Charity number: 209261
## Edgware Abbey
Report and financial statements For the year ended 30 June 2022
Edgware Abbey
## Contents
For the year ended 30 June 2022
Reference and administrative details .............................................................................................. 1 Trustees’ annual report ................................................................................................................... 3 Independent auditor’s report ....................................................................................................... 12 Statement of financial activities ..................................................................................................... 15 Balance sheet ............................................................................................................................... 16 Statement of cash flows ................................................................................................................ 17 Convent income and expenditure account .................................................................................... 18 Care home income and expenditure account ............................................................................... 19 Notes to the financial statements ................................................................................................. 20
Edgware Abbey
## Reference and administrative details
For the year ended 30 June 2022
|Charity number|209261|
|---|---|
|Country of registration|England and Wales|
|Registered office and|Edgware Abbey|
|operational address|94A Priory Field Drive|
||EDGWARE|
||Middlesex|
||HA8 9PU|
|Trustees|Trustees who served during the year and up to the date of this report|
||were as follows:|
||Dame Mary Thérèse Zelent OSB: Abbess|
||Dame Barbara Johnson OSB (until 17 November 2022)|
||Mrs Denise Cooper|
||Rt Revd Peter William Wheatley|
||Revd Paul Reece|
||Mrs Gisela Daniels (until 11 March 2022)|
||Mr John Ringguth|
||Mr James Stewart-Smith (from 11 March 2022)|
|Investment managers|Charles Stanley & Company Ltd|
||Ground Floor, 1 Bishop’s Wharf,|
||Walnut Tree Close,|
||GUILDFORD|
||Surrey GU1 4HI|
|Bankers|CAF Bank|
||25 Kings Hill Avenue|
||West Malling|
||Kent|
||ME19 4TA|
||HSBC|
||PO Box 27|
||101-103 Station Road|
||EDGWARE|
||HA8 7JJ|
||Scottish Widows Bank|
||PO Box 12757|
||67 Morrison Street|
||Edinburgh|
||EH3 8YJ|
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Edgware Abbey
## Reference and administrative details
For the year ended 30 June 2022
|Solicitors|TWM Solicitors|
|---|---|
||Sweech House|
||Gravel Hill|
||Leatherhead|
||Surrey KT22 7HF|
|Auditor|Sayer Vincent LLP|
||Chartered Accountants and Statutory Auditors|
||Invicta House|
||108-114 Golden Lane|
||LONDON|
||EC1Y 0TL|
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Edgware Abbey
## Trustees’ annual report
For the year ended 30 June 2022
The trustees present their report and the audited financial statements for the year ended 30 June 2022.
The financial statements have been prepared on the accounting policies set out in note 1 to the financial statements and comply with the charity's trust deed, applicable law and the requirements of the Statement of Recommended Practice - Accounting and Reporting by Charities (SORP 2005).
## Charity objects
The charity's main activities and who it tries to help are described below. All its charitable activities are undertaken to further Edgware Abbey’s charitable purposes for the public benefit.
The Objects of the Charity are to advance the Christian faith in accordance with the doctrines and principles of the Church of England, and to carry out the social mission of the church through the support of charitable work for the relief of poverty, through the maintenance of a religious Community of women, organised in accordance with the Rule of St Benedict and dedicated to St Mary at the Cross.
## Historical summary
Founded in Shoreditch in 1866, this Anglican Benedictine Community closed its original hospital for ‘incurable children’ in 1931, moving the sick and disabled people in its care to what became the only house of the Order, in Edgware. Built by the Community in 1874 to provide a convalescent home in the country for those in their care, the convent at Edgware was extended in 1932 to provide necessary accommodation following the closure of the Shoreditch Hospital. The disabled and sick people in the care of the Sisters shared the convent buildings until 1992, when they moved into the newly built Care Home in the Abbey grounds, Henry Nihill House, (HNH). HNH is a not-for-profit Home in the Voluntary Sector, and is subsidised by the Charitable Trust.
The Trust holds the legal title to the land and buildings used by the Community (Edgware Abbey) and also a substantial portfolio of other investments and property, which produce income for the support of the Community and its charitable works. The principal charitable work carried out by the Community is the provision and conduct of a Care Home with nursing, Henry Nihill House. The Community also holds services in the chapel, to which HNH residents have easy access, provides the facility for parish groups to hold Quiet Days and study days, and guest accommodation for private retreats and space for rest and renewal.
The trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning its future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives that have been set.
In 2010 the Trustees made a decision to invite the Hospitaller Order of St John of God to undertake the overall operational management of Henry Nihill House as the Order operated with
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Edgware Abbey
## Trustees’ annual report
## For the year ended 30 June 2022
an ethos that is very close to that of St Mary at the Cross. On 1 February 2011, the Trustees entered into a management contract with the Order of St John of God in which they undertook the overall responsibility for the leadership and operational management and staffing of the Home (which remains the property of the Trust) with quarterly review meetings for trustees and management team, to discuss all aspects of the running of HNH including an appraisal of costs and budgeting.
In August 2020 the board decided to terminate the arrangement with St John of God bringing the operational management back in house, taking up employment of staff from 1[st] April 2021. A review was be completed at 16 to 18 months post SJOG a review of the situation for sustainability proposed a senior management level for Director of Operations and taken to the board for consideration.
HNH, which is a home for adults with 30 beds, is registered with the CQC - Care Quality Commission, under the Health & Social Care Act 2008, for the provision of:
a) Accommodation for persons who require nursing or personal care; b) Treatment of disease, disorder or injury.
There is a constant demand for beds in HNH, a not-for-profit Home in the Voluntary Sector, and full occupancy is the norm. The Home has Spot Beds with Barnet Council, is registered for Continuing Health Care, and on average 33% of residents paying their own fees for as long as their financial circumstances allow; no-one is ever turned away when their resources run out. While service users who can afford the costs pay fees until their financial resources diminish, the Home depends largely on NHS and Local Authority funding for the majority of those in care, and where necessary on subsidy from the Trust.
