ASCOT PRIORY REGISTERED CHAIUTY NO. 217425 ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 KNOX CROPPER
ASCOT PRIORY ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Contents Page Charity Information Report of the Trust*s Independent Examlner's Rewrt Statement of Flnancial Actlvities Balance Sheet Notes to the Flnanclal Statements
ASCOT PRIORY CHARITY INFORMATION Reglstered CharSty Number: 217425 Prlory address: Ascot Priory Prlory Road Berkshire SL5 8RT Trustees: The Reverend Dr P B Anthony The Right Reverend J M R Baker, Bishop of Fulham Mr J D S Booth (Chalrn)an) Dr T A Trowles The Reverend Dr G Westhaver Clerk to the TNstees: St Andrew Holborn Tradlng Company Limlted Bursar: St Andrew Holborn Tradlng Company Lrmlted Bankers: TSB Bank plc 21 Hlgh Street Ascot Berkshlre SL5 7JE Independent Examlner: Knox Cropper LLP 65 Leadenhall Street London EC3A 2AD Sollcltors: Charles Russell 5peechlys LLP 5 Fleet Place London EC4M 7RD Investment Manager$: Evelyn Partners (formerlysmlth and WSlllamson Investment Servi5 Ltd) 45 Gresham Street London EC2V 7BG
ASCOT PRIORY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 We are pleased to present the annual report and flnanclal statements of Ascot PrS0ry for the year ended 31 December 2023. The flnandal statements have been prepared in accordance wlth the accountlng polides set out in note l and they comply wlth the Charivs Trust Deed, appllcable law and the requirements of the Ststement of Recommended Pract1, "Accounting and Reporting by Charitles" Issued by the Charlty Commis510n. STRUCTURE, GOVERNANCE AND MANAGEMENT The Charity now known as Ascot Priory was originally founded by a Trust Deed dated 24 February 1874 and wa5 prevlously known as The Soclety of the Most Holy Trlnlty of Ascot, Lats of Devonport. In addltion, there were schemes for the regulatlon of the charity made by the Charlty Commis51on on 2 May 1902 and 18 August 1911. The name of the Charity was changed to Ascot Priory on 5 October 2000 and the new scheme replaced the former trusts of the Charlty. The scheme of 5 octo£r 2000 lays down detailed requlrements for the governance of the Charity and the conduct of the buslness of the Trustees. The Trustees are obliged to have at least IMO ordinary meetings in each calendar year. A further scheme dated 7 March 2001 conferred some additional powers on the Trustees. The Charlty Is registered wlth the Charlty Commission (reglstration number 217425). TheTrustees of the Charlty administer the Charity's propeity and assets for the benefit and purposes of the Charity, Ascot Priory 15 a setf-supportlng organlsation and Is not dependent on donations or any sources of intangible income. Ascot Pflory Is not materially dependent on the services of unpaid volunteers. The Income of the Charlty is to be used to meet the costs of admlnlsterlng the Charity and managing its property and furthering the objects of the Charlty. St Andrew Holborn Tradlng Company Ltd acts as the Clerk for the Charlty and discharges the duties of the Bursar, In additlon to the exoffldoTrustee (the Principal for the time belng of Pusey HoLsse, reglstered charlty number 1190385), the scheme statss that there should be four co-opted Trustees. All four co-opted Trustees were re- appointed for a further flve-year term in 2022 at a speclal meeting in accordance wlth the provisions of the scheme. New Trustee5 are briefed by the Clerk to the Trustees on matters Including Trustee dutles, powers and responslbllltles, See note 17 for detolls of transactions with Tru5tee5, who are considered to be the only related partie5 of the Charlty. PUBLIC BENEFIT We conflrm that we have referred to the gUSdan contained In the Charlty Commlsslon's general guidance on the subject of Publlc Benefit when revlewlng the Charity's aims and objecilves and in plannlng future actlvlties for the forthcoming year.
