2021-12-31-accounts - The Order Of St Benedict At Alton Abbey

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

REGISTERED CHARITY NUMBER: 229216

Report of the Trustees and

Unaudited Financial Statements for the Year Ended 30 December 2021

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 Year Ended 30 December 2021

		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	11
Detailed Statement of Financial Activities	12	to	13

THE ORDER OF ST BENEDICT AT ALTON ABBEY

Report of the Trustees for the Year Ended 30 December 2021

The trustees present their report with the financial statements of the charity for the year ended 30 December 2021. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

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 2021.

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 Year Ended 30 December 2021

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 no enquiries during the year from men who are in the early stages of discerning vocation to the monastic life.

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 one death and one resignation as the result of changed individual circumstances; there are currently 97 Oblates and eight persons in the Probationary stages of their formation as Oblates. 66 of the Oblates are ordained clergy in the Church of England (or other Anglican Provinces); 3 are Licensed Lay Ministers; 3 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.

31 persons who usually worship with the monks strengthened their connection with the Abbey by their role as Companions of Our Lady and Saint John - and there has been one death during the year; 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.

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.

Page 2

THE ORDER OF ST BENEDICT AT ALTON ABBEY

Report of the Trustees for the Year Ended 30 December 2021

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 year ended 30 December 2021.

Responsibilities and basis of report

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

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

Independent examiner's statement

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

accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
the accounts do not accord with those records; or
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.

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

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 Year Ended 30 December 2021

Notes INCOME AND ENDOWMENTS FROM Donations and legacies Other trading activities 2 Investment income 3 Total EXPENDITURE ON 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 £ 138,381 11,500 24,536 174,417 180,402 6,157 186,559 77,746 65,604 3,902,338 3,967,942	Restricted fund £ 1,272 - - 1,272 1,272 - 1,272 - - - -	Year Ended 30.12.21 Total funds £ 139,653 11,500 24,536 175,689 181,674 6,157 187,831 77,746 65,604 3,902,338 3,967,942	Period 1.1.20 to 30.12.20 Total 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

The notes form part of these financial statements

Page 5

THE ORDER OF ST BENEDICT AT ALTON ABBEY

Statement of Financial Position 30 December 2021

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 £ 2,853,690 38,421 828,478 3,720,589 853 37,261 209,614 247,728 (375) 247,353 3,967,942 3,967,942	Restricted fund £ - - - - - - - - - - - -	30.12.21 Total funds £ 2,853,690 38,421 828,478 3,720,589 853 37,261 209,614 247,728 (375) 247,353 3,967,942 3,967,942 3,967,942 3,967,942	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

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

............................................. 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 Year Ended 30 December 2021

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

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

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':

the requirements of Section 7 Statement of Cash Flows.

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.

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.

continued...

Page 7

THE ORDER OF ST BENEDICT AT ALTON ABBEY

Notes to the Financial Statements - continued for the Year Ended 30 December 2021

2. OTHER TRADING ACTIVITIES

OTHER TRADING ACTIVITIES
		Period
		1.1.20
	Year Ended	to
	30.12.21	30.12.20
	£	£
Guesthouse	-	4,291
Shop income	-	346
Charges for services provided	10,000	10,000
Charges for premises provided	1,500	1,500
	11,500	16,137

3. INVESTMENT INCOME

INVESTMENT INCOME
		Period
		1.1.20
	Year Ended	to
	30.12.21	30.12.20
	£	£
Dividends	24,519	24,191
Deposit account interest	17	93
	24,536	24,284

4. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 30 December 2021 nor for the period ended 30 December 2020.

Trustees' expenses

There were no trustees' expenses paid for the year ended 30 December 2021 nor for the period ended 30 December 2020.

5. STAFF COSTS

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

		Period
		1.1.20
	Year Ended	to
	30.12.21	30.12.20
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 Year Ended 30 December 2021

6. TANGIBLE FIXED ASSETS

COST At 31 December 2020 and 30 December 2021 DEPRECIATION At 31 December 2020 Charge for year At 30 December 2021 NET BOOK VALUE At 30 December 2021 At 30 December 2020	Freehold property £ 2,835,730 - - - 2,835,730 2,835,730	Fixtures and fittings £ 176,254 147,621 11,701 159,322 16,932 28,633	Motor vehicles £ 23,221 21,851 342 22,193 1,028 1,370	Totals £ 3,035,205
				169,472 12,043
				181,515
				2,853,690
				2,865,733

7. HERITAGE ASSETS

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

8. FIXED ASSET INVESTMENTS

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 2021 are shown at book value.

The market value of listed investments at 1st January and 31st December 2021 is provided by the Charity's portfolio manager Quilter Cheviot at closing price.

