REGI8TERED COMPANY NUMBER 09806062 {ENGLAND AND WALES) REGISTERED CHARITY NUMBER.. 1165957 REPORT OF THE TRUSTEES AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDEO 31 DECEMBER 2023 FOR ST MARY'S ABBEY, QUARR Moore (South) LLP g st John's Place Newport 18le of Wight P030 1LH
ST MARY'S ABBEY, QUARR CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Page Foreword Report ofthe Trustees Refeience and Administrative Del8118 Independent AudiloVs Report Consolidated St8t8menl of Financial AclNilies 12 Cpns9lidaled Balance Sheet 13 Charity Balance Sheet 14 Consolidated Cash Flow Statement 15 Notes to the Flnandgl SlaleNnents 16-30
ST MARY'S ABBEY. QUARR FOREWORD FOR THE YEAR ENDED 31 DECEMBER 2023 The BenedKtine Community who wn Qu4rr Abbey as a Monastery and a Charfly is looking backward to 2023 a5 a good year. A young monk Ilnked himseM by temporary vows with th8 Community in June. A Poslulant has beuun his discemment pro¢es$ August. Two senior monks celebrated their Sier Jubilee of Priestly Ordination. The Ofdinary Visitation of the house was conducted in January by the Abbot of Fonlgombautt and the Assistant to the Abbot President ol thè Congregation. The Vlsilors noted with s81isfaction the dimate of peatr£ and welcomed the sign5 of growth in the Community. They enCraad 8 close examination of our ofganisation and a wiew of our governance to improv6 the management of the actSvltie$. Later in the year, Ihe newly appDinled Abbot of Solesmes and Presidènt ttf thè Congregation paid his first visit lo Quarr. He was impressed by the beauty of the site and the building8 built by his forefathers of Solesmes in thè timé of their exile in England atlhe beginning of the 20th Century. Hè èxpressed gt conffidence for the future and promised his ond th¢ ccVregallQn,s svpport. In turn, Abbot Xavier altended a Solesmes tho Gener31 Ghapler of the Congregation together with around 30 superiors of monastic houses who had trav8lled from Europe. Africa and North Amerl¢a. He made known the finanaal neèds of the Abbey and rewved promises of help towards the foreseeable refuibishffienl works in Ihe guesthouse. A Safeguarding Guidance Docum8ntwas approved for the Congregation. lo be adap18d by each house a¢¢ording lo theif circumstances. Abbot Xavier acted as Canonical Visiior lo ¢ommuni118s of nuns lone in Ffanco and onè in Scollandl and preached Ihe relroat al Belmont Abbey {Herefordshirel. This is Iypicgl of the life of Benedictine houses. all basically indep8nd8nt, nalionalty and internationalty linked by lies of support and fratemity. The inlefest for Qua remains hi9h with the public. A gfoup of London Architects visited the new Abbey, whilst guided tours of the ruins of tho old Abbèy proved so popular that a new seri95 had lo be organised. Many events took place drawing Iv thg Abbey ifferenl publics. In Juty. Jim Towèy, IBwyer lo the late Mother Teresa of Calcutta, paid an important visit to Quarr, giving talks and meeting whh dlffeienl gioups, whilst advising our mgnaging le8m around fundraising in which he has a great exp&rtiS8. Two day8 of talks were organised on the oc¢8slon of his presen with speakers frotn Ihe18le of W9hl and the mainland, attended by over 250 visitors. At the of the same month, the usual Organ Rè¢ilal8 sertes hosted hlghly lalonled organists from England and the USA who expressed theirjoy al playing the Cavaillé-coll inslrumant. In September, a Chant Forum gathered a wide international oroup for 3 days of intense study and perfomanee of Gregorian Chant. Al the boginning of December, a Chrlstmas market was an opportunity lo weloorne at the Abbey artists and craftsmen and wcxnen of the Island, whi15t. doser to the feast ol Christmas, an exceptionally crowded Chrlslmas Carol seNce helped many lo appn)ach the beaub'ful mystery of this unique seas¢)n ol the year. Dealing with ash tye bk has become a sad feature ofwoodland life Ih858 day8. A lirst campaign h• secured the felling of part of tho trees, whilst other areas had to be t8mp(Y8ri1y ¢108ed to the public, and others will be dealt wrth next year. We also had a very useful fire in$pedion in Seplemberwhich led to a few minor adjustments lo our fire safety procedures and equipment. Th8 busSness8$ have been perfomiing well overall ¢von if il remains obvious thBt WÈ are still very much in the aftermath of the pandemic which hit them so mtjch. 11 requiTes great vigilance to adapt nearly all the Ilme lo new rcUmstanGe8 of suppliers, on the one hand. and visitors. on the other hand, whilst tsking sufficient care ol our staff. We wekDme as an encouraging sign the success ol our Ilne of In-house made products, as well as thts Imid bul eonstsnl growth of our onllne shop. The po811ive lone of this foreword does not rnean that we are not touched by Ihe gw)èral fragility and insecurity whlch Seems lo be hallmarf( of our limes. Th6 Trustèès are aware that these call for ever greater care for all- monks, st&ff, volvnleers and visitors- who come to the Abbey. Compliance with ever-growing demand8 from extemal regulations be at lime a challengè lor oui limited managing team. We are hoping to be able lo adjust our govemane6 arbd pul in place a fundraising strategy lo copewlh the challenges of maintaining our buildin9s anrl èstatè 80 that they can better serve the aims of our Charity for the good ol as many as possible. Fr X8vigr, Quarr Abl
ST P41ARVS ABBEY, QUARR REPORT OF THE TRUSTEES FOR THE YEAR ENDEO 31 DECEMBER 2023 The Iruslees who are also directors ol the charlty for the purF)o$es of the Companies Acl 2006. present their report with the fingna81 statements of the chafty for tho year ended 31 December 2023. This report 8180 includes the requirements of a Dir¢dors' Report urKler Company Law. The Tnjstèès who seNed during the year and Sin tha y88r 8nd arè 8È shown on page 10. The ffinanci81 stat8menla h8ve been preparal in accordanTr wllh the accounting policies sel out in th8 notés to thèse accounts and comply wlh the Trusvs Memorandum & Artide8 of A8socialion, the Charilies Act 2011, Companles Act 20C6. and the provisk)ns of Ihe Statement of RecomTnended P¥acte ISORPI "Accountlng and Reporting by Charitres" applicable to tharities pparIng their accounts in accordance th thé Fin8nd81 Reporting Standard applicable In th¢ UK and Republic of Ireland published In oober 2019. OBJECTIVES AND ACTMTIES Charitable objects, alm$ and intended Impact The principal objects ofSI Mary's Abbey, Quarr fThe Abbeyl are the maintenance of worship in IheAbbey Church and ()fthe resident Benedictin8 Community,. and the promotion of the Cathollc Fallh forthe benefit of the publiclhrough carryin9 Out Spiritual duties in the Community induding the giving ol retreats. Th8 Abbey generates its main comrneroal in¢offjo Ihrough the 8uccessful operation of an Art gallery, Tea Shop, Farm Shop, MDn881ery Shop, Holiday Cottage, and Bookbindery,. all of which are popular with th8 local Island population as well as tthJrist¥ and Provide a steady income for the Abbey. The ntral aim oftheAbb¢l5 rommercial and finanal plans is lo achiev8 th8 long-tgrm sustainability of the Abbey and ts operations where, each yoar, expenditure is balanced with income. During the ar, the Abbey received further restricted and unrestri¢ted donation8. and these were used towards rneeling the cost of speofi¢ PTOJ'ects and the running costs of the Abbey. The Abbey 8180 received income from the production and Ilcen8ing of Quarr Abbey products. Oblecllvès for th8 ygar The followirig core objectives will continue to be the prime focus for the management team Lluring the year. Updating and reviewing th& short-. medium- and long-lerm financial frarn8WOrt( for the Abbey to ddiver2032 vision Identifying addilionwl financial opportunities and savings to support th8 fin8n¢lal 8uslainabilty of the Abbey. Raislng new fvnds. through planned program of fund-raising lar9Ètlng $pec•fic and urgent proleds, for the rnaintenance and r8fvrbi$hment of Ihe Church and ils buildings. Monitoring the on-going expanditure on various projects, lo ensufe that expend41uro Stay8 wilhln budget and the approved purposes are met. Examining further measures and marketing strategy lo ensure The Abbey's commeraal activitie8 prodLKe a profft 8nd building the business in Ihe quielgr months. Strategy forachlèvlng obJèetsv93 To ènableTh8 Abb8y to malntain the rnomenlum of progress made in renI years the following 8trategi8s are considered key.. 8uilding a strong rnanayemenl learn through SucssfUl recruitment of the right candidates and a comprehens5vo succession plan induding monks, professional emoYees, and external advisors. Supporling thé fijnd raising a(aNilies established by1he'Friends of Qu8rf. M8inlaining a marketlng plan for the Bookbindery. Conlirbue with a vint rnarkeling plan targeted lo key audiences with a focus on digital and social marketlng C8mpapans and 8elecled print marketing in the Island Visitor magazin& and diréel marketing lo island resodents through regional and Island ftxussed publi¢alions to supFM)rt business enteiprises and visilcys lo the Abbey grounds. Rggularmanagemenl review of financial and commercial p8rfom)ants.
