2021-12-31-accounts - The Douai Foundation

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REGISTERED CHARITY NUMBER: 1194988

REPORT OF THE TRUSTEES AND

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

FOR

DOUAI FOUNDATION

Berringers LLP Lygon House 50 London Road

Bromley Kent BR1 3RA

DOUAI FOUNDATION

CONTENTS OF THE FINANCIAL STATEMENTS for the year ended 31 December 2021

	Page
Reference and administrative details	1
Report of the trustees	2 to 5
Independent examiner's report	6
Statement of financial activities	7
Balance sheet	8
Notes to the financial statements	9 to 13
Detailed statement of financial activities	14 to 15

DOUAI FOUNDATION

REFERENCE AND ADMINISTRATIVE DETAILS for the year ended 31 December 2021

TRUSTEES	Right Rev G Scott The Abbot of Douai
	R J Quarterman Chair
	C J W Vale Hon. Treasurer
	R J Sims Hon. Secretary
	A G Taylor
	Ms K Jeffrey
PRINCIPAL ADDRESS	Douai Abbey
	Upper Woolhampton
	Reading
	Berkshire
	RG7 5TQ
REGISTERED CHARITY	1194988
NUMBER
INDEPENDENT EXAMINER	Berringers LLP
	Lygon House
	50 London Road
	Bromley
	Kent
	BR1 3RA
BANK	National Westminster Bank
	Law Courts Temple Bar
	217 Strand
	London
	WC2R 1AP
INVESTMENT ADVISORS	Killik & Co
	45 Cadogan Street
	London
	SW3 2QJ
CONTACT	Correspondence should be addressed to Mrs Holly Little,
	Executive Administrator at info@douaifoundation.org

Page 1

DOUAI FOUNDATION

REPORT OF THE TRUSTEES for the year ended 31 December 2021

The Trustees present their Report with the financial statements of the charity for the year ended 31 December 2021. The Trustees have adopted the provisions of 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).

TRUSTEES

The Trustees for the period were:

Mrs. Katherine A. Jeffrey Mr. Richard J. Quarterman (Chair) Rev. Geoffrey Scott, OSB Mr. Richard J. Sims Mr. Andrew G. Taylor Mr. Christopher J.W. Vale

OBJECTIVES AND ACTIVITIES

Objectives and aims

The Objectives of the Foundation are set out in the Declaration of Trust dated 3 July 2019 and are: the promotion of and funding of education at home and abroad with special emphasis on Benedictine teaching and values and for or towards such charitable purposes as the Trustees in their absolute discretion think fit.

Significant Activities

Grantmaking

Colegio San Lorenzo in Santiago, Chile, is the Foundation’s flagship school. Situated in a deprived inner-city suburb, it receives 80% of its funding from the State and is reliant on donations (corporate and individual) for the remainder. Its pastoral and leadership programmes, which emphasise Benedictine values, are therefore neglected. The Foundation awarded a grant of £3,174 for a Leadership programme for its pupils.

Douai Prize

The Foundation awards an annual cash prize of £250 to pupils (aged 15-18) at various Benedictine schools in the United Kingdom and the United States who demonstrate the eleven Benedictine values in their daily lives. The six participating schools are: Ampleforth College (UK); Downside School (UK); Portsmouth Abbey School (USA); Rosebank College (Australia); St Benedict’s School, Ealing (UK); St Louis Priory School (USA).

Public benefit

The Trustees consider that the objectives and aims of the foundation described above, enable it to meet its obligations to the Charity Commission.

ACHIEVEMENT AND PERFORMANCE

Charitable activities

The Foundation's objective of supporting education was discharged during the year by the award of a grant abroad. It also funded several schools for an annual prize for pupils who demonstrate Benedictine values. It also allocated a significant amount of money to be distributed in early 2022.

Fundraising and Stewardship

Gala Fundraising

A fundraising ball was held in October 2021 at the Savoy Hotel, London, and raised in excess of £30,000 for charitable causes. These funds were allocated for distribution in 2022, following due diligence.

Page 2

DOUAI FOUNDATION

REPORT OF THE TRUSTEES for the year ended 31 December 2021

Communications

A regular newsletter goes out to "Friends" (donors giving a minimum of £100 per year) and "Benefactors" (those giving a minimum of £1,000 a year).

