THE FELLOWSHIP OF SAINT ETHELWOLD
REGISTERED CHARITY NUMBER 1179427
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
Wenn Townsend Chartered Accountants Abingdon
THE FELLOWSHIP OF SAINT ETHELWOLD
FINANCIAL STATEMENTS FOR THE YEAR ENDED
31 MARCH 2021
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CONTENTS
Reference and administration details 2
Trustees report 3 - 4
Independent examiner’s report 5
Statement of financial activities 6
Balance sheet 7
Notes to the financial statements 8 - 11
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THE FELLOWSHIP OF SAINT ETHELWOLD
REFERENCE AND ADMINISTRATIVE DETAILS
Charity registration number: 1179427 Address: 30 East St Helen Street Abingdon Oxon OX14 5EB Trustees: Mrs S Howard Mrs A Barnett Mr A B Rance-McGregor (resigned 22/09/2020) Mr R H Clarke Mr M Reyani (appointed 01/04/2021) Mrs E Taylor (appointed 01/04/2021) Bank: Lloyds Bank Ock Street Abingdon OX14 5AW Independent examiner: Stuart Bates FCA Wenn Townsend Victoria House 10 Broad Street Abingdon Oxon OX14 3LH
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THE FELLOWSHIP OF SAINT ETHELWOLD
TRUSTEES REPORT
FOR THE YEAR ENDED 31 MARCH 2021
Structure, governance and management
On 2 August 2018, the Fellowship was established as a Charitable Incorporated Organisation and registered with the charity commission as charity number 1179427. On 1 April 2019, the assets and liabilities of the previous charitable trust (The Fellowship of St Ethelwold, charity number 284865) were transferred into the CIO and the previous fund was wound up.
Details of trustees and advisers are set out on Page 2.
The power of appointing trustees is vested in the surviving or continuing trustees. New trustees are appointed following attendance at meetings by invitation and interviews with existing trustees.
Objectives and activities
The objects of the fellowship, as set out in the foundation document are:
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The advancement of the Christian religion, particularly its expression through the contemplative tradition of Christianity with its emphasis on meditation, and personal spiritual growth.
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The promotion of religious harmony for the benefit of the public by educating the public in different religious beliefs and by promoting good relations between peoples of different faiths.
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The advancement of education in spiritual practice and religious expression to promote understanding and tolerance of the role of different religions in personal and public life.
As a small body of trustees, it is not practical to have a structure of sub-committees. The trustees meet formally on a regular basis to discuss outstanding matters. In the interim details of all matters of importance are circulated and dealt with by e-mail. Currently Mrs Susie Howard has day-to-day responsibility for running of the house, including dealings with staff, and Mrs Ann Barnett maintains the CIO’s financial records. The CIO does not have a designated chairman or secretary
The trustees have paid due regard to the Commission’s guidance on public benefit in deciding what activities the charity should undertake.
The trustees have continued to make the public rooms in the house available to hire by organisations whose activities are in sympathy with the aims of the CIO and, have organised a number of day courses open to the general public. We have continued to make the Sanctuary available for prayer and meditation on an individual and group basis and have continued to welcome individuals and small groups who have visited for retreat purposes.
Achievements and performance
This year has been a period of consolidation in the house and garden and of striving to provide the best facilities for our users.
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THE FELLOWSHIP OF SAINT ETHELWOLD TRUSTEES REPORT (continued)
FOR THE YEAR ENDED 31 MARCH 2020
Financial review
The financial statements of the Charity for the year ended 31 March 2021 are set out on pages 6 – 11.
The property is a listed building of some age and the trustees recognise that the upkeep of the house requires considerable expenditure. It has been the trustees’ policy to have an ongoing programme of refurbishment to maintain the building at a reasonable standard.
The trustees have absolute discretion to invest monies as they think appropriate.
It has been the trustees’ policy to hold reserves at a level sufficient to cover the Charity’s fixed asset book value plus £100,000 for overheads and contingencies. The Charity has been building up its reserves over the last few years and the general fund now stands at £1,659,180 with £1,558,630 representing fixed assets. By taking this prudent approach, the trustees feel that they are reducing any financial risks to which they may be exposed.
