Charity registration number 1190954
PROPERTY HELD IN CONNECTION WITH THE BENEDICTINE CONGREGATION OF ST MARY OF MONTE OLIVETO CIO
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PROPERTY HELD IN CONNECTION WITH THE BENEDICTINE CONGREGATION OF ST MARY OF MONTE OLIVETO CIO
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees Father T Marteaux Abbot G M Nolan OSB Abbot F Gianni OSB Dom S Santus OSB G E Kidd Father E Loisel Charity number 1190954 Principal address Pothecary Witham Weld Solicitors 84 Eccleston Square Pimlico London SW1V 1PX Independent examiner Darren Harding ACA FCCA DChA Richard Place Dobson Services Limited 1-7 Station Road Crawley West Sussex RH10 1HT
PROPERTY HELD IN CONNECTION WITH THE BENEDICTINE CONGREGATION OF ST MARY OF MONTE OLIVETO CIO
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 2 |
| Independent examiner's report | 3 |
| Statement of financial activities | 4 |
| Balance sheet | 5 |
| Notes to the financial statements | 6 - 12 |
PROPERTY HELD IN CONNECTION WITH THE BENEDICTINE CONGREGATION OF ST MARY OF MONTE OLIVETO CIO
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The Trustees present their annual report and financial statements for the year ended 31 December 2023.
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 CIO's deed, 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) (effective 1 January 2019)".
Objectives and activities
The primary aim of the charity is to advance the Roman Catholic religion through religious and other charitable work of the Benedictine Congregation of St Mary Monte Oliveto. This is carried out by the trustees, with the approval of the Superior General, when they see fit.
Public benefit
We have referred to the guidance in the Charity Commission’s general guidance on Public Benefit when reviewing our aims and objectives and in planning our future activities. In particular, the Trustees consider how planned activities will contribute to the aims and objectives they have set.
Achievements and performance
The Order of St Benedict Olivetan Congregation no longer has a monastery on the site and there are no monks in residence. The church, church buildings and car park have been handed over to the Diocese of Westminster. The charity simply holds the land and property for the public benefit and the advancement of the Catholic Religion.
The process of transferring our status of being a Registered Charity (RCN: 265126) to being a Charitable Incorporate Organisation was completed on 24 January 2023. We are now a CIO under the name of 'Property held in connection with the Congregation of St Mary of Oliveto CIO', with charity number 1190954.
The CIO transferred the monastery to St Joseph Foundation UK on 31 May 2023. This transfer was for nothing in exchange and is within their charitable activities.
Financial review
During the year the charity has net outgoing resources of £787,721 (2022: £47,329), as shown on the statement of financial activities on page 4 of the accounts. All of this was transferred to the CIO.
Reserves policy
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.
At 31 December 2023 the unrestricted fund balance is £353 (2022: £1,672).
Structure, governance and management
The trust was registered with the Charity Commissioners as the "Trust Property held in connection with the Order of St Benedict (Olivetan Congregation)" on 1 January 1973 and given the number 265126. The registration relates to the trust property contained in the trust deed and not the Order itself.
On 24 January 2023, the process of transferring our status of being a Registered Charity to being a Charitable Incorporate Organisation was completed. We are now a CIO under the name of 'Property held in connection with the Congregation of St Mary of Oliveto CIO', with charity number 1190954.
page 1
PROPERTY HELD IN CONNECTION WITH THE BENEDICTINE CONGREGATION OF ST MARY OF MONTE OLIVETO CIO TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 The Trusiees who served during the year and up to the dale of Signature of the financial statements were.. Reverend D Rosa OSB (Resigned ?4 January ?02il Father T Marteaux Abboi G Nolan OSB Abbot F Gianni OSB Dom S Sanius OSB GEKidd Father E Loisel The authority io appoint new trustee5 and remove exisiin8 tfU5t¢es Tests with the Superior (Prior). Rlsk man8¢ment Th¢ trustees hove a duly to identify and review the risks to which the charity 15 exposed and io ensure gppropriaie COnirol$ 8re in place to Fffovide reasonable &s5uran¢e against fr8ud and em)r. The irusttts, reFQrt was approv by the Board of Truses. Maneaux ustet D81e'.