It is well known that it is not possible for a Care Home to maintain acceptable standards on Local Authority levels of funding. Barnet Council have only raised their funding level very slightly for several years now, and HNH is regularly subsidised from the Charity Trust funds; however skilfully this not-for-profit Home is managed the impact of low funding, and delayed payments, from Local Authorities and NHS sources make it impossible for the Home to maintain its high standards of care without the support of the Trust. During 2021/2022 this situation was made much worse by the merge of the North Central Care Board which created a backlog of funding to HNH – a very distressful time. Clearly HNH needs to rely on fundraising and Trust subsidy for all major maintenance works on buildings and grounds, legal and professional fees, insurance, expensive equipment, provision of specialised vehicles, pilgrimages and holidays for residents, and other special projects. In the present 2022 economic climate with the financial crisis enhanced by the on-going effects of Covid-19 and ‘Brexit’ , rising inflation and fuel costs due to war in Ukraine, it is becoming increasingly difficult to maintain the level of funding required.
## Mission statement and ethos
Edgware Abbey - an Anglican Benedictine Community, founded in 1866; a registered Charitable Trust: "To advance the Christian faith in accordance with the doctrines and principles of the
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Edgware Abbey
## Trustees’ annual report
## For the year ended 30 June 2022
Church of England, and to carry out the social mission of the Church through the support of charitable work for the relief of poverty, through the maintenance of a religious community of women organised in accordance with the Rule of St Benedict and dedicated to St Mary at the Cross."
In addition to its Ministry of Benedictine Hospitality for those seeking Sacred Space and Retreat, and Spiritual Renewal, the Community is the provider of care for 30 residents at Henry Nihill House Care Home with nursing. People of all faiths or none are welcomed. In accordance with the regulations of the Health and Social Care Act (2015); and in accordance with its Benedictine spiritual ethos, "Before all things, care must be taken of the sick; all are to be cared for as Christ Himself." (Rule of St Benedict Ch 36 reflecting St Matt. 25:36.40) through a bespoke service which is delivered to each person in a professional, inclusive and caring manner by upholding our values of Courtesy, Hospitality, Integrity, Individuality and Adaptability … Jesus said “What you have done unto the least of my brothers and sisters, you have done unto me” (Matt 25:40)
At Henry Nihill House Care Home, built adjoining Edgware Abbey, the presence of the Sisters and provision of chapel services is a valued dimension in the life of those who reside at Henry Nihill House; the Sisters maintain a presence in the home, working with the management and staff. A bespoke service is provided upholding the rights of each person in their choices, and to retain dignity, respect, privacy and freedom in their daily lives. Many who cannot be cared for elsewhere find a friendly welcome and expert care in the loving and homely atmosphere of Henry Nihill House, this ministry reflects the original charism and purpose/objects of our charity from its foundation. Everyone's need, both service users and colleagues, for continued fulfilment in life is seen as a gospel value:
Jesus said: "I am come that you may have life, and have it more abundantly." (St John 10:10b)
## Property management
When the decision was made to sell the old Abbey buildings, conversion of laundry and other outbuildings to create dwellings for Sisters was approved by English Heritage. This has enabled the Sisters to remain living on-site and maintain their charitable works.
## Financial review
Income for the year increased to £2,363,004 (2021: £2,237,144). Dividend income has decreased by £405 (2021: decrease of £87,595). There was an increase in Care Home income of £210,701 (2021: increase of £19,632). There have also been restricted grants received for covid support of £43,400 (2021: £80,473).
Expenditure increased to £2,722,001 (2021: £2,463,290). The charity made a Deficit of £1,400,300 (2021: surplus of £675,975). This is due to investments making a large deficit for the year end of £1,041,303 (2021: gain of £902,121). At the end of the year net unrestricted funds were £16,601,157 (2021: £17,967,542) and net current assets less restricted funds were £463,068 (2021: 427,743).
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Edgware Abbey
## Trustees’ annual report
For the year ended 30 June 2022
The trustees are confident that the financial position at the end of the year is satisfactory, in accordance with the careful activity of the Investment Managers.
## Risk statement
The main financial risk is of reducing investment income and the increasing costs of running Henry Nihill House. Investment income has decreased due to global economic situation, and the portfolio is reviewed quarterly to make sure it is achieving its objectives.
Other risks include failing a CQC inspection or a serious incident at Henry Nihill House. The Trustees have reviewed these, and other risks facing the Charity, assessed their impact and put in place appropriate management actions including staff training to manage risks. The plans for the future drawn up by the Trustees and the actions they have decided to take, reflect their responsible stewardship and careful consideration.
Covid-19 has presented a new challenge in risk management for finances and health care. With the government relaxing some of the Covid-19 restrictions through the summer of 2021, certain measures have remained in place, or adapted as appropriate, to protect the residents and staff of the Care Home, and continuing through 2022 and on-going.
## Safeguarding Statement
The Community of St Mary at the Cross with the Trustees of The Edgware Abbey Charitable Trust are committed to Safeguarding, regarding safeguarding to be the responsibility of everyone, and promoting the welfare of all persons and especially all those who are vulnerable, that is children, young people, and adults - especially the vulnerable, frail and infirm in their care. It is our expectation that all visitors/relatives at the care home will treat all the residents and staff with equal courtesy and respect at all times. We expect all our staff, volunteers, visitors, and those who use our premises to share this commitment.
The Community of St mary at the Cross accept and abide by the principles set out in ‘Safeguarding in the Diocese of London’, and follow the guidance issued by the House of Bishops for Religious Communities, and adhere to the policies and practice guidance from the Diocese of London and National Safeguarding Team. We have a DSP. We apply the rules of Safer Recruitment for our members and staff. Our Safeguarding Statement and Community Policy is reviewed annually.