ASCOT PRIORY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 OBJECTIVES AND ACTIVITIES The objects of the Charity are the furtherance of the religious and other charitable purposes of the Church of England, In particular In accordance with the doctrine5 commonly known as Anglo-cathollc, by such means as the Trustees think fit, and the rellef of persons who are In need, hardshlp or distres5 or who are sick, cOnvalent, disabled or infirm by relieving their sufferlng or asslsting thelr recovery, The Trustees may relieve those eliglble for assistance by making grants of money to them directly or providing or paylng for go(xls, services or facllities on their behalf or by makSng grants of money to other persons or bodies who provide gcKds, servi$ or facilities to those ellglble for asslstance. Our maln goals for the year were., To meet the Charity's objects. To explore the kst use of the propety at Ascot in furtherlng the aims and objects of the Charlty. In order to achleve these goa15, we held three meettngs during the year to consider all matters relatlng to the administration of the Charlty includlng the Investment policy and the income arising from the propety and Investments held by the Trust. In particular we contlnued to conslder the potentlal sale or other disposal of the Charlty estate In ways that wlll maxlmlse the beneflt to the Charty whlle stlll respecting the herltage of the conventual property and burial ground. ACHIEVEMENTS AND PERFORMANCE We reviewed our grant maklng pollcy and criteria for awardlng grants durlng the year and were delighted to be able to award grants totalllng £87,830 {2022,' £132,601), Our grants have, amongst other thing5, SUPPOrted a academlc studies, admlnistrative support and Improvements to communlty fac51ities. The largest single grant was for £23,C4)0. DIscu55i0ns contlnued throughout the year on the possible dlsposal of the Charlty's property. These dlscussions have been ongolng now for some tlme, but progress was made in plannlng terms durin9 the year and we hope to be able to reach a resolution durlng 2024. The Prlory remalns closed to the publk as we progress those dlscusslons toward5 sale. Our investment assets have been invested In accordan wlth the powers avallable to U5. We have delegated to the discretion of Investment managers the acquisition and dlsposal of investmerits for the Charlty In complIan wSth the Investment policy we have laid down. 2023 was for us, a5 for virtually all other investors, a mixed year for Investrnents, but we eventually ended the year wlth investment Income very slightly above that for 2022. Rental income continued from the care home, which leases the majority of the Prlory and its ground5. The rental ina)me means that we are able to meet our responsibilitie5 in respect of the maintenance of the fabric of the buildings. OBJEcfIvES FOR FUTURE YEARS The main objectives for the coming year are: To continue to provide flnancial supprt for the primary objects of the Charlty. To contlnue to explore the best use of the property at Ascot in furthering the aims and objects of the Charity.
ASCOT PRIORY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 FINANCIAL REVIEW The Charity holds listed investments, which are professionally managed, and the land and bulldings of Ascot Priory. No value for the propertle5 is Included In the accounts as they are regarded as herStage a55ets. In the year ended 31 Dember 2023 an amount of £8,018 (2022: £39,949) was Incurred on repairs, maintenance and improvements on the properties. Damage to and by the large number of mature trees on the propety account for the bulk of the expendlture. This has been included under the headlng of maintenance and restoratlon In the Charltable Activities. The Trustees contlnue to review the optlons avalSable for the future use of the Prlory to support the long-term objectives of the Charity and for thls purpose £10,224 (2022.. £2,100) was Incurred In professional fees. The market value of the Ilsted Investments at 31 Dember 2022 was £1,933,904 (2022.. £1,626,043) against cost £1,450,632 (2022: £1,305,687). In addition, cash available for Investment at 31 December 2023 totalled £47,193 (2022.. £165,447). Fund5 avallable to the Charity arise malnly from divldend income derived from the investment a55ets, rent5 reived, other interest on bank deposlts and some small donations. Such funds have been applied prlncipally to meet the cost of ensuring the furtherance of the Catholic tradltion withln the Church of England, maintalnlng and Insurlng propertles held by the Trustees and meetlng the admlnistrative costs of the Charlty. The Charity is not involved in fund-ralslng and Is not dependent upon particular