 2 Woodberry Close Chiddingfold Godalming Surrey GU8 4SF Bankers Barc13ys Bank plc 74175 East Street Chlchester West Sussèx P019 IPY Irwin Mitchell LLP Thomas Eggar House Friary Lane Chichester West Sussex P019 IUF Approved by order ol the board of trustees on and signed on its behalf by.. The Right Reverend Dr M C Warner- Trustee Page 3

The MotherAgne$ Tru$t Statement of f inancial Actlvltles lor the Year Endod 31 March 2023 2023 2022 Unrèstrlcted Unrestrlcted IL)nds funds Note5 INCOME AND ENDOWMENTS FROM Investment incorne Other income 74,883 158 45,030 Total 74,883 45,188 EXPENDITURE ON Property and professional £05ts $0,054 11,434 Charitable activities Grants Support costs 101,500 11.286 6,849 Total 162,840 18,283 187,9571 26,905 RECONCILIATION OF FUNDS Proflt on dlsposal of pr4pe 4.270.853 Write-off balance due from Chrlst Church. 5t Leonards Old Buildlngs Trust 1679,7841 NET IEXPENDITUREIIINCOME 187,9571 3,617,974 rotal tunds brought forward 4,295.812 677.838 TOTAL FUNDS CARRIED FORWARO 4.207,855 4.295,812 The note5 form part ol these financial statements Page 4

The Mother AgnesTrust Balance Sheet 31 March 2023 2023 2022 Unrestricted Unre5trictEd funds funds Notes CURRENT ASSETS Oebtors.. amounts f3lllno due within one year Cash at bank 245 4,245.722 491 4,482,459 4,245,967 4,482,950 CREDITORS Amounts fallin8 due withln one year 138,1121 1187,1381 NET CURRENT ASSETS 4,207,855 4,295,8J2 NET ASSÉTS 4,207.855 4.295.812 FUNDS io Unrestrlcted funds 4.207,855 4,295,812 The financlal statements were approved by the Board of Trustees and authorlsed for issue on were Signed on 115 behalf by- Reverend Dr M C Warner- Trustee The note5 form part of these financial 5tatementS Page 5

The MotherAgnes Trust Notes to the Financlal Statements lor the Year Ended 31 Marth 2023 ACCOUNTING POLICIES asis ol preparing the financial statements The financial statements of the charlty, which is a public benefSt entity under FRS 102, havÈ been prepared accordance vjith the Charities SORP IFRS 1021 'Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Flnantial Reporting Standard appllcable In the UK and Republlc of Ireland IFRS 1021 (effeCtvÉ l January 20191., Financial Reporting Standard 102 'The Financial Reporting Stand3rd applicable In the UK and Republlc ol Ireland, and the Charities Act 2011. The linanclal statements have been prepared under the hlstoricèl cost convention. Flnanclal reporilnE standa¥d 102- reduced disclosure exemption5 The charity has taken advantage of the following disclosure exemptions in preparing these financial statements, as permltted by FRS 102'The Flnanclal Reporting standard applicable In the UK and Republic of Ireland,: the requirements of Sect5on 7 Statement of Cash Flow5. Income All income is recognised in the Statement of Financial Actiwities once the charity has entltlement to the funds. It is probable th8t the income w511 be rÈcÈived and thÈ amount can be mÈasured reliably. E¥penditure Llabllitles are recognlsed as expendlture as soon as there is a legal or constructlve obl[gatn committing the charity to that expenditure, it Is probable that a tr3nsler of econornic benefit5 will be required in settlement and the 3rnount ol the obligatioll can be measured reliably. Expenditure is accounted for on an 3c£ruals ba51s and has been classified under headings th8t aggregate all cost related to the categor¥. Where costs cannot be dirÈctlv 3ttrlbuted to partlcular headings they have been allocated to actwities on a basi5 COn515tent with the use of resovrces. Govemance costs Compri5e5 the costs ol governance arrangements, which relate to the general running ol the Charltv. Taxation The Charity is exempt from direct tax OD its charitable a£tivitie5. Fund accountlng Unrestri¢tÈd fund5 can be used in accordan with the charitable objectives at the di5cretlon of the trustees. Restricted fund5 can only be used foi particular restricted PrseS within the objects of the Charity. Re5trictlons arise when specified by the donof or when funds are raised lor particular restricted purposes. Page 6 continued...

The Mother ABnÈs Trust Notes to the Flnanclal Statement5- contlnued for the Year Ended 31 Marth 2023 INVESTMENT INCOME 2023 2022 Dep051t interest 74.883 158 OTHER INCOME 2023 2022 Extension fees sundry income 45.000 30 45,030 PROFESSIONAL FEES 2023 2022 Property C05t5 Professlonal fees 31,021 19,033 11,434 50,054 11,434 SUPPORT COSTS 2023 2022 Man38ernent costs Recrultment lee Governance c05ts'. Accountancy Auditor's Mun@tion{lo22 on} Administrator costs 1,753 1,079 1,429 2,000 600 5,854 2,020 11,286 6,849 PROFIT ON DISPOSAL OF PROPERTY Sale ol propeTtyat Holmhurst, st Mary 2023 2022 Sale proceeds Inetl Book value 4,450,853 1180,0001 4,270,853 Page 7 continued...