ST MARY'S ABBEY, QUARR REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 OBJECTIVES AND ACTIVITIES (COND ... Significant aclivitioB contribudng to a¢hivemtrnt of objectives Significant adivities that will further conth'bule lo the financial growlh at The Abbey indude Ihe folknying.. Examlne measures and financial viabilty lorthe reloration of the farm shop to a permanent location BS a standalone bLFslness from the lea shop Examine ffj985urgs to inctèaso indoor $¢aling for thg tea shpp to in(¥ease all-8[ rou1 capauty in poty w¢ather and lo rnaintain custom from our dog walking CU¥tomer8 that arg not lo use the lea ¥hop. The training and development of the Management Team in effective bLJgel management and commercial perfovmance. Increase in the use of $o¢ial media to meet new alenS who are inlere8ted in Quarr Abbey and gaining an audien that we can communica18 with on a regular basis. Development of schemes to produce increased quantilles ofAbbey grown produce that are lo be incorporated in QuarrAbbey branded products sh as beer, der. apple luSce, confectionery, lams, thutneys, stationary and branded product. Continue to update the Web51te, to include relevanlarticles on IheAbbey and it8 produce,. logelherwiththewider site which will serve to provide interest and infwmalion lo the wKler community. Publlc benefit The Irustees confirm Ihat they have complied with the dirty in s17(5} of the Charities Act 2011 to have due regard to the Charty Commission's guidancè on public b•nefit. This includes the additional guidance for eJ)Brities on the 8dvancem8nt of th& Catholic roligion, in deading what activities the charity Shou undertake. Tn linè Wth its aims and objective$. Th& Abbey promoles public bonèfft through the provislon of a Iace of worshlp and 8 gueslhouse whh Is used for the purpose of religious iet¥eals. They ate open to membèrs of the publi¢whowl$h loexplore and séeklimè lo rèflect. To f8¢ililalé this, the (x)mmunty carfies out spiritual duli85 and undertake thè PF88ervation of Ihe hi3loTiC Abbey buildings and ruins. Monks al80 conduct retreats elsewhere lo other communities and groups. A Theological Conference Serie5 occasionally lakes place given by noted experts in the fields of Theology and Phi1050phy, A two-monlh Intern Program 18 in place lor young men laged beiween 18 and 251, and the Abbey hosls a GregoFian Chant Forum in conjunction with St Cecilia's Abbey. The Friends of Quafi also organize regular day retreats each year. Oigan Recitsls take place annually with the performance of religious rnuBic by noted organists. Whlle the Tea Shop serves lo support the Abbey commercially il is also a vital part of providing hospitality lo visitors with carelul consideration glven lo its operation to reflectthetraditlon of hospitality within Ihe Rule of St. Benedlct. The grounds and the tea garden 8r& usèd by many local and island visltors as a 8¢8 of calm and w811beino. ACHIEVEMENT AND PERFORPMNCE Revlew of tjtrvolopmts The community of QuarrAbbey Seeks lo temain lailhful lo Ils tdeal8 a¢¢ording to the way of Ilfe Iwd down in Ms Re¥ and Conslituiion. The community of monk8 and the rnona51ery play an important role in the spiritual. social and educational lifeof the Isle of Wghl. Many visitors from all ovor the worfd vis11 tho monastery, recognizing it as a place of prdyeT, peace and tranquility. In 2023. the community of monks al Quarr SUPPLYied their spiritual aims by improving theAbbeYs lontemi financial and commercLal perfomiatKe through the following.. Various Inlelledual pursuits are being conduded by the cnmmunity Including writing and tran8laling books and articbs. New choir books are being produced to enhance the celebratTr of our liturgies. Tk>& priests of the monastery continue to assist Sl Cecilia's Abbey with the celebration of masses and other ministerial works. Various members of the monaslic communty have preached retreats al other monasteries. Work wos completed on the refvrbishment of the monastery kitchen.
ST MARY'S AB8EY, QUARR REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER2023 ACHIEVEMENT AND PERFORMANCE Rèview of Devoloprnents IContlnued...I Work was completed lo refurbish and replace 9utterin9 lo the Chapter house. wowk Gontinued to the relurbishment of the monastery windows. RgpaSr ofwater damag8, improvemènt8 to Insulalion and rede¢or3ts'on wa8 completed to the main office. The18le of Wghl Beekeepers continu8(I with the management oflhe Abbeys hives and leachlng Apiary. Successfully traded at three Island show days. induded the County ShN. Chale Show and Wolverton Show. ralslng furK18 and awareness of the Abbey and its product fanges. The first Christmas Fair was held in a marquoo along with a wntèr &y8nts program, which wa8 both popular and commercial Su$$. Succassfully launch8d Quar Abb8y Gin and a rangè of br8nded stationery and grfts. Carpenter8 created and manufactured a range ol bespoke products, which sold successfully from the fami shop. Two successful exhibibons were curat&d by Ihe Abb8y on th8 Book Bindery and The Two Abbeys Journey. Social m6dia continu8d to yrow 8chl8vlng tsrget of rÈ8ching over 5,000 8di¥e followers lo our Fabook page. Grants and donatton¥ The Iruslee$ wi$h lo express Iheir gratitude to the individuals and organizabons who have made donations and grants to the Abb8y durlng the year. Friends of QuarrAbbey Sl. Cecilia's Abbey Foundation of Sl Benedict of Nursia FINANCIAL REVIEWAND RESERVES POUCY During the ye8r the Abtw received irKome of£l,448,747 (2022- £1,672,335). TheAbbey's cornmercial operation generated income Of £762,201 12022 - £673,260) of which represen18 sales in the Tea Shop, Faym Shop and Abbey Shop operated by the chorily's subsidiary Quan Abbey Enlerpri8e8 Limrted. The Abbey received donation5. legacies and grants lotalling £488,286 12022 £833.1471, whlch included £57,704 {2022- £51.132) in donations from guests staying in the Abbey's 9uesthous8. Expenditufe for the year an)xrtJb?£1.489,f]3(2(y22- £1,W3781. Ofthis. £55),% (arz2- £580,142) related to the general upkeep of the Abbey and its Community and £878.812 12022 - £741,090) to the costs of th8 activities for raising funds and ¢0meT¢la1 operations. After t3.n9 into account the gains on the revaluation of the Abbey's investment portfolio the charity had incurred an overall defh)t of q18,1531 when compared to the priory•arsurplus of £402,682, which indudèd rÈvalu8tlon gains of £60,725. The Abbel8 hjnds lolalling £4.349,60412022 - £4,367,757) are divided between unre8tricted and restricted funds and are main mprised of tsngible fixed assets and its Investment portfolio. Al 31 December 2023 Ihg Inveslmtrnl portfolio was valued at £836,048 12022 £837,60718nd the book value of tangible fLxed a81&waS£0,fj2l(2o22-£97,6l9l. Notsbleaddilionslu e4uipmentthisyearirK*uded compulerand k5tchen and groLmds equipment of£36,719. Re$eryeJ pollcy It is the trustees. pollcy to retain reseNe5 to ensure that the charfty's day to day commilmonls for the ongoing cost8 of the upkeep of the Abbey and it8 community can be met, The Charitable Group had free reserves at the year end. belng those reserves in unrestrictèd funds, not liad tsp In fixed ass81s or inv881m8nt prop8rt1Ès, of £9,059,49012022- £1,048,852). As the chatity is dependent on income fr dstions, legacies and invesknenl incoffle, the liming and amount of whith 18 variab in nature, the Iru3tees cOlder that reserves Should be sufficient to cover 9 10 12 months of these costs. In addition, reserv¢s aro held to cover the 8ignific8nt C081$ of ongoing maintenancè and refttrt)ishmenl PfograMme8 which continue to be reouired on the Abbey and its buikling5. In Teviewing the level of Teserve8 the trustees are mirKlful of the requirements of th8 Congragation of Sole5mes.