donors. The Charlty had expendlture for the year of £269,398 (2D22: £330,960). Realised and unreallsed gains on investment asset5 totalled £102,883 (2022: losses of £184,167). The Trustees believe that the assets available to the Charity are adequate to fulfil Its obligations in the short tem. However, if theTrustees fail to identlfy a purchaser for the property In the foreseeable future, considerable maintenance work to the property Is expected to deplete investments, especially in the Charity's unrestricted funds. It Is in thls context that the Trustee5 are giving consSderation to the best future use of the Charity's property. INVESTMENT POLICY AND REVIEW OF INVEsfMENTS Investments held w5thln the endowment fund are managed by Evetyn Partners (fomierly Smith & Williamson Investment Servlces Ltd) to provlde a balance of Income generatlon, for general purposes, and capital growth In excess of inflation over the long term. The Investment policy In reSpt of the Investments held within unrestrlcted funds Is to deliver maximum cap5tal growth, The value of the total investment portfolio Increased by £142,414 (2022: decrease £157,243). The unrealised and realised gains and losses on Investment assets totalled £116,437 (2021.. unrea115ed losses of £184,167). RESERVES Ascot Priory is endowed with a Grade Il listed church and other bulldlngs of great beauty which require continual repalr and malntenance. The Trustees conslder it would be approprlate to hold resetves to cover unexpected costs In relatlon to the upkeep and malntenance of the Prlory and related bulldlng5 and also to cover approxlmatew 6 months, underlying running costs of the Charity, whlch are estlmated to be In the region of £170,000. The Trustees regard the reserves of the Charity as the assets held without restriction, excludlng tanglble assets held for the charlty's own use which totalled E404,182 at the year end (2022: £346,959), RISK MANAGEMENT The Trustees have assessed the major rfsks to which the Charlty is exposed, in particular those relating to the operation and finances of the Charity. The Trustees are satisfied that systems are in place to mltlgate or lessen exposure to the major risks faced by the Charity.
ASCOT PRIORY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 The prlncipal area of risk to the Charity is its ability to generate sufflcient Income from investments, rental income and retreats to enable the Charity to fund the necessary malntenance and repalr costs relating to the fabrle to enable the contlnued use of the Priory to meet the primary objectives of the Charity. The Trust have considered these matters in detail in the course of thelr meetlngs during the year. The Trustees also ensure that the Insurance cover relevant to the Charity is malntsined at an appropriats level and obtain regular profe55ional advi on thls matter. RESPONSIBXLITIES OF TRUSTEES The Trustees are requlred to prepare accounts for each financial year which give a true and fair view of the state of affairs of the Charlty and r)f its financlal activities for that period. In preparing those accounts the Trustees are required to: Selert sultable accounting wlicies and then apply them conslstently. Make judgements and estlmates that a reasonable and prudent. State whether applicable accounting standards and statements of recommended practlce have been followed, subject to any departures dlsclose and explained in the accounts Prepare the accounts on the golng concern basi5 unle55 it15 inappropriate to presume that the charlty wlll conunue In business. The Trustees are responsible for keeplng accounting records which disclose with reasonable accuracy the flnancial position of the tharity and whlch enable them to ascertaln the financlal wsition of the charity and to enable them to ensure that the flnanclal statements comply with the Charitles Act 2011 and the applicable Charities (Accounts and Reports) Regulatlons, They are also responsible for safeguarding the assets of the charlty and hence for taking reasonable steps for the prevention and detection of fraud and other irregLflaritles. INDEPENDENT EXAMINERS The reappolntment of Knox CropkEr LLP as Independent examiners will be put to a future Trustees, meetlng. Slgned on half of the Trustees, Date: 25 June 2024 JDS Booth, Chalrman
