Charfty regSstratlon number 232550 DOWNSIDE ABBEY MISSION TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
DOWNSIDE ABBEY MISSION TRUST LEGAL AND ADMINISTRATIVE INFORMATION The Downslde Abbey Trustees Reg15tered Charlty Nmber 232550 Reglstered Offl¢e Downslde Abbey siratton-on-the-Fosse RADSTOCK UA3 4RH Independent e¥amlner Milsred Langdon LLP 4 Queen street 8ATH Somersei BAI IHE Bankers Barclay5 Bank Pl¢ PO Box 2156 l Manv@rs Street BATH Somersot Al IJZ Soll¢ltors Stone King LLP 13 QuEeTr Sqare BATH Somerset BAI 2HJ
DOWNSIDE ABBEY MISSION TRUST coKrENTS Trustees Report Independent examinels rÈport Statement of f5nancial artNltles Balance sheet Notes to the Pinanclal statefflents 9-20
DOWNSIDE ABBEY MISSION TRUST TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The trustees present thèir report and financlal staternents for the yearended 31st l)ecember2024. The fin3nclal ststements have been prered in accordonce with the accountlng policies sèt out in note I to the flnanclal statements and comply with the Ch3rity's governing document. the Charities Act 2011 and "Accounting and Reportin8 by Charitie5'. Statement of Recommended Prartlce appllcable to charitles preparing their accounts In accordan wilh the Financial Reporting Standard applicable in the UK and Hepublic of Ireland IFRS 1021 leffectlve l January 20191" Objective5 and artlvitles The Trust Deed allowsforthe pursuitof such tharitablÈ purp05eseonnerted with the Roman Catholic Church ?stheTrustee5, in their di$¢tIOn and with the written consent of the controller, being the Abbotof Downslde. think fit. The Charity effects the running of parlsh@s whlch 3Te the financial and pastoral respon5iblllty of Downslde Abbey. and Is responsible for the rna1ntenan. refurbishment and possible rebuilding of the churche5, PTe5byterie5 and halls of these rishes, and forthe maSntenance of the prlests servlngthem. The anTr)unts of grants and donations payable are considered in light of the level of reserves avallable. Grants and donations fforn central fund5 are authorlsed by the Charity Trustees. Stnaller grants and donations payable by the indlvidual parishes are generally lefttothediscretion of the parlsh prlestlnvofved. HOWever,th is reviewed periodlcallyby theTrustees. Second collectlons are tsken throughoutthe year ft>rspeclfi¢ charftles and funds. Protertlon of Chiltlren and Vulnerable Adults LlkÈ all other organisations who seNe in the community, the tmstees reco8nise the absolute necessity of ensuring the protectlon and safety of all those the charity serves In any way. Thi5 mean5 that the trustees, clergy, volunteers and $tèff engaged in the work of the charSty in Great 8ritain must obtain clearance from the Disclosure and Barrlng SÈrvlce ID851. The trustees are fully committed to implementln8 all policie5 and proiedures ofthe Catholic Safeguardin8 Standards A8ency. Achlevements and performancè In 2024, the Tnain focus of our rni55ionaryattivity has been the parish churchesof St 8enedlct, Strattonrt-the-FO$se, and Holy Ghost Church. Midsomer Norton. Dorn Martln Gowman, as prlest in residence. has been working hard to relnvigorate Catholic parish Ilfe In the vlllagÈ and surroundingarea and to work closelywith the local deanery8nd Catholic schools. The legacy of the pandemic, which $0 badly affected TISh and rnis&onary activity, contlnues to Infiuence parish Ibfe. but we are heartene¢J t0 See that during 2024 the number of parlshloners and visitors wa5 beginningto increase agaln from their low point irnrnediately following the COVID- 19 pandemic. In 2024. the Trustees encouraged the Parlsh Flnan¢e and Pastoral Comrnthes to consider new Ideas for paxoral outreach andway50f ra5sing Incorne to support these pastoral activitles. These Comtnittees have rnet regularly 3nd have implemented many new ideas, e.8. the Introductlon of a dlgital card readers to process contsctle$5 donation5 Wlthin our churches. and extra social and rellgious events. The two churche5 are now open regularty for visitors and prNate prayer and under Dorn Martin's guidance. religious and soclal initiatives within the parish are beginnln8 to Inc35e. Duringthe year, there were talks in the parish hall on soclal and environmental issues, faith pi18rim3ges and CAFOD oytreach.
