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2020-12-31-accounts

REGISTERED CHARITY NUMBER: 229216

Report of the Trustees and

Unaudited Financial Statements

for the Period 1 January 2020 to 30 December 2020

for

THE ORDER OF ST BENEDICT AT ALTON ABBEY

B20 Limited Chartered Certified Accountants Charwell House Wilsom Road Alton Hampshire GU34 2PP

THE ORDER OF ST BENEDICT AT ALTON ABBEY

Contents of the Financial Statements for the Period 1 January 2020 to 30 December 2020

Page
Report of the Trustees 1 to 3
Independent Examiner's Report 4
Statement of Financial Activities 5
Statement of Financial Position 6
Notes to the Financial Statements 7 to 12
Detailed Statement of Financial Activities 13 to 14

THE ORDER OF ST BENEDICT AT ALTON ABBEY

Report of the Trustees for the Period 1 January 2020 to 30 December 2020

The trustees present their report with the financial statements of the charity for the period 1 January 2020 to 30 December 2020. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES Objectives and aims

Alton Abbey is registered as a charity with the Charity Commission with the object of 'the purposes of the Order of St Benedict and the maintenance of destitute and infirm merchant seamen housed at the Abbey, Alton, Hampshire'. According to the Constitution the object of the Order is to 'exist to allow the living of the monastic vocation, and witness to monastic values and insights in the Church of England'.

The pensionary for Merchant Seamen closed in 1989 but the Community continue to administer the Seamen's Friendly Society of St Paul, for charitable and religious work among Merchant Sailors of any nation and the provision of accommodation for retired sailors. The graves of over 200 merchant sailors are to be found in the Abbey cemetery.

The Community also undertake such other corporal works of mercy as opportunity shall provide and the chief objects of the Community present; a guesthouse provides accommodation for short term guests, and those who may attend retreats guided by the monks; a complementary activity is the task of spiritual direction of individuals who ask for it, as their need arises or on a regular basis.

The Community admits Oblates (men living according to an individual Rule of Life rooted in the Benedictine ethos and charisms); in the current form, this has been undertaken since the mid 1960s. Oblates live in the world with all the duties and responsibilities of the secular state, and in the context of their family life. Many of the Oblates are clergy of the Church of England whose association with the Abbey roots and strengthens their spiritual life to the benefit of their parishes and congregations.

More recently the Community has established a group of people whose regular worship alongside the monks is worthy of affirmation. The Companions of Our Lady and Saint John have a daily prayer link of psalms and intercessions to unite them with the general purposes of the Abbey.

By opening the Gardens one weekend a year, and by providing a venue for concerts, recitals, and lectures, during the course of the year, the Community raises consciousness of the Anglican Religious Life, also enhancing cultural provision in the locality.These events are often (but not exclusively) undertaken in cooperation with the Friends of Alton Abbey Registered Charity 284876, but as a result of restrictions associated with the pandemic no events were possible in 2020.

In all these activities, the members of the Community are mindful of the Safeguarding Principles that make the life and work of the Abbey a safe and nourishing environment for all concerned in its activities. The provision of, and compliance with, the statements and policies of safeguarding is routinely monitored and assessed in cooperation with the Diocese of Winchester.

Page 1

THE ORDER OF ST BENEDICT AT ALTON ABBEY

Report of the Trustees for the Period 1 January 2020 to 30 December 2020

OBJECTIVES AND ACTIVITIES

Significant activities

During the period of these accounts, the Charity has continued to maintain the Abbey as the home for the five Life Professed Monks. During the CoViD pandemic, it has not been possible to offer temporary accommodation for retreatants, nor to provide public access to the worship of the monks. This was the result of two complementary sets of regulations: national restrictions on religious assembly, and directives from the Advisory Council for the Relations of Bishops and Religious Communities. There have been two enquiries during the year from men who are in the early stages of discerning vocation to the monastic life; once the restrictions are lifted they may wish to come and experience a stay at the Abbey.

The Community continues to align itself with the Objectives of the Seamen's Friendly Society of Saint Paul, and to be ready to undertake works on behalf of that Society; routine work to this end is in administering its Trust activity, tending the graves of the deceased, and being prepared to make grants as applications are made for aid by sailors or their representatives. Negotiations continue with the Sailors' Society (Registered Company no: 86942 Charity no: 237778) to establish annual bursaries in memory of the Abbey's Founding Father for students in seafaring at Warsash Maritime Academy and The Glasgow City Academy.

During the course of this year, the number of Oblates has remained more or less steady, with two deaths and two resignations as the result of changed individual circumstances; there are currently 99 Oblates and eight persons in the Probationary stages of their formation as Oblates. 65 of the Oblates are ordained clergy in the Church of England, 3 are Licensed Lay Ministers; 2 are pastors in related denominations. It was not possible to receive the Oblates for the usual two retreats of 5 days provided specifically for them each year. The Oblate Master has kept in contact with the Oblates by telephone, e-mail, and letter.

32 persons who usually worship with the monks strengthen their connection with the Abbey by their role as Companions of Our Lady and Saint John; however, as the result of pandemic restrictions their contact has been maintained by email and telephone.

Although the garden has remained open for casual visits throughout the year, the Open Garden weekend, and a variety of other fund raising events, were sadly cancelled. It has been heartening to see a number of local people visiting the gardens mostly at weekends during the pandemic.

Safeguarding concerns have been addressed through diocesan and national checking and certification procedures during the course of the year, and monks look forward to attending diocesan refresher courses during the coming year to ensure our good practice in safeguarding those who come to the Abbey.

FINANCIAL REVIEW

Reserves policy

The buildings and other fixed assets of the charity are required in order for it to carry on its stated charitable activities. The investment portfolio is maintained in order to supplement other income of the charity to meet those objectives and therefore the trustees have determined that funds, equal to the net value of fixed assets plus the market value of the portfolio should be designated. As at 31 December 2019 this amounted to £3,674,188.

In order to ensure that day to day commitments can be met, it is the trustees policy to maintain a balance on unrestricted reserves which equates to at least three months of unrestricted payments. At 31 December 2019 this equates to £30,058 and the general fund and cash at bank at 31 December 2019 exceeded this figure.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The community was founded as the Order of St Paul by Charles Hopkins and the land at Beech was purchased in 1895. It is constituted under a trust deed dated 1 May 1925 (as amended on 17 December 1980) and by a scheme sealed on 2 September 1982. It is registered as a charity with the Charity Commission.

Page 2

THE ORDER OF ST BENEDICT AT ALTON ABBEY

Report of the Trustees for the Period 1 January 2020 to 30 December 2020

STRUCTURE, GOVERNANCE AND MANAGEMENT

Trustees

The trustees who held office during the financial year and at the date of this report are set out on page 1. The Abbot for the time being of the Order of St Benedict is an ex officio trustee and other trustees are appointed by the trustees. Each trustee attends the meetings held at least four times a year. The trustees are responsible for managing the 'temporalities', that is the secular properties and possessions of the Order, in conjunction with the Abbot and in accordance with the trust deeds. In carrying out the trusts set out in the trust deeds the trustees shall act under the direction of the Abbot.

REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number

229216

Principal address Alton Abbey Abbey Road Beech Alton GU34 4AP

Trustees

Dom G Hill Dom A Johnson D N Price C Pluck Dom A Shobrook Dom T Bavin J Walford Dom A Witherspoon

Independent Examiner

B20 Limited Chartered Certified Accountants Charwell House Wilsom Road Alton Hampshire GU34 2PP

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

........................................................................ Trustee

Page 3

Independent Examiner's Report to the Trustees of THE ORDER OF ST BENEDICT AT ALTON ABBEY

Independent examiner's report to the trustees of THE ORDER OF ST BENEDICT AT ALTON ABBEY

I report to the charity trustees on my examination of the accounts of THE ORDER OF ST BENEDICT AT ALTON ABBEY (the Trust) for the period 1 January 2020 to 30 December 2020.

Responsibilities and basis of report

As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').

