REGISTERED CHARITY NUMBER: 1061968
Report of the Trustees and
Financial Statements for the Year Ended 31 March 2024
for
The Mother Agnes Trust
Contents of the Financial Statements for the Year Ended 31 March 2024
The Mother Agnes Trust
| Page | |
|---|---|
| Report of the Trustees | 1 to 3 |
| Statement of Financial Activities | 4 |
| Balance Sheet | 5 |
| Notes to the Financial Statements | 6 to 10 |
| Detailed Statement of Financial Activities | 11 |
The Mother Agnes Trust
TRUSTEES' REPORT for the Year Ended 31 March 2024
The trustees present their report with the financial statements of the charity for the year ended 31 March 2024. The trustees have adopted the provisions of 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 (FRS 102) (effective 1 January 2015).
OBJECTIVES AND ACTIVITIES
Principal objectives
To advance the Christian religion in all or any of the following ways as the trustees think fit:-
-
The advancement and promotion of religion, theological education and training for lay and ordained persons in the Church of England and other churches in communion with it including (amongst other means) through ecumenism with churches designated from time to time by the Archbishops of Canterbury and York pursuant to the Church of England (Ecumenical Relations) Measure 1988;
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The maintenance and upkeep of a theological library;
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The relief of aged, sick or needy nuns who are or who have been professed members of an Anglican Order or Community and who are or have been involved in the promotion of Christian education and training;
-
Such other charitable activities as the Trustees may from time to time determine.
Property at Holmhurst St Mary
The sale of most of the Trust's land was completed on 18 March 2022. The Charity continues to maintain ownership of and responsibility for, a small amount of land on the site, which is a graveyard for deceased Nuns of the Order. The Trustees continue to work on developing long term plans for the maintenance of this site.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
The trustees have dealt with the objects as follows:
-
Object 1 Charity monies have been made available in the form of grants and loans as indicated in the accounts to part fund work on buildings adjacent to Christ Church, St Leonards-on-Sea. The Trust previously supported the Magnet Centre but this did not develop out as originally envisaged. The trustees are now looking at alternative ways of delivering Object 1.
-
Object 2 The Library has been relocated to the St Augustine College of Theology based at Malling Abbey, Kent allowing an important resource to be more fully used by a much wider group of people from across the southeast of England.
-
Object 3 Following the death of the final sister of the Community of the Holy Family in late 2010 this object is in abeyance.
Public Benefit
The trustees wish to ensure that the widest possible public benefit is secured within the parameters set down in the Trust Deed. They will achieve this by considering the funding of resources for education and training as laid down in the objects.
FINANCIAL REVIEW
Investment policy and objectives
Following receipt of funds from the land sale and having taken time to discuss the future of the Charity, the Trustees have developed a new Investment Policy, adopted in March 2024.
The policy contains the following objectives: The Trustees wish to follow Charity Commission guidelines in their investment approach and consequently instruct the delegated Investment Managers to adopt a generally conservative outlook as befits a charitable trust and generally in accordance with the RIP (Responsible Investment Policy) adopted by the Church Commissioners for England.
Page 1
TRUSTEES' REPORT for the Year Ended 31 March 2024
The Mother Agnes Trust
FINANCIAL REVIEW
Investment policy and objectives (continued)
The portfolio is to be well diversified by asset class and may comprise cash deposits, Government securities, corporate bonds, collective investments, property funds and equities. Exposure to smaller, less liquid holdings should only form a small part of the portfolio. The Trustees wish to avoid hedge funds and investment in companies whose activities seem likely to be in conflict with MAT's charitable objectives. Derivatives may only be used to hedge against an identified risk elsewhere in the portfolio. If in doubt, the delegated Investment Managers must refer to the Trustee.
The Trustees accept that there is risk attaching to any investment in the asset classes referred to above, but within their generally conservative approach recognise that a moderate level of risk is necessary to achieve potentially higher returns in terms of both capital appreciation and income growth.
Reserves policy
Whilst there are unknown amounts of potential funding expected to be given in the near future, there are difficulties in expanding on the Reserves policy at this time. As projects develop in partnership with Christ Church Old Buildings Trust and as the Trustees continue to explore other possibilities for the use of its funds, continued consideration will be given to the development of this policy.
Financial position
Total income for the year amounted to £154,164; with expenses at a level of £16,905 an operating surplus of £137,259 for the year was recorded. Whilst the trustees remain conscious of the continuing contingent liability, the position is a positive one, and they look forward to making grants in the very near future.
FUTURE PLANS
Mindful of the history of the Mother Agnes Trust in the foundation of a religious community at Holmhurst St Mary and in its recent funding of the MAGNET centre at Christ Church, St Leonards on Sea, the Trustees continue to liaise with the Trustees of the Christ Church Old Buildings Trust. The Trustees continue be keen to fund work that focuses on the outreach of Christ Church into an area of acute deprivation and would fulfil the first of its objectives in advancing religion.
