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2020-12-31-accounts

Charity Registration No. 232550

DOWNSIDE ABBEY MISSION TRUST

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

DOWNSIDE ABBEY MISSION TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Rev Nicholas Philip Wetz (Abbot)
(Controller of the Trust)
Rev Martin Joseph Blanco Hood
Rev Marc David Brumwell
Rev John Barrett
Rev David Roger Charlesworth
Charity number 232550
Independent examiner Old Mill Accountancy LLP
Bishopbrook House
Cathedral Avenue
WELLS
Somerset
BA5 1FD
Bankers Barclays Bank Plc
PO Box 2156
1 Manvers Strees
BATH
BA1 1JZ
Solicitors Stone King LLP
13 Queen Square
BATH
Somerset
BA1 2HJ

DOWNSIDE ABBEY MISSION TRUST

CONTENTS

Page
Trustees report 1 - 4
Independent examiner's report 5 - 6
Statement of financial activities 7
Balance sheet 8
Statement of cash flows 9
Notes to the financial statements 10 - 23

DOWNSIDE ABBEY MISSION TRUST

TRUSTEES REPORT

FOR THE YEAR ENDED 31 DECEMBER 2020

The trustees present their report and independently examined accounts for the year ended 31 December 2020.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charity's governing document, the Charities Act 2011 and "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

The Trust Deed allows for the pursuit of such charitable purposes connected with the Roman Catholic Church as the Trustees, in their discretion and with the written consent of the controller, being the Abbot of Downside, think fit.

The Charity effects the running of parishes which are the financial and pastoral responsibility of Downside Abbey, and is responsible for the maintenance, refurbishment and possible rebuilding of the churches, presbyteries and halls of these parishes, and for the maintenance of the priests serving them.

The amounts of grants and donations payable are considered in light of the level of reserves available. Grants and donations from central funds are authorised by the Charity Trustees. Smaller grants and donations payable by the individual parishes are generally left to the discretion of the parish priest involved. However, this is reviewed periodically by the Trustees. Second collections are taken throughout the year for specific charities and funds as per Diocesan guidelines. In addition, the charity supports the parish schools at Bungay and Beccles.

Achievements and performance

In 2020-21, the Charity’s activities and performance, like so many other charities, were badly affected by the global pandemic, COVID-19. In March, churches were closed by order of the government, which had a significant effect on parish activity and of course, income and collections. The re-opening of churches from July with restricted numbers alleviated some of the problem but parishes are still suffering from reduced income, which is unlikely to return to prepandemic levels for a considerable time. The parish of St Benedict’s, Stratton on the Fosse, was able (and continues to use) the much larger Downside Abbey for two of its Sunday Masses, but their own church remains closed. The early ‘lockdowns’ of 2020 prevented many of the usual parish activities from taking place especially clergy visits to the sick and aged in their homes. However, parishes were able to use social media and telephone ministry to continue to inform and stay in touch with many of their parishioners.

All the parishes continue to support a wide variety of charities that work both in the UK and abroad but to a reduced degree in 2020. They also support and work with the disadvantaged who live locally. Much of this work is done in conjunction with other Churches and institutions.

In September, the Trustees decided to relinquish the incorporated parish of St Wulstan’s, Little Malvern. After consultation with other Benedictine Houses and the Archdiocese of Birmingham, the ownership and pastoral care of the parish passed to the Belmont Abbey Mission Trust on 31 December 2020.

Public Benefit

The Trustees confirm that they have complied with the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Charity’s aims and objectives and in planning future activities.

DOWNSIDE ABBEY MISSION TRUST

TRUSTEES REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2020

Financial review

Total net outgoing resources for the year amounted to £308,533 (2019: incoming £26,724). Collections and fundraising income has decreased by £28,462 to £167,318 (2019: £195,780). Charitable expenditure has decreased by £623,735 to £507,894 (2019: £1,131,629). Expenditure during the year ended 31 December 2019 included £902,568 payable to Downside Abbey General Trust in respect of chapels sold up to 31 December 2019. Expenditure during the current year includes £314,517 transferred to Belmont Abbey (shown as grant paid) in relation to the transfer of the Little Malvern parish. Included in the total are restricted net outgoing resources of £11,881 (2019: incoming £7,451).