DOWNSIDE ABBEY MISSION TRUST TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER Z024 Achtevements and perf0mlan Icontlnuedl In addltion to extra 5eNices In the dlfferent churches. fvndraising events for the Charily, and other outreach projerts have also been revived. There are now regular charlty soup lunche5, jurnble 3nd cake ¥les organi5ed by volunteers. 8nd periodlcally In term time puplls from Downside School have opened a charfty coffee 'shop'. The Prayer, Pralse and Plzia evenings and Communlty BrfTr8'n Share lunches have also been successful. The Ch?rity and parish contlnue to 3UPS)ort o wide varlety of charltles that work both the UK and abroad, ènd to support local schools and the disathfantaged who Ilve tocally. Much of this work is done In conlunctlon wfth other church and institutions. To ensure the introduction of new volunteers and visitors into parish artivleS has boen properly managed. the Trust's Safeguardingcoordinator h35v151ted on several ottaslons and together wlthourown local Safeguarding fiepresentative have provlded tralnin8fDr all those involved in parish activities and processed the Televant applic8tionsfor DBS rtifICates. Publit Bw*fft The trustees, in pursulng the chariws actItieS and objertlvos, have hèd regard to the general guidantr publlshed by the Charty Commlsslon on publK benefit. The 3ctivtties undertaken and provldlng publlc beneff( include: the provislon of safe pbces of )S5Embly and worshlp for the Cathollc cornmunity and through upkeep and public aCsS to such building5. which are usually listed a5 bèing of special Of historital arthitectural interest. Offerln8 religlous and pastoral services. educational programrnes, trainin8 and charitsble support and asslstance forthefurtheranceof the Roman Cathollc Church.The mainvehiclesforthese ministriesare p3fhe$, chaplainties, schools, and outreach agencies. Facilttatlng religlou5 prartice., such actwities include tonduttlng lI81¢)Us CeMonieS lsuch as baptlsm5, wedtlings and funera151, and rnaintalning rellglous burlal grounds. There 15 è150 a benefit to the general publlc as our churches a open to people of all faiths and none, for personal splrltu41 contemplatS0n. Flnanclal revlew Total ner incoming resourcesfortheyearamovntedto £1,29312023.' outgolng£122,5061. Collectlon5 andfundraising Income has decreased to £40.06812023.. £122,S771. Charitsble expenditure has decreased to £49,37512023.' £326,261). Thi5 decrease Is lar8Èly attrlbLrtable to the transfer of the parishes of Beccle5 and Bungay to the Di0$e of East Angli8 in December 2023. The Chariws balance sheet shows a satlsfactory posltlon wlth funds amounting to £688.41012023.. £687,1171. Included within thè Charity's assets are flxed asset investment5 totalllng £400,000 12023.. £4100.ODOI. All investments held by the Charfcy have been acquired in accDrdance with the pow@rs available to the Trustees.
