Company number.. 04475556 Charity numb8r= 1093913 WORTH ABBEY TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 WORTH ABBEY CONTENTS Pag8 RoferenGe and administrative details of the Charity. its Tru$t•os and advisers Trusteo$' roport 2-14 Independent auditorfs report on tho financial statemonts 15-18 Consolldated slaiement of Ilnanclal actlvltles 19 Con801idated balance sheet 20 Charlty balan￿ sheel 21 Consolldated statement of cash flows 22 Notes to the flnandaj statements 23-52 WORTH ABBEY REFERENCE AND ADMINISTRATIVE DEfAILS OF THE CHARrrY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2023 Trustee8 The Rlght Reverend Dr John Douglas Barrett, MA (Cantsb), MA, PhD, Chair The Reverend Patrick Vincent Fludder, BSC, BD, MA The Reverend Christopher Aidan Murray. BSC, PhD, BA, PGCE The Very Reverend Peter most￿ Wllliams Alda Andreottl The Reverend Michael Thoms Charity registered number 1093913 Company registered number 04475556 Prlnclpal offlce Worth Abbey Paddockhurst Road Turners Hill cra¥￿eY West Sussex RH10 4SB Indèp•nd•nt audltor Crowe U.K. LLP Riverside House 40- 46 High Street Maidslone Kent ME14 1JH Bankers HSBC 9 The Boulevard Cra¥￿eY West Sussex RH10 1UT Solicitors Farrer & Co. 66 Lincoln's Inn Fields London. WC2A 3LH Page 1 WORTH ABBEY TRUSTEES, REPORT FOR THE YEAR ENDED 31 AUGUST 2023 The Trustee5 present their annual report together Mth the audited financial statements of the Charity for the year I September 2022 to 31 A￿U$l 2023. Foreword from the Abbot of Worth {Chaimian of Trust•os) S8ptember 2022 to August 2023 has been a productive year for Worth Abbey in which wo hav8 seen several of th8 initiatNes b8gun in 2021-22 begin to bear fruit. Perhaps most notably, we have developed the monastic mission of our Brighton communty by deepeniw our partnership with the Diocese of Arundel and Brighton. Al the invitation of Bishop Richard Moth of Arundel and Brighton, our small community of 'Monks in the City, has trdken on the pastoral eare of on8 of the ts¥o constituent churches of th8 East Brighton parish, St John the Baptist in Kemptown. In addition lo providing pastoral and sacramental servus lo th9 people of this parish, the move to Kemplown has offered the Monk5 in the City an effective monastic base from which they are better able, by their witnes3 of monastic lifg, worship, and hospitality lo fuWil the mission for which we originalty sent monks to Brighton. At Worth Abbey itself, the Worth Abbey Pilgrims, our ne%￿Y uealed partnership netsvork of monks and supporters of the Abbey, ha5 successfulty organised and hosted a series of events throughout the year for visitors lo the Abbey Church and the Worth Abbey gslale. These events have been well supported and immensely popular. Of particular note was Ihg visit of the Relics of Sl Bernadette of Lourdes. an event which drew many hundreds of participants. The enthusiasm both of the volunteer organis8rs and of the visrtors lo Worth Abbey, often individuals ￿ have never visited the site before, has demonslraled the value of such an outreach and suggests paths into the futrjre for events of this nattjre. After a series of unforeseen delays. the extensNe project lo rer(x)f the Abbey Church was completed and Ihe $¢affolding that has disfigured the profile of the bui5ding has been removed_ Also. in the course of the year, an ongoing project lo repair the Thomas Healherwck designed fumilure in the nave of the Abbey Church was begun. The outcomes of this project are proving allractive and successful. Steps lo update the Artlcles of Association of the Worth Abbey Charity were undertaken towards the end of the reporting year, In dialogue ￿th our lawyers. Farrer & Co. New Articles of Association allowing non-monk5 to become Iruslees of Worth Abbey. alongside monastic trustees. were adopted by the members of the Trust at the end of August. and will become effective in the course of the year 202>24. Another imwrtant forward looking slep that emerged towards the end of the rekKSrting year was work in partnershlp wllh Worth School to engage with CCS Fundraising. an International team of development fundraising sp8cialisls wllh wlde experienGe of working with Cath(Aic Charilles, towards the creatlon of a Worth Abbey and Worth School Development ￿lOe. Trustees R0POrt The Trustees. who also serve as company dlrectors, are pleased lo present Ihelr report and the consol+daled financial 5talemenls for Worth Abbey and ￿S subsldlarl8s for the year ended 31 August 2023. The Trustees confirm that the financi81 statements compty whh current statutory requirements. those of the various governing documents and the requirements of the Charltles SORP Istsiement of Recommended Practice) IFRS 1021. Worth Abbey is a registered charity based In Turners Hill. near cra￿eY in Wesl Sussex. The monks of Worth Abbey. in response to Ihe call of Chrlst. follow the Ilfe-glving guidance ol the Rule of Si. Benedict. The objectives of the charity are.. The relief of the infirm, aged. or poor, and in particular Ihe relief of aged priests and clerics and other rsons who profess the Roman Catholic religion. The advancement of education including the educalK)n and training of priests and persons de8irous of trecoming priests of Ihe Roman Catholic religion. Page 2 WORTH ABBEY TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 The advancement of the Roman Catholic rellgion. Such other purposes that are charftable. Llving from monastio wisdom, we V￿COMe visitors lo share the monks, life of prayer and we evangelise through our pastoral works. How our work dg1ivgr8 publiG bongfit Under section four of the Charities Act 2011. we have ? duty lo report on the public benefit that we deliver. Taking the Charity Commission's guidance into consider81ion, the Trustees a￿ satisfied thal our public benefft requirements have been mel in numerous ways a5 detailed within this ￿port. Our Monastlc Community The Benedictine Monastic Community of Worth Abbey comprises 19 Benedictine monks. Some live together at Worth Abbey, while others are invdved in mission Gonlexts in Easl Brighton and other places. Every member of the communty seeks God through fratsrnal service, communal arKI personal prayer, hospitality, and pastoral mission. Following Sl Benedicys concern that care for the sick must rank above and before all else, and that both the old and the young should be treated with compassion, we continue to monrtor the long term care of those wlhin th Monastic Community who, through age or infimiity, are unable to look after themselves. We seek lo ensure that they receive the best possible care within our infirmary facilrties. To a5SlSt us in this respect, we employ a Health and Care Manager who works alongside a monk Infimiarian., they lead in overseeing and providing thg necessary medical and other care required. Two occasional nursing staff support this work. Worth Ab￿Y Music This year h8S seen considerable developments in the area of music at Worth Abbey. These developments have been facilitated to a large exlenl by the new professional Director of Music and Monastic Organist role. Singers from the local are8 (both professional and volunteer) have been welcomed to participate in the Abbey Choir ov8r the past year, and the growth of the Abbey Choir has enabled an enrichment of ils repertoire in line with Abboy's liturgic818spirations. Monastic music has continued to strengthen. particularly through regular organ accompaniment, mOr￿St1¢ choir praclicgs, and the successful adopt￿n of n￿Y comFosed plainchant. Sigrsrfi(£nl work has been undertaken to prolgd the rnu$ic81 legacy of Fr Philip Gaisford, with whom the Director of Music has worked over the past ygar to lay the foundations for a new mass booklet. Worth School Worth Schc•Jl is a cooducational Roman Catholic tLiarding and day indep8ndenl school for pupils from 11 to 18 y8ars of age. The School is located on the s00-a￿e Worth Ablxy estate. Worth School is a subsidiary charty of Worth Abbey, which is the sole member. The Abbot of Worth is President of the Worth School Board and a Governor of the School. Two other monastic govemors complete the Abbey's support lo school governan￿ at Worth. Worth School produces ils own annual rewt which is published separately. In addition lo the supFort of school governance. Worth Ab￿Y continues lo work alongside Worth School in several ward.. Page 3 WORTH ABBEY TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 (contlnued) Sunday Ma88 and Wednesday School Worshlp - Monks of the Abbey support the School's religious and 98cramental life by celebrating an evening mass in the Abbey Church for the School's boarders each term-lime Sunday evening. When the ScFK)ol meets lo worship as a body during the school week, usually on a Wednesday. monks are present to hear ￿nfessIOnS and lo celebrate mass from lime to time. Senlor Leadershlp Fomatlon - A seryès of fomiation retreat periods are timetsbled through the school year for members of the Worth School Senior Leadership Team. These are regularly allended and supported by members of the monastic communty, who thereby help to ensure that the Benedictine and Catholic ethos of the School is maintained and strengthened. Pupll Formatlon events Worth School timetables pericxjs of pupil formation, for example the Student Leadership Prografftme for sixth form students who aspire to positions as Prefects In their final year, in which monks are offered a role