The Charity’s balance sheet shows a satisfactory position with funds amounting to £744,539 (2019:£1,053,072). Included within the Charity’s assets are fixed asset investments totalling £250,000 (2019:£250,000). All investments held by the Charity have been acquired in accordance with the powers available to the Trustees.

Reserves

Notes 17 to 20 to the financial statements show the assets and liabilities attributable to the various funds by type and also show the various trusts of the Charity and summarise the year's movement in each fund.

The reserves of the Charity at the year end that are freely available for charitable use are as follows:-

Total reserves as at 31 December
Less:
Permanent Endowment Funds
Restricted Funds
Tangible Fixed Assets used for charitable purposes
forming part of Unrestricted Funds
Free Reserves of the Charity		 2020
£
744,539
(11,373)
(1,840)
(271,290)
460,036		 2019
£
1,053,072
(11,373)
(13,721)
(495,381)
532,597

The level of free reserves has increased. It is more useful to express the level of reserves in terms of months recurring unrestricted expenditure. This is difficult due to the large fluctuations in the costs of maintaining the Charity's properties. Assuming a recurring annual maintenance cost of £50,000 the free reserves represent approximately 27 months recurring expenditure (2019:26 months). The Trustees are satisfied that there are adequate reserves to meet day to day expenditure. However, the Charity has four churches the majority of which are old buildings requiring substantial maintenance and potential replacement. Additional sources of funds would have to be found to carry out major renovation projects.

The Trustees are permitted by the terms of the Trust Deed to make investments in any manner allowed by law for trust money.

The investments are held entirely in bank deposits to provide minimum risk.

Corporate Governance and Risk Management

Downside Abbey Missions Trust and its Board of Trustees are committed to high standards of corporate governance.

The Trustees have examined the principal areas of the Trust's operations and considered the major risks faced in each of these areas.

In the opinion of the Trustees the Charity has established resources and review systems which, under normal conditions, should allow these risks to be mitigated to an acceptable level in its day to day operations.

DOWNSIDE ABBEY MISSION TRUST

TRUSTEES REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2020

Plans for the future

The Trustees hope that with the passing of the worst phases of the COVID pandemic, parish life will slowly return to a more normal practice. However, the Trustees and Parish Priests will continue to exercise caution to ensure that the welfare of parishioners, visitors and clergy are paramount. One of our priorities will be to resume the different pastoral and educational programmes within the parishes as soon as possible. It will also be necessary to work with parish committees to strengthen the finances that have been so badly affected during these difficult times.

The Trustees will also continue to assess their ability to care for their mission parishes as the number of clergy and parishioners decline.

Structure, governance and management

Downside Abbey Missions Trust was constituted by Trust Deed in May 1932 as amended by Deed of Variation dated 6 October 2009; it is a registered charity, number 232550.

The Trustee of Downside Abbey Missions Trust is The Downside Abbey (commonly known as the £50 Trust), being an incorporated body of Trustees and registered charity number 232549.

The following monks made up the Board of Trustees:

Rev Nicholas Philip Wetz (Abbot)(Controller of the Trust)

Rev Martin Joseph Blanco Hood Rev Marc David Brumwell Rev John Barrett Rev David Roger Charlesworth

Organisational structure

The principal activity of the Charity is to manage and administer the capital funds, deposits and financial transactions of the following Roman Catholic parishes in the furtherance of the objects of the Trust Deed.

Stratton on the Fosse Beccles Bungay

Parish priests are responsible to the Trustees for the running of their parish accounts. The Trustees authorise grants and loans out of the Central funds to the parishes.

Management

The Controller of the Trust, being the Abbot of Downside, has absolute discretion over the appointment and removal of Trustees of The Downside Abbey General Trust (commonly known as The £50 Trust). The number of Trustees shall be no fewer than four and no more than twenty.

The practice is for the Monastic Community to select certain of its members to be Trustees and for the others to be appointed by the Abbot. It is also possible for up to three Trustees, who need not be members of the Downside Community, to be appointed by the Abbot President of the English Benedictine Congregation.