I report in respect of my examination of the Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner's statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

MRS C S SCULL BA FCCA B20 Limited Chartered Certified Accountants Charwell House Wilsom Road Alton Hampshire GU34 2PP

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

Page 4

THE ORDER OF ST BENEDICT AT ALTON ABBEY

Statement of Financial Activities for the Period 1 January 2020 to 30 December 2020

Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
Other trading activities
2
Investment income
3
Total
EXPENDITURE ON
Raising funds
Charitable activities
Ministry Costs
Governance
Total
Net gains/(losses) on investments
NET INCOME/(EXPENDITURE)
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
funds
£
81,546
16,137
24,284
121,967
-
123,415
9,269
132,684
(27,424)
(38,141)
3,940,479
3,902,338		 Restricted
fund
£
-
-
-
-
-
-
-
-
-
-
-
-		 Period
1.1.20
to
Year Ended
30.12.20
31.12.19
Total
Total
funds
funds
£
£
81,546
90,440
16,137
34,549
24,284
26,586
121,967
151,575
-
414
123,415
144,090
9,269
9,297
132,684
153,801
(27,424)
77,950
(38,141)
75,724
3,940,479
3,864,755
3,902,338
3,940,479		 Period
1.1.20
to
Year Ended
30.12.20
31.12.19
Total
Total
funds
funds
£
£
81,546
90,440
16,137
34,549
24,284
26,586
121,967
151,575
-
414
123,415
144,090
9,269
9,297
132,684
153,801
(27,424)
77,950
(38,141)
75,724
3,940,479
3,864,755
3,902,338
3,940,479
151,575
414
144,090
9,297
153,801
77,950
75,724
3,864,755
3,940,479

The notes form part of these financial statements

Page 5

THE ORDER OF ST BENEDICT AT ALTON ABBEY

Statement of Financial Position 30 December 2020

Notes
FIXED ASSETS
Tangible assets
6
Heritage assets
7
Investments
8
CURRENT ASSETS
Stocks
9
Debtors
10
Cash at bank and in hand
CREDITORS
Amounts falling due within one year
11
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
NET ASSETS
FUNDS
12
Unrestricted funds
TOTAL FUNDS		 Unrestricted
funds
£
2,865,733
38,421
756,145
3,660,299
1,281
28,931
213,990
244,202
(2,163)
242,039
3,902,338
3,902,338		 Restricted
fund
£
-
-
-
-
-
-
-
-
-
-
-
-		 30.12.20
Total
funds
£
2,865,733
38,421
756,145
3,660,299
1,281
28,931
213,990
244,202
(2,163)
242,039
3,902,338
3,902,338
3,902,338
3,902,338		 31.12.19
Total
funds
£
2,875,264
38,421
689,094
3,602,779
1,724
23,459
320,946
346,129
(8,429)
337,700
3,940,479
3,940,479
3,940,479
3,940,479

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

............................................. Trustee

............................................. Trustee

The notes form part of these financial statements

Page 6

THE ORDER OF ST BENEDICT AT ALTON ABBEY

Notes to the Financial Statements

for the Period 1 January 2020 to 30 December 2020

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.

Financial reporting standard 102 - reduced disclosure exemptions

The charity has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland':

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property - in accordance with the property Fixtures and fittings - 10% on cost Motor vehicles - 25% on reducing balance

Where buildings are maintained to such a standard that their estimated residual value is not less than the revalued amount then no depreciation is charged as it in not considered to be material, and no depreciation is provided on freehold land.

Stocks

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

Taxation

The charity is exempt from tax on its charitable activities.

Fund accounting

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

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

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

continued...

Page 7

THE ORDER OF ST BENEDICT AT ALTON ABBEY

Notes to the Financial Statements - continued for the Period 1 January 2020 to 30 December 2020

1. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.

2. OTHER TRADING ACTIVITIES

OTHER TRADING ACTIVITIES
Period
1.1.20
to Year Ended
30.12.20 31.12.19
£ £
Guesthouse 4,291 21,478
Shop income 346 596
Charges for services provided 10,000 10,000
Other income - 975
Charges for premises provided 1,500 1,500
16,137 34,549

3. INVESTMENT INCOME

INVESTMENT INCOME
Period
1.1.20
to Year Ended
30.12.20 31.12.19
£ £
Dividends 24,191 26,033
Deposit account interest 93 553
24,284 26,586

4. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the period ended 30 December 2020 nor for the year ended 31 December 2019.

