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2024-12-31-accounts

REGISTERED CHARITY NUMBER: 1140918 REGISTERED COMPANY NUMBER: 07469311 (England and Wales)

LAUNDE ABBEY TRUST (A COMPANY LIMITED BY GUARANTEE)

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

SOMERBYS LIMITED CHARTERED ACCOUNTANTS 30 NELSON STREET LEICESTER LE1 7BA

LAUNDE ABBEY TRUST

Contents of the Consolidated Financial Statements for the year ended 31 December 2024

CONTENTS

Page
Reference and Administrative Details 1
Chair's Statement 2
Warden’s Statement 3 – 8
Report of the Trustees 9 – 13
Report of the Independent Auditors 14 – 16
Statement of Financial Activities 17 – 18
Consolidated Balance Sheet 19
Charity Balance Sheet 20
Cash Flow Statement 21
Notes to the Accounts 22 - 41

LAUNDE ABBEY TRUST

REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 DECEMBER 2024

Trustees Ms JA Page - CBE
Canon SM Adshead
Mr SJH Bentley - (resigned 22.7.24)
The Very Revd CC Dalliston
Revd SR Griffiths
Mr TRS Jackson - (appointed 1.6.24)
Mr JW Kerry
Revd V Moggridge – (appointed 15.10.24)
Revd SE B Nurmahi – (appointed 11.10.24)
Canon DJ Palmer
Mr AF Trotter – (resigned 22.7.24)
Mrs MV Wang – (resigned 30.4.24)
Warden Revd A Myers
Operations Manager Mr G Ostah
Registered Company Number 07469311 (England and Wales)
Registered office and principal address Launde Abbey
Launde Road
Launde
Leicestershire
LE7 9XB
Auditor Somerbys Limited
Chartered Accountants
30 Nelson Street
Leicester
LE1 7BA

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LAUNDE ABBEY TRUST

CHAIR’S STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2024

It will be many years before the world in general fully comes to terms with the consequences of the global pandemic of 202021, which radically changed many aspects of understanding as well as of day-to-day life and economics as it swept the world with danger, death and uncertainty.

At Launde Abbey, we are fortunate that the disaster did not destroy the Trust and community. 2024 was the first year in which we could build with some confidence on what has been maintained from pre-COVID years and introduce new approaches and thinking to take us forward. As a result, we were able to more than double our 2023 surplus on ordinary activities with visitor income up by 7% and cost increases held to 4%, and to deliver a total surplus of £80,729 (2023 £40,340).

Throughout we have protected the mediaeval monastic quality of stabilitas, or holding life steady in one place, which is sustained by the praying life of the community. This stabilitas is a large part of the appeal of the Abbey to those who come here: the world in general, not just those of Christian faith, continues to need such places of refuge and spiritual calm, as is shown by the variety of groups which chose in 2024 to spend time with us.

2023 had been dominated by the difficult process of introducing new technological systems: 2024 saw the benefits of a better automated booking process and procedures and the greater analytical capacity which resulted when installation problems were overcome. Trustees have gained deeper insights into the workings of the retreat house business and hence a greater confidence in the robustness of data. It is now possible to track costs in greater detail and to react to unexpected changes in e.g., fuel or food pricing more quickly. Together with the market indications that Launde can attract groups and individuals, this leads trustees to believe that Launde can continue to operate profitably, subject of course to dramatic adverse external changes. However, profitability does not automatically ensure sustainability and in due course Launde will need to find ways other than earned income to meet any large costs, such as those associated with the historic buildings and estate. At present, such costs do not appear to be likely to occur in the short term.

In 2024, the Trust’s business benefitted from the existence of a full complement of strong senior managers, ably assisted by skilled and enthusiastic staff and volunteers, many of whom are long term members of the Launde community. In addition, the College of Chaplains (created in 2023), whose six members change annually, allowed local clergy, active and retired, to participate in Launde’s life. The College strengthened the capability of the in-house clergy to lead the 1,000 religious services and to provide pastoral support to all visitors as required. More remote but serious support was provided by those who became Companions of Launde and by the Stretchers Prayer Group, and The Friends of Launde Abbey continued to award very welcome grants. Trustees are profoundly grateful to all these people who shared in the life of Launde in these various ways.

As Chair I am also grateful for the work of trustees. The full board meets six times a year and is supported by its Finance and Personnel Committee and its Estate Committee, each of which also met six times. In addition to normal business, agenda time was given to increasing board members’ understanding of the hospitality industry, of inter-cultural working and of the Church of England’s national strategy for mission. Trustees were also kept informed about the effects of climate change, both economically and environmentally, and in 2024 sought in particular to understand better how national policies affect its stewardship of the surrounding estate. The aim is to ‘tread lightly’ wherever possible and economic, and to enhance the biodiversity of the land, in line with the Church’s fifth mark of mission – to care for creation.

In the latter half of 2024, the board recruited two new trustees and one new committee member to fill vacancies. Together they brought experience of working inter-culturally, land management, corporate law, spirituality and the Church. The Trust also benefitted from the close working relationships with the two dioceses of Leicester and Peterborough and was very grateful for the support of diocesan staff and clergy and in particular for the personal support of Bishop Martyn Snow, Bishop Debbie Sellin, Bishop Saju Muthulaly and Bishop John Holbrook (who will be much missed after his retirement later this year).

In summary, trustees are pleased with the performance achieved in 2024 and consider that the Trust is well placed to continue to improve its business performance in future. The shocks to the world order of mid-2025, coming as they do on top of national economic malaise, do cast some doubts on how quickly it will be possible to build further on the 2024 business model. High food and utility costs and less disposable income in our core attendees would inevitably slow growth, but trustees believe the organisation is now competent to respond adequately to the problems of an unstable world, and to continue to hold steady in our one very precious place.

Ms JA Page CBE

Chair of trustees

Date: 4 July 2025

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LAUNDE ABBEY TRUST

WARDEN’S STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2024

2024 was a strong and encouraging year at the start of a new phase - ‘Sustaining and Deepening’ - as a place of prayer, hospitality, community and sanctuary. As such, we are committed to deepening and supporting the spiritual life and wellbeing, in particular the Christian spiritual life, of individuals, churches, charities and institutional bodies, both regionally and nationally. We are aware too of our responsibility as stewards of our historic buildings and their parkland landscape.

As the year began, we reviewed the objectives set in early 2022, reinstating the existing five objectives and adding a sixth - ‘enriching our hospitality’. These objectives and some of the related outcomes achieved during 2024 are in the figure below.

As the year closed, we heard Thomas Cromwell’s words, written by Hilary Mantell, in the BBC production of Wolf Hall: The Mirror and the Light: ‘There is an Abbey… Launde, in the heart of England. The air is always sweet there and it’s quiet. A little heaven here on earth.’ As we continue the work of the Abbey in 2024 and into 2025, we are grateful for the stories of the past - both of the Augustinian canons and of the Cromwell family - that shape who we are today and give us a trajectory into the future.

Ministry and prayer

The daily rhythm of prayer continues in the chapel, led by the resident community and the new College of Chaplains, and is open to all guests and staff as well as members of the public. We held just under 1,000 services in the chapel in 2024 in total, starting each day in the Abbey with a Eucharist. This grounds our ministry and our hospitality in a life of prayer.

Our own Launde Programme of residential and day retreats is a significant part of our ministry and our income. It is carefully curated to offer a wide variety of stimulating and challenging content, leaning in more this year to spiritual formation and discipleship. During 2024 we ran a total of 26 residential retreats (not including our Quiet Days and Mission Hubs or other ministry formation-style events such as our Holy Listening Course).

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LAUNDE ABBEY TRUST

WARDEN’S STATEMENT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

----- Start of picture text -----
2024 Visitor Type Split
14.71% 17.18%
68.11%
Launde Programme Residents
Group Booking Residents
Private Retreatants
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84% of places available were taken and the feedback from individuals was overwhelmingly positive. We experimented with adding one or two longer and therefore more expensive retreats into the mix, finding that with the right focus people were prepared to pay more and stay for longer. This has given us the impetus to increase further our Launde Programme offering during 2025 to a total of 35 retreats.