DOWNSIDE ABBEY MISSION TRUST

TRUSTEES REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2020

Connected Entities

The following entities are connected to Downside Abbey Missions Trust:-

Downside Abbey General Trust, Downside Abbey, Stratton-on-the-Fosse, Bath, BA3 4RH (Charity Number 232548).

Downside Abbey General Trust (A Company Limited by Guarantee), Downside Abbey, Stratton-on-the-Fosse, Bath, BA3 4RH (Charity Number 1158507).

Downside Enterprise Limited, Downside Abbey, Stratton-on-the-Fosse, Bath, BA3 4RH (Company Number 02456168)

The above entities are controlled by The Downside Abbey (commonly known as The £50 Trust) being an incorporated body of Trustees (Charity Number 232549). The assets of Downside Abbey General Trust are held separately from those of Downside Abbey Missions Trust.

Statement of trustees responsibilities

The trustees are responsible for preparing the Trustees Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources of the Charity for that year.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees r eport was approved by the Board of Trustees.

Rev Nicholas Philip Wetz (Abbot)(Controller of the Trust)

Trustee Dated: 28 September 2021

DOWNSIDE ABBEY MISSION TRUST

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF DOWNSIDE ABBEY MISSION TRUST

I report on the financial statements of the Charity for the year ended 31 December 2020, which are set out on pages 7 to 23.

Respective responsibilities of trustees and examiner

The Charity’s trustees are responsible for the preparation of the financial statements. The charity's trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.

It is my responsibility to:

Basis of independent examiner's report

My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the financial statements present a ‘true and fair view’ and the report is limited to those matters set out in the next statement.

Independent examiner's statement

Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has no w been withdrawn.

I understand that this has been done in order for the financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

In connection with my examination, no other matter except that referred to in the previous paragraph has come to my attention:

have not been met or

DOWNSIDE ABBEY MISSION TRUST

INDEPENDENT EXAMINER'S REPORT (CONTINUED)

TO THE TRUSTEES OF DOWNSIDE ABBEY MISSION TRUST

Tim Lerwill, FCA Old Mill Accountancy LLP Bishopbrook House Cathedral Avenue WELLS Somerset BA5 1FD

Dated: 11 October 2021

DOWNSIDE ABBEY MISSION TRUST

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 DECEMBER 2020

Unrestricted
funds
2020
Notes
£
Income and endowments from:
Donations and legacies
3
156,637
Investments
4
12,616
Other income
5
5,729
Total income and endowments
174,982
Expenditure on:
Charitable activities
6
471,637
Net (outgoing)/incoming resources
before transfers
(296,655)
Gross transfers between funds
3
Net (expenditure)/income for the year/
Net movement in funds
(296,652)
Fund balances at 1 January 2020
1,027,978
Fund balances at 31 December 2020
731,326		 Restricted
Endowment
funds
funds
2020
2020
£
£
24,376
-
-
3
-
-
24,376
3
36,257
-
(11,881)
3
-
(3)
(11,881)
-
13,721
11,373
1,840
11,373		 Total
2020
£
181,013
12,619
5,729
199,361
507,894
(308,533)
-
(308,533)
1,053,072
744,539		 Total
2019
£
217,089
17,318
923,946
1,158,353
1,131,629
26,724
-
26,724
1,026,348
1,053,072

DOWNSIDE ABBEY MISSION TRUST

BALANCE SHEET

AS AT 31 DECEMBER 2020

Notes
Fixed assets
Tangible assets
11
Investment properties
12
Current assets
Debtors
14
Investments
15
Cash at bank and in hand
Creditors: amounts falling due within one
year
16
Net current assets
Total assets less current liabilities
Capital funds
Endowment funds
17
Income funds
Restricted funds
18
Unrestricted funds		 2020
£
8,999
102,844
123,128
234,971
(11,722)		 £
271,290
250,000
521,290
223,249
744,539
11,373
1,840
731,326
744,539		 2019
£
6,351
102,519
263,380
372,250
(64,559)		 £
495,381
250,000
745,381
307,691
1,053,072
11,373
13,721
1,027,978
1,053,072

The accounts were approved by the Trustees on 28 September 2021

Rev Nicholas Philip Wetz (Abbot)(Controller of the Trust)

