Registered number 230096 The English Benedictine Order of Oulton Abbey Report and Financial Statements Forthe Year Ended 31 March 2024 Th8 En91ish Ben•dlctlnè Order of Oulton Abbey Contents Page Rtference and administrative infoitnation Report of the Trustees Independent Audi101s' Reportto the twstees staternentof Finan¢lal Activities 11 Balance Sheet 12 statement of Cash Flows 13 Notes to the Finanryal Slatsmenls 14 The English Banedlctlne Order of Oulton Abbey Reference and admlnrstratlve Inforniation TTU$tees The Right Reverend Dom David Charl85WOrth (Chairman) Reverend Dom Thomas Regan Dame M8ry Peter Smith Mr Elias Baroudl Professor Andrew Hassell Philip Arkwright Fr Simon Steven5 resign8d 61212024 appointed 271612023 appolnted 61212024 Reglstsred office Oullon Abbey Qulton stone Staffordshi ST15 8UP Charfty Number.. 230096 Auditors BK Plus Audlt Llmi18d Advgntur8 Plac8 Hanley Stoke on Tient ST13AF Bank6T8 National WÈstsninster Bank PLG Granville Square Stone Stafford5hire ST15 8AE Sollcltors Pickering & Butters 19 Greengate Street stafford ST18 2LH The English Benedictin• Order of Oulton Abbey Report of thg Trustees for the year ended 31 March 2024 The trustees present their report along with the audlted financial statements lor the year ended 31 Mar¢h 2024. The financial staletnenls have been prepared in acGordance with the accounting poli￿e5 SEt out in note 1 to the accounts and Gomply with the charills Iiust deEd, the Charllies Art 201 l and the Statemenl of RecommÈnded Practice 8pplicable tts charities preparing their accounts in accordance with the Financial Reporting Slandaid appll¢able in the UK and Republi¢ of I￿18nd published on 16 July 2014 Reforence and Administratlon Informatlon The Charity is registered VAth the Charity Commission under the registration number 230096 (England and Wales). Details of the Charity'5 Trustee5, registered offi¢e and professional advisers are given on paoe1. Structure? gDvernall¢e and managBment The Engllsh ￿en￿1ClIne Ord8r of Oulton Abbey was establish￿ by a trust deed and reglstared 8S harity on 22 July 1963 and varied by a scheme datsd 15 November 1996 and a d8ed of Ydriation dated 21 July 2011. The charlty also OP8rates under th8 name5 of Oulton Abbey ar￿ Our Lady & St. Benedicvs Care Horne and Oulton Abbey Playgroup. The tru8t888 are appointed by the Chainran of Trustee5. On appolnknent each trusteE IS given the Charity Commission book18t "Responsibilities of Charity Trustees" The tru51ees me&t at least three time8 durin9 the year to revi&w the 8reas of adivity foi the Charity, including care hotne matters. investment, reserves and rrsk rnanaoem&nt policies and performan￿. Th8 day-ttrday running olthe ¢harity was delegated bythe Trustees to the Ag8nttc the Tiustees. The cart home operations wer& managed on a daily basis by Matron and the 8usiness Administrator with $upport frc)m the Agènt lo the Trusleps. Rlsk management The trustees acti¥ely review th8 major risk which the rharily fac&s on a regular basls and believe that rnaintsining rpserwes al the current leve15, Cotnbined with an annual review ol tha controls over key financial Systems, wll prey￿e sufficient resources in the event of adverse conditions. The trustees h8ve also examlned Dther operational and business risks faced by the ¢harity and confirm that they have established 5yslem5 to tniligale thè significant ri5k5. The English Benedlctlne Order of Oulton Abbay Report of the Trustees for the year ended 31 March 2024 OblectlYe5 and actlvltles The object of the Ch41ily 15 th$ adv8ncernent of religious, educational or olher ¢harilabl& Works. When planning Ihp obje¢livès for the year, the tr￿Ste8S have Gonsidered th8 Charlly Cotnmlssion's guidHnce on publi¢ benefit and in particular the specific guidance on ¢haritle5 for the advan¢ement cf religitrn. The Trustees pursue their charrtabl& objectives throLJgh encouraging attendante to the day-to￿aY Gelebration of the divine office5 of thÈ Church and by welcoming guests. In addition the Trustee5. through the etnployment of suitably qualified stsff, run and operate a Ixre horne for the e1d8rly. Resldpnts b8nefit from the religious almospher? and care, which Is given throughout the care home. To facilitate the objectives the Iwslees recognise the importance of maintaining the fabric of the functional property and the Deed lo develop various urtused buildings so that they do not become a lobilily to the Charity. Achievernents and perforniance The Care Hom8 has been operating from its new bu1￿1n9 sin¢e June 2017. Thp former home and Abbey buildings are empty awaitlng further dev8lopment. The Care Home is operated to the highest standards of c8re and fHcililies. It is maini8in8d in an'as neW' stale and has a higher staffing r8tio than many homes in the sector. Although there are 49 beds at the Care Home, in line with natlonal trends bt is provlng ever harder to fill beds, to f5nd suitable staff and to obtsin the funding rtquired to meet the highest stand8rd5. In Soptetnber 2019 the Care Home received a'Good ratlng from the Care Quality Commission. Flnancial roview The Statement of Finandal AGtivilies on page 11 disGlo$es net outgoing resources of £471,30312023' net outgolng resources of £432,6581. This yeaTS figures inclucle Impairm8nt Ios5e5 of £62,215 and for the first time, a care home building depreciation charge of £144,887. The r8sults above include