Other forms of ministry are increasing along with our capacity to resource them through the College of Chaplains. This includes one-off reflections to contribute to a group’s stay and 1-1 conversations, including spiritual direction. We are consciously using our Quiet Day programme to discover and develop new retreat leaders.

In January, the Abbey’s re-designed 2-year Holy Listening Course to train spiritual directors began with a strong cohort of 10 students. In the autumn we successfully recruited a further cohort of 10 students to start in Jan 2025 running concurrently with those in their second year.

This course is run independently by the Abbey and students are drawn from across the denominations and from across the region, and are either self-funded or draw on funding from church bodies.

Hospitality to groups

We play a significant part in the life of the Church of England both in this region and beyond. As well as being the named retreat house for Leicester and Peterborough Dioceses, six other dioceses came to us for specific events, such as ordination retreats, ministers’ group retreats, curate and lay minister training, and senior leadership team residentials.

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2024 Diocesan Events
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7
6
5
4
3
2
1
0
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LAUNDE ABBEY TRUST

WARDEN’S STATEMENT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

As part of our partnership with Peterborough Diocese, the Warden and Deputy Warden were delighted to attend their three day Ministers Conference in November as a ‘praying presence’. Many of our individual guests are Anglican clergy, including bishops, seeking time out to pray or sometimes to plan or write. In 2024, National Church of England residential events included two Discernment Conferences and the Clergy Chairs Forum.

We are conscious, however, of the further tightening of diocesan belts and so for this and other reasons we are glad to also work with a number of other denominations and networks of churches (Quaker, Methodist, Baptist, United Reformed Church (URC), Federation of Independent Evangelical Churches (FIEC), Vineyard, and Salvation Army in 2024) and with para-church organisations (eg, Third Order of the Society of St Francis, Rural Ministries, the Association for Promoting Retreats, the London Institute for Contemporary Christianity). Our hospitality extends also to non-church groups - we have regular singing, yoga, mindfulness, writing, and therapy training groups - who appreciate the sanctuary and peace that the Abbey offers and are often intrigued by the life of prayer at our heart.

----- Start of picture text -----
2024 Revenue by Market Segment
Leicester Diocese Charities
Peterborough 3.6% 0.8%
Diocese 4.6%
Other Diocese
8.4% Launde Programme
24.4%
Individual
15.0%
Other Group
Non-diocesan Church 23.5%
group
19.6%
Launde Programme Other Group Non-diocesan Church group Individuals
Other Diocese Peterborough Diocese Leicester Diocese Charities
----- End of picture text -----

Staffing

At the end of the year, we had a total of 39 full time and part time staff mostly across the Operations and Development Teams, and nearly 30 volunteers, primarily in the gardens but also in some ministry and administrative roles. Recruitment and retention for hospitality roles was challenging industry wide in 2024, and the Abbey was not exempt, but we are proud that many of our staff have been with us for more than 5 years, and some considerably longer.

The permanent Ministry Team was bolstered by the arrival of Revd Fran Grasham as a part time chaplain in the summer, bringing the Ministry Team to four (3 FTE). Fran and her husband live in one of our residential properties. The new College of Chaplains became fully operational in 2024 and now has a membership of six, supporting the permanent team. Membership of the College is time limited and is another way for the Abbey to encourage the development of new ministries. We also released Deputy Warden, Revd Chris Webb, with a three month sabbatical during 2024.

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LAUNDE ABBEY TRUST

WARDEN’S STATEMENT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Organisational operation

This year we started to reap the rewards of the new hospitality industry software installed over some months in 2023, including more comprehensive data collection and reporting across the organization. Further work in 2024, in collaboration with the software provider, has increased automation at the financial ‘back end’ despite the complexity of our business compared with that of other hospitality organisations.

The new software has also enabled the launch of online booking for both individual guests and for the Launde Programme and we are seeing considerable uptake of this option. Alongside this, the work to create a completely new and image rich website took place in 2024 ready for launch in early 2025. Both of these moves are improving the pre-booking and pre-arrival experience for guests and bringing the Abbey in line with contemporary expectations of the way that events and hospitality should be booked.

Land, grounds and buildings

During the course of the year, the stonework around the flat roof at the back of the manor house was repaired to prevent rainwater ingress, and a roof gulley on the Stables similarly. It took much of the year to prepare for upgrading more of our historic doors to current regulation fire doors, scheduling the work to take place in the quiet of January 2025. Minor room refurbishments took place when possible throughout the year.

Wet winter weather caused several problems at Launde. For the most part, water from the parkland pooled then flowed through the gardens and around the buildings into the river Chater below the Abbey. However, the cellar and the Augustine Chapel flooded twice and had to be dried out once the water had receded. Flooding across local roads in heavy rain, including the brook in Loddington and the Chater, made it hard to access or leave the site a number of times, though usually patience was rewarded as most water levels receded fairly quickly.

In the garden, coping stones were repaired on the walls of the listed walled garden and work progressed to re-roof the middle glasshouse. In the early spring a specially commissioned, curved oak bench was donated as part of the Quiet Garden’s redevelopment. During the spring and summer, the experimental meadows gave us wild flowers and grasses in abundance including the elusive bee and pyramid orchids, and our breeding pair of threatened spotted flycatchers enjoyed the increased insect life. During the autumn, tree surgeons trimmed the copper beech after the fall of large branches and, separately, a tree survey was undertaken around all rights of way and paths. In October, the 2-year project to develop the east wall borders reached the important stage of planting with the 1,250 plants propagated onsite.

On a larger scale, the ongoing project to understand our land and develop a land strategy moved forward with the commissioning of a Natural Capital Audit and the appointment of our own land agent (previously shared with the Diocese of Leicester).

Grants from the Friends of Launde paid for new tables for the café courtyard and solar lighting pillars along the main path between the buildings.

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LAUNDE ABBEY TRUST

WARDEN’S STATEMENT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Finance

2024 was our strongest year financially since the Covid lockdowns. Our net surplus from ‘ordinary activities’ rose to £46k and after ‘exceptional items’ such as grants came to £81k.

Revenue

Our revenue in 2024 was a total of £1.26m, the largest part of which continues to come from our groups business. Our own curated Launde Programme is now a substantial driver of our income and exceeds income from individual private retreatants. Overall, the vast majority of our income is derived from our own work and our operation is not subsidised by any diocesan or other body. However, as noted earlier, we are reliant on group booking spend from dioceses and the national church continuing to come to us rather than to hotels, and we continue to be grateful for other kinds of support from our partner dioceses.

----- Start of picture text -----
Launde Abbey 2024 Revenue Split
£47,000 [£36,163]
Group bookings
£71,467
Launde Programme
£84,965 Individual bookings
£154,353 £648,393 Café income
Grants and interest
£219,768
Bar, shop & other trading
income
Legacy and other donations
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Expenditure

As expected, staffing continues to be our largest category of expenditure. We carry the extra staffing costs of ministry, over and above the staff required for a business purely focused on hospitality, and 2024 was the first year since Covid in which the re-shaped Senior Management Team was fully staffed for the whole year. External factors such as substantial increases in the Real Living Wage and in the cost of food in 2024 are also exerting upward pressure on to our costs, though we have mitigated this with careful and flexible planning of staffing, and food cost control measures.

Despite this we ended the year with a healthy surplus giving us a good start to 2025.

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LAUNDE ABBEY TRUST

WARDEN’S STATEMENT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

----- Start of picture text -----
Launde Abbey 2024 Expenditure Split
£23,537
£30,777 £18,966
£30,808 Staff
£51,236
Food
Insurance, rates, depreciation &
£83,322 other overheads
Utilities
Maintenance & repair
£111,481
£683,491 LP retreat costs
Office costs
£147,762
Shop & bar purchases
Legal, audit, recruitment
----- End of picture text -----

Starting 2025

Our environment continues to be challenging. Internally, our spend on refurbishment will be greater in the coming year as we complete projects already lined up as well as scope out and deliver others that are on the horizon. We are also investing more in administrative staff to help cover long term illness as well as to support more work on data analysis, regulation related admin, and pro-active sales. All of this is necessary investment for our sustainability.

