2023-03-31-accounts

THE FELLOWSHIP OF SAINT ETHELWOLD

REGISTERED CHARITY NUMBER 1179427

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

Wenn Townsend Chartered Accountants Abingdon

THE FELLOWSHIP OF SAINT ETHELWOLD

FINANCIAL STATEMENTS FOR THE YEAR ENDED

31 MARCH 2023

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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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1

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 R Clarke
	Mr M Reyani
	Mrs E Taylor
Bank:	Lloyds Bank
	Ock Street
	Abingdon
	OX14 5AW
Independent examiner:	Stuart Bates FCA
	Wenn Townsend
	Victoria House
	10 Broad Street
	Abingdon
	Oxon
	OX14 3LH

2

THE FELLOWSHIP OF SAINT ETHELWOLD

TRUSTEES REPORT

FOR THE YEAR ENDED 31 MARCH 2023

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:

1. The advancement of the Christian religion, particularly its expression through the contemplative tradition of Christianity with its emphasis on meditation, and personal spiritual growth.

2. 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.

3. 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.

3

THE FELLOWSHIP OF SAINT ETHELWOLD TRUSTEES REPORT (continued)

FOR THE YEAR ENDED 31 MARCH 2023

Financial review

The financial statements of the Charity for the year ended 31 March 2023 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 £1,660,516 with £1,561,210 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: 25 January 2024

4

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 2023, 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:

1. accounting records were not kept in respect of the charity 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.

Stuart Bates FCA

Wenn Townsend Chartered Accountants Victoria House 10 Broad Street Abingdon OX14 3LH

Date: 26 January 2024

5

THE FELLOWSHIP OF SAINT ETHELWOLD

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED

31 MARCH 2023

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 (expenditure)/income Fund balances brought forward Fund balances carried forward	Unrestricted Total Total Funds 2023 2022 £ £ £ 8,200 8,200 11,524 57,614 57,614 47,957 793 793 72 2,703 2,703 4,127
	69,310 69,310 63,680
	65,251 65,251 35,768 18,404 18,404 10,089 1,122 1,122 1,020
	84,777 84,777 46,877
	(15,467) (15,467) 16,803 1,675,983 1,675,983 1,659,180
	1,660,516 1,660,516 1,675,983

6

THE FELLOWSHIP OF SAINT ETHELWOLD

BALANCE SHEET

AS AT 31 MARCH 2023

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 10 Unrestricted	2023 £ £ 1,561,210 14,608 89,723 104,331 5,025 99,306 1,660,516 - 1,660,516 1,660,516	2023 £ £ 1,561,210 14,608 89,723 104,331 5,025 99,306 1,660,516 - 1,660,516 1,660,516	2022 £ £ 1,558,478 11,021 109,259 120,280 2,775 117,505 1,675,983 - 1,675,983 1,675,983	2022 £ £ 1,558,478 11,021 109,259 120,280 2,775 117,505 1,675,983 - 1,675,983 1,675,983
	104,331		120,280
	5,025		2,775
		1,660,516 -		1,675,983 -
		1,660,516		1,675,983
		1,660,516		1,675,983

The financial statements were approved by the Trustees on 25 January 2024 and signed on their behalf by:

…………………. Mrs S Howard Trustee

7

THE FELLOWSHIP OF SAINT ETHELWOLD

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED

31 MARCH 2023

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

8

THE FELLOWSHIP OF SAINT ETHELWOLD

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED

31 MARCH 2023

2. Income from charitable activities

Unrestricted funds Rents Room Hire	Total Total 2023 2022 £ £ 30,860 31,130 26,754 16,827
	57,614 47,957

3. Resources expended

Raising funds Property Household Staff Costs Administration costs Charitable activities Property Household Staff costs Administration costs Governance Accountancy	Unrestricted Total Total Funds 2023 2022 £ £ £ 49,684 49,684 20,672 2,157 2,157 1,087 11,162 11,162 9,173 2,248 2,248 4,836
	65,251 65,251 35,768
	14,014 14,014 5,831 608 608 306 3,148 3,148 2,587 634 634 1,365
	18,404 18,404 10,089
	1,122 1,122 1,020

4. Trustees remuneration and expenses

None of the trustees have been paid any remuneration and no trustee expenses have been incurred in the year.

9

THE FELLOWSHIP OF SAINT ETHELWOLD

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED

31 MARCH 2023

5. Independent examiner’s fees

					2023		2022
					£		£
Fee for reporting on accounts					180		150
Accountancy services					942		870
					1,122		1,020
. Staff costs
					2023		2022
					£		£
Salaries					14,310		11,760
Social security costs						-	-
					14,310		11,760
he average number of	employees was 2 (2022:		2).
. Fixed assets
	Freehold	Fixtures &		Furniture		Equipment	Total
		fittings
	£	£		£		£	£
Cost or valuation
At 1 April 2022	1,558,022	35,213		4,852		5,637	1,603,724
Additions	-	3,795			-	-	3,795
31 March 2023	1,558,022	39,008		4,852		5,637	1,607,519
Depreciation
At 1 April 2022	-	34,971		4,794		5,481	45,246
Charge for year	-	1,009			15	39	1,063
At 31 March 2023	-	35,980		4,809		5,520	46,309
Net book value
At 31 March 2023	1,558,022	3,028			43	117	1,561,210
At 31 March 2022	1,558,022		242		58	156	1,558,478

6. Staff costs

The average number of employees was 2 (2022: 2).

7. Fixed assets

10

THE FELLOWSHIP OF SAINT ETHELWOLD

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED

31 MARCH 2023

8. Debtors

Group Undertakings Prepayments Other debtors . Creditors:due within one year Taxes and social security Accruals 0. Funds Opening Income 2022 balance £ £ Unrestricted General fund 1,675,171 66,003 Designated – Garden appeal 812 3,307 1,675,983 69,310 Opening Income 2022 balance £ £ Unrestricted General fund 1,659,180 56,255 Designated - Garden appeal - 7,425 1,659,180 63,680	Group Undertakings Prepayments Other debtors . Creditors:due within one year Taxes and social security Accruals 0. Funds Opening Income 2022 balance £ £ Unrestricted General fund 1,675,171 66,003 Designated – Garden appeal 812 3,307 1,675,983 69,310 Opening Income 2022 balance £ £ Unrestricted General fund 1,659,180 56,255 Designated - Garden appeal - 7,425 1,659,180 63,680	2023 2022 £ £ 13,504 9,797 1,104 1,224 - - 14,608 11,021 2023 2022 £ £ 3,765 1,515 1,260 1,260 5,025 2,775 Expenditure Transfer Closing balance £ £ £ 78,297 (2,361) 1,660,516 6,480 2,361 -
	1,675,983 69,310	84,777 - 1,660,516
	Opening Income balance £ £ 1,659,180 56,255 - 7,425 1,659,180 63,680	Expenditure Transfer Closing balance £ £ £ 40,264 - 1,675,171 6,613 - 812
		46,877 - 1,675,983

9. Creditors: due within one year

10. Funds

11