the care home a¢tivities. The carp home activity r85ulted in a deficit on ordinary activities of £62.215 bEfore Impairment charge5 and the care hom8 building depre¢lation charg8 12023.. deficit£369,3041. Prfncipal funding Source The principal funding 50urGe forthe current year 15 the surplus on the nursing ham8 8di¥ity. Investment pollcy The trustees have the power to inve51 in su¢h assets as they seE flL Detal15 of movamanls in fixed a55els are Bet out in note 13 of th8 accounts. Tho English Benedlctlne Order of Oulton Abbey Report of th& Trustees for the yèar ended 31 March 2024 Reserves pollcy The trustee's airn is to malntain fr88 resetves in unrestricted funds, that are not committed or invested in tangibl& fixed a5sEts, at a lewel that equate$ lo approxirDalely three month5 01 unrestricted charitabl8 expenditur8. The reserves of the charlty in¢lud8 fixed a55ets of £7,353,440. The Gurient levèl of resetve5 is less than ideal. The board is ¢urrèntty taking measures to irnprove the reserves posits.on as disCrib￿ the'Plans for the future section'of thi5 rep¢>rt. Acknowledgèments The financig15talementS Sel out the results for the period but do not ￿flect the ConS￿erable support given to the charity by volunteers. Such support is wlal for the charity Its function successfully. Plans forthe lutUl8 The board oltru5tees has a c105e relationship wth The BuGkfast Abb8yTIust and have agreed in princip18 to transfer ¢ertain asset5 of the charity to The Buckfast Abbey Trust at which pointthÈ loan will be considered to have been repaid in fu51. As part of this proGe5S the ¢are home operation wll be partof the sale and The BuckfastAbbey Trust will tak8 over the assets and Ilabillties of th@ care hurne operations. In the rneanbm&. The BucktsstAbb8y Trust has undertaken to ¢ontinue its support of the charity. This should allow the charity to repay it5 d6bt$ and move foN4ard albait as a muth smaller operation. The English Benedictine Ordèr of Oulton Abbey Report of the Trusteès for the year ended 31 March 2024 ststement of trustees. ro$ponslblllties The charity trustee5 arts responsible fgr preparing a twslees, annual report and finan¢ia1 statements in a¢COrdan￿ wilh applicable law and United Kingdom Accounting Standard5 Iunlted ￿"ngdorn Generally A¢cepted A¢counting Pra¢ticel. The law applicabl6 to Gharitles In England and Wale5 requires the charKy trustees to prepar8 finanelal statements for each year which give a twe and fair view Df the state of aftairs of the charity and of the inooming resources and applicalion of resour￿, of the charity foi that per￿￿. In preparing the financial statements, the trustees are required to.. 3&1ect 5uilablè accounting poliues and then apply them consistently. observe the method5 prlnciples in the applicable Charlties SORP., rnakeludgement8 and esumatss that are reasonable and pruden( State whether applicable accounting standards and statements of recommended prarti¢e have been followed 5ublect to any departures disdosed and explained in the financia1 statem8nts., and prepare the financial statementy on the going concern bas￿ unless It b inappropriate to presume that the charity w￿1 continu8 in business. The trustees are re5POn5Ible for keeping proper accounting records which disclose reasonable a¢¢uracy at any time the financial position of the Gharily and enablÉ them to ensure that the financial statements comply wth the Charitie5 A¢t 2011, Ihe appllcable Charltles (Accounts and Reports) Regulalions, and th& provisions of the Trust deed. They are also re8pon51ble for safeguarding the asset5 of the chariiy and hence for taking reasonable steps for the P￿ventIon and detection of fraud and oth8r iflEgulariliÈs. The trustees are re5pon5ible for the rnaintenance and integrity of the charity and financial informaUan Included on the cJ)arity'3 website in a¢eordance with legi51atlon In the United Klngdom governing the preparation and dis88rninats.on Dffinancial 5tatgm8nts. This reportwas approved by the trustees on th6 dale sht>wn below and slgned on their behalf by'.- The Right Rever David Charlesworth (Ghairnanl Dated.. 7* Independent Auditors. Report to the tru5t8es of The English Banedictine Order of Oulton Abbey Oplnlon hav6 audited the financ4al statements of The Engllsh Benedieline Order of Oullon Pbbey (the 'ChaTityI foi the year enEled 31 March 2024 which Gotnprise th& Statement DF Financial ActivitlES, the Balance Sheet. the Statem&nt of Cyshflows and notes to the fsnancial 31alements, including a summary of significant accounting policies. The financial reportsng framework thal has been applied in th&ir preparation is applicable law and United K1ngdom Accounting Standards, Induding Financial Reporting Standard 102.. Thp Financial Reporting Standard applicable in the UK and Republi¢ of lrtland (United Kingdorn Generally Acceptecl Accounting Praclicel. In our opinion, th8 finanGial statements.. give a true and fair wi8w of the state ol the Charity's affairs as at 31 M8rch 2024 and of Its inCDMe and expenditur8 lorthe year thon ended., have been properly prtpared in 8ccordance wth United ￿ngdoM Generally Acc8Pted Accounting Practice., have been prepared in accordance wlh the requirem8nt5 of the Charities Act 2011. Basis for oplnlon W8 conducted our audit in a¢cordance wlth International Standards on Auditing IUKI IISAS IUKII and appli¢8b18 law. Our responsibili118s und8r those