ASCOT PRIORY REGISTERED CHARITY NO. 217425 ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
ASCOT PRIORY AP4NUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Contents Page Charty Infomiation Report of the Trustees Independent Examiner's Report ststement of Financlal Activities Balance Sheet Notes to the Flnancial Statements
ASCOT PRIORY CHARITY INFORMATION Registered Charity Number: 217425 Priory address. Ascot Priory Priory Road Ascot Berkshire SL5 8RT Trustees: The Reverend Dr P B AtEthony The Right Reverend J M R Baker, Bishop of Fulham Mr J D S Booth (Chaimian) Dr T A Trowles The Reverend Dr G Westhaver Clerk to the Trustees: st Andrew Holborn Trading Company Limsted Bursar: st Andrew Holborn Trading Company Limited Banker5: TSB Bank plc 21 High Street Ascot Berkshire SL5 7JE Independent Examiner. Knox Cropper LLP 65 Leadenhall Street London EC3A 2AD Solicitors: Charles Russell SkEechlys LLP 5 Fleet Pla London EC4M 7RD Investment Managers: Evelyn Partners 45 Gresham Street London EC2V 7BG
ASCOT PRIORY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 We are pleas& to present the annual report and financial ststements of Ascot Priory for the year ended 31 December 2024. The financtal statements have been prepared in accordance wlth the accounting poliaes set out in note l and they comply with the Charity's Trust Deed, applicable law and the requireTnents of the Statement of Recommended Practtce, "Accounting and Reporting by Charltles" Issued by the Charlty Commission. STRUCTURE, GOVERNANCE AND MANAGEMENT The Charity now known as Ascot Priory was originally founded by a Trust Deed dated 24 February 1874 and wa5 previously known as The Society of the Most Holy Trinity of Ascot, Late of Devonport. In addition, there were schemes for the regulation of the charity made by the Charity Commission on 2 May 1902 and 18 August 1911. The name of the Charity wa5 changed to Ascot Priory on 5 October 2000 and the new scheme replaced the former trusts of the Charity. The scheme of 5 October 2000 lays down detailed requirements for the governance of the Charity and the conduct of the busines5 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 Charity is registered with the Charity Commission (registration number 217425). The Trustees of the Charity administer the Charity's property and assets for the benefit and purposes of the Charity. Ascot Priory is a self-supportlng organisation and is not dependent on donations or 43ny sources of intangible income. Ascot Priory is not materially dependent on the service5 of unpaid volunteers. The income of the Charity 15 to be used to meet the costs of administerlng the Charlty and managing its property and furthering the objerts of the Charity. st Andrew Holborn Trading Company Ltd acts as the Clerk for the Charity and discharges the dutie5 of the Bursar. In add5tlon to the ex officloTrustee (the Principal for the time being of Pusey House, registered tharity number 1190385), the scheme states that there should be four co-opted Trustees. All four co-opted Trustees were re- appointed for a further five-year term In 2022 at a special meeting in accordance with the provisions of the scheme, New Trustees are briefed by the Clerk to the Trustees on matters includlng Trustee duties, powers and responsibilities. See note 17 for details of transactions wlth Trustees, who are considered to be the only related Pae5 of the Charity. PUBLIC BENEFIT We confirm that we have referred to the guidance contained in the Charity Commission's general guidance on the subject of Public Benefit when reviewing the Charlty's aims and objectives and in planning future artivities for the forthcoming year,
ASCOT PRIORY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 OBJEcfIvES AND AcfDIlTIES The objects of the Charity are the furtheran of the religious and other charitable purposes of the Church of England, in particular in accordan with the doctrine5 commonly known as Anglo-catholic, by such means as the Trustees think fit, and the relief of persons who are in need, hardship or distres5 or who are sick, convalescent, dlsabled or Inflrm by relleving thelr suffering or assisting their recovery. The Trustees may relieve those eligible for assistance by making grants of money to them directly or providing or paying for go5, services or facilities on their behalf or by maklng grants of money to other persons or bodies who provide good5, services or facilitie5 to those eliglble for assistance. Our main goals for the year were: To meet the Charity's objects. To explore the best use of the propety at Ascot in furthering the aims and objects of the Charity. In order to achieve these goals, we held three meetings durlng the year to consider all matter5 relating to the administration of the Charity including the Investment policy and the income arising from the property and Investments held by the Trust. In particular we continued to consider the potential Sale or other disposal of the Charity estate in ways that will maximi5e the benefit to the Charity while still respecting the heritage of the conventual property and burial ground, ACHIEVEMENTS AND