To respond, we are increasing the visibility of the Abbey and what it can offer via networking opportunities and external invitations for the senior staff, (as well as featuring on BBC Songs of Praise). We are undertaking targeted communication to broaden our diocesan business, and this has already born some fruit with the return of a third diocese for 2025 for a flag-ship summer pre-ordination retreat and the addition of a fourth diocese in 2026. There will be some impact on income in 2025 but the longer impact will be in 2026 and beyond.

The Launde Programme has been increased for 2025 and we will continue to focus a range of retreats on those areas for which there is strong demand – spiritual practice, contemplation, art/craft and speakers with a significant reputation – as well as those important for ministry such as ‘Living with Loss’.

The Friends of Launde, a separate organization, remain our primary fundraiser for specific projects, via subscriptions, events and grants. And beyond this, we will be exploring the opportunities for the development of a donor network to support our ongoing work of hospitality and ministry.

We know that we cannot be complacent but we have started 2025 with a sense of confidence in who we are and what we offer to the Church and beyond, and that is a good place to be.

Revd Alison Myers

Warden

Date: 4 July 2025

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LAUNDE ABBEY TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report together with the consolidated financial statements of the charity and its subsidiary for the year ended 31 December 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

The financial statements have been prepared in accordance with the accounting policies set out in the notes to the accounts and comply with the charity's governing document, Companies Act 2006, Charities Act 2011 and 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 published in October 2019.

OBJECTIVES AND ACTIVITIES

Objectives and aims

The advancement of the Christian faith mainly, but not exclusively, by encouraging, developing and co- ordinating opportunities for growth in prayer, mission and spiritually within the Dioceses of Leicester and Peterborough.

The advancement of the Christian faith both within and outside the Dioceses of Leicester and Peterborough by providing a welcome and retreat house for members of the public wishing to worship and/or wishing to contemplate the Christian faith.

In setting objectives and planning for activities, the trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit.

Fundraising

The charity does not actively fundraise from donors however it does hold various lunches and classical concerts which for accounting purposes are classified as fundraising

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LAUNDE ABBEY TRUST

REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

FINANCIAL REVIEW

The financial performance of the charity and its trading subsidiary may be summarised as follows.

Income from ordinary activities
Expenditure on ordinary operations
Net surplus before exceptional items
Legacy
Cost of new software
Renewable Heat Incentive (RHI) revenue grant received
Net surplus for the year		 2024
£
1,227,994
(1,181,380)
46,614
2,200
-
31,915
80,729		 2023
£
1,151,157
(1,132,007)
19,150
11,974
(20,310)
29,526
40,340

The primary elements of income from ordinary activities comprise income from retreats, spiritual direction and similar events hosted by Launde Abbey Enterprises £998k (2023 £932k), fundraising income £25k (2023 £28.5k) and donations received £34k (2023 £28k).

Many of Launde Abbey’s costs continue to increase, particularly wages and retreat leaders’ fees. Wages have increased as a result of the increase in the Real Living Wage. Retreat leaders’ fees as a result of putting on more retreats and increasing the fees paid in order to attract and retain the calibre of retreat leader required. Reductions have been seen in the cost of energy and repairs. Although energy costs have fallen, they are still considerably higher than before the energy crisis.

Despite the challenges faced Launde Abbey has realised an increase in income and achieved a surplus on ordinary activities of £46,614 (2023 £19,150).

Exceptional Items

For several years a significant proportion of the heating at Launde Abbey has been generated by a Biomass Boiler powered by wood pellets from renewable sources. During 2024 RHI payments amounting to £31,915 (2023 £29,526) were received. Provided that Launde Abbey continues to comply with the eligibility criteria the RHI is receivable until March 2033.

Launde is very grateful to everyone who makes a contribution towards the upkeep of Launde Abbey whether this is through one off donations, regular giving, a legacy or via The Friends of Launde Abbey.

Reserves policy

The trusts policy on reserves is to achieve an operating reserve adequate to cover the reasonably expected financial impact of risks that could lead to loss of income or increased expenditure, and absorb any irregularity of month to month income and expenditure to always maintain the ability to pay staff and suppliers in good time.

The risk analysis has taken due regard of potential for, interruption of operations due to external events, compliance issues or unavailability of essential parts of the building, and response to legal, or safeguarding or contractual issues. The potential irregularities of month to month income and expenditure notes the worst case timing of the largest annual, quarterly and month expenditure items landing at the same time and being coincident with a month with low income.

Taken together trustees have judged that an operating reserve of £250,000 is appropriate for the business to manage the reasonably expected financial impact of the above risks areas.

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LAUNDE ABBEY TRUST

REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Under the loan agreement signed on 31 December 2018, the loan from Leicester Diocesan Board of Finance can now be added back when calculating the group’s free reserves as any repayment will only be made from the sale proceeds of any property disposal, which is unlikely in the foreseeable future.

At 31 December 2024 the group has free reserves of £89,755 as previously described. However, the aggregate of cash and near cash assets in designated funds is £267,668 . As designated funds without specific plans for use as yet, these can be released by the trustees for general running costs if required and trustees therefore judge these to be sufficient to allow Launde to manage the reasonably foreseeable financial impact of business risks.

The Trustees recognise that in the not too distant future significant expenditure will be required on various property projects. Legacies and significant one off donations have been designated by the trustees for use on these property projects.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

Charity constitution

The original Launde Abbey Trust was founded by deed on 12 December 1957. The founder, Cecil Rawlins Coleman, gave land and premises known as Launde Abbey in the County of Leicester, together with funds and investments for maintenance and upkeep of the premises, on trust to be used for the purposes including a retreat house and a conference and training centre, in order to promote and further the work of the Church of England in the Diocese of Leicester.

The present Trust is in the form of a company limited by guarantee with charitable status and was formed on 10 December 2010. All assets and liabilities of the original Launde Abbey Trust were transferred to the new company on 1 January 2011 apart from the investment in the subsidiary Launde Abbey Enterprises Limited which was transferred during 2012.

Recruitment and appointment of new trustees

The Trust's policy with regard to the selection and appointment of new Trustees is for suitable persons within the Dioceses of Leicester and Peterborough to be identified with a view to selecting them for appointment depending on the skills that they can offer and how these match the skill gaps identified within the existing body of Trustees. In making appointments a balance between ordained and lay persons will be maintained. New appointments will be made by the Bishop of Leicester in consultation with the Chair of the Board.

The Trust's Risk Assessment requires that appropriate training for Trustees will be identified. New Trustees will be assessed for training requirements, including general induction, early in their appointment.

Organisational structure

The management of the Charity is the responsibility of the Trustees who are elected under the terms of the Trust Deed. The names of the Trustees who have acted during the year are given in the Reference and Administrative Details page along with other relevant information.

The Warden has overall responsibility for the affairs of the Abbey and reports to the Chair of the Board. The Operations Manager has responsibility for the day-to-day functioning of the Abbey and reports to the Warden.

Key management remuneration

Senior management remuneration is set at the level which will attract and retain appropriately experienced staff. Annual pay rises for the clergy team are in line with those recommended by the Church of England.

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LAUNDE ABBEY TRUST

REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Third party indemnity insurance

Launde Abbey pays third party liability insurance in respect of the Trustees and senior management. The cost of the insurance for the year is £906 (2023: £951).

STRUCTURE, GOVERNANCE AND MANAGEMENT

Risk management

The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the Charity and are satisfied that systems and procedures are in place to mitigate the major risks.

The primary risks identified are long term financial sustainability and significant loss or damage to the historic property from which the Charity operates.

In order to ensure that the Charity has the funds available to maintain the fabric of the building and therefore continues to operate in the long term, the charity needs to generate a surplus on a regular basis. In order to achieve this the content and timing of the Programme offered is continually reviewed in order to optimise use of the facilities available throughout the year. Potential new activities are also investigated, and costs continue to be carefully controlled.