as speakers and formalors. Ag Wlth staff formation, thi5 involvement of monks helps lo en5UTe that the Be￿dicti￿e and Catholic ethos of the School is maintained arKI strengthened. School Chaplalncy and the Forerunners - The Chaplaincy is led by the Dire¢lor of Mission and comprises a team of six youth ministers who a￿ known as 'Forerunners.' Monastic support of the Chaplaincy helps to ensure that the Benedidine and Catholic ethos of the School is maintained and strengthened. This is delivered through regular formation meetings be￿en the Forerunners and members of the Monastic Community. Worth Abbey furthw sUPPOrts the Forerunners by providir¥J them with accommodallon in Compass House. shuated opposite Worth Abbey Church. Hospltallty and retreats Hospltality Is a hallmark of Benedictine monasterie5, and the Monastic Community has welcomed many visilrKs to Worth for retreats, spirltual dlrectlon, and holistic re(xeation in the Abbels beaullfvl and natural environment. We nonnally offer hospltallty and retr8at5 In ￿ wayB.' The Retreat Centre- The Retreat Centre, based in the Sl Bruno's builtjing, is a spac8 where we share our own search for God with others who arg also seeking God in their daily lrfe. 11 represents our ¢ommitment lo responding lo the Increasbng splrllual needs wlthin our society. People from all faiths ané seekers are welwmed for residential and other retreats which ar8 facilltaled by professh)nal staff. members of the Monastic Community and lay collaborators and volunteers. Improvement work on the Sl Bruno's buitding undertaken throughout the year is proving of value to the retreat programme. Mona$tery guests - We can make guest rooms within the Monastery available for LJP lo Ihree male guests who wish lo come on residential retreat to share in the Illurgical and communlly life of the monks. This ministy is supported by a monk Guest Master. Meals are taken wllh the monks In the Monastery ￿fectOry and the monaslic day centres around the rhythm of the Dlvine Offlce and dally Mass. Worth Abbey Chur¢h Designed by the architect Frands Pollen and opened In 1974, the Grade 11 Ilsted Abbey Church adjoins the monaslery buildings. also designed by Pol￿n. The Church provides a wdcoming place lo seek peace, solace. and Gommunity. In Ihe course of the last year. a major project to renew the fabric of the Abbey Church roof and install sdar panels was undertaken. The work took longer Ihan ant￿Ipated bul has now been completed. The Installat￿ of solar panels is already proving very effective. Page 4 WORTH ABBEY TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 {continuodl A major event in Octobgr 2022 was the Visit of the Relics of Saint B8rnadgtte of Lourdes to the Abbey Churth. The very considerable work of many volunteers and staff ensured 1,500 visitors had a prayerful enjoyable experienc8. Qulet Garden Our Quiet Garden is over 100 years old and was opened to the publlc in 2000 as part of the Quiet Garden Movement. A publicly accegslble space maintained as 8 place of beauty and Iranquillity which attracts many vlsllors looking for sllllness In 2 busy wodd. r( is maintained personally by the Monastic Community. Durlng the course of the year an Icon Cross was Instslled whhln a purpo98 built shelter. This now provides a powerful and I￿aUtIful symbol of the splrilual nature of the Quiet Garden. Thanks to tha gen8roslty of a ben8faclor a new path was bullt down the valley to the Victorian Causeway, grealy enhancing the 2cc6ssibility of our woodlands lo our visitors and gu8sIs. The Worth Abboy Parish Th8 Worth Abbey Parish is part of the Diocese of Arundel and BrHJhton and was created in the 1960s from the country area be￿en the large town parishes of East Grinslead, Haywards Heath, and Crawley. Our Abbey parish numbers approximately 250 parishioners,. the parish principally serves local residenllal communities ngar the Abbey, bul also attracts, particularly to the Sunday Mass. many who live outside the parish bJundari85. Fr Paul Fleelwood (a monk of Worth Abbey) has been the parish priest since 2016. The mission of the Parish is lo foster values of welcome and hospitality towards our fellow Christians, and to those of other failhs and none. The Parish is committed lo service and outreach to the poor and those in need,. to evangelisation.. to the young.. and lo the protection of God's Creation. Calechesis (religious instruction) of trK*th children and adults is an impcKtanl part of the work of the parish. Full details of the acINII￿S undertaken by the Parish can be found on ils website.. worthabbeyparish.co.uk. Worth Abbey Parish benefrts from the resources and skills of Worth Abbey for its main Sunday Gelebralion in the Abbey Church. Sunday masses are live streamed via YouTube and Vimeo. Brlghton mis8Son: 'Monks In the City, The Brighton miss￿, 'Monks in the City,, are now resident in the Presbytery of Sl John 8apb's1, Kemptown. This 1$ a more appropriate physical resource for monastic lrfe, mission and worship than has been available at earfier stages of this project. The Worth monks work integrally wth the East Brighton Parish team. Their rrriority remains that of followng the Benedictine way of lrfe and witne8sir¥J lo the gospel, living alongslde the people of East Brighton. They have offered hospilalily and engaged in pastoral ministy in the local parish and the localrty. The Chaplaincy lo the University of Sussex, Falmer, remain$ an important element of this mission. Oth0r fomis of outreach beyond Worth Members of our Monastlc Community continue to operate beyond Worth In a variety of ¢apacilK8S'. Abbot Mark Barrett is the Chairman of the Union of Monastic Sup8riors (UK & Ireland)- Abbot ChrSstopher Jamlson was re-elected in July 2022 to a second tenn of four years as Abbot President of Ihe English Benedictine congregation. Page 5 WORTH ABBEY TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 (contlnuedl Fr Stephen Ortiger is Episcopal Vicar for Reltqious in the Dioceses of ArurKlel and Brighton, and Diocesan Coordinator of School chaplains. Fr Aidan Murray is the Episcopal Vicar for Ecumenical Affairs. Fr Roderick Jones is the Roman Catholic Chaplain lo the University of Sussex. Fr Martin McGee 15 the inlerreliqious adwsor to the Arundel and Brighton Diocese Diocesan Interfalth Group. Worth Abbey Outreach Peru (WAOP) The Reslricled Fund WAOP was 88labli8hed in 1968 to support th8 monks of Worth Abbey and those nefv￿rks, Institutions and people working for the poor in PeTU Ihal the monks sponsor. Over the decades. WAOP has nanced projects in nutrition, health. education. and sustsinable development, provided emergency aid lo vulnerable people. e.g. after an earthquake, and supported the catechetical lrfe of the Peruvian Catholi¢ Church. Fr Alexander da Cosla Fernandes, Director. monitors projects through the year Indudlng an annual vésit. In 2022. Fr Alexander spent slx months immersed in Peru, stlll going through profound political convulsions and soclal unrest. The value of dlrect contact wtth the four inslrtulSons dellverfng projects in the present slate of Increasing generalised corruplSon running through soclety cannot be overestimated. Contact wth beneficiaries. unmediated by ellher the sponsoring institution or by the project team members, allows for a direct evaluation of the impact of the work. ProAecl fu￿ling was increased slgnlftcanlly over previous years, supportir lolal of 7 projects. wth a total Impact on 57,278 beneficlades Idlrecl 17,742 and indirect eslimaled 39,536). The overall pollcy supports inlerv8ntlons among the poorest sectors, e.g. rural p(xy, the wlnerable. aThJ adolescents. A new inttlallve is dlrecled lo empowerlng Indlgenous rural women, one of the most social exduded and impoverished sectors of 8oclety. The Trustees of Worth Abbey are 8ssisled In Ihelr overall responsibllity for the Fund by delegating some oversight and decision making to the 'Outreach Peru Committee.. Our work wlth our tradlng subsidiary Worth Abbey Projects Limlted (WAP) WAP is a wholly owned Commercial Iradlng subsldlary of Worth Abbey. the purpose of which is to raise funds for Worth Abbey and any ¢harf(ies associaled wlth Worth Abbey. In September 2022 Strutt and Parker carrled out a revlew of the estate and provided a strategy and reGommer)dalions f￿ the future. Worth Abbey Farm and Llvery The farm is managed by a Fam) Manager Is an 8mploye& of Woth Abbey. There are 38 stables available which remaln full Ihls year. These are used by local ￿SIdentS on a DIY basis. There are plans to develop th8 livery by off6rlng other servlces to cllents and thought is being given lo creating a riding school. The Farm Manager successfulty galned a County8ide Stewardshlp grant for the next five years. There are several obligations around Ihl8 partlcularly In woodland management and work has begun in tree felling of r￿n- native species. Page 6 WORTH ABBEY TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2023 SECR Istreamllned Energy & Carbon Reportlng} statement The parent company ulilises less than 40.OOOKWh of energy per year and the subsidiaries are not wlthin the 8cope of th8 SECR.The parent company utilises less than 40.OOOKWh of energy per year and the subsfidiaries are not ￿thIn the scope of the SECR Sectlon 172111 statgmont The truste88 act In good falth to make de¢isions, the oulcome of which they consider wlll be most likely to promote the success of the charity for