stsndards are further destrib8d the Audiloffs responsibil￿leS for the audit of th& financial statements s&ction Df our report, W8 are IndÈpend8nt of the Charity In accordance with the ethical requirernenls that ar8 relevant to our audit of the financlal stat8ment5 In the UK, including tho FRC'S Ethical Standard and the PIOV151Dns available for small entities, in the urcumstances Set out in note 18 to the finanaal statement$, and we have ￿lfIlled our other ethlcal responsibilthes in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provi(Se a basis for our opinion. Concluslon$ relatlng to going concern In auditing the Iinancial statements, we have concluded that the trustees, use ol the going concern basi8 of accounting in the prepar8tion of the financial statements is appropri8ts. Based on the work we have performed, wa hav8 not idents.fied any materlal uncertaSnlies relating io events or condit50n5 that, individually or collectivèly. may cast significant doubt on the Gharitys ability to continue as a going concein foi a period of at 18ast 12 months from when the financial statements are authorised for 18sue. Our responsibilities and the responsibilities of the dlre¢tors wlth respect to going concern are described in the relevant 5e¢tions of this repDrt. Indopendent Auditors. Roport to the trustees of The English B8n8dl¢tlne Order of Oulton Abbey Othgr informatlon The other information comprises the infomation indud8d in th$ annual r8port, other than th8 rinancial statements and our audilorfs iepDrt thereon. The trustees are responsible for the other information. Our opinion on the finan¢i01 statements doss nDt cov&r the other infomation and, except to the extent oth&rwisE expliciuy stated in our report, we do not express any form of a5suranc8 conclusion thereon. connection with our audit of the financial statements, our ￿SpOnsIbl11ty 15 to read the othar infotrnation and, In doing so. con51der wh8ther the other information is materi211y inconsistent with the finan¢ial slalem&nts or our knowledge obtained in the aud1( or otheThvise appea15 to be rnatèrially misstated. If we idantify su¢h matèrial inconsi51encios or apparent mat8rial misstatemont5, we a￿ required to determine whether there is a material tnisststement in the fin8ncial 5tstements or a materia1 rnlsstatement of the other inloimalion. If based on the work we have performed, we conclude that there 15 a material misstatement ol this oth&r informauon, we are required trj report that fact, W8 have nothing to report in this regar(l. Matters on whl¢h wa are requlred to report by ex¢eptlon In Ihe light of the knowledge and understanding of the ¢harity and its environmenl obtained In the course of the a￿lt. we have not Identified malerial misstatements In the truste&s' r8port. We have nothing to report in respect of the following mat18rs in relatlon tty which the Charfties Act 2011 ￿quireS us to report lo you if. in our opinion.. the infvmiation given in the trusteos. annual report is inconsistent in any material re5pe¢t with the financial statements., sufficiellt accounting records h8ve not been kept., the f5nancial slatsm8nts are not In agreement with the accounting re¢ords and r8turns,' or we have not obtained all the information and explanations necessary for the purposes of our audlt Respon8lblllti08 of thtt trusto As explainpd more fully in Ihe trustees, r8sponsibllilies stat&mgnt set out on pag& 5, the trustees are responsible for the p￿paratIOn of the financial statements and for being satisfied that they give a true and fair view. 8nd for Such intemal control as they determine 15 ne￿SSary to enHble the preparation ol financial statements that are free from material misstatement, wheth61 due to fraud or error. In preparing the financial stat8rnents, the trus￿5 are responsible for as$es$ing the Charlty's ability to continuè as 8 going concern, disclosing, as applleable, matt8rs relatsd to going concern and using the going con￿rn basks of a¢¢ounting unless the trustees aither intend to I￿U[date the Charty orto cease operations. or have no reallstlc alternative but to do so. Independent Auditors, Report to the trustees of The English Benedictine Order of Oulton Abbay Audltor'$ rgspomslbllltles for tho audlt of th# flnan¢lal stst8ments Our obj8ctlves are to obtain reasonable assuranc8 about whether the financial statemènts as a whole are free from matsrial misstatement, whether due to fraud or error, and to Issue an auditor's report that includ&8 our opinion. Reasonable assuranc8 is a high level of assur2ne8, but is not a guarantee that an audit conduded in accordance with ISAS IUKI vitll always detect a rnaterial mi5Statetnent wh&n il exists. Mi5Statements can arise from fraud or erior and considered material if, individually or in th8 aggregate, they Could reasonably be 6xpeGled to infltsence thÈ ecDnomic decisions of users taken on the basts ol these financial staternents. I[￿gUlar￿e5, indudlng fra￿. are instances of non-c0mpl1an￿ wllh laws and regulatlons. We design pro￿Ur¢S in line wth our rospon5ibililie5, Diillined above, to detect material misstatements in respect of irregularities, including traud. The extentto whkh our procedu￿$ are capable of detecting iiregulaiitie5, induding fraud is d8tsil8d below.. The extent tc* whl¢h the audit was considered capable of 4¢tectlng irrogularitles Includlng fraud Identilylng andrespondin9 to risks