## Reserves policy
The Trustees have built up reserves as a form of endowment for the Care Home and Community. The Charity needs to use these reserves to provide an income to support the members of the Community and its charitable work, and to provide a subsidy for the Care Home, in order to maintain quality of care. The amount held in reserves is reviewed regularly to make sure that it is sufficient to support the work of the charity. At the year-end free reserves, reserves not held in fixed assets, were £463,068 (2021: £427,743).
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Edgware Abbey
## Trustees’ annual report
For the year ended 30 June 2022
The Trust retains a sufficient area of property to enable the members of the small Community to continue its religious life of prayer and service, and to carry out its Charitable Objects. The area of the property includes:
The Chapel; Cloisters; Cemetery; Care Home; Gardens; accommodation for the Sisters, and a small area for Quiet Day Groups, Retreat Guests and people wanting quiet space for rest and renewal.
## Investment policy
The Charitable Trust has a managed Investment Portfolio, which includes its Investment Policy Statement. This Statement lays down the Charity's Investment Objectives, its brief and its Investment restrictions on ethical grounds.
## Investment policy statement
This Policy Statement has been prepared by the Trustees of the Edgware Abbey Charitable Trust and provides guidance as to how the asset's management functions delegated to Charles Stanley & Co. Ltd. by the Trustees, should be exercised. It has been formulated with a view to ensuring that the asset management functions will be exercised in the best interest of the Trust.
## Investment objective
The Trustees intend that the real value of their assets be maintained and enhanced over the long term by investment in a Portfolio comprised of equities, fixed income stocks and cash, while at least maintaining the level of income yield at between 4-5% per annum. During the year the Investments achieved this yield.
## Investment restrictions
No investment to be made into companies involved in Tobacco, Armaments, or Genetic Engineering for unethical purposes; also be guided by the Church of England Policy on Ethical and sustainable Investments.
## Investment brief
In order to meet these investment objectives, the Trustees have appointed Charles Stanley & Co Ltd. as their agent, to manage a diversified Portfolio of suitable investments on a discretionary basis. In the context of the Charles Stanley & Co Client understanding note, the Trustees have selected an income investment objective with low to medium risk. The proportion invested in equities, fixed income stocks and cash, shall be reviewed with Charles Stanley & Co from time to time, to provide guidance on the ongoing suitability of that element of the investment Policy.
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Edgware Abbey
Trustees’ annual report
For the year ended 30 June 2022
## Review
The Trustees will regularly consider whether there is a need to revise this Policy Statement and keep under review the arrangement under which Charles Stanley acts as their agent, and periodically review performance of Broker Company. The Trustees receive a quarterly report on the performance of the Investment Portfolio. Investment meetings are held twice yearly to receive reports and to review the Portfolio.
Within the year the income return was 4% across the year this was under the income yield set as above, affected by global events and circumstances.
## Governance and structure
For the purpose of the running of the activities of the Edgware Abbey, the trustees have delegated this responsibility to the Abbess of the community. The Trustees of the Trust currently number six; no more than seven persons shall be appointed by resolution of the Trustees; Trustees are appointed for terms of three years; any competent Trustee may be reappointed, (Subject to clause 2). When a new Trustee is to be appointed, the proposal takes place at a Trustees' meeting; after discussion the Appointee is proposed, seconded and elected by a show of hands, a simple majority being required. The solicitor is informed of the proposed change and a Deed of Appointment duly drawn up and signed by the existing Trustees. The Superior, (known as the Abbess) of the said Community of women, known as the Community of St Mary at the Cross, must always be a Trustee if competent to act, and at least a majority of the Trustees must be members of the Church of England or of churches in communion with the Church of England.
New trustees receive an induction to their role through a series of meetings, discussions and the provision of important information regarding the Trust to ensure they know the work of the trust and the current issues it faces. Additional training is also provided where needed to new trustees if they have specific requirements as well as additional guidance on the Charity’s Commission available for trustees.
## Remuneration policy for key management personnel
Edgware Abbey is committed to ensuring that all staff are paid fairly. The Trustees decide the Key Management Personnel salary annually ensuring that the salary is in line with current market value, and adjusted accordingly. The salary is set in line with role and responsibilities and maintain a deferential between roles. The Trustees have worked towards the ‘Real Living Wage’ as set by the Living Wage Foundation and are now an accredited Living Wage Employer.
Overall salary funding is part of the annual budget process, and within that approved budget the Key Management Personnel agree with the board any key payment changes.
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Edgware Abbey
## Trustees’ annual report
For the year ended 30 June 2022
## Events in the year
In the year the Sisters of the Abbey and the staff of Henry Nihill House have continued their work to improve the experience of residents’ even through the changing environments as a result of Covid-19 restrictions. Some of the ways in which they have done this include:
- a) On-going Infection control for safety of residents: safe communal areas and dining space. b) Designated dining areas for staff. c) An existing lounge has been created into a safe ‘face to face’ visiting area for residents and their relative – only one at a time.
- d)
- Maintaining area created for visitors to wait for test results.
- e) Replacement/installation of Fire Board ceiling on 1[st] Floor Corridor; Replacement of floor
- covering in ground floor corridor and communal areas. Refurbishment of resident rooms.
- f) Celebrating various important dates in the year such as Valentine’s Day, St George’s Day, Easter and Christmas, residents’ birthdays, International celebrations and of all Faiths,
- Black History Week, Platinum Jubilee of Her Majesty Queen Elizabeth II, and giving thanks for her life and observing her funeral rites. And other occasions.
- g) Living with the threat of Covid-19 some outings were managed through the year: trips to Woburn Safari Park, St Alban’s Abbey, Picnic in Golders Hill Park, Christmas Lights.
- h) A range of in-house activities for residents including musicals & Pantomime, Christmas Carol concert, Karaoke, Theatre Company, Bingo and card games, barbeques, exercises, board games and movies, gardening: Gardening Club, Bowling Club, Breakfast Club, Cooking Club, Garden walks, reading and reminiscing, ‘Monday Make-Over’ which is hairdressing, manicure etc., Fireworks. Sensory room activities & keep-fit exercises: all had much greater value for wellbeing during lockdown. Able to welcome back the external entertainers in our specially adapted room & garden events.
