2022-12-31-accounts

Charity registration number 232550

DOWNSIDE ABBEY MISSION TRUST

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

DOWNSIDE ABBEY MISSION TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Trustee	The Downside Abbey trustees registered
Charity number	232550
Independent examiner	Old Mill Accountancy Limited
	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
Statement of financial activities	6
Balance sheet	7
Notes to the financial statements	8 - 20

DOWNSIDE ABBEY MISSION TRUST

TRUSTEES REPORT

FOR THE YEAR ENDED 31 DECEMBER 2022

The trustees present their annual report and financial statements for the year ended 31 December 2022.

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 2022, the Charity continued to regenerate the work and worship of their parishes that had been so badly affected by the COVID-19 pandemic in 2020 and 2021. The legacy of the pandemic continues to influence parish life with numbers of parishioners still lower than in 2019 and with the impact this has had on parish income which relies for the most part on Sunday donations. However, our clergy and volunteers have worked hard to revitalise and rebuild a post-pandemic religious and charitable operation. Our parish pastoral and finance committees have been also looking for ways to strengthen their respective parishes and to face the challenges of a changing Church.

The parish of St Benedict’s, Stratton on the Fosse, which continues to use the much larger Downside Abbey for one of its two Sunday Masses, has perhaps been most affected with the departure of the monastic community in March 2022 and consequently the absence of a resident parish priest.

The parish of St Edmund’s, Bungay, is being cared for by a priest of the Diocese of East Anglia who acts for the Trustees as Administrator until a formal transfer of the parish to the diocese is completed. He also accepted management of the parish of St Benet’s, Beccles when our parish priest moved from there in October 2022.

All the parishes continue to support a wide variety of charities that work both in the UK and to support local schools and to work with the disadvantaged who live locally. Much of this work is done in conjunction with other Churches and institutions.

We are pleased to note that Historic England recently upgraded the minster church of St Benet’s, Beccles to Grade 2*.

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.

Financial review

Total net incoming resources for the year amounted to £52,551 (2021: £12,533). Collections and fundraising income has increased by £11,753 to £115,994 (2021: £104,241). Charitable expenditure has increased by £33,274 to £184,400 (2021: £151,126). Included in the total are restricted net outgoing resources of £2,266 (2021: incoming £590).

The Charity’s balance sheet shows a satisfactory position with funds amounting to £809,623 (2021:£757,072). Included within the Charity’s assets are fixed asset investments totalling £350,000 (2021:£265,000). All investments held by the Charity have been acquired in accordance with the powers available to the Trustees.

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DOWNSIDE ABBEY MISSION TRUST

TRUSTEES REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2022

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:-

	2022	2021
	£	£
Total reserves as at 31 December	809,623	757,072
Less:
Permanent Endowment Funds	(11,373)	(11,373)
Restricted Funds	(164)	(2,430)
Tangible Fixed Assets used for charitable purposes	(242,905)	(260,690)
forming part of Unrestricted Funds
Free Reserves of the Charity	555,181	482,579

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 30 months recurring expenditure (2021:30 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.

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 were previously 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.

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DOWNSIDE ABBEY MISSION TRUST

TRUSTEES REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2022

Plans for the future

The Trustees hope that with the passing 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.

The monastic community which generally provides the parish clergy for our parish and mission activity moved to a temporary home in Devon in March 2022. They will use this opportunity to continue their discernment and to explore new mission and pastoral opportunities.

The Trustees had previously agreed that it was necessary to relinquish the incorporated parishes of St Benet’s, Beccles and St Edmund’s, Bungay. It is hoped that the transfer of the ownership and pastoral care of these parishes to the Diocese of East Anglia will be completed in 2023. Currently, priests from the community continue to supply the weekend care of St Benedict’s Parish, Stratton-on-the-Fosse. It is planned to appoint a new parish priest to the parish in 2023. The Trustees feel this wil reinvigorate Catholic parish life in the village and will be the Charity’s last remaining parish.

As the charity’s activities and income diminish, the Trustees are working with the Charity Commission to understand whether the Charity should be absorbed by the Downside Abbey General Trust to simplify and reduce costs. The Trustees would ensure that the parish and mission funds and activities were restricted and in line with the objectives and aims of the Mission Trust.

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 trustees registered (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 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 the 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.

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DOWNSIDE ABBEY MISSION TRUST

TRUSTEES REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2022

Connected Entities

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

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

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:

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles in the Charities SORP;

• make judgements and estimates that are reasonable and prudent;

• state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

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 report was approved by the Board of Trustees.

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

Trustee Dated: 19 May 2023

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DOWNSIDE ABBEY MISSION TRUST

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF DOWNSIDE ABBEY MISSION TRUST

I report to the trustees on my examination of the financial statements of Downside Abbey Mission Trust (the Charity) for the year ended 31 December 2022.

Responsibilities and basis of report

As the trustees of the Charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).

I report in respect of my examination of the Charity’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

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

• 1 accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or

• 2 the financial statements do not accord with those records; or

• 3 the financial statements 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 financial statements to be reached.

