Company registration number.. 04428832 Charity registration number". 1094098 Lee Abbey Movement (A company limited by guarantee) Annual Report and Financial Statements for the Year Ended 30 April 2024 WESTCOTTS CHARTERED ACCOUNTANTS & BUSINE$$ ADVISERS
Lee Abbey Movement Contents Trustees, Report 1to6 Independent Auditors, Report 7t010 Consolidated Statement of Financial Activities Consolidated Balance Sheet 12 Individual Balance Sheet 13 Consolidated Statement of Cash Flows 14 Individual Statement of Cash Flows 15 Notes to the Financial Statements 16to36
Lee Abbey Movement Trustees. Report The trustees, who are directors for the purposes of company law, present the annual report together wrth the financial statements and auditors, report of the charitable company for the year ended 30 April 2024. Objectives and activities The charitvs objects are the advancement of the Christian faith worldwide through the ministry of communities of Christians whose shared lives in the fellowship of the Holy Spirit communicate the love of God revealed in Christ Jesus. These objects are fulfilled through the activitieF of the Lee Abbey Movement itself and its three operating subsidiary charities: Lee Abbey Fellowship {aka Lee Abbey Devon), Lee Abbey International Students, Club (aka Lee Abbey London) and Lee Abbey Household Communities (aka Lee Abbey Small Missional Communities). The participation and prayer support of the Lee Abbey Friends continues to be a powerful tool for meeting these objects. Achievements and perforniance Revlew of Activltles and Achlevements The Council has continued to keep the governance structures introduced in 2006 under review and continues to be encouraged by the way in which the three subsidiary Boards work as constituent and contributing parts of the Movement. This has been due, in no small part, to the leadership of their Chairs.. Sandy Pepper (London), Andy Wooding Jones (SMCS) and David Widdows (Devon), and to the commitment and skills of Board members. Council wishes to put on record its sincere appreciation of the dedication. care and skill they all bring to their respective Boards. The supportive relationships Boards have with local management teams and communities, led by their respective leaders. is important in achieving successful outcomes. Movement All of the constituent parts of the Movement have been operating in a normal capacity; guests have been vrfelcomed in Devon, students welcomed in London and the Small Missional Communities continue to function well. As part of our ongoing management of the Movement and its constituent parts, Council and Board meetings were held. keeping the missional and financial status of the Movement under constant and appropriate review. The Communities of Lee Abbey, fomally Acknowledged by the Church of England (as multi-denominational Communities) continue to develop in all their diverse expressions. London (Lee Abbey Intemational Students Club) student occupancy in the hostel has retumed to pre-pandemic levels, resulting in a signfficant increase in regular income. To ensure the charities continuing financial sustainability we have continued to seek altemative sources of income, mindful always of our charitable objects and the Lee Abbey Movement's purpose to communicate Christ through relationships. Further detsils are available in the individual charities. trustees, annual report. Page 1
Lee Abbey Movement Trustees. Report Small Missional Communities (Lee Abbey Household Communitles) During the year, new members joined our communities and others left as part of the natural process of community evolution. The Small Missional Community established in Ford, Plymouth in conjunction with the Diocese of Exeter continued to operate well and the Aston and Knowle West communities continue to engage in mission in their local areas. Further details are available in the individual charities, trustees annual report. Devon (Lee Abbey Fellowship) This year Devon has been fully open and therefore able to carry out the core charitable objects of Conferen5. retreats, courses and Christian holidays. in the main House, Beacon, self-catering units and at the Camp. The estate and fami continue to be managed well, and several new initiatives and projects have been initiated. Further detai18 are available in the individual charities, tnjstees. annual report. Public benefft Lee Abbey Movem8nt is the holding charity of its three subsidiary charities. Its primary activty has been the oversight of its operating subsidiaries including the monitoring of their activities for public benefit. In monitoring those activities, the Council has kept well in mind the Charity Commission's general guidan on public benefit., and in particular its supplementary guidance on the advancement of religion and fee-charging. The beneficiaries of the charty include the members of all Communities as well as those whom we welcome in the name of Christ to stay either in Devon or in London and those who are served by the Household Communities. An important aspect of the ministry of the charity is an encouragement and equipping of members of Communities to grow in their Christian faith and to develop positive values, attitudes and skills and a lifelong commitment to show the love of God in Christ by seNing other people from any background or culture. They also obtain work skills as well as skills in ministry and worship that they can use in the future. The Council view our bursary schemes as important in ensuring that wherever possible all those who seek to benefit from the mission who would othenmise not be able to afford the fees are able to come to Lee Abbey. In 2024 bursaries amounting to £120,366 (2023 £94,966) were given. Bursaries are considered following application to the Warden in Devon and the Director in London. The Lee Abbey Movement has made a number of direct grants in carying out its charitable purposes during the year. Most of the grants have been made to its three subsidiaries to assist them in fulfilling their charitable objectives for the benefft of the public in the particular ways specified in their Trustees, reports. The Council considers that each of these grants has been for the benefit of the public within the guidelines issued by the Charity Commissioners. Going Concern All of the constituent parts of the Movement have been operating in their usual capacty., guests have been welcomed in Devon, students welcomed in London and the Small Missional Communities ontinue to function well. As part of our ongoing management of the Movement and its constituent parts, Council and Board meeting were held, keeping the missional and financial status of the Movement keep under constant and appropriate review. Page 2