of material mtsstatement due to fraud To Identify risks ol material misstat8ment due to fraud I'lraud risks'l we assess￿ &vents or Gondltions that could indicate an in￿ntIVe OF pressure to commbt fr8ud or prtsvide an opportunity to cemmit fraud. Our risk assessment pro¢edures included.. Enquiring of ttustees, infomed management and inspection of policy dorAJmentation as to the Charivs high~level polici88 and procedures to prevent and detect fraud as well as whether they have knowledg8 of any actual, 5uspe¢ted or alleged fraud. Reading Trustees. meetlng5 We communicated Identified fraud risks throughout the audkt team and T8rnained alert to any Indlcations ol fraud throughoutthe audit. As ￿quired by auditing standard5, and taklng Into account our overall knowledgg of the control environment. W8 perform procedure5 to 3ddrÈ$$ the risk of msnagement override of controls, in particular the ii5k that ￿anagement may be in a PDSilioD lo mak& inappropriate acwunting entries. On this audit we do not believe thore is a fraud risk related to revenue recognition because th8 rev&nue 15 non-judgmental and straighttorward, with limited opportunty for manipulation. We did not identify any athition81 fraud riskg. Wa perform￿ procedures lllcluding identifying journal entries to tP5t based on risk criteria and compaiing the identified entries to supporting docum8ntatlDn. Thpse includ8d those p05te(S by senior finance m2n2gementl thos8 POSted and approved by the s8rn8 userl those posied to unusual accounts Indèpondènt Auditors. Rèport to the trustees of The Engllsh Benedictine Order of Oulton Abbey Identilying and responding to risks of matertal mlsstatèment due to non-complianee with laws andregulations We idÈntified areas ol laws and regulations that could reasonably be eype¢ted to have 2 rnaterial effect on the financial Statements fiom our general ¢ommercial and sector experience ,and through dlscu5sion wlh management las required by auditing standard51 and discussed with managetnent tho poli¢ies and prO￿dureS regarding compliance with laws and r￿ulatIOnS. We ¢ommun1cated identified laws and regulations throughout our team and remained alert to any Indication8 of non-complianc8 throughout the audit The potential 8ff8Ct of thes8 laws and regulalSons on the financial statements vari95 Cons￿erablY. Flrstly, the Charity sublecl to laws and regulations that directly affect the finan¢ial statements Induding finan¢ial ièporiing legislation lincluding related companiES Ipgislationl, taxation legislation and the Chari1188 Act legislation and we assessecl the extent of compliance with these laws and r8gul81iDns as part of our procedures on the rÈlated financial statement items. Secondly. the Charlty is sublect ta many other laws and regulatltrns where the Consequences of noncornplianc& could have a material effect on amounts or diselosures in the financial statements, for Instance through the impositson of fines or litigation or the loss of the Charity's I1￿￿$? to operat8. We idèntified th8 following area5 as those most likely to hav8 such an effect.. Care Quality Commission registration. health and safety. anli-bribery. employment law, dats protection, anli-money laundeilng anL% specific areas ol r&gulatory capital and liquidlty and cert￿"n a5PEcts of ci)mpany legislatlon re¢ogni$ing the nature of the cha[￿ty'S act￿vitIes. Auditing standards limitthe required audit procedures to identify non-compliance with these laws and regulations to enquiry ol management, inspection of regulatory and legal co[￿Spond￿nte, if any. Therefore, if a breach of operational regulations is not dI501Dsed to us or evidenl from relevant ¢orrÈspond#nce. an auditwill noldetect that bleach Context of the abAIty of the audit to dete¢tfraudorbre8che5 of law orregulation Owing to the inherent limitations of an 8udil, there is an unavoidable rrsk that W8 may not hftve detected some materia5 misststements in the financial slatem8nts, even though we have propeily planned and performed our audit in accordance with auditing standards. For @xample, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial slat&ments, the less likely Ihe 5nherenlly limited proc8dur8s required by auditlng Standards would identity It In addition, as with any audit. there remained a higher risk of non detestion of traud. as these may involve collusion, forg&ry. ini8ntional omi$sion5. misrepresentation8. or the oveffida of inteTnal controls. Our audit Pro￿dureS are des￿Med to detect mat&rial misstaternent We are not rosponsible foi preventing non.¢omplianee or fraud and cannot be expeded to detect non-complian¢e wth all laws and regulations. A further de5¢11ptlon of our responsibilits.es for th6 audit of the financSal ststements is located of the Financial Reporting Council's web511e at.. ￿ty¥w.