2024-03-31-accounts - Community Of St Peter, Horbury

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Community of St. Peter, Horbury

a Charitable Incorporated Organisation (CIO)

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

Charity Registration No. 1169013

Community of St. Peter Horbury

Year Ended 31 March 2024

CONTENTS
	Page
Trustees' Annual Report	1 - 3
Independent Examiners' Report	4
Statement of Financial Activities	5
Balance Sheet	6
Notes to the accounts	7 - 11

Community of St. Peter, Horbury Trustee's Annual Report for the year ended 31 March 2024

Charity Registration No. 1169013

The trustees present their report and accounts of the charity for the year ended 31 March 2024. The financial statements have been prepared in accordance with the accounting policies set out in note 1 and comply with the charity's trust deed, Charities Act 2011 and the 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).

Trustees: Sister Robina Robina Byles Sister Elizabeth Jean Turnbull Sister Phyllis Peggy Schofield retired 14 July 2023 Sister Jean Clare Jean Rushton deceased 4 April 2023 The Venerable Peter Townley Father Brian Thomas Benedict Bell Father Christopher Johnson appointed 12 January 2024

The above named individuals served as trustees throughout both this year and the comparative year except where indicated above.

Charity Registration Number: 1169013

Charity Office: St. Peter's Convent 14 Spring End Road Horbury WF4 6DB

Advisers: Bankers HSBC Bank Plc City Branch, 33 Park Row, Leeds, LS1 1LD Solicitors Wrigleys Solicitors LLP 3 Wellington Place, Leeds, LS1 4AP Accountants Forrest Burlinson 20 Owl Lane, Dewsbury, WF12 7RQ Investments Investec Wealth and Investment 3 Wellington Place, Leeds, LS1 4AP

Purpose and activities

The objects of the charity are specifically restricted to such purposes which are exclusively charitable in the laws of England and Wales and which are in keeping with the tenets of the Christian Faith as the Charity Trustees shall in their absolute discretion determine, including:

the advancement of the Christian religion, in particular by enabling those who receive a vocation to membership of the Community to live a life of separation from the world under the threefold vows of poverty, chastity, and obedience to the end that they may, by the aid of prayer and self-abnegation, the better follow in the footsteps of our Lord and master Jesus Christ, and by union with Him give glory to God by the furtherance of those works of mercy to the discharge of which the Community may from time to time be called.
among the works to which the Community is devoted, a special place is given to the spiritual and moral restoration of women and girls, to the education of children and parochial and other mission work.

Statement on public benefit

The trustees confirm that they have complied with their duty to have due regard to the guidance on public benefit published by the Charity Commission in exercising their powers or duties. The objects and other information set out in this report demonstrate this in more detail.

Page 1

Community of St. Peter, Horbury Trustee's Annual Report for the year ended 31 March 2024

Charity Registration No. 1169013

Charitable Incorporated Organisation (CIO) - structure, governance and management

The charity is governed by its CIO Constitution and was registered with the Charity Commission for England and Wales on 2 September 2016 as a Charitable Incorporated Organisation (CIO).

The members of the CIO are the voting members of the Community of St. Peter, Horbury. The members appoint the charity trustees, subject to a minimum number of 3 and a maximum number of 12 trustees being appointed at any one time.

The trustees manage the charity on a day-to-day basis, although they do have the power to delegate in accordance with the CIO Constitution.

Policies and procedures adopted for the induction and training of trustees

The charity recognizes that it has a responsibility to provide guidance and assist new trustees in fulfilling their duties and responsibilities, this is done in accordance with Charity Commission guidance. New trustees are given appropriate Charity Commission publications, as well as a copy of the constitution and any amendments to it; and the latest copy of this report and statement of accounts.

Risk management

The trustees have appraised the key risks of the charity. Broadly these are those of seeing that the charitable objects are continued to be carried out at a time when the number taking vows is falling as well as meeting the needs of the Community. The risks attaching to investments are also considered.

Investment powers and policy

The trustees have powers under the Constitution of the CIO to invest surplus funds and to invest and dispose of capital. These investments are managed on behalf of the Community by Investec Wealth with a balanced approach to income generation and capital accumulation, whilst being mindful of the needs of beneficiaries and how these may change over time.

The trustees with the investment advisers undertake an annual review of the investment strategy and risk, in addition to receiving updates on performance on a quarterly basis.

Achievements and performance

During the year the charity's pastoral work has continued, as well as providing spiritual direction and facilities for quiet days, study days and retreats.

We continued to welcome visitors, including those from other religious communities.

Financial review and investment performance

The charity's income for the year was £139,091 (2023: £148,834).

Income arises from investments and Sisters' pensions. Pension income has reduced as investment income continues to recover. This level income falls significantly short of the expenses of the Community which continue to rise due to inflation and the cost of living crisis.