Fundraising activities

The Foundation continues a Friends Scheme for those that donate £25 per quarter and those who donate £1000 or more each year would be Benefactors.

Website

Full details of the Foundation’s activities can be found on its website (https://douaifoundation.org)

FINANCIAL REVIEW

Investment policy and objectives

The Trustees have adopted an Investment Policy. They take the view that the financial objectives of the investments are:

a) to generate a sustainable return to further the Foundation's charitable objects; and b) to grow the Foundation's capital fund.

The Trustees will seek to achieve these objectives with an acceptable degree of risk. Such risk will be mitigated through diversification of assets and investment portfolios including the use of a fixed deposit account.

The Trustees make strategic investments collectively based on advice from the Foundation's investment advisors. However, in line with its ethical policy, the Trustees will not invest in any activities or industries which undermine its core ethos or values.

Reserves policy

The Trustees consider that the investments held are to be distributed. Any additional income is also to be distributed after the Foundation has met its overhead costs. The Trustees will retain at least £3,000 in easily realisable assets to meet the Foundation's short-term expenditure plans over 12 months.

During the year of this Report, the Foundation received income of £59,507 comprising: £55,631 in donations; £3,791 in investment income; and £85 through trading. Expenditure was £51,515 comprising: £4,255 on charitable activities; and £47,260 on raising funds and other overheads. This left a surplus for the period of £7,992.

FUTURE PLANS

Benedictine Values

The Foundation continues to focus on projects which specifically promote Benedictine values, defined as:

Common Good
Justice & Peace
Love of Christ

With this in mind, the following projects were proposed for 2022:

Page 3

DOUAI FOUNDATION

REPORT OF THE TRUSTEES for the year ended 31 December 2021

Sylvestrines in India

The Foundation’s original intention was to award a grant of £16,705 to the Sisters of St Lioba, to establish a boarding house for girls aged 11-15 in Shngimawlien in Nongstoin, in the mountains of north-east India. However, the political situation in India and the difficulties faced by Indian charities in obtaining the correct permissions to receive foreign donations have made this all but impossible. Funds will instead be directed towards other projects in 2022.

Schools Exchange Programme

The Foundation intends to create an international (UK-Chile) exchange programme between St Benedict’s Catholic School, a Roman Catholic comprehensive school in Bury St Edmunds, Suffolk, and Colegio San Lorenzo, Santiago. It is hoped that in due course the Foundation will be able to fund the cost of travel and accommodation for participating students from the developing world.

Douai Prize

The Foundation will continue to fund the Douai Prize for 2022.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, a Deed of Trust, and constitutes an unincorporated charity. The Douai Foundation ("the Foundation") was established by way of a Declaration of Trust dated 3 July 2019, adopted on 11 October 2019. The Declaration of Trust was executed with a view to becoming a registered charity, which it did in June 2021.

Registered Charity Number

The charity was registered with the Charity Commission on 29 June 2021 with the Registered Charity Number 1194988.

Recruitment and appointment of new trustees

The Trustees are appointed by a Resolution of the Trustees. At least three of the Trustees shall be Members of the Douai Society, and one will be ex officio (the current Abbot of Douai or his nominee). There must be at least four Trustees and no more than seven. There are no limits to the terms of Trustees, but Trustees are encouraged to consider rotation for reasons of good governance.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Organisational structure

There will be at least three Honorary officers: a Chairman, a Treasurer, and a Secretary. There are no limits to the terms of office.

Induction and training of new Trustees

There will be at least three regular Trustee meetings each year, to discuss all aspects of the Foundations activities including governance, beneficiaries and fundraising endeavours. All Trustees and particularly new Trustees will be encouraged to remain up to date and informed on Benedictine education, values and charity Governance issues.

Risk management

The Trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.

The Trustees are mindful of the risk that currently their investments would be providing insufficient income for the foundation to carry out its objectives. Their current objective is to raise additional fundraising annually through events and regular donations from the Benedictine community in the UK and globally, and from a wider pool of donors with Catholic and educational interests. The Trustees have approved an Investment Policy.