- Arts and Crafts including ‘Arts in Care Homes’ design competition using recyclables – 3[rd] prize achieved.
- Helping residents have zoom calls to family and friends.
- i) After lockdown the chapel services were modified with a Weekly and Sunday Mass for those who wish to attend and festival celebrations.
## Future plans
- a) Continual maintenance of HNH and updating the furnishings of residents’ rooms.
- b) Continual development in high standards of care in HNH.
- c) Development of complex care suite, and lighting project – delayed due to lockdown.
- d) Continuing refurbishment programme of resident rooms.
- e) Repair of subsided area of carpark and repair of carpark wall.
- f) Emphasis on the social life of residents, with imaginative provision of activities, outings and entertainment.
- g) Continuing to develop dedicated activities area for the residents and activities co-ordinators.
- h) Evaluating existing areas in the home to make sure that they are being used to their full potential.
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Edgware Abbey
## Trustees’ annual report
## For the year ended 30 June 2022
- i) Provision of staff training in special procedures, care-specific training and the gold standard framework of end of life care.
- j) Refurbishing and modernising communal areas to enhance the wellbeing of residents, and The refurbishment of the residents’ garden.
- k) Continued refurbishments in order to continue to comply with health and safety regulations. l) Continued maintenance of the grounds to provide a welcome, safe and stimulating environment for residents of the care home, and those on retreat seeking rest and renewal.
- m) Continuation and growth of the charitable works carried out by the Sisters. These works include the Provision of:
- The Care Home facility; procedure to recruit Director of Operations
- The presence of the Sisters to give support to all in HNH
- Facility for individual and group Quiet Days
- Quiet space for those seeking rest & renewal
- Involvement in the work of the local churches and community
- Prayerful presence of the Sisters for the locality
- Provision for people called to live as Oblates of the community
- Support & care for the poor, sick and needy at home & abroad, especially looking towards the new CQC Regulations for 2023 new development for working with wider community, and possible new project with GP Practice.
## Fundraising standards
As part of our commitment to good governance and adhering to best practice, we are proud to follow their guidance of the Fundraising Regulator on any of our fundraised income. We aim to ensure that fundraising is respectful, open, honest and accountable to the public.
Edgware Abbey has not engaged commercial participators or other professional fundraisers to raise money on its behalf in the period. We did not receive any complaints in relation to our fundraising during the period. Fundraising events arranged in the period are detailed above.
## Statement of responsibilities of the trustees
The trustees are responsible for preparing the report of the trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:
- Select suitable accounting policies and then apply them consistently;
- Observe the methods and principles in the Charities SORP;
- Make judgements and estimates that are reasonable and prudent;
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Edgware Abbey
## Trustees’ annual report
For the year ended 30 June 2022
- State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
## Auditor
Sayer Vincent LLP is the appointed auditor of the Edgware Abbey.
Approved by the trustees on 10 March 2023 and signed on their behalf by
M H Zelent Rt. Revd. P. W. Wheatley
Mother Abbess Trustee
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Independent auditor’s report
## To the members of
## Edgware Abbey
## Opinion
We have audited the financial statements of Edgware Abbey (the ‘charity’) for the year ended 30 June 2022 which comprise the statement of financial activities, balance sheet, statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
## In our opinion, the financial statements:
- Give a true and fair view of the state of the charity’s affairs as at 30 June 2022 and of its incoming resources and application of resources, for the year then ended
- Have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice
- Have been prepared in accordance with the requirements of the Charities Act 2011
## Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on Edgware Abbey's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
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Independent auditor’s report
To the members of
## Edgware Abbey
## Other Information
The other information comprises the information included in the trustees’ annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
## Matters on which we are required to report by exception
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
- The information given in the trustees’ annual report is inconsistent in any material respect with the financial statements;
- Sufficient accounting records have not been kept; or
- The financial statements are not in agreement with the accounting records and returns; or
- We have not received all the information and explanations we require for our audit
## Responsibilities of trustees
As explained more fully in the statement of trustees’ responsibilities set out in the trustees’ annual report, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
## Auditor’s responsibilities for the audit of the financial statements
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.
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Independent auditor’s report
## To the members of
## Edgware Abbey
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud are set out below.
## Capability of the audit in detecting irregularities
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:
- We enquired of management, which included obtaining and reviewing supporting documentation, concerning the charity’s policies and procedures relating to:
- Identifying, evaluating, and complying with laws and regulations and whether they were aware of any instances of non-compliance;
- Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected, or alleged fraud;
- The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations.
- We inspected the minutes of meetings of those charged with governance.
- We obtained an understanding of the legal and regulatory framework that the charity operates in, focusing on those laws and regulations that had a material effect on the financial statements or that had a fundamental effect on the operations of the charity from our professional and sector experience.
- We communicated applicable laws and regulations throughout the audit team and remained alert to any indications of non-compliance throughout the audit.
- We reviewed any reports made to regulators.
- We reviewed the financial statement disclosures and tested these to supporting documentation to assess compliance with applicable laws and regulations.
- We performed analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud.
- In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments, assessed whether the judgements made in making accounting estimates are indicative of a potential bias and tested significant transactions that are unusual or those outside the normal course of business.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or
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Independent auditor’s report
To the members of
## Edgware Abbey
non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
## Use of our report
This report is made solely to the charity's trustees as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.