[r¢.OrQ.UklaUd1Ior8r&3ponSlb11￿es. Thls description forn)s P8rtof our auditor's Teport Indopendent Auditors, Report fo thè trust8es of The English Be.ryediotine Otdèt Of Oujton Abbey U$e of ourr8port This report Is mad8 solely lo thè Charltys Iiustee8, as a body. in aC￿rdanCe ￿th $8clion 144 of the Charilles Aèt 2011 ahd the i¢gUlall"ons ma¢6 under secbnn 154 tsf that Act. Our audit work ha8 been undertaken $0 that we might slate lo the Charity's trustees those matters we are rèqulred lo S￿te to thè.rD in an auditors ￿port a￿d for no oth8r ptirpose. To ftjliest extsnt pemittEd by law, we do nDt 8¢cepl 01 assume re5pon$ibifity to anyone other than the Chariws trustees ps a ¥ody, for ouraudit V￿rk, forthls report or forthè vpNions we have formed. L kJ BK Plus Audit Llnbit¢ tskntory Audittsrs Adventure Place Hanl8y stDk8 on Tient STI 3AF Dated.. i¢ib 10 Thg Engllsh Benedictine Order of Oultorj Abbèy ststement of Financial Activities for the year ended 31 March 2024 Unr8strlctod R¢strlcted Endowment Funds Funds Funds 2024 Total 2023 Total Notes Incomo Donation5 & legades Charitable activities FuThe tru8tees consider that it is 4ppi 4 Inv8Strnent incorne Other in￿rne 4,136 2,901.352 33 27,142 8,500 83 4,219 2.901,352 1,745 27,142 8,500 3,565 2.550.215 1,030 27,755 17.316 1.712 Tolalincome 2,941,163 1.795 2.942,958 2,599.881 Expenfliturfr Cost of raising fvnds Property letting ¢osts 4.925 4,925 14,884 Expenditure on charitsble a¢liwties' Care home General 3,231,251 176.290 1,795 3,233,046 176,290 2,922.140 95,715 Total exponditure 3.412,466 1,795 3.414.281 3.032,539 NetincOme/f6xppnditLI￿j Transfèr betwe¢n funds 1471,3031 1471,3031 1432.65BI N8IrF￿¥eMgTrtIn fvnds 1471.3D31 1471.3031 1432,6581 Reconcilration of funds Total funds brought forward 142,094 77,274 4,025 223.393 656.051 Tot811unds c8rri8d forward 329,209 77,274 4,025 247,910 223.393 The English Benedictine Ordèr of Oulton Abboy Balance Sheet as at 31 March 2024 Note$ 2024 2023 Fixed assets Tangible assets 13 7,353,440 7.610,479 Totr81 fixed assets 7,353,440 7,810,479 urrent assets Debtors Cash at bank and in hand 14 41,967 90,216 192,880 63.617 Total current 8ssets 132,203 256,497 Creditors". amounts falling due wthin one year 15 183,623 3S3.468 N&t curr8nt(liabilltlesJ oss8ts 151,4201 196,9711 Tot818ss8ts less ourr8nl {liabililles) as$8ts 7,302.020 7,513.508 CreditOTS'. amounts falling due after more than one year.. 16 7,549,930 7,290,115 Tot8lnet assets 247.910 223.393 Thè funds of the ¢harlty: Endowment fund 17 4.025 4,D25 Restricted income fvnds 17 77.274 77,274 Unrestrl￿ed incorne funds General funds 17 1329,2091 142,094 Total ch8rifylunds 247.910 223,393 The notes at pages 14 to 25 fomi part of these accounts Approved by the trust8es on the dats shown below and slgned on their behalf tsy: The Right Reverend Dom D arlesworth (Chairmanl Datsd.. Jo2 12 The English Benedictin8 Order of Oulton Abbey statoment of Cash Flows for the year ènded 31 March 2024 Total funds 2024 Total fund$ 2023 Notas Nel cash used In operating a¢tlvlties 21 115,448 Th8 Iru5tees Gonsid8rthat it IS 8ppropriate to Cash flow5 from Investlnga¢tlvhles Interest and rental income Purchase of furniture alld equipment Care home prop&rty Gosts Site developm8nt costs Proceeds from sale ol asset 27,142 15,7971 27,765 121,4071 16,0001 8,500 17,316 Net cash provld?d by 5nvestlng activitles 29.845 17,664 Cash flow5 from Ilnancing a¢tlvlties.' Repayment of boriowing Cash inflow from n8w boriowlngs Net ca3h provldÈd by finanGlng activitie¥ Change In cash and eash equivalents In the yoar 26.599 197.7841 Cash and Cash equivaltrnt brought foTh¥ard 63,617 161,401 Cash and cash equlvalents carrfied forward 63,617 13 The Engllsh Benedi¢tir18 Order of Oulion Abbey Notes to the Financial Statements for the yaar ended 31 March 2024 Accountlng pollcle Basls of preparatlon of accounts ThE accaunls Ifinansial staternent51 have been prepared undei the hi81orical cost conv&ntion with iiems rewgnised at cost or transaction value unl8s5 Qthe¥wse $tat8d in the rèlevant notelsl to these 8ccount8. Tho financial statements have been prepared in a¢¢c)rdance with tha Statement ol Recomtnended Practlo.. AccDunting and Reportlng by ¢haritie5 preparing their accounts in acGordance with the Financial Reporting standards applicable in the UK and Republic of Ireland IFRS 1021 issued on 16 July 2014 and the Financial Reporting Stsndards applicable In the United ￿ngdorn and Republ1¢ ol Ireland IFRS 1021 and the Ch8rilie5 Act 2011. The a¢¢aunts lfinaneial slatem&ntsl have b$&n p18pared to gp18 a 'true and fair, view and hav& departed Iro the Gharitie5 (Accounts and Reports1 Regulatlons 2008 only to the extent required to provide a 'true and fslr vlew. This departure has involved following Ao¢ounting and Reporting by Charities preparing their accounts in accordance with th8 Financial Reporting Standards applicable in the UK and Republic of Ireland IFRS 1021 issued on le July 2014 rathÈr than the A¢¢ounling and Repotting by Charities.. Statement of Recomrnended Practice effective from 1 Ap￿1 2005 which has slnGe been withdrawn. The trust consbtulès a public benefilentity ag defined by FRS 102. The trustees consider that It is appropriate to pr8pare the accounts on a golng con￿rn basls. The most significanl ar8a of key assumption is in resp8cI to the Trpayment terms of the loan provld8d by The Buckfast Abbey Trust (note 161. Th8r8 are no fixed repayment terms and thp loan was 8dvan¢ed on the understanding that it will be ￿paid when the care home is generating sufficlent cashflow surplus to allow repaym8nts to be made without effecting the ongoing operations of the Gh￿rIty. Th8 board of trust885 ha5 a ¢los8 relationship with The Buckfa5t Abbey Trust and have agre8d in principle to transfer assets of the charity to Th& Buckf)st Abbey Trust atwhich polnt the loan wll be considered ta have been repald in lull. As part olthis pro￿5 the cere horne op&ration wlll b& part of the sal$ and The Buckfast Abbey Tru$l will take over th8 855els and liabilit￿S of the Ga￿ hom8 operations. In the meants"me, The Buckfast Abbey Trust has undertaken to conbnue supporting the charity, Fund structure Endowment fund Endowment funds are funds where the asset5 muslbe h61d pem)anently by the Charity. Re5tri¢ted funds Restricted funds are subjected to restriotions Dn their expenditure imposed by the donor or through ihe terms of an apppa1. Unrestricted funds Unrestricted funds represent unrestri¢ted incorne which is expendable al the discretion of the twstees in the furtherance of the Dblecls of the ¢harity. 