ST MARY'S ABBEY, QUARR REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 InY•stmènt pèrfomi•n¢• Thè charity has a portfolio ol inveslmenls, which is comprised of listed investments with a market value as at 31 December 2023 of Z809,658 (2022 - £817.375), other unb'sted Investmen15 of £16.006 12022 £16,006) and cash held for reinvestment of £10.384 12022- £4,226). During the year th8 POrtfol¢o generated £32.740 12022 £26,830) of knvestment Incom&, reali8ed a 1058 on di8posa18 of £246 (2022- profits £5,467), and a r8VaallOn gain of £2,70312022- loss £80,210}. The portfolio Is managed by Charfes Slonley & CorTTrpany Limited, who operate within SFecific guidelines that are Sel and regularty reviewed by the tru51ees. The strategy is lo maximise total returns, acceptable levels of risks. Investment management chargas amounted to £3,92012022-£4,2eoi, ThgTruslees expect that performance demanded by their inveslrnent polscy will be achieved in the medium to long term. Rlsk Management The Trustees have carried out work on the major rlsks lo which the Charlty Is exposed. In partKular those relatsd to the operalior and finances of the Trust and are satisfied that Systems are in place to manage any exposure to the major risks. Trading subsldlary The d)arity has a wholly owned tsding subsidiary, Quarr Abbey Enterpllse5 Limited. The trading cornpany operates the lea shop, farm shop aTKI Abbey shop and the funds that il generates to assists the charily in Meeting its objectNes. Distributions wwe ma¢Je In the year of £25,41012022- £40,000) as donations to the charity, and a further donation was made after the year Ènd of £2S.081. EnvSronmental Pollcy The Trustees believe tha( all buslnesses are responsible for aChIen9 good environmental practic¢ and operating in a suslainabte manner. The board is therefore committed to reducing ils environmental Impact and conlirnually Improv(ng its enviJDnmental performance as an integral and fundamental part of its busin8SS Stratègy and operatin9 mèthodg. PLANS FOR FUTURE PERKJDS TheTru51egS, 85 81fvised by the Finance Cvmmittee anEI the Abbe8 management team. are continuing with the Two Abbeys Joumey 10 2032. Looking al renovaling buildings, develop new ways ol welcoming, work al pre8erwng the unique building ol Quarr, and enhance the spiritual and cultural potential of the two abbeys. The Trustees wish to ensure a sufficlent capacmy to ¢aler ft)r Ihg increased number of visitors lo the Quarr Estate that is manageable and sustainable while supporting the abbey financially. The followng are planned lo be undertaken within the next tsvelve months.. Further consolldalbon work on the Andent Abbey Ruins wllh a grant application lo the World Monument Fund afKI Histo England to support this. Introduce a'contaclless. mèthod lo fadlllate further vSsllor don8tion8. Continup work orb the slrate9lc 10-year plon (rhe Two AblY5 Jotsm&y To 20321. Begin agaln our annual bi-annual Theological Conferences and wnlinue our bi-annual Char)t. Conlinup an ongoiwvj c0518d, budgetsd, and phased maintenance plan for all Abbey buildings. Complete a program of slFUCtural a1 refurbishment lu Ihe Guest House fvnded fiom a program of fundraising. Implement a Bchedule of projects for the Abbey grounds and replace cages and potytunnels in the monastery vegplable plot. Agree arxl implement an Events programme that financially sUPPOrts the Abb8y. Curate ts¥o exhibitions- CuafrAbbey a PholDgTaph(c Joumey and Monastic Life at Medieval QLkirr Abb8y. Devek)p the owTrline shop platft)rm lo ifflpme user experience, grow the range of prodLth available and achleve cctmtTrercial tatgets.. Continue to budget and plan lor the implementation of measures frorn Ihe ongoing review of cuffent alth and $af@ty and fl and including the launch of the updated Health and Safety Policy lor Staff and Volunteers.
ST MARY'S ABBEY, QUARR REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 PLANS FOR FUTURE PERIODS Icontlnued...) Roll out of updated Employee Handbook. C¢Jntinue to work with schools giviro woik experfence, supporting carefrrs development, Young Enterprfso wogram 8n(I vislt opportunities al the Abbey. Continua to d8valop our social media pres8nc8 on F8eAbook, Instsgram and X to reach aL1dl¢8$. STRUCTURE, GOVERNANCE AND MANAGEMENT st Nlary's Abbey, Quarr, Incorporated Charity was incorporated in England and Wales C 2 October 2015 by articles of association gnd is constituted by guarantéè. ItW8s subsèqu8ntly rBgist8réd with thè Charity Commi8slon on 9 March 2016. Re$ponslbllty for de¢lslon making rests w>lh the TnJsle¢$,' all of whom aro senior m¢rnLYr¥ of the Benedlctine Community. The TrusleÈ$ holding offlcè duTing th8 perlod and 81 the d8te of this feport are in¢Juded within tha reference and adminislralwa details 8edion of this report. Trtbslees are currently elected by the members of the Cornn7unity at Quarr through the Abbot's Council. The Trustees are supported in their decision making by the Procurator and a finance athisorycommittee consisting of exlernal advisors. together with the Fundraising and Operations difector, the Commercial Manager and the Estate Manager, to whom the delegation of operational malters within aeed budgets and project plans ensures the smooth wnning of the Group. The Charity's governing document predudesthe Intrslees from receiving any remuneration. The pay for employees startswith recommendatlons from Ihe budget s&tting pfoc8ss and th& finance advisory group, but is uttimataly a decision for th8 Trusts8s. The Charitys govemlng document predudes the Trustees from recenilng any remuner&lKJn. Induction and tralniny of new tJu&te New Tru51ees are provided with a copy of the rnemorandurn and artide8 of a85orAation and Informed ol their obligations under company and charity law. All Trustees are encouraged lo allend appropriate extemal courses which may assist them to carry out thelr role. STATEMENT OF TRUSTEES, RESPONSIBIUTIES The Trustees (who are also the directors of the charitable group for the purposes of company law) are responslble for preparing the Report of the Trustees and the financial statements in accordan with applicable law and United Kingd()m Accounting Standard8 {United Klngdom Generally Accept8d Accounting Pr8Lticel. The law applicable to charit*s in En9land and Wales, the Ch8ri1ies Act 2011, Charity (Accounts and Reports) Re9ul8tions 2008 and the provision5 of the ItU51 deed requires the INslees to prepare financial 5taternenls for each financial yearwhich give a true and fair view of the stale of affairs of the charity and ol the inGomin9 Fe80urces and apFrfication of Tesources. induding the incorne and expenditure, of the thar¢ty foF th81 period. In preparir@ those finanrial statements, the Trustees are required to.. select suitable accounting policies and then apply them consi81enlly', observe the methods and princie$ in the Charity SORP., make judgements and estimates that are reasonable and pwdenl: prepare the financial ststements on the going concern basis unless it is inappropriats to presume that Ihe charity will continue in business. The TTustees are responsible for keeping proper accounting records which disdose with reasonable accuracy at any Ilmethefinandal position of tha charity and to enable them to ensure that the financial stat&m8nts comply with th8 Charities Act 2011, th& Charity (Accounts and Repurts) Règulations 2008 and the provisions of the Iwust d88d. Thay are also responsiblé for s8f8gu8rding the assèts of the tharily and hen¢e for tsking ¥SOnble $l¢ps lor the prevenllon and dete¢tion of fraud and olhor lrrogulari11gs. statement a¥ to Dlsclo8uro of Inforrnatlon to Auditorn The following statements have been affim)ed by each of the T¥uslees of the charitable company.. 50 lar 8s each Trustee is awar8. th&re is no relevant audit information. (that is inlormation néed8d by th8 companls auditors in Connection with preparing their report), of whh the company's auditors afe unaware,. and 68ch Twstee has taken all the steps that he l Bhe ought lo have taken as a Trustee in order to make himselfl herself aware ol any relevant audit information and to eslabh'sh that th8 company's alItorS are aware of that infomialion.
ST MARY'S ABBEY, QUARR REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEM8ER 2023 Audltor8 Bright Brown Limile¢J has indicated 118 willingness lo be reappointed as statutory auditor and a resolution lo re-appoint Ihem as auditors will bé proposBd Bt tho n8xt Annual G8nar81 MÈèting. This report ha5 bgeTI prepared in accordance with Ihe Statement Df Recommended Practice.. Accounting and Reporting by Charit¢es (SORPI. Rt Rev Dom Xavl8r Pèftin Abbot 8nd H88d Tru81É•
ST MARY'S AB8EY. QUARR REFERENCE AND ADMINISTRATIVE OETAILS FOR THE YEAR ENDED 31 DECEMBER 2023 RegSsl•red Company numb•r 098CfO82 (England and Wales) Regl¥tornd ChaTIty number 1165957 Prin¢lpal address QuarrAbbey Ouarr Road, Ryde Isle ofwight P033 4ES Abbot and Head Trusteg Rl. R Dotn Xavioi Perrin Tru$teo8 R Oom Nlchola5 Spencer R Dom Gregory Corcoran Procurator R Dom 8rian Kelly Secretary R Dom Brian Kelly Audltor Bright Brown Limited Exthange House St Cross Lane Newport 1518 of Wight P030 SBZ Bankern Lloyd8 Bank plc 35 Union Street Ryd Isleofvmghl P033 2LH Invgstment managers Charfes Stanley & Company Limlted 55 Bishopsgate London EC2N 3AS
INDEPENDENT AUDITORS REPORT TO THE MEMBERS OF ST MARY'S ABBEY. QUARR FOR THE YEAR ENDED 310ECEM8ER 2023 Quallfled Oplnlon W6 have audited the finanaal statements of St Marls Abbey, Quarr {the 'parent charilable company'l and ils subsidiary (the 'ch#ritabl& group'l for the year ènded 31 Decemb6r 2023 which compfise thè consolidated Sl8tement of Finanal Activit&s, the consolidated and parent Balance Sheets, the consolidated Stment of Cash flows and notes lo the financial $talemenls, including o summ8ry of sS9nlficanl accounting p(4ioes. The finanaal pOrt1j framework that has been applled In their preparalion Is applS¢8ble law and Unitl Kingdom Accounting Stsndards, induding FRS 102 °Th8 Fin8nci81 Rèporting Standard 8ppli¢8bl& In thè LIK 8nd Republic of Ireland. (United Kingdom Gener81ty Accepted Accounting Practice}, and the Charities SORP 2019. In our opinion, except lor the po&$ie eflects of the fflatter described in the basis for qualified opinion section ol our report. the financial statements.. gSve a true and falr view of the state of the group's and parent charitable company's affalrs as al 31 Oecember 2D23 and of tho 9roup's incominy resources and application of resources, in¢luding tt$ income and expenditure. forthe perwjd thèn ended.. hav8 bèen propèrly pr•par8d in 8ceordancè with Unit8d Kingdom Genorally Ac(*pt8d Accounting Practic,. have been prepared in a¢coidan¢e with the requirements ofthe Companies Act 20[ and the Charities Ad 2011,. and have been prepared in accofdance with Ihe Charities SORP 2019. Basls for qualifled oplnlon The group financlal staternents include cash donation irthme of £61,314 over which limited controls exist prK>r to the cash recelved being recorded In tha parent charitabla company's accounting records. There were no practical procedures availatle to us lo confim the cumpl8t&ne5s ol this income, and aecordingty, we wefQ unabl¢ to obtain sulfici¢rbl appropriate 8L¥Jil eviden in thi8 8ra8. Consequenlly. we were unable lo (IBI?iffline whether avTry adjvstrnents lo the amount of £61,314 of Eash donations incotng rgcorlled wa5 necessary. In addition, were any adjust[F11 to the c&sh income to b8 Tequired, the Btralegic report would also need lo be amended. We conductecf our audit in accordance with Inlemational Standards on Auditing (UK) IISAS IUKII and applKable law. Our responsibilities under those standards are further described in Ihe Audilo<s responsibilities for Ihe audit of the group and parent flnanclal stalemenls secbon of our report. ive are independent of Ihe group and parent charitable company in accordance with the ethical reouirements that are relevant to our audit of the financial statements in the UK. including the FRC'S Ethical Standard, and w8 hav8 fulfilled our ethical responsibilities in accordance with th8se requirements. Wè believe that the audit idence w& have obtained 15 suffiaent and appfopriate to provide a basis for our qualified opinion. Concl1¢n¥ relating to golng ¢on¢•m In auditing the finanual statements, we havé cttnclkjdad th81 the trust8è$' usa ol thè going conc@rn basis fkl 8tt0kJntw)g in the preparation of th8 ffinanGval ststsmonls Is 8ppfopTiale. Based on the work we have perfomed, we have noTrl identified any material uncertairrties relating lo events or conditions that, individually or ¢ollectivety, may casl sigrMf5canl doubt on the group's or pgrènl charitable company's ability to ¢onlinue as a going concern for a period of al least Iwelve mnlhs frorn when the linancial statements are authorised for i86ue. Our responsibillbes and Ihe responsibillts'es of the trustees with respect lo going concem are descrlbed in the relevant sections olthls report. Other informatlon The Ifustses responsible for Ihe othgr information. The other itrfgimalion wmprises the infvtrnalion indudetl in tho aTinual ToPQrt, other than the financial slalemen18 and our audltof s report theon. Our opinion on the finan¢lal stslemenls th)es not ¢ovef the othe Infonnation and, èxcapt to th8 8xtenl othanp4ls8 èxplleidy stated in oui report, wè dts not express any form of assurancè eA)ncluslon thereon, In connection with our audit of the group and parent financial 81alemenls, our responsibility is lo read the olher information and, in dolng so. considerwhell)er IhÈ other infomalion18 maleilally in¢on$i$lenl with the financial slalÈmenl$ or our krwledge obtained in the audit or otherwise appears to be rnaterially misstated. 11 we identify such material inconsistencies or apparent material mi8st8temenls, we are required lo delemiine whether there is a material misstatement in the finanrAal statements or a material misststement of the other InfOlIa1)n. If, based on the work we have performed, we conclude that the is a material misslatemenl of Ihls other information, we are required lo report Ihal f8c As dÈscribed in the basis for qualified opinlon seclion of ourieport, we were tsnable lo satisfy oursefves concerning the cash donation incomo of £61,314 recorded in the period. We have concluded that where the other information rèfers donations income or related balances such as total cOMe il may be rnalerialty rnisslated forthe same reason.
INDEPENDENT AUDITORS REPORT TO THE MEMBERS OF ST MARYS ABBEY, QUARR FOR THE YEAR ENDED 31 OECEMBER 2023 Opinion8 on other mattgrs pres¢ribgd by the Comp#nles A¢t 2006 Except for the posSie effècts of the matter described in the basis of qualified opinion section of our rèport, in our opinion. based on the work undertaken in th6 course of our audit.. the informaiKin given in the Trustees, Report. including the incofporaled Strategic Roport ts Ihe financial period foi which Ihe accounts are prepared, is ttonsistenl wlh the financial statements., and the Trusle8s' Report. ndIng Ihe incorpDTaled Strategic Report, have been prepared in accordavKe wlth applicable 81 r8quiremenls. Matter3 on whlch we aro required to report by Èxeeptlon Except for the matter described in the basis ol qualifsed opinion section of our report, In the light of th& knowledge and understanding ol the group and the parent charitablè company and their envivonmgnl obtained in Ihe course of the audit, we havè not identified materi81 misstatements In the TTu81ees' Report, including the incorporated Strategic R&port. Arising solely from the lirDitation on the scope of our work relating lo cash dgnalicffl irthmè. r8ferred to above.. we have not obtslnèd all the informauon and explanations that wé consider necessary for the Pufposes of our audit., and we wÈr8 unable to detem)ine whethw adequate accounting fecords have b8en kept by the parent charitable company. We have VK)Ihing to report in respect ofthè followng Matte15 where the Companies Act 2W6 requiTe8 U8 to re[ to you If. in our opinion.. felum5 adequak for tsur aLwJil have not been received from branches not VlBiled by vs,. or the group and parent Ilnancial statements are not in agreement with the accountinu records and rotums., Of certain disclosuS of tTUStees' remunèration specified by law are not made.. of the tru51ees were not 8ntitled lo take advantage of the small cornpanlès 8xemplion from the Tequiremenlto prepare 4 Strotegic Report or in preparing Ihp Report of IhÈ Trustees. Re$pon8lbllitles of trustees As expl8inad rnOFe fully in the Irustee5' reSponsibltieS Statement set oul on pag8 6. the Iruslees {who afe al$0 the direL%or5 of th8 group ch81itable company for the purposes of company lawl are responsible for the preparation of the group financial statements and for belng satisfied Ihat they give a true and fair view, and for guch internal control as th8 trustees delefmlne is nece88ary lo enable the preparation of financial statemen18 that are tree from vnaterial misstatement, whelhei due to fraud or 8r(or. In preparing the group ffinancial ststements, Ihe trustees are respon8ible for assessing the group's and the parent charitable company's ability to conts'nue as a 90ing concem, discjosing, as applicable, matters re131ed to going concern and using the gomg concein basis 01 accountin9 unless the trustees either intend to liquidat8 the group and parent charitable ¢(npany or to cease operations, or have no realistic atternative bul to do so. Audltorfs rn8ponsibilitles forthe audlt of th• flnancial statsmeEJts Our objectives are to obtain reasonable assurance about whethei the group financ4al slglements as a whole are freè from material mi&slatement, whether dkJ& to fraud or errol, and to issue a RepDrt of the Independent AuditOf8 Ihat includes our opinion. Reasonable assurance is a high lev81 ol assurance, bul is not 8 gtjaranlee that an audlt conduoted in accordance with ISAS {UKI will aayS delecl a material misstatement when it exists. Misstatements can arise ffom fraud or error and aig considered material bf, individually or in the aggregate, thy could reasonably be expected lo influeneA thé 8conomic decisions of users taken on the basis of IhesB fiviancial statements. Irregularities. includino fraud. ale instances of non-comlance with law& and regulations. We design proceduies in liné our responslbilities, outlined abDve, to detect rn8terlal misst8iemenls in respecl of irregLJl8rits'es, including fraud. The exlenl lo which our procedures are capable ol delecling irregularities. including fraud is detailed bèlow.. Basgd on our undgrslanding of Ihe group and par•nl charitable company, tho prinripal risks are that of management overyKlè Of controls. valuation of investment properties, potential fraud in fevenue reeognition and polential for undisdo3ed related parties. The ell9a9en1 tèam considered these risks and audit procedures were und8rt8ken as follows.. Discussions with management regarding the abilityto oveIde ntrOl5 8nd iaviewof proc&86es in placeto confirm rK) oveTride had oC(rred. Extension of sample sze8 relating to revenue recognition. Review of oxternal valuer reports rÈlaling to the investment propewties held. Revi8w of financlal statement disclosures. induding completion of a Televanl disclosure checklist. Discussions with management regarding transactions with related partl8s, induding consideration of any known or su8pected in$tsnS of non-compli8nce with laws and fegulations or of fraud, and a review ollhe nominal ledger. 10-
INDEPENOENT AUDITORS REPORT TO THE MEM8ERS OF ST MARVS ABBEY, QUARR FOR THE YEAR ENOED 31 DECEMBER 2023 There are inherent limitations in audit procedures described above. and the fvrther removed npn<ompliance wilh laws and regulations 18 from thè events and transactions reflected in financial 81al&rnents. the less likew we are lo become aware of it. The risk of not deleciing a material mi5slatemenl dueto fraud is higher than the risk of not detecb'ng one resulting from èrror as fr8ud m8y involve deliberate concoalrThenl or intentional mlsrepresentalions. A furlher descTiplion of our sponSibl11118S for tha audit of tha fina181 statements Is located on the Financigl Reportlng Coundl$ website at.. www.fre.org.ukJaLKlitorsresponsibililies. Thls description form5 part of our audllof$ report. Usa of our report This report is made solely to the par6nt charltable company's mernbers, as a body. iri ac¢ordan¢e wSth Chapter 3 of Part 16 of the Companies Act 2CK)6 and with Chapter 3 01 Part 8 of the Ch8rilie$ Act 2011, and fegulaions made under Section 154 of that Act. OUF audil work has been undertaken so that we might state to the parent chaT*lable company's members those malters we are requirèd lo statè to Ihem in an auditor'8 report and for no olhef purpos¢. To the fullest extent permitted by law, we do not atspl or assume responsibilrty to anyTh)e other than the group and the parent charitable coryany's mefflbers 8s a body. for our audit work. forthi8 report, or fof the opinions we have fomied. David Stevens ACA (Senior Statutory Auditor) For and on behalf ¢f Bright Brown Limit8d Slalulory Auditor, Chartered Accounlanls Exchan9a House N¢wport Isle of Wight P030 58Z
ST PAARY'S A8BEY, QUARR CONSOLIDATeD STATEMENT OF FINANCIAL ACTIVITIES {INCORPORATING AN INCOME ANO EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 DECEMBER 2023 Total Funds 2023 Total Funds 2022 Unrestr5¢tsd Fund$ Rgstrlcted Funds Note Income and Endowment• from.. Donations and legacies Olher trading a¢bvities Investment income Olher 492,136 869,725 85,736 6,150 488,286 833.147 869,725 748,666 65,736 78,718 IKM) 11804 Total Income 1.442,597 6.150 1,448,747 1.672,335 Expenditurè on: Raising funds Charitable activilles 878,812 573 878.812 590 791 741,Q90 589 288 Total expendlture 1,452,6eO 16.943 1.469,603 1,330,378 Net g81nslllosses) on inveslm?nts 10 2.703 2,703 60,725 Net lncornè1lèxndItUre1 (7.360) 110.7931 {18,1531 402,682 Transfers behveen fLmd$ Ngt movement In funds 17,3601 110.7921 (18,1531 402,682 R•¢on¢lllation of fund$ Totsl funds as at 1 January 2023 4 327 471 3 965 075 Total funds at 31 Decernr 2023 4.320,111 29,493 4.349.604 4.387.757 All I)me and expendlturè has arisen fFom continuing actSvities. The accompanying accounting poliaes and notes form an Sntogral part of these finandal statements. The indwidual resutts ofthe Charty alone are included in the nola to these acLounts and arg not Pfesented as a primary Blalernent in accofdance with $408 Companies Act 2006. 12-
ST MARYS AB8EY. QUARR BALANCE SHEET AT 31 DECEMBER 2023 Total Funds 2023 Total Fund¥ 2022 Unrestrfcted Funds Restri¢tèd Fund¥ Note Fixed ets Tangible assets 16 863,647 863,647 871.122 Investment propartiès Investments 17 18 2,300.000 836 050 2,300.000 2,300,000 3,999.697 3.099,897 4.008.731 Currènt assèts Stock5 DeblD15 Cash al bank and In hand 19 20 2,500 194,542 2,500 104,542 247 4.000 ?48.655 322 415.045 29,493 444.538 474,a7 Creditors: amounts falling duè within one year 21 201 104110 Net ¢urr•nt assets 493 360 370 887 Total a8$ets le88 curront liabillties 4.330,541 29,493 4.360,034 4,379.fj18 Creditors.. amounts falling due In More than one year Net Assets 4.312,824 29,493 4,342,117 4,362,978 Funds Unie5tri¢led funds Restricted funds 4.312,S24 4.322,692 23 Total Funds 4.342,117 4,362.978 These financial statemen15 have bgen prepared in accordance with thè sp8cial provision8 of Part 15 of the Companies Act 201 relating to chaiilable small cx)mp8nies. The finanrAal slalements were approved by th8 Board ofTnJstee8 on %l%lzg4 Bnd were slgned on behalf Lry.. Ff Xavier Perrin Head Trustee and Abbot 14-
ST MARY'S ABBEY. QUARR CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 Note Cashflow from operntlng a¢tlvltloS: Cash ganerated from operations See below {59.6481 Ngt Cilsh provided by fUd inl operating activili {59.646) 378,110 Cash Ilows from Invg8tlng actlvltle8'. Purchase ol tangible frxed assets Salo of tangible fixed assets Purchase of investment properties Sale of Investments Purchase Of invé$tments Inveslment income reiVed 127,9291 (353.831) {44,0651 47,039 232,0 145,0691 {133,9C151 Net cash Provid by (used Inl Inve8tlng acVItieS Cashfl¢)w from flnanclng a¢VItieS Hire purchase repayments Net ¢a$h provld•d by (used Inl Financlng octlvltlè# 15.034) (5501 Change in cash and cash èqulvalents In the reportlng period 14,9031 158.873 Cash and cash equlvalgrts at the Beginnlng of the rgporting perlod 363 877 07 Cash and cash equivalents at the end of tho raporting perlod 358,974 363,877 RECONCIUATION OF NET INCOMEIIEXPENDITUREI TO NET CASH FLOW FROM OPERATING ACTIVITIES 2023 2022 Net Incomellexp¢nditurè) lortha rnporting perlod (aB per thv $tstement of flnanclal a¢tivitie81 Adjustments for. Dèpfèciation charges Lo551lprofitl on disposal of red asgats Chaftge in market value of inveslm8nls Falr value gains on investment proptrrty Investment ¢ncome Decreasellin¢reasel in stock Decr8gsellincreasel in debtors Increasèlldecreasel in creditof8 {18,153) 402.882 54,717 46,189 (4111 81.802 1140.935} 178,7181 113,409} 23,811 185,7361 1,099 112,5911 Net cash provided by {used inl operatlny aetlvltl•$ 159,646} 378,110 ANALYSIS OF CHANGES IN NET FUNDS At 01101123 Ca$h flow Non cash Change8 At 31112123 Net Cosh Cash al bank anij in hand 363,877 {4,3) 358,974 Borrowlng$ Debt du8 With one year Debl due in more than one year {3,520) 5,034 17,513) 15,999) Totsl 343,717 131 18,7goi 335.058 15-