Lee Abbey Movement Trustees, Report The Trustees continue to take the necessary management actions to ensure the charity's activities continue to flourish. They have determined that when the accounts were prepared there was not material uncertainty that casts significant doubt on the charitys ability to continue as a going concem for the foreseeable future. Financial review The Lee Abbey Movement itself not including the activities of ts subsidiaries made a surplus of £38,773 (2023 £119,876) on unrestricted funds restricted funds for the year. Overall the cash position of the Movement remains very solid vthich enables appropriate levels of reserves and cash to cover other requirements to be held in accordance with good governance praCtiS. Principal Funding Sources The Lee Abbey Movement's principal funding sources continue to be Friends. donations and contributions from our subsidiary charities. We continue to be grateful to The Lee Abbey Friends for donations amounting to £130.389 (2023 £223.187). Reserves The running costs of The Lee Abbey Movement are financed by contributions from our subsidiary charities. As such the charity requires only minimal unrestricted reserves. Investment Powers, Policy and Performance Under the Memorandum and Articles of Association the charity has power to make any investment which the Trustees think frt. Plans for future perlods The Council is continuing to develop and implement ts strategic Plan 'lnterpreting the Lee Abbey Vision for Todav. The headlines of which are: Our purpose: To enable all people to encounter the living Christ Our Vision: Communicating Christ through relationships - Our Goal: To reach out to offer God's welcome in Devon, London and the SMC'S Our Strategic Priorities: The advancement of the Christian faith through the ministry of Communities Our Enabling Priorities: Implementation and Operational Plan Details The Boards of the subsidiary charities are considering how they should develop their own plans viithin this overall approach. The overall plan will also be supported by a number of enabling plans such as Mission Plan. Communications Plan and Governan Plan. Senior Management The Council has delegated the day to day management of the operations of the charity to the Executive Chair and Secretary of the Council. Page 3
Lee Abbey Movement Trustees. Report Appointment of Trustees As set out in the Articles of Association the Council may appoint a person who is willing to act to be a trustee either to fill a vacancy or as an addrtional trustee. A Council member so appointed will hold office only until the next Annual General Meeting. Trustee Induction and Training New trustees are encouraged to spend time with the Executive Chair of Council, who will guide them through the induction prOsS which includes visits to the operational charities and time with their senior management teams. Organisation The Council administers the charity and sets up sub-committees and working groups as necessary. The Council has delegated the day to day management of the subsidiary charities to the Local Boards of Trustees and their senior management teams. Grant Maklng Policy The Trustees view our bursary schemes as important in ensuring that wherever possible all those who seek to benefit from our mission who would otherwise not be able to afft)rd the fees are able to come to Lee Abbey in Devon or London Governance and Internal Control Careful consideration continued to be given to risk management. Risks are categorised according to potential severity and their likety incidence. The levels of risks are regularly reviewed and procedures to mitigate those risks are set in place. In addttion to its continued oversight of health and safety matters. the Board also regularly monitors safeguarding F)olicy and procedures (both for young people and for vulnerable adults) in all aspects of its charitable activities. The Board has instructed external auditors to assist it with such oversight and monitoring. Page 4
Lee Abbey Movement Trustees. Report Reference and Administrative Detalls Charity Registration Number.. Company Registration Number.. 1094098 04428832 The charity is incorporated in England and Wales. Lee Abbey Lynton Devon EX35 6JJ Registered Offi. Trustees and Officers The trustees and officers serving during the year and since the year end were as follows: Trustees.. Revd Canon Dr G R Cappleman. (Chair) SrSPBerry S M Edmondson DrMAPaul ProfA A Pepper Revd P A V Rossum (resigned 6 December 2024) Revd J H Simmons (resigned 20 September 2024) Revd D C R Widdows Revd M R Eastwood Dewing PJPark The Ven A Wooding Jones Secretary: Auditor- CLC Secretarial Services Limited Westcotts (SW) LLP 47 Boutport Street Bamstaple Devon EX311SQ Bankers". National Westminster 41 High Street Barnstaple Devon EX31 1BZ Solicitors.. Carter Lemon Camerons LLP 3rd Floor, 20 King Street London EX2V 8EG Page 5
Lee Abbey Movement Trustees. Report Statement of trustees. responslbilities The trustees (who are also the directors of Lee Abbey Movement for the purposes of company law) are responsible for preparing the trustees, report and the financial statements in accordan with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland" Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the sL*e of affairs of the parent charitable company and the group and of the incoming resources and application of resources. including its income and expenditure, of the charitable group for that period. In preparing these financial statements, the trustees are required to= select suitable accounting policies anrj apply them consistently- observe the methods and principles in the Charities SORP. make judgements and estimates that are reasonable and prudent; state whether applicable accounting standards, comprising FRS 102 have been followed, subject to any material departures disclosed and explained in the financial statements; and prepare the financial statements on the going concem basis unless it is inappropriate to presume that the parent charitable company will continue in business. The trustees are responsible for keeping proper accounting records that can disclose with reasonable accuracy at any time the financial position of the parent charitable company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the parent charitable company and the group and hence for tsking reason8ble steps for the prevention and detection of fraud and other irregularities. The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation goveming the preparatton and dissemination of financial statements may differ from legislation in other jurisdictions. Disclosu of information to auditor Each trustee has taken steps that they ought to have taken as a trustee in order to make themselves aware of any relevant audit information and to establish that the charity's auditor is aware of that infomiation. The trustees confirm that there is no relevant infomiation that they know of and of which they know the auditor is unaware. The annual report was approved by the trustees of the charity on behalf by.. and signed on its evd Canon D Chairman and R Cappleman rugtee Page 6
