Charity registration number 1177291 (England and Wales)
ST BENEDICT'S (ICKSP)
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
ST BENEDICT'S (ICKSP)
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees Rev G Cristofoli Mr J Lyons Canon S Tanner M F Platt Rev R P Post Charity number 1177291 Principal address St. Walburges Church Weston Steet Ashton-on-Ribble Preston Lancashire PR2 2QE Independent examiner Helen Furlong FCCA Xeinadin North West Limited 46 Hamilton Square Birkenhead Wirral Merseyside CH41 5AR
ST BENEDICT'S (ICKSP)
CONTENTS
| Page | |
|---|---|
| Trustees report | 1 - 4 |
| Independent examiner's report | 5 |
| Statement of financial activities | 6 |
| Balance sheet | 7 |
| Notes to the financial statements | 8 - 13 |
ST BENEDICT'S (ICKSP)
TRUSTEES REPORT
FOR THE YEAR ENDED 31 MARCH 2024
The trustees present their report and financial statements for the year ended 31 March 2024.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Charities Act 2011 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2016)
Objectives and activities
The objects of the Charity are to advance the education and catholic faith of children up to and including the age of 19, predominantly in Preston and the surrounding areas.
Public Benefit
The Trustees confirm that they have regard to the guidance contained in the Charity Commission's General Guidance on Public Benefit when reviewing the activities of the organisation during the year.
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ST BENEDICT'S (ICKSP)
TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
Achievements and performance
The Saint Benedict Academy was opened in January 2018. The Centre is based at English Martyrs’ Church, Preston, in the diocese of Lancaster, and aims to support parents who are currently home-schooling their children.
To fulfil its aim of advancing the education and Catholic faith of children up to and including the age of 19, St Benedict’s provides lessons in certain key curriculum areas which include Maths, English, Science, History, French, Latin, Greek, Religious studies, and Music on a part-time basis.
St Benedict’s Academy will be under the spiritual care of the Canons of the Institute of Christ the King Sovereign Priest. The intellectual education of pupils will go hand in hand with character formation in the spirit of St Francis de Sales. It is our intention to foster an environment which will enable children to flourish and to form the whole person.
a) Present development
The academy is in its seventh year, with 24 children (excluding Monday afternoon) currently attending classes. We continue to have visits from new families interested in enrolling their children for the academic year 20242025.
Home-schooling families continue to move or intend to move to Preston to avail themselves of the support from Saint Benedict’s. The trustees intend to develop the Academy with a view toward receiving those students whom our present staff and facilities are able to help educate.
b) English Martyrs' campus
The use of English Martyrs as a home for Saint Benedict’s became more problematic with the passage of time. The spread of rot in the floors, and the extra classrooms needed for the number and age range of students made it evident that this had to be the last financial year at English Martyrs. The final week of March saw a gradual transfer of small items to the new campus, along with the excitement of moving to the newly refurbished premises at Saint Walburge’s
c) Saint Walburge's Campus
The Institute of Christ the King Sovereign Priest, the religious order entrusted with Saint Walburge’s church in Preston as well as the Saint Benedict Academy, finally signed a long-term lease with the Roman Catholic Diocese of Lancaster. The lease covers the entire campus of Saint Walburge’s Church, and includes Saint Walburge’s Hall, the historic Talbot Library and the former Talbot school.
The trustees judged that Saint Benedict’s (ICKSP) would be able to further expand and develop its work at the campus of Saint Walburge’s, which is larger and would provide better facilities for its educational mission. Work began on the premises refurbishment in Summer 2022, and after delays with planning permission and contractors, Phase I was completed in March.
This phase included new pupil, staff and accessible toilets, office, classrooms and kitchen. Double glazed windows were installed throughout, which along with new room heaters and insulation will make a difference both in terms of comfort and energy consumption. The premises were rewired, a fire alarm system and emergency lighting installed along with firefighting equipment.
Thanks to the parents and friends of Saint Benedict’s who willingly took on the task of moving furniture, books and equipment from English Martyrs, the new premises will be open to welcome students at the start of the Trinity term in April. Along with the already completed playground, the campus will be a delight for students and tutors alike.
Phase II of works includes a new front door and fencing/gates around the car park, for which permissions have already been granted. Phase III will be a new roof. These works will be started as soon as funds are available.
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ST BENEDICT'S (ICKSP)
TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
d) Academics
In cooperation with the Principal of the Academy, testing and academic assessment at the Academy was expanded to better enable home-education families to judge the academic level of their children relative to national standards.
At the end of each term, Saint Benedict’s provides reports for its students. It is intended that these be indicative of the results which may be expected in national exams.
Five of our students sat IGCSEs in English language and GCSEs in literature during the summer session of 2023. Currently, we have eight students preparing for GCSEs or IGCSEs in various subjects, including English language, Ancient History, Maths, Science (double award), French, Latin and Greek. These exams are foreseen for the summer session of 2024.