Trustees are heedful of their responsibilities for the Nuns' graveyard, and are working on developing plans for the long term maintenance of the site, as well as for the creation of an appropriate memorial to Mother Agnes, the sisters, and the Order.
Trustees have also begun to consider the future use of its assets for the theological formation of lay and ordained persons across the wider spectrum of the diocese.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The Charity is governed by a Trust Deed dated 19 February 1997 as varied by supplementary deeds.
Recruitment and appointment of new trustees
The method of appointment of trustees is laid down in the governing document.
The board of trustees comprises 3 ex-officio trustees, 1 co-opted trustee and 1 nominated trustee.
The ex-officio trustees shall be:
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The Lord Bishop of Chichester
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The Archdeacon of Hastings
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The Secretary of the Chichester Diocesan Fund and Board of Finance (Incorporated)
The nominated trustee shall be a representative appointed by the Finance Committee of the Chichester Diocesan Fund and Board of Finance (Incorporated). The co-opted trustee is appointed for an initial term of 5 years.
New trustees receive training from the Charity's professional advisors and the existing trustees.
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The Mother Agnes Trust
TRUSTEES' REPORT for the Year Ended 31 March 2024
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number 1061968
Principal address
The Palace Canon Lane Chichester West Sussex PO19 lPY
Trustees
The Right Reverend Dr M C Warner Lord Bishop of Chichester Ms G Higgins Secretary of the Chichester Diocesan Fund and Board of Finance (Incorporated) (Resigned 30/11/23) Mr John Preston Secretary of the Chichester Diocesan Fund and Board of Finance (Incorporated) (Appointed 30/11/23) The Venerable E Dowler Archdeacon of Hastings Mrs S Stonor Nominated by Chichester DBF Mr G Mahon
Independent Examiner
A Kelly FCA 2 Woodberry Close Chiddingfold Goda I ming Surrey GU8 4SF
Bankers
Barclays Bank pie 74/75 East Street Chichester West Sussex PO19 lPY
Solicitors
Irwin Mitchell LLP Thomas Eggar House Friary Lane Chichester West Sussex PO19 lUF Approved by order of the board of trustees on .......13/06/2024.................................. and signed on its behalf by:
The Right Reverend Dr M C Warner - Trustee
Page 3
The Mother Agnes Trust
Statement of Financial Activities for the Year Ended 31 March 2024
| 2024 | 2023 | ||
|---|---|---|---|
| Unrestricted | Unrestricted | ||
| funds | funds | ||
| Notes | £ | £ | |
| INCOME AND ENDOWMENTS FROM | |||
| Investment income | 2 | 154,164 | 74,883 |
| EXPENDITURE ON | |||
| Property and professional costs | 3 | 9,284 | 50,054 |
| Charitable activities | |||
| Grants | 101,500 | ||
| Support costs | 4 | 7,621 | 11,286 |
| Total | 16,905 | 162,840 | |
| 137,259 | (87,957) | ||
| NET INCOME/(EXPENDITURE) | |||
| Total funds brought forward | 4,207,855 | 4,295,812 | |
| TOTAL FUNDS CARRIED FORWARD | 4,345,114 | 4,207.855 |
The notes form part of these financial statements
Page 4
The Mother Agnes Trust
Balance Sheet 31 March 2024
| 2024 | 2023 | ||
|---|---|---|---|
| Unrestricted | Unrestricted | ||
| funds | funds | ||
| Notes | £ | £ | |
| CURRENT ASSETS | |||
| Debtors: amounts falling due within one year | 6 | 586 | 245 |
| Cash at bank | 4,346,078 | 4,245,722 | |
| 4,346,664 | 4,245,967 | ||
| CREDITORS | |||
| Amounts falling due within one year | 7 | (1,550) | (38,112) |
| NET CURRENT ASSETS | 4,345,114 | 4,207,855 | |
| NET ASSETS | 4,207,855 | ||
| FUNDS | 8 | ||
| Unrestricted funds | 4,345.114 | 4,207,855 |
The financial statements were approved by the Board of Trustees and authorised for issue on ..13/06/2024 ...and were signed on its behalf by:
Reverend Dr M C Warner - Trustee
Mr John Preston - Diocesan Secretary
The notes form part of these financial statements
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Notes to the Financial Statements for the Year Ended 31 March 2024
The Mother Agnes Trust
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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 (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.
Financial reporting standard 102 - reduced disclosure exemptions
The charity has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland':
- the requirements of Section 7 Statement of Cash Flows.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
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 a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Governance costs
Comprises the costs of governance arrangements, which relate to the general running of the Charity.
Taxation
The Charity is exempt from direct tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the Charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
continued ...