Lee Abbey Movement Independent Auditor's Report to the Members of Lee Abbey Movement Opinion We have audited the financial statements of Lee Abbey Movement (the 'charitable parent companw) and its subsidiaries {the 'group') for the year ended 30 April 2024, which comprise the Consolidated Statement of Financial Activities, Consolidated Balance Sheet, Individual Balance Sheet, Consolidated Statement of Cash Flows, Individual Statement of Cash Flows and Notes to the Financial Statements, including a summary of signrficant accounting policies. The financial reporting framework that has been applied in their preparation is United Kingdom Accounting Standards, comprising Charities SORP FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and applicable law (United Kingdom Generally Accepted Accounting Practi}. In our opinion the financial statements: give a true and fair view of the state of the group's and parent charity's affairs as at 30 April 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended., have been properly prepared in accordan with United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with Intemational Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are rel8vant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance wf(h these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relatlng to golng concern In auditing the financial statements, we have concluded that the trustees use of the going concem basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, Nve have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's ability to continue as a going concern for a period of at least bNelve months from when the original financial statements were authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other information The trustees are responsible for the other infomiation. The other infonnation comprises the inforniation included in the annual report, other than the financial statements and our auditorfs report thereon. Our opinion on the financial statements does not cover the other information and. except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Page 7
Lee Abbey Movement Independant Auditor's Report to the Members of Lee Abbey Movement In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other infomiation is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other infornation. If, based on the work we have performed, we conclude that there is a material mi55tatement of this other infomiation, we are required to report that fact. We have nothing to report in this regard. Opinion on other matter prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the infornation given in the and Trustees, Report for the financial year for which the financial statements are prepared is consistent with the financial ststements,. and the and Trustees, Report have been prepared in accordance wtth applicable legal qUirements. Matters on which we are required to port by exceptlon In the light of our knowledge and understanding of the group and the parent charitable company and its environment obtained in the course of the audit, y have not identified material mtsstatements in the and the Trustees, Report. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion- adequate accounting records have not been kept by the parent charitsble company, Dr returns adequate for our audit have not been rec8ived from branches not visited by us,. or the parent charitable company financial statements are not in agreement with the accounting records and returns,. or certain disclosures of trustees remuneration specified by law are not made,. or we have not received all the information and explanations we require for our audit. Responsibilities of trustees As explained more fully in the Statement of trustees, responsibilities (set out on page 6), the trustees are sponsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity's abilty to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. Page 8
Lee Abbey Movement Independent Auditorfs Report to the Members of Lee Abbey Movement Audltor responslbilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are fe from material misstatement, whether due to fraud or error, and to issue an auditorfs report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: We identified areas of law and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience and through discussion with the trustees and other management. We communicated identified laws and regulations throughout our team, and remained alert to any indications of non- compliance throughout the audit. The charity is subject to laws and regulations that govern the preparation of the financial statements, including financial reporting legislation. and other companies legislation. The charity is also subject to other laws and regulations where the consequences of nonwcompliance could have a material impact on the amounts or disclosures within the financial statements, including employment, anti-bribery, anti-money laundering and certain aspects of companies legislation. ing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. In any audit, there remains a higher risk of non-detection of irreguladities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. As part of an audit in accordance wrth ISAS {UK), y exercise professional judgement and maintain professional 8ptICisM throughout the audit. We also: Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and approprtate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery. intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstsnces, but not for the purpose of expressing an opinion on the effectiveness of the group's intemal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees. Page 9