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF ASCOT PRIORY I report to the Trustees on my examSnatlon of the accounts of Ascot Priory for the year ended 31 Dember 2023 whlch comprlse the Statement of Flnancial Attivlties, the Balan Sheet and related notes. Thls report Is made to the Trustees, as a body, in accordan with the terms of my engagement. My work has been undertaken 50 that I mlght carry out an Independent Examination of the financial statements In accordan wlth the General Dlrertions given by the Charlty Commissioners. To the fullest extent permitted by law, I do not accept or assume re5ponslbility to anyone other than the Charlty and the Charlty's Trustees as a bcKly for my work or for this report. Responslbilitie5 and basls on report As the Charity Trustees you are responsible for the preparation of the accounts In accordan with the requlrements of the Charitie5 Act 2011 {'the Act,). I report in respect of my examlnation of the Charity's accolsnts carrled out under section 145 of the 2011 Act and in carying out my examlnation I have followed all the applicable Dlrections given by the Charity Commisslon under 5ertlon 145{5)Ib) of the Act, Independent examlner's statement Slnce your Charity's gr05s income exeded £250,000 your examlner must be a member of a Ilsted body. I can confimi that l am qualified to undertake the examinatlon because l am a reglstered member of the In5tltute of Chartered Accountants in England and Wales which is one of the11sted bodies. have completed my examinatlon. I confTmi that no materlal matters have come to my attentlon in connectlon with the examination givlng ME cause to believe that In any material respect: l. accounting records were not kept In respect of the Charity as requlred by sectlon 130 of the Act; or 2. the accounts do not accord with those records,. or 3. the accounts do not comply with the applicable requlrements concerning the form and content of affounts set out In the Charities (Account5 and Reports) Regulatlons 2008 other than any requirement that the accounts give a'true and fair vlew, whkh Is not a matter considered as part of an Independent examlnation. Z have no cOnrn5 ané have come across no other matters in connecllon with the examlnatlon to whlch attention should be drawn in thls report In order to enable a proper understandlng of the accounts to be reached. Greg stevenson, F.C.A. Knox Cropper LLP Chartered Accountants 65 Leadenhall Street London, EC3A 2AD 2024
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Pa£Je 18 ASCOT PRIORY BALANCE SHEET AS AT 31 DECEMBER 2023 2023 2022 Notes FIXED ASSETS Tangible assets Investments 115 1,933,904 173 1,791,490 io 1,934,019 1,791,663 CURRENT ASSETS Debtors Cash at bank IL 1,610 L91,321 3,499 214,921 192,931 218,420 CREDITORS: Amounts falllng due within one ye?r 12 (53,8661 {53,8851 NET CURRENT AssErs 139,065 164,535 NET ASSETS 2,073,084 1,956,198 FUNDS Endowrnent funds Restricted funds Unrestrlcted funds 13 14 1,594,674 74,113 404,297 1,506,974 102,092 347,132 2,073,084 1,956,198 Approved by the toard of Trustees on . slgned on Its behalf by.. 2024 The notes form part of these flnancial Statements. These flnancial statements have been subjert to Independent examinaUon. See report on page 6.
ASCOT PRIORY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POLICIES ststus of the charlty Ascot Priory is an Is an unlncorporated tharty, reglstered with the Charlty Cornmlsslon wlth registered number 217425. The Charlty's registered addre is Ascot Prioryi Prlory Road, Ascot, Berk5hlre, SL5 8RT. A description of the Charity s operatlons and prlncipal acknvlues can be found In the Report of the Trustee5. Basls of Preparatlon and Assessment of yolng concern The accounts have been prepared under the historlcal cost conventlon wlth Item5 recognlsed at COSt or trans3ttlon value unless otherwise stated in the relevant notes to these accounts. They have been prepared In dccordance wilh the Statement of Recommended Pract1 Accounting and Reporting by Charlties preparlng thelr accounts in accordan with the Financlal Reporting Standards appllcable in the UK and Republic of Ireland (FRS 1021 Second Edition issued in October 2019 and the Flnancial Reporting Standard applicable in the United Kingdorn and Republic of Ireland {FRS 102 March 2018} and the Char(tles Att 2011. The accounts have been prepared to give a 'true and falr vlew, and have departed from the Charllies (Accounts ond Reports) Regulatlon5 2008 only to the extent requlred to provide a Irue and falr view,. This departure involved following Accounting and Reporting by Charities preparlng thelr aoUnts in accordance with the nandal Reporting Standard appllcable in the UK and Republic of Ireland IFRS1021 rather thèn the Accounting RepLTrrtlng by Charlties Staternent of Recommended Pract1 effeLtwe from 1st Aprtl 2005 which has SIn been whdrawn. The Charity constitutes a public benefit entity as defined by FRS 102. The Trustees consbder that there are no UnrtaInte5 about the Charity's ability to continue as a golng concern. Income Dividends and other Snvestment income are credited on a 1Vable basls. Depos interest and rental income are credited on an accruals basi5. Investrnent incowe arisin9 on holding within the endowment funds is available for use by the Trusiees to meet all the objects of the Charity and 15 therefore accounted as income in the unrestricted fund, Expenditure Expenditure is recognised once there 15 a legal or constructive obligation to make payment to a third paty. It is pri*able that settlement will b2 requlred and the amount of the obllgation can be measured reliably. Costs are allocated according to functyon and henTr to the appropriate category. Where expenditure related to more than one functlonal category, a reasonable method of allocation Is determined, Operatlng lease Income Rentals received on operating leases are credlted to Incoming resources on a 5tralght-Ilne basi5 over the term of the lease. Tanglble fixed assets an Land and building are not recorded in the accounts as (a) they are Inalienable and historlcal In nature and cannot be disP05ed of except with the written consent of the Charity Commission. Ib) reliable cost information 15 not available and conventional valuation approaches lack sufficlent rellability; and Ic} the costs to include would far exed benefits. Part of the freehold land and buildings are leased to an operabon supplying accommodatlon and servi$ tr) the aged, Due to the restrictlons on realisbng the value of ihe property, the Leased element of the property has not been classified a5 investment propety and measured at fair value. ixture tiin Depreciation is provided to write-off the cost less tiMated resldual value of such tanglble fixed asset5 over a usefvl Ilfe of 5 or 10 Yea in equal Instalments.
Page | 10 ASCOT PRIORY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POLXCIES (contlnued) Fixed asset investments The Charlty's Investments consI5t only of quoted Securit$. Initially they are recognised at their transactlon value and subsequently measured at their fair value as at the balance sheet date uslng the dosing quoted market prf. The Statement of flnanckil artlvilles includes the net galns and losses ar151ng on the revaluatknns and dispDSals throughout the year. Reallsed gains and Losses on Investments are calculated as the differe between sales proceeds and thelr opening carrying value ortheir purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses ale calculated as the difference beleen the fair value at the year end and their carrylng value. Funds (l) UnrestrittedFunds.' The unrestrlrted fund may be used by the Charity in furtherance of its charitable objects at the dlscietlon of the Trustees. (iij EndowmentFunds.' Perrnanellt endowment fur5 are restricted capttal fund5 Whe there Is no power to convert the orlginal capital to income. Income generated frLim permanent endowrnents is awailable to be used In furtherance of the Charity's objetts, subject to any restrirtions irnposed by the donor. (ill) Restrlcted Funds.. Restrlcted funds are funds whlth are to be used In accordance wlth specific restrirtions imposed by donors or which have been raSsed by the Charlty for partlcular purposes. The aim and use of each restricted fund is set out in the notes to the financial statements. Recognltlon of Llabllltlas Liabilities are recognised as soon as there Is a legal or constructlve obligation committing the Charlty to pay out resources. Investment Income 2023 2022 Interest received Irjcome from investments listed Dll a recogni5ed stock exchange 673 42,338 355 42,521 43,011 42,876 Other Trading Actlvltle$ 2023 2022 Income frorn propertleg not recorded ès Investments Sundry hlre income 225,591 213,591 500 225,591 214,091 Ra15ing Fund$ 2023 2022 Investfflent Managernent fees Legal and ProfesslDnal fees Support costs {Note 71 15,770 12,660 2,021 15,216 16,670 1,545 30,451 33,431
Page 111 ASCOT PRIORY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Charltable Actlvltle5 Malntenance and Re5toratlon of the Prlory Prfory A¢tivities Grant Making Total 2023 2023 Staff costs (Note 8) Estsblishrnent extEnses Insuran Repairs and maintenance Grants (Note 6) Depreciabon Support costs (Note 7) 15,677 51,131 12,611 IS,677 51,131 37,832 8,018 87,830 58 38,401 25,221 8,018 87,830 58 15,218 6,365 16,818 94,695 39,604 104,648 238,947 Malntenance and Restoration of the Prlory 2022 Prlory Actlvltles Grant Maklng Total 2022 staff costs (Note 81 Establishment expenses Insuran Repalrs and malntenan Grants (Note 6) Depreclallon SUprt costs (Note 71 t4,918 45,297 11,326 14,918 45,297 33,977 39,949 132,601 1,438 29,349 22,651 39,949 132,601 1,438 7,987 6,851 14,511 80,966 69,451 147,112 297,529 Grants Paid 2023 2022 All Saints, Notting Hill Blshup of Fulham Pusey House Soclety of St stephen s House St Andrew, Kingsbury St Augustine, Kilbum St Luke'5, Shepherd's Bush st Mark, Klnystandlng st Marys Bourne Street St Marys, South Rulslip st Mary the Virgin, Kenton St Matthew, Carver Street, Sheffleld St Matthew, Kensington st Philipi Tottenharn Walsingharn College Trust Grants to Indwiduals 5,ODO 7,500 23,000 18,664 9,851 19,000 3,000 15,000 1,500 10,000 io,ooo 25,000 1,310 25,000 3,000 15,000 20,000 2,356 6,250 87,830 132,601