ST MARY'S ABBEY, QUARR NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 CHARITY INFORMATION St hlary's Abbey, Quarr, an Incorporated Ch?Tity, was incorporated in England and Wales on 2 October 2D15 by Artlclas of A$soaation and is constituted by guarantee. The re9isleied company number is 00981J6C62. ACCOUNTING POLICIES 8a81¥ of prtrparing the financlal 8tatemeni8 The finan¢ial statements of thè charStBbla company. which 18 a public benefil pntity FRS 102, have been prepared in accordance with the Charitie8 SORP IFRS 1021'Accounling and Reporting by Charrtie5'. Slalemonl of Re¢ommended Practice Bpplicable lo charities preparing thgir 8ccounts in accordance with the Financial Reporting Standard applicable In the UK and R&public of Ireland IFRS 1021 lelleclive 1 January 20191,, Financial Reporting Standard 102'The F1rt8nei81 R8POrting St8ndard applicable in the UK and Republic of Ifeland, and the CoMp8ni8s Act 2006. The financial statements have been prepared under the historical cost cVentIOn with Ihe exception of investments, which are bnclUd at market value. The Iruslee8 consTrder that there are no material uncertainties about ihe chafitles #bility to ¢ontinua as a going concem. The presentation ¢Ufren¢y e0 in thè ffinancial $tatemenl$ is £ sterfing. Parènt Charity dlsclosure exemptlons In preporing the separate financial statements of the PanI cA)mp8ny, advantsge has been taken of the following disclosure exemptions.. Sedon 7'Statemenl of Cash Flows,: Presentation of a st8tem8nt of cash flow and related notes and disclosure8,' Section 11 '8881¢ Financi81 Instrum8nts' and section 12 '0ther Finallcial Instruments, Dlsclosures In respect of the parent charitys financial nstrU[n¢ts have not been presented as equivalant di$dosurès are included in respect of Ihe group as a whole., Group Flnanclal Statements The financial statements consolidate the re3uIt5 of the charity and it's wholly owned subsidiary Quarr Abbey Enterpris8s Limited on a line.by-line basis. Intercompany Iransadions and balances between the two enlilie3 hav2 béÈn elimin8t8d in full. A sgparate Statement of Financial Actnrities foT the charity ha# not been presented in full as the Charity has taken advantaye ofthe exemptions afforded ty s408 of Ihe Companie8 Act 2OJ6. Sutnmary infomialion is provided in note 15. In accordance wtth the Irans+llonal exemptions available in FRS 102, the group has chosen not to relr08peGtivety apply the standard to IhB bu3ine5s ¢omblnallon$ Ih8t occurred before the dale of Iransltknn. Fund accounting Unrestricted lund5 can be u$od in aCcOr(lan with the charitable objeclives 81 the discrÈtion ol tha twst6es. Restrlcted funds can only be used for parti¢u18f réstricted purposes within the objec*8 ol the charity. RostriEtions arise when Specified by the donoT OT when funds arè raisèd for particular reslricled purposes. Further explanation of the nature and purFX)39 of ew¢h fund is included in the notes lo the financial 8talom8nls. 18
ST PIARY'S ABBEY, QUARR NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POLICIES Icont..) Incom• All income Is recognized ui the Statement of Financial Aclwilies once Ihts tharity has ¢nlllemenl to the fvnds, il 15 probable that the income will b8 recèived gnd the amtyJnt can be mea8ured reliabty. Income18 the amount d8TiV8d from ofdinary activitles and stated after discounts and 58 ntst ofVAT. a) Grants Income from grants is rewised, using the p8rform8n¢e model, when the charity has entlement lo the fuNls, any pèrfomanc8 conditions attached to the grant have beon Satied, recelpt of the income is probable and (he amount can b8 egsured rBliably. b) Donation5 Income from donations Is r8cognised on receipt. Except where the donation includes lems and condilions, In which case income is recogni8ed once any performan¢e conditiS attached to Ihe donation have bÈèn 98tisfièd. ¢) Legaues Income from acies is TecognisÉfl whén thÉ charity Is aware that there has been grant of probate, notffiealN)n has en received from Ihe executors that a distribution wll be wnade and any conditions attached lo the Ia¢Y have been satisfièd. WheFè the charity has been notified of a legacy bul IheTe is uncertainty 1¢ the amount of Ihe payment the legacy, (B treated as nlingenl assgt, d) Sale ofgoods and fShM0nts Income from goods and rélreshments sokl through the trading subsidiary is recognised on the supply of goods to the buyèr and the income from the sale and c05t of the good$ sold can be measufed reliably and incomé is probable. el Investment income Inme frorn funds held on deposit IB re¢ogni8ed when rec8iv8ble and the anount can be measured reliaNy by the tharity. Covenanted penslons Covtsnanled pensions are pensions receivable by membèis of th8 community which Ihey pay lo the charity under deod ol venant. Covenanted pen&ons are recognised when receivablo and the amount can be measured reliably by the chafity. g) Gueslhouso takings Gue51house tskiws are donations made by guest for using the gue8thou$É facilltigs. Income 15 Wognised on receipt. Expendliure Liabilities are fecognised as expendituie as soon as there is a legal or constructive obligation ¢ommittin9 thè charity to that expenditure. it is probable that a transfer of economlc benefrts will be required in selllemenl and the arnounl pf the obligation an be measured reliably. Expenditure 18 8ecount8d foy on an accruals basis and has been cla55rfied under headings that a9gregate all cost related to the cegory. ere costs e8nnol be directly atlributed to parts'cular headings they have been allocated to activities on a basis consistent with the usp of resOue&. Allocation and apport5onment of costs Support costs are those fvnctions that assist the work olthe charity bul do not dlrectly undertake charilable actives. Support costs include pèrsonnel, finance, administratwe and governance costs whTrch support the operation of the charity and ils activities. Thes6 e05ts are ollocaled between the costs of charitable 8¢tNlll&s 8nd 18ising funds. Further details of sUPPOrt G05ts are provided in note 9. Services providè(J by mombars of thè Community For the purpos85 of th accounts. no monetary value has been pla¢ed on tha hospitality. administration and other service8 provided by tho members of the communty. Investments of 8ubgldLgrl•s Inveslmenls in subsidiaries are induded at ccsl less impairrnenl. 17-
ST MARY'S ABBEY. QUARR NOTES TO THE FINANCIAL STATEMENTS {CONTINUEDI FOR THE YEAR ENOED 31 DECEMBER 2023 ACCOUNTING POLICIES Icont..) Other inve8tm•nts Listsd inv8Stments ale Includ8d at their market value. Realised and unroallzgd gains and 10&8es are recognized in Ihe statement of finanaal adivitses In thè yé81 in whh they arise. Unlisted investments are included at C081 le88 ImpaSm)ent. Tangiblp fTrx¢d assets All tangible thxed assets Bre initially recognised 81 cost. Individu¥l tsngible fixed assets are capilalised and are deprèdalÉd over their èstlm8ted economic lives on a slraighl line basi5. Lower am¢)unls are Èxpensed in the year of purtha8e Depreaalion 18 provrded al the followlng annual rates.. Freehold property Motor vehides Furniture and equipment 10% and 20°/ 100h and 20% InvBstsngnt Propertie8 Investment propety, which is propety hdd to earn 1318 8ndlorfor caPal appreclalion, is initially Tecugnised at Q)81, whkh in¢lude8 th@ purchase cosl and aTry directly allribulable expenditure. Subsequently it is rneasured al fair v*ue 8tthè reporting end dale. The surplus or déficit on revaluation is recognised in the Slalemenl of Flnancial Activities. stocks Slod(s represeFTrting good$ held for sal& by th8 trading S'diary afe rneasured at the lower of cost and the estimated selling prlce less costs to sell. Crèdltors CfedIto are recognised where the charity has a presènt obligation resulting from pa81 events that will WObab fe$ull In the Iransler of fvnds to a Ihird petty and the amount lo be sellled carb bo moasured or estimated reliably. Leases As5815 acquired under finance leases are capitalised and dÈprèu8tad OV6T the shorter of the lease term and the expeded Useful life of Ihe asseL Minimum lease payments are apportioned b¢tween the finan charge arKI the reduction of the outstanding lea8É 118bility using th8 effective interest method. The related rt)ligatlon$, net of future finaTr charges, are included in ¢xediloF8. Rentals payabF8 and receivablè kjnder 0ratIng180$eS are charged to Ihe SOFA on a 51raighf Ilne basls over the period of the lease. Flnanelal Instruments The charity only has financial assets andfinanci81 lTrabilitiès of Ihe kind that qualify as ba8icfinancAal in8lfumenls. Basi¢finan¢lal instruments are Iniknally CogniSed at Iransaction value and debt instwments are subseqLbenlly measuTed al afflort18ed oo$t. Loan to subsldlary company The ChaTlty accounts for a loan to ts subsidiary trading company 8S 8 concesgonary loan. The loan is measured al fho amount paid. No inlwEst has been accrued. Taxation The charity is Bxernpt Ifom ¢oYporalion tsx on Its CharItae aclwthe$. Judgements In apptylng aecountlng pollelas In preparing these financial st81oment5 the tiustees have made the followingjudgeménts.. Determinin9 whether income is restricted or unrestricted. These decisions d6p&nd upon whether the donor has given the income subiect lo ¢9rt8in lefms or conditions which impose a reslnction in trust law. Determining the Allocation of support costs to activities. These decision5 depend upon whether the costs can be directty attTibuied to an aclivity Dr shared between specific activities. The balance of tJ)sts is apportioned beeen the aclivilies. Key sources of estlmation un¢ertalnty Tangible fixed assets are depreeialed tsvèr their uselul ecA)nomic lives taking Into 8ccourit resldual values, where appropriate, Tha actual lives of the assels and rosidu81 valLJe$ may vary depending on 8 rn)mr of faciors. Factors affecting Ihe lives of 8$SBts indude techrn)logi¢al innovatitsn and maintenance progTammes. 18.