Lee Abbey Movement Independent Auditor's Report to the Members of Lee Abbey Movement Conclude on the appropriateness of the trustees use of the going concem basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group's or the parent charitable companWs ability to continue as a going concern. If Y conclude that a material uncertainty exists, we are required to draw attention in our auditorfs report to the related disclosures in the financial statements or, rf such disclosures are inadequate, to modfy our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditorfs report. However, future events or conditions may cause the group or the parent charitable company to cease to continue as a going cOnrn. Evaluate the overall presentation, structure and content of the financial statements, including the disclosure5, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with govemance regarding, among other matters. the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit Use of our report This report is made solely to the charitable parent company's trustees, as a body, in 8ccordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the group's trustees those matters we are required to state to them in an auditorfs report and for no other purpose. To the fullest exient pemitted by law, we do not accept or assume responsibility to anyone other than the charitable parent company and its trustees as a body, for our audit work, for this report. or for the opinions we have fomied. David Cresswell BA CA (Senior StatLrtory Auditor) For and on behalf of Westcotts (SW) LLP. Statutory Auditor 47 Boutport Street Bamstaple Devon EX311SQ Page 10
Lee Abbey Movement Consolidated Statement of Financial Activltles for the Year Ended 30 April 2024 (Including Consolidated Income and Expenditure Account and Statament of Total Recognised Gains and Losses) Unrestricted funds Restrlcted funds Total 2024 Totsl 2023 Note Income and Endowments from" Donations and legacies Charitable activities Other trading activities Interest on cash deposits Totsl income 525.105 4,350,779 86,765 77,062 80,853 605,958 4,350,779 86,765 77,062 768,055 4,034.025 81,579 13,912 5.039,711 80,853 5,120,564 4.897,571 Expenditure on: Raising funds Charitsble activities Other expenditure (58,814) (4.294,766) 5,100 158,814) (4,360,105) 5,100 (30.864) (4,087.135) {65,339) Total expenditure (4,348,480) (65,339) 4,413,819) (4,117,999) Net income Transfers between funds 691,231 11,168 15,514 {11,168 706,745 779,572 Net movement in funds 702,399 4,346 706,745 779.572 Reconclllation of funds Total funds brought forward Total funds carried forward 20 10,063.391 191,021 10,254,412 10,981,157 9,474,840 10,765,790 195,367 10,254,412 All of the group's activities derive from continuing operations during the above periods. The funds breakdown for 2023 is shown in note 20. The notes on pages 16 to 36 form an integral part of these financial statements. Page11
Lee Abbey Movement (Registration number: 04428832) Consolidated Balance Sheet as at 30 April 2024 2024 2023 Note Fixed assets Tangible assets 15 9,987,117 10,098,958 Current assets Stocks Debtors Cash at bank and in hand 16 17 117,991 194.507 3,028.071 118,892 108,404 2.766,108 3,340.569 2.993,404 cditors. Amounts falling due within one year Net current assets 18 (1,415,845) (1.351,741) 1.924,724 1.641.663 Total assets less current Ilabllities 11,911,841 11.740,621 Creditors: Amounts falling due after more than one year 19 Net assets (950,684) 10,961,157 1,486,209) 10,254,412 Funds of the group: Restricted income funds Restricted funds 195,367 191,021 Unrestrlctsd income funds Designated Funds General Funds 7,857,073 2,908,717 7,774,101 2,289,290 Total unrestricted funds 10,765,790 10,C63.391 Total funds 20 10,961.157 10,254,412 The financial statements on pages 11 to 36 were approved by the trustees, and authorised for issue onb.l.ia%*- ... and signed on their behalf by.. ev Cano Chaimian r G R Cappleman nd trustee The notes on pages 16 to 36 form an integral part of these financial statements. Page 12
Lee Abbey Movement (Registration num ber: 04428832) Individual Balance Sheet as at 30 Aprll 2024 2024 2023 Note Current assets Debtors Cash at bank and in hand 17 1,238,698 287,425 1,417,819 657,681 2,075,500 (299,868) 1,526,123 Creditors: Amounts falling due wlthln one year Total assets less current liabilities 18 (245,350) 1,280,773 1,775,632 {1,486,209} 289,423 Creditors: Amounts falling due after more than one year 19 (952,577 328,196 Net assets Funds of the charlty: Unrestrictsd incom8 funds Unrestricted funds 328,196 289,423 Total funds 20 328,196 289,423 The financial statements on pages 11 to 36 were approved by the trustees, and authorised for issue on .tylJgxi. .. and signed on their behalf by: evd Canon Chairman GRCapp d trustee eman The notes on pages 16 to 36 fom an integral part of these financial statements. Page 13
Lee Abbey Movement Consolidated Ststement of Cash Flows for the Year Ended 30 April 2024 2024 2023 Note Cash flows from 0ratIng activities Net cash income 706.745 779,572 Adjustments to cash flows from non-cash items Depreciation Investment income 426,102 (77,062) 405,776 13,912) 1,171,436 1,055,785 Working capitsl adjustments Decrease in stocks Increase in debtors Increase in creditors 16 17 18 901 (86,103) 115,020 32,626 (35.947) 400,728 Net cash flows from operating activitses Cash flows from Investing activities Interest reIvable and similar income Purchase of tangible fixed assets Net cash flows from investing activities Cash flows from financing actlvltles Repayment of loans and borrowings Net increase in cash and cash equivalents Cash and cash equivalents at 1 May Cash and cash equivalents at 30 April 1,085,603 1,568,843 77,062 314,261) 13,912 (98,634) 15 (237.199) (84,722) 18 (586,441) (583,270) 261,963 900,851 2,766,108 3,028,071 1,865,257 2,766,108 All of the cash flows are derived from continuing operations during the above two periods. The notes on pages 16 to 38 form an integral part of these financial statements. Page 14
Lee Abbey Movement Individual Statement of Cash Flows for the Year Ended 30 April 2024 2024 2023 Nots Cash flows from operating activitles Net cash income 38,773 119.876 Adjustments to cash flows from non-cash items Investment income (5,177) 33,596 1.518) 118.358 Working capital adjustments Decrease in debtors (Decrease)lincrease in creditors 179,121 (3,602) 540,181 7.917 18 Net cash flows from operating activities Cash flows from investing activities Interest receivable and similar income 209,115 666,456 5,177 1,518 Cash flows from financing activltles Repayment of loans and borrowings Net (decrease)lincrease in cash and cash equivalents Cash and cash equivalents at 1 May Cash and cash equivalents at 30 April 18 {584,548) (625,173) (370,256) 657,681 42,801 614,880 287,425 657,681 All of the cash flows are derived from continuing operations during the above periods. The notes on pages 16 to 36 forni an integral part of these financial statements. Page 15