Saint Benedict’s ICKSP is not presently an exam centre. Students have previously sat exams at Merchant Taylors’ School in Crosby. Families have registered for exams in the summer 2024 session at the Spanish Learning Centre of Blackpool, Bolton Tutors & Exams (Exam Centre) and Hulme Grammar School in Oldham. The possibility of becoming an exam centre has been raised and the trustees will consider the future viability of this solution and whether it would be of public utility in the Preston area.
Trustees will also consider how to evaluate performance of Key Stage 1, 2 and 3 students against national standards.
e) Once per week programme
The once-per-week academic programme at the Saint Benedict Academy continues, and provides religious education, music, art and Latin classes for home-educated children on Monday afternoons. The trustees consider that the additional programme helps fulfil the Charity’s educational mission by widening access to another category of students. Currently 12 students attend these Monday classes, in addition to the other children who come throughout the week.
Financial review
Incoming resources for the year amounted to £101,111 (2023 £98,131) and resources expended amounted to £146,212 (2023 £114,201), leaving a deficit for the year of £45,101 (2023 £16,070). Unrestricted funds to be carried forward amount to £59,503 (2023 £104,604) and restricted funds to be carried forward amount to £27 (2023 £27). Cash at bank amounted to £62,105 (2023 £105,951).
It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.
The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
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ST BENEDICT'S (ICKSP)
TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
Structure, governance and management
The charity is a charitable incorporated organisation registered on 22 February 2018
The trustees who served during the year and up to the date of signature of the financial statements were: Rev G Cristofoli
Mr J Lyons Canon S Tanner M F Platt Rev R P Post
Recruitment and appointment of new trustees
The appointment of Trustees has to be agreed unanimously by the existing Trustees, and any Trustee can nominate a potential new Trustee.
New Trustees are invited and encouraged to attend short briefing sessions to familiarise themselves with the charity and the context within which it operates.
The trustees report was approved by the Board of Trustees.
..............................
Rev R P Post
Trustee Dated: .........................
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ST BENEDICT'S (ICKSP)
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF ST BENEDICT'S (ICKSP)
I report to the trustees on my examination of the financial statements of St Benedict's (ICKSP) (the charity) for the year ended 31 March 2024.
Responsibilities and basis of report
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011.
I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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1 accounting records were not kept in respect of the charity as required by section 130 of the Charities Act 2011.
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2 the financial statements do not accord with those records; or
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3 the financial statements do not comply with the applicable requirements concerning the form and content of financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements 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 financial statements to be reached.
Helen Furlong FCCA Xeinadin North West Limited
46 Hamilton Square Birkenhead Wirral Merseyside CH41 5AR Date: ............................
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ST BENEDICT'S (ICKSP)
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024
| Unrestricted Restricted funds funds 2024 2024 Notes £ £ Income from: Donations and legacies 2 77,919 - Charitable activities 3 21,190 - Investments 4 2,002 - Total income 101,111 - Expenditure on: Charitable activities 5 146,212 - Total expenditure 146,212 - Net expenditure (45,101) - Transfers between funds - - Net movement in funds (45,101) - Reconciliation of funds: Fund balances at 1 April 2023 104,604 27 Fund balances at 31 March 2024 59,503 27 |
Total Unrestricted Restricted funds funds 2024 2023 2023 £ £ £ 77,919 71,053 3,480 21,190 23,130 - 2,002 468 - 101,111 94,651 3,480 146,212 18,478 95,723 146,212 18,478 95,723 (45,101) 76,173 (92,243) - (8,600) 8,600 (45,101) 67,573 (83,643) 104,631 37,031 83,670 59,530 104,604 27 |
Total 2023 £ 74,533 23,130 468 98,131 114,201 114,201 (16,070) - (16,070) 120,701 104,631 |
|---|---|---|
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
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ST BENEDICT'S (ICKSP)
BALANCE SHEET
AS AT 31 MARCH 2024
| Notes Current assets Cash at bank and in hand Creditors: amounts falling due within one year 9 Net current assets The funds of the charity Restricted income funds 10 Unrestricted funds 11 |
2024 £ 62,105 (2,575) |
£ 59,530 27 59,503 59,530 |
2023 £ 105,951 (1,320) |
£ 104,631 |
|---|---|---|---|---|
| 27 104,604 |
||||
| 104,631 |
The financial statements were approved by the trustees on .........................
.............................. Rev R P Post Trustee
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ST BENEDICT'S (ICKSP)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
1 Accounting policies
Charity information
St. Benedict's (ICKSP) is a Charitable Incorporated Organisation incorporated in England and Wales.
1.1 Accounting convention
The financial statements have been prepared in accordance with the charity's governing document, the Charities Act 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)". The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities not to prepare a statement of cash flows.
The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
1.4 Incoming resources
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
1.5 Resources expended
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.
Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
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ST BENEDICT'S (ICKSP)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
1 Accounting policies
(Continued)
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
1.6 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
2 Income from donations and legacies
| Unrestricted Restricted funds funds 2024 2024 £ £ Donations and gifts 64,240 - Other 13,679 - 77,919 - Donations and gifts Other 64,240 - 64,240 - |
Total Unrestricted Restricted funds funds 2024 2023 2023 £ £ £ 64,240 57,612 3,480 13,679 13,441 - 77,919 71,053 3,480 64,240 57,612 3,480 64,240 57,612 3,480 |
Total 2023 £ 61,092 13,441 |
|---|---|---|
| 74,533 | ||
| 61,092 | ||
| 61,092 |
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ST BENEDICT'S (ICKSP)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
3 Charitable activities
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Education fees | 21,190 | 23,130 |
4 Income from investments
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Interest receivable | 2,002 | 468 | |
| 5 | Charitable activities | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Staff costs | 5,400 | 5,910 | |
| Education materials | 5,631 | 3,670 | |
| Repairs & Maintenance | - | 95,723 | |
| Training | 95 | 243 | |
| Charitable contributions | 1,800 | 2,000 | |
| 12,926 | 107,546 | ||
| Share of support costs (see note 6) | 131,966 | 5,335 | |
| Share of governance costs (see note 6) | 1,320 | 1,320 | |
| 146,212 | 114,201 | ||
| Analysis by fund | |||
| Unrestricted funds | 146,212 | 18,478 | |
| Restricted funds | - | 95,723 | |
| For the year ended 31 March 2023 | |||
| Unrestricted funds | 18,478 | ||
| Restricted funds | 95,723 | ||
| 114,201 |
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ST BENEDICT'S (ICKSP)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
6 Support costs allocated to activities
| Repairs & maintenance Cleaning Other Admin costs Travel & accommodation Heat & Light Bank charges Entertaining Governance Governance costs comprise: Accountancy |
Total 2024 £ 127,050 - 2,079 600 1,820 130 287 1,320 133,286 2024 £ 1,320 1,320 |
Total 2023 £ 898 2,100 711 1,481 - 145 - 1,320 |
|---|---|---|
| 6,655 | ||
| 2023 £ 1,320 |
||
| 1,320 |
7 Employees
Number of employees
The average monthly number of employees during the year was:
| Number of employees The average monthly number of employees during the year was: |
||
|---|---|---|
| Employment costs Wages and salaries |
2024 Number 1 2024 £ 5,400 |
2023 Number 1 |
| 2023 £ 5,910 |
There were no employees whose annual remuneration was £60,000 or more.
8 Taxation
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
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ST BENEDICT'S (ICKSP)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
9 Creditors: amounts falling due within one year
| Creditors: amounts falling due within one year | ||
|---|---|---|
| 2024 | 2023 | |
| £ | £ | |
| Accruals and deferred income | 2,575 | 1,320 |
10 Restricted funds
| Movement | ||||
|---|---|---|---|---|
| in funds | ||||
| Balance at | Incoming | Balance at | ||
| 1 | April 2023 | resources | 31 March 2024 | |
| £ | £ | £ | ||
| Property rennovation fund | 27 | - | 27 |
11 Unrestricted funds
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
| At | 1 April | Incoming | Resources | Transfers | At 31 March | At 31 March | |
|---|---|---|---|---|---|---|---|
| 2023 | resources | expended | 2024 | ||||
| £ | £ | £ | £ | £ | |||
| General funds | 104,604 | 101,111 | (146,212) | - | 59,503 | ||
| Previous year: | At | 1 April | Incoming | Resources | Transfers | At 31 March | |
| 2022 | resources | expended | 2023 | ||||
| £ | £ | £ | £ | £ | |||
| General funds | 37,031 | 94,651 | (18,478) | (8,600) | 104,604 | ||
| Analysis of net assets between | funds | ||||||
| Unrestricted | Restricted | Total | |||||
| funds | funds | ||||||
| 2024 | 2024 | 2024 | |||||
| £ | £ | £ | |||||
| At 31 March 2024: | |||||||
| Current assets/(liabilities) | 59,503 | 27 | 59,530 | ||||
| 59,503 | 27 | 59,530 |
12 Analysis of net assets between funds
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ST BENEDICT'S (ICKSP)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
| 12 | Analysis of net assets between funds | (Continued) | ||
|---|---|---|---|---|
| Unrestricted | Restricted | Total | ||
| funds | funds | |||
| 2023 | 2023 | 2023 | ||
| £ | £ | £ | ||
| At 31 March 2023: | ||||
| Current assets/(liabilities) | 104,604 | 27 | 104,631 | |
| 104,604 | 27 | 104,631 |
13 Related party transactions
During the year to 31 March 2024 one of the Trustees, Maria F Platt received payments for her teaching work & assistance as Vice Principal, those payments in total amounted to £5,400 (2023 £5,910).
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