The MotherAgnes Trust Notes to ihe Flnanclal Statements- ¢ontlnued for the Year Ended 31 March 2023 TRUSTEES. REMUNERATION AND BENEFITS The trustees did not receive any remuneration in their c8pa£ity as trustees. Trustees, expenses Durlng the year no expenses12022.. Enill were paid on behalf of the trustees in respect ol expenses. DEBTOR5 2023 2022 Amounts falllng due wlthln one year.. pre¥MentS and accrued income 245 491 cIt£DITORS: AMOUNTS FALLING DLIE WITHIN ONE YEAR 2023 2022 Trade credltors Other loèns Other creditor5 Accruals 35,262 135,000 11.430 5,446 36,612 1.500 38,112 187.138 Page 8 contlnued,..

The MotherAgnesTrust Notes to the Financial StatemÈnts-contlnuÈd for the Vear Ended 31 March 2023 io. MOVEMENTIN FUNDS Net movement in funds At 31.3.23 At 1.4.22 Unrestrlcted funds General fund 4.295.812 187,9571 4.207,855 YOTAI FUNDS 4,295,812 187,9571 4,207.855 Net movement In fund5, Included in the above are as follows.. Incomln8 re5ource5 Resources expended Movement In funds Unrestricted fund5 General fund 74,883 162,840 187,9571 TOTAL FUNDS 74,883 162,840 187,9571 Compar3tive5 for movement In funds for the year ended 31 March 2022 et movement In funds At 31.3.22 Af 1.4.21 UNrestrlcted funds General fund 677,838 3,617,974 4,295.812 TOTAL FUNDS 677.838 3.617,974 4,295,812 Comparatlve net movement In funds, intluded in the above are as follows (year ended 31 March 20221.. Incomlng resources Resour$ expended Movement In funds Unrestricted funds Genera1 fund 4,316,041 698,067 3,617,974 TOTAL FUNDS 4,316,041 698,067 3,617,974 Page 9 continued...

The Mother AgThe5 Trust Notes to the Flnantlal StatÈments-¢ont¢nved for the Year Ended 31 March 2023 ii. RELATED PARTY DISCLOSURE5 Other loans Include a bal8nce of £nll12022.' E55,0001 duÈ to Bishop OttÈrTrust whith ha5two common Trustees and a balance of £hll12022.. £10,000) to The Chlchester Dloce5an Fund and Board of Finance which has three cornmon Trustees. Both 8rnounts were repaid during the year. 12. CONTINGENT LIABILITY The trustees are consclous of a potentlal Ilability of up to E370,996 in ie5pect of 50rDe or all of the fund5 expended by the ChlchestÈr DlocÈsan Board of Finance in relation to the former Magnet Centre Project, in respectolwhich inherited docurnents dlsclose noclearagreement berween theTrusi ènd the B03rd asto deficits arising from that Project. Pendlng the aptk)Intmentof an additlonal unconflicted trustee it has Dot been possible to concludÈ this matter. P38e 10

The Mother Agnes Trust Detalled Statement of Flnancial Actlvltles lor the Year Ended 31 March 2013 2023 2022 INCOME AND ENDOWMENTS Investment Income Investments Deposlt 3ccount interest Other income Extension fees Other income 72,266 2,617 158 45,000 30 Total incomi#4 Tesources 74,883 45,188 EXPENDITURE Property costs Professional fees 31,021 19,033 Ll.434 50,054 11,434 Grants pald 101,500 Support costs Mana8emont Insurance loan Interest Sundry expen5e5 1.286 954 443 32 467 1,753 1,429 Recrubtment fee 1,079 Administration costs Auditor's fee 2022 Accountancy fees Administrator costs 600 2.000 5,854 2,400 1,000 2,020 8,454 5,420 Total resourcÈs expended 162,840 18,283 187,9571 26.905 Prollt on disposal Loan wrlte-ofF 4.270,853 1679.7841 Net lexpendlturel/ln£ome for the year 187,9571 3,617,974 Thls pa8e does not forrn wrt ol the statutory lin3ncial staternentS PaÈe 11

REGISTERED CHARITY NUMBER: 1061968 Report of the Tnjstees and Flnantlal Statemènts for thevear Ended 31 March 2023 The Mother Agnes Trust

Independent Examiner's Report to the Trustees of The Mother Agnes Trust

I report on the accounts of the Trust for the year ended 31 March 2023, which are set out on pages 4 to 10.

Respective responsibilities of Trustees and examiner

The Charity’s Trustees are responsible for the preparation of the accounts. The Charity’s Trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.

Having satisfied myself that the charity is not subject to audit and is eligible for independent examination, it is my responsibility to:

examine the accounts under section 145 of the 2011 Act;
follow the procedures laid down in the General Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
state whether particular matters have come to my attention.

Basis of independent examiner's statement

My examination was carried out in accordance with General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the Charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as Trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a “true and fair view” and the report is limited to those matters set out in the statement below.

Other Matters

Your attention is drawn to the fact that the charity has prepared the accounts (financial statements) in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102), second edition issued on 17 October 2019 in preference to the Accounting and Reporting Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has since been withdrawn.

We understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2019.

Independent examiner's statement

In connection with my examination, no matter has come to my attention:

1 which gives me reasonable cause to believe that, in any material respect, the requirements:
to keep accounting records in accordance with section 130 of the 2011 Act; and
to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act

have not been met; or

to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

……………………………………………….. A Kelly FCA 2 Woodberry Close Chiddingfold Godalming Surrey GU8 4SF

Date: 22 December 2023