14 The English Bèn6dlctine Order of Oulton Abbèy Notes to the Financial Statèmènts for the year ended 31 March 2024 1 Accountlng poll¢les contlnued Incorne rècognltlon All incoming resources are included in the statement or rinanual activitie5 when the Charity Is entitled to the income and the arnount can be quantified Ntrith reasonable accuracy. The following specifi¢ pollcies a￿ applied to Particular categories Df income.. Voluntary Income is r8ceNed by way of grant5, donations and gitts and Is included in full the Statement of Financial A¢tivilies whèn r6ceivablo. Grants, whert enlillem8nt in not Condition81 on the delivery of a specific p&rforrnan¢e by the charity, are Tewgnised when the charity becomes unconditionalty entit18d to the grant. Asset5 given for use by tha charity are recogni8ed 85 Incoming r8sourcès at their estimated market value wh8n r&ceivable. If they form part of the fix8d assets of the charity, they are capilalised in the balance sheet at th8 V8lue at which the gift wss in¢lud8d in incoming resources. All esumates of valu@ of such gifts ale tnade by the trustees. ~ Nursing home fees, ￿CeIpts and collections are shown gross and accounted forwhen &arned. The incotne frDm fund raising is shown gr05S, With the associated costs lifanyl included infundraising costs. Investment incDm? Is included wh8n re￿]vable. hlo amount5 are includèd in the financlal stalem8nts for Services donated by volunt88rs. Endowtnent fund income is E51rided to the terms ol the endowrnent. Expendlture recognititsn Liabilities ar8 recognised as 8xp8ndilure as soon as there 15 a legal or constiJ¢live obligation ¢ommitting Ihp Charity to that expenditure. it is probakAe that ¥ettleTnent will be required and the amount of the obligation can bè measured ffliabty Resources expended are included on accruals basls as a liabllity Is Incurred. Expendlture is inclusive of VAT which cannot be recov&red and has been dassified und8T headings that aggregate costs that relate to the category. Overhead and support costs relate to the Charitsble Activities and have been apportioned based on usage.. Costs ol generating funds ¢4)mpri8e of those costs a8so¢lated wth inv&stment propert￿8 and investment managem&nt costs. Charitable expendiluffj cornp115e ol those costs inGurred in the delivery of its activities. It inGludes both costs that can be allo¢atsd direclty arid the relevant amount Df support costs that relate to that particular activity. Flnance and operating leases R8ntals appli¢ab1e to eperating lease$ are charyed to the Statement of Financial Activilies over the period that they are incurred. 15 The English Bonedictine Order of Oultork Abbey Notes to the Financial Statements for the year ended 31 March 2024 1 A¢¢tsuntlng policles continued Tanglble Ilxed assets and dopreclatlon Tangible fixed dssels are stated at cost less depreclation and any impalrmenl losse5. Interest in¢urred to finance the ¢onslruGtion of assets is ¢apilalised until Ihe asset15 available fvr use. Items under the cost of £100 are not Gapitalised. Depie¢ialion is provided by the charity at rates to wrllé off the cost of tangible fixed aBsets. lèss their estimated residual valve, ovèr their expected useful live5 as follows.. Land and buildings Included in land and bUI￿l￿g5'. Care Home Barn construction Playgroup cabin Furniture and equlpment 2% per annum on cost 4% per annum on cost 5% p&r annum on cost 10¥0 ofwritten down value 15%_ 25% per annum On cost No depreciation is prowded on certain freehokl properties a8 11 is the Char￿ty,8 practice to maintaSn these assets in a continual slate of good ￿paIr. Accordingly, the trustee5 Gonsider that the lives of these assets so long and resldual va1ue5 are 50 hlgh that depr&ciation is inslgnificanL Imp•lrmont of Fixed assot8 At each ￿pOrting p8riod ènd date, the ¢ompany revlews carrying amounts of its tangible assets to deteimSne whetherth8re is any Indi¢abon that thos8 asset5 have suffered an impairmentloss. If any su¢h indicatlon ￿l$t8. the recoverable atnount ol the asset is estimated in ord&r to detemiin& th& exlenl of the Impairment loss. Recognisgd Impairment losses ar8 r8ver5eEI il, and only if. the reasons forthe itnpalrment105s have c&ased to apply. Wherg an impairment loss subsequently reverses, the carrying amount olth8 asset is in¢rea5ed to the rewsed estimate of its reeov8rable amount. but so thatthe incieasÈd carrwng amountdoes not exceed the Garrying 8mountthat would have been detemined had no Smpairment bs$ been recognised for the asset In prior years. A reversal of an Impalrment loss is r8cognlsed immediately in profft or loss, unless the relevant asset is catried al a ￿ValUed amount, in which case the reversal of the irnpaimient loss is treated as revaluation increase. Investments l investments #re stated at market value at the balance sheet date. The Siatement of Finan¢lal Aelivities indudes realised and unreallsed gains and losses forthe period. 