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

Dated: 31 May 2023

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DOWNSIDE ABBEY MISSION TRUST

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 DECEMBER 2022

Unrestricted Restricted Endowment funds funds funds 2022 2022 2022 Notes £ £ £ Income from: Donations and legacies 3 126,375 10,634 - Investments 4 14,933 - 9 Total income and endowments 141,308 10,634 9 Expenditure on: Charitable activities 5 171,500 12,900 - Net gains/(losses) on investments 10 85,000 - - Net incoming/(outgoing) resources before transfers 54,808 (2,266) 9 Gross transfers between funds 9 - (9) Net income/(expenditure) for the year/ Net movement in funds 54,817 (2,266) - Fund balances at 1 January 2022 743,269 2,430 11,373 Fund balances at 31 December 2022 798,086 164 11,373	Total 2022 £ 137,009 14,942 151,951 184,400 85,000 52,551 - 52,551 757,072 809,623	Total 2021 £ 134,793 13,866
		148,659
		151,126
		15,000
		12,533 -
		12,533 744,539
		757,072

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DOWNSIDE ABBEY MISSION TRUST

BALANCE SHEET

AS AT 31 DECEMBER 2022

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	2022 £ 1,256 - 245,594 246,850 (30,132)	£ 242,905 350,000 592,905 216,718 809,623 11,373 164 798,086 809,623	2021 £ 4,147 102,928 132,669 239,744 (8,362)	£ 260,690 265,000
				525,690 231,382
				757,072
				11,373 2,430 743,269
				757,072

The accounts were approved by the Trustees on 19 May 2023

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

Trustee

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DOWNSIDE ABBEY MISSION TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

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, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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 Charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.

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 amounts 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 investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

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.

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DOWNSIDE ABBEY MISSION TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2022

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 the Statement of Financial Activities.

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DOWNSIDE ABBEY MISSION TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2022

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 payments 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.

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.

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DOWNSIDE ABBEY MISSION TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2022

1 Accounting policies

(Continued)

1.12 Government grants

Government grants are recognised at the fair value of the asset received 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.

3 Donations and legacies

Unrestricted Restricted funds funds £ £ Donations and gifts 21,015 - Collections and fundraising 105,360 10,634 Government grants - - 126,375 10,634 For the year ended 31 December 2021 125,689 9,104	Total 2022 £ 21,015 115,994 - 137,009	Total 2021 £ 11,682 104,241 18,870
		134,793
		134,793

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DOWNSIDE ABBEY MISSION TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2022

4 Investments

Unrestricted Endowment funds funds £ £ Rental income 14,737 - Investment income 196 9 14,933 9 For the year ended 31 December 2021 13,857 9	Total 2022 £ 14,737 205 14,942	Total 2021 £ 13,743 123
		13,866
		13,866

5 Charitable activities

Grant funding of activities (see note 6) Share of support costs (see note 7) Share of governance costs (see note 7) Analysis by fund Unrestricted funds Restricted funds	2022 £ 19,533 163,427 1,440 184,400 171,500 12,900 184,400	2021 £ 23,120 126,506 1,500
		151,126
		142,612 8,514
		151,126

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DOWNSIDE ABBEY MISSION TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2022

6 Grants payable

Grants to institutions: Second collections (see below) Parish Schools Downside Abbey General Trust Others Less Than £1,000	2022 £ 12,900 5,026 - 1,607 19,533	2021 £ 8,514 10,950 2,661 995
		23,120

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

7 Support costs

Support costs Governance costs £ £ Staff costs 2,723 - Depreciation 16,785 - Church and related expenses 78,779 - Repairs and maintenance 28,615 - Accountancy 4,080 - Legal and professional 14,868 - Priests' Maintenance 10,613 - Diocese Levies 6,964 - Independent Examiners fees - 1,440 163,427 1,440 Analysed between Charitable activities 163,427 1,440	2022 £ 2,723 16,785 78,779 28,615 4,080 14,868 10,613 6,964 1,440 164,867 164,867	2021 £ 4,837 17,509 61,392 15,836 4,980 603 8,077 13,272 1,500
		128,006
		128,006

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 £4,080 (2021:£4,980).

8 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 (2021: £nil) by the Charity.

Priests’ maintenance costs as shown in note 7 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.

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DOWNSIDE ABBEY MISSION TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2022

9 Employees

The average monthly number of employees during the year was:

		2022	2021
		Number	Number
		1	1
	Employment costs	2022	2021
		£	£
	Wages and salaries	2,723	4,837
10	Net gains/(losses) on investments
		2022	2021
		£	£
	Revaluation of investment properties	85,000	15,000

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DOWNSIDE ABBEY MISSION TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2022

11 Tangible fixed assets

Land and buildings Fixtures, fittings & equipment £ £ Cost At 1 January 2022 410,513 113,151 Additions - - Disposals - - At 31 December 2022 410,513 113,151 Depreciation and impairment At 1 January 2022 198,041 71,470 Depreciation charged in the year 9,102 5,046 Eliminated in respect of disposals - - At 31 December 2022 207,143 76,516 Carrying amount At 31 December 2022 203,370 36,635 At 31 December 2021 212,472 41,681	Motor vehicles £ 20,887 3,000 (20,887) 3,000 14,350 100 (14,350) 100 2,900 6,537	Total £ 544,551 3,000 (20,887)
		526,664
		283,861 14,248 (14,350)
		283,759
		242,905
		260,690

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.