PERFORMANCE We are delighted to be able to award grants totalling E58,400 (2023: £87,830). Our grants have, amongst other things, supported academic studies, administrative 5UPt)ort and improvements to community facilities. The largest single grants were for £15,000. Dlscussions continued throughout the year on the possible disposal of the Charity's propety. These discussions have been ongoing now for some time, but progress was made in planning terms during the year and we hope to be able to reach a resolution during 2025. The Priory remains closed to the public as we pr(MJre5S those discussions towards sale. Toward5 the end of 2024, we received the Consent of the Charity Commission to atnend the Charity's Scheme by Resolution under powers granted under s.280A of the Charities Act (a5 amended). This has allowed us to make the changes necessary to enable the sale of the property. Our investment assets have been invested in accordance with the powers avallable to us, We have delegated to the discretion of investment managers the acquisition and disposal OF investments for the Charity in compliance with the investment policy we have laid down. 2024 was for us, as for virtually all other investors a mixed year for investments, but we eventually ended the year with investment incorne above that for 2D23. Rental income continued from the care home, which leases the majority of the Priory and its grounds. The rental income means that we are able to meet our responsibilities in respect of the Maintenan of the fabric of the buildings and the maintenance of the ground5. OBJECTIVES FOR FUTURE YEARS The main objectives for the coming year are: To continue to provide financial support for the primary objects of the Charity. To continue 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 2024 FINANCIAL REVIEW The Charity holds listed Investments, which are pmfessionally managed, and the land and buildings of Ascot Priory. No value for the properties is included in the accounts as they are regarded a5 heritage assets. In the year ended 31 December 2024 an amount of £23,965 (2023: £8,018) was incurred on repairs, Maintenan and improvements on the properties. These have been included under the heading of maintenan and restoration in the Charitable Activities. The Trustees continue to review the options available for the future use of the Priory to support the long-term objectives of the Charity and for this purpose £18,816 (2023.. £10,224) was incurred in professional fees. The market value of the listed investments at 31 Dember 2024 was £2,074,280 12023.. £1,886,711) against cost £1,495,126 (2023.. £1,450,632). In addition, cash available for investment at 31 Dember 2023 totalled £22,898 (2023.. £47,193). Fund5 available to the Charity arise mainly from dividend incotne derived from the investment assets, rents received, Dther interest on bank deposits and some small donations. Such funds have been applied principally to meet the cost of ensuring the furtherance of the Catholic tradition within the Church of England, maintaining and iTrsuring properties held by the Trustees and meeting the administrative costs of the Charity. The Charity Is not involved in fund-raising and is not dependent upon particular donors. The Charity had expenditure for the year of £261,723 12023.. £269,398). Realised and unrealised gains on Investment assets totslled £135,43712023: 116,437). The Trustees LElieve that the a55ets available to the Charity are adequate to fulfil its obligattons in the short term. However, if the Trustees 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 this context thal the Trustees are gtving consideration to the best future use of the Charity's property. INVESTMENT POLICY AND REVIEW OF INVEsfMENTS InVtmentS held within the endowment fund are managed by Evelyn Partners to provide a balance of income generation, for general purposes, and capital growth in excess of inflation over the long term. The investment policy in respect of the investmeTrts held within unrestricted fund5 IS to deliver maximum capital growth. The value of the total investment portfolio increased by £163,274 (2023.. E142,414). The unrealised and realised gains and losses on investment assets totalled £135,437 (2023.. £116,437). RESERVES Ascot Priory Is endowed wlth a Grade Il listed church and other bulldlngs of great beauty whlth requlre contlnual repair and Mairntenan. The Trustees consider it would be appropriate to hold reserves to cover unexpected costs in relation to the upkeep and maintenance of the Priory and related buildings and also to cover approximately 6 months, underlying running cost5 of the Charity, which are estimated to be in the region of £170,000. The Trustees regard the reserves of the Charity as the assets held without restriction, excluding tsngible assets held for the charity's own use which totalled £464,662 at the year end {2023.. £404,182). RISK MANAGEMENT The Trustees have assessed the major risks to which the Charity is exposed, in particu5ar those relating to the operatlDn and finances of the Charity. The Trustees are satisfied that sysiems are In pla to mitigate or lessen exposure to the major risks rad by the Charity,
ASCOT PRIORY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 The principal area of risk to the Charity is its ability to generate sufficient income fmm investments, rental income and retreats to enable the Charity to fund the necessary maintenance and repair costs relating to the fabric to enable the continued use of the Priory to meet the primary objectives of the Charity. The Trustees have considered these matters in detail in the course of their meetings during the year. The Trustees also ensure that the Insuran cover relevant to the Charity is maintained at an appropriate level and obtain regular professional advi on this matter. RESPONSIBILITIES OF TRUSTEES The Trustee5 are required to prepare accounts for each financial year which give a true and fair view of the state of affairs of the Charity and of its financial activities for that period. In preparing those accounts the Trustees are required to: select 5Ultable accounting policies and then apply them consistently. Make judgements and estimates that are reasonable and prudent. State whether applicable accounting standards and statements of recommended practice have been followed, subject to any departures disclose and explained in the accounts Prepare the account5 on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The Trustees are responsible for keeping accounting records which disclose with reasonable accuracy the financial position of the Charity and which enable them to ascertain the financial p051tion of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011 and the applicable Charities {Accounts and Report5) Regulations. 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. INDEPENDENT EXAMINERS The reappointment of Knox Cropper LLP as independent examiners will be put to a future Trustees, meeting. Signed on behalf of the Trustee5. h-knArftr +Ja Cau Date.. 25 June 2025 JDS Booth, Chairman
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF ASCOT PRIORY I report to the Trustees on my examination of the accounts of Ascot Priory for the year ended 31 December 2024 whlch comprise the Statemenf of Financlal Activities, the Balan Sheet and related notes. This report Is made to the Tru5tee5, as a body, In accordan with the terms of my engagement. My work has been ndertaken so that I might carry out an Independent Examinatlon of the financial statements in accordance with the General Directions given by the Charity Commissioners. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body for my work or for this report. Responsibilitles and bas1$ on report As the Charlty Trustees you are responslble for the preparation of the accounts in accordan with the requirements of the Charities Act 2011 Cthe Act,). I report In respert of my examination of the Charity's accounts carrled out under section 145 of the 2011 Act and in carrying out my examinatlon I have followed all the appllcable Dlrectlons given by the Charity Commission under sectlon 145(5){b) of the Act. Independent examlner's statement sin your Charity's gros5 income exceeded £250,000 your examlner must be a member of a Ilsted body. I can confirm that I am quallfied to undertake the examlnation because l am a registered member of the Institute of Chartered Accountant5 in England and Wales whlch Is one of the Ilsted LK)dies. I have completed my examination. I confirm that no material matters have come to my attentbn In connection with the examinatlon giving me cause to believe that in any materlal respect: accounting record5 were not kept in respett of the Charity a5 required by section 130 of the Art,. or 2. the account5 do not accord with those records. or 3. the accounts do not comply with the applScable requirements concernlng the form and content of accounts set out in the Charities (Accounts and Reports) RegulatlOn5 2008 other than any requirement that the accounts glve a'true and fair view, whlch is not a matter consldered as part of an Independent examlnatlon, I have no concerns and have come across no other matters In connection with the examlnatlon to which attention should be drawn In this report in order to enable a proper understanding of the accounts to be reached. Greg Stevenson, F.C.A. Knox Cropper LLP Chartered Accountants 65 Leadenhall Street London, EC3A 2AD 025
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Page 18 ASCOT PRIORY BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2023 Notes FIXED ASSETS Tangible assets Investments 86 2,097,178 115 1,933,904 io 2,097,264 1,934,019 CURRENT ASSETS Debtors Cash at bank li 2,415 173,420 1,610 191,321 175,835 192,931 CREDITORS: Amounts falling due withln one year 12 (54,089) (53,866) NET CURRENT ASSETS 121,746 139,065 NET ASSErs 2,219,010 2,073,084 FUNDS Endowment funds Restricted funds Unrestricted funds 13 14 1,698,844 55,418 464,748 1,594,674 74,113 404,297 2,219,010 2,073,084 Approved by the tx)ard of Trustees on 25th June 2025 and Signed on its behalf by: fla( 25 June 2025 The notes form part of these financial ststements. These financial statements have been subject to independent examination. See report on page 6.