There was a deficit before movements on investments for the year of £76,339 (2023: £60,119 deficit). There has been no significant change in the level of activities for the trustees to report, the charity continues to use its reserves to look after the welfare of its beneficiaries.

Gains on the investment portfolio in the year were £64,825 (2023: losses of £189,985). The investment withdrawals continue to fund the excess of expenditure over income.

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Community of St. Peter, Horbury Trustee's Annual Report for the year ended 31 March 2024

Charity Registration No. 1169013

Reserves policy

It is the policy of the charity to maintain unrestricted funds such that the normal activities can be maintained at a satisfactory level in order to achieve the purposes set out above, which includes looking after members of the Community as they grow older.

The Charity has unrestricted General Reserves of £2,377,123 plus land, buildings and other assets of £608,265. The Charity has no restricted funds or endowments.

Trustees' responsibilities in relation to the financial statements

The trustees are responsible for preparing a trustees' annual report and 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 requires the charity 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, of the charity for that period.

In preparing the financial statements, the trustees are required to:

l select suitable accounting policies and then apply them consistently;
l observe the methods and principles in the applicable Charities SORP;
l make judgements and estimates that are reasonable and prudent;
l state whether applicable accounting standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements; and
l prepare the financial statements on a going concern basis unless it is inappropriate to presume that the charity will continue in operation.

The trustees are responsible for maintaining proper accounting records which disclose with reasonable accuracy the financial position of the charity and which enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations and the provisions of the CIO's constitution.

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.

Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Approval

The Report of the Trustees was approved by the Board of Trustees on 26 July 2024 and signed on their behalf by:

……………………………………………

Fr. Brian Bell Trustee Community of St. Peter, Horbury

Page 3

Community of St. Peter, Horbury Independent Examiner's Report to the Trustees of Community of St. Peter, Horbury for the year ended 31 March 2024

Charity No. 1169013

I report to the charity trustees on my examination of the accounts of the CIO for the year ended 31 March 2024, which are set out on pages 5 to 11.

Responsibilites and basis of report

As the charity trustees of the CIO you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').

I report in respect of my examination of the CIO's accounts carried out under section 145 of the Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner's statement

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

1) accounting records were not kept in respect of the CIO as required by section 130 of the Act; or
2) the accounts do not accord with those records; or
3) the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.

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.

Use of our report

This report is made solely to the charity trustees, as a body. My work has been undertaken so that I might state to the charity trustees those matters I am required to state to them in an Independent Examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity trustees as a body, for my work, for this report, for the statements I have made, or for the opinions I have stated.

…………………………………………………….…………………...…

dated 26 July 2024

Darren Broadbent

Member of the Institute of Chartered Accountants in England and Wales for and on behalf of Forrest Burlinson Chartered Accountants 20 Owl Lane, Shawcross, Dewsbury, WF12 7RQ

Page 4

Community of St. Peter, Horbury Statement of Financial Activities for the year ended 31 March 2024

Charity No. 1169013

----- Start of picture text -----
Unrestricted Funds Unrestricted Funds
2024 2023
Note £ £
Income and endowments
Donations and legacies:
Legacies 288 --
Sisters' pensions 53,934 69,196
Investment income 84,869 79,638
Total income 139,091 148,834
Expenditure
Costs of raising funds:
Investment management costs 14,362 14,972
Expenditure on charitable activities:
Donations made 3 1,035 12,000
Community expenses 4 190,892 178,489
Governance costs 5 9,141 3,492
Total expenditure 215,430 208,953
Net income/(expenditure) before gains/(losses) on investments (76,339) (60,119)
Net gains/(losses) on investment assets 6 64,825 (189,985)
Net movement in funds ` 7 (11,514) (250,104)
Reconciliation of Funds
Total funds brought forward 2,996,902 3,247,006
Total funds carried forward 14 2,985,388 2,996,902
----- End of picture text -----

There were no recognised gains or losses for the year ended 31 March 2023 or for the year ended 31 March 2024 other than those included in the Statement of Financial Activities above.

All income and expenditure derives from continuing activities.

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Community of St. Peter, Horbury Balance Sheet as at 31 March 2024

Charity No. 1169013

----- Start of picture text -----
Unrestricted Funds Unrestricted Funds
2024 2023
Note £ £
Fixed Assets
Tangible Assets 10 608,265 601,000
Investments 11 2,092,049 2,021,597
2,700,314 2,622,597
Current Assets
Cash at bank and in hand 12 292,480 379,994
Total Current Assets 292,480 379,994
Creditors: amounts falling due within one year 13 (7,406) (5,689)
Net current assets 285,074 374,305
Total net assets 2,985,388 2,996,902
Funds of the charity: 14
Unrestricted Funds brought forward 2,996,902 3,247,006
Net movement in funds (11,514) (250,104)
Total funds 2,985,388 2,996,902
----- End of picture text -----

The notes on pages 7 to 11 form part of these accounts.