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The Mother Agnes Trust
Notes to the Financial Statements - continued
for the Year Ended 31 March 2024
| 2. | INVESTMENT INCOME | ||
|---|---|---|---|
| 2024 | 2023 | ||
| £ | £ | ||
| Income from investments | 154,164 | 74,883 | |
| 3. | PROFESSIONAL FEES | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Property costs | 3,326 | 31,021 | |
| Professional fees | 5,958 | 19,033 | |
| 9,284 | 50,054 | ||
| 4. | SUPPORT COSTS | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Management costs | 1,211 | 1,753 | |
| Recruitment fee | 1,079 | ||
| Governance costs: | |||
| Accountancy | 1,550 | 2,000 | |
| Auditor's remuneration (2002 only) | 600 | ||
| Administrator costs | 4,860 | 5 854 | |
| 7,621 — |
11,286 |
continued ...
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Notes to the Financial Statements - continued for the Year Ended 31 March 2024
The Mother Agnes Trust
5. TRUSTEES' REMUNERATION AND BENEFITS
The trustees did not receive any remuneration in their capacity as trustees.
Trustees'expenses
During the year no expenses (2022: £nil) were paid on behalf of the trustees in respect of expenses.
6. DEBTORS
7.
| DEBTORS | ||
|---|---|---|
| 2024 | 2023 | |
| £ | £ | |
| Amounts falling due within one year: | ||
| Prepayments | 576 | 245 |
| Other debtors | 10 | |
| 586 | 245 | |
| CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||
| 2024 | 2023 | |
| £ | £ | |
| Other creditors | 36,612 | |
| Accruals | 1,550 | 1,500 |
| 1.550 | 38.112 |
continued ...
Page 8
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
The Mother Agnes Trust
8. MOVEMENT IN FUNDS
| Net | |||
|---|---|---|---|
| movement | At | ||
| At 1.4.23 | in funds | ||
| 31.3.24 | |||
| Unrestricted funds | £ | £ | £ |
| General fund | 4,207,855 | 137,259 | 4,345,114 |
| TOTAL FUNDS | 4,207,855 | 137,259 | 4,345,114 |
| Net movement in funds, included in the above are as follows: | |||
| Incoming | Resources | Movement | |
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 154,164 | (16,905) | 137,259 |
| TOTAL FUNDS | 154,164 | (16,905) | 137,259 |
| Comparatives for movement in funds for the year ended 31 March 2023: | |||
| Net | |||
| movement | At | ||
| At 1.4.22 | in funds | 31.3.23 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 4,295,812 | (87,957) | 4,207,855 |
| TOTAL FUNDS | 4,295,812 | (87,957) | 4,207,855 |
Comparative net movement in funds, included in the above are as follows (year ended 31 March 2023):
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 74,883 | (162,840) | (87,957) |
| TOTAL FUNDS | 74,883 | (162,840) | (87,957) |
continued ...
Page 9
Notes to the Financial Statements -continued for the Year Ended 31 March 2024
The Mother Agnes Trust
9. CONTINGENT LIABILITY
The trustees are conscious of a potential liability total income for the year amounted to £74,833; with expenses at a level of £162,840 a deficit of £87,957 for the year was recorded. Expenses remained at a higher level partly due to additional costs arising from the Trust's previous ownership of the land. The trustees are also conscious of a potential liability of up to £370,996 in respect of some or all of the funds expended by the Chichester Diocesan Board of Finance in relation to the former Magnet Centre Project, in respect of which inherited documents disclose no clear agreement between the Trust and the Board as to deficits that arise from that Project. Pending the appointment of an additional unconflicted trustee it has not been possible to conclude this matter.
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The Mother Agnes Trust
Detailed Statement of Financial Activities for the Year Ended 31 March 2024
| 2024 | 2023 | 2023 | |
|---|---|---|---|
| £ | £ | ||
| INCOME AND ENDOWMENTS | |||
| Investment income | |||
| Investments | 153,942 | 72,266 | |
| Deposit account interest | _m | 2,617 | |
| Total incoming resources | 154,164 | 74,883 | |
| EXPENDITURE | |||
| Property costs | 3,326 | 31,021 | |
| Professional fees | 5,958 | 19,033 | |
| 9,284 | 50,054 | ||
| Grants paid | 101,500 | ||
| Support costs | |||
| Management | |||
| Insurance | 857 | 1,286 | |
| Sundry expenses | 354 | _lli | |
| 1,211 | 1,753 | ||
| Recruitment fee | 1,079 | ||
| Administration costs | |||
| Auditor's fee 2022 | 600 | ||
| Accountancy fees | 1,550 | 2,000 | |
| Administrator costs | 4,860 | 5,854 | |
| 6,410 | 8,454 | ||
| Total resources expended | 16,905 | 162,840 | |
| Net income/(expenditure) for the year | 137,259 | . | (87,957) |
This page does not form part of the statutory financial statements
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