Lee Abbey Movement Notes to tha Financial Statements for the Year Ended 30 April 2024 1 Charity status The charity is limited by guarantee, incorporated in England and Wales. and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exc&ding £Nil towards the assets of the charity in the event of liquidation. The address of its registered office is.. Lee Abbey Lynton Devon EX35 6JJ 2 Accounting policies Summary of significant accounting policies and key accounting estlmates The principal accounting policies applied in the preparation of these financial statements are $8t out below. These policies have been consistently applied to all the years presented, unles5 Otherwise stated. Statement of compllance The financi81 statements have been prepared In accordance with Accounting and Reporting by Charities: Statement of Recommended Practice (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)) (issued in October 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Basis of preparatlon Lee Abbey Movement meets the definition of a public benefit entty under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes. Basis of consolidation The consolidated financial statements consolidate the financial statements of the charity and its subsidiary undertakings drawn up to 30 April 2024. No ststement of financial activities is presented for the charity as permitted by section 408 of the Companies Act 2006. The charity made a surplus after tsx for the financial year of £38.773 (2023 - surplus of £119.876). Page 16
Lee Abbey Movement Notes to the Financial Ststsments for the Year Ended 30 Aprll 2024 A subsidiary is an entity controlled by the charity. Control is achieved where the charity has the power to govern the financial and operating policies of an entty so as to obtain benefits from its activities. The results of subsidiaries acquired or disposed of during the year are included in the statement of financial activities from the effective date of acquisition or up to the effective date of disposal. as appropriate. Where necessary, adjustments are made to the financial Statements of subsidiaries to bring their accounting policies into line with those used by the group. The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any eX$S of the cost of the business combination over the acquirer's interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill. Inter-company transactions, balances and unrealised gains on transactions been the charity and its subsidi8ries, which are related parties, are eliminated in full. IntrarOup losses are also eliminated but may indicate an impaimient that requires recognition in the consolidated financial statements. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group's equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholderfs share of changes in equty since the date of the combination. Total comprehensive income is attributed to non-controlling interests even if this results in the non-controlling interests having a deficit balance. Going concern The trustee5 consider that there are no material uncertainties about the group's abilty to continue as a going concem nor any significant areas of uncertainty that affect the carrying value of assets held by the group. Income and endowments All income is recognised once the charity has entiuement to the income, it is probable that the income will be received and the amount of the income receivable can be measured reliably. Page 17
Lee Abbey Movement Notes to tha Financial Statements for the Year Ended 30 April 2024 l)onadons and legaelés t)onations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the charity before the charrty is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting perrod. Legacy gifts are recognised on a case by case basis following the grant of probate when the administratorlexecutor for the estate has communicated in writing both the amount and settlement date. In the event that the gift is in the form of an asset other than cash or a financial asset traded on a recognised stock exchange. recognition is subject to the value of the gift being reliably measurable wtth a degree of reasonable accuracy and the title to the asset having been transferred to the charity. Grants receivable Grants are recognised when the group has an entiuement to the funds and any conditions linked to the grants have been met. Where perf0mlan conditions are attached to the grant and are yet to be met, the income is recognised as a liabilty and included on the balan sheet as deferred income to be released. Investment Income Dividviids 8fv i ecogi ii3ed G-, the dividend due. e the %•ividep.A has b=8n dAp!ared And notifipatiOD. has be.pn received of Expenditure All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Other support costs are allocated based on the spread of staff costs. Raising funds These are costs incurred in attracting voluntary income, the management of investments and those inCued in trading activities that raise funds. Charitable activities Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated d1CtlY to such activittes and those costs of an indirect nature necessary to support them. Grantpmvisions Provisions for grants Sre made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the grant or the amount of grant payable. Page 18
Lee Abbey Movement Notes to the Financial Statements for the Year Ended 30 April 2024 Support costs Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage. Taxation The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the exient that such income or gains are applied exclusively to charitable purposes. Tangible flxed assets Individual fixed assets are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Depreciation and amortlsation Depreciation is provided on tangible fixed assets so as to wrtte off the cost or valuation. less any estimated residual valu8, over their expected useful economic life as follows.. Asset class Land and buildings Major buildings improvements Fixtures, fittings and equipment Motor vehicles Depreciation method and rate 10-50 years straight line 10-15 years 4-20 year straight line 4 years straight line Stock Stock is valued at the lower of cost and estimated selling price less costs to complete and sell, after due regard for obsolete and slow moving stocks. Cost is determined using the first-in, first-out (FIFO). Cash and cash equivalents Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. Borrowings Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the differen between the proceeds. net of transaction costs, and the amount due on redemption being COgnised as a charge to the Statement of Financial Activities over the period of the relevant borrowing. Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges. Borrowings are classified as current liabilities unless the charity has an unconditional right to defer settlement of the liability for at least hvefve months after the reporting date. Page 19