Approved by the trustees on 26 July 2024 and signed on their behalf by:

……………………………………………

Jean Turnbull CSPH Trustee

Page 6

Community of St. Peter, Horbury Notes to the Financial Statements for the year ended 31 March 2024

Charity No. 1169013

1 Accounting policies

The Charity is a public benefit entity as defined by FRS 102.

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

1.1 Basis of preparation of accounts

The accounts are prepared under the historical cost convention and include the results of the charity's operations which are described in the Trustees' Annual Report and all of which are continuing. The accounts have been prepared in accordance with the Statement of Recommended Practice: ' Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) ' (Charities SORP) , and with FRS 102, applying the disclosure requirements of section 1A, other than where additional disclosure is required by the Charity SORP or in order to show a true and fair view, and the Charities Act 2011 and applicable regulations. The accounts are presented and rounded in whole UK pounds.

1.2 Legal status

The Charity is a Charitable Incorporated Organisation (CIO). The members of the CIO are the trustees named in the Trustees' Annual Report.

1.3 Recognition of income

Income is included in the Statement of Financial Activities when:

l the charity becomes entitled to the resources;
l it is more likely than not that the charity will receive the resources; and
l the monetary value can be measured with sufficient reliability.

Income and expenses are not offset, unless permitted by the Charity SORP or FRS 102.

1.4 Income from interest and dividends

This income is included in the Statement of Financial Activities when receipt is probable and the amount receivable can be measured reliably.

1.5 Investment gains and losses

This includes any realised gains or losses on the sale of investments and any gain or loss resulting from the revaluation of investments to market value at the balance sheet date.

1.6 Expenditure and liability recognition

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure on charitable activites includes premises expenses, providing facilities and support to beneficiaries who are members of the Community of St. Peter, Horbury, an anglican religious community of Sisters.

1.7 Pension costs

The charity operates a contributory pension scheme in respect of one staff member.

The pensions costs charged to the SOFA in the year are contributions payable of £957 (2023: £887).

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Community of St. Peter, Horbury Notes to the Financial Statements, continued for the year ended 31 March 2024

Charity No. 1169013

1.8 Governance and support costs

Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice, these together with other support costs are included under the costs of the charity's one charitable activity, being the only activity against which costs are allocated.

1.9 Going Concern

There are no material uncertainties about the charity's ability to continue as a going concern.

1.10 Tangible fixed assets for use by the charity and depreciation

Tangible fixed assets for use by the charity are stated at cost less depreciation.

Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets less their estimated residual value over their expected useful lives on the following bases:

Freehold buildings on a straight line basis on cost over 50 years Motor vehicles on a reducing balance basis at 20% per annum Fixtures and equipment on a straight line basis on cost over 5 years

No depreciation is charged on freehold land.

1.11 Investments

Fixed asset investments in quoted shares, traded bonds and similar investments are valued initially at cost and subsequently at market value at the period end. The same treatment is applied to unlisted investments unless fair value cannot be measured reliably in which case they are measured at cost less any impairment.

1.12 Creditors

Creditors are measured at settlement amounts less any discounts.

1.13 Provisions for liabilities

A liability is measured on recognition at its historical cost and then subsequently measured at the best estimate of the amount required to settle the obligation at the reporting date.

1.14 Funds structure

Unrestricted income funds comprise those funds which the trustees are free to use for any purpose in furtherance of the charitable objects. The charity currently has no restricted funds or endowments.

1.15 Taxation

No tax has been provided in these accounts because the trustees believe that the income and gains are within the exemptions granted for charities.

2 Trustee's remuneration and expenses and related party transactions

Trustees received no emoluments or expense reimbursements in the year.

There are no transactions with related parties.

Some charity trustees are members of the Community of St Peter, Horbury, and therefore are also beneficiaries of of the charity as detailed in note 16.

Father Christopher Johnson is a trustee of The Parochial Church Council of the Ecclesiastical Parish of St. Peter and St. Leonard, Horbury with St. John, Horbury Bridge to which donations have been made of £1,000 (2023: £11,000).