The risks of donating to overseas institutions (as well as those in the United Kingdom) are mitigated partly by the close-knit nature of the Benedictine schools and communities worldwide, but also by the prior knowledge of both the need of the beneficiaries and due diligence conducted by the Trustees and the Executive.

Page 4

DOUAI FOUNDATION

REPORT OF THE TRUSTEES for the year ended 31 December 2021

Patron

The Foundation's is the Duchess of Somerset. The Trustees keep the Patron regularly apprised of developments.

Executive

There are currently no employees of the Foundation. There is an Executive Administrator (a freelance consultant) engaged to support the work of the Foundation.

Approved by order of the board of trustees on ............................................. and signed on its behalf by:

........................................................................ C J W Vale - Trustee

Page 5

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF DOUAI FOUNDATION

Independent examiner's report to the trustees of Douai Foundation

I report to the charity trustees on my examination of the accounts of Douai Foundation (the Trust) for the year ended 31 December 2021.

Responsibilities and basis of report

As the charity trustees of the Trust 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 Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all 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:

accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
the accounts do not accord with those records; or
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.

Ricky Hutson BSc FCCA ACA Berringers LLP Lygon House 50 London Road Bromley Kent BR1 3RA

Date: .............................................

Page 6

DOUAI FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 December 2021

			Period
			1.10.19
		Year Ended	to
		31.12.21	31.12.20
		Unrestricted	Total
		fund	funds
	Notes	£	£
INCOME AND ENDOWMENTS FROM
Donations and legacies		55,631	115,836
Other trading activities	2	85	375
Investment income	3	3,791	5,232
Total		59,507	121,443
EXPENDITURE ON
Raising funds	4	393	676
Charitable activities
Grants to schools		4,255	4,238
Other		46,867	10,686
Total		51,515	15,600
Net gains on investments		2,421	-
NET INCOME		10,413	105,843
Other recognised gains/(losses)
Gains on revaluation of fixed assets		14,222	543
Net movement in funds		24,635	106,386
RECONCILIATION OF FUNDS
Total funds brought forward		106,386	-
TOTAL FUNDS CARRIED FORWARD		131,021	106,386

The notes form part of these financial statements

Page 7

DOUAI FOUNDATION

BALANCE SHEET 31 December 2021

2021
Unrestricted
fund
Notes
£
FIXED ASSETS
Investments
8
91,907
CURRENT ASSETS
Stocks
9
430
Debtors
10
3,267
Cash at bank
38,536
42,233
CREDITORS
Amounts falling due within one year
11
(3,119)
NET CURRENT ASSETS
39,114
TOTAL ASSETS LESS CURRENT
LIABILITIES
131,021
NET ASSETS
131,021
FUNDS
12
Unrestricted funds
131,021
TOTAL FUNDS
131,021

2020
Total
funds
£
100,208
430
4,925
3,943
9,298
(3,120)
6,178
106,386
106,386
106,386
106,386

The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:

............................................. C J W Vale - Trustee

The notes form part of these financial statements

Page 8

DOUAI FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2021

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.

Income

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.

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.

Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

The charity is exempt from tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

2. OTHER TRADING ACTIVITIES

OTHER TRADING ACTIVITIES
		Period
		1.10.19
	Year Ended	to
	31.12.21	31.12.20
	£	£
Sale of accessories	85	375

continued...

Page 9

DOUAI FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 31 December 2021

3. INVESTMENT INCOME

3.	INVESTMENT INCOME
			Period
			1.10.19
		Year Ended	to
		31.12.21	31.12.20
		£	£
	Curr asset inv income	3,791	5,232
4.	RAISING FUNDS
	Investment management costs
			Period
			1.10.19
		Year Ended	to
		31.12.21	31.12.20
		£	£
	Investment advice	393	435
	Interest payable and similar charges	-	15
		393	450
5.	SUPPORT COSTS
			Management
			£
	Other resources expended		46,867

6. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 December 2021 nor for the period ended 31 December 2020.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 December 2021 nor for the period ended 31 December 2020.

7. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

	Unrestricted
	fund
	£
INCOME AND ENDOWMENTS FROM
Donations and legacies	115,836
Other trading activities	375
Investment income	5,232
Total	121,443
EXPENDITURE ON
Raising funds	676
Charitable activities
Grants to schools	4,238

continued...

Page 10

DOUAI FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 December 2021

7. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued

		Unrestricted
		fund
		£
	Other	10,686
	Total	15,600
	NET INCOME	105,843
	Other recognised gains/(losses)
	Gains on revaluation of fixed assets	543
	Net movement in funds	106,386
	TOTAL FUNDS CARRIED FORWARD	106,386
8.	FIXED ASSET INVESTMENTS
		Listed
		investments
		£
	MARKET VALUE
	At 1 January 2021	100,208
	Disposals	(22,523)
	Revaluations	14,222
	At 31 December 2021	91,907
	NET BOOK VALUE
	At 31 December 2021	91,907
	At 31 December 2020	100,208
	There were no investment assets outside the UK.
	Cost or valuation at 31 December 2021 is represented by:
		Listed
		investments
		£
	Valuation in 2020	543
	Valuation in 2021	15,171
	Cost	76,193
		91,907

continued...

Page 11

DOUAI FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 December 2021

9.
STOCKS
Stocks
10.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Other debtors
Prepayments
11.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Other creditors
12.
MOVEMENT IN FUNDS
At 1.1.21
£
Unrestricted funds
General fund
106,386
TOTAL FUNDS
106,386
Net movement in funds, included in the above are as follows:
Incoming
Resources
resources
expended
£
£
Unrestricted funds
General fund
59,507
(51,515)
TOTAL FUNDS
59,507
**(51,515) **

2021
2020
£
£
430
430
2021
2020
£
£
2,892
4,550
375
375
3,267
4,925
2021
2020
£
£
3,119
3,120
Net
movement
At
in funds
31.12.21
£
£
24,635
131,021
24,635
131,021
Gains and
Movement
losses
in funds
£
£
16,643
24,635
16,643
24,635

Comparatives for movement in funds

Unrestricted funds General fund TOTAL FUNDS	Net movement in funds £ 106,386 106,386	At 31.12.20 £ 106,386
		106,386

continued...

Page 12

DOUAI FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 31 December 2021

12. MOVEMENT IN FUNDS - continued

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds General fund TOTAL FUNDS	Incoming resources £ 121,443 121,443	Resources expended £ (15,600) (15,600)	Gains and Movement losses in funds £ £ 543 106,386 543 106,386

13. RELATED PARTY DISCLOSURES

The Douai Foundation is related to the Douai Society in that the trustees are garnered from there. Also the Society transferred funds to the Foundation in the way of investments and cash. Also, donations received by the Society are passed onto the Foundation.

Page 13

DOUAI FOUNDATION

DETAILED STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 December 2021

		Period
		1.10.19
	Year Ended	to
	31.12.21	31.12.20
	£	£
INCOME AND ENDOWMENTS
Donations and legacies
Transfer from Douai Society	-	104,997
Donations	38,968	10,839
Event ticket sales	16,663	-
	55,631	115,836
Other trading activities
Sale of accessories	85	375
Investment income
Curr asset inv income	3,791	5,232
Total incoming resources	59,507	121,443
EXPENDITURE
Other trading activities
Opening stock	430	-
Purchases	-	656
Closing stock	(430)	(430)
	-	226
Investment management costs
Investment advice	393	435
Broker interest	-	15
	393	450
Charitable activities
Grants to institutions	4,255	4,238
Support costs
Management
Legal & professional costs	7,440	5,052
Independent examination	720	720
Promotion costs	1,105	4,615
Sundries	332	299
Fundraising costs	37,270	-
	46,867	10,686
Total resources expended	51,515	15,600
Net income before gains and losses	7,992	105,843

This page does not form part of the statutory financial statements

Page 14

DOUAI FOUNDATION

DETAILED STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 December 2021

		Period
		1.10.19
	Year Ended	to
	31.12.21	31.12.20
	£	£
Realised recognised gains and losses
Realised gains/(losses) on fixed asset investments	2,421	-
Net income	10,413	105,843

This page does not form part of the statutory financial statements

Page 15