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2020-12-31-accounts

REGISTERED COMPANY NUMBER 09806062 (ENGLAND AND WALES) REGISTERED CHARITY NUMBER: 1165957

REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 FOR ST MARY’S ABBEY, QUARR

Rothmans LLP Chartered Accountants Fryern House 125 Winchester Road Chandlers Ford Hampshire SO53 2DR

ST MARY’S ABBEY, QUARR

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

Page
Forward 3
Report of the Trustees 4 to 10
Independent Examiner’s Report 11
Consolidated Statement of Financial Activities 12
Consolidated Balance Sheet 13
Balance Sheet 14
Consolidated Cash Flow Statement 15
Notes to the Consolidated Cash Flow Statement 16
Notes to the Financial Statements 17 to 33

ST MARY’S ABBEY, QUARR

FORWARD FOR THE YEAR ENDED 31 DECEMBER 2020

It is the privilege of old institutions, like our monastic community which looks back to nearly nine centuries of monastic identity on the site of Quarr, to approach times of crisis with some hindsight, and hopefully some wisdom. The way the Coronavirus crisis affected our local circumstances can therefore be gauged in a nuanced way.

On the one hand, the two lock-downs of 2020, by enforcing the closure of most of our commercial activities and even for a while of our church, have contributed to create on the whole site a quality of silence and retreat which are core monastic values. At the same time, the primordial mission of the monastic community, which is to offer an uninterrupted tribute of praise to God and a constant intercession for the world, has been forcefully affirmed. The monastic art of living within an enclosure with limited human contacts has been a source of inspiration for many. Two of us contributed to a website (www.alonetogether.org.uk) where monastic experience was shared with a wider public. There has also been signs of interest in the monastic way of life and we could host two internship programmes, one of the interns expressing the desire to join us in the near future. Our grounds have continued to be much visited, as soon as the regulations made it possible, which is a sign of the need of many around us for peace, security and spiritual support.

On the other hand, however, we could not help being struck by the negative impact of the pandemic on our society at large and on the members of our staff and their families, as well as on the wider circle of our Friends and Oblates. Moreover, the financial consequences of this crisis could have been potentially devastating, if it had not been for the help of the government through the Furlough plan and the grants of the local Council.

Concerts, retreat days, tours, meeting of the Friends of Quarr, reunion of our Oblates had all to be cancelled. We had to close the guest-house – where we usually host around 600 guests per year for a stay of between one day to a fortnight. The greatest celebrations of the liturgical year had to be done behind closed doors – probably for the first time since penal times.

On the whole, nevertheless, we are grateful that our Charity has managed to weather the storm reasonably well, which is also due to the support of faithful donors and the generous commitment of the members of our staff. It remains that the economic impact of Coronavirus on our tourism orientated economy could be fatal if prolonged. This has led us to reflect seriously on a diversification of our income sources. We have been working on a new website with better interactivity and also offering such facilities as online shopping and online donations. Contactless donations have been introduced on site. We have improved our presence and following on social media. Other options are still being considered.

Whilst the big works of maintenance of our buildings had to be put on halt, the Friends of Quarr managed to deliver the project of resurfacing the paths leading from the Abbey Church to the Visitors Centre. These now offer a much easier access to visitors with walking difficulties. The completion ceremony took place in the presence of the Lord Lieutenant of the Isle of Wight, although obviously with very limited attendance.

As the pandemic continues to bring challenges and fears to our activities and to the society at large, the Trustees are committed to a close examination of all the ways the Abbey can continue its core spiritual mission, make a contribution to the local community, and welcome safely a great number of visitors. At the same time as they try to keep a tight management of their commercial activities, they are working hard at building the necessary network for the serious fundraising which is needed for the upkeep and maintenance of the two abbeys – the medieval ruins, and the Georgian and early 20th century buildings.

It remains our hope – and a challenge which we embrace with joy – that the Abbey will be able to make the most of the present difficult times in order to reinforce its core spiritual identity and the manifold service it renders to each of its visitors, guests and friends, as well as to the wider community.

Fr Xavier, Quarr Abbey

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ST MARY’S ABBEY, QUARR

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2020. 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).

OBJECTIVES AND ACTIVITIES

Charitable objects, aims and intended impact

The principal objects of St Mary’s Abbey, Quarr (“The Abbey”) are the maintenance of worship in the Abbey Church and of the resident Benedictine Community; and the promotion of the Catholic faith for the benefit of the public through carrying out spiritual duties in the community including the giving of retreats.

The Abbey generates its main commercial income through the successful operation of an Art gallery, Tea Shop, Farm Shop, Monastery Shop and Bookbindery; all of which are popular with the local Island population as well as tourists and provide a steady income for the Abbey.

The central aim of the Abbey’s commercial and financial plans is to achieve the long term sustainability of the Abbey and its operations where, each year, expenditure is balanced with income.

During the year, the Abbey received further restricted and unrestricted donations and these were used towards meeting the cost of specific projects and the running costs of the Abbey. The Abbey also received income from the production and licensing of Quarr Abbey products.

Objectives for the year

The following core objectives will continue to be the prime focus for the management team during the year:

Strategy for achieving objectives

To enable The Abbey to maintain the momentum of progress made in recent years the following strategies are considered key:

Significant activities contributing to achievement of objectives

Significant activities that will further contribute to the financial growth at The Abbey include the following:

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ST MARY’S ABBEY, QUARR

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020

OBJECTIVES AND ACTIVITIES (Continued…)

Significant activities contributing to achievement of objectives (Continued…)

Public benefit

The trustees confirm that they have complied with the duty in s17(5) of the Charities Act 2011 to have due regard to the Charity Commission's guidance on public benefit. This includes the additional guidance for charities on the advancement of religion, in deciding what activities the charity should undertake, in line with its aims and objectives.

The Abbey promotes public benefit through the provision of a place of worship and a guesthouse which is used for the purpose of religious retreats. They are open to members of the public who wish to explore and seek time to reflect. To facilitate this, the community carry out spiritual duties and undertake the preservation of the historic Abbey buildings and ruins. Monks also conduct retreats elsewhere to other communities and groups. A Theological Conference Series takes place annually given by noted experts in the fields of Theology and Philosophy. A two-month Intern Program is in place for young men (aged between 18 and 25). The Friends of Quarr also organise regular day- retreats each year. Organ Recitals take place annually with the performance of religious music by noted organists.