16 The English Benedictinè Order of Oulton Abbey Notes to the Financial Statements for thè year endèd 31 March 2024 2 Donatlon5 & legacles UnTr8tricted R8Stricted Endowment Fund5 Funds Funds 2024 Total 2023 Total Gifts and donations 4,136 83 4.219 3,565 4,219 3,565 3 Charltablo activllle$ Unre$tricted Restricted Endowm¢nt Funds Funds Funds 2024 Total 2023 Total ca￿ home fee5 ApprenticB funding Grants 2,883,815 16,080 2,883.815 16,060 2,539,813 8.820 mis￿118ne0uS re¢eipis 1,457 1.457 1,582 2,901, ,901,352 2,550 21 4 Fundralsing aGllvltles Unrestri¢tÈd Restricted Endowment Funds Funds Funds 2024 Total 2023 Total Mi8cellaneou$ events 33 1,712 1,745 1,030 33 1,712 1,745 1.030 6 Inve8tment in¢c¢me Unrestricted Re5tri¢tpd Endowmgnt Funds Funds Fund5 2024 Total 2023 Total Ineome fTOrn Investmonts held In U.K. Rents from proparti&s Bank Interest 26,777 365 26,777 365 27,541 214 27.142 27,142 7,755 6 Other inttom8 Unrestrlcted RÈ$trlcted Endowment Funds Funds Funds 2024 Totsl 2023 Total Profit from sale cf land Income from sale ol assets 17,316 8,500 8,500 8,500 17 17 Tho English Benadictlne Order of OuEton Abbey Notes to the Flnancial Staternents for the year ended 31 Illarch 2024 7 Property letting costs Unre$trlcted Restricted Endovmiont Fltnds Funds Fund5 2024 Total 2023 Total Repalrs and Maintenan￿ to properties 4.925 4.925 14,684 4,925 14.684 8 Allv¢atlon of sUPPOrt GV5ts The costs of ststionery. advertising and tèlephone charge$ prewouslytreatecl as support Costs are allocated directty to th8 charitable activity conGèined. Charltable activitles Care Hom General 2024 2023 Chaplains maintenan Charitable donations Church goods, flowers bwk$ Food eto staffing costs Medi¢al cara expenses 2,400 5,280 30 7.680 30 1,856 102,338 2.183,909 51.444 5.356 4,318 150.815 44,867 72,800 88,795 16,382 5.191 10,077 1.283 23,563 57,347 22.026 5,468 24.290 6.850 259,815 7.291 200,621 62.215 62,215 rffj46 Th 3.409,336 3,017,855 8,366 162 102.338 2.183,909 51,444 5,356 4,318 138,898 20,511 21.840 86.603 16,382 5,191 10,071 594 23,563 56,4fj5 21,757 5.468 19,370 3,425 259,815 193,330 110,994 2,0￿,526 44,478 2,988 6,481 71,536 38,243 59,565 83.847 11.250 Unifom costs Heating and lighting Rale8 and water Insuran Repairs and tHaintenance Equiprnent leasing and rental Tel8phone costs Stationery and advertising Motor and travelling Outsourced laundry sem Cleaning expenses M15cell•neous exp8nse5 Residént activity costs Legal and professional feES Audit fees Loan interest Depreciation Impalrment Ioss8S 11,919 24,356 So,￿0 2,192 10,285 1.308 41,919 53,592 21.019 3,260 48,601 6,970 250,416 58.938 689 882 289 4,920 3,425 10 Funds tran8f8r No Iransfprs bet￿n funds We￿ made this year. 18 Tho English Benèdlctlne Order of Oulton Abboy Notes to the Flnancial Statsments for the year ended 31 March 2024 11 Net incomlng I loutyolngl resources 2024 2023 Thi8 IS Stated aft8r charging.. Dep￿claI10n & other amounis written off rixed assets owned by the charity Impairmènt10s$8S Audit fees oth8r professional fees paid to the auditors 200.621 82.215 6.850 3,794 56,938 6,970 3,470 12 Analysis of $taff costs. trustee remuneratlon ond oxpenses, and the cost of key managoment personnel The average weekly number of per8ons employed by the ¢harily during the year was.. 2024 2023 General maintenance Care staff Care home administration Charity administration 93 89 99 95 The aggregate payroll costs of the above was.. 2024 2023 Wages and salarfes Social security ¢osts Pension Costs 2,034.225 126,262 23,422 1,746.958 111.479 20,448 3,909 ,885 Agency staff are used by the charity ttr cover staff shortage Mrithin the Car? Home. No etnployeès emoluments exceeded £60,000. Pension contributions have been made in acGordanc8 Wlth the ulo-enrolrnent leg￿slation. The TtU5t ¢onsid8rs its key managern8nt personnel comprise of the trustees and the Tru51 se￿tary. No remuneration was paid to trustÈQ8 in the year12023.. Nill. Payments to indlvidual trustees for travelling expenses ieSmbur$ed in the ypar£68912023.. £6121. Redundancy and temiinab'on payments made during the year amounted to £8.00012023.' Nill. 19 The English Benedictine Order of Oulton Abbey Not8S to the Finan¢ial Statetnents for the ye3r 8nd8d 31 March 2024 13 Tangible fixed a$$ets Land & Buildlngs Land and New Care bulldlngs home Furnlture & equlpment Total Cost At 1 April 2023 Additions Di5P05als 782,643 6.684,794 513,397 5,797 7,960.834 5,797 Al31 March 2024 78 6.664,794 Depreciation At 1 April 2023 Charge for the year On disposals Impaim)ent losse5 52,567 4,291 297.788 51.443 350.355 200,621 144,887 62,215 62,215 At 31 March 2024 9.073 44,8 349,23 613.191 Net book value At 31 Mar¢h 2024 At 1 Aprll 2023 8e3,570 6.519.907 730,076 6 664,794 169.963 215.809 7,353,440 7,610,479 Land & Bulldlngs Now Care home The care home building has been cLassified separately as Its purpose and operation is sepatatp from th6 other buildings held by th8 charity. 14 Deblors: amounts falllng due within one y¢ar 2024 2023 Trade debtors Prepaym8nts Other debtD15 4,385 37.602 157,480 3S,400 41,987 92,880 15 Creditors: amounts falllng due witbln one year 20Z4 2023 Feés rai88d in advanGe Trade credltors TaX?