DOWNSIDE ABBEY MISSION TRUST TRUSTEES REPORT ICONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Re5er¥e5 Notes 16 to 19 to the financ531 statements shov4 the assets and lièbilities attributable to the variou5 funds by type and a150 show the various trusts of the a)arity and surDmari5e the year's movement in each fund. The serveS tsf the Charity at the year*nd that are freely available for tharitable use are as folk)ws.'- 2024 202Y Total resetves a5 at 31 DecemLEr Le5S'. Perrnanent Endowment Funds Restricted Funds Tangible Flxed Assets used for Charable wrposes forming part of UnrestTlCted Funds 688,410 687,117 111,3731 15001 1189,4481 111,3731 1200,5551 Free Resetwes of the Charlty 487,0 475.189 The level of free reserves has Increased to É487,08912023: £475.1891. It Is more useful to expre5S the level of reseNes in terms of months rÈcurrin8 unrestricted expenditure. This 15 drfficult due to the large flurtuations in the costs of rnzintaining the Charity'5 properties. Assurninga recurringannual maintenance c05t of£5o,Othefr@e reserves present3pprOXIm8tQlY 62 months recurring expenditure12023.' 25 monthsl. The Trustees arÈ satisfied that there are adequate reserves to weet day to dayeypenditure. However. the Ch3rlty hastwochurche5 which are old buildin85 requlrlng malntenanceand potential replacement. Additional source5 of funds would have to be found to carry out major renovatlon projects. TheTrustees are pemiitted bythe temF5 of the Trust Deed to rn3ke investments In any rnanner allowed by law fortrust tnoney. The investment5 were prevlou51y held Èntlrely In bank deposits to provlde minlmum rlsk. Corporate Governan¢e and Risk Management Downside Abbey Missions Trust and its Board of Trustee$ a comrnitted to hlgh 5tsndard5 of cortK)rategovemance. The Trustees have examined the prlncipal areas of the Trust's operations and consided the major rlsks faced In each of these areas. In the opinion ol the Trustees the Charlty has estsblished rEsour¢es and review systems whlth. under normal condltlons, should allow these risks to be mgated to an acceptable level in its day to day operatlons.
DOWNSIDE ABBEY MISSION TRUST TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 pla forthefutuie The Trustees wlll be lookin8 to contlnue to encourage and asslst the development of the Roman Cathollc falth In Ouf parishes and Ioc81 Cathollc schools. Last ye3T the Trustee5 engaged the Services of Philip Hughes Associates LLP to survey and prepare a schedule for repairsfor St eeneditt's Church, Stratton on the Fosse, and the HolyGhost Church in Midsomer Norton. In the comingyear, rhe trustees will begin to IMPMÈnI the recommendat1ons of these Ports, worklng closely wlth Hlstorlc England and the Southern Historic Churches Commlttee. The monastlc communrty whlch generally prtsvide5 the rlereyfor our parish and mlssion attivity contlnue their dlscemment from theirtempor3ry home in Devon. It is hoped that in 2025 theTrust will be able to adapt and engage in new rni5sionary and pastoral work oncethls period of disrnent[S complete. The Trustees are worklng with the Charity Corntni55ion to und&rstand whether the Charity should be pUrpOSed or amalgamated in 30rYE way. TheTrusteeswill ensuTe thatthe parish and mlsslon fundsafid actlvitles a $trIcted and in Ilne with the objectives and aims of the Mission Trust. Structure. 80vernan and managemert Downside Abbey Missions Trust was constituted by Trust Deed in May 1932 a5 arnended by Deed of Variatlon Itsted 6 October 21)09,. st is a re8lStered charity, number 232550. The Trustee of Downside Abbey Missions Trust is The Downside Abbey Icomrnonly kn(Iwn as the £50 Trust). tIng an incorpor3ted body of Trustees and regIsted charity number 232549. The following nN)nks made up the Board of Trustees.. Rt Re¥ Ab*y)t Nicholas Phillp Wetl Icontrollerof theTrustl Rev Martin Joseph Blanco Hood Rev Marc David 8rumwell Oryanisatbonal stru(tt¥re The prlnclpal aCtirY of the Charity is to tnana8e and administer the capital funds, depults arld flnanclal transactions tsf the Roman &thollc parlsh In stratton on the Fosse in the furtherance of the objects of the Trust DEed. The Parish priest is responsible tothe Tru5teesforthe runnin8 of the parish account. ThèTriJ5teesauthtsrise Brants and loan5 Out of the Central funds tothe parish. Managem•)t The ContTDller (rfthe Trust, beln8the Abbot of Downside, ha5 absolute d1screiion overthe appx)intment and removal of Trustees of The Downside AbbEy General Trust (commonly known asThe £50 Trust). The prattlTr15forthe Monastic Communityto select certain tsf it$ mernbersto beTrusteesandforthe others to be appolnted by the Abbot. It is also posslble for up to three Trustees, who need not be mernbers of the tlownslde Communlty, to be apw>inted bythe Abbot PSIdent of the Eng115h Benedictlne cOngZation.