Ihe benefit of its charitable purposes, both in current perlods and in the long term. In discharglng Ihelr duties above, the trustees Garefully consKler, amongst othw matters, the Impact on and inler8s1s of cllents. volunteers, staff. funders and suppliers, and factor these into their de¢l$lon-maklng process. Cllents The trustees wl considerable time, effort and resources into understanding and respondlng lo the needs of our clients. Volunteers and staff Trustees receive information on volunteer and staff physical and mental well-being an¢J are dedicated lo promoting a healthy workforce. They support the current work to build an inclusive culture and, as such, are committed to attracting and retaining diverse, high-calibre lalenl which volunteer, and staff development helps support. Fund•rs The Iruslees dosely monitor our funder relationships and receive regular reports on how we are meeting funder requiremenis. Our impact section and our 'main services across England and Wales. section of this ￿port demonstrate how we are providing $ervice$ that deliver a high value-for-money offer for our funders. Suppliers The Irustees have established prO¢edu￿$ to ensure that external suppliers are indlvidually verffied lo ensure they meet ￿th health and safety, regulatory and finanoial secuiity standards required by the Charity. Community and th• •nvironmonl The Charity recognises the importance of its environmental respon5ibililie5 and has measu￿6 in place to monitor and control ils impact on the local environment and ils compliance bwlh any regulatory environmental standards. The Charrty seeks lo implement policie5 aimed at redu￿ng any potential harmful environmental impact of its a¢livities. 8¢andard$ and conduct The Charty has v8rws policies regarding elhi¢al standards and the conduct of business. Page 7 WORTH ABBEY TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2023 Flnanclal revlow and results for tho yoar General funds Worth Abbey and ils subsidiaries made a nel unreslricled surplus for the year ended 31 August 2023 of £377.963 12022.. £1.237.976). This is ststed before investment losses of £171.358 {2022: £47.795 loss) transfers be￿en funds. Separate financial statements have been prepared for Worth Schcol. Worth School Lellings, Worth Abbey Projects Limited and Worth Abbey Construction Limited and their results are In￿rporated into these consolidated financial slalements. Deslgnated funds The trustees of Worth Abbey and Worth School have funds they have designated for specific purpose5 including development of the abbey, building repairs and capital investment. In the year endlng 31 August 2023. Worth Abbey and its subsidiaries made a net defrit on deS￿nated funds of £897.94212022: £96,084 def￿11) prior to transfers toffrom the funds. R•strict￿ funds The trustees of Worth Abbey and Worth School have funds that have restrlcted to specific purposes by donors induding Outreach Peru. In the year ending 31 August 2023, Worth Abbey and Ils subsldiarles made a nel deficit on r8slricled fu￿lS of £252,35512022= £230,992 deficit) prior to investment losses and transfers tofftom the funds. The largest component of the net transfers befvfftn funds ￿l￿ted to the IraN%fer of the Sixth Form Centre from restricted lo general funds of £6,248,998. Golng coneern The Trustees have mel regularfy lo review the financial performance of the Group, and Trusleeg m8intslned an ongoing dialogue wth members of ts subsidiaries. Going forward there is a risk from high interest rates, the impact of rtsing costs and staff shortages. There 1$ an addrtional risk lo Worth SchTr)I from the implications of a change In govemmenl wth the possible threat of VAT on school fess and the loss of any building rates rebates. On the other hand, pupil appli￿lonS to the School remaln conslstent. The School budgeted on opening with 660 pupils in September and the actual pupil numbers were 664 al September 2023. When considering going concern, the Iruslees consider a worst case, base case and best case scenarfo and a range of miligaling actions available lo them. Cash Is managed through a 12-month rolling fOr￿ast for the whole Worth Abbey group: Worth Abbey, Worth Schod, Worth School Lelllngs Ltd, Worth Abbey Projects Ltd arKI Worth Abbey Construction Ltd. The Trustees receive regular reports of these forecasts. The group operating forecasts, together with cash flow forecasts, indicate that the group can expect to meet all its anticipated payments from ils anlicipaled infiows and existlng borrowsng facilities for the next 12 months even in the worst case scenario. As a result of these factors the Trustees conslder that the group remains a going con(*rn. Page 8 WORTH ABBEY TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 Our approach to reservgs managemont Reserves are held for several pr8Ctical reasons, including the following.. to provlde operational contlnuity ff Income unexpectedly falls.. to provide working Capital to meet upfront expenditure during the year before income is recefved., 2nd to provlde resources for Investmenl. The Trustees, policy is to hold 9eneral reserves that are equal in amount to the value of the functional fixed asse15 used OPerat￿nallY by the Group plus one term's operats'ng costs. As al 31 August 2023 free reserves are £9,360,932 deficit12022.' £4.270.770 deficit) which comprise general reserves of £24,931.663 {2022'. £22,104,095} less the functional fixed assets used by tha Group held al historical cost of £34,292,599 {2022.' £26,374,865}. Part of this shortfall is fina￿ed by bank loans lotalling £5,010,426 {2022'. £3.926,843). As there is an expectation of an ongoing income stream from Worth School with plans for an improved financial perfomiance of the Group, the Trustees can accept the current level of reserves. In order lo meet the target level of re$erve$, Ilw Tru$tee$ expect the financial performance of Worth sch￿1, Worth School Lettings Limited, and Worth Abbey Projects Limited to improve and are looking at measures to manage ¢osts wtthin Worth Abbey. Dgsignated rosorvos At 31 August 2023, Ihe Group had designated reseNes of £3,603,217 (2022.. £2,795,850). There is £2,689,586 principally beirwJ held ft)r rAanned mainlenan¢e work and capital investment In the School and the Abbey. The Iruslees of Worth Abbey and Worth School anti¢ipate that these funds wll be used over the n8xl 12 to 36 months. The remaining designated reserves are for parts of the group Ihat operate with a degree of Independence from the main charities including the parent body, Friends of Worth, the alumni association. Worth Soclety. and the outreach Brighton project. These reserves would expect to be maintained into the future. Reslrlcted reserves Al 31 August 2023, the Group had restricted reserves of £1,454,49312022.' £7,982,839). These represent donation5 received for parlicular purposes mainly Outreach Peru and Bursary fund. Our approach to investment8 Worth Abbey's investment powers are set out in its governing document, namely its Articles of Associatr'on and documentation relating lo relevant funds. The Articles of Association permit the fijnds to be Invested In ary inveslmenls. securities and property of any kind situated anywhere in the world. The Trustees, On￿oing policy is to 8chieve long term capital growih whilst maintaining a balanced approach to investment rfsk. The investment subcommittee completed the process of reviewing the investment p￿icY. in light of Mensuram Bonam and with a desire to have greater transparency of the investments in relation to the principles of Catholic Social Teaching. In completing this process, the committee also reviewed their investment managers, tendering the contract in November 2022. Al the condusion of this process the committee advised the trustees that Evel Partners would be best placed to meet the investment requirements of Ihe charity and they were subsequently appointed. Page 9 WORTH ABBEY TRUSTEES, REPORT ICONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 The process of transferring the assets from the Bl8ckRock funds was complelgd towards the end of July 2023. Worth Abbey's investments h8d been invested in BlackRock Catholi¢ Charities Growth and Income Fund, a Charity Authorised Investment Fund I'CAIF,) managed by BlaekRo¢k Investment Management {UKI Limits4, for most of the year. In the financial year 01 September 2022 to 31 August 2023, the performance of the fund was -5.90h, its benchmark being 3.20h estimated growth yield. The Fund supporting Worth Abbey's mission in Peru has bgen Managed by Evelyn Partners in a USD denominated bespoke investment account wth a sirnilar ethical policy. In this financial year. the portfolio was signrficantly d￿rISked with Ihfj expectation that the funds will b8 used in full in the next couple of years lo support the mission. The portfolio paid out $283,043 for the mission wlh the und8tying portfolio ￿turning positive 6.1% for the year. However, Ihgre have been foreign exchang8 losses during the year wh￿h have resullgd in a net gain of 1.wo for the year. The Trustees periodically review the performance of investments against the agreed berKhmark. The Outreach Peru Fund has broadly matched its b8rKhmark this year. Risks and uncertainties The Trustees are responsible for Worth Abbey's systems of internal control and for revwng its effectiveness. Where hazards have been identified, individual risk assessments continue lo