While the Tea Shop serves to support the Abbey commercially it is also a vital part of providing hospitality to visitors with careful consideration given to its operation to reflect the tradition of hospitality within the Rule of St. Benedict. The grounds and the tea garden are used by many local and island visitors as a place of calm and wellbeing.

ACHIEVEMENT AND PERFORMANCE

Review of Developments

The community of Quarr Abbey seeks to remain faithful to its ideals according to the way of life laid down in its Rules and Constitution.

The community of monks and the monastery play an important role in the spiritual, social and educational life of the Isle of Wight. Many visitors from all over the world visit the monastery, recognising it as a place of prayer, peace and tranquillity.

In 2020, the community of monks at Quarr supported their spiritual aims by improving the Abbey's long-term financial and commercial performance through the following:

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ST MARY’S ABBEY, QUARR

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020

ACHIEVEMENT AND PERFORMANCE

Review of Developments (Continued…)

Grants and donations

The trustees wish to express their gratitude to the individuals and organisations who have made donations and grants to the Abbey during the year. In particular, the trustees acknowledge the following:

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ST MARY’S ABBEY, QUARR

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020

FINANCIAL REVIEW AND RESERVES POLICY

During the year The Abbey received income of £597,360. The main source of income continued to be the Abbey’s commercial operation generating income of £303,390; £286,241 of which represents sales in the Tea Shop, Farm Shop and Abbey Shop operated by the charity’s subsidiary Quarr Abbey Enterprises Limited. The Abbey received donations, legacies and grants totalling £190,835, in addition to this £20,843 in donations were received from guests staying in the Abbey’s guesthouse.

Expenditure for the year totalled £853,145. Of this £485,513 related to the general upkeep of the Abbey and its Community and £335,960 to the costs of the commercial operations.

After taking into account the loss on the revaluation of the Abbey’s investment portfolio the charity had net expenditure for the year of £321,934.

The Abbey’s funds totalling £1,691,182 are divided between unrestricted and restricted funds and are mainly comprised of tangible fixed assets and its investment portfolio.

At 31 December 2020 the investment portfolio was valued at £929,951 and the book value of tangible fixed assets was £609,292.

Reserves policy

It is the trustees’ policy to retain reserves to ensure that the charity’s day to day commitments for the ongoing costs of the upkeep of the Abbey and its community can be met.

As the charity is dependent on income from donations, legacies and investment income, the timing and amount of which is variable in nature, the trustees consider that reserves should be sufficient to cover 9 to 12 months of these costs. In addition, reserves are held to cover the significant costs of ongoing maintenance and refurbishment programmes which continue to be required on the Abbey and its buildings. In reviewing the level of reserves the trustees are mindful of the requirements of the Congregation of Solesmes.

The charity’s reserves consist of its unrestricted funds, which are not comprised of fixed assets, designated funds or funds that are otherwise committed. The general unrestricted funds at 31 December 2020 totalled £1,411,590 of which £887,360 represents reserves.

Investment performance

The charity has a portfolio of investments, which is comprised of listed investments with a market value as at 31 December 2020 of £782,731, other unlisted investments of £116,006 and cash held for reinvestment of £31,214.

During the year the portfolio generated £25,501 of investment income, realised losses on disposals of £1,060 and a revaluation loss of £66,149.

The portfolio is managed by Charles Stanley & Company Limited, who operate within specific guidelines that are set and regularly reviewed by the trustees. The strategy is to maximise total returns, within acceptable levels of risks. Investment management charges amounted to £3,676.

The trustees expect that performance demanded by their investment policy will be achieved in the medium to long term.

Trading subsidiary

The charity has a wholly owned trading subsidiary, Quarr Abbey Enterprises Limited.

The trading company operates the tea shop, farm shop and Abbey shop and the funds that it generates to assists the charity in meeting its objectives.

Due to the impact of the pandemic and associated restrictions Quarr Abbey Enterprises Limited made a small loss for the year and was therefore unable to donate any profit to the charity in 2020.

Environmental Policy

The trustees believe that all businesses are responsible for achieving good environmental practice and operating in a sustainable manner. The board is therefore committed to reducing its environmental impact and continually improving its environmental performance as an integral and fundamental part of its business strategy and operating methods.

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ST MARY’S ABBEY, QUARR

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020

PLANS FOR FUTURE PERIODS

The trustees, as advised by the Finance Committee and the Abbey’s management team, are continuing with a planning and costing exercise to inform them of the impact of making adjustments to the interior of the shop. Due to the increasing popularity of these facilities, the trustees wish to ensure that it has the capacity to cater for the increased number of visitors to the Quarr Estate. The following are planned to be undertaken within the next twelve months:

COVID Pandemic

Since the year end the charity has been impacted by the COVID pandemic, further details are given in note 25 to these financial statements.

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ST MARY’S ABBEY, QUARR

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 DECEMBER 2020

STRUCTURE, GOVERNANCE AND MANAGEMENT

St Mary's Abbey, Quarr, Incorporated Charity was incorporated in England and Wales on 2 October 2015 by articles of association and is constituted by guarantee. It was subsequently registered with the Charity Commission on 9 March 2016.

Responsibility for decision making rests with the trustees; all of whom are senior members of the Benedictine Community. The trustees holding office during the period and at the date of this report are included within the reference and administrative details section of this report.

The trustees are supported in their decision making by the finance committee consisting of members of the community, professional employees and external advisors.

The Charity’s governing document precludes the trustees from receiving any remuneration.

Induction and training of new trustees

New trustees are provided with a copy of the memorandum and articles of association and informed of their obligations under company and charity law. All trustees are encouraged to attend appropriate external courses which may assist them to carry out their role.

REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number

09806062 (England and Wales)

Registered Charity number

1165957

Principal address

Quarr Abbey Ryde Isle of Wight PO33 4ES

Abbot and Head Trustee

Rt. R Dom Xavier Perrin

Trustees

R Dom Nicholas Spencer R Dom Gregory Corcoran

Procurator

R Dom Brian Kelly

Secretary R Dom Brian Kelly

Independent examiner

Rothmans LLP Chartered Accountants Fryern House 125 Winchester Road Chandlers Ford Hampshire SO53 2DR

Bankers

Lloyds Bank plc 35 Union Street Ryde Isle of Wight PO33 2LH

Investment managers

Charles Stanley & Company Limited 55 Bishopsgate London EC2N 3AS

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ST MARY’S ABBEY, QUARR

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

The trustees 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).

The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed 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 charity and of the incoming resources and application of resources, including the income and expenditure, of the charity 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 charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by order of the board of trustees on 27 October 2021 and signed on its behalf by:

Rt Rev Dom Xavier Perrin Abbot and Head Trustee

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INDEPENDENT EXAMINER’S REPORT TO THE MEMBERS OF ST MARY’S ABBEY, QUARR FOR THE YEAR ENDED 31 DECEMBER 2020

Independent examiner's report to the trustees of St Mary's Abbey, Quarr ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2020.

Responsibilities and basis of report

As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.

Independent examiner's statement

Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a registered member of which is one of the listed bodies

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

  1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or

  4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached

Robin Lloyd FCA for and on behalf of Rothmans LLP Chartered Accountants Fryern House 125 Winchester Road Chandlers Ford Hampshire SO53 2DR

29 October 2021

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ST MARY’S ABBEY, QUARR CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2020

Unrestricted
fund
Notes
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
3
183,945
Charitable activities
4
20,843
Other trading activities
5
303,390
Investment income
6
74,969
Other
7
7,323
Total Income
590,470
EXPENDITURE ON
Raising funds
8
338,938
Charitable activities
9
490,829
Total Expenditure
829,767
Net gains/(losses) on investments
(66,149)
NET INCOME/(EXPENDITURE)
11
(305,446)
NET MOVEMENT IN FUNDS
(305,446)
RECONCILIATION OF FUNDS
Total funds brought forward
1,717,036
TOTAL FUNDS CARRIED FORWARD
1,411,590		 Restricted
funds
£
6,890
-
-
-
-
6,890
698
22,680
23,378
-
(16,488)
(16,488)
296,080
279,592		 2020
Total
funds
£
190,835
20,843
303,390
74,969
7,323
597,360
339,636
513,509
853,145
(66,149)
(321,934)
(321,934)
2,013,116
1,691,182		 2019
Total
funds
£
185,228
63,051
529,406
84,819
20,621
883,125
472,552
468,271
940,823
66,655
8,957
8,957
2,004,159
2,013,116

CONTINUING OPERATIONS

All income and expenditure has arisen from continuing activities.

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REGISTERED COMPANY NUMBER: 09806062 REGISTERED CHARITY NUMBER: 1165957

ST MARY’S ABBEY, QUARR

CONSOLIDATED BALANCE SHEET AT 31 DECEMBER 2020

Unrestricted
fund
Notes
£
FIXED ASSETS
Tangible assets
16
456,465
Investments
17
929,951
1,386,416
CURRENT ASSETS
Stocks
18
11,832
Debtors
19
16,304
Cash at bank and in hand
34,338
62,474
CREDITORS
Amounts falling due within one year
20
(37,300)
NET CURRENT ASSETS
25,174
TOTAL ASSETS LESS CURRENT LIABILITIES
1,411,590
NET ASSETS
1,411,590
FUNDS
22
Unrestricted funds
Restricted funds
TOTAL FUNDS		 Restricted
funds
£
152,827
-
152,827
-
-
126,765
126,765
-
126,765
279,592
279,592		 2020
Total
funds
£
609,292
929,951
1,539,243
11,832
16,304
161,103
189,239
(37,300)
151,939
1,691,182
1,691,182
1,411,590
279,592
1,691,182		 2019
Total
funds
£
627,985
1,100,567
1,728,552
15,603
16,348
288,233
320,184
(35,620)
284,564
2,013,116
2,013,116
1,717,036
296,080
2,013,116

The charitable company and group are entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2020.

The members have not required the company and the group to obtain an audit of its financial statements for the year ended 31 December 2020 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

These financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to charitable small companies.

The financial statements were approved by the Board of Trustees on 27 October 2021 and were signed on its behalf by:

Fr Xavier Perrin Head Trustee and Abbot

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REGISTERED COMPANY NUMBER: 09806062 REGISTERED CHARITY NUMBER: 1165957

ST MARY’S ABBEY, QUARR

BALANCE SHEET AT 31 DECEMBER 2020

Unrestricted
fund
Notes
£
FIXED ASSETS
Tangible assets
16
356,081
Investments
17
929,953
1,286,034
CURRENT ASSETS
Stocks
18
5,700
Debtors
19
141,008
Cash at bank and in hand
6,977
153,685
CREDITORS
Amounts falling due within one year
20
(17,081)
NET CURRENT ASSETS
136,604
TOTAL ASSETS LESS CURRENT LIABILITIES
1,422,638
NET ASSETS
1,422,638
FUNDS
22
Unrestricted funds
Restricted funds
TOTAL FUNDS		 Restricted
funds
£
124,552
-
124,552
-
-
126,765
126,765
-
126,765
251,317
251,317		 2020
Total
funds
£
480,633
929,953
1,410,586
5,700
141,008
133,742
280,450
(17,081)
263,369
1,673,955
1,673,955
1,422,638
251,317
1,673,955		 2019
Total
funds
£
499,377
1,100,569
1,599,946
6,250
132,892
274,437
413,579
(18,573)
395,006
1,994,952
1,994,952
1,727,845
267,107
1,994,952

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2020 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

These financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to charitable small companies.