ASCOT PRIORY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POLICIES ststus of the charity Ascot Priory is an is an unincorpDrated charity, registered w the Charity Commission with legistered number 217425. The Charity'5 registered dddress is A5COt Prioryi Priory Road, Ascot, Berkshire, SL5 EIRT. A descripti()n of the Charity's operations and principal artivities can be found in the Report of the Trustees. Basis of Preparation and Assessment of going concern The accounts have been prepa under the historical cogt convention with items recognid al cost or transaction value unless otherw ststed in the relevant notes to these accoun15. They have been prepared in accordan with the Statetnent of Recommended Prartice Accounting and Reporting by Charitbes preparing their accounts in accordance with the Financial Rep(Irting Standards applicable in the UK and Republic of Iieland IFRS 102) Second Edition issued in ort01r 2019 and the Financial Reporting Standard applicable in the United Kingdom and Republ of Ireland IFRS 102 March 20181 and the Charities Act 2011. The accounts have been prepared to give a 'true and f6ir view, and have departed from the Charities (Accoullts and Report5) Regulations 2008 only to the extent required to provide a'true and fair view.. Thi5 departure involved following Accounting and RertIng by Charitbes preparing their accounts in accordance with the Financial Reporting 51andard applicable in the UK and RepuNic of Ireland (FRS102) rather than the Accounting and Reporting by Charities Statement of Recommended Practice effective from 1st April 2005 which has since been wlthdrawn. The Charity constitutes a public benefit entlty as defined by FRS LO2. The Trustees consider that there are no uncertainties about the Charity's ability to continue as a going concem. Income Dividends and other investment incorne are credited a r1Vable basis. Dewsit interest and rental incorne are credited on an accrua15 basis. Investment income arising on holdir)g within the endowment funds is available for use by the TruStS to meet all the objects of the Charity and is therefore accounted as income in the unre5trrted nd. Expenditure Expellditure is recognised once there is a legal or constructive obligation to make payment to a third paty. It Is probable that settlement will be required and the amount of the obligation can be measured reliably. Costs are allocated according to function and hen to the appropriate category. whe expendlture reLated to more than one functional category, a reasonable method of allocation is deterrnined. Operating lease income Renta15 reiVed on operating leases are credited to incoming resour5 on a straight-line basis over the term of the lease. Tangible fixed a55ots Land and buildin Land and bullding are not recorded in the accounts as {a} they are inallenable and historical in nature and cannot be diSpod of except with the wiitten consent of the Charity Commi55ion,' (bl reliable Cost infom)ation is not 6vallable and convenbonal valuation approaches lack sufficient reliability; and (cl the costs to include would far exed benefits. Part of the freehold land and buildings are leased to an operation supplying accommodation and servitss to the aged. Due to the ¥estrictions on realising the value of the property, the leased element of the property has not been cla551tied as investment property and measured at fair value. Fixtur sande ment Depreciation is provided to write-off the cost less estimated residual value of such tsngbble fixed assets over a useful lift of 5 or 10 year5 in eqLJal instalments.