be undertaken and each core area of Worth Abbey's operations are now working towards completing Risk Registers whi¢h highlight key strategic. gov8rnance. financial. operational. and other risks. The intention of our control pro¢e$se5 is to manage risk lo thin acceptable tolerances rather than eliminating il altogether. Going forward, Trustees wi51 receive a fv￿ce yearfy report on all 'r￿, high risks and an annual review of all 'amterf moderate risks. Actlon tsken to mltlgale rlsks has included purchaslng appropriate Insurance cover. The Trustees benefit from indemnity insurance cover which is included in Worth Abbey's insurance policy. Legal Structure and Govemance Worth Abbey 18 a company Ilmited by guarantee incorporated Sn England on 02 July 2002. Our Articles of Association wer8 last amended on 6 September 2023 and provide for a limltalion of member liability10 £1. Worth Abbey is also a r￿lStered charity in England and Wales. Group structure and relatlonshlpg For the purposes of company law, Worth Abbey is the parent company of three subsidiaries- Worth Abbey is the sole member of Worth School. Worth School is a company limlted by guarantee 144765581 and a charity reglslered in England and Wales {1093914)- The scho￿ is govemed by the School Governor5 (who are also its Directors and Tru$teesl. The Abbol 1$ President of the School Board and a Governor. The ch8rrt8ble objects of the School are to provide educatlon In the Benedictine tradition. advance the Roman Catholic faith and support the work of Worth Abbey. Worth School Is the sole shareholder of Worth School Lellings Limlted {WSL). WSL is a private company limited by shares113581948). WSL has a duly conslituled Board of directors {one of whom Is a member of the Worth Abbey TrLtslee Advisory Commrttee and one other who is a governor of Worth School). The Company's objeGtNes are to let Of hire Ihe buildings and sports faGilits'es within the Worth School campu8 on a short temi basis ￿en they are not in use by fee-pawng students al Worth Schlol and to carry out activities in the service of young people and the furtheran(* of the cathol￿ faith. Page 10 WORTH ABBEY TRUSTEES. REPORT {CONTINUED} FOR THE YEAR ENDED 31 AUGUST 2023 Worth Abbey is the sole shareholder of Worth Abbey Projects Limited (WAP}. WAP is a private rx)mpary limited by shares 14523776). WAP is a commercial company sel up to raise funds for Worth Abbey via several actwilies such as lettings in 'The Open Cloister,, retreats, farm and forestry operations, the Chur¢h bookshop, Bèrmondsey Huts, and other commorcial activities. Worth Abbey is the gole shareholder for Worth Abbey Constru¢lion Limited IWACL). WACL is a private company limited by shares140748351- WACL has a fully wnslitulgd 8oard of Directors (both are Trustees of Worth Abbey). WACL is a commerci81 wmpany sel up lo undertake major construGl•Jn project on behaff of Worth Abbey. Tru$t80s of Worth Abbey and appolntments At the end of the reportlng year 2022-2023, on 29th August 2023, the members of Worth Abbey {Ihe Abl￿ and Chapter of Worth Abbey) adopted an updated sel of Articles of Association for the Charitable Company Worth Abbey by Special Resolution. These Articles, drawn up by Worth Abbeys lawyers, FaTher & Co, have been duly submitted both to Companies House and lo Ihe Charity Commission in Ihe usual fashion. The major change introduced by the 2023 Articfes of Association affects the composition of the Trustees body of Worth Abbey and allows for Several professionally skilled people who are not monks of Worth Abbey to become Iruslees of Worth Abbey alongside the Monast￿ Iruslees drawn from the membership of Worth Abbey. The change5 introduced by these renewed Art￿e$ will be implemented during th8 next reporting year, September 2023 to Augusl 2024, and will be addressed more fulty in the report for that year. During the current reporting year September 2022 to August 2023, under the Articles of Assocration effeclivg during that period, the Trustees of Worth Abbey remained the Abbot of Worth Abbey and the monastic mem￿r¥ of his Council. The Council is detemiined each December. The members of the Council act as the company directors, and under charity law they have legal duties and responsibilities as charity Trustees. The Trustees administer the affairs of Worth Abbey. There is a schedule of matters reserved ft)r ts consideration,. some of these matters il can decide upon, for others, trustees make recommendation$ to thg Monastic Community. The Company is governed by ils Articles of Association and the constibJt￿¥ of thg Monks of the English Benedictine Congregation. Trustees The Trustees who seNed during the year were.. Abbot & Chair of Trustees.. The Right Reverend Dr John Douglas Barrett MA Icanlabl, MA, PhD Trustees: The Very Reverend Peter Mostyn Williams {Priorl The Reverend Palrick Vincent Fludder BSC, BD, MA ISubprior} The Reverend Martin Edward McGee BA MA Iresigned 17 October 2023) The Reverend Christopher Aidan Murray Bsc, PhD, BA, PGCE Post year end appointments.. Alda Andreotli (appointed 1 September 20231 The Reverend Michael Thoms lappointed 1 September 2023) Page11 WORTH ABBEY TRUSTEES. REPORT {CONTINUED} FOR THE YEAR ENDED 31 AUGUST 2023 Trustges of Worth Abbey and appolntments (contlnuod) Worth Abbey declslon maklng and commlttee structuro The Trustees have the ultimate responslbillty for running the charity. with their principal duties being to set the strategic direction of the charity and ensure that the Chartty 1$ $olvenl, properly run and delivers its charitable purposes. Worth Abbey Trustees are Supmed by a Trustee Advv&ory CThnmittee ITACI whose remit is to provide advice. guSdance andlor recommendations on matters relating lo strategy and policy whiGh assist Worth Abtey in fu￿illIng Ils charitable objects. The members of the TAC are- Chair.. The Reverend Mlchael Thoms, BA {Hon$l Members.. Ald8 Andreo The Rl Revere￿ J D Barrell MA {Cantab}. MA, Pho The Reverend P V Fludder Bsc, BD. MA The Very Reverend C A Murray BS¢. PhD. BA. PGCE Kevin Smyth Monica Tumer Dgvid Buxton Slephan Evans PatriGk Bergin Worth Abbey also has.. a Health and Safety Commlttee. Worth Abbey Outreach Paru Committee (consisting of the Abbot, Subprior, director of AOP and one external advisor) which has some de*ated authorty from Trustees to make decIs￿nS on whlch projects lo fund. Senlor staff The senlor peTsonnel Sn the Worth Abbey charlty are B8nedlcllne Monks, l.e. Ihe Abbot, the Prior and the Subprlor. They do not receive any remuneration for thelr service or position other than being members of the monastery who are all beneflclarles of Worth Abbey. The Abbey currently relies on senior staff in Worth School for other necessary expertise. The School's key management personnel comprlse the Head Master. the Chlef Operating Offlcer and the Second Master. These staff are appointed and remuneratad by the govemors of Worth School. Safeguardlng The Tru81888 understand thelr resF*)nsibility for the safeguarding of children and adults at risk as a foundational dlmenslon of operating as a charity, as well as a Chrisllan duty mandated by the Catholic Church. A lead Trustee for safeguarding assists the Trustees In this area. endeavouring to be especially close to safeguarding matters. as well as supporting the work of the charity's Religious Safeguarding Lead. Because many of Worth Abbey's activf(ies take place in close geographical proximity lo a boarding and day school for children aged 11-18 (Worth School). in safeguarding matters the charlty works closely with the Safeguarding Lead for Worth School. and its safeguarding policies and pracllces are developed lo reflect educational safeguarding requirements when appropriate. Page 12 WORTH ABBEY TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2023 Trustoes of Worth Abbey and appolntments Iconllnued) The Trustees have appointed a Religious Safeguarding Lead (RSL) ¥tho is externally tralned to Designated Safeguarding Lead standard la training that is regularfy updated, and fijlly refreshed every Ihlrd year). The RSL has day to day Tesponsibility for all aspects of safeguarding across the charity's 8Ctivrties. Worth Abbey is a member of 8 joint committee (with Worth School) which oversees compliance wlh GDPR regulations. We are also registered with the Information commiss￿ne￿S Office IICOI. During the year Worth Abbey has undertaken a review of ils Data Protection and GDPR policy and Prfvacy Notices and has recognised Ihe need lo undertake further gap analyEiS, embedding and training which wll be tsken forward in 2022-23,. undertaken a number of Privacy Impact Assessments {PIA's) particularly in relat￿n to the live streaming of Monastic and Parish Masses and online retreats. Statement of Trustees. responslbllltleg The Trustees are responsible for preparing the Trustees, report and the flnanclal statements in accordance with applicable law and Unlled Kingdom Accwnting Standards Iunlted Klngdom Generally Accepted Accounting Practice)- The law applicable lo charities In England & Wales requires the Trustees lo prepa￿ financkql statements for each financial year which give a true and fair view of the slate of affairs of the Group and the Charity and of their Incoming resources arKI application of resources, including their Income and expenditure. for that period. In preparing these financial statements, the Tnjstees are requlred to.. select suitable accounting policw and then apply them Consislenlly, observe the methods and principles of the Charities SORP {FRS 102)- make judgmen15 and accounting eslimales that are reasonable and prudent,. stale whether applicable UK Accounti￿ Standards {FRS 102) have been followed, subject to any material departures disclosed and explained in the financial s18tements', prepare the financial statements on the going concem basis unle55 It 15 inappropriate lo presume Ihal the Group will continue in business. The Trustees are responsible for keeping &lequate a(%ounling records that are suffi￿ent to show and explain the Group an - Accounting and Reporting by Chariues.. Statement of Recommended Practice applicab18 to charits'8s preparing their accounts in ac￿rdanCe with the Flnanclal Reporting Standard appluble in the UK and Republic of Irelan(J IFRS 102) {effectlve 1 January 2019), the Financial Reporting Standard appltable in the UK and RekxJbli¢ of Ireland {FRS 1021 and the Companies Act 2006. Worth Abbey meets the definition of a publi¢ benefit entity under FRS 102. Assets and liabilrties are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accountsng policy. The consolidated financial ststemenls consolidate the accounts of the charity and its subsidiary undertakings al 31 August 2023. Al transactions and balances relate lo extemal transactions only. Under the provisions of the Companies Act 2006 Section 408, the Trustees have taken advantage of the dispensation not to publish the Statement of Finanryal Aclivrties including an Income and Expendilure Account for Worth Abbey. The comp8nls net movement in funds for the year was a decrease of £1.228.897 (2022.. decrease of £527,954). Page 23 WORTH ABBEY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 Accountlng pollcle8 Icontlnued) 2.2 Golng concem The Trustees consider that the goln9 concem basls of preparallon ffjmains appropriate as the I0￿8rd flnancial prolectlons suggest surpluses In future years. The foMar(I cash projections of the Group show that il wlll generale SLrfficlent cash to meet Ils needs. When considering golng concern. the trustees consider a base case scenarro, a reasonable worsl- case scenar50 and a range of mitlgaling actions that are 8vallable lo them. Cash is managed through a 12-monlh rolling forecast for the whole Worth Abbey gmup.. Worth Abbey, Worth School, Worth Abbey Projects Ltd and Worth Abbey Conslw¢lion Ltd. The Trustees receive regu18r reFX)rts of these forecasts. The group operating forecasts. toggther with ￿sh flow forecasts, indicate that the group can expect to meet all its anlicipaled payments from its anticipated inflows and existing borrow¢ng facilities for the next 12 months even in the reasonable down side scenar￿. As a result of these factors the Trustees consider that the group remains a going concern. 2.3 Company status The Charity is a ￿MpanY limited by guarantee. The members of the company are the Trustees {as sel out on page 11) and such other persons as shall from time to time be members of the Chapter. In the event of the Charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. 2.4 In￿m0 and liabillly rocognltlon Al income is re￿gniSed once the Charity has entillemenl to the in¢ome, it is probable that the income wll be re¢eNed and the amount of income receivable can be measured reliably. Fees ￿¢eNable and ¢harges for services and use of premises a￿ a￿ounted for in the period in whi¢h the service is provided. Fees receivable are sialed after deducting scholarships, t￿rSarleS and other alli)wan¢es. Inte￿$1 is a¢counled for on a receivable basis and dividends on a received basis. Realised gains are gains resulting from the sale of investments. un￿alISed gains fepre5ent changes in market value on investments still held at the year end. Liabilities are recognised when an obligation arises to transfer economi¢ benefits as a result of past transactions or events. Income tax re￿Verable in relation to investment income is recognised al the time the investment income is receivable. Other income is reo)gnised in the period In which It Is recelvatAe and to the extent the goods have been pn)vided or on coMple￿On of the servlce. 2.5 Donations and leg0¢iO$ Donations and legacies received In cash are accounted for when they are received. In the case of assets received, they are accounted for when full legal Iltle has passed to the Group. Pagg 24 WORTH A88EY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 Ac¢ountlng pollGles (¢ontlnu¢d) 2.6 Gffts In klr The values attribuled to grfts in kind are either the amounts actualty realised or an esllmate of thelr value. They are recognksed as incoming resources when received. 2.7 Resources expended Al resources expended are accounled lor on an a￿rualS basis and are detailed under the follo￿￿0 headings.. Costs of raising funds.. this includes non-charitstle trading activities together with their related support costs. Charitable activities.. this includes that expenditure incurred direclty in connection with the objects of the charity and includes the cost of services. mana9emenl and support costs. Expenditure is summarised under functional headings either on a direel cost basis or, for overh8ad costs, appOrt￿ned accordin9 to management estimates of expenditure incurred. The irrecoverable element of VAT Is included with the Item of expense lo which il relates. 2.8 Tangibl• fix•d as$•t$ and dèpraciation Tangible fix8d assets are Initially recognised 21 cost. After recognition, under the cost model, langlble fixed assets are measured at cost less accumulated depreciation and any accumulated Impairment losses. AJI ￿St5 incurred lo bring a tangible fixed assel into ils intended working condition are induded in the measurement of cost. The Abbey's land and buildings are carried at historical cost (including the cost of subsequent additions), 1955 depreciation charged lo date. Recapitalisation of buildings begins ¥then plannln9 permissDn is granted and depreciated from then il first begins to be used. General repairs and maintenance expenditure are written ¢)ff in the year lo which tt rdates. Where the Trustees recognise that there has been a swJnificant fall in Ihe Car￿ng value of one of their assets thi5 15 treated as an impairment and written off lo the Statement of Flnancial Activities. Woodland5 are professionally valued periodically in accordance with FRS102 and no depre¢ialK)n is charged. The last valuation was in August 2022. Asset5 und8r construction are accounted for at cost, based on the value of dlrect or other costs incurred at the year end date. They are not depreciated until the accounting perfod In whi¢h they are brought into use. Interest of £19,004 has been capitalised during the year. When a tangible fued asset is funded through an appeal or by way of a grant or donat￿, the accounting treatment of the asset acquired will depend on th8 circumstances of each case. In deciding whether the asset is calegori5ed a5 restricted or unreslrtcled. Trustees should consider the terms of the grft.. require the charity lo hold th8 tangibl8 asset acquired for an on-going basis for a specific purpose,. are met once the specified asset Is acquired, so allowiro the ch8rity lo use the asset acqulred on an unreslricled basis for any charitable purpose. Tangible fixed ass6ls costing £2,500 or more are capilalised and recogniged when future economic Page 25 WORTH ABBEY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 A¢counting policios l¢ontinu•d) 2,8 Tangiblg fixod assots and dgprnGiation (Gonlinued) benefits are probable and the cost or value of the ass81 can be measured rellably. Item$ Gosting less than £2,500 are written off as an expense as acquired. Deprecialion is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, usin9 the straighl-line method. Depreciation is provided on the followng bases.. Freehokl property Plant and machinery Motor v8hide5 Fixtures and fittings Sports equipment Computer equipment 30 - 50 years -2-20y8ars 4 years 5- 10years 4 years 3-4years 2.9 Investment assets Investments are stated al market value other than works of art which are P￿Id at (x)sl. Market value is tsken to be the middle market price ruling at ihe balance Sheet dale. 2.10 Stock Stocks are valued at the lower of cost and net realisable value. Llvesto¢k are measured at their fair value less sale costs. 2.11 Debtors Trade and other debtors are recognised al the settlement amount after any trad8 discount offered. Prepayments are valued al the amount prepald net of any trade dlscounls due. Known bad debts are written off and a provision Is made for any consldered lo be doubthjl. 2.12 Cash at bank and In hand Cash at bank and in hand Indudes cash and short term hlghly liquid investments with a short maturity of three months or less from the date of acqulsitlon or opening of the deposit or similar account. 2.13 Llabllltles and provlslons Lhqbililies are recognised when there Is an obllgation at the balance sheet dale as a result of a past event. il is probabSe that a transfer of economlc benefit wlll be required in settlement, and the amount of the setlement can be estimated rellably. Llablltties are recognised at the amount that the charity anticipates il will pay lo settle the debt or the amount il has received 8$ advanced payments for the goods or servlces St musl provide. Provislons are measured at the best estimate of the amounts required to sellle the obligation. Where the effect of the tlme value of money is material, the provision is based on the present value of those amounts, discounted al the prtrlax discount rate that refflects the risks spectfk to the liability. The un￿ndIng of the discount is recognised within inl8resl payable and similar charges. Fees received in advance are carried forward for credit in the peritsj to which they relate. Page 26 WORTH ABBEY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 Accounting pollcles {contlnu•d) 2.14 Flnanclal Instrum•nts The Group mainly enters into basic finarKial instrument transactions that result in the re¢ognilion of financial assets and liabilities like trade ané other debtors and creditors, loans from bank$ and other third parties, loans to related parties and inveslmenl$ in nonryputtable ordinary shares. 2.15 For•lgn curron¢i•$ Transactions in foreign curren¢ies are recorded al the rale of exchange at the dale of the transaction. Monetary assets and Ik4bili(ts denominatsd in foreign currencies are translated into sterling al the rales of ex¢hange prevailing at the balance sheet date and any gain or loss 3rislng from a change in ex¢hange rates is included as a gain or loss on investment assets in the Statement of Financial A¢tivilie$. 2.16 Op•rating10¥$o$ The rentals payable under operating lease5 are charged in the Statement of Flnancial Activities on straight-line basis over the lease term. 2.17 L8asing and hire purchase As5els oblairsed under hire purchas8 contracts and finance leases are capltallsed as tangible fixed assets. Asset5 acquired by finance lease are depreciated over the shorter of the lease term a￿1 their useful lives. Assets acquired by hire purchase are depreckgled over their useful lives. Finance leases are those ￿ere substantially all of the benefits and rlsks of ownership are assumed by the charity. Obligations under such agreements are included in credllors net of the finance charge allocated lo future periods. The finance element of the rental payment Is charged to the Statement of Financial Activities so as lo prc#Juce a constant periodic rale of charge on the nel obligation oulslandirrfJ in each period. 2.18 Acceptance deposlts When a pupil is accepted into the School, parents are required to pay an AC￿ptanCe Deposit which is refunded, wilhoul interest, after the pupil leaves the School. Acceptsnce deposits due for return in more than one year are treated as part of nel debt. 2.19 Fee prepayments Fee prepayments are included wthin creditors and aged according to the expected year of release assuming that the pupil remains in the Schod. 2.20 Grants recelvable Granls are included in the Statement of Financial Activities on a receivable basis. The balance or income received for a specific purpose bul not expended during the Ood Is shown in the relevant funds on the balance sheet. Where income 15 received in advance of enthlement of receipt its recognition is deferred and included in creditors as deferred income. Where ent￿ement occurs before income is received. the incom8 is accrued. Page 27 WORTH ABBEY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 Accountlng poll¢les {contlnued 2.21 Penslons The penslon costs charged in the financial statements represent the contri1￿110￿8 payable by the charity and group durlng the year. Worth Schcol contributes to the Teachers. Pension Defined Benefits Scheme {'TPS'). The TPS is an unfunded scheme and contributions are calculated so as lo spread the cost of penslons over employees. working lives with the school in such a way that the pension cost is a substsntially level percentage of current and future pensionable payroll. The contributions are delem)Ined by the Government Actuary on the basis of quinquenni81 valuations using a prospective ben8fM method. As staled In Note 28. the TPS Is a mulliemploy8r scheme and the school is unable lo ￿ent￿Y ils Share of the UnderI￿n0 assets and liabi16tles of the scheme on a consistent and reasonable basls. The TPS is therefore treated as a defined contrlbution scheme and the contributions recognlsed as they are paid each year. Abbey and School also contribute lo a Group Personal Pension Plan for non-18aching staff who have more than 3 months service. al 8¢/D of annual basic pay, and for leaching staff up to a maximum of 12% of annual basic pay. These costs are recognised on an accrual's basis. 222 Fund accounting General furKls are available to SP8nd on activili8S that further any of the purwses of Charty. Designated funds are unr8Stric18d funds which the trustees have de¢hled at their discretion lo set asKle for a specific purpose. RestrKled funds are funds subject lo specrfic restrictive condi(K)ns imposed by donors or by the purpose of the appeal. The purpose and use of the restricted furKls are set out in Note 22 to the financial statements. All income and expenditure are shown in the Statement of Finanaal Activities. 2.23 Financlal assets at falr value through profit and loss The charity has an interest rale cap arrangement wth its bank. This is not a basic financial instrument. This arrangement was initially recognised at fair value on the dale the contract was entered into and has subsequently been re-measured at ils fair valu8. Changes in the fair value are recognised in profit or loss in finaKe costs or income as appropriats. P8ge 28 WORTH ABBEY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 CrltlGal accountlng gstimatg5 and arga5 Qf judgmonl The charity make5 eslimales and assumplions concerning the future. The resulting accounting estlmales and assumptsons will, by definition, seldom equal the related actual iesults. The eslimales and assumptions that have a sNJnrficanl risk of causing a material adjuslmenl lo the carrying amounts of assets and liabilities within the next financial year ar8 discussed below. Critical accounting estimates and assumptions.. l. Tangible fixed assets: The Trustees annually assess the residual v81ue of these assets, that they are still In use and Ihelr expected useful lrfe based on experien¢%. 11. Recoverability of trade debtors." The Trustees annually assess whether a bad debt provision is required for any bad or doubtful deblor balarKes. Ill. Stock provisions.. The Trustees regularly assess the age and quality of stock and will make necessary provisions b85ed on the nel reali5able value of the stock held. Iv. Woodlands revaluation- The eslirnation of uncertainly involves Ihg use of ludg8menl employed by the Tnjslees. however, the Trustees have relied on and independent valuer. Inlere$l rale swap.. The Trustees have an interest rale swap agreement on variable rale loans wh￿h exchanges payments on periodic interest rate payments In¢omè fr¢m donations and legacl68 Unrestrlctéd Rostrictod funds funds 2023 2023 Total funds 2023 Donations Gifts & donatlgns from irKlividuals and trusts Gift aid tax reclaimed 73,959 171,436 1,015 24S,39S 1,015 73,959 172,451 248,410 Unrestricted funds 2022 RestrKted funds 2022 Total funds 2022 Donations Gifts & donations from individuals and trusls Glft aid lax reclaimed 167,001 216,626 11.194 383,627 11,194 167.001 22T,820 394,821 Page 29 WORTH ABBEY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 Income from charitable activitles Unrestrfct•d funds 2023 Total fund8 2023 Advancement of education 19,552,985 19,552.985 188,785 188,785 186,880 186,880 Advancement of religion Other charitable activities 19,928,650 19.928,650 Unrestricted funds 2022 Total funds 2022 Advancement of edu¢alTon Advancement of religion other charitable aclNitie8 17,162.153 17, 162.153 760,527 160,527 160.665 160.665 17,483,345 17,483,345 Income from the advancement of educatlon Unrestrlcted funds 2023 Total funds 2023 Fee income for Ihe year Release of f8e prepayTnenls Exiras Entrance fees Less.. Scholarshlps granted Bursaries and other remlssions 20,753,071 20,753,071 165,828 165.828 1,040.984 1.040.984 48,081 48,081 {1.327,659} 11.327,659) (1.127,320) 11,127,320} 19,552.985 19.552.985 Page 30 WORTH ABBEY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 Un￿st￿Cle& fvnds 2022 Tot81 funds 2022 Fee income for the year Releasa of fee prepayments Extra5 Entrance fees 17,992,798 17,992,798 708,459 708.459 877,043 877.043 72.589 72,589 Less-. Scholarships granted Bursaries and other remissions (1,459.737) (1,459, 737) (1.028.998) (1,028,998) 7 7, 162, 154 17. 162. 154 In¢om¢ from othor trading a¢tiviti98 UThreslri¢t•d funds 2023 Total funds 2023 Courses ané lettings 708,233 708,233 Unrestrthd fvnds 2022 Tol81 fvnds 2022 Courses and lettlngs 414,788 414,788 Page 31 WORTH ABBEY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 Investment Income Unrestrlcted R•striGtod funds funds 2023 2023 Total funds 2023 Investment income from listed securiti83 Interest receivable 153,473 32,687 34,405 187,878 32,687 186,160 34,405 220.565 Unrestricted fvnds 2022 Restr￿18& fvnds 2022 Totsl fvnds 2022 Investment income from lisled securit￿5 Interest receiv8ble 83,597 83,597 25,602 25,602 83,597 25,602 109, 199 Other incoming resources Unrostrictgd funds 2023 Total funds 2023 Rentsl inwme B￿MasS ir￿orne Membership fees Domestic services Other income 234.952 153.901 101,267 50.398 226.479 234,952 153,901 101.267 50,398 226,479 766.997 766.997 Page 32 WORTH ABBEY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 Other Incomlng resources Icontlnuad} Unrestn¢led funds 2022 Total lunds 2022 Rental income Blomass Income Membership fees Domestic services Other income 196,344 137.731 80,980 61.464 98, 161 196.344 137, 731 80,980 61,464 98,161 574,680 574,680 10. Expenditure on raising funds Costs of raising voluntary incom• Unrestrtctod Rostricted funds funds 2023 2023 Total funds 2023 Investment management fees Marketlng - staff costs Marketing - olhgr Other costs- staff Other costs- other Other costs- depreCIat￿n 338 9,092 9,430 236,385 352.376 288,960 318.254 27.560 236,385 352,376 288,960 318,254 27.560 1,223,873 9,092 1,232,965 Page 33 WORTH ABBEY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 10. Expenditure on raising fund8 (continued) Unr8stricted fvnds 2022 RestriGtgd fvnds 2022 Total funds 2022 Investmenl management fees Marketing- staff costs Marketing - other Other Costs - staff Other cosls - other Other costs - d8pr8aation 13,356 195,877 257.766 281.983 215,085 25,382 13,806 27.162 195,877 257. 