The financial statements were approved by the Board of Trustees on 27 October 2021 and were signed on its behalf by:

Fr Xavier Perrin Head Trustee and Abbot

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ST MARY’S ABBEY, QUARR

CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2020

Notes
Cash flows from operating activities:
Cash generated from operations
1
Net cash provided by (used in) operating
activities
Cash flows from investing activities:
Purchase of tangible fixed assets
Sale of tangible fixed assets
Sale of investments
Investment income received
Net cash provided by (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		 2020
£
(282,186)
(282,186)
(23,807)
4,032
100,000
74,831
155,056
(127,130)
288,233
161,103		 2019
£
(70,467)
(70,467)
(128,169)
-
-
84,819
(43,350)
(113,817)
402,050
288,233

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ST MARY’S ABBEY, QUARR

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2020

1. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net income/(expenditure) for the reporting period (as per the statement
of financial activities)
Adjustments for:
Depreciation charges
Profit on disposal of fixed assets
Change in market value of investments
Realised (gains)/losses on the disposal of investments
Investment managers fees
Investment income
Decrease/(Increase) in stock
Decrease/(Increase) in debtors
Increase/(Decrease) in creditors
Net cash provided by (used in) operating activities		 2020
£
(321,934)
42,500
(4,032)
66,149
1,060
3,676
(74,969)
3,771
(184)
1,777
(282,186)		 201 9
£
8,957
40,543
-
(66,655)
(13,069)
4,935
(84,819)
799
35,440
3,402
(70,467)

2. ANALYSIS OF CHANGES IN NET FUNDS

Net Cash
Cash at bank and in hand
Total		 At
1/1/20
£
288,233
288,233		 Cash
flow
£
(127,130)
(127,130)		 At
31/12/20
£
161,103
161,103

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ST MARY’S ABBEY, QUARR

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

1. CHARITY INFORMATION

St Mary's Abbey, Quarr, an Incorporated Charity, was incorporated in England and Wales on 2 October 2015 by articles of association and is constituted by guarantee. The registered company number is 09806062.

The registered address of the charity is Quarr Abbey, Ryde, Isle of Wight, PO33 4ES.

Quarr Abbey is registered as a charity with Charity Commission under registration number 1165957.

The principal activity of Quarr Abbey is the upkeep of the Abbey and its Community.

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 with the exception of investments which are included at market value.

The trustees consider that there are no material uncertainties about the charities ability to continue as a going concern.

The presentation currency used in the financial statements is £ sterling.

Parent Charity disclosure exemptions

In preparing the separate financial statements of the parent company, advantage has been taken of the following disclosure exemptions:

Group financial Statements

The financial statements consolidate the results of the charity and its wholly owned subsidiary Quarr Abbey Enterprises Limited on a line-by-line basis. Intercompany transactions and balances between the two entities have been eliminated in full.

A separate Statement of Financial Activities for the charity has not been presented in full, summary information is provided in note 15.

In accordance with the transitional exemptions available in FRS 102, the group has chosen not to retrospectively apply the standard to the business combinations that occurred before the date of transition.

Fund accounting

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

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

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ST MARY’S ABBEY, QUARR

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

2. ACCOUNTING POLICIES - Continued

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

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.

Income is the amount derived from ordinary activities and stated after any discounts and is net of VAT.

a) Grants

Income from grants is recognised, using the performance model, when the charity has entitlement to the funds, any performance conditions attached to the grant have been satisfied, receipt of the income is probable and the amount can be measured reliably.

b) Donations

Income from donations is recognised on receipt. Except where the donation includes terms and conditions, in which case income is recognised once any performance conditions attached to the donation have been satisfied.

c) Legacies

Income from legacies is recognised when the charity is aware that there has been grant of probate, notification has been received from the executors that a distribution will be made and any conditions attached to the legacy have been satisfied. Where the charity has been notified of a legacy but there is uncertainty to the amount of the payment the legacy, is treated as a contingent asset.

d) Sale of goods and refreshments

Income from goods and refreshments sold through the trading subsidiary is recognised on the supply of good to the buyer and the income from the sale and cost of the goods sold can be measured reliably and income is probable.

e) Investment income

Income from funds held on deposit is recognised when receivable and the amount can be measured reliably by the charity.

f) Covenanted pensions

Covenanted pensions are pensions receivable by members of the community which they pay to the charity under deed of covenant. Covenanted pensions are recognised when receivable and the amount can be measured reliably by the charity.

g) Guesthouse takings Guesthouse takings are donations made by guest for using the guesthouse facilities. Income is recognised on receipt.

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.

Allocation and apportionment of costs

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include personnel, finance, administrative and governance costs which support the operation of the charity and its activities. These costs are allocated between the costs of charitable activities and raising funds. Further details of support costs are provided in note 10.

Services provided by members of the community

For the purposes of these accounts, no monetary value has been placed on the hospitality, administration and other services provided by the members of the community.

Investments in subsidiaries

Investments in subsidiaries are included at cost less impairment.

18 | P a g e

ST MARY’S ABBEY, QUARR

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

2. ACCOUNTING POLICIES - Continued

Other Investments

Listed investments are included at their market value. Realised and unrealised gains and losses are recognised in the statement of financial activities in the year in which they arise.

Unlisted investments are included at cost less impairment.

Tangible fixed assets

All tangible fixed assets are initially recognised at cost. Individual tangible fixed assets costing £500 or more are capitalised and are depreciated over their estimated economic lives on a straight line basis. Lower amounts are expensed in the year of purchase

Depreciation is provided at the following annual rates: Freehold property 2% Motor vehicles 20% Furniture and equipment 20%

Stocks

Stocks representing goods held for sale by the trading subsidiary are measured at the lower of cost and the estimated selling price less costs to sell.

Creditors

Creditors are recognised where the charity has a present obligation resulting from past events that will probably result in the transfer of funds to a third party and the amount to be settled can be measured or estimated reliably.

Financial instruments

The charity only has financial assets and financial liabilities of the kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and debt instruments are subsequently measured at amortised cost.

Loan to subsidiary company

The Charity accounts for a loan to its subsidiary trading company as a concessionary loan. The loan is initially measured at the amount paid with the balance being adjusted each year for the interest which has accrued.

Taxation

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

Judgements in applying accounting policies

In preparing these financial statements the trustees have made the following judgements:

Key sources of estimation uncertainty

Tangible fixed assets are depreciated over their useful economic lives taking into account residual values, where appropriate. The actual lives of the assets and residual values may vary depending on a number of factors. Factors affecting the lives of assets include technological innovation and maintenance programmes.