PROPERTY HELD IN CONNECTION WITH THE BENEDICTINE CONGREGATION OF ST MARY OF MONTE OLIVETO CIO
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF PROPERTY HELD IN CONNECTION WITH THE BENEDICTINE CONGREGATION OF ST MARY OF MONTE OLIVETO CIO
I report to the Trustees on my examination of the financial statements of Property held in connection with the Benedictine Congregation of St Mary of Monte Oliveto CIO (the CIO) for the year ended 31 December 2023.
Responsibilities and basis of report
As the Trustees of the CIO you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).
I report in respect of my examination of the CIO’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
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:
-
1 accounting records were not kept in respect of the CIO as required by section 130 of the 2011 Act; or
-
2 the financial statements do not accord with those records; or
-
3 the financial statements 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 financial statements to be reached.
Darren Harding ACA FCCA DChA
Richard Place Dobson Services Limited 1-7 Station Road Crawley West Sussex RH10 1HT
12/08/2024 Dated: .........................
page 3
PROPERTY HELD IN CONNECTION WITH THE BENEDICTINE CONGREGATION OF ST MARY OF MONTE OLIVETO CIO
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
| Unrestricted Unrestricted funds funds designated 2023 2023 Notes £ £ Income from: Donations and legacies 3 9,000 - Investments 4 1 - Total income 9,001 - Charitable activities Monestery and provision of religious services 5 10,320 786,402 Total expenditure 10,320 786,402 Net expenditure and movement in funds (1,319) (786,402) Reconciliation of funds: Fund balances at 1 January 2023 1,672 1,021,666 Fund balances at 31 December 2023 353 235,264 |
Total Unrestricted Unrestricted funds funds designated 2023 2022 2022 £ £ £ 9,000 4,994 - 1 4 - 9,001 4,998 - 796,722 14,685 37,642 796,722 14,685 37,642 (787,721) (9,687) (37,642) 1,023,338 11,359 1,059,308 235,617 1,672 1,021,666 |
Total 2022 £ 4,994 4 4,998 52,327 52,327 (47,329) 1,070,667 1,023,338 |
|---|---|---|
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
page 4
PROPERTY HELD IN CONNECTION WITH THE BENEDICTINE CONGREGATION OF ST MARY OF MONTE OLIVETO CIO BALANCE SHEET ASA T31 DECEMBER 2023 2023 2022 Note5 Fixed ASSel$ Tan¥ible assers l.0?1,666 c.urrent asset5 Debtors Cash at bank and in hand 3.3(I) 353 3.876 1.336 3.653 C.redltors: amounts falling due wlthiN one yeAr 13,3(Kll 13.5401 Net curreni assets 353 1,67 TotAI fi$set# less curreDt Ilabllitiej 235.617 1.023.338 The funds of the CIO Unrestricted funds. ¥eneral Unrestricted funds. dtsisnated 3$3 235.?64 1.672 l.0?1.066 ?35.617 1.021.338 01108J.24 The fLnancio1 S¢eMentS were #pproved by the Twsiees oft.. ai ' Marteauy stte rAgc 5
PROPERTY HELD IN CONNECTION WITH THE BENEDICTINE CONGREGATION OF ST MARY OF MONTE OLIVETO CIO
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
1 Accounting policies
Charity information
Property held in connection with the Benedictine Congregation of St Mary of Monte Oliveto CIO is a Charitable Incorporated Organisation with registered charity number 1190954.
1.1 Accounting convention
The financial statements have been prepared in accordance with the CIO's Constitution, 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) (effective 1 January 2019)". The CIO is a Public Benefit Entity as defined by FRS 102.
The CIO has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 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 CIO. 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 CIO 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.
Designated funds comprise funds which have been set aside at the discretion of the Trustees for specific purposes. The purposes and uses of the designated funds are set out in the notes to the financial statements.