Page | 12 ASCOT PRIORY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Support Costs 2023 2022 Clerk & accout7tancy Office & sundry costs Legal & profes5Sonal fees Governan cost5 25,272 1,335 10,224 3,591 24,750 624 2,100 3,420 40,422 30,894 Governan costs indudes amounts payable to the lreperndent examlner for the independent examlnation of £3,420 (2021; £3,180) and £64812021,. £648) for other servi. staff costs 2023 2022 Wage5 and salarle5 15,677 14,918 15,677 L4.918 2023 No. 2022 No. The average nL¢mber of employees was., No employee eamed In excess of £60,000. No Twstees reolve¢J any remuneratlon durfng the year. See note 17 for detsils of payments made to Trustees In respect of services provided by organisatlons where they are Trustees. Tanylble Fixed Assets Fixtures, Flttings and Equlpment Cost As at l January 2023 Addltlons 147,234 As at 31 pernber 2023 147,234 Accumulated depreclatlon As at l January 2023 Charge for the year 147,061 58 As at 31 DemiEr 2023 147,119 Net book value at 31 December 2023 115 As at 31 December 2022 173 In addltlon to the fixed assets Included In the balan sheet, the Charty owns and continues trj have use of other fixed assets, prlndpalFy freehold land and buildings. These assets have not been included In the accounts as dlsc105ed In Note 1.6. The freehold land and bullding5, whlch date back to the mld-19th Centuryt are Insured for a 5urn of approxlmalely £11,650,000.
Page | 13 ASCOT PRIORY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 io. Fixed Asset Investments 2023 2D2Z The movement on red asset investments comprlse; Market value of UK quoted invesiments at l January Acquisllions at cost Disposals at book value Unrealised gainslllosses) 1,626,043 193,259 (45,3151 L15,724 1,824,83L 141,736 (190,317) (150,2071 Market value of UK quoted investments at 31 Trecember 1,886,711 1,626,043 Cash held a5 Part of the investment portfolio 47,193 165,447 1,933,904 1,791,490 Histortcal Cost of quoted Investments held at the year end 1,450,632 1,305,687 The carrying amount of financlal a55et5 measured at fair value through income and expendlture within Fixed Asset Investments 15 £1,626,043 (2022: £1,626,043). 2023 2022 The net gainslllos¥1 on fixed asset investments comprise: Dlsposal proceeds Book value of Investments sold 49,028 (48,315) 156,357 (190,317) Reallsed gaIn4{l0e5) on flxed asset Investments 713 133,960) Unreallsed gains1(10) on ftxed asset investments 115,724 1150,207) Net gainsllosses) on fixed asset investmellts 116,437 (184,167) ii. Debtors 2023 2022 Dlvidends and interest re1vable 63 Prepayments and accrued Income 1,610 3,436 1,610 3,499
Page | 14 ASCOT PRIORY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 12. Creditors: amounts falllng due wlthln one year 2023 2022 Accruals and tsther creditors Taxation and Soclal Security Grants Payable Deferred Income 10,068 10,087 43,798 43,798 53.866 53,885 Deferred income represents rental income r1Ved in advan. The amount of Income defenEd In the current Year is £43,798 and the amount released from the previou5 year is £43,798. 13. Endowment Funds Galn$l(Losses) on Investments Balance as at 01101123 Expended Resources Balance as at 31112123 Permanerit EndoM)ents'. Fund ND. l- lal Fund No. 2- Ib) 1,409,535 97,439 (13,9321 {1,2511 100,582 2,30L 1,496,185 98,489 1,506,974 {15,183) 102,883 1,594,674 Galnsl{Losses) on Investments Balance as at 01101122 Expended Re50ur Balance as at 31112122 Permanent Endowrnents: Fund No. l (a) FUNI No. 2- (b} 1,563,&32 112,811 (12,584) (901) 114t,5131 (14,4711 1,409,535 97,439 1,676,443 (13,4851 (155,9841 1,506,974 (al The permanent endowment fund - No. I wa5 first mentioned In a legal docuTllent tsf 1883. Jncome from the endowment Is to be used to meet all costs properly incurred by the Trustees In the objects of the Charity. (b) A perrnanent endowment fund exists In respect of the propety at Ascot Prlory arid was flrst mentioned in a legal document of 1874. The document notss that the property was to be'u5ed and OCpIed rent free by the members of the soaety in order to carry out the purpose5 and objects of the Soclety,. It was Initially referred to as the 'UNknown Donors accouny. Income derNed from the endowment Is used on the same bès15 as the No. I fund.