Trustee

DOWNSIDE ABBEY MISSION TRUST

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2020

Notes
Cash flows from operating activities
Cash absorbed by operations
22
Investing activities
Purchase of tangible fixed assets
Proceeds on disposal of tangible fixed assets
Transfer of tangible fixed assets
Interest received
Net cash generated from investing activities
Net cash used in financing activities
Net decrease in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2020
£
£
(361,596)
(10,897)
5,000
214,622
12,619
221,344
-
(140,252)
263,380
123,128		 2019
£
(367)
-
-
17,318		 £
(69,990)
16,951
-
(53,039)
316,419
263,380

DOWNSIDE ABBEY MISSION TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

1 Accounting policies

Charity information

Downside Abbey Mission Trust is a registered charity. Its principle office is Downside Abbey, Stratton-on-the-Fosse, Radstock, BA3 4RH.

1.1 Accounting convention

The financial statements have been prepared in accordance with the Charity's [governing document], the Charities Act 2011 and "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)". The Charity is a Public Benefit Entity as defined by FRS 102.

The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The financial statements are prepared in sterling , which is the functional currency of the Charity. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2 Going concern

In light of the current coronavirus pandemic, the trustees have reviewed likely future developments and remain of the opinion that there is no reason to believe that the charity will have to cease operation as a result of inadequate financial resources, or any other foreseeable event, within a period of at least 12 months from the date of the approval of these accounts.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

For administrative purposes the funds are split between the Mission Fund and the Parish Funds.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the Charity.

1.4 Income

Income is recognised when the Charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the Charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the Charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

DOWNSIDE ABBEY MISSION TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

1 Accounting policies

(Continued)

Income is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business, net of discounts, VAT and other sales related taxes.

1.5 Expenditure

Resources expended are accounted for in the period is which they are incurred. The irrecoverable element of the VAT is included in the item of expense to which it relates.

Where an item of expenditure falls directly within one cost category it is attributed to that category only, Where expenditure involves more than one category it is apportioned on a reasonable and justifiable basis.

Grants and donations are included in the Statement of Financial Activities in the year when they become payable.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings 20-100 years straight line Fixtures, fittings & equipment 15% reducing balance Motor vehicles 20% straight line

Items over £1,000 are capitalised.

Schools

The Charity owns the land on which its voluntary aided school in the parish of Beccles is built. The Bungay Missions Trust owns the land on which the voluntary aided school in the parish of Bungay is built. As stated previously a Charity Commission Direction to Unite for accounting purposes, Downside Abbey Missions Trust and Bungay Missions Trust has been granted. The nature of the occupation of the land by these exempt and excepted charities means that the Downside Abbey Missions Trust’s Trustees do not have the power to dispose of the land until the school ceases its occupation, which in turn would require the approval of the Secretary of State. Consequently, for the purposes of these financial statements the land is not capitalised. The cost of any land acquired for the purposes of a voluntary aided school is charged to the statement of financial activities in the year of acquisition.

Land agreed as surplus to the school’s requirements, by the Local Education Authority, may be disposed of by the Trustees who own the land.

The school buildings are occupied, improved, extended and repaired by the school governors. The nature of the occupation of these buildings by these exempt and excepted charities means that the Downside Abbey Missions Trust’s Trustees do not have control over the buildings until the school ceases its occupation, which in turn would require the approval of the Secretary of State. Consequently, for the purposes of these financial statements any cost of new building is written off to the Statement of Financial Activities in the year in which it is incurred.

1.7 Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.

DOWNSIDE ABBEY MISSION TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2020

1 Accounting policies

(Continued)

1.8 Impairment of fixed assets

At each reporting end date, the Charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any ) .

1.9 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10 Financial instruments

The Charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Charity's balance sheet when the Charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future p aymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Charity’s contractual obligations expire or are discharged or cancelled.

DOWNSIDE ABBEY MISSION TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2020

1 Accounting policies

(Continued)

1.11 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the Charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12 Government grants

Government grants are recognised at the fair value of the asset receive d or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

Government grants relating to turnover are recognised as income over the periods when the related costs are incurred . Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.

2 Critical accounting estimates and judgements

In the application of the Charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Depreciation

The trustees use their knowledge of the charity to estimate the useful life and residual of tangible fixed assets in order to arrive at applicable depreciation rates. In accordance with section 17 of FRS02, the trustees review and update these estimates if there are indicators that current estimates should change. During the year there was no change in the depreciation rates.

DOWNSIDE ABBEY MISSION TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2020

3 Donations and legacies

Unrestricted
Restricted
funds
funds
£
£
Donations and gifts
4,167
-
Collections and fundraising
142,942
24,376
Government grants
9,528
-
156,637
24,376
For the year ended 31 December 2019
178,986
38,103
4
Investments
Unrestricted Endowment
funds
funds
£
£
Rental income
12,278
-
Investment income
338
3
12,616
3
For the year ended 31 December 2019
17,188
130
5
Other income		 Total
2020
£
4,167
167,318
9,528
181,013
Total
2020
£
12,278
341
12,619		 Total
2019
£
21,309
195,780
-
217,089
217,089
Total
2019
£
16,704
614
17,318
17,318
Net gain on disposal of tangible fixed assets
Other income		 2020
£
3,171
2,558
5,729		 2019
£
910,915
13,031
923,946

DOWNSIDE ABBEY MISSION TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2020

6 Charitable activities

Grant funding of activities (see note 7)
Share of support costs (see note 8)
Share of governance costs (see note 8)
Analysis by fund
Unrestricted funds
Restricted funds
7
Grants payable
Grants to institutions:
Second collections (see below)
Parish Schools
Downside Enterprise Limited
Others Less Than £1,000
Downside Abbey General Trust
Alive in Faith
Belmont Abbey
Grants to individuals		 2020
£
353,786
152,788
1,320
507,894
471,637
36,257
507,894
2020
£
14,759
15,382
-
400
-
7,387
314,517
352,445
1,341
353,786		 2019
£
963,123
167,186
1,320
1,131,629
1,100,977
30,652
1,131,629
2019
£
23,209
12,738
12,730
11,088
902,568
-
-
962,333
790
963,123

Parishes raise money for specific charities and funds. Second collections represent the expenditure relating to those donations.

DOWNSIDE ABBEY MISSION TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2020

8 Support costs

Support costs
Governance
costs
£
£
Staff costs
5,826
-
Depreciation
18,537
-
Church and related expenses
44,386
-
Repairs and maintenance
52,747
-
Accountancy
4,020
-
Legal and professional
2,441
-
Priests' Maintenance
16,312
-
Diocese Levies
8,519
-
Independent Examiners fees
-
1,320
152,788
1,320
Analysed between
Charitable activities
152,788
1,320		 2020
£
5,826
18,537
44,386
52,747
4,020
2,441
16,312
8,519
1,320
154,108
154,108		 2019
£
5,867
30,240
71,345
34,162
3,120
22,348
(15,000)
15,104
1,320
168,506
168,506

In addition to the Independent Examiner fees shown above, included within support costs are accountancy fees payable to the Independent Examiner in respect of accountancy and other services of £4,020 (2019:£3,120).

9 Trustees

None of the trustees (or any persons connected with them) received any remuneration during the year, and none of them were reimbursed any expenses ( 2019: £nil ) by the Charity .

Priests’ maintenance costs as shown in note 8 are levied by Downside Abbey General Trust towards the cost of maintenance of the parish priests. The parishes are charged in proportion to the amount of the priest’s working time at the parishes. Costs shown are a negative figure this year as historic amounts have been written off.

DOWNSIDE ABBEY MISSION TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2020

10 Employees

Number of employees

The average monthly number of employees during the year was:

Employment costs
Wages and salaries		 2020
Number
3
2020
£
5,826		 2019
Number
3
2019
£
5,867

11 Tangible fixed assets

Land and
buildings
Fixtures,
fittings &
equipment
£
£
Cost
At 1 January 2020
610,613
234,079
Additions
-
-
Disposals
(200,100)
(127,967)
At 31 December 2020
410,513
106,112
Depreciation and impairment
At 1 January 2020
251,589
107,867
Depreciation charged in the year
9,102
4,595
Eliminated in respect of disposals
(71,752)
(44,689)
At 31 December 2020
188,939
67,773
Carrying amount
At 31 December 2020
221,574
38,339
At 31 December 2019
359,024
126,212		 Motor
vehicles
Total
£
£
39,932
884,624
10,897
10,897
(16,638)
(344,705)
34,191
550,816
29,787
389,243
4,840
18,537
(11,813)
(128,254)
22,814
279,526
11,377
271,290
10,145
495,381

Legal title to certain of the freehold properties is held by Downside Abbey General Trust. The properties are held by Downside Abbey General Trust for the benefit of the Missions Trust for as long as they are used as part of the Charity's mission. These properties are included in the Missions Trust financial statements.