The risk to the property from fire or other disaster is covered by a comprehensive insurance policy which is reviewed in conjunction with the insurers on an annual basis.

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LAUNDE ABBEY TRUST

REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees (who are also the directors of Launde Abbey Trust for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

AUDITORS

The auditors, Somerbys Ltd, will be proposed for re-appointment by the Board.

This report has been prepared in accordance with the special provisions of Part 15 of Companies Act 2006 relating to small companies.

Approved by order of the board of trustees signed on behalf by

…………………………………..

Ms JA Page - Trustee

Date: 4 July 2025

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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF LAUNDE ABBEY TRUST

Opinion

We have audited the financial statements of Launde Abbey Trust (the 'parent charitable company') and its subsidiary (the 'group') for the year ended 31 December 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent charitable company in accordance with the ethical requirements that are relevant 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 with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are 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 information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors 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.

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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF LAUNDE ABBEY TRUST (CONTINUED)

Other information (continued)

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 information 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 this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.

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:

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible 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 group's and parent charitable company's ability 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 group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

The risk of not detecting a material misstatement resulting from error is considered to be low. The risk of not detecting a material misstatement resulting from fraud is higher, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls.

Page | 15

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF LAUNDE ABBEY TRUST (CONTINUED)

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members and its trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Marcus Dockerty FCA FCCA (Senior Statutory Auditor) ………………….. For and on behalf of Somerbys Limited

Chartered Accountants 30 Nelson Street Statutory Auditor Leicester LE1 7BA

Page | 16

LAUNDE ABBEY TRUST GROUP STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT YEAR ENDED 31 DECEMBER 2024

Current year
Notes
Income and Endowments from
Donations and legacies
3
Charitable activities
Spiritual direction and retreats
6
Other trading activities
4
Investment income
5
Other income
7
Total
Expenditure on
Raising funds
8
Charitable activities
Costs of operation of Launde Abbey
9
Total
Net Income/(Expenditure)
Transfers between funds
22
Other recognised gains/(losses)
Actuarial gains/(losses) on defined
benefit schemes
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
Total funds carried forward
22		 Unrestricted
Funds
£
18,538
398,620
759,572
21,509
31,915
1,230,154
440,112
726,996
1,167,108
63,046
6,549
-
69,595
3,255,251
3,324,846		 Designated
Funds
£
2,200
-
-
-
-
2,200
-
1,363
1,363
837
(500)
-
337
267,331
267,668		 Restricted
Funds
£
15,425
-
-
14,330
-
29,755
-
12,909
12,909
16,846
(6,049)
-
10,797
27,581
38,378		 2024
Total Funds
£
36,163
398,620
759,572
35,839
31,915
1,262,109
440,112
741,268
1,181,380
80,729
-
-
80,729
3,550,163
3,630,892

All income and expenditure derive from continuing activities

The Statement of financial activities includes all gains and losses recognised during the year.

See page 18 for corresponding figures for 2023.

Page | 17

LAUNDE ABBEY TRUST GROUP STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT YEAR ENDED 31 DECEMBER 2024

Prior year
Notes
Income and Endowments from
Donations and legacies
3
Charitable activities
Spiritual direction and retreats
6
Other trading activities
4
Investment income
5
Other income
7
Total
Expenditure on
Raising funds
8
Charitable activities
Costs of operation of Launde Abbey
9
Total
Net Income/(Expenditure)
Transfers between funds
22
Other recognised gains/(losses)
Actuarial gains/(losses) on defined
benefit schemes
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
Total funds carried forward
22		 Unrestricted
Funds
£
16,883
344,008
750,515
16,060
29,526
1,156,992
408,321
734,967
1,143,288
13,704
855
-
14,559
3,240,692
3,255,251		 Designated
Funds
£
14,554
-
-
-
-
14,554
-
2,140
2,140
12,414
-
-
12,414
254,917
267,331		 Restricted
Funds
£
8,875
-
-
12,236
-
21,111
-
6,889
6,889
14,222
(855)
-
13,367
14,214
27,581		 2023
Total Funds
£
40,312
344,008
750,515
28,296
29,526
1,192,657
408,321
743,996
1,152,317
40,340
-
-
40,340
3,509,823
3,550,163

All income and expenditure derive from continuing activities.

The Statement of financial activities includes all gains and losses recognised during the period.

Page | 18

LAUNDE ABBEY TRUST

CONSOLIDATED BALANCE SHEET FOR THE YEAR ENDED 31 DECEMBER 2024

Notes
FIXED ASSETS
Tangible assets
15
CURRENT ASSETS
Stocks
17
Debtors
18
Cash at bank and in hand
19
CREDITORS
Amounts falling due within one year
20
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
CREDITORS
Amounts falling due after more than
one year
21
NET ASSETS
FUNDS
Designated funds
22
Unrestricted funds
22
Restricted funds
22
TOTAL FUNDS		 17,177
70,042
890,784
978,003
(575,027)		 2024
£
4,100,229
402,976
4,503,205
(872,313)
3,630,892
267,668
3,324,846
38,378
3,630,892		 2023
£
4,115,825
16,723
51,437
783,880
852,040
(546,225)
305,815
4,421,640
(871,477)
3,550,163
267,331
3,255,251
27,581
3,550,163

The trustees have prepared group accounts in accordance with section 398 of the Companies Act 2006 and section 138 of the Charities Act 2011. These accounts are prepared in accordance with the special provisions of Part 15 of the Companies Act relating to small companies and constitute the annual accounts required by the Companies Act 2006 and are for circulation to members of the company.

The financial statements were approved by the Board of Trustees on were signed on its behalf by:

JA Page – Chair of Trustees JW Kerry - Trustee Date: 4 July 2025

Page | 19

LAUNDE ABBEY TRUST

CHARITY BALANCE SHEET FOR THE YEAR ENDED 31 DECEMBER 2024

Notes
FIXED ASSETS
Tangible assets
15
Investments
16
CURRENT ASSETS
Stocks
17
Debtors
18
Cash at bank and in hand
19
CREDITORS
Amounts falling due within one year
20
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
CREDITORS
Amounts falling due after more than
one year
21
NET ASSETS
FUNDS
Designated funds
22
Unrestricted funds
22
Restricted funds
22
TOTAL FUNDS
Charity’s surplus for the financial year		 11,035
135,898
659,676
806,609
(431,751)		 2024
£
4,100,229
1
4,100,230
374,858
4,475,088
(865,438)
3,609,650
265,468
3,305,804
38,378
3,609,650
67,222		 2023
£
4,115,825
1
4,115,826
10,005
54,043
639,229
703,277
(411,237)
292,040
4,407,866
(865,438)
3,542,428
267,331
3,247,516
27,581
3,542,428
46,075

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies’ regime.

A separate Statement of Financial Activities and Income and Expenditure Account for the charity has not been presented because the charity has taken advantage of the exemption afforded by section 408 of the Companies Act 2006.

The financial statements were approved by the Board of Trustees on were signed on its behalf by:

JA Page – Chair of Trustees

JW Kerry - Trustee Date: 4 July 2025

Page | 20

LAUNDE ABBEY TRUST

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 DECEMBER 2024

Notes
Cash flows from operating activities
Cash generated from operations
29
Net cash provided by operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Sale of tangible fixed assets
Interest received
Net cash used in investing activities
Change in cash and cash equivalents in the reporting period
Cash and cash equivalents at the beginning of the reporting period
Cash and cash equivalents at the end of the reporting period		 2024
£
85,705
85,705
(13,890)
-
35,089
21,199
106,904
783,880
890,784		 2023
£
54,026
54,026
(7,331)
120
20,796
13,585
67,611
716,269
783,880

Page | 21

LAUNDE ABBEY TRUST

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024

1. STATUTORY INFORMATION

Launde Abbey Trust is a private company, limited by guarantee, registered in England and Wales. The company’s registered number and registered office address can be found on the company information page,

The members of the charity are the trustees named on page 1. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Group financial statements

The financial statements consolidate the results of the charity and its wholly owned subsidiary, Launde Abbey Enterprises Limited, on a line-by-line basis.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds; it is probable that the income will be received, and the amount can be measured reliably.