1.4 Income
Income is recognised when the CIO is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Donations, legacies and similar incoming resources are included in the year in which, they are receivable, which is when the charity becomes entitled to the resource.
1.5 Expenditure
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.
The direct costs are those associated with the provision of religious services, all other costs that can not be directly attributed to this are now classed as support costs. Support costs include governance costs.
page 6
PROPERTY HELD IN CONNECTION WITH THE BENEDICTINE CONGREGATION OF ST MARY OF MONTE OLIVETO CIO
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1 Accounting policies
(Continued)
Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include the audit fee, other accountancy fees, legal and professional fees and bank charges.
1.6 Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings 2% Straight line Fixtures, fittings & equipment 10%-25% Straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
All assets costing more than £500 are capitalised.
Freehold land is not depreciated.
1.7 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.
1.8 Financial instruments
The charity only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
1.9 Taxation
The charity is exempt from tax on its charitable activities.
1.10 Foreign exchange
Transactions denominated in foreign currencies are recorded at the rate ruling at the date of the transaction.
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. All differences are included in net outgoing resources.
1.11 Debtors and creditors
Other debtors are recognised at the settlement amount due. Prepayments are valued at the amount prepaid.
Creditors are recognised where the charity has a present obligation resulting from a past event that will probably results in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount after allowing for any discounts due.
page 7
PROPERTY HELD IN CONNECTION WITH THE BENEDICTINE CONGREGATION OF ST MARY OF MONTE OLIVETO CIO
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
2 Critical accounting estimates and judgements
In the application of the CIO’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
There were no critical accounting estimates or judgements during the financial year.
3 Donations and legacies
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| general | general | |
| 2023 | 2022 | |
| £ | £ | |
| Donations and gifts | 9,000 | 4,994 |
| Investments | ||
| Unrestricted | Unrestricted | |
| funds | funds | |
| general | general | |
| 2023 | 2022 | |
| £ | £ | |
| Interest receivable | 1 | 4 |
4 Investments
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PROPERTY HELD IN CONNECTION WITH THE BENEDICTINE CONGREGATION OF ST MARY OF MONTE OLIVETO CIO
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
5 Charitable activities
| Monastery | Monastery |
||
|---|---|---|---|
| and provision | and provision |
||
| of religious | of religious |
||
| services | services | ||
| 2023 | 2022 | ||
| £ | £ | ||
| Depreciation | 15,685 | 37,642 | |
| Insurance | 3,876 | 4,625 | |
| Subscriptions | - | 30 | |
| Donated assets | 770,717 | - | |
| 790,278 | 42,297 | ||
| Share of governance costs (see note 6) | 6,444 | 10,030 | |
| 796,722 | 52,327 | ||
| Analysis by fund | |||
| Unrestricted funds - general | 10,320 | 14,685 | |
| Unrestricted funds - designated | 786,402 | 37,642 | |
| 796,722 | 52,327 | ||
| 6 | Support costs | ||
| 2023 | 2022 | ||
| £ | £ | ||
| Independent examination fees | 3,900 | 3,600 | |
| Legal and professional | 2,484 | 6,430 | |
| Bank charges | 60 | - | |
| 6,444 | 10,030 | ||
| Analysed between | |||
| Charitable activities | 6,444 | 10,030 |
Governance costs includes payments to the Independent Examiner of £3,300 (2022: £3,600) for Independent Examination fees.
7 Trustees
All but one of the Trustees are a member of the order. The members of the monastery are maintained by the charity and the annual cost of premises, meals and other living expenses are paid by the charity. One of the Trustees, Gerald Kidd, is a partner in the firm Pothecary Witham Weld Solicitors which received fees from the charity during the year. The transactions were at arm's length and on a normal commercial basis. There were no other related party transactions requiring disclosure during the year. There was no remuneration paid or expenses reimbursed to trustees during the year.
page 9
PROPERTY HELD IN CONNECTION WITH THE BENEDICTINE CONGREGATION OF ST MARY OF MONTE OLIVETO CIO
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
8 Tangible fixed assets
| Tangible fixed assets | ||||
|---|---|---|---|---|
| Land and | Fixtures, fittings |
Total | ||
| buildings | & equipment | |||
| £ | £ | £ | ||
| Cost | ||||
| At 1 January 2023 | 1,882,115 | 239,845 | 2,121,960 | |
| Disposals | (1,646,851) | (239,845) | (1,886,696) | |
| At 31 December 2023 | 235,264 | - | 235,264 | |
| Depreciation and impairment | ||||
| At 1 January 2023 | 860,450 | 239,845 | 1,100,295 | |
| Depreciation charged in the year | 15,685 | - | 15,685 | |
| Eliminated in respect of disposals | (876,135) | (239,845) | (1,115,980) | |
| At 31 December 2023 | - | - | - | |
| Carrying amount | ||||
| At 31 December 2023 | 235,264 | - | 235,264 | |
| At 31 December 2022 | 1,021,666 | - | 1,021,666 |
The costs incurred over the last few years for the refurbishment of the Parish Hall have been included in land and buildings. The new monastery is also included in land and buildings. The original church and monastery were built in 1936 and the hall in 1951 largely relying on voluntary labour. In these circumstances an accurate estimate of earlier construction costs is not possible. However the trustees estimate an approximation of the cost of land and the earlier buildings to be £10,000. The total insured value is approximately £6.9 million. The trustees have renovated one of the properties which has now been let. All assets were transferred to the CIO on 24th January 23.
The CIO transferred the monastery to St Joseph Foundation UK on 31 May 2023. This transfer was for nothing in exchange and is within their charitable activities. The value left in the financial statements represents the value of land still held by the CIO.
9 Debtors
| Amounts falling due within one year: Other debtors Prepayments |
2023 £ 3,300 - 3,300 |
2022 £ - 3,876 |
|---|---|---|
| 3,876 |
page 10
PROPERTY HELD IN CONNECTION WITH THE BENEDICTINE CONGREGATION OF ST MARY OF MONTE OLIVETO CIO
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
10 Creditors: amounts falling due within one year
| Other creditors Accruals Unrestricted funds - designated Balance at 1 January 2022 £ Land fund 1,059,308 1,059,308 |
Resources expended £ (37,642) (37,642) |
Transfers Balance at 1 January 2023 £ £ - 1,021,666 - 1,021,666 |
2023 2022 £ £ - 840 3,300 2,700 3,300 3,540 Resources expended Revaluations, gains and losses Balance at 31 December 2023 £ £ £ (15,685) (770,717) 235,264 (15,685) (770,717) 235,264 |
2022 £ 840 2,700 |
|---|---|---|---|---|
| 3,540 | ||||
| 235,264 |
11 Unrestricted funds - designated
The land fund represents the estimated value of land held by the CIO.
12 Analysis of net assets between funds
| Unrestricted Unrestricted funds funds general designated 2023 2023 £ £ Fund balances at 31 December 2023 are represented by: Tangible assets - 235,264 Current assets/(liabilities) 353 - 353 235,264 Unrestricted Unrestricted funds funds general designated 2022 2022 £ £ Fund balances at 31 December 2022 are represented by: Tangible assets - 1,021,666 Current assets/(liabilities) 1,672 - 1,672 1,021,666 |
Total 2023 £ 235,264 353 |
|---|---|
| 235,617 | |
| Total 2022 £ 1,021,666 1,672 |
|
| 1,023,338 |
page 11
PROPERTY HELD IN CONNECTION WITH THE BENEDICTINE CONGREGATION OF ST MARY OF MONTE OLIVETO CIO
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
13 Related party transactions
There were no disclosable related party transactions during the year (2022 - none).
14 CIO Conversion
On the 24th January 2023, the trust converted to a Charitable Incorporated Organisation called 'Property held in connection with the Congregation of St Mary of Oliveto CIO'. On this date all assets and liabilities were transferred from the trust to the CIO.
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