On behalf of the Trustees
Mrs S Howard
Date: 20 January 2022
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THE FELLOWSHIP OF SAINT ETHELWOLD
INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES
I report on the accounts of the charity for the year ended 31 March 2021, which are set out on pages 6 to 11.
Responsibilities and basis of report
As the charity’s trustees 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 charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all 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:
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accounting records were not kept in respect of the charity as required by section 130 of the Act; or
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the accounts do not accord with those records; or
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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.
Stuart Bates FCA
Wenn Townsend Chartered Accountants Victoria House 10 Broad Street Abingdon OX14 3LH
Date: 24 January 2022
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THE FELLOWSHIP OF SAINT ETHELWOLD
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED
31 MARCH 2021
| Note Incoming resources Income from: Donations Charitable activities 2 Investments Other Total income Resources expended Expenditure on: Raising funds Charitable activities Governance costs Total expenditure 3 Net income/(expenditure) Fund balances brought forward Fund balances carried forward |
Unrestricted Total Total Funds 2021 2020 £ £ £ 11,629 11,629 10,903 34,781 34,781 63,293 88 88 345 1,229 1,229 3,550 |
|---|---|
| 47,727 47,727 78,091 |
|
| 25,503 25,503 37,239 7,193 7,193 20,079 1,020 1,020 1,140 |
|
| 33,716 33,716 58,458 |
|
| 14,011 14,011 19,633 1,645,169 1,645,169 1,625,536 |
|
| 1,659,180 1,659,180 1,645,169 |
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THE FELLOWSHIP OF SAINT ETHELWOLD
BALANCE SHEET
AS AT 31 MARCH 2021
| Notes Fixed assets 7 Current assets Debtors 8 Bank and cash Current liabilities Creditors:due within one year 9 Net current assets Total assets less current liabilities Creditors:due after one year Net assets Funds Unrestricted |
2021 £ £ 1,558,630 7,742 94,763 102,505 1,955 100,550 1,659,180 - 1,659,180 1,659,180 |
2021 £ £ 1,558,630 7,742 94,763 102,505 1,955 100,550 1,659,180 - 1,659,180 1,659,180 |
2020 £ £ 1,558,833 4,043 84,630 88,673 2,337 86,336 1,645,169 - 1,645,169 1,645,169 |
2020 £ £ 1,558,833 4,043 84,630 88,673 2,337 86,336 1,645,169 - 1,645,169 1,645,169 |
|---|---|---|---|---|
| 102,505 | 88,673 | |||
| 1,955 | 2,337 | |||
| 1,659,180 - |
1,645,169 - |
|||
| 1,659,180 | 1,645,169 | |||
| 1,659,180 | 1,645,169 |
The financial statements were approved by the Trustees on 20 January 2022 and signed on their behalf by:
…………………. Mrs S Howard Trustee
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THE FELLOWSHIP OF SAINT ETHELWOLD
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED
31 MARCH 2021
1. Accounting policies
Basis of accounting
The financial statements are prepared on a going concern basis under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note to these financial statements.
The Charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with 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 issued in October 2019, the Financial Reporting Standard applicable in the UK and the Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Accounting Practice.
Incoming resources
Incoming resources are recognised when the charity becomes entitled to them, the Trustees are virtually certain that the income will be received, and the monetary value can be reliably measured.
Voluntary income
Donations and gifts are recognised on receipt by the charity. Incoming resources from tax reclaims are included at the same time as the gifts to which they relate.
Gifted assets
Gifts of significant fixed assets are capitalised and shown in the appropriate fixed assets category. The value of such assets is included in income in the period in which the gift is received.
Resources expended
Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to pay out resources.
Governance costs
Governance costs include the costs of the preparation and examination of statutory accounts, the costs of trustees’ meetings and the cost of legal and professional fees in connection with governance or strategic matters.