ASCOT PRIORY NOTES TO THE FII4ANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POLICIES (continued) Flxed asset investments The Charity s investments consist only of quoted securities. Initially they are recognised èt thelr transaction value and subsequgntly measured at their fair value as at the balance sheet date using the closing quoted market price. The statement of flnancial 3ctivitie5 includes the net gains and losses arising on the revaluations and disposals throughout the year. Realised gains and losses c>n investments are cakulated as the difference beeen Sales proceed5 and their opening carrying value or their purchase value If acquired subsequent lo the first day of the financial year. Unrealised galn5 and losse5 are calculated as the difference between the falr value at the year end and their carrying value. Funds (i) Unrestrlcted Funds.. The unrestritted fund may be used by the Charity in furtherance of its charitable objects at the discretion of the Trustee5. (11) Endowment Funds.. Perffianent endowment funds are restricted capital funds where there is no power to convert the orlglnal capital to income. Income generated from permanent endowments is available to be used in fUrtherae of the Charity's objects, subjert to any restricknDns imposed by the donof. (iii) RestrictedFunds.' Restritted funds are funds which ère to be used in accordan with speafic restricuons imposed by donors or which have been raised by the Charity for particular purposes. The aim and use of each restrirted fund is set out In the notes to the financial statements. Recognition of Liabilities Liabilitie5 a recognised as soon as there is a legal or constructive obllgatson committlng the Charity to pay out resources. Investment Income 2024 2023 Int£re5t 1ved Income from investments listed on a recognised stock exchange 1,022 45,599 673 42,338 46,621 43,OIL Other Trading Activitle$ 2024 2023 Income fmm propertie5 not recorded as investments Sundry hire income 225,591 225,591 225,591 225,59A Raising Funds 2024 2023 Investment Management fees Legal and Professional fee5 SuptK)rt costs (Note 71 17,408 15,770 12,660 2,021 2,484 19,892 30,451
Page | 11 ASCOT PRIORY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Charitable Activities Maintenance and Restoration of the Priory Priory Activitles Grant Maklrtg Total 2024 2Q24 staff cc>sts (Note 81 Establishment exFEnses Insurance Repairs and maintenance Grants {Note 61 Depreciation Support costs (Note 71 16,299 54,119 13,939 16,299 54,119 41,816 23,965 58,400 29 47,2D3 27,877 23,965 58.400 29 20,466 12,573 14,164 104,852 64,415 72,564 24L,831 Maintenance and Restoration of the Priory 2023 Priory Activities Grant Making Total 2023 staff costs (Noie 81 Esiablishment expenses Insurance Repairs and maintenan Grants {Note 6) Oepreciation Support costs (Note 71 15,677 51,13L 12,611 15,677 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 Grants Paid 2024 2023 All Saints, Notting HIII Blshop of Fulham Forward in Faith-The Society Pusey House The See of Owe5try Society of St stephen's House Our Most Holy Redeetner All Saints, Westot)-Super-Mare st Mary's Bourne Street St Mary the Virgin, Kenton Walsingham College Trust Grants to Individuals 5,(K)O 7,500 15,000 13,500 15,000 23,(0 18,664 6,00 6,500 10,000 1,310 20,000 2,356 2,400 58,400 87,830
Page | 12 ASCOT PRIORY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Support Costs 2024 2023 aerk & accountancy Office & gundry costs Legal & professional fres Goverllance costs 26,390 710 18,816 3,771 25,272 1,335 10,224 3,591 49,687 40,422 vernance c05t5 includes amounts payable to the independent examiner for the independent examination of £3,591 {2C>22'. £3,420) and £648 (2022.. £648) for other Servi$. Staff costs 2024 2023 Wages and salaries 16,299 15,677 L6,299 15,677 2024 No. 2023 No. The average number of employees was: No employee earned in excess of £60,000. No Trustees received any rernUneratn during the year. See note L7 for detai55 of payments made to Trustees in respett of *Nices provided by Organisatn5 where they are Trustees. Tangible Fixed Assets Fixtures, Fittings and Equipment As at L January 2024 Additions 147,234 A5 at 31 December 2024 147,234 Accumulated depreciation As at l Jalluary 2024 Charge for the year 147,119 29 As at 31 December 2024 147,148 Net book value As at 31 December 2024 86 As at 31 December 2023 115 In addltic>n to the red assets included in the balance sheet, the Charity owns and contiT)ue5 to have use of other fixed assets, principally freehold land and buildings. These asgets have not been included In the accounts as disclosed In Note 1.6. The freehold land and buildlng£, which date back to the mid-19th Century, Ire insured for a sum tsf approximately £11,650,000