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Community of St. Peter, Horbury Notes to the Financial Statements, continued for the year ended 31 March 2024

Charity No. 1169013

----- Start of picture text -----
3 Donations made 2024 2023
£ £
St. Peters Church, Horbury 1,000 11,000
Tariro Hope for Youth in Zimbabwe -- 1,000
Just Giving 35 --
1,035 12,000
4 Community expenses
2024 2023
£ £
Staffing costs 55,476 63,278
Food and household 9,648 13,190
Premises costs 6,536 7,791
Utilities and council tax 12,209 8,986
Office and telephone 3,036 4,974
Care home fees 65,323 47,863
Medical 1,676 3,386
Travel 9,973 8,330
Sisters' support costs 7,500 7,000
Funerals and memorials 8,688 --
Other costs 7,434 4,691
Depreciation 12,253 9,000
Loss/(Profit) on disposal of motor cars (8,860) --
190,892 178,489
5 Governance costs
Accountancy fees 3,200 3,000
Solicitors fees 5,941 492
9,141 3,492
6 Net gains/(losses) on investment assets
Realised gains on disposals from investment portfolio 52,867 66,350
Net gain/(loss) on revaluation at the period end 11,958 (256,335)
64,825 (189,985)
7 Movement on funds
Movement on funds is stated after charging: 2024 2023
£ £
Independent examiner's fees 3,200 3,000
Other fees to the independent examiner - payroll services 396 394
Depreciation 12,253 9,000
8 Staff costs 2024 2023
The staff costs were: £ £
Wages and salaries 54,519 52,391
Termination payments -- 10,000
Employers pension contributions 957 887
55,476 63,278
----- End of picture text -----

The monthly average number of administration and domestic support employees in the year was 3 (2023: 3). The full time equivalent number was 2 (2023: 2). No employee received employee benefits of more than £60,000.

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Community of St. Peter, Horbury Notes to the Financial Statements, continued for the year ended 31 March 2024

Charity No. 1169013

9 Support costs

As the charity only has one activity the only costs that constitute support costs are those incurred in the governance of the charity and were £9,141 (2023: £3,492).

10 Tangible fixed assets for use by the charity

COST as at 1 April 2023 Additions Disposals as at 31 March 2024 DEPRECIATION as at 1 April 2023 Depreciation - current year Disposals as at 31 March 2024 Net book value 31 March 2024 Net book value 31 March 2023	Land and Motor Fixtures and Total buildings Vehicles Equipment £ £ £ 700,000 26,786 6,849 733,635 -- 19,518 -- 19,518 (26,786) (26,786) 700,000 19,518 6,849 726,367 99,000 26,786 6,849 132,635 9,000 3,253 -- 12,253 (26,786) (26,786) 108,000 3,253 6,849 118,102 592,000 16,265 -- 608,265 601,000 -- -- 601,000

Freehold land and buildings includes the land and dwelling house known as St. Peter's Convent, Horbury.

11 Fixed Asset Investments

Market Value as at 1 April 2023 Additions at cost Disposals at carrying value Net gain/(loss) on revaluation Market Value as at 31 March 2024 Historical cost (2023: £1,662,157). Sector analysis: UK fixed income Non-UK fixed income UK equities Non-UK equities Alternatives Cash held within the investment portfolio	Quoted Cash held Investments on deposit Total £ £ £ 1,945,566 76,031 2,021,597 510,822 (23,563) 487,259 (428,765) (428,765) 11,958 11,958 2,039,581 52,468 2,092,049 1,744,215 52,468 1,796,683 2024 2023 £ £ 361,568 233,258 193,173 138,581 379,016 372,164 927,481 987,312 178,343 214,251 52,468 76,031 2,092,049 2,021,597

All investments are held and managed in the UK.

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Community of St. Peter, Horbury Notes to the Financial Statements, continued for the year ended 31 March 2024

Charity No. 1169013

----- Start of picture text -----
12 Cash at bank and in hand 2024 2023
£ £
Bank accounts 291,593 431,494
Cash in hand 887 2,226
292,480 433,720
13 Creditors: amounts falling due within one year
2024 2023
£ £
Taxation and Social Security 239 --
Staff pensions 189 180
Accruals 6,978 4,809
7,406 4,989
14 Analysis of charitable funds in unrestricted funds
Funds as at Funds as at
1 April Gains/ 31 March
2023 Income Expenditure (Losses) Transfers 2024
£ £ £ £ £ £
General fund 2,996,902 139,091 (215,430) 64,825 -- 2,985,388
2,996,902 139,091 (215,430) 64,825 -- 2,985,388
Analysis of charitable funds in unrestricted funds - prior year:
Funds as at Funds as at
1 April Gains/ 31 March
2022 Income Expenditure (Losses) Transfers 2023
£ £ £ £ £ £
General fund 3,247,006 148,834 (208,953) (189,985) -- 2,996,902
3,247,006 148,834 (208,953) (189,985) -- 2,996,902
----- End of picture text -----

15 Securities and Charges

No charges exist over the property and assets of the charity.

16 Transactions with Trustees

Robina Byles, Jean Turnbull and Peggy Schofield are Sisters of the Community of St. Peter, Horbury and as such their welfare is funded by the charity.

Any capital members of the Community possess is held on trust by the charity and the income generated from

the capital is given to the Community. State and other pensions to which the Sisters are entitled are also given to the Community.

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