Lee Abbey Movement Notes to the Financial Statements for the Year Ended 30 April 2024 Fund structure Unrestricted income funds are general funds that are available for use at the trustees discretion in furtherance of the objectives of the group. Designated funds are unrestricted funds set aside for specific purposes at the discretion of the trustees. Restricted income funds are those donated for use in a particular area or for specific purposes. the use of which is restricted to that area or purpose. Pensions and other post retirement obligations The Lee Abbey Movement participates in the Pension Builder Scheme section of the CWPF for lay staff. The Scheme is administered by the Church of England Pensions Board, which holds the assets of the schemes Separate from those of the Employer and the other participating employers. The Church Workers Pension Fund has a section knovm as the Defined Benefrts Scheme, a deferred annuity section known as Pension Builder Classic and a cash balan section known as Pension Builder 2014. The Pension Builder Scheme of the Church Workers Pension Fund is made up of sections, Pension Builder Classic and Pension Builder 2014. both of which are classed as defined benefrt schemes. Pension Builder Classic provides a pension for members for payment from retirement, accumulated from contributlons paid and converted into a deferred annuity during employment based on tems set and reviewed by the Church of England Pensions Board from time to time. Bonuses may also be declared, depending upon the investment returns and other factors. Pension Builder 2014 is a cash balance scheme that provides a lump sum that members use to provide benefits at reitirement. Pension contributions are recorded in an account for each member. This account may have bonuses added by the Board before retirement. The bonuses depend on investrnent experience and other factors. There is no requirement for the Board to grant any bonuses. The account, plus any bonuses declared, is payable from members, Nomial Pension Age. There is no sub-division of assets bebNeen employers in each section of the Pension Builder Scheme. The scheme is considered to be a rnulti-employer scheme as described in Section 28 of FRS 102. This is because it is not possible to attribute the Pension Builder Scheme's assets and liabilities to specific employers and that contributions are accounted for as if the Scheme were a defined contribution scheme. A valuation of the scheme is carried out once every three years. The most recent scheme valuation completed was rried out as at 31 December 2016. This revealed. on the ongoing assumptions used. a surplus of £0.5m. There is no requirement for deficit payments at the current ts"me. Pension Builder 2014 will be valued in relation to the lump sum payable to members at normal pension age. There are no annual pension benefits. Pension Builder 2014 commenced in February 2014 so the first full valuation of that section will be carried out at the next CWPF valuation date, 31 December 2016. Page 20
Lee Abbey Movement Notes to the Flnancial Ststements for the Year Ended 30 April 2024 Financial instruments Classification Financial assets and financial liabilities are recognised when the group becomes a party to the contractual provisions of the instrument. 'Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instnjment is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities. Recognition and measurement All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is nomially the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction. the financial asset or financial liabilty is measured at the present value of the future payTnents discounted at a market rate of interest for a similar debt instrument. Financial assets and liabilities are only offset in the statement of financial position when, and only when there exists a legally enforceable right to set off the recognised amounts and the group intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously. Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled. b) the group trdnsfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the group, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party. Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires. 3 Income from donations and legacies Unrestricted fund5 General Restricted funds Total 2024 Donations and legacies., Donations from individuals Legacies 365,090 160,015 80,853 445,943 160,015 525,105 80,853 605,958 Page 21
Lee Abbey Movement Notes to the Financial Statements for the Year Ended 30 April 2024 Unrestrlcted funds General Restricted funds Total 2023 Donations and legacies; t)onations from individuals Legacies Grant5. including capital grants" Grants from other charities 484,032 215,277 66,746 550,778 215.277 2,000 2,000 768.055 699,309 68,746 4 Income from charitable activities Unrestrlcted funds General Total 2024 Camp fees - Fellowship Beacon fees - Fellowship Self catering House and sundry fees- Fellowship Fees - LAISC Estate income- Fellowship Sundry income Discounts receivable 30,203 686,942 95,437 1,554,133 1,839,443 113,309 30,849 463 30,203 686.942 95.437 1,554,133 1,839,443 113.309 30,849 463 4,350,779 4,350,779 Unrestricted funds General Total 2023 Camp fees- Fellowship Beacon fees - Fellowship Self catering House and sundry fees- Fellowship Laundrette income- LAISC Fees - LAISC Estate incom& Fellowship Sundry income Discounts receivable 28,936 634,659 119,841 1,450,267 960 1.670,344 88,738 39.846 434 28.936 634.659 119.841 1,450,267 960 1,670,344 88,738 39.846 434 4,034,025 4,034,025 Page 22
Lee Abbey Movement Notes to the Flnancial Statements for the Year Ended 30 April 2024 5 Income from other trading actlvltles Unrestricted funds General Total 2024 Trading income; Sales of goods and services Other trading income Propety rental income 18,340 59,491 8,934 86.765 18.340 59,491 8,934 86,765 Unrestricted funds General Total 2023 Trading income; Other trading income Property rental income 45,014 36,565 45,014 36,565 81,579 81,579 6 Investment income Unrestricted funds General Totsl 2024 Interest receivable and similar income; Interest receiv8ble on bank deposits 77,062 77,062 77.C62 77,062 Unrestrfcted funds General Total 2023 Interest re1vable and similar income. Interest receivable on bank deposits 13,912 13,912 13,912 13,912 Page 23