## Date 21 March 2023
Sayer Vincent LLP, Statutory Auditor
Invicta House, 108-114 Golden Lane, LONDON, EC1Y 0TL
Sayer Vincent LLP is eligible to act as auditor in terms of section 1212 of the Companies Act 2006
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## Community of St Mary at the Cross
## Statement of financial activities
For the year ended 30 June 2022
|Note
Income from:
2
Dividends
Interest
3a
3a
3a
4
Reconciliation of funds:
Total funds brought forward
Total funds carried forward
Raising funds
Net (expenditure)/income and net
movement in funds
Total expenditure
Charitable activities
Care home
Convent
Net (losses) /gains on investments
Net expenditure before net
(losses)/gains on investments
Investments
Total income
Expenditure on:
Donations and legacies
Charitable activities
Care home
Convent|Unrestricted
£
19,402
1,820,736
14,552
454,647
267|Restricted
£
10,000
43,400
-
-
-|2022
Total
£
29,402
1,864,136
14,552
454,647
267|Unrestricte
£
15,740
1,572,962
12,716
455,052
201|Restricted
£
100,000
80,473
-
-
-|2021
Total
£
115,740
1,653,435
12,716
455,052
201|
|---|---|---|---|---|---|---|
||2,309,604|53,400|2,363,004|2,056,671|180,473|2,237,144|
||57,719
2,308,569
254,346|-
101,355
-|57,719
2,409,924
254,358|51,858
2,110,051
239,927|-
61,454
-|51,858
2,171,505
239,927|
||2,620,634|101,355|2,722,001|2,401,836|61,454|2,463,290|
||(311,030)
(1,041,303)|(47,955)
-|(358,997)
(1,041,303)|(345,165)
902,121|119,019
-|(226,146)
902,121|
||(1,352,333)
17,967,542|(47,955)
119,019|(1,400,300)
18,086,561|556,956
17,410,586|119,019
-|675,975
17,410,586|
||16,615,209|71,064|16,686,261|17,967,542|119,019|18,086,561|
All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. All income and expenditure is unrestricted. Movements in funds are disclosed in Note 14 to the financial statements.
16
Community of St Mary at the Cross
## Balance sheet
## As at 30 June 2022
|Note
Fixed assets:
9
10
Current assets:
11
Liabilities:
12
14
Total unrestricted funds
The funds of the charity:
General funds
Total charity funds
Unrestricted income funds:
Revaluation reserve
Restricted Funds
Creditors: amounts falling due within one year
Short term deposits
Total net assets
Net current assets
Investments
Cash at bank and in hand
Tangible assets
Debtors|£
308,870
102,633
276,245|2022
£
4,867,265
11,270,812|316,402
102,582
268,995|2021
£
4,854,838
12,684,961|
|---|---|---|---|---|
|||16,138,077
548,184||17,539,799
546,762|
||687,748
(139,564)||687,979
(141,217)||
||(819,578)
17,434,775||536,962
17,430,580||
|||16,686,261||18,086,561|
|||71,064
16,615,197||119,019
17,967,542|
||||||
|||16,686,261||18,086,561|
Approved by the trustees on 10 March 2023 and signed on their behalf by
M H Zelent Mother Abbess
Rt. Revd. P. W. Wheatley Trustee
17
Community of St Mary at the Cross
## Statement of cash flows
## For the year ended 30 June 2022
Reconciliation of net (expenditure) to net cash flow from operating activities
|Cash and cash equivalents at the beginning of the
year
Cash and cash equivalents at the end of the year
Change in cash and cash equivalents in the year
Cash flows from operating activities
Net cash provided by investing activities
Net cash (used in) operating activities
Cash flows from investing activities:
Dividends, interest and rents from investments
Purchase of fixed assets
Proceeds from sale of investments
Net cash (used in) operating activities
Purchase of investments
Movement on cash in investments
Net (expenditure)/ Income for the reporting period
(as per the statement of financial activities)
Depreciation charges
Losses/(Gains) on investments
Dividends, interest and rent from investments
Decreased/ (Increase) in debtors
(Decrease)/ Increase in creditors
Loss on disposal of fixed assets|£
£
(745,244)
454,914
(75,215)
9,836,057
(781,513)
(8,681,698)
752,545
7,301
371,577
378,878
2022|£
£
(745,244)
454,914
(75,215)
9,836,057
(781,513)
(8,681,698)
752,545
7,301
371,577
378,878
2022|2022
£
(1,400,300)
62,788
-
1,041,303
(454,914)
7,532
(1,653)|2021
£
675,975
59,255
165
(902,121)
(455,253)
(187,383)
88,647|
|---|---|---|---|---|
||||||
|||7,301
371,577||39,823
331,754|
|||378,878||371,577|
18
Community of St Mary at the Cross
## Care home income and expenditure account
## For the year ended 30 June 2022
|Income
Expenses
Deficit for the year
Other staff costs
Staff costs
Investment income
Fees receivable
Other
Professional services
Accountancy
Allocation of governance costs ( note 3 )
Inspection fees
Donations and grants
Other direct costs
Medical
Repairs and renewals
Office costs
Catering
General expenses
Depreciation on freehold property
Depreciation on fixtures, fittings and equipment
Depreciation on ambulance and minibus|2022
£
49
1,782,370
43,400
38,366|2021
£
8
1,569,448
80,618
3,369|
|---|---|---|
||1,864,185
1,771,078
19,005
22,115
12,942
9,456
12,297
149,793
62,650
7,921
71,674
176,115
53,787
14,747
25,289
1,055|1,653,443
388,684
8,898
1,370,434
9,320
9,080
4,270
23,443
80,727
31,518
33,028
172,763
4,617
14,747
18,986
990|
||2,409,924|2,171,505|
||(545,739)|(518,062)|
In the proir year, included within professional services is management fees paid to St John of God for the provision of services related to the care home. With 2022, all these services were provided inhouse.