￿an and social security Other creditors Accruals and defer￿d in¢orn8 159,461 70,605 50,496 21,842 51,064 64,325 34,911 19,486 64,921 183.623 353.468 20 The English Benedictine Order of Oulton Abb•y Notes to the Financsal Statèmtrnts for the year onded 31 March 2024 16 Creditors amounts f#lllng due after more than one year 2024 2023 Loan- Buckfa51Abbey Tnjstees Regisier8d. 7.549,930 7.549,930 7,290,115 7.290,115 Due within 2-5 years Due in greater than S years 7,549,930 7,549.930 7,290,115 7,290,115 Loan- BuckfastAbbey Trust. Loan arnounts recelved from Buckfast Abbey Trust have been advanced to assist $Dd support the charitable sctivitles ol Oulton Abbey. This loan is part of the "Programme Related Investments of Buckfast Abbey Whe￿bY they support other cotnTnunits"es by v8ing gr8nts and loans. ThÈ loan is secured by a leoal charge on the assets of Oulton Abbey dated 16 May 2012 in favour of BuckfastAbbey Trust. Balance al 1 April 2023 Balance at 31 Marth 2024 In¢omlng Rg8ources resources expended Galn$ and 105sè5 17 Movement in funds Trat)sfer UnTp$trfcted funds: General fund 142,094 2.941,163 13,412,4e61 1329,2091 Total unre$trl¢t¢d fund8 142.094 2.941,163 1329,209 Restrlcted funds Care home sUPPOrt fund 77,274 1,795 11,7951 77,274 Total restriGted funds 77,274 1,795 1,795 77,274 Endowmanlfunds Care endowTnent fund 4,025 4,025 Totsl endowment funds 4.025 4,02S Total funds 223,393 2.942 9S8 3,414,261 21 The English Benedictine Order of Oulton Abbey Notes to th8 Flnartclal Statements for thè year ended 31 March 2024 17 MvvÈmÈnt In funds- contlnued Detai15 of the restricted funds are as follows Nur5Fng HOMÈ support fund-A grant froTn Fernham Abbey was prewously invested in stock5 and 5hare5. The Income derived from the investment wa5 restrided lo support the nuising hDtne care. A number of years ago, the original stoBks and shares were sold and the total funds of £76,629 Inv&sted in the conversion of the rooms formerfy used by the members of the community into four bedrooms for the residents olth& Nursing Home. It is not possible to trAleulate with any degree of a¢Guraty the amount of profiudeficlt that is directly linked to the property improvements. The fund bHlantÈ In rÈ3pect of thi5 grant has been left at ils r&alised valup. In addltion to this. fund ralÈlng acliwti&s have been carrled out by Ihe support group In ortlér to provide funds to rinanGe excursions and entèrtainment forthE benefrt olthe resident5. CdTr enth)wment fund An endowment of £5,000 was reTriv&d from Bud¢fastAbbey TtU5tees ID 2006 which was invested in storks and Sha￿$, The Ineome from the endowwnent ran only be applied to support those dlsadvantaged elderly people who cannot pay the full Gost of a nursing home residential beds. Last y8ar the stod(s and sha￿9 w&re so5d and the total lund$ of £4,025 invested in the conversion of the room5 fotrnerly ttsed by the members of the community into fallr bedrooms for the residents of the Nursing Home. It 15 not possible to eaku18te *ryth any degree of accuracy the amount of profiudeficit that is direGlly linked lo the property lrnprovements. The fund balance in respecl of this grant has been lèft at its reali5ed value. Fund babnttes as at 31 March 2024 are represented by.. Unrestrlcted lunds R*strl¢ted Endowment lunds funds fotal funds Tangible flxÈd assèts Current assets Creditors.. amounts fallin9 Clue Mrythin one year Creditors.. arnounts falling due after more th8n one year Total net a55ets 7,273.835 130.509 1183.6231 75,580 1,694 4,025 7,353,440 132.203 1183.8231 7,549,930) 329, 09 .549,930 247,910 77,274 4.D2 22 The Engllsh Benedictine Order of Oulton Abbey Notes to the Financial Statements for the year ended 31 March 2024 18 Related partle$ e BuclrfastAbbe The Right Reverend Dom David charleswoth is a Trustee ol Oulton Abbey and is the Chair ol Tru5te&'s of Th8 BuckfaslAbbey Trust. Mr Philip Arkwright is a Trustee of Oulton Ab￿Y and Is the Chi81 Executive orfi¢8r of Th8 Bud(fa$tAbbey Trust Loans have been received from Th8 Buckfa5t Abbey Trust to assist and support the charitable activities ol Oulton Nhbey. Interest is chargad on thB loan at a ￿mMercial rate. The amount outstanding at the balance sheet dale was £7,549,92012023.. £7,290,115). The loan is secured by a legal charge On the assgts of Outton Abbey datsd 16 May2012 in favour ol The Buckla8tAbb6y Trustees R8gist8r8d. The Charity 8130 receNes HR adwce and other support from The Buckfast Abbey Trust at no ¢harge. It is not Possible lo quantify Ihe value of Ihis with any accuracy. Sale of assets to During the yearthe Charity sold as581s to Mr Eliès Baroudi ITruste81 forthe amount of£8,500. The value of lh8 8ssets was detemiined by a th￿Id party valuation and the salewas sanctioned by The board of Trust88S. 19 Non4udlt ser¥ice5 provld¢d by audltor In corrtmon wlth many ¢hariti8s of our5ize and nature wa use our 8uditoi's flmi to pr8pare and submit r8tum5 to the tax authorities and as51Stwith the preparation of the financlal statements. 20 Commitmonts Therewere no commifrnents forcapital expendItU￿ al the ye8r end 12023.. Nill. At the year end the chaTityvra5 committed to making the followng payments under non-cancellable operoting 18asos in the yearto 31 March 2024.. Plant & Other 2024 2023 Within one year tween two and fiv8 years OV8r five years 12,059 18,492 30,551 23 The English Bonèdictlne Order of Oulton Abbay Notes to the Financial Statemen15 for the year ended 31 March 2024 21 Reconciliation of net rnov¢ment In funds to net cash flow ft