DOWNSIDE ABBEY MIS510N TRUST TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Connerted Entltles The following efitllles a connected to Oownslde Al)bey Mlss4onsTrust:_ Downslde Abbey General Trust IA Q)mpany Limited by Guarantee), Oown51de Abbeyi Stratton-on.the-Fos5e. Bath, BA3 4RH ICh8rity Number 11585071. The above entities are controlled by The Downslde Abbey Icommonly known 8sThe £50Trustl iEin8 an incorporated body of Trustees (Charity Number 2325491. The a5SÈts of Oovmside Abbey General Trt4St are held 5eparatety from those of Downside Abbey Missions Trust. Statement of twustees. responslbllltles The trust are re5pon5ible for preparingtheTrustees Report and the financl31 ststements In accordance with appllcable law and United Kingdom Accounting Standard5 IUnr(ed Klngdom Generally Accepted Accountlng Pr6¢tlcel. The law appllcableio charitles in England and Wales requiresthe truttees to prepare fSnanclal statementsfor each financial vear which give a t¥ue and falf vlew of the state of affalrs of the Charhy and of the Incomlng sourceS and appllcatlon of r0$0urtes of the Charity forthat year. In preparingthese financial 5tstements. the tru5tee5 are requlred tg: selett 5ultable accountin8 policies and then applythem consistently.. observe the methods and prlnciple5 sn the Charrties SORP.. - make ju¢J&ements and estirnatesthat are reasonable and prudent,. state whether appllcable 3ccountln8 Standards have been followed, 5ublett to any material departures dlsclosed and explain in the financial ststements- and prepare the financlal ststements on the goinB concern basls unless It Is Inapproprlate to pSUme that the charlty will continue in 0ration. The trustees are sponsible for keepiThKsuffklent accouTrt5ng recordsthat dLsclose with renabIeac¢Uracy at any tlme the rinancial p051tlon ol the Charfty and enable thÈrn to ensure that thefinanclal 5taternents complywith the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provlsion5 of the trust deed. They are a150 re5ponslble for 5afeguardingthe assets of the Charity and hence for taking rÈasonable steps forthe prevention and detectlon of fraud and other iiregularities. The tiustees. report was approved by the Board of Trustees. Rt RevAbbot Nkholas Phlllp Wetz (COntrler of tho Trustl Trustee Dated.. Io" T4&Jw
DOWNSIDE ABBEY MISSION TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEÉS OF DOWNSIDE ABBEY MISSION TRUST l portt0 thetrustee5 on my examination of the finarlcial statementsof Downside Abtw MIsOn Tru5tlthe Charity) for the vear ended 31 December 202 R•sponsibilttles and bas1$ ol reptyt As the trustees of the Charrf(y you are responslble for the preparatlon of the financlal ststerrnt5 In accordance wlth the requrernents of the CharitSes Act 2011 Ithe 2011 Actl. I report in respect of rny examlnatlon of the CharSts flnancial statements carried out under sÈction 145 of the 2011 Act. In carrying oui my examination I have followed all the applicable DirectM)n5 given by the Charity Commission under seetlon 14515llbl of the 2011 Att. Independtnt examiner'$ Statement I have completed ry examlnation. I confirm that no matters have come to my attentlon in connection wlth the exaffiination &iving me cause to belleve that in any material reSCt.. accounting records were not kept in respect of the Charity a5 required by sectlon 130 of the 2011 Act,. or thefinancial statements do not accord wrih those records., or thelinancial statements do not COTnply withthe appllcable requirernents concerniftgthe formand contentof accounts set OLrt In the Charitie5 (Accounts and Rewrtsl Regulations 2008 otherthan any requirement thatthe accounts 8lve a true and fair view whