## **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