Fees for retreats, accommodation and meals are all included in incoming resources in the period in which the guests stay at Launde Abbey.

For legacies, entitlement is the earlier of the charity being notified of an impending distribution or the legacy being received. At this point income is recognised. On occasion legacies will be notified to the charity, however, it is not possible to measure the amount expected to be distributed. On these occasions, the legacy is treated as a contingent asset and disclosed.

Collections, donations and grants are accounted for when they are received or committed.

Donated services or facilities are recognised when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS102), general volunteer time is not recognised.

On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Irrecoverable VAT is charged against the expenditure heading for which it was incurred.

Page | 22

LAUNDE ABBEY TRUST

NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

2. ACCOUNTING POLICIES (continued)

Tangible fixed assets

Freehold land Nil Freehold property Nil, Trustees consider that the residual value of the freehold building is equal to the cost stated in the financial statements House furniture and fittings 10% - 20% per annum on cost Stables furniture and fittings 20% on cost Other equipment 10%-33% per annum on cost

Stocks

Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Pension costs and other post-retirement benefits

The charity operates two defined benefit pension schemes. The schemes are multi-employer schemes where it is not possible, in the normal course of events, to identify on a consistent and reasonable basis, the share of underlying assets and liabilities belonging to individual participating employers. Therefore, as required by FRS 102 'Retirement Benefits·, the charity accounts for these schemes as if they were defined contribution schemes. The amount charged to the Statement of Financial Activities incorporating Income and Expenditure Account represents contributions payable to the schemes in respect of the accounting period.

Going concern

The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.

Debtors

Trade and other debtors are recognised at the settlement amount. Prepayments are valued at the amount prepaid.

Page | 23

LAUNDE ABBEY TRUST

NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

2. ACCOUNTING POLICIES (continued)

Creditors and provisions

Creditors and provisions are recognised where the company has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount.

Concessionary loan

The concessionary loan is recognised in the financial statements at the amount advanced to the charity. If the charity sells part or all of Launde Abbey a proportion of the proceeds will be repayable against the loan. Due to the terms of the loan, the loan is presented as due after more than one year until such time that it becomes evident that the charity intends to make a sale. There are currently no plans for any disposals.

Cash at bank and in hand

Cash at bank and in hand includes cash in hand and cash on deposit held at call with banks with original maturities of three months or less.

Associated fund

"The Friends of Launde" is an independent charity, registration number 519042, established to provide financial assistance to Launde Abbey Trust. It is administered by an executive committee and although Launde Abbey Trust is represented on it, it does not control it. Grants from The Friends of Launde are made towards specific items; they are accounted for when they are received or committed and are included as restricted funds.

Financial instruments

The charity only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Public benefit entity concessionary loans are initially measured at the amount received. In subsequent years the carrying amount of the concessionary loans are adjusted to reflect any accrued interest payable, repayments and impairments.

Investments

The investment in the wholly owned subsidiary, Launde Abbey Enterprises Limited, registration number 03875917, is included at cost.

Operating leases

Rentals payable under operating leases are charged to the Statement of Financial Activities on a straight-line basis over the lease term.

DONATIONS AND LEGACIES
Chapel collections
Donations
Legacies		 Unrestricted
funds
£
1,223
17,315
-
18,538		 Designated
Funds
£
-
-
2,200
2,200		 Restricted
funds
£
-
15,425
-
15,425		 2024
Total
funds
£
1,223

32,740

2,200

36,163		 2023
Total
funds
£
2,580
25,758
11,974
40,312

3. DONATIONS AND LEGACIES

Page | 24

LAUNDE ABBEY TRUST

NOTES TO THE ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

4.
OTHER TRADING ACTIVITIES
Other income
Estate income
Fundraising events
Sales from bar, shop and plants
Functions and café
Conferences and meetings
Statue sales
5.
INVESTMENT INCOME
Deposit account
Interest
6.
INCOME FROM CHARITABLE
EVENTS
Spiritual direction and retreats
7.
OTHER INCOME
Renewable Heat Incentive
8.
RAISING FUNDS
Other trading activities
Fundraising events costs (including
staff costs)		 Unrestricted
funds
£
258
2,978
25,001
45,896
94,311
589,795
1,333
759,572
Unrestricted
funds
£
21,509
Unrestricted
funds
£
398,620
Unrestricted
funds
£
31,915
Unrestricted
funds
£
440,112		 Restricted
funds
£
-
-
-
-
-
-
-
-
Restricted
funds
£
14,330
Restricted
funds
£
-
Restricted
funds
£
-
Restricted
funds
£
-		 2024
Total funds
£
258
2,978
25,001
45,896
94,311
589,795
1,333
759,572
2024
Total funds
£
35,839
2024
Total funds
£
398,620
2024
Total funds
£
31,915
2024
Total funds
£
440,112		 2023
Total funds
£
482
2,825
28,465
46,738
85,077
584,928
2,000
750,515
2023
Total funds
£
28,296
2023
Total funds
£
344,008
2023
Total funds
£
29,526
2023
Total funds
£
408,321

Page | 25

LAUNDE ABBEY TRUST

NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

9. CHARITABLE ACTIVITIES COSTS

9.
CHARITABLE ACTIVITIES COSTS
Cost of operation of Launde Abbey
10.
DIRECT COSTS OF CHARITABLE ACTIVITIES
Unrestricted
Funds
2024
£
Staff costs
379,856
Food and household expenses
58,506
Auditor’s remuneration
12,190
Light and heat
84,101
Insurance, rates and council tax
34,914
Repairs maintenance, grounds and
upkeep
44,963
Stationery, telephone and
professional fees
21,965
Computer expenses
15,588
Health & safety
211
Staff training
728
Advertising
6,835
Recruitment expenses
-
Transport
2,737
Sundry expenses
4,079
Direction of retreats
30,837
Depreciation
29,486
Profit on sale of tangible fixed
assets
-
726,996
11.
NET INCOME/(EXPENDITURE)
Depreciation – owned assets
Designated
Funds
£
-
-
-
-
-
1,363
-
-
-
-
-
-
-
-
-
-
-
1,363		 Restricted
Funds
2024
£
4,499
-
-
-
-
8,260
-
-
-
-
-
-
-
150
-
-
-
12,909		 Total
2024
£
384,355
58,506
12,190
84,101
34,914
54,586
21,965
15,588
211
728
6,835
-
2,737
4,229
30,837
29,486
-		 Direct Costs
(see note 10)
£
741,268


















Total
2023
£
356,985
40,757
18,936
104,140
32,531
63,742
21,363
37,375
886
2,049
7,236
4,145
1,761
1,364
17,219
33,607
(100)
741,268 743,996
2024
£
29,486		 2023
£
33,607

Page | 26

LAUNDE ABBEY TRUST

NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

12. TRUSTEES’ REMUNERATION AND BENEFITS

There were no trustees’ remuneration or other benefits for the year ended 31 December 2024 nor for the year ended 31 December 2023.

Trustees’ expenses

Trustees were reimbursed £nil (2023: £614) in respect of travel expenses.

Trustees’ indemnity insurance of £906 (2023: £951) was paid during the year.

13. STAFF COSTS

Wages and salaries
Social security costs
Other pension costs
The average monthly number of employees during the year was as follows:
Employees
Average headcount expressed as a full time equivalent		 2024
£
603,406
36,515
40,105
680,026
2024
No.
39
23		 2023
£
550,477
30,378
35,736
616,591
2023
No.
39
22

No employees received total employee benefits (excluding employer pension costs) in excess of £60,000.

The Warden of Launde is also Priest in Charge of St Michael and All Angels, Loddington. The Warden's stipend and other employment costs are paid by the Trust. The Diocese makes a contribution in recognition of the Warden's ministry at Loddington.