|Staff costs
Office costs
Utilities
Expenses
Maintenance
Furniture/equipment
Medical consumables
Management fees
Depreciation
Recruitment and CIB checks
Training
Registration fees and insurances
Life cover pension scheme|2022
£
-
-
-
-
-
-
-
-
-
-
-
-
-|2021
£
1,077,704
19,081
33,269
670
73,285
6,965
144
21,130
2,241
9,637
2,387
123,399
522|
|---|---|---|
||-|1,370,434|
19
Community of St Mary at the Cross
## Convent income and expenditure account
## For the year ended 30 June 2022
|Income
Convent Expenses
Investment income
Interest
DSS pensions and benefits
Donations
Receipts from guests
Other income
Rates and water
Insurance
Legal and professional
Light and heat
Chapel expenditure
Repairs and maintenance
Library expenses
Printing, postage and stationery
Telephone and fax
Website design and computer expenses
Catering
Housekeeping
Medical costs
Clothes
Costs of generating funds - investment managers fees
Total expenditure for Covent
Surplus for the year
Motor vehicles
Advertising
Depreciation:
Freehold convent and chapel
Fixtures and fittings
Motor expenses
Accountancy
Allocation of governance cost (Note 3)
Bank charges
Sundry expenses and funeral arrangements
Donations paid
Courses and conferences|2022
2021
£
£
454,647
455,052
218
193
13,988
12,563
29,392
115,740
10
-
564
153
498,819
583,701
4,674
4,609
46,271
28,268
-
832
31,587
13,953
2,812
1,713
61,542
61,565
419
683
4,363
4,909
18,204
18,936
15,466
17,455
139
177
5,686
6,520
1,077
835
3,271
6,447
2,982
2,651
3,164
3,354
4,589
5,859
18,100
18,865
998
1,003
382
318
4,677
9,686
2,256
6,594
20,644
22,988
-
825
1,055
717
254,358
239,762
57,719
51,858
312,077
291,620
186,742
292,081|
|---|---|
20
Community of St Mary at the Cross
Notes to the financial statements
## For the year ended 30 June 2022
- 1 Accounting policies
- a) Statutory information
The Community of St Mary at the Cross Charitable Trust is an unincorporated charity registered with the Charity Commission in England & Wales.
The registered office address and principal place of business is Edgware Abbey, 94A Priory Field Drive, Edgware, Middlesex, HA8 9PU.
## b) Basis of preparation
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 (FRS 102) - (Charities SORP FRS 102), The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.
In applying the financial reporting framework, the trustees have made a number of subjective judgements, for example in respect of significant accounting estimates. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The nature of the estimation means the actual outcomes could differ from those estimates. Any significant estimates and judgements affecting these financial statements are detailed within the relevant accounting policy below.
## c) Public benefit entity
The charity meets the definition of a public benefit entity under FRS 102.
- d) Going concern
The trustees have reviewed budget and considered the impact of covid and consider that there are no material uncertainties about the charity's ability to continue as a going concern.
The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.
## e) Income
Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably.
For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the charity that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor’s intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is a treated as a contingent asset and disclosed if material.
Income received in advance of the provision of a specified service is deferred until the criteria for income recognition are met.
## f) Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.
21
Community of St Mary at the Cross
Notes to the financial statements
## For the year ended 30 June 2022
- 1 Accounting policies (continued)
## g) Fund accounting
- Unrestricted funds are donations and other incoming resources received or generated for the charitable purposes.
Restricted funds are to be used for the specific purposes as laid down by the donor. Expenditure which meets these criteria is charged to the fund.
## h) Expenditure and irrecoverable VAT
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:
- Costs of raising funds relate to the costs incurred by the charity in managing its investment portfolio.
- Expenditure on charitable activities includes the costs of delivering care home services meetings and retreats and other meetings, undertaken to further the purposes of the charity and their associated support costs.
Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.
## i) Tangible fixed assets
Items of equipment are capitalised where the purchase price exceeds £500. Depreciation costs are allocated to activities on the basis of the use of the related assets in those activities. Assets are reviewed for impairment if circumstances indicate their carrying value may exceed their net realisable value and value in use. Assets are held at historic rates and are not revalued.
Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows:
> Freehold property 100 years
> Freehold property improvements 20 years
> Fixture, fittings and equipment 5 years
> Motor vehicles 4 years
## j) Listed investments
Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. Any change in fair value will be recognised in the statement of financial activities. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading “Net gains/(losses) on investments” in the statement of financial activities. The charity does not acquire put options, derivatives or other complex financial instruments.
## k) Debtors
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
## l) Cash at bank and in hand
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
22
Community of St Mary at the Cross
Notes to the financial statements
## For the year ended 30 June 2022
## 1 Accounting policies (continued)
## m) Creditors and provisions
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
## n) Pension
Auto-enrolment for pensions are held the scheme with a company called Smart Pension (Market Rated) and pay government minimum 3%. The employees have an opt out period of 8 or 12 weeks before their own contribution % is taken – this is reflected in their payroll at the end of the opt out period by a larger deduction to the pension scheme.
## 2 Income from donations and legacies
|Income from donations and legacies|||
|---|---|---|
|Donations|2022
Total
£
29,402|2021
Total
£
115,740|
||29,402|115,740|
Within Donations for 2022, £10,000 ( 2021:£100,000) was restricted and £19,402 (2021:£15,740) was unrestricted.