ST MARY'S ABBEY, QUARR NOTES TO TFIE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 OECEMBER 2023 DONATIONS AND LEGACIES 2023 Uftrestrlctèd 2023 RtrIcted 2023 Total 2022 Total Donations Lg98CiOS Grants Donated guest house tsklngs Ma$8 offèrings Covenanted pen8ion8 302,881 28,511 8.950 309,031 28,511 326.250 56,995 332.845 51.132 26,682 57,704 49,756 57.704 49,756 482.136 6,150 488,286 833,147 Grants recaved. inclLvJed in the above, are as hllow8: 2023 Unre$trfj¢t¢d 2023 R•8trlcted 2023 Totsl 2022 Total Church Abbèy roof and windows Abbey ruins proj9Ct Listed pl8co$ of worship Infiftnary roof Other 211,208 30,QtK> 38,358 51,158 332,845 Included in donation$ 18 an amotsnl of £4,27212022- £4,011) raised by the Frlends of Quarr on behalf of the charity. OTHER TRADING ACTIVITIES 2023 2022 Sales of Quarr Abbey products Tea shop and fam) shop Holiday cottage rental Art at Quar¥ Book bindery Eslale 26.687 762,200 37,800 17.3fj6 12,450 29,493 673,280 28,800 13,303 5,4eo 869,725 74e,666 19
ST MARYS ABBEY. QUARR NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 INVESTMENT INCOME 2023 2022 Investment portfolio I1OMe Rental income Interest receivable 32,740 51,536 26,830 51,603 285 85.7 78,718 OTHER INCOME 2023 2022 Miscellaneous income Feed in tariff {Loss)Iprofit on sale of inve8lments 118 6,219 5,000 11,804 RAISING FUNDS 2023 Unre8trictsd 2023 Rostrlcted 2023 Total 2022 Total RAl8lng fundg Investmenl management fee5 Tradlng: Cost of sales and other co8ts C051 of auarr Abbey products Book blndery Trading company direct costs Holiday let commission and expenses Repairs, maintenance and cleaning Public rdalions and matheting ght & heal and ttthér èslablishm6nt &xpenses Bank charges Support costs (note 91 3.920 3,920 4.260 8.885 10.545 369.636 12,961 5,805 26,408 72.783 3,422 8.865 10,545 389,636 12,961 5,805 26,408 72,783 3,422 10,569 313,686 13,815 16.938 30,087 32.201 613 878,812 878.812 741,090 -20-
ST MARY'S ABBEY, QUARR NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 CHARITABLE ACTIVITIES COSTS 2023 Unr•Btrfet•d 2023 Restricted 2023 Total 2022 Total General upkeep ofthe Ablw and IV$ Communlty Premises costs Personal and living costs Motor expenses Education costs Hire purchasè int8rnst Miscellaneous costs Repai18 Support ¢08ts Inolo 91 92,823 51,711 8,729 3,894 1,135 5,586 21.125 92.823 52,711 8,729 3,894 1,135 5.586 21.125 73,394 47,015 6,741 3,908 144 12,058 81,607 355 275 1,QOO 206 580 142 Othar eharftabla aetlvlti Funded by Friends of Quawr Other Conservation of the Abbgy Tulns 1,749 1,749 19.415 482 19,415 718 19,415 15,943 35.358 Donations Donations 227 Total Charitablo A¢twili88 cnsls 573.848 16,943 590,791 S89,288 SUPPORTCOSTS 2023 Charftable Actlvltles 2023 Ralslng Fund$ 2023 Total 2022 Total Staff eAlStg and emduments (note 131 Staff WBWaie and training DepTeualion Profrt ofi di5POsal offfixgd ass8ts Legal and profe$gion81 Èxpènses Tradlng company overheads & PFUmarketing Offlce and administralwe c08ts 263,004 269,9Q7 s33.1 484,010 973 46.189 44,194 2,364 32,638 10,523 54,717 2,364 32,638 83,927 44.440 74,357 83.927 364,203 364,447 728.650 674.196 The adrninislralive costs of Ihetradlng subsidiary are allocated lo fund r8ising support cost, all other8UPPOrt Costs are alk)cated to charitable aclivilies. 10. NET GAINSIILOSSESI ON INVESTAqENTS 2023 Unrtr¥trict•d 2023 R•strlcted 2023 Toial 2022 Totsl Revalvatlon of inve51menl propere5 Gainslllosses) on investments 140,935 2.703 2,703 60,725 21
ST MARY'S ABBEY, QUARR NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 11. NET EXPENDITURE Not incom8]18xpendilure) 18 81ated after chargIn{cleditingl'. 2023 2022 Audllors fees Dèpreciation- owned assets 11.450 54,717 11,450 46,189 12. TRUSTEES, REMUNERATION, BENEFITS AND EXPENSES There wore no trustees. remuneration or olhei benefkts or expenses pald to Trustees for the year ended 31 December 21Y23, nor frjr tha year ended 31 Oecember 2022. 13. STAFF COSTS 2023 2022 Wages and sal3rte8 Social security costs Pension costs 497.448 27.974 446,892 29,815 533.ODO 484,010 The average monthly number ol employees duiing the year was as follows- 2023 2022 General upkeep ol the Abbey and ils communty Adminislr8ti Tea Bhop and farm shop 10 26 38 33 No ern 0yeeS receSved emolurnents in excoss of£60.000. The Group operatès a dèfined contribution pension scheme for employees with the funds held by an exlemal provider. The above wntribution8 Wgro paid to the scheme in the year. At the year end £2.696 (2022- £1.7431 was due to the scheme. The totsl costs attribvtable lo senior m8n8g&ment personnel amounted to £107,571 for the year lo Dèc8mber 202312022.. £104,523). Senior management P8fsonnel comprise trie Director of Fundraising and Operations, Comtnetcial Manager and Head G8rdan•r. Due lo chang¢$ In the year, the comparativ•s ar& not a like for like comparison, but the roles are simllar. -22-
ST MARYS ABBEY. QUARR NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 14. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrgstrieted funds Restricted fund3 Total funds INCOME AND ENDOWMENTS FROM.. Donations and Segacies other trading ath'vilies Inveslm&nl Incom8 Othei 529,320 748,686 78,718 303,827 833.147 748.e66 78.718 Total 1.368,508 303,827 1.6n,335 EXPENOITURE ON: Raising funds Charitsble activities 741,090 741,090 Total 1,313.296 17.082 1,330,378 Nel gainsllosses) on inveglments e0,725 60,725 NEf INCOMEIIEXPENDITURE) 115.937 286,74S 402.e82 Transfer3 beiween funds 262 368 NET MOVEMENT IN FUNDS 378,303 24,379 402,682 RECONCILIATION OF FUNDS Total funds brought 8s a11 January 2022 396507 TOTAL FUNDS CARRIED FORWARD 4,327,471 40,288 4,367,757 -23-
ST MARWS ABBEY, QUARR NOTES TO THE FINANCIAL STATEMENTS {CONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 15. PARENT CHARITY RESULT FOR THE YEAR The PanI charlly has taken the 8xemplion under S408 CA2 to not present its own separats Statement of Finand81 Activities. A summary of118 financial result is presented beknw.. 2023 2022 Totsl income Total expendiluTe Net gainsl(losses} on investments 711,958 1,028,620 (735,5201 1687,3161 2 703 725 Nel movements In funds 120.861) 402,29 Total funds brought lotward 4 382 978 Total funds carried fOard 4,342.117 4,362,978 16. TANGIBLE FIXED ASSETS Group Ffeghold Property Pjbotor vehlcles Fumlture & egulpment Total$ COST Al 1 January 2023 Additions Disposal 977.196 30,210 351,382 36,719 1,358,788 36,719 At 31 Décamber 2023 382 675 1390 081 DEPRECIATION At 1 January 2023 Charga for year Eliminatéd Dn disposal 83.496 19,$43 2,899 293,774 31,528 380.169 54,717 At 31 Da¢8mbar 2023 103 139 319876 NET BOOK VALUE At 31 DecembBr 2023 874.057 23,765 e2,799 960,621 Al 31 December 2022 893,700 27,311 57.608 978,619 The motor vehicles and equipment included in the Group and Charity fix 88set schedule included assèts wth a net book value of £36,66012022- £24,336) acquired under fjnance ase agreements. with depreciation being thaiged ih the year al £3,27612022 - £6241 -24-
ST MARYS ABBEY, QUARR NOTES TO THE FINANCIAL STATEMENTS (CONTINUED} FOR THE YEAR ENOED 31 DECEMBER 2023 16. TANGIBLE FIXED ASSETS IConL..) Charily Freehold Property Motor vghi¢le$ Furniture and equlpment Total COST Al 1 January 2023 Addlllons Dlsp¢sals 854,511 30.210 241,615 36,719 1.126.336 36,719 At 31 December 2023 30 210 1 157629 DEPRECIATION At 1 January 2023 Charge for year Eliminated on disposal 57,358 17.089 2,899 3,546 194,957 23,559 255,214 44,194 5426 Al 31 De¢embèr 2023 293 982 NET BOOKVALUE At 31 December 2023 780,064 23,765 59.818 863.847 At 31 December 2022 797,153 27,311 46.658 871.122 17. INVESTMENT PROPERTIES 2023 Group FAIR VALUE Al 1 January 2023 Addition Net gains through lair value adju51ment 2,300,(hJO Al 31 Oecember 2023 2.3(K),OOD 2023 Charity FAIR VALUE At l Janu8ry 2023 Additions Nel gains through fair value adjustment 2,30D,000 At 31 December 2023 2.3(YJ,OOLI The fair valtje of the invoslment property has been arrivèd 81 on the basis ol 8 professional valuation by Tirn Smart. Surveyors, a10¢81 independent chartered sUey0r. reviewed in June 2024. -25-