9. STOCKS

9.	STOCKS
		30.12.21	30.12.20
		£	£
	Stocks	853	1,281
10.	DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
		30.12.21	30.12.20
		£	£
	Other debtors	37,261	28,931

continued...

Page 9

THE ORDER OF ST BENEDICT AT ALTON ABBEY

Notes to the Financial Statements - continued for the Year Ended 30 December 2021

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

	30.12.21	30.12.20
	£	£
Trade creditors	164	147
Taxation and social security	-	1,376
Other creditors	211	640
	375	2,163

12. MOVEMENT IN FUNDS

Unrestricted funds General fund Designated reserves fund TOTAL FUNDS Net movement in funds, included in the above are a Unrestricted funds General fund Designated reserves fund Restricted funds Friends of Alton Abbey TOTAL FUNDS Comparatives for movement in funds Unrestricted funds General fund Designated reserves fund TOTAL FUNDS	At 31.12.20 £ 228,150 3,674,188 3,902,338 3,902,338 s follows: Incoming resources £ 149,897 24,520 174,417 1,272 175,689 At 1.1.20 £ 336,734 3,603,745 3,940,479 3,940,479		Net movement in funds £ (19,204) 84,808 65,604 65,604 Resources expended £ (169,101) (17,458) (186,559) (1,272) (187,831) Net movement in funds £ (29,249) (8,892) (38,141) (38,141)		Transfers between funds £ 35,750 (35,750) - - Gains and losses £ - 77,746 77,746 - 77,746 Transfers between funds £ (79,335) 79,335 - -	At 30.12.21 £ 244,696 3,723,246
						3,967,942
						3,967,942
						Movement in funds £ (19,204) 84,808 65,604 - 65,604 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 Year Ended 30 December 2021

12. MOVEMENT IN FUNDS - continued

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

Unrestricted funds General fund Designated reserves fund TOTAL FUNDS	Incoming resources £ 97,776 24,191 121,967 121,967	Resources expended £ (127,025) (5,659) (132,684) (132,684)	Gains and Movement losses in funds £ £ - (29,249) (27,424) (8,892) (27,424) (38,141) (27,424) (38,141)

13. RELATED PARTY DISCLOSURES

During the year under review Alton Abbey Supplies Limited were charged £1,500 (2020: £1,500) for providing premises and Seamen's Friendly Society charged £10,000 (2020: £10,000) for providing services.

During the year under review donations of £1,200 were received from lay Trustees and £19,039 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 11

THE ORDER OF ST BENEDICT AT ALTON ABBEY

Detailed Statement of Financial Activities for the Year Ended 30 December 2021

		Period
		1.1.20
	Year Ended	to
	30.12.21	30.12.20
	£	£
INCOME AND ENDOWMENTS
Donations and legacies
Collections	2,222	4,203
Donations	70,023	46,639
Legacies	37,000	-
Grants	11,369	12,584
Pensions	19,039	18,120
	139,653	81,546
Other trading activities
Guesthouse	-	4,291
Shop income	-	346
Charges for services provided	10,000	10,000
Charges for premises provided	1,500	1,500
	11,500	16,137
Investment income
Dividends	24,519	24,191
Deposit account interest	17	93
	24,536	24,284
Total incoming resources	175,689	121,967
EXPENDITURE
Charitable activities
Wages	19,983	18,255
Provisions	8,389	8,944
Water rates and sanitation	19,074	6,707
Insurance	10,227	9,647
Light and heat	32,308	30,222
Chapel expenses	261	979
Postage and stationery	190	302
Telephone	3,837	2,136
Sundries	775	77
Repairs, renewals and cleaning	56,468	15,765
Medical expenses	2,637	9,948
Holiday allowances	1,110	420
Library and recreation	1,586	1,472
Motor and travel expenses	5,773	5,594
Depn: Furniture and equipment	11,701	11,993
Depn: Motor vehicles	343	457
Bank charges	505	497
	175,167	123,415

This page does not form part of the statutory financial statements

Page 12

THE ORDER OF ST BENEDICT AT ALTON ABBEY

Detailed Statement of Financial Activities for the Year Ended 30 December 2021

		Period
		1.1.20
	Year Ended	to
	30.12.21	30.12.20
	£	£
Support costs
Governance costs
Examiners' remuneration	750	750
Accountancy	2,340	2,150
Portfolio management fees	5,414	5,659
Legal fees	4,160	710
	12,664	9,269
Total resources expended	187,831	132,684
Net expenditure before gains and losses	(12,142)	(10,717)
Realised recognised gains and losses
Realised gains/(losses) on fixed asset investments	18,526	11,144
Net income	6,384	427

This page does not form part of the statutory financial statements

Page 13