766 281.983 215,085 25,382 989,449 13,806 1,003,255 11. Analysi$ of expondituro on Gharitablo aGtivitiOS Summary by fund type Unrestrlcted Restrict•d funds fund$ 2023 2023 Total 2023 Advancemenl of education AdvanGemenl of religion Outreach Peru Other charitable activities 18,519,663 1,404,565 141,33g 18,661,002 19,125 1.423.690 288.526 288,526 1,129 139.063 137,934 20,062,162 450,119 20,512,281 Page 34 WORTH ABBEY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 11. Analysls of exp8ndlturn on ¢harllablo a¢tivities (continued} Summary by fund typ• (conlinuodl Unrestricted funds 2022 Restricted fvnds 2022 Tolal 2022 Advancement of education Advancement of ￿ligIon Outreach Peru Other charitable aclivf(ies 15,367,141 Y.034,683 158.976 15,526,117 14774 1,050,457 302,337 302,337 5.040 87,684 82,644 16.484.468 482, 127 16,966.595 Summary by oxponditure typo Staff co$t$ Dopr¢¢iatlon Othgr costs 2023 2023 2023 Total 2023 AdvanTrment of religion Advancement of education OLrtreach Peru Other charrt8ble actlvitles 207,591 10,557,69) 1.062 157,983 1.046.966 1,058.116 1,423,690 7,056,346 18.661.002 287.464 288,526 42.159 139,064 96,904 10,766.343 1,301,853 8,444,085 20.512,281 Staff costs Deprecial￿n Other Gosts 2022 2022 2022 rotal 2022 Advancement of religion Advancement of education Outreach Peru Other charitable actlvities 212.793 9,355,877 847 196,001 817,397 641.663 1,050,457 5.352.843 15,526, It7 301,490 302,337 87,684 87,684 9,569,5t7 1,013.398 6.383,680 16.966.595 Page 35 WORTH ABBEY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 12. Auditorf8 remuneration 2023 2022 Fees payable lo the Charitys auditor for the audit of the Charitys annual accounts 42,684 38, 132 Fees payable lo the Chartys auditor in respect of.. Audrt4elaled assurance sefwces All non-audil seNices not included above 1.020 14,820 13. Staff costs Group 2023 Group 2022 Charlty 2023 Chanty 2022 Wages and salaries Social security costs Contribution to defined contribut￿n pension schemes 8.676.113 887,173 7.813,544 796,351 413,714 18.708 187.019 15,932 1.203.057 q, 155.499 14,800 10.690 10,766.343 9, 765,394 447.222 213,641 The average numbgr of persons gmployed by the Charty during the year was as follows: Group 2023 No. Group 2022 Charlty 2023 No. Ch8AIy 2022 Teaching & teaching support Wetfare Premises 120 112 60 36 Management, adrninistration & fundraising 70 278 10 Page 36 WORTH ABBEY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 13. Staff Gosts (Gontinuedl The number of employees whose employee benefits (excluding employer penslon costs) exceeded £60.000 was: Group 2023 Group 2022 In the band £60,001- £70,000 In the band £70,001- £80,000 In the band £80,001- £90.DOO In the band £90,001- £100,000 In the band £100,001- £110.0(KJ In the band £110,001- £120,OC() In the band £170,(XJ1- £180,oIxI In the band £180,001- £200,0(N) 17 21 22 39 of the above 12022.. 341 were members of a defined benefrt pension scheme. Total pension ontribulions payable for these employees amounted lo £548.363 (2022.. £493.8491 in the year. 8 of the above (2022.. 41 were members of a defined contribution penslon scheme. Total pension contributions payable for these employees amounted lo £58.96612022-. £28,902) in the year. The key management personnel received total remunerat￿ln for the year of £396,149 (2022.. £409.219). 1& Trust￿. rwnun•ralion and oxpgnso8 During the year, no Trustees Teceived any remuneration or other benefrts (2022 - £NILJ. During the year ended 31 August 2023, expenses lolalling £199 (2022 £Nil) for fo¢xl and travel expenditure We￿ reimbursed or paid direclly lo the Trustee5. Page 37 ) Ln as aj o *) ry e4 ffj Ill" ¥J s ¢£1 ti i o li" I J r ¢0 N *D ¢JJ Principal tyub8idiarie8 The followng companigs were also subsidiary undertakings of the Charity and are induded in the Gonsolidation= Nom Company number Principal actlvlty Class of Holdlng sharos Worth School 04476558 Advancement of education Planning and building Ordinary contractors General commercial Ordinary company Letting of lands and Ordinary buildings Ordinary 1000 Worth Abb8y Construction Limited 04074835 100• Worth Abb8y Projects Limited 04523776 Worth School Lettings Limited 13581948 Page 42 WORTH ABBEY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 16. Fixed asset invgstmonts (continued) The financial results of the sUbS￿larI@S for the year were: Names Incom• Expenditure Profltl{Lo$$) I Surplusl (Deflclt) for the yoar Net assgts Worth School Worth Abbey Construction Limited Worth Abbey Projects Limited Worth School Lellings Limited 20,455.187 90.681 305,320 708.233 19.331.890 90,681 297,280 708,233 1.123,297 4.737.103 1.000 {166,097) 8,040 The registered address for all subsidiaries listed above 15 Worth Abbey, Paddockhurst Road, Tumers Hill, Crthey, West Sussex. RH10 4SB. 17. Stocks Group 2023 Group 2022 Charity 2023 Charity 2022 General sto￿$ 251,570 204,778 1.078 1,864 The drfference be￿8￿ purchase price or production cost of stocks and their replacement ¢o$l is nol material. 18. Dobtor8 Group 2023 Group 2022 Charity 2023 Charity 2022 Duo wlthln one year Trade debtors Amounts owed by group undertaking$ Other deblors Prepayments and accrued Income Flnanclal Instruments School fees and extras less bad debt provislon 131,702 577,500 636,356 27,954 476,896 176,932 196.857 487,458 176,932 60.142 176,932 147,481 176,932 288,562 121.815 1,102,046 983,062 814,670 960.774 Page 43 WORTH ABBEY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 18. Dobtors {Gontinu¢d) Monies owed by Worth Abbey Construction are recoverable on demand and lent at commercial rates of interest. Monies owed by Worth Abbey Projects are recoverable on demand and are Interest f￿e. 19. Creditors: Amounts falllng due wlthln one year Group 2023 Group 2022 Charfty 2023 Cherity 2022 8ank loans School fees and extras received in advance Trade creditors AcCeptar￿e dewsils Amounts owed lo group undertakings Qlher taxation and so¢ial security Fee prepayments Other creditors Accnjals and deferred income 677,179 2.997.344 781,483 611,699 479.408 3,854.156 339,409 452.986 677,179 479,408 241,106 34,567 7.356,339 6,817 6,347.192 5.609 289,577 578,137 203,848 1.715,345 222.792 717, 161 201.903 982,080 4.186 409,628 172.782 7,854,612 7,249,895 8,695.255 7,039,558 Included in consolidated other creditors ar8 outstandirKJ pension Contribut￿n5 of £144,914 {2022.' £136,398). Amounts owed to Worth Abbey School are interest free and repayable on demand. 20. Creditors: Amounts falling due aftor more than one year Group 2023 Gr(wp 2022 Charlty 2023 Charlty 2022 Bank loans Fee prepayrnents A¢¢eptance deposlts 4,333,247 37,726 2,156.410 3,447,435 426,532 2.078,966 4,333,247 3,447,435 6,527.383 5,952,933 4,333,247 3,447,435 The Abbey also has three long term loans which are under monthly repayment5. Ong loan bears interest al base rate plus 2.2% and is due to be repaid in March 2030. The second loan bears inler&sl al base rale plus 2.5% and is due to be repaid in June 2036. The third loan bears interest at base rate plus 2.5'h and is due to be repaid in September 2027. Page 44 WORTH ABBEY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 21. Flnan¢ial instrumonts Group 2023 Grciup 2022 Charlty 2023 Charity 2022 Financial assets Financial assets measured at falr value through profit and loss Financial assets mgasured at amortised cost 176,932 4.872,027 176,932 199,727 4,627,707 458,554 4,627,707 5,048,959 458,554 376,659 Group 2023 Group 2022 Charity 2023 Charty 2022 Flnanclal Ilabllltles Financial li8bililies measured at amortised cost {14,360.560) (13.202,826) 113,027,843) (10,486, 774) Financial assets measured at fair value though profit and los$ comprise financial instnJmenl8. Financkgl assets measured at amortised cosl comprise ￿$h at bank, trade debtors and other debtors. Financk81 Ilabilllies measured al amortised cost ¢omprise bank loans. trade creditors, other Creditors and acLruals. Page 45 WORTH ABBEY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 statement of funds Slatement of funds - current year Balance at 1 September 2022 Balance at Gainsl 31 August (Losses) 2023 Transfers inlout Income Exp•nditur• Deslgnated funds Hardship Fund Malnlenanca and capltal fund8 Worth Soelety Fr￿ndS of Worth Abbey funds Brighlon Project Other furKIs (5,174) 5.174 1.884.059 126,989 23,171 727.321 27,523 6,787 1851,426) 1,656,953 {54,835) {53,737) (42) (37,793) (602) 2,689,586 138,821 4,034 730.279 31,485 9,012 66,667 34,600 3,OC 37,355 2.827 4,400 2,795,850 105,667 11,003,609) 1,705,309 3.603,217 General Funds 19,308,245 21,558,332 