ST MARY'S ABeEY. QUARR NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 18. FIXED ASSET INVESTMENTS Group Cash and $ètt18m&nts ndlng Ll8ted Inve9tments Unli¥ttd Investrnents Totsl$ PIARKET VALUE At 1 January 2f)23 Addition3 Oisposals Other movement Revaluatlons 617,375 45,069 (53,197) 12,2921 16,OC6 4,228 837,607 45.069 153.1971 3.866 e,158 Al 31 DÈcembÉr 2023 809.f)58 16,006 10,384 836,048 NET BOOKVALUE At 31 December 2023 809,658 16,006 10.384 836.048 Al 31 Oe¢ember 2022 817,375 16,f 4,226 837.807 Shares in Group Undertakin Ca8h and 8ettlements pendlng Listsd Inve8tmBnts Unllstad Invosbnents Charlty Total¥ MARKET VALUE At 1 January 2023 Addltions Disposals Other movements ReValuatn5 817.375 45,C69 153,1971 {2.2921 16,OC6 4,228 837,609 45,069 153,1971 3,866 6,158 At 31 DÈcèmb8r 2023 809.658 16,006 10,3B4 836,050 NET BOOKVALUE At 31 DecembeT 2023 809,658 16.006 1Q,384 836,050 Al 31 December 2022 817.375 16,Q06 4,226 837.809 -28-
ST MARY'S ABBEY. QUARR MOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 18. FIXED ASSET INVESTMENTS (Cont . .) At 31 December 2023 8nd 31 December 2022 the charity had a 100% holding of the ordinary share capital in a subsiolary company, Qugrr Abbèy Enterprises Limited Icompany Registration nwnbtsr 036fJ9559), a company incorporated in Eroland and Wales, wilh a registered Office al Quarr Abbey, Quarr Road, Ryde, Islè of Wight. P033 4ES. The tradin9 company's objeds are lo operate the lea shop, farm shop and the Abbey shop. The results of the subsidiary are indudgd In thg consolidated ac£ounts. A summary of the Iradlno company'g results Is prèsented below.. 2023 2022 Turnover and other InMe Cost of sales and administrative exper9 Interest payable 762,201 673,260 (734,0801 1632,5981 14 Profftllbssl for financial year 28,118 40,850 Retain8(l e8rning$ brought forward 4.779 4.129 Distributions lo St Mary'6 Abb8y, Quarr under Gift Aid Retained earnings carried forward 7,487 4.779 2023 2022 Total assets Total liabilities 233,351 225 862 173,528 Aggregate shar¢ Capital and reserves 7,489 4,781 19. STOCKS Group 2023 Charlty 2023 Group 2022 Charity 2022 Goods foi r6s8 27,390 2,500 28.498 4.CN)O 20. DEBTORS: AMOUNTS FALUNG DUE WITHIN ONE YEAR Group 2023 Charlty 2023 Group 2022 Charlty 2022 Trade debtor8 Amounts owed by gfOUP undertaking¥ Prepayments and accNed in¢A)m8 Other debtors 3,086 3,088 161,725 15,519 189 189 128,429 12,143 15,519 12.143 31817 194,542 20.226 148.655 Amounts owed by group undertakings in¢lude$ an unsecured loan to the charity's trading subsidi8ry. the klan is accounted for as a eoncessionary loan. -27-
ST MARY'S ABBEY. QUARR NOTES TO THE FINANCIAL STATEPIIENTS (CONTINUED} FOR THE YEAR ENOED 31 DECEMBER 2023 21. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Group 2023 Charlty 2023 Group 2022 Charfty 2022 Trade creditor$ TaKalion and Bocial urity Hire purchase Accruals Other creditors 53,272 36,415 5,999 49,234 29.346 4,675 5,9QO 42,562 56,848 19,036 3,520 58,825 36,654 4.681 3,520 55.523 148.338 84,201 144,430 104,110 Js 22. CREDITORS.. AMOUNTS FALLING DUE IN MORE THAN ONE YEAR Gmup 2023 Chartty 2023 Group 2022 Charlty 2022 Hiie purthase 17,917 17.997 16.640 16,640 23. RESTRICTED FUNDS Restricted funds can only be ijsed for pai*cular restricted purp08e5 Within the objeds of the charity. Restrictions arise when specified ty the donor or whÈn fundg are raised for particular reslricte(I purposes. The restricted fund comprises the lollowin9 funds.. Friends of Quarr furbd . Friènds ol Quarr fund represents monies raised by the Frfendg of QuBff. which will be applied lo the proje¢ls which they specify. Wlndow fund - Window fLmd reprBsenls monl&s ralsed for th8 vestments forthe members cif the ¢ommunity. Interns prois¢t- Donations towards the Abbey'8 intgm %heffle lowalds Ilving costs. Abbey ruln8 project- Grant towards further work on the preserv81ion of th8 old Abbey rulns. Rostoratlon Abbey roof and Wlndows- Part grant nded work8 lo rerK)Vato th¢ Abbey. Inflrniary roof - DOnatIc towards th¢ further festoralion. Cholr books fund- Choir books fund represents monies f8ceived for the production of thoir books. Guo$t Hous& fund- dcthalions towards the improvement of the Guest House. Balance at l January 2023 Balance at 31 Dècèmber 2023 Incoming resourceg Resources xpended Group and Charlty Transf•rn Restrlcted fvnd¥: Friends of Quarr Inlems projg¢t Abbey ruins project Guest Houso Ghoir book$ 8.474 4.272 1,000 11,7491 11,0001 114,1941 10,997 29,282 15,088 878 878 40,286 6,150 {16,9431 29,493 -28-
ST MARY'S ABBEY, QUARR NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR EMDED 31 DECEMBER 2023 23. RESTRICTEO FUNDS l¢ont. .) Balance at 1 January 2022 8•l#nc* at 31 Oecember 2022 Incornlng resources Resources expended Group and Charfty GainsJlosse8 R•8trfctsd lund8: Friènds of Quarr Window fufid Interns proieGt Abbey ruins project Restoration Abbey rDof and windows Infirmary roof Choir books 11,811 4,011 6,4C() 1,050 30,000 211.208 51,158 17.3481 {7.9881 {1.0501 17181 8,474 29,282 {211,2081 151.1581 303,827 {17,0821 {262,3661 40,286 The tr8nsfars in restricted fvnds on the restoration of the Abbey roof and windows, and Infirnary roof reflects the completson of the fund re81ridion, as those funds have begn incurred fixEd ass¢1 additions lo charity. UNRESTRICTED FUNOS Balance at 1 January 2023 Net income Changes in Le88 expendlture Valuation 8alance at 31 December 2023 Fund Transfers Group Current year Unrestrictèd funds RevaluatiDn resewve 2,291,773 2 035 696 4,327,471 (10,0631 2.703 2,284.413 110,0631 2,703 4,320,111 The revaluation rSee iepre3enls the un-realised gains on the valuations of the Charity's r&ntal Inveslmenl properties. Balance at 1 January 2022 N¢t in¢ome Changès In Loss wjenditure Valuatlon Balance at 31 Dècembèr 2022 Fund TransferB Group Prlor ygai Unrestrlcted funds Revaluation regeNe 2,054.405 55.212 180,290) 140935 60,725 262.3e8 2,299,773 2 035 698 262,366 4,327,471 3,94g,168 55.212 The transfe from re5tiicted funds In the pwiDryear were in respect of fund expenditure incurred on fLxed asset addittrM)S. Balance at 1 January 2023 Net income Change¥ in Less expendilure Valuation 8alanc? at 31 Decgmber 2013 Fund Transfors Charity Currént year Unrestricted funds Revaluation reseNe 2,288,994 2 035 898 {12,7711 2,703 2,27e,926 2 035 698 4,322.692 {12,7711 2,703 4,312.624 The transfers from resth'cted funds are in Fespecl of fvnd expenditufe irbcurred on red asset additions in Ihe year. Balance at 1 January 2022 Net income Changes In Le88 exp8ndlturo Valuatlon BalanGe at 31 December 2022 Fund Transfers Charlty Prior year Unre$lrict8d fund$ Revaluafjun fESgNe 2.050,279 1 894 763 3.945,042 54,559 180,2101 140 935 60,725 262,388 2,286,994 2 035 698 4.322,692 54,559 262.366 -29-
ST MARYS ABBEY. QUARR NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENOED 31 DECEMBER 2023 25. FINANCIAL INSTRUPAENTS Group Charity 2023 2022 2023 2022 Financial 88sets at amortised $t Instruments measured at fail value through incom8 and expenditure Financial lialylilies at amortised cost 402,668 392,192 452,911 479,086 809.658 817.375 161070 809,658 817,375 Net ffinanaal assela 1.046,070 1,048,497 1,160,750 1,175,711 28. RELATED PARTY DISCLOSURES As disdosed in Notè IB, Ihe charity has a vtholy owned trading subsidiary wmp8ny, Quarr Abbey Enterprf8es Llmhed. Durlng the year, Quarr Abbey Enlefprises Limited m8de distribulions of £25,41012022- £40,(KM)I to St Mary's Abbey. Qu8fr, Charitable Trusl. At 31 Decembèr 2023 Quarr Abbey EnleTprisos Limited owed an amount of £161.72512022- £128.4291 to Sl M8ry's Abbey, Quarr. The CharilablÈ Trust includes payfflenl8 for the living expenses of the BÈn¢dictine Monks including thosè who ar8 Trustees, and in return those individuals covenarTrl Ihelr pgn8ion income lo the (arity {$ee note 31. The estlm81è of caterin9 Costs for Tru6tee3 is £13,99412022- £9.9861 27. CAPITAL COMhllTMENTS At Ihg yEar end. the charity had capltal commitments of £Nil12022- £15,190} in rèxpè¢t of capital projects. The PTioryoarwa$ in Te3Kd of cateriro equipment for improvements lo the monastèry kitchen. ULTIMATE CONTROLLING PARTY The charity wa8 under the conliol of the trustees IhfoughoLrt the year.