Page 115 ASCOT PRIORY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 14. Restricted Fund5 Balance as at 01101123 Balance as Jt 31112123 Income Expendlture Prlory Income Fund (a) 102,092 225,591 1253,570) 74,113 102,092 225,591 (253,5701 74,113 Balance as at 01101122 Balance as at 31112IZ2 Income Expendlture Prfory Income Fund la) 202,807 213,591 {3L4,306) 102,092 202,807 213,591 1314,306) 102,092 (a) The Charity'5 freehold land and buildings constitute funrtional permanent endowment wlth the inwme generated frorn its leasing being restricted to the first of the Charity's objects, belng Ihe Furtheran of the religiou5 and other charitable purposes of the Churth of England, In pathcular In accordance with the do¢trlnes commonly known as Anglo-cathollc. Is. Analysls of Net Assets by Fund Unrestrlcted Funds Restrlrted Funds Endowment Funds 2023 Totsl Funds Tangible fixed assets Investments Current assets Current liabilitles 115 335,348 68,968 1134) 115 1,933,9( 192,931 (53,8661 1,598,556 123,963 (49,8501 13,8821 404,297 74,113 1,594,674 2,073,084 Unrestrlcted Funds Restricted Funds Endowment Funds 2022 Total Funds Tanglble flxed assets Investments Current assets Current liabilities 173 280,956 66,003 173 1,791,490 2L8,420 153,885) 1,510,534 152,417 150,3251 13,560) 347,132 102,092 1,506,974 1,956,198 16. TaxatlL)n Ascot Priory Ss acpted by the Inland Revenue as a Charity and the Trustees are of the opinion that it is entItd for the current year to the exempt40ris prDvided by Sectlon 521-536 Income Tèxes Act 2007 and SeLtK)n 256 of the Taxatlon of Chargeable Galn5 Att 1992. As a consequen, no provision for taxation is regarded as relevant.
Page | 16 ASCOT PRIORY NOTES TO THE FIf4ANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 17. Related Parties Mr John Booth was Chairrnan of the St Andrew Holboin Church Foundatlon and a non-executive Director of St Andrew Holborn Trading Ltd which 15 jointly owned by St Andrew HoltM)rn Church Foundation and the St Andrew Holborn Guild Church Council. The Rt Revd Jonathan Baker is Chalrman of the St Andrew Holbom Gulld Church Council. St Andrew Holborm Trling Ltd undertake5 the admlnlstration and clerk servi5 Lif Ascot Priory and the tost incurred amounted to £23,634 12022: £24,102) In addbtlon, £286 12022.. £93) was charged by St Andrew Holborn Tradirig for the provislon of meeting facilities. At the year end £NII (2022: £NIII wa5 owed to St Andrew Holborn Tradlng Ltd. The Reverend Dr George Westhaver is the Principal of Pusey House to whom grants totalliNJ £23,000 12022.. £19,000} were awarded during the year. No Trustees were relmbursed expenses duylng the year (2022.. none relmbursedl.