DOWNSIDE ABBEY MISSION TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2020

12 Investment property

Investment property
2020
£
Fair value
At 1 January 2020 and 31 December 2020 250,000

The investment property was valued by the Trustees, during the year ended 31 December 2017, based on an expected rental yield for residential properties. The trustees believe that the valuation is still reflective at 31 December 2020.

13
Financial instruments
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
14
Debtors
Amounts falling due within one year:
Other debtors
15
Current asset investments
Unlisted investments
16
Creditors: amounts falling due within one year
Other creditors
Accruals and deferred income		 2020
£
102,844
2020
£
8,999
8,999
2020
£
102,844
2020
£
6,382
5,340
11,722		 2019
£
102,519
2019
£
6,351
6,351
2019
£
102,519
2019
£
59,219
5,340
64,559

DOWNSIDE ABBEY MISSION TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2020

17 Endowment funds

Endowment funds represent assets which must be held permanently by the Charity. Income arising on the endowment funds can be used in accordance with the objects of the Charity and is included as unrestricted income. Any capital gains or losses arising on the assets form part of the fund.

Movement in funds Movement in funds
Balance at 1 Incoming Outgoing Transfers Balance at 31 December 2020
January 2020 resources resources
£ £ £ £ £
Permanent endowments
Little Malvern 5,903 2 - (5,905) -
Bungay 5,050 1 - (1) 5,050
Beccles 420 - - - 420
Clergy Maintenance - - - 5,903 5,903
11,373 3 - (3) 11,373
Prior Year Movement in funds
Balance at 1 Incoming Outgoing Transfers Balance at 31 December 2019
January 2019 resources resources
£ £ £ £ £
Permanent endowments
Little Malvern 5,903 67 - (67) 5,903
Bungay 5,050 58 - (58) 5,050
Beccles 420 5 - (5) 420
11,373 130 - (130) 11,373

Endowment Interest is available to be spent as Unrestricted Funds within the Mission Fund parishes shown. The income for the year has been transferred to Unrestricted Mission Fund Funds, in order that endowed balances are stated at their capital value.

DOWNSIDE ABBEY MISSION TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2020

18 Restricted funds

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:

Movement in funds Movement in funds
Balance at 1 Incoming Outgoing Transfers
Balance at 31
January resources resources December 2020
2020
£ £ £ £
£
Second Collections 3,719 13,668 (15,547) -
1,840
Little Malvern Building Fund 10,002 10,708 (20,710) -
-
13,721 24,376 (36,257) -
1,840
Prior Year Movement in funds
Balance at 1 Incoming Outgoing Transfers
Balance at 31
January resources resources December 2019
2019
£ £ £ £
£
Second Collections 5,270 21,658 (23,209) -
3,719
Little Malvern Building Fund - 16,445 (6,443) -
10,002
Stratton on the Fosse Rope Legacy Fund 1,000 - (1,000) -
-
6,270 38,103 (30,652) -
13,721

Parishes raise money for specific charities and funds. Second Collections represents the expenditure relating to those donations.

The Little Malvern Building Fund represents funds to be used in the upkeep of buildings in the Parish of Little Malvern.

The Rope Legacy Fund represents funds donated to be used for people in need or in poverty within the Parish of Stratton on the Fosse.

DOWNSIDE ABBEY MISSION TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2020

19 Unrestricted funds -

The following amounts included with unrestricted funds, are Parish Funds and Mission Funds.