Freehold property
The freehold property is shown at its market value at the date of transition to the SORP (FRS 102). No depreciation is provided on the property as, in the opinion of the trustees, its useful life is extended indefinitely by maintenance work carried out and depreciation would therefore not be material.
Depreciation
Depreciation is provided on other tangible assets to write off their cost or valuation over their estimated useful lives. The following rates have been applied:
Fixtures and Fittings 25% on reducing balance Furniture 25% on reducing balance Equipment 25% on reducing balance
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THE FELLOWSHIP OF SAINT ETHELWOLD
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED
31 MARCH 2021
2. Income from charitable activities
| Unrestricted funds Rents Room Hire |
Total Total 2021 2020 £ £ 31,130 32,134 3,651 31,159 |
|---|---|
| 34,781 63,293 |
3. Resources expended
| Raising funds Property Household Staff Costs Administration costs Charitable activities Property Household Staff costs Administration costs Donation Governance Accountancy |
Unrestricted Total Total Funds 2021 2020 £ £ £ 13,022 13,022 22,407 235 235 194 7,390 7,390 10,229 4,856 4,856 4,409 |
|---|---|
| 25,503 25,503 37,239 |
|
| 3,673 3,673 6,320 66 66 55 2,084 2,084 2,885 1,370 1,370 1,244 - - 9,575 |
|
| 7,193 7,193 20,079 |
|
| 1,020 1,020 1,140 |
4. Trustees remuneration and expenses
None of the trustees have been paid any remuneration and no trustee expenses have been incurred in the year.
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THE FELLOWSHIP OF SAINT ETHELWOLD
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED
31 MARCH 2021
5. Independent examiner’s fees
| 2021 | 2020 | ||||||
|---|---|---|---|---|---|---|---|
| £ | £ | ||||||
| Fee for reporting on accounts | 150 | 150 | |||||
| Accountancy services | 870 | 990 | |||||
| 1,020 | 1,140 | ||||||
| . Staff costs | |||||||
| 2021 | 2020 | ||||||
| £ | £ | ||||||
| Salaries | 9,475 | 13,114 | |||||
| Social security costs | - | - | |||||
| 9,475 | 13,114 | ||||||
| he average number of | employees was 2 (2020: | 2). | |||||
| . Fixed assets | |||||||
| Freehold | Fixtures & | Furniture | Equipment | Total | |||
| fittings | |||||||
| £ | £ | £ | £ | £ | |||
| Cost or valuation | |||||||
| At 1 April 2020 | 1,558,022 | 35,213 | 4,852 | 5,637 | 1,603,724 | ||
| Additions | - | - | - | - | - | ||
| 31 March 2021 | 1,558,022 | 35,213 | 4,852 | 5,637 | 1,603,724 | ||
| Depreciation | |||||||
| At 1 April 2020 | - | 34,783 | 4,749 | 5,359 | 44,891 | ||
| Charge for year | - | 107 | 26 | 70 | 203 | ||
| At 31 March 2021 | - | 34,890 | 4,775 | 5,429 | 45,094 | ||
| Net book value | |||||||
| At 31 March 2021 | 1,558,022 | 323 | 77 | 208 | 1,558,630 | ||
| At 31 March 2020 | 1,558,022 | 430 | 103 | 278 | 1,558,833 |
6. Staff costs
The average number of employees was 2 (2020: 2).
7. Fixed assets
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THE FELLOWSHIP OF SAINT ETHELWOLD
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED
31 MARCH 2021
8. Debtors
| Group Undertakings Prepayments Other debtors 9. Creditors:due within one year Taxes and social security Accruals 10. Funds Unrestricted General fund |
2021 2020 £ £ 6,398 3,638 1,344 405 - - 7,742 4,043 2021 2020 £ £ 695 957 1,260 1,380 1,955 2,337 Opening Income Expenditure Closing balance balance £ £ £ £ 1,645,169 47,727 33,716 1,659,180 |
|---|---|
| 1,645,169 47,727 33,716 1,659,180 |
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