3. DONATIONS AND LEGACIES

2020
Unrestricted
2020
Restricted
£
£
Donations
50,569
6,890
Legacies
-
-
Grants
102,582
-
Mass offerings
5,650
-
Covenanted pensions
25,144
-
183,945
6,890		 2020
Total
£
57,459
-
102,582
5,650
25,144
190,835		 2019
£
99,101
14,891
19,500
27,403
24,333
185,228

19 | P a g e

ST MARY’S ABBEY, QUARR

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2020

3. DONATIONS AND LEGACIES – Continued

Grants received, included in the above, are as follows:

2019
Unrestricted
2019
Restricted
2020
Total
£
£
£
Conservation of the Abbey ruins
-
-
-
Isle of Wight Council - Nammet Room
4,000
-
4,000
Listed Places of Worship
6,792
-
6,792
Job Retention Scheme grants
65,574
-
65,574
Isle of Wight Council Covid support
18,216
-
18,216
Foundation of Grant Masses
8,000
-
8,000
102,582
-
102,582		 2019
£
19,500
-
-
-
-
19,500

Included in donations is an amount of £2,890 (2019: £8,216) raised by the Friends of Quarr on behalf of the charity.

4. INCOME FROM CHARITABLE ACTIVITIES

2020
£
Guesthouse takings
20,843
20,843
5.
OTHER TRADING ACTIVITIES
2020
£
Sales of Quarr Abbey products
10,257
Tea shop and farm shop
258,882
Abbey shop
27,359
Art at Quarr
6,892
303,390
6.
INVESTMENT INCOME
2020
£
Investment portfolio income
25,501
Rental income
47,727
Interest receivable
1,741
74,969
7.
OTHER INCOME
2020
£
Miscellaneous income
8,383
(Loss)/profit on sale of investments
(1,060)
7,323		 2019
£
63,051
63,051
2019
£
32,089
438,467
44,937
13,913
529,406
2019
£
33,281
48,133
3,405
84,819
2019
£
7,552
13,069
20,621

20 | P a g e

ST MARY’S ABBEY, QUARR

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2020

8. RAISING FUNDS

2020
Unrestricted
2020
Restricted
£
£
Raising funds
Investment management fees
3,676
-
Trading: Cost of sales and other costs
Cost of Quarr Abbey products
7,111
-
Cost of sales
134,081
-
Repairs, maintenance and cleaning
14,995
-
Public relations and marketing
224
-
Light & heat and other establishment
expenses
13,810
-
Bank charges
3,510
-
Support costs (note 10)
161,531
698
338,938
698		 2020
Total
£
3,676
7,111
134,081
14,995
224
13,810
3,510
162,229
339,636		 2019
£
4,935
13,007
197,317
17,295
-
13,547
3,979
222,472
472,552

9. CHARITABLE ACTIVITIES COSTS

2020
Unrestricted
2020
Restricted
£
£
General upkeep of the Abbey and its Community
Premises costs
84,166
-
Personal and living costs
37,223
1,728
Motor expenses
2,655
141
Education costs
210
-
Miscellaneous costs
18,874
571
Repairs
26,404
-
Support costs (note 10)
310,919
2,622
480,451
5,062
Other Charitable activities
Funded by Friends of Quarr:
Accessible Paths project
-
17,618
Other
-
-
Conservation of the Abbey ruins
4,846
-
4,846
17,618
Donations
Donations
5,532
-
Total Charitable Activities costs
490,829
22,680		 2020
Total
£
84,166
38,951
2,796
210
19,445
26,404
313,541
485,513
17,618
-
4,846
22,464
5,532
513,509		 2019
£
85,613
64,518
2,294
2,084
21,889
1,029
263,849
441,276
-
634
17,634
18,268
8,727
468,271

21 | P a g e

ST MARY’S ABBEY, QUARR

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2020

10. SUPPORT COSTS

2020
Charitable
activities
£
Staff costs and emoluments (note 13)
243,257
Staff welfare and training
-
Depreciation – property
9,491
Depreciation – other
22,390
Profit on disposal of fixed assets
(4,032)
Legal and professional expenses
18,263
Public relations and marketing
19,207
Office and administrative costs
4,965
313,541		 2020
Raising
Funds
£
136,436
225
2,539
8,080
-
5,192
-
9,757
162,229		 2020
Total
£
379,693
225
12,030
30,470
(4,032)
23,455
19,207
14,722
475,770		 2019
£
371,457
1,657
9,491
31,052
-
42,636
22,939
7,089
486,321

The administrative costs of the trading subsidiary are allocated to fund raising support cost, all other support costs are allocated to charitable activities.

11. NET EXPENDITURE

Net income/(expenditure) is stated after charging/(crediting):

Independent examiner’s remuneration
Depreciation - owned assets		 2020
£
2,500
42,500		 2019
£
2,500
40,543

12. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 December 2020 nor for the year ended 31 December 2019.

Trustees' expenses

There were no trustees' expenses for the year ended 31 December 2020 nor for the year ended 31 December 2019.

13. STAFF COSTS

Wages and salaries
Social security costs
Pension costs		 2020
£
354,314
19,802
5,577
379,693		 2019
£
350,139
17,217
4,101
371,457

22 | P a g e

ST MARY’S ABBEY, QUARR

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2020

13. STAFF COSTS – Continued

The average monthly number of employees during the year was as follows:

General upkeep of the Abbey and its Community
Administration
Tea shop and farm shop		 2020
9
2
10
21		 2019
9
1
13
23

No employees received emoluments in excess of £60,000.

14. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted
fund
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
152,962
Charitable activities
Charitable activities
63,051
Other trading activities
529,406
Investment income
84,819
Other
20,621
Total
850,859
EXPENDITURE ON
Raising funds
471,854
Charitable activities
Charitable activities
443,716
Total
915,570
Net gains on investments
66,655
NET INCOME/(EXPENDITURE)
1,944
Transfer between funds
-
NET MOVEMENT IN FUNDS
1,944
RECONCILIATION OF FUNDS
Total funds brought forward
1,715,092
TOTAL FUNDS CARRIED FORWARD
1,717,036		 Restricted
funds

£
32,266
-
-
-
-
32,266
698
24,555
25,253
-
7,013
-
7,013
289,067
296,080		 Total funds
£
185,228
63,051
529,406
84,819
20,621
883,125
472,552
468,271
940,823
66,655
8,957
-
8,957
2,004,159
2,013,116

23 | P a g e

ST MARY’S ABBEY, QUARR

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2020

15. PARENT CHARITY RESULT FOR THE YEAR

The parent charity has taken the exemption under s408 CA2006 to not present its own separate Statement of Financial Activities. A summary of its financial result is presented below:

2020 2019
£ £
Total Income 270,508 431,689
Total Expenditure (525,356) (486,210)
Net gains/(losses) on investments (66,149) 66,655
Net movements in funds (320,997) 12,134
Total funds brought forward 1,994,952 1,982,818
Total funds carried forward 1,673,955 1,994,952

16.