Balance at 1
January 2020
£
Parish Fund - Beccles
60,758
Parish Fund - Bungay
103,601
Parish Fund - Stratton on the Fosse
221,756
Parish Fund - Little Malvern
316,667
Mission Common Fund
210,442
Mission Fund (other mission funds)
114,754
1,027,978
Prior Year
Balance at 1
January 2019
£
Parish Fund - Beccles
51,064
Parish Fund - Bungay
102,899
Parish Fund - Stratton on the Fosse
200,410
Parish Fund - Little Malvern
304,076
Mission Common Fund
236,930
Mission Fund (other mission funds)
113,326
1,008,705		 Movement in funds
Incoming
resources
Resources
expended
Transfers
Revaluations,
gains and losses
Balance at 31
December 2020
£
£
£
£
£
42,620
(42,174)
-
-
61,204
61,351
(60,991)
(1,484)
-
102,477
24,382
(26,387)
(5,537)
-
214,214
38,851
(355,518)
-
-
-
7,778
13,433
7,021
-
238,674
-
-
3
-
114,757
174,982
(471,637)
3
-
731,326
Movement in funds
Incoming
resources
Resources
expended
Transfers
Revaluations,
gains and losses
Balance at 31
December 2019
£
£
£
£
£
55,037
(45,343)
-
-
60,758
56,440
(55,738)
-
-
103,601
40,925
(17,476)
(2,103)
-
221,756
48,895
(36,304)
-
-
316,667
917,525
(946,116)
2,103
-
210,442
1,298
-
130
-
114,754
1,120,120
(1,100,977)
130
-
1,027,978		 Movement in funds
Incoming
resources
Resources
expended
Transfers
Revaluations,
gains and losses
Balance at 31
December 2020
£
£
£
£
£
42,620
(42,174)
-
-
61,204
61,351
(60,991)
(1,484)
-
102,477
24,382
(26,387)
(5,537)
-
214,214
38,851
(355,518)
-
-
-
7,778
13,433
7,021
-
238,674
-
-
3
-
114,757
174,982
(471,637)
3
-
731,326
Movement in funds
Incoming
resources
Resources
expended
Transfers
Revaluations,
gains and losses
Balance at 31
December 2019
£
£
£
£
£
55,037
(45,343)
-
-
60,758
56,440
(55,738)
-
-
103,601
40,925
(17,476)
(2,103)
-
221,756
48,895
(36,304)
-
-
316,667
917,525
(946,116)
2,103
-
210,442
1,298
-
130
-
114,754
1,120,120
(1,100,977)
130
-
1,027,978
1,027,978

DOWNSIDE ABBEY MISSION TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2020

20 Analysis of net assets between funds

Unrestricted
funds
£
Fund balances at 31 December 2020 are
represented by:
Tangible assets
271,290
Investment properties
250,000
Current assets/(liabilities)
210,036
731,326
Prior Year
Unrestricted
funds
£
Fund balances at 31 December 2019 are
represented by:
Tangible assets
495,381
Investment properties
250,000
Current assets/(liabilities)
282,597
1,027,978		 Restricted
funds
Endowment
funds
£
£
-
-
-
-
1,840
11,373
1,840
11,373
Restricted
funds
Endowment
funds
£
£
-
-
-
-
13,721
11,373
13,721
11,373		 Total
£
271,290
250,000
223,249
744,539
Total
£
495,381
250,000
307,691
1,053,072

21 Related party transactions

During the year £16,312 (2019:£5,000) was payable to Downside Abbey General Trust in respect of priests’ maintenance costs, and £nil (2019:£902,568) in respect of the sale of redundant chapels.

The Trust historically provided funds to support the staff of the bookshop run by Downside Enterprise Limited. This ceased in 2020, so £nil was paid (2019:£12,730).

22
Cash generated from operations
(Deficit)/surpus for the year
Adjustments for:
Investment income recognised in statement of financial activities
(Gain)/loss on disposal of tangible fixed assets
Depreciation and impairment of tangible fixed assets
Movements in working capital:
(Increase)/decrease in debtors
(Decrease) in creditors
Cash absorbed by operations		 2020
£
(308,533)
(12,619)
(3,171)
18,537
(2,973)
(52,837)
(361,596)		 2019
£
26,724
(17,318)
1,603
30,240
91,941
(203,180)
(69,990)

DOWNSIDE ABBEY MISSION TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2020

23 Analysis of changes in net funds

The Charity had no debt during the year.