120,282,426) 4,518,869 1171.358) 24,931,662 Total Unrestrlcted funds 22,104,095 21,663,999 121,286,035) 6,224.178 (171,358> 28,534.879 Restricted funds Reslricled Funds all funds Bursary Fund Annual Fund Sport5 facilities Outreach Peru 113,475) 113,475) 1,036,482 5.047 1,031,623 1 S,708 12,151 648.885 6,248,998 25,474 63.048 81,912 14,6441 <￿,073> (50,940) 1288,526) 153,5451 12,SOO) 38,789 46,865 1,733 408,957 6th Form Centre Other Funds {6,248,998) 2,006 1 $,030 {25,028) 17.482 7.982.839 206.855 {459.211) {6.224,178) 151,812) 1,454,493 Total of funds 30.086,934 21,870,854 (21.745.246) {223,170) 29.989.372 Page 46 WORTH ABBEf NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 22. Statement of funds Icontlnuedl Slatement of funds- prlor year 8a18nce al I September 2021 Balan￿ al 31 Augusl 2022 Tronsfers in/oul Gains/ (Losses) Income Expenditu Deslgnated funds Hardship Fund Malnlenance an¢J capital funds Worth Society Friends of Worth Abbey funds Brlghton PrOJ￿t Other funds 123,483 (123.483) 723.399 109,565 35,286 633,023 75,889 (50.340) (46,415) (43.271) (3.361) (44,Q10) (947) 1,211,000 2,995 5,595 91,805 55,644 7,426 1.884.059 126,990 23,171 727,321 27,523 6,787 60,845 25,561 5,854 1.640.953 92.260 {188,344) 1,250,982 2.795,851 Genoral tund$ 19,256,672 18, 796,565 (17,285,574) (1,234,692) (224,727) 19,308,244 Total Unrestricted funds 20,897,625 18,888,825 (17,473,918) 16,290 f224,727) 22, 104,095 Re8trl¢t fund8 Bursary Fund Annual Fund Sports facilities Outreach Peru 6th Form Centre Other Funds 955,270 13,889 12, 151 962,883 6,323,730 22,574 733,854 80,337 f3,972) (74,768) (12,540) (3,750) (40.989) 1.031,623 75,708 12, 151 648,885 6.248,998 25,474 14.972 12,063 23,714 {309,583) (86, 795) (20,814) (19,387) 8.290.497 264.940 (495,932) (16,290) (60,376) 7.982,839 Total of funds 29, 188. t22 19, 153,765 (17,969,850) (285. 103) 30.086,934 Page 47 WORTH ABBEY NOTES TO THE FINANCIAL STATEMETrnS FOR THE YEAR ENDED 31 AUGUST 2023 23. Summary of funds Summary of funds- Gurrgnt ygar Balance at 1 Seplember 2022 Balance at Galnsl 31 August {Losses) 2023 Transfors Inlout Income Expendlture Designated funds General funds Reslricted furKIs 2,795.850 105.667 11.003.609) 1,705,309 19,308,245 21,558.332 {20,282,4261 4,518,869 7,982,839 206,855 (459,2111 (e,224,178) 3,603,217 (171.358) 24,931,662 (51,812) 1,454.493 30,086,934 21,870,854 {21,745,2461 (223.170> 29,98g.372 Summary of funds- prloryoar Balance al I September 2021 8al8fRce al 31 Augusl 2022 Transfers irp/out Galn (Losses) In¢ome Expenditure Designated funds General funds Restri¢led fvnrJ$ 1,640,953 92.260 (188,344) 1,250,982 2,795.851 19.256.672 18,796,565 (17,285,574) (1,234,692J (224, 727) 19,308,244 8,290,497 264,940 (495,932) (16,290J (60.376) 7,982,839 29,188. 122 19.153.765 (17,969,850) (285, f03J 30.086.934 2& Analysis of not assets between funds Analysis of not assets between funds- current year Unr•strictod Rgstrlctgd funds funds 2023 2023 Tthal funds 2023 Tangible fixed assets Flxed asset investments 34,292.595 3.160,636 5,463,643 17.854.612) (6,527,383) 34,292.595 4,545.664 5,533,108 17.854.612) 16.527,383) 1,385,028 69.46S Currenl assets Credltors due withSn one year Credltor8 du8 In more than one year Total 28,534.879 1,454,493 29.989,372 Page 48 WORTH ABBEY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 24. Analysls of net assets between funds {¢ontinuod) Analysls of net assets betwaèn funds - prior y•ar Unrestricled fvnds 2022 Restricled funds 2022 Total fvnds 2022 Tanglble flxed assets Fixed asset investments Current assets Creditors due within one yBar Creditors due In more than one year 26,374,865 3,323,557 5,608,500 (7,249.895) (5,952,933) 6, t96,465 32,571,330 1,531,863 4.855.420 254,511 5,863.011 (7,249,895) (5.952.933) Total 22,104,094 7,982,839 30,086.933 25. Roconclllatlon of net movement In funds to not cash flow from opor*ing activiti Group 2023 Group 2022 N8t incomelexp8ndilure for th8 year las per Slalement of Financial Aclivrtie81 {97,561) 898,813 Adjustments for.. Depreciation charges Galn81(losses} on Inv88tments Dlvldends, interests and rents from Investments Interest payable Profil on the sale of fixed assets Increase in stocks Increase in debtor5 Increase in cr&dllors Cur￿n¢Y translation galns and Investment fees 1.235,012 1,039,811 1283,416) 377,063 (220.565) (109, 199) 244,650 102,984 15,2811 (5,28t) (46.7941 (72,57t) 1118,9821 (463,088) 331,832 1.222.283 50,799 {67,387) Net cash provided by operating activities 1.089,694 2,923,428 Page 49 WORTH ABBEY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 26. Analysis of ¢ash and ¢￿h equivalents Group 2023 Group 2022 Cash in hand 4.179,492 4,675, 171 Total cash and cash •quival8nts 4.179,492 4,675, 171 27. Anal￿18 of ¢hang¢s in net debt At1 S•ptemb•r 2022 Cash flows Other non- cash At31 changos August 2023 Loan Now l¢>ans rgpayments Cash al bank and in hand Debt due wkhin 1 year Debt due after 1 year 4.675,172 (1.81 S,4201 1.500.000 1180,260) 4,179.492 1932,394) 180,260 {536,744) 11,288,878) (5.526,401) {1.500.0(M)I 536,744 16,489,657) {1.783,623) (1,815,420) 13,599,043) 28. Pension commitments The School parb"cipates in the Teachers. Pension Scheme IEngland and Wales) I'the TPS'} for ils leaching staff. The pension charge for the year includes contributions payable lo the TPS of £834,192 {2022- £870,203) and al th8 year-end £95,176 {2022.' £96,454) was accrued in resp9Ct of conlribJtlons lo this scheme. The TPS 15 an unfunded multi-employer deffned benefits pension scheme govemed by The Teachers, Pensions Regulations 2010 las amended) and The Teachers. Pensron Scheme Regulations 2014 las amended). Members contribute on a "pay as you go" basis with conlribub'ons from member5 and the employer being credited to the Exchequer. Retirement and other pension benefrts are paid by publlc funds provided by PaTliamenl. The employer contribution rate s81 by the Secretary of State following s¢heme valuations undertaken by the Gov8rnment Actua￿$ Department. The most recent actuanal valuats'on of the TPS wa5 prepared as at 31 March 2020 and the Valuation Report, which was publis￿ in October 2023. Followng the Mccloud judgement, the remedy proposed that when benefits become payable. ellgible member5 can select lo receive them from either the reformed or lega¢y s¢hemes for the period 1 Aprll 2015 10 31 March 2022. The actuaries have assumed that members are likely lo choose the option that provKles them with the greater benefits, and in preparing the 2020 valuation hav8 valued the 'grealer value, benefits for groups of relevant members. Page S) WORTH ABBEY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 28. Pension commitments {contlnuedl The valuation confirmed that the employer contribution rate for the TPS would increase from 23.6% to 28.6Vo from 1 April 2024. Emk4oyers are also required to P8y a scheme administration levy of 0.08% giving a lolal employer contribution rate of 28.68%. The charity makes defined contributions to a group personal pension scheme for ils norpleaching staff and new leaching staff not in TPS. Contributions lo this scheme in the year amounted to £354,06512022= 274.6061. Capltal commltm•nts At the yeaf end the Group had no capital eommilmenls. 0￿ratIng lèasa commitmants Commitments under operaliThJ leases lo make payments in the following year are anatysed below by the expiry dale of the leases concerned. Group 2023 Group 2022 Not later than 1 year Later than 1 year and not later than S yearyJ 149.607 167,177 129,428 65,557 316,784 194,985 Page 51 WORTH ABBEY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 31. Related paty tran8actlon8 Neither th& Tnjslees nor p8r90ns connecl&d wllh them reca￿ed any reMUneral￿n from the Abbey. The Trustees do however, in common with all other members of Worth Abbey's Monastic Community, receive benefits in kind in the fomi of paymènt by the Abbey for their general living expenses. These costs are not allocated b8twe8n individual members of the Communty as it would be impracticable lo do so. Trustees of Worth School r8ceived a totsl of £199 for fo(xJ and travel expenditure incurred whilst trav811ing on $¢hool busin8ss12022.. £Nill. The School enters into transactions wth parent governors. Th95e transaction5 occur on an arrn's length basis with independent consideratiDn of any bursaries and scholarships which may arise. Trustee Indemntty Insurance is included in the Abbey's insurance policy at no extra cost and covers those members of th8 Monastic Community serving as Trustees. The Worth Abbey Group operates in such a way that goods and services are often bought by on8 entity on behalf of another and then passed on at cost. As a result, dLtring the year Worth Abbey transacted with Worth School, Worth Abbey Construction Limited and Worth Abbey Projects Ltd. Worth School received goods and services from Worth Abbey valued al £1,441,217 (2022.. £3.391,176} in Ihg year ar¢d passed goods and services lo Worth Abb8y valued at £2,432,24712022.. £2.117.577) in the year. Goods and services valued at £358,99812022: £137,683) were transferred lo Worth Abbey Projects Ltd. In addition to these transactions, Worth School leased land ané buildings from Worth Abbey for £1,077,633 12022.. £1,028,276). Worth Abbey also purchased goods ané 5ervice5 from Worth Abbey Projects Ltd lo the value of £66,975 {2022.' £21,028) on a basis Ihat 15 equivalent lo that paid by other customers of Worth Abbey Projects Ltd. Page 52