Lee Abbey Movement Notes to the Financial Statements for the Year Ended 30 April 2024 7 Expenditure on rnlslng funds a) Costs of trading activities Unrestricted funds General Total funds Note Costs of goods sold 58,814 58.814 Total for 2024 58,814 58,814 Total for 2023 30,864 30,864 Page 24
Lee Abbey Movement Notes to the Financial Statements for the Year Ended 30 April 2024 8 Expendlture on charitable activities Unrestricted funds Designated General Restricted funds Totsl 2024 Charitable Activities Depreciation, amortisation and other similar costs Grant funding of activities Staff costs Allocated support costs 2,300,756 4,007 2.304,763 253,684 172,417 120,396 758,248 689,265 4,041,082 426.101 120.396 819,580 689,265 61,332 253.684 65,339 4.360,105 unstrICted funds Designated General Restricted funds Total 2023 Charitable Activities Depreciation, amortisation and other similar costs. Grant funding of activities Staff costs Allocated support costs 2,164,481 4,472 2,168,953 231.437 174,339 46,331 720,863 680,321 405,776 94,966 737,119 680,321 48,635 16,256 231,437 3,786,335 69,363 4,087,135 9 Other expenditure Unrestricted funds General Total funds Note Depreciation, amortisation and other similar costs (5,100) 5,100) (5.100) (5,100) Total for 2024 Page 25
Lee Abbey Movement Notes to the Financial Statements for the Year Ended 30 April 2024 10 Analysls of support costs Charitable activities expenditure Unrestricted funds General Total 2024 Total 2023 Staff costs Insurance Travelling Office Expenses Other Support Costs Professional fees Auditors remuneration Legal and Professional fees Promotion costs Actmty Administration Other office expenses Bank Charges Gratuities Communication and IT Administration VAT Adjustment Comrnunity Sundry costs 159,246 110,780 10,947 27.468 12.941 7,115 33,778 12,145 35,432 159.246 110.780 10,947 27,468 12,941 7,115 33,778 12,145 35,432 134,269 90,369 13,404 31,527 108,118 33,067 21,790 92,676 40.830 24.004 2,411 22,558 65,298 2,732 108,031 66,253 107,663 2,914 (13,282) 5,102 689,265 2,732 108,031 66,253 107,663 2,914 (13,282) 5,102 689,265 680.321 11 Net incomingloutgoing resources Net incoming resources for the year include: 2024 2023 Audit fees Depreciation of fixed assets 33,778 426,101 32,085 405,776 12 Trustees remuneration and expenses Trustees Honoraria - £6.000 (2023 - £6,000). Travel expenditure of £8,916 (2023 - £12,616) was reimbursed to the Trustees. Page 26
Lee Abbey Movement Notes to the Financial Statements for the Year Ended 30 April 2024 13 Stsff costs The aggregate payroll costs were as follows: 2024 2023 Wages, salaries and community allowances Social security costs Pension costs 684,953 54,301 80,326 819,580 623,612 42,175 71,332 737,119 The average number of full-time equivalents during the year, was as follows.. 2024 No 67 25 2023 No 63 25 Fellowship Intemational Students, Club Movement Household Communities 96 91 No employee received emoluments of more than £60,000 during the year. {2023.' None) Page 27
Lee Abbey Movemant Notss to the Financial Statements for the Year Ended 30 April 2024 14 Taxatlon The group is a registered charity and is therefore exempt from taxation. 15 Tangible fixed assets Group Fumiture and equipment Land and buildings Motor vehicles Total Cost At 1 May 2023 Additions 14,754,356 161,340 3,026,630 145.921 161,153 17,942,139 7,000 314,261 At 30 April 2024 14,915,696 3,172,551 168,153 18,256.400 Depreciation At 1 May 2023 Charge forthe year At 30 April 2024 5,303,040 253,684 2,401,118 168.477 139,023 7,843,181 3,941 426,102 5,556,724 2,569,595 142,964 8,269,283 Net book value At 30 April 2024 9,358.972 602,956 25,189 9.987,117 At 30 April 2023 9,451.316 625,512 22,130 10.098,958 The Freehold Land and Buildings held by the Lee Abbey Fellowship indudes freehold land with a book value of £165,000. Freehold Land and Buildings held by Lee Abbey Intemational Students Club are included at their 1989 valuation plus additions to date. The 1989 valuation was made at an open market value based on a continuing existing use. The Freehold Land and Buildings held by the Lee Abbey International Students Club includes freehold land with a book value of £1,300,000. Depreciation is not charged on freehold land. The Charty has no fixed assets with a net book value. 16 Stock Group 2024 Charity 2024 2023 Household, estate and goods ft)r resale 117,991 118,892 Page 28
Lee Abbey Movement Notss to the Financial Ststements for the Year Ended 30 April 2024 17 Debtors Group 2024 Charity 2024 2023 2023 Trade debtors Due from group undertakings Prepayments other debtors 39.578 46,030 1,232,157 6,541 1.417,819 48.952 105,977 61,679 695 194,507 108,404 1,238.698 1.417,819 18 Creditors: amounts falllng due within one year Group 2024 Charity 2024 2023 2023 Bank loans Trade creditors Payments on account other taxation and social security Other creditors Accruals 233,600 211,090 579,263 284,516 153,645 483,363 233,600 284,516 13,340 308,841 69,711 14,478 325,518 90,221 11,750 1,415,845 1,351.741 245,350 299,868 The bank loan is secured by a charge over the freehold properties owned by the Lee Abbey Intemational Students Club and is repayable over a period ending on30 April 2029. 15,352 The bank loan is over a fifteen year temi and carries an interest rate of 2.18 /D above the base rate. In additional to the usual monthly payments a further £400,000 was repaid in the year. The Charity also took advantage of a CBILS loan during the Coronaviru5 pandemic. £400,000 was borrowed in December 2020. Repayments commenced in December 2021 and the interest rate is set at 3.260h. Page 29
Lee Abbey Movement Notss to the Financial Statements for the Year Ended 30 April 2024 19 Creditors: amounts falling due after one year Group 2024 Charlty 2024 2023 .2023 Bank loans 950,684 1,486.209 952,577 1,486,209 The bank loan is secured by a charge over the freehold properties owned by the Lee Abbey Intemational Students Club and is repayable over a period ending on30 April 2029. The bank loan is over a frfieen year term and CaleS an Inte$t rate of 2.180A above the base rate. In additional to the usual monthly payments a further £400.000 was repaid in the year. The Charity also took advantage of a CBILS loan during the Coronavirus pandemic. £400,000 Nvas borrowed in December 2020. Repayments commenced in December 2021 and the Inte$t rate is set at 3.26°h. Page 30