Trustees' expenses

There were no trustees' expenses paid for the period ended 30 December 2020 nor for the year ended 31 December 2019.

5. STAFF COSTS

The average monthly number of employees during the period was as follows:

Period
1.1.20
to Year Ended
30.12.20 31.12.19
Cook 1 1

No employees received emoluments in excess of £60,000.

continued...

Page 8

THE ORDER OF ST BENEDICT AT ALTON ABBEY

Notes to the Financial Statements - continued for the Period 1 January 2020 to 30 December 2020

6. TANGIBLE FIXED ASSETS

COST
At 1 January 2020
Additions
At 30 December 2020
DEPRECIATION
At 1 January 2020
Charge for year
At 30 December 2020
NET BOOK VALUE
At 30 December 2020
At 31 December 2019
7.
HERITAGE ASSETS
MARKET VALUE
At 1 January 2020 and 30 December 2020
NET BOOK VALUE
At 30 December 2020
At 31 December 2019		 Freehold
property
£
2,835,730
-
2,835,730
-
-
-
2,835,730
2,835,730		 Fixtures
and
fittings
£
173,335
2,919
176,254
135,628
11,993
147,621
28,633
37,707		 Motor
vehicles
£
23,221
-
23,221
21,394
457
21,851
1,370
1,827		 Totals
£
3,032,286
2,919		 Totals
£
3,032,286
2,919
3,035,205
157,022
12,450
169,472
2,865,733
2,875,264
Total
£
38,421
38,421
38,421

The Heritage Assets consist of the endowed plate, vestments and library.

8. FIXED ASSET INVESTMENTS

Shares in
group
Listed
undertakings
investments
£
£
MARKET VALUE
At 1 January 2020
23,855
641,098
Additions
-
145,270
Disposals
-
(46,855)
Revaluations
-
(38,568)
At 30 December 2020
23,855
700,945
NET BOOK VALUE
At 30 December 2020
23,855
700,945
At 31 December 2019
23,855
641,098		 Cash and
settlements
pending
£
24,141
157,999
(150,795)
-
31,345
31,345
24,141		 Totals
£
689,094
303,269
(197,650)
(38,568)
756,145
756,145
689,094

There were no investment assets outside the UK.

continued...

Page 9

THE ORDER OF ST BENEDICT AT ALTON ABBEY

Notes to the Financial Statements - continued for the Period 1 January 2020 to 30 December 2020

8. FIXED ASSET INVESTMENTS - continued

The Charity owns 100% of the issued share capital of a trading company, Alton Abbey Supplies Limited, which produces incense. The activities are immaterial compared to the total activities of the charity and accordingly the charity has taken advantage of the exemption from preparing consolidated accounts. The capital and reserves at 31 December 2019 are shown at book value.

The market value of listed investments at 1st January and 31st December 2019 is provided by the Charity's portfolio manager Quilter Cheviot at closing price.

9. STOCKS

9. STOCKS
30.12.20 31.12.19
£ £
Stocks 1,281 1,724
10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.12.20 31.12.19
£ £
Other debtors 28,931 23,459
11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.12.20 31.12.19
£ £
Trade creditors 147 6,619
Taxation and social security 1,376 260
Other creditors 640 1,550
2,163 8,429
12. MOVEMENT IN FUNDS
Unrestricted funds
General fund
Designated reserves fund
TOTAL FUNDS		 At 1.1.20
£
336,734
3,603,745
3,940,479
3,940,479		 Net
movement
in funds
£
(29,249)
(8,892)
(38,141)
(38,141)		 Transfers
between
funds
£
(79,335)
79,335
-
-		 At
30.12.20
£
228,150
3,674,188
3,902,338
3,902,338

continued...