Page 113 ASCOT PRIORY P40TES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Fixed Asset Investments 2024 2023 The movement on fixed asset investments cornprise.. Market value (>f UK Quoted investments at l January Acquisitiong at tost Disposals Pmceeds Unrealised gainslllosses) Realised Gainsl(Iog5esl 1,886,711 267,345 {215,213) 141,521 16,0841 1,626,043 193,259 (49,0281 123,184 16,747) Market value of UK quoted investments at 31 December 2,074,280 I,6,711 Cash held as part of the Investment portfolio 22,898 47,193 2,097,178 1,933,904 Historical cost of quoted investments held at the year end 1,495,126 1,450,632 The carrying amount of financial assets measured at fair value through income and expendkure within Fixed tsset Investments is £2,074,280 {2023'. £1,886,711). Debtors 2024 2023 'vidend5 and interest receiwdble Prepayments and accrued income 2,415 1,610 2,415 1,610
Page | 14 ASCOT PRIORY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 12. Creditors: amounts falling due within one year 2024 2023 AccTuals and other creditors Taxation and Social 5ecunty Grants Payable Deferred Income 10,291 LO,068 43,798 43,798 54,089 53,866 Defetred Income represents rental income rcccived in advance. The arnount of Income deftrred in the current year is £43,798 and the amount released ftotn the previous year is £43,798. 13. Endowment Funds Gainsl(L055es) on Investments Balance as at 01101124 Expended Resources Balance as at 31112124 Permanent Endowments.. Fund No. l - lal Fund No. 2- Ib) 1,496,185 98,489 115,4131 11,2191 118,650 2,152 1,599,422 99,422 1,594,674 {16,632} 120,802 1,698,844 Gainsl{Losses) on Investments Balance as at 01101123 Expended Resources Balance as at 31112123 Pemanent Eftdowtnents: Fund No. l (a) Fund No. 2- Ib) 1,409,535 97,439 (13,932) (1,251) 100,582 2,301 1,496,185 98,489 1,506,974 115,1831 102,883 1,594,674 lal The permanent endowment fund - No. I was first Mentlled In a legal document of 1883. Income from the endowment is to be used to meet all costs properly incurred by the TnJstees in the object5 of the Charity. Ib) A permanent endowment rund ex151s In rpert of the property at Ascot Priory and was first mentK)r)ed in a legal document of 1874. The docufflent notes that the property was to be'used and occupled rent free by the members of the society in order to Carry c>ut the purposes alld objects of the Soclety,. It was initially referred to as the 'Unknown Donors account,. Income derived from the endowment is used OD the same basis as the No. I fund.
ASCOT PRIORY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 14. Restricted Funds Balance as at 01101124 Balance as at 31112124 Income Expendltyre Priory Income Fund (al 74,113 225,591 (244,2861 55,418 74,113 225,591 {244,2861 55,418 Balance as at 01101123 Balance as at 31112123 Income Expenditure Priory Inci)me Fund la) 102,092 225,591 (253,570) 74,113 102,092 225,591 (253,570) 74,113 (a) The Charity's freehold land and buildings constitute functional permanent endowment with the incowe generated from its leasing being restricted to the first of the Charity's objects, being the furtherance of the religious and other charitable purposes of the Church of England, in pariicular in accordance with the doctrines commonly known as Anglo-catholic. 15. Analysls of Net Assets by Fund Unrestricted Funds Restricted Fund5 Endowment Funds 2024 Total Funds Tanglble flxed a5set5 Investrnents Current assets Current liabilities 86 393,977 70,889 12041 86 2,097,178 175,835 (54,089} L,703,20L 104,946 (49,5281 (4,3571 464,748 55,418 1,594,674 2,073,084 Unrestrlcted Funds Restricted Funds Endowment Funds 2023 Total Funds Tangible fixed assets Investments Current assets Current liabilities 115 335,348 68,968 (1341 115 1,933,904 192,931 (53,866) 1,598,556 123,963 149,8501 13,8821 404,297 74,113 1,698,844 2,219,010 16. Taxation Ascot Priory Is accepÈd by the Inland Revenue as a Charity and the Trustees are of the oplnion that it is entided for the current year to the exemptions prc>vided by Section 521-536 Income Taxes Act 20Q7 and 5ecb.on 256 of the Taxation of Chargeable Gains Act 1992. a consequence, no provision for taxation is regarded as relevant.
Page | 16 ASCOT PRIORY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 17. Kelated Parties The Rt Revd Jonathan Baker is Chairtnan of the St Andrew Holborn Guild Church Council. St And¥ew Holr Trading Ltd undertakes the administration and clerk services of Ascot prtory and the cost incurred amounted to £26,052 (2023.. £23,634) In addition, £199 {2023'. £2861 was chèrged by St Andrew Holb(Jrn Trading for the proVion of meets.ftg facilities. At the year end £NII {2023.' £Nill was owed to St Andrew Hol Trading Ltd. The Reverend Dr George Westhaver is the Principal of Pusey House to whom grants totalllng £13,500 12023.. £23,000) were awarded during the year. No Trustees were reimbursed expen5e5 dJrlrtsJ the year12023.' none reimbursed).