23
Community of St Mary at the Cross
## Notes to the financial statements
## For the year ended 30 June 2022
## 3a Analysis of expenditure (current year)
|Staff costs
Other staff costs
Investment manager's fees
Legal and professional
Auditor's remuneration
Accountancy
Repairs and maintenance
Rates
Depreciation
Office costs
Housekeeping
Gifts and donations
Travel and motor expenses
Catering
Other expenses
Light and heat
Bank charges
Medical expenses
Governance costs
Total expenditure 2022
Total expenditure 2021|Cost of
raising funds
£
-
-
57,493
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-|Charitable activities|Charitable activities|Governance
costs
£
-
-
-
-
10,680
-
-
-
-
-
-
-
-
-
-
-
-
-|2022
Total
£
1,771,078
19,005
57,493
80,683
10,680
31,042
97,890
4,674
62,788
88,636
38,321
5,686
7,014
176,115
10,913
181,380
487
78,116|2021
Total
£
388,684
8,898
51,641
1,399,534
10,300
28,185
93,083
4,609
59,253
45,480
18,936
6,520
5,859
177,672
28,740
37,396
318
98,182|
|---|---|---|---|---|---|---|
|||Convent
£
-
-
-
46,271
-
18,100
61,542
4,674
21,699
16,960
25,985
5,686
4,589
-
419
31,587
382
15,466|Care Home
£
1,771,078
19,005
-
34,412
-
12,942
36,348
-
41,091
71,674
12,336
-
2,425
176,115
10,494
149,793
105
62,650||||
||57,493
226|253,360
998|2,400,468
9,456|10,680
(10,680)|2,722,001
-|2,463,290
-|
||57,719|254,358|2,409,924|-|2,722,001|2,463,290|
||51,858|239,927|2,171,505||2,463,290||
24
Notes to the financial statements
## For the year ended 30 June 2022
## 3b Analysis of expenditure (prior year)
## Charitable activities
|Staff costs
Other staff costs
Investment manager's fees
Legal and professional
Auditor's remuneration
Accountancy
Repairs and maintenance
Rates
Depreciation
Office costs
Housekeeping
Gifts and donations
Travel and motor expenses
Catering
Other expenses
Light and heat
Bank charges
Medical expenses
Governance costs
Total expenditure 2021|Cost of
raising funds
£
-
-
51,641
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-|Convent
£
-
-
-
29,100
-
18,865
61,565
4,609
24,530
12,452
18,936
6,520
5,859
4,909
19,853
13,953
318
17,455|Care Home
£
388,684
8,898
-
1,370,434
-
9,320
31,518
-
34,723
33,028
-
-
-
172,763
8,887
23,443
-
80,727|Governance
costs
2021
Total
£
£
-
388,684
-
8,898
-
51,641
-
1,399,534
10,300
10,300
-
28,185
-
93,083
-
4,609
-
59,253
-
45,480
-
18,936
-
6,520
-
5,859
-
177,672
-
28,740
-
37,396
-
318
-
98,182
10,300
2,463,290
(10,300)
-
-
2,463,290|
|---|---|---|---|---|
||51,641
217|238,924
1,003|2,162,425
9,080||
||51,858|239,927|2,171,505||
25
Community of St Mary at the Cross
Notes to the financial statements
## For the year ended 30 June 2022
- 4 Net (expenditure) for the year
This is stated after charging / (crediting):
|This is stated after charging / (crediting):|||
|---|---|---|
||2022|2021|
||£|£|
|Depreciation|62,788|59,255|
|Loss on disposal of Fixed Assets|-|165|
|Operating lease payments|392|392|
|Auditor's remuneration (excluding VAT):|||
|Audit|8,900|8,500|
|Other services|6,200|5,900|
- 5 Analysis of staff costs, trustee remuneration and expenses, and the cost of key management personnel
Staff costs were as follows:
|Staff costs were as follows:|||
|---|---|---|
|Social security costs
Employer’s contribution to defined contribution pension schemes
Agency staff costs
Salaries and wages|2022
£
1,347,229
131,661
30,849
261,339|2021
£
289,288
26,421
6,502
66,473|
||1,771,078|388,684|
Prior year figures are only 3 months from bringing payroll in house from April 2021.
One employee earned between £70,000 and £79,999 during the year (2021: £nil).
The total employee benefits (including pension contributions and employer's national insurance) of the key management personnel were £86,402 (2021: £19,095).
The charity trustees were not paid nor received any other benefits from employment with the charity in the year (2021: £nil). No charity trustee received payment for professional or other services supplied to the charity (2021: £nil).
No trustee received any expenses in the years 2022 or 2021.
## 6 Staff numbers
The average number of employees (head count based on number of staff employed) during the year was 51 (2021: 47). All staff were employed in relation to the activities of the care home.
Staff are split across the activities of the charity as follows:
|Staff are split across the activities of the charity as follows:|||
|---|---|---|
|Care Home
Governance
Raising funds
Convent|2022
No.
-
1.0
50.0
-|2021
No.
-
1.0
46.0
-|
||51.0|47.0|
26
Community of St Mary at the Cross
Notes to the financial statements
## For the year ended 30 June 2022
## 7 Related party transactions
There are no related party transactions to disclose for 2022 (2021: none).
There are no donations from related parties which are outside the normal course of business and no restricted donations from related parties.
## 8 Taxation
The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.
## 9 Tangible fixed assets
|Tangible fixed assets||||||
|---|---|---|---|---|---|
|Disposals in year
Disposals in year
Cost
Depreciation
Net book value
At the end of the year
At the end of the year
At the start of the year
Charge for the year
At the start of the year
Additions in year
At the end of the year
At the start of the year|Freehold
property
£
5,028,466
-
-|Freehold
property
improvements
£
-
66,583
-|Fixtures,
fittings and
equipment
£
278,408
8,632
(97,964)|Motor vehicles
£
51,658
-
-|Total
£
5,358,532
75,215
(97,964)|
||5,028,466|66,583|189,076|51,658|5,335,783|
||243,308
36,994
-|-
-
-|212,701
24,739
(97,964)|47,685
1,055
-|503,694
62,788
(97,964)|
||280,302|-|139,476|48,740|468,518|
||4,748,164|66,583|49,600|2,918|4,867,265|
||4,785,158|-|65,707|3,973|4,854,838|
Land with a value of £1,225,000 (2021: £1,225,000) is included within freehold property and not depreciated.
The freehold property, other than the property in Bognor Regis, was externally valued at 30 June 2015 by Reeves & Partners, Chartered Surveyors. The Care home and the Nuns accommodation and retreat house were valued at market value, which is now considered to be the historic cost. The chapel and cloister were valued at depreciated replacement cost. No revaluation is undertaken.
All of the above assets are used for charitable purposes.
27
Community of St Mary at the Cross
## Notes to the financial statements
## For the year ended 30 June 2022
- 10 Listed investments
|Listed investments|||
|---|---|---|
|Fair value at the end of the year
Historic cost at the end of the year
Net (loss)/gain on change in fair value
Shares listed on the London Stock Exchange
Investments comprise:
Disposal proceeds
Cash
Cash held by investment broker pending reinvestment
Fair value at the start of the year
Additions at cost|2022
£
12,437,559
8,681,698
(9,836,057)
(1,041,303)|2021
£
11,798,046
1,660,779
(1,923,387)
902,121|
||10,241,897
1,028,915|12,437,559
247,402|
||11,270,812|12,684,961|
||11,061,475|11,900,597|
||2022
£
10,241,897
1,028,915|2021
£
12,437,559
247,402|
||11,270,812|12,684,961|
Since the year end the investment value has increased by 1.67% to £11,458,262 as at 28 February 2023, compared the the year end figure of £11,270,812.