TANGIBLE FIXED ASSETS

Group
COST
At 1 January 2020
Additions
Disposals
At 31 December 2020
DEPRECIATION
At 1 January 2020
Charge for year
Eliminated on disposal
At 31 December 2020
NET BOOK VALUE
At 31 December 2020
At 31 December 2019		 Freehold
property
£
595,487
1,884
-
597,371
59,198
12,030
-
71,228
526,143
536,289		 Motor
vehicles
Furniture and
equipment
£
£
17,036
395,010
5,250
16,673
(11,425)
-
10,861
411,683
15,352
304,998
1,297
29,173
(11,425)
-
5,224
334,171
5,637
77,512
1,684
90,012		 Totals
£
1,007,533
23,807
(11,425)
1,019,915
379,548
42,500
(11,425)
410,623
609,292
627,985

24 | P a g e

ST MARY’S ABBEY, QUARR

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2020

16. TANGIBLE FIXED ASSETS – Continued

Charity
COST
At 1 January 2020
Additions
Disposals
At 31 December 2020
DEPRECIATION
At 1 January 2020
Charge for year
Eliminated on disposal
At 31 December 2020
NET BOOK VALUE
At 31 December 2020
At 31 December 2019		 Freehold
property
£
474,686
-
-
474,686
40,707
9,491
-
50,198
424,488
433,979		 Motor
vehicles
Furniture and
equipment
£
£
17,036
294,031
5,250
7,887
(11,425)
-
10,861
301,918
15,352
230,317
1,297
21,093
(11,425)
-
5,224
251,410
5,637
50,508
1,684
63,714		 Totals
£
785,753
13,137
(11,425)
787,465
286,376
31,881
(11,425)
306,832
480,633
499,377

17. FIXED ASSET INVESTMENTS

Group

Listed
investments
Unlisted
investments
Cash and
settlements
pending
£
£
£
MARKET VALUE
At 1 January 2020
855,737
216,006
28,824
Additions
76,393
-
108,609
Disposals
(83,250)
(100,000)
(106,219)
Revaluations
(66,149)
-
-
At 31 December 2020
782,731
116,006
31,214
NET BOOK VALUE
At 31 December 2020
782,731
116,006
31,214
At 31 December 2019
855,737
216,006
28,824		 Totals
£
1,100,567
185,002
(289,469)
(66,149)
929,951
929,951
1,100,567

25 | P a g e

ST MARY’S ABBEY, QUARR

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2020

17. FIXED ASSET INVESTMENTS – Continued

Charity
Shares in
group
undertakings
Listed
investments
Unlisted
investments
Cash and
settlements
pending
£
£
£
£
MARKET VALUE
At 1 January 2020
2
855,737
216,006
28,824
Additions
-
76,393
-
108,609
Disposals
-
(83,250)
(100,000)
(106,219)
Revaluations
-
(66,149)
-
-
At 31 December 2020
2
782,731
116,006
31,214
NET BOOK VALUE
At 31 December 2020
2
782,731
116,006
31,214
At 31 December 2019
2
855,737
216,006
28,824		 Totals
£
1,100,569
185,002
(289,469)
(66,149)
929,953
929,953
1,100,569

At 31 December 2020 and 31 December 2019 the charity had a 100% holding of the ordinary share capital in a subsidiary company, Quarr Abbey Enterprises Limited (Company registration number 03609559), a company incorporated in England and Wales. The trading company’s objects are to operate the tea shop, farm shop and the Abbey shop.

The results of the subsidiary are included in the consolidated accounts.

A summary of the trading company’s results is presented below:

Turnover and other income
Cost of sales and administrative expenses
Interest payable
Net (loss)/profit
Gift aid donations to Quarr Abbey
Total assets
Total liabilities
Aggregate share capital and reserves		 2020
£
328,544
(328,849)
(632)
(937)
-
2020
£
164,395
(147,166)
17,229		 2019
£
483,404
(454,610)
(435)
28,359
31,534
2019
£
154,256
(136,090)
18,166

26 | P a g e

ST MARY’S ABBEY, QUARR

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2020

18. STOCKS

Goods for resale Group
2020
£
11,832
11,832		 Charity
2020
£
5,700
5,700		 Group
2019
£
15,603
15,603		 Charity
2019
£
6,250
6,250

During the year £141,192 (2019: £210,324) of stock was recognised as an expense.

19. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Trade debtors
Amounts owed by group undertakings
Prepayments and accrued income
Other debtors		 Group
2020
£
87
-
14,197
2,020
16,304		 Charity
2020
£
87
126,947
11,954
2,020
141,008		 Group
2019
£
-
-
14,226
2,122
16,348		 Charity
2019
£
-
119,043
11,727
2,122
132,892

Amounts owed by group undertakings includes an unsecured loan to the charity’s trading subsidiary, the loan is accounted for as a concessionary loan. The unsecured loan is over a 10-year term and is due to be fully repaid by 31 December 2025. The loan accrues interest at the Bank of England base rate, currently 0.5%.

20. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Trade creditors
Taxation and social security
Accruals
Other creditors		 Group
2020
£
20,389
5,582
10,975
354
37,300		 Charity
2020
£
9,196
-
7,875
10
17,081		 Group
2019
£
19,715
8,407
7,498
-
35,620		 Charity
2019
£
13,575
-
4,998
-
18,573

27 | P a g e

ST MARY’S ABBEY, QUARR

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2020

21. FUNDS

Unrestricted funds are used at the discretion of the trustees for any of the charity’s purposes, this is mainly for the upkeep of the Abbey and its Community.

Unrestricted funds include designated funds which have been set aside by the trustees for a specific purpose.