12 Investment property

Fair value At 1 January 2022 Net gains or losses through fair value adjustments At 31 December 2022	2022 £ 265,000 85,000
	350,000

The investment property was valued by the Trustees, based on a desktop valuation undertaken by a firm of Estate Agents, during the year ended 31 December 2022, for expected rental yield for residential properties. The trustees believe that the valuation is reflective at 31 December 2022.

13	Financial instruments	2022	2021
		£	£
	Carrying amount of financial assets
	Instruments measured at fair value through profit or loss	-	102,928

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DOWNSIDE ABBEY MISSION TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2022

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	2022 £ 1,256 1,256 2022 £ - 2022 £ 25,092 5,040 30,132	2021 £ 4,147
		4,147
		2021 £ 102,928
		2021 £ 5,242 3,120
		8,362

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DOWNSIDE ABBEY MISSION TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2022

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 2022
	January 2022	resources	resources
	£	£	£	£	£
Permanent endowments
Clergy Maintenance	11,373	9	-	(9)	11,373
	11,373	9	-	(9)	11,373
Prior Year		Movement in funds
	Balance at 1	Incoming	Outgoing	Transfers	Balance at 31 December 2021
	January 2021	resources	resources
	£	£	£	£	£
Permanent endowments
Bungay	5,050	-	-	(5,050)	-
Beccles	420	-	-	(420)	-
Clergy Maintenance	5,903	9	-	5,461	11,373
	11,373	9	-	(9)	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.

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DOWNSIDE ABBEY MISSION TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2022

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 2022
	2022
	£	£	£	£	£
Second Collections	2,430	10,634	(12,900)	-	164
	2,430	10,634	(12,900)	-	164
Prior Year		Movement in funds
	Balance at 1	Incoming	Outgoing	Transfers	Balance at 31
	January	resources	resources		December 2021
	2021
	£	£	£	£	£
Second Collections	1,840	9,104	(8,514)	-	2,430
	1,840	9,104	(8,514)	-	2,430

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

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DOWNSIDE ABBEY MISSION TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2022

19 Unrestricted funds -

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

The following amounts included with unrestricted funds, are	Parish Funds and Mission Funds.
			Movement in funds
	Balance at 1	Incoming	Resources	Transfers	Revaluations,	Balance at 31
	January 2022	resources	expended	gains and losses		December 2022
	£	£	£	£	£	£
Parish Fund - Beccles	72,493	45,148	(57,258)	-	-	60,383
Parish Fund - Bungay	105,690	65,954	(63,369)	-	-	108,275
Parish Fund - Stratton on the Fosse	215,393	24,473	(31,553)	-	-	208,313
Mission Common Fund	234,927	6,733	(19,320)	-	85,000	307,340
Mission Fund (other mission funds)	114,766	-	-	9	-	114,775
	743,269	142,308	(171,500)	9	85,000	799,086
Prior Year			Movement in funds
	Balance at 1	Incoming	Resources	Transfers	Revaluations,	Balance at 31
	January 2021	resources	expended	gains and losses		December 2021
	£	£	£	£	£	£
Parish Fund - Beccles	61,204	41,395	(40,106)	10,000	-	72,493
Parish Fund - Bungay	102,477	65,560	(62,347)	-	-	105,690
Parish Fund - Stratton on the Fosse	214,214	23,539	(32,360)	10,000	-	215,393
Mission Common Fund	238,674	9,052	(7,799)	(20,000)	15,000	234,927
Mission Fund (other mission funds)	114,757	-	-	9	-	114,766
	731,326	139,546	(142,612)	9	15,000	743,269

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DOWNSIDE ABBEY MISSION TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2022

20 Analysis of net assets between funds

Unrestricted funds Restricted funds Endowment funds £ £ £ Fund balances at 31 December 2022 are represented by: Tangible assets 242,905 - - Investment properties 350,000 - - Current assets/(liabilities) 205,181 164 11,373 798,086 164 11,373 Prior Year Unrestricted funds Restricted funds Endowment funds £ £ £ Fund balances at 31 December 2021 are represented by: Tangible assets 260,690 - - Investment properties 265,000 - - Current assets/(liabilities) 217,579 2,430 11,373 743,269 2,430 11,373	Total £ 242,905 350,000 216,718
	809,623
	Total £ 260,690 265,000 231,382
	757,072

21 Events after the reporting date

During the year ended 31 December 2021, it was decided to relinquish the parishes of Beccles and Bungay to the Diocese of East Anglia. The transfer of ownership and assets of these parishes is expected to complete during the year ended 31 December 2023.

When this transfer is complete, the material fund balances (assets) for these parishes will be paid away to the Diocese of East Anglia. This will be shown as a donation paid away in the accounts in the year of completion.

22 Related party transactions

During the year £10,613 (2021:£8,077) was payable to Downside Abbey General Trust in respect of priests’ maintenance costs.

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