- 11 Debtors
|Debtors|||
|---|---|---|
|Tax and Social Security
Other creditors
Trade debtors
Accruals
Trade creditors
Creditors: amounts falling due within one year
Accrued income
Other debtors
Prepayments|2022
£
274,662
344
22,996
10,868|2021
£
271,620
344
12,913
31,525|
||308,870|316,402|
||2022
£
29,386
30,775
72,727
6,676|2021
£
71,028
26,557
37,764
5,868|
||139,564|141,217|
- 12 Creditors: amounts falling due within one year
28
Community of St Mary at the Cross
## Notes to the financial statements
## For the year ended 30 June 2022
13a Analysis of net assets between funds (current year)
|13b
Analysis of net assets between funds (prior year)
14a
At 1 July 2021
£
17,822
6,325
2,872
-
92,000
-
119,019
Revaluation Reserve
536,962
General funds
17,430,580
17,967,542
18,086,561
Restricted fund
Barnet Council - Infection Control
Fund and Covid
Barnet Council - Rapid Testing funding
Raili Lappalainen
Tangible fixed assets
Investments
Net assets at 30 June 2022
Investments
Net current assets
Net assets at 30 June 2021
Total funds
Total unrestricted funds
Movements in funds (current year)
Prior Simon
PPE funding
Total restricted funds
Tangible fixed assets
Net current assets
Barnet Council - Workforce Grant|13b
Analysis of net assets between funds (prior year)
14a
At 1 July 2021
£
17,822
6,325
2,872
-
92,000
-
119,019
Revaluation Reserve
536,962
General funds
17,430,580
17,967,542
18,086,561
Restricted fund
Barnet Council - Infection Control
Fund and Covid
Barnet Council - Rapid Testing funding
Raili Lappalainen
Tangible fixed assets
Investments
Net assets at 30 June 2022
Investments
Net current assets
Net assets at 30 June 2021
Total funds
Total unrestricted funds
Movements in funds (current year)
Prior Simon
PPE funding
Total restricted funds
Tangible fixed assets
Net current assets
Barnet Council - Workforce Grant|Restricted
£
-
-
71,064|Revaluation
reserve
£
-
(819,578)
-|General
unrestricted
£
4,867,265
12,090,390
477,120|Total funds
£
4,867,265
11,270,812
548,184|
|---|---|---|---|---|---|
|||71,064|(819,578)|17,434,775|16,686,261|
|||Restricted
£
-
-
119,019|Revaluation
reserve
-
536,962
-|General
unrestricted
£
4,854,838
12,147,999
427,743|Total funds
£
4,854,838
12,684,961
546,762|
|||119,019|536,962|17,430,580|18,086,561|
|||Income and
gains
£
30,809
-
-
12,591
-
10,000|Expenditure
and losses
£
(33,567)
(6,325)
(2,872)
(12,591)
(36,000)
(10,000)|Transfers
£
-
-
-
-
-
-|At 30 June
2022
£
15,064
-
-
-
56,000
-|
||119,019|53,400|(101,355)|-|71,064|
||536,962
17,430,580|-
2,309,604|(1,041,303)
(2,620,646)|(315,237)
315,237|(819,578)
17,434,775|
||17,967,542|2,309,604|(3,661,949)|-|16,615,197|
||18,086,561|2,363,004|(3,763,304)|-|16,686,261|
29
Community of St Mary at the Cross
## Notes to the financial statements
## For the year ended 30 June 2022
## 14b Movements in funds (prior year)
|Revaluation Reserve
General funds
Restricted fund
Barnet Council - Infection Control
Barnet Council - Rapid Testing funding
Barnet Council - Workforce Grant
Barnet Council - other
Raili Lappalainen
Total restricted funds
Total unrestricted funds
Total funds|At 30 June
2020
£
-
-
-
-
-|Income and
gains
£
54,694
8,855
2,872
14,052
100,000|Expenditure
and losses
£
(50,924)
(2,530)
-
-
(8,000)|Transfers
£
-
-
-
-
-|At 30 June
2021
£
3,770
6,325
2,872
14,052
92,000|
|---|---|---|---|---|---|
||-|180,473|(61,454)|-|119,019|
||(594,537)
18,005,123|902,121
2,056,671|-
(2,401,836)|229,378
(229,378)|536,962
17,430,580|
||17,410,586|2,958,792|(2,401,836)|-|17,967,542|
||17,410,586|3,139,265|(2,463,290)|-|18,086,561|
## Purposes of restricted funds
Barnet Council - Infection Control Funding provided to HNH for support with the additional costs on the carehome due to Covid.
Barnet Council - Rapid Testing funding provided to HNH to contribute to the addtion costs around testing for Covid.
Barnet Council - Workforce Grant, provided to HNH to assit with the additional workforce demands due to Covid.
Barnet Council - other funding provided to HNH to help the carehome continue in lite of the pandemic.
Raili Lappalainen - funding given to fund care for specific residents.
## 15 Operating lease commitments
The charity's total future minimum lease payments under non-cancellable operating leases is as follows for each of the following periods:
|periods:|||
|---|---|---|
|Less than 1 year
1 - 5 Years|2022
2021
£
£
392
392
-
392
392
784
Equipment||
||392|784|
## 16 Legal status of the charity
The Charity consists of two charities forming part of a charitable association, namely the Community of St Mary at the Cross and the Trust Property. Both are registered with the Charity Commission under registered charity no. 209261. The Community of St Mary at the Cross has no income or any assets. All reported income and assets are that of the Trust Property.
30