Remuneration of key management personnel

Key management personnel are deemed to be those having authority and responsibility, delegated to them by the Trustees, for planning, directing and controlling the activities of the Trust. The key management personnel of the Charity comprise the Warden, Operations Manager, Business Development Manager and Accountant. The total employee benefits of the key management personnel of the Charity amounted to £158,612 (2023: £137,204).

14. AUDITOR’S REMUNERATION

The amount payable to the auditor for audit services amounted to £12,190 (2023: £18,936) and other services of £Nil (2023: £Nil).

Page | 27

LAUNDE ABBEY TRUST

NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

15. TANGIBLE FIXED ASSETS

Group and Charity
COST
At 1 January 2024
Additions
Disposals
At 31 December 2024
DEPRECIATION
At 1 January 2024
Charge for year
Eliminated on disposal
At 31 December 2024
NET BOOK VALUE
At 31 December 2024
At 31 December 2023		 Freehold land
and property
£
4,089,358
-
-
4,089,358
139,358
-
-
139,358
3,950,000
3,950,000		 House,
furniture and
fittings

£
177,638
-
-
177,638
168,100
2,964
-
171,064
6,574
9,538		 Stable, Furniture
and fittings
£
155,141
3,354
-
158,495
88,239
9,668
-
97,907
60,588
66,902		 Other Equipment
£
168,134
10,536
(2,268)
176,402
103,721
16,854
(2,268)
118,307
58,095
64,413		 Stretcher Christ
£
24,972
-
-
24,972
-
-
-
-
24,972
24,972		 Totals
£
4,615,243
13,890
(2,268)
4,626,865
499,418
29,486
(2,268)
526,636
4,100,229
4,115,825

The freehold property was valued at £3,950,000 by James Blenkin & Partners in December 2014. The historical cost of this property is £4,089,358 (excluding the original gift of the Abbey).

Page | 28

LAUNDE ABBEY TRUST

NOTES TO THE ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

FIXED ASSET INVESTMENTS
group
COST
At 1 January 2024 and
31 December 2024
NET BOOK VALUE
At 31 December 2024
At 31 December 2023		 Shares in
undertakings
£
1
1
1

16. FIXED ASSET INVESTMENTS

There were no investment assets outside the UK.

The company’s investments at the balance sheet date in the share capital of companies include the following:

Launde Abbey Enterprises Limited (Company no 03875917)

Registered office: Launde Abbey, Launde Road, Launde, Leicestershire LE7 9XB Nature of business: Trading activities

17.
STOCKS
Group
Group
2024
2023
£
£
Stocks
17,177
16,723
18.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Group
Group
2024
2023
£
£
Trade debtors
17,827
7,953
Amounts owed by group undertakings
-
-
Other debtors
21,925
17,172
Prepayments and accrued income
30,290
26,312
70,042
51,437
19.
CASH AT BANK AND IN HAND
Group
Group
2024
2023
£
£
Cash in hand
1,128
785
Notice deposits (less than 3 months)
889,656
783,095
890,784
783,880
Class of share
Ordinary
% holding
100
2024
£
Aggregate capital and
reserves
21,243
Profit for the year
232,592		 Charity
2024
£
11,035
Charity
2024
£
972
91,809
21,925
21,192
135,898
Charity
2024
£
1,116
658,560
659,676
2023
£
7,736
237,985		 Charity
2023
.£
10,005
Charity
2023
£
2,979
14,889
17,172
19,003
54,043
Charity
2023
£
785
638,444
639,229

Page | 29

LAUNDE ABBEY TRUST

NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

20. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Trade creditors
Fees received in advance
Amounts owed to group undertakings
Social security and other taxes
VAT
Other creditors
Accruals		 Group
2024
£
18,900
160,736
-
10,175
32,745
319,850
32,621
575,027		 Group
2023
£
15,718
124,287
-
10,349
30,318
329,411
36,142
546,225		 Charity
2024
£
-
77,052
-
10,175
-
317,897
26,627
431,751
Charity
2023

£

-

41,365

-

10,350

-

328,683

30,839

411,237

Other creditors include a permanent endowment donation of £280,029 received in 2020. This was being held on trust for another charity which was in the process of being set up. During 2024 the decision was taken to seek permission from the charity commission to release the funds from being permanent endowments. This permission was received in February 2025.

Fees received in advance
Group
Deferred income at 1 January 2024
Resources deferred during the year
Amounts released from previous years
Deferred income at 31 December 2024		 2024
£
130,626
161,573
(124,288)
167,911		 2023
£
138,977
129,412
(137,763)
130,626

Fees received in advance are released when Spiritual Retreats take place, which will be £160,736 in the next financial year and £7,175 in the following year.

21. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Fees received in advance
Loan from Leicester Diocesan Board of
Finance		 Group
2024
£
7,175
865,138
872,313		 Group
2023
£
6,339
865,138
871,477		 Charity
2024
£
300
865,138
865,438		 Charity
2023
£
300
865,138
865,438

The loan from Leicester Diocesan Board of Finance (LDBF) is treated as a public benefit entity concessionary loan. The loan is included in the accounts at the amount originally advanced inclusive of accrued interest payable on the original loan.

A new agreement, consolidating earlier loans, was signed on 31 December 2018. The loan is secured on the property. The loan is only repayable in the event of a partial or complete disposal of the property. No interest accrues on the loan but on disposal the following repayments fall due:

Part disposal • Value of repayment is the lower of 21.89% of the valuation of the part (net of professional fees agreed by the LDBF as part of the approval to sell) or the net capital £865,138. If the sale is to a charitable purchaser, then the LDBF has discretion to agree to a lesser amount to be repaid.

Total disposal - Value of repayment is the higher of 21.89% of the valuation of the part (net of professional fees agreed by the LDBF as part of the approval to sell) or the net capital of £865,138. If the sale is to a charitable purchaser, then the LDBF has discretion to agree to a lesser amount to be repaid.

Page | 30

LAUNDE ABBEY TRUST

NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

22. MOVEMENT IN FUNDS

GROUP

2024
Designated funds
St John’s Chapel fund
Property projects Fund
(Formerly Specific projects
Fund)
Holy Listening
Property development fund
General funds
General funds
Total unrestricted funds
Restricted funds
Staff fund
GEMS fund
Chapel fund
Schools project
Diocese of Leicester
Garden development
Organ repair
Café tables/parasols
Website redevelopment
Solar bollards
Dismantling and transport of
stained-glass artwork
Craft materials
Bursary fund
Total funds		 As at 1
January
2024
£
1,020
217,438
500
48,373
267,331
3,255,251
3,522,582
1,162
259
1,042
6,095
16,530
1,470
1,023
-
-
-
-
-
-
27,581
3,550,163		 Incoming
Resources
£
-
2,200
-
-
2,200
1,230,154
1,232,354
3,337
-
-
-
14,330
1,617
-
2,049
4,000
1,262
3,000
10
150
29,755
1,262,109		 Outgoing
Resources
£
(1,020)
(343)
-
-
(1,363)
(1,167,108)
(1,168,471)
(4,499)
-
(135)
-
(630)
(2,210)
-
-
-
(2,285)
(3,000)
-
(150)
(12,909)
(1,181,380)		 Transfer
between
funds
£
-
48,373
(500)
(48,373)
(500)
6,549
6,049
-
-
-
-
-
-
(1,023)
(2,049)
(4,000)
1,023
-
-
-
(6,049)
-		 As at 31
December
2024
£
-
267,668
-
-
267,668
3,324,846
3,592,514
-
259
907
6,095
30,230
877
-
-
-
-
-
10
-
38,378
3,630,892

See pages 35 to 36 for description of funds.