Property fund (designated fund)

The property fund represents the net book value of the Abbey buildings. This fund has been established in recognition of the fact that the Abbey is central to the objectives of the charity and the buildings do not represent reserves available to finance the charity's operations.

Library fund (designated fund)

The library fund represents funds set aside for the use in connection with the library.

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.

The restricted fund comprises the following funds:

Heritage Lottery Project fund (restricted fund)

The Heritage Lottery Project fund which represents donations and grants received for the programme of restoration of the old Abbey ruins.

DEFRA & RDPE fund (restricted fund)

DEFRA & RDPE fund represents a grant received towards the purchase of equipment and fitting-out of the tea room and farm shop.

Organ fund (restricted fund)

Organ fund representing monies held for the restoration of the Abbey organ.

Friends of Quarr fund (restricted fund)

Friends of Quarr fund represents monies raised by the Friends of Quarr which will be applied to the projects which they specify.

Window fund (restricted fund)

Window fund representing monies held for the restoration of the Abbey windows.

Vestments fund (restricted fund)

Vestments fund represents monies raised for the vestments for the members of the community.

Church gravel path fund (restricted fund)

Church gravel path fund representing monies held for the upgrade of the Church pathway to enable disabled people and wheelchair users to gain access more easily.

Abbey ruins conservation fund (restricted fund)

Abbey ruins conservation fund representing monies received and held for the programme of conservation of the old Abbey ruins.

Roof repair fund (restricted fund)

Roof repair fund representing monies received for the programme of repairs to the rooves of the Abbey buildings.

28 | P a g e

ST MARY’S ABBEY, QUARR

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2020

22. MOVEMENT IN FUNDS

Group
Unrestricted funds
General fund
Property fund
Library fund
Restricted funds
Heritage Lottery Fund project
DEFRA & RDPE fund
Organ Fund
Friends of Quarr fund
Window fund
Church gravel path fund
Abbey ruins conservation fund
Roof repair fund
Interns fund
Choir books fund
TOTAL FUNDS		 At 1/1/20
Net
movement in
funds
£
£
1,625,653
(305,951)
24,955
(832)
66,428
1,337
1,717,036
(305,446)
85,604
-
28,973
(698)
21,959
-
21,527
(12,563)
1,566
-
2,250
(2,250)
6,142
-
127,174
(2,622)
885
(885)
-
2,530
296,080
(16,488)
2,013,116
(321,934)		 At 31/12/20
£
1,319,702
24,123
67,765
1,411,590
85,604
28,275
21,959
8,964
1,566
-
6,142
124,552
-
2,530
279,592
1,691,182

Net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Property fund
Library fund
Restricted funds
Heritage Lottery Fund project
DEFRA & RDPE fund
Organ Fund
Friends of Quarr fund
Window fund
Church gravel path fund
Abbey ruins conservation fund
Roof repair fund
Interns fund
Choir books fund
TOTAL FUNDS		 Transfers
£
-
-
-
-
-
-
-
(15,368)
-
15,368
-
-
-
-
-

-
Gains and
losses
£
(66,149)
-
-
(66,149)
-
-
-
-
-
-
-
-
-
-
-
(66,149)		 Incoming
resources
£
587,470
-
3,000
590,470
-
-
-
2,890
-
-
-
1,000
3,000
6,890
597,360		 Resources
expended
£
(827,272)
(832)
(1,663)
(829,767)
-
(698)
-
(85)
(17,618)
-
(2,622)
(1,885)
(470)
(23,378)
(853,145)		 Movement in
funds
£
(305,951)
(832)
1,337
(305,446)
-
(698)
-
(12,563)
(2,250)
-
(2,622)
(885)
2,530
(16,488)
(321,934)

Friends of Quarr funded the gravel path project, the transfer above represents the funding provided in the year.

29 | P a g e

ST MARY’S ABBEY, QUARR

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2020

22. MOVEMENT IN FUNDS – Continued

Charity
Unrestricted funds
General fund
Property fund
Library fund
Restricted funds
Heritage Lottery Fund project
Organ Fund
Friends of Quarr fund
Window fund
Church gravel path fund
Abbey ruins conservation fund
Roof repair fund
Interns Fund
Choir books fund
TOTAL FUNDS		 At 1/1/20
Net
movement in
funds
At 31/12/20
£
£
£
1,636,462
(305,712)
1,330,750
24,955
(832)
24,123
66,428
1,337
67,765
1,727,845
(305,207)
1,422,638
85,604
-
85,604
21,959
-
21,959
21,527
(12,563)
8,964
1,566
-
1,566
2,250
(2,250)
-
6,142
-
6,142
127,174
885
(2,622)
(885)
124,552
-
-
2,530
2,530
267,107
(15,790)
251,317
1,994,952
(320,997)
1,673,955

Net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Property fund
Library fund
Restricted funds
Heritage Lottery Fund project
Organ Fund
Friends of Quarr fund
Window fund
Church gravel path fund
Abbey ruins conservation fund
Roof repair fund
Interns fund
Choir books fund
TOTAL FUNDS		 Transfers
£
-
-
-
-
-
-
(15,368)
-
15,368
-
-
-
-
-

-
Gains and
losses
£
(66,149)
-
-
(66,149)
-
-
-
-
-
-
-
-
-
-
(66,149)		 Incoming
resources
£
260,618
-
3,000
263,618
-
-
2,890
-
-
-
1,000
3,000
6,890
270,508		 Resources
expended
£
(500,181)
(832)
(1,663)
(502,676)
-
-
(85)
(17,618)
-
(2,622)
(1,885)
(470)
(22,680)
(525,356)		 Movement in
funds
£
(305,712)
(832)
1,337
(305,207)
-
-
(12,563)
(2,250)
-
(2,622)
(885)
2,530
(15,790)
(320,997)

Friends of Quarr funded the gravel path project, the transfer above represents the funding provided in the year.

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ST MARY’S ABBEY, QUARR

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2020

22. MOVEMENT IN FUNDS – PRIOR YEAR

Group
Unrestricted funds
General fund
Property fund
Library fund
Restricted funds
Heritage Lottery Fund project
DEFRA & RDPE fund
Organ Fund
Friends of Quarr fund
Window fund
Church gravel path fund
Abbey ruins conservation fund
Roof repair fund
Interns fund
Vestments fund
TOTAL FUNDS		 At 1/1/19
Net
movement in
funds
At 31/12/19
£
£
£
1,622,877
2,776
1,625,653
25,787
(832)
24,955
66,428
-
66,428
1,715,092
1,944
1,717,036
85,604
-
85,604
29,671
(698)
28,973
21,959
-
21,959
13,945
7,582
21,527
1,566
-
1,566
2,250
-
2,250
4,276
1,866
6,142
129,796
(2,622)
127,174
-
885
885
-
-
-
289,067
7,013
296,080
2,004,159
8,957
2,013,116		 At 1/1/19
Net
movement in
funds
At 31/12/19
£
£
£
1,622,877
2,776
1,625,653
25,787
(832)
24,955
66,428
-
66,428
1,715,092
1,944
1,717,036
85,604
-
85,604
29,671
(698)
28,973
21,959
-
21,959
13,945
7,582
21,527
1,566
-
1,566
2,250
-
2,250
4,276
1,866
6,142
129,796
(2,622)
127,174
-
885
885
-
-
-
289,067
7,013
296,080
2,004,159
8,957
2,013,116
1,717,036
85,604
28,973
21,959
21,527
1,566
2,250
6,142
127,174
885
-
296,080
2,013,116

Net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Property fund
Library fund
Restricted funds
Heritage Lottery Fund project
DEFRA & RDPE fund
Organ Fund
Friends of Quarr fund
Window fund
Church gravel path fund
Abbey ruins conservation fund
Roof repair fund
Interns fund
Vestments fund
TOTAL FUNDS		 Gains and
losses
£
66,655
-
-
66,655
-
-
-
-
-
-
-
-
-
-
-
66,655		 Incoming
resources
Resources
expended
Movement in
funds
£
£
£
850,859
(914,738)
2,776
-
(832)
(832)
-
-
-
850,859
(915,570)
1,944
-
-
-
-
(698)
(698)
-
-
-
8,216
(634)
7,582
-
-
-
-
-
-
19,500
(17,634)
1,866
-
(2,622)
(2,622)
1,000
(115)
885
3,550
(3,550)
-
32,266
(25,253)
7,013
883,125
(940,823)
8,957

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ST MARY’S ABBEY, QUARR

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2020

22. MOVEMENT IN FUNDS – PRIOR YEAR – Continued

Charity
Unrestricted funds
General fund
Property fund
Library fund
Restricted funds
Heritage Lottery Fund project
Organ Fund
Friends of Quarr fund
Window fund
Church gravel path fund
Abbey ruins conservation fund
Roof repair fund
Interns Fund
Vestments fund
TOTAL FUNDS		 At 1/1/19
Net
movement in
funds
At 31/12/19
£
£
£
1,631,207
5,255
1,636,462
25,787
(832)
24,955
66,428
-
66,428
1,723,422
4,423
1,727,845
85,604
-
85,604
21,959
-
21,959
13,945
7,582
21,527
1,566
-
1,566
2,250
-
2,250
4,276
1,866
6,142
129,796
-
(2,622)
885
127,174
885
-
-
-
259,396
7,711
267,107
1,982,818
12,134
1,994,952		 At 1/1/19
Net
movement in
funds
At 31/12/19
£
£
£
1,631,207
5,255
1,636,462
25,787
(832)
24,955
66,428
-
66,428
1,723,422
4,423
1,727,845
85,604
-
85,604
21,959
-
21,959
13,945
7,582
21,527
1,566
-
1,566
2,250
-
2,250
4,276
1,866
6,142
129,796
-
(2,622)
885
127,174
885
-
-
-
259,396
7,711
267,107
1,982,818
12,134
1,994,952
1,727,845
85,604
21,959
21,527
1,566
2,250
6,142
127,174
885
-
267,107
1,994,952

Net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Property fund
Library fund
Restricted funds
Heritage Lottery Fund project
Organ fund
Friends of Quarr fund
Window fund
Church gravel path fund
Abbey ruins conservation fund
Roof repair fund
Interns Fund
Vestments Fund
TOTAL FUNDS		 Gains and
losses
£
66,655
-
-
66,655
-
-
-
-
-
-
-
-
-
-
66,655		 Incoming
resources
Resources
expended
Movement in
funds
£
£
£
399,423
(460,823)
5,255
-
(832)
(832)
-
-
-
399,423
(461,655)
4,423
-
-
-
-
-
-
8,216
(634)
7,582
-
-
-
-
-
-
19,500
(17,634)
1,866
-
1,000
3,550
(2,622)
(115)
(3,550)
(2,622)
885
-
32,266
(24,555)
7,711
431,689
(486,210)
12,134

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ST MARY’S ABBEY, QUARR

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2020

23. RELATED PARTY DISCLOSURES

As disclosed in Note 17, the charity has a wholly owned trading subsidiary company, Quarr Abbey Enterprises Limited.

At 31 December 2020 Quarr Abbey Enterprises Limited owed an amount of £126,947 to St Mary's Abbey, Quarr, Charitable Trust (2019: £119,043). Interest charged on this loan amounted to £632 (2019: £435). The loan is unsecured and is repayable over 10 year and interest accrues at the Bank of England base rate.

24. ULTIMATE CONTOLLING PARTY

The charity was under the control of the trustees throughout the year.

25. POST BALANCE SHEET EVENTS

The COVID-19 pandemic has continued in 2021.

The charity is dependent on voluntary income and income from its trading subsidiary. As a result of the restrictions in place for the first half of 2021 the charity’s ability to generate income has been severely restricted.

Since the easing of the restrictions visitors have been able to return to the Abbey and the tea shop and farm shop have reopened, albeit initially with reduced opening hours. This has allowed for the gradual return to work of the furloughed staff. The charity is now fortunate to be meeting its income targets.

The trustees believe that their investment strategy will help to regain the losses suffered due to the impact of the pandemic on world markets.

The trustees have made use of the available government support, which included making use of the furlough scheme to help protect the jobs of the staff in the trading subsidiary.

Any shortfall in income against budgeted expenditure in 2021 can be rectified through making a drawdown from the investment portfolio.

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