Lee Abbey Movement Notes to the Financial Statements for the Year Ended 30 Aprll 2024 20 Funds Group Balance at 1May 2023 Balance at 30 April 2024 Incoming Resources resources expended Transfers UntrICted funds General General Funds Fixed assets reserve (25,353) 5,044.811 2,314,643 (3,927,479) (172,417 {313,306) (12,182) 778,673 2,130,044 2.289,290 5,044,811 (4,099,896) (325,488) 2,908.717 Deslgnated Designated Propety Reserve 7,774,101 {253,684} 336,656 7,857,073 Total unrestricted funds 10,063,391 5,044,811 14,353,580 11,168 10,765,790 Restrlcted funds Estate & Buildings Inglis fund Aston Development Mission & Outreach Build and FLrture Community Project Bursary fund Provision of Hydro Electric Power Special Projects Camp Friends Devon Ministries Hopeswood Ford Payroll Support 30 (30) (3,008) 3,008 20,825 14,154 76,252 1,750 882 20,825 26.918 77,152 1,750 12,784 900 51,800 (52,682) 7,229 23.582 33,521 470 (659) 7.040 23,582 38.100 4,649 240 10.000 (70) {240) (10,000) (1,168) (11,168) 9.818 191,021 (8,650) (65,339) 80,853 195,367 Total funds 10,254.412 5,125,664 (4,418,919 10,961,157 Page 31
Lee Abbey Movement Notes to the Financial Ststements for the Year Ended 30 April 2024 Balance at Balance at Imay 1 May Resources 2022 2022 expended Balance at 30 April 2023 Transfers Unrestricted funds General General Funds Fixed assets resetve (1,700,209) 4,828,825 (3,664,781) 3,315,697 (152,418) 1.615,488 (3,817,199) 510,812 (848,636) (337,824) (25,353) 2.314,643 2,289,290 4.828,825 Designated Designated Propety Reserve 7,675,860 (231,437) (4,048,636) 329.678 7,774,101 Total unrestrlcted funds 9,291,348 4.828,825 (8,146> 10,063,391 Restrlcted funds Estate & Buildings Knowle West Maintenance Inglis fund Aston Development Mission & Outreach Build and Future Community Project Bursary fund Provision of Hydro Electric Power Special Projects Camp Friends Devon Ministries Ford Payroll Support 225 (225) 2,000 20 (2,000) 2,988 22,679 3,008 20,825 14,154 76,252 1,750 882 (1,854) 14,259 1,211 (105) (880) 65,921 1,750 882 10,000 47,755 (47,755) 8.381 23,332 31.485 830 250 2,036 160 (1,982) 7,229 23,582 33,521 (160) (16,256) (69,363 26,074 9,818 183.492 68,746 8.146 191.021 Total funds 9,474,840 4,897,571 (4.117,999) 10.254,412 Page 32
Lee Abbey Movement Notes to tha Financial Statements for the Year Ended 30 April 2024 Charity Balance at 1 May 2023 Incoming resources Resources Balance at expended 30 April 2024 Unrestricted funds General General Funds 289.423 214,966 (176.193) 328.196 Balance at 1 May 2022 Incoming resources Resources Balance at expended 30 April 2023 Unrestricted funds General General Funds 169,547 304.105 (184,229) 289,423 The specific purposes for which the fvnds are to be applied are as follows: General funds of the Lee Abbey Movement are donations and other incoming resources receivable or generated for the objects of the charities without further specific purpsoes and which the charities may use for their purposes at their discretion. The bursary funds are designated to assist any student of the Lee Abbey Intemational Students Club who may be in financial difficulties with paying their fees. The revaluation fund represents the unrealised surplus on revaluation of the group's freehold land and buildings. These are depreciated in accordance with the disclosed accounting policies. The fixed assets reserve finanaces those fixed assets of the group funded other than by restricted donations. Where restricted funds re received for capital expenditure and the expenditure has been fully met and funds used, the restriction is deemed to be lifted and the asset value is transferred to. and regarded as unrestricted, within the designated tangible red asset fund from thence forward. Page 33
Lee Abbey Movement Notes to the Financial Statements for the Year Ended 30 April 2024 The Estate & Buildings fund provides support for the Lee Abbey environment, house and estate. Knowle West Maintenance this is money donated for repairs and maintenance costs at Knowle West. The Inglis fund provides breaks for bereaved families. The Aston Development fund is a fund to pay for the redevelopment of the Aston buildings. Mission and Outreach these are amounts giving to assist the charty further with its mission and outreach work. Build the Future - these are donations received to be utilised on future improvement to the building. Community Project - these donations were giving ft)r the communty accommodation development. Plymouth Diocese - this grant was giving to support the wages costs of a staff member in Plymouth. Bursary Fund - these are amounts donated to support students with the costs of staying at the charity. The Provision of Hydro Electric Power fund is a donation towards future development of Hydro Etectricity for Lee Abbey Fellowship at Lynton. Camp Friends are donations received from Camp Friends. The Devon ministries fund provides support for Le8 Abbey mission, ministry and community. Page 34
Lee Abbey Movement Notes to the Financial Statements for the Year Ended 30 April 2024 21 Analysis of net assets between funds Group Unrestricted funds General Total funds at 30 April 2024 Restrlcted funds Tangible fixed assets Current assets Current liabilities Creditors over 1 year 9,987,117 3,145,557 (414,188) (1,952,341) 9,987,117 3,340,924 (414,188) (1,952.341) 10,961,512 195,367 Total net assets 10.766,145 195,367 Unrestrictsd funds General Total funds at 30 April 2023 Restricted funds Tangible fixed ass8ts Current assets Current liabilities Creditors over 1 year 10,098,958 2,802.383 (1,351,741) (1,486,209) 10,063,391 10.098,958 2.993,404 (1.351,741) (1,486,209) 10,254,412 191,021 Total net assets 191,021 Page 35
Lee Abbey Movement Notes to the Financial Statements for the Year Ended 30 April 2024 Charlty Unrestricted funds General Total funds at 30 April 2024 Current assets Current liabilities Creditors over 1 year Total net assets 1,526,123 (245,350) (952,577) 1.526,123 (245.350) {952,577) 328,196 328.196 Unrestricted funds General Total funds at 30 April 2023 Current assets Current liabilities Creditors over 1 year Totsl net assets 2,075.500 (299,868) (1,486,209) 289,423 2.075,500 (299,868) (1.486,209) 289,423 22 Parent and ultlmate parent undertaking The Lee Abbey Movement is a company limited by guarantee and accordingly does not have a share capital. Every member of the company undertakes to contribute such amount as may be required not exceeding £10 to the assets of the charitable company in the event of its being wound up while he or she is a member, or within one year after he or she ceases to be a member. Page 36