Page | 31

LAUNDE ABBEY TRUST

NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

COMPANY
2024
Designated funds
St John’s Chapel fund
Specific projects
Holy Listening
Property development fund
General funds
General funds
Total unrestricted funds
Restricted funds
Staff fund
GEMS fund
Chapel fund
Schools project
Diocese of Leicester
Garden development
Organ repair
Café tables/parasols
Website redevelopment
Solar bollards
Dismantling and transport of
stained-glass artwork
Craft materials
Bursary fund
Total funds		 As at 1
January
2024
£
1,020
217,438
500
48,373
267,331
3,247,516
3,514,847
1,162
259
1,042
6,095
16,530
1,470
1,023
-
-
-
-
-
-
27,581
3,542,428		 Incoming
Resources
£
-
2,200
-
-
2,200
715,157
717,357
3,337
-
-
-
14,330
1,617
-
2,049
4,000
1,262
3,000
10
150
29,755
747,112		 Outgoing
Resources
£
(1,020)
(343)
-
-
(1,363)
(665,618)
(666,981)
(4,499)
-
(135)
-
(630)
(2,210)
-
-
-
(2,285)
(3,000)
-
(150)
(12,909)
(679,890)		 Transfer
between
funds
£
-
48,373
(500)
(48,373)
(500)
6,549
6,049
-
-
-
-
-
-
(1,023)
(2,049)
(4,000)
1,023
-
-
-
(6,049)
-		 As at 31
December
2024
£
-
267,668
-
-
267,668
3,303,604
3,571,272
-
259
907
6,095
30,230
877
-
-
-
-
-
10
-
38,378
3,609,650

See pages 35 to 36 for description of funds.

Page | 32

LAUNDE ABBEY TRUST

NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

GROUP
2023
Designated funds
St John’s Chapel fund
Specific projects
Holy listening
Property development fund
General funds
General funds
Total unrestricted funds
Restricted funds
Staff fund
GEMS fund
Chapel fund
Schools project
Diocese of Leicester
Garden development
Organ repair
Total funds		 As at 1
January
2023
£
580
205,464
500
48,373
254,917
3,240,692
3,495,609
1,524
259
1,042
6,095
4,294
1,000
-
14,214
3,509,823		 Incoming
Resources
£
2,580
11,974
-
-
14,554
1,156,992
1,171,546
4,203
-
-
-
12,236
1,694
2,728
20,861
1,192,407		 Outgoing
Resources
£
(2,140)
-
-
-
(2,140)
(1,143,288)
(1,145,428)
(4,565)
-
-
-
-
(369)
(1,705)
(6,639)
(1,152,067)		 Transfer
between
funds
£
-
-
-
-
-
855
855
-
-
-
-
-
(855)
-
(855)
-		 As at 31
December
2023
£
1,020
217,438
500
48,373
267,331
3,255,251
3,522,582
1,162
259
1,042
6,095
16,530
1,470
1,023
27,581
3,550,163

See pages 35 to 36 for description of funds.

Page | 33

LAUNDE ABBEY TRUST

NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

COMPANY
2023
Designated funds
St John’s Chapel fund
Specific projects
Holy listening
Property development fund
General funds
General funds
Total unrestricted funds
Restricted funds
Staff fund
GEMS fund
Chapel fund
Schools project
Diocese of Leicester
Garden development
Organ repair
Total funds		 As at 1
January
2023
£
580
205,464
500
48,373
254,917
3,227,222
3,482,139
1,524
259
1,042
6,095
4,294
1,000
-
14,214
3,496,353		 Incoming
Resources
£
2,580
11,974
-
-
14,554
680,426
694,980
4,203
-
-
-
12,236
1,694
2,728
20,861
715,841		 Outgoing
Resources
£
(2,140)
-
-
-
(2,140)
(660,987)
(663,127)
(4,565)
-
-
-
-
(369)
(1,705)
(6,639)
(669,766)		 Transfer
between
funds
£
-
-
-
-
-
855
855
-
-
-
-
-
(855)
-
(855)
-		 As at 31
December
2023
£
1,020
217,438
500
48,373
267,331
3,247,516
3,514,847
1,162
259
1,042
6,095
16,530
1,470
1,023
27,581
3,542,428

See pages 35 to 36 for description of funds.

Page | 34

LAUNDE ABBEY TRUST

NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

22. MOVEMENT IN FUNDS ( continued)

Designated funds

St John's Chapel fund

To receive donations towards the St John's Chapel costs.

Property fund (formerly specific projects)

Legacies received which the Trustees deemed should be used for specific projects and not just absorbed into the general running costs of the Abbey.

Holy listening

Donation received from an individual interested in Holy Listening.

Property Development fund

During the year the specific projects fund and the property development fund have been combined, both funds are being accumulated for use on significant property expenditure projects.

The specific projects fund originated from legacies received; the property development fund was received on the winding up of the Lt Col JD Player Memorial Trust.

Restricted funds

Staff fund

To receive donations to benefit the employees of Launde Abbey.

GEMS fund

To receive contributions from members of the Group for the East Midlands Spirituality Advisors (GEMS) and to pay creditors on their behalf.

Chapel fund

To receive donations to fund the refurbishment and maintenance of all of the chapels.

Schools project

Donation received towards the cost of providing materials, transport bursaries and other costs associated with the school’s project.

Diocese of Leicester

To support any charitable purpose in connection with the Church of England in the Diocese of Leicester.

Garden development

Donations received towards the costs of developing the grounds of Launde Abbey.

Organ repair

Donation towards the cost of repairing the historic organ located in the chapel.

Café tables / parasols

Funds from Friends of Launde Abbey for café tables / parasols.

Website redevelopment

Funds received from Friends of Launde Abbey towards the website development costs.

Page | 35

LAUNDE ABBEY TRUST

NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

22. MOVEMENT IN FUNDS (continued)

Solar bollards

Fund received from Friends of Launde Abbey for solar bollards.

Dismantling and transport of stained glass

Donation received towards the cost of dismantling and transporting a piece of stained-glass artwork.

Bursary

Funds to be used to provide Bursaries.

Transfers between funds

Transfers from restricted funds to unrestricted funds represent expenditure on assets and website costs acquired for general use and not for a restricted purpose.

23. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Group
2024
Tangible assets
Current assets
Creditors failing due within one
year
Creditors failing due after one
year
Charity
Tangible assets
Investments
Current assets
Creditors failing due within one
year
Creditors failing due after one
year		 Unrestricted
£
4,100,229
671,957
(575,027)
(872,313)
3,324,846
Unrestricted
£
4,100,229
1
500,563
(431,751)
(865,438)
3,303,604		 Restricted
£
-
38,378
-
-
38,378
Restricted
£
-
-
38,378
-
-
38,378		 Designated
Funds
£
-
267,668
-
-
267,668
Designated
Funds
£
-
-
267,668
-
-
267,668		 Total
£
4,100,229
978,003
(575,027)
(872,313)
3,630,892
Total
£
4,100,229
1
806,609
(431,751)
(865,438)
3,609,650

Page | 36

LAUNDE ABBEY TRUST

NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

COMPARATIVE
Group
2023
Tangible assets
Current assets
Creditors failing due within one
year
Creditors failing due after one
year
Charity
Tangible assets
Investments
Current assets
Creditors failing due within one
year
Creditors failing due after one
year		 Unrestricted
£
4,115,825
557,128
(546,225)
(871,477)
3,255,251
Unrestricted
£
4,115,825
1
408,365
(411,237)
(865,438)
3,247,516		 Restricted
£
-
27,581
-
-
27,581
Restricted
£
-
-
27,581
-
-
27,581		 Designated
Funds
£
-
267,331
-
-
267,331
Designated
Funds
£
-
-
267,331
-
-
267,331		 Total
£
4,115,825
852,040
(546,225)
(871,477)
3,550,163
Total
£
4,115,825
1
703,277
(411,237)
(865,438)
3,542,428

24. LEASING AGREEMENTS

At 31 December 2024 the total future minimum lease payments under non-cancellable operating leases were:

Amounts payable
Within 1 year
Between 2 and 5 years		 Group
2024
£
1,869
317
2,186		 Group
2023
£
2,281
2,186
4,467		 Charity
2024
£
1,581
173
1,754
Charity
2023

£

1,993

1,754

3,747

Page | 37

LAUNDE ABBEY TRUST

NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

25. EMPLOYEE BENEFIT OBLIGATIONS

Launde Abbey Trust participates in two defined benefit pension schemes administered by the Church of England Funded Pensions Board, which holds the assets of the scheme separately from those of the Responsible Bodies.