Page 10

THE ORDER OF ST BENEDICT AT ALTON ABBEY

Notes to the Financial Statements - continued for the Period 1 January 2020 to 30 December 2020

12. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Designated reserves fund
TOTAL FUNDS
Comparatives for movement in funds
Unrestricted funds
General fund
Designated reserves fund
TOTAL FUNDS		 Incoming
resources
£
97,776
24,191
121,967
121,967
At 1.1.19
£
323,861
3,540,894
3,864,755
3,864,755		 Resources
expended
£
(127,025)
(5,659)
(132,684)
(132,684)
Net
movement
in funds
£
(11,534)
87,258
75,724
75,724		 Gains and
losses
£
-
(27,424)
(27,424)
(27,424)
Transfers
between
funds
£
24,407
(24,407)
-
-		 Movement
in funds
£
(29,249)
(8,892)
(38,141)
(38,141)
At
31.12.19
£
336,734
3,603,745
3,940,479
3,940,479

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

Unrestricted funds
General fund
Designated reserves fund
Restricted funds
Friends of Alton Abbey
TOTAL FUNDS		 Incoming
resources
£
123,801
26,129
149,930
1,645
151,575		 Resources
expended
£
(135,335)
(16,821)
(152,156)
(1,645)
(153,801)		 Gains and
Movement
losses
in funds
£
£
-
(11,534)
77,950
87,258
77,950
75,724
-
-
77,950
75,724

continued...

Page 11

THE ORDER OF ST BENEDICT AT ALTON ABBEY

Notes to the Financial Statements - continued for the Period 1 January 2020 to 30 December 2020

13. RELATED PARTY DISCLOSURES

During the year under review Alton Abbey Supplies Limited were charged £1,500 (2019: £1,500) for providing premises and Seamen's Friendly Society charged £10,000 (2019: £10,000) for providing services.

During the year under review donations of £1,700 were received from lay Trustees and £18,120 was received from the professed brethren receiving pensions. The donors did not attach any conditions to their gifts which required the charity to significantly alter the nature of its existing activities.

Page 12

THE ORDER OF ST BENEDICT AT ALTON ABBEY

Detailed Statement of Financial Activities for the Period 1 January 2020 to 30 December 2020

for the Period 1 January 2020 to 30 December 2020
Period
1.1.20
to Year En ded
30.12.20 31.12.19
£ £
INCOME AND ENDOWMENTS
Donations and legacies
Collections 4,203 10,042
Donations 46,639 61,944
Legacies - 950
Grants 12,584 -
Pensions 18,120 17,408
Alton Abbey Supplies Limited - 96
81,546 90,440
Other trading activities
Guesthouse 4,291 21,478
Shop income 346 596
Charges for services provided 10,000 10,000
Other income - 975
Charges for premises provided 1,500 1,500
16,137 34,549
Investment income
Dividends 24,191 26,033
Deposit account interest 93 553
24,284 26,586
Total incoming resources 121,967 151,575
EXPENDITURE
Other trading activities
Purchases - 414
Charitable activities
Wages 18,255 20,723
Provisions 8,944 10,892
Clothing - 283
Water rates and sanitation 6,707 4,312
Insurance 9,647 9,396
Light and heat 30,222 35,016
Chapel expenses 979 3,464
Postage and stationery 302 765
Telephone 2,136 3,013
Sundries 77 4,079
Carried forward 77,269 91,943

This page does not form part of the statutory financial statements

Page 13

THE ORDER OF ST BENEDICT AT ALTON ABBEY

Detailed Statement of Financial Activities for the Period 1 January 2020 to 30 December 2020

Period
1.1.20
to Year En ded
30.12.20 31.12.19
£ £
Charitable activities
Brought forward 77,269 91,943
Repairs, renewals and cleaning 15,765 19,499
Medical expenses 9,948 3,027
Holiday allowances 420 5,800
Library and recreation 1,472 1,594
Motor and travel expenses 5,594 8,988
Depn: Furniture and equipment 11,993 11,767
Depn: Motor vehicles 457 609
Bank charges 497 862
123,415 144,089
Support costs
Governance costs
Examiners' remuneration 750 750
Accountancy 2,150 3,240
Portfolio management fees 5,659 4,445
Legal fees 710 863
9,269 9,298
Total resources expended 132,684 153,801
Net expenditure before gains and losses (10,717) (2,226)
Realised recognised gains and losses
Realised gains/(losses) on fixed asset investments 11,144 2,215
Net income/(expenditure) 427 (11)

This page does not form part of the statutory financial statements

Page 14