One of these is the Church of England Funded Pensions Scheme for stipendiary clergy. The other is the Church Workers Pension Fund for lay staff.

Church of England Funded Pension Scheme (CEFPS)

Each participating Responsible Body in the Church of England Funded Pensions Scheme pays contributions at a common contribution rate applied to pensionable stipends.

The scheme is considered to be a multi-employer scheme as described in Section 28 of FRS 102. It is not possible to attribute the Scheme’s assets and liabilities to each specific Responsible Body, and this means contributions are accounted for as if the Scheme were a defined contribution scheme. The pensions costs charged to the SoFA in the year are contributions payable towards benefits and expenses accrued in that year, which were £13,162 in 2024 (2023: £14,102), plus any figures arising from contributions in respect of the Scheme’s deficit (see below). The 2021 valuation showed the Scheme to be fully funded and as such in 2024, following the valuation results being agreed, the deficit contributions paid were £0 (2023: £0).

A valuation of the Scheme is carried out once every three years. The most recent Scheme valuation completed was carried out at as 31 December 2021. The 2021 valuation revealed a surplus of £560m, based on assets of £2,720m and a funding target of £2,160m, assessed using the following assumptions:

Following finalisation of the 31 December 2021 valuation, deficit contributions ceased with effect from 1 January 2023, since the Scheme was fully funded.

The deficit recovery contributions under the recovery plan in force at each 31 December were as follows:

31 December 2021
31 December 2022
31 December 2023
31 December 2024		 % ofpensionable stipends
7.1% payable from January 2021 to December 2022
Nil
Nil
Nil

Page | 38

LAUNDE ABBEY TRUST

NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

26. EMPLOYEE BENEFIT OBLIGATIONS (continued)

An interim reduction to deficit contributions to 3.2% of pensionable stipends was made with effect from April 2022 and remained in place until December 2022.

For senior office holders, pensionable stipends are adjusted in the calculations by a multiple, as set out in the Scheme's rules.

Section 28.11A of FRS 102 requires agreed deficit recovery payments to be recognised as a liability. However, as there were no deficit recovery payments from 1 January 2023 onwards, the balance sheet liability as at 31 December 2023 and 31 December 2024 is nil. The movement in the balance sheet liability over 2023 and over 2024 is set out in the table below.

2024 2023
£
 £
Balance sheet liability at 1 January 2024 - -
Deficit contribution paid - -
Remaining change to the balance sheet liability* - -
(recognised in SoFA)
Balance sheet liability at 31 December 2024 - -

The legal structure of the scheme is such that if another Responsible Body fails, Launde Abbey Trust could become responsible for paying a share of that failed Responsible Body's pension liabilities.

Church Workers Pension Fund (CWPF)

Launde Abbey Trust participates in the Pension Builder Scheme section of CWPF for lay staff. CWPF is administered by the Church of England Pensions Board, which holds the CWPF assets separately from those of the Employer and other participating employers.

Pension Builder 2014 is a cash balance scheme that provides a lump sum which members use to provide benefits at retirement. Pension contributions are recorded in an account for each member. Discretionary bonuses may be added before retirement, depending on investment returns and other factors. The account, plus any bonuses declared is payable, unreduced, from age 65.

There is no sub-division of assets between employers in each section of the Pension Builder Scheme.

The scheme is considered to be a multi-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 means that contributions are accounted for as if the Scheme were a defined contribution scheme. The pensions costs charged to the SoFA in the year are the contributions payable (2024: £26,643, 2023: £21,582) less amounts recharged to Launde Abbey Enterprises Ltd (2024: £10,663, 2023 £10,672).

A valuation of the Pension Builder Scheme is carried out once every three years. The most recent valuation was carried out as at 31 December 2022.

For the Pension Builder 2014 section, the valuation revealed a surplus of £8.5m on the ongoing assumptions used. There is no requirement for deficit payments at the current time.

The legal structure of the scheme is such that if another employer fails, Launde Abbey Trust could become responsible for paying a share of the failed employer’s pension liabilities.

Page | 39

LAUNDE ABBEY TRUST

NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

26. CONTINGENT LIABILITIES

During the three years ending 31 December 2012, the Leicester Diocesan Board of Finance made donations amounting to £882,591 towards the cost of refurbishing Launde Abbey. If the Abbey is sold within 25 years of the date of the donation, the donation is to be repaid to Leicester Diocesan Board of Finance from the proceeds of sale.

27. RELATED PARTY DISCLOSURES

The Leicester Diocesan Board of Finance (LDBF) has loans outstanding at the year end of £865,138 (2023: £865,138). No interest (2023: £Nil) accrued on the loan in the year and repayments of £Nil (2023: £Nil) were made in the year. Further details of the loan term are disclosed in note 21.

Trustees in the year Mr DJ Palmer and Mrs MV Wang (resigned 30 April 2024) are also Trustees of The Leicester Diocesan Board of Finance. Trustee Mr JW Kerry is Chief Executive and Company Secretary of The Leicester Diocesan Board of Finance. During the year The Leicester Diocesan Board of Finance paid Launde Abbey Trust £200 (2023: £2,463) for retreats and reimbursed Launde Abbey £3,513 (2023: £2,798) for costs incurred on its behalf. The Leicester Diocesan Board of Finance also paid Launde Abbey Enterprises Ltd £17,624 (2023: £19,772) for retreats during the year. At the year-end The Leicester Diocesan Board of Finance owed Launde Abbey Trust £888 (2023: £1,387).

Trustees in the year S Adshead and Mrs MV Wang (resigned 30 April 2024) are also Trustees of the Leicester Diocesan Board of Education. During the year The Leicester Diocesan Board of Education paid Launde Abbey Enterprises Ltd £nil (2023: £244) for retreats.

Trustee S Adshead is also a director of RISE Multi Academy Trust. During the year the trust paid Launde Abbey Trust £769 (2023: £211) for retreats.

Trustee JW Kerry is also a trustee of Leicester Cathedral Charitable Trust. During the year Leicester Cathedral Charitable Trust paid Launde Abbey Enterprises Ltd £nil (2023: £430) for retreats.

Trustees AF Trotter (resigned 22 July 2024) and M V Wang (resigned 30 April 2024) are also trustees of Leicester Anglican Cursillo. During the year Leicester Anglican Cursillo paid Launde Abbey Enterprises Ltd £8,037 (2023: £11,211) for retreats.

Trustee MV Wang (resigned 30 April 2024) is also a trustee of The Friends of Launde. During the year The Friends of Launde donated £6,728 for expenditure on specific projects.

Trustee Very Rev CC Dalliston is also a trustee of Peterborough Diocesan Board of Finance. During the year Peterborough Diocesan Board of Finance made donations of £5,000 (2023: £5,250) to Launde Abbey Trust. Peterborough Diocesan Board of Finance also paid Launde Abbey Enterprises Ltd £39,635 (2023: £32,726) for retreats during the year and £200 to Launde Abbey Trust.

The total amount of donations received without conditions from trustees was £550 (2023: £250).

28. ULTIMATE CONTROLLING PARTY

The Trust is ultimately controlled by the Board of Trustees.

The Bishop of Leicester who appoints the Trustees is a person with significant control.

Page | 40

LAUNDE ABBEY TRUST

NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

29 RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATIONS
2024
£
Net income for the reporting period (as per the Statement of
Financial Activities)
80,729
Adjustments for:
Depreciation charges
29,486
Profit on disposal of tangible fixed assets
-
Interest received
(35,089)
(Increase) in stocks
(454)
Decrease/(increase) in debtors
(18,605)
Increase/(decrease) in creditors
29,638
Net cash provided by operations
85,705
30
ANALYSIS OF CHANGES IN NET FUNDS
2023
£
Cash flow
£
Net cash
Cash at bank and in hand
783,880
106,904
Total
783,880
106,904		 2023
£
40,340
33,607
(100)
(20,796)
(3,683)
7,557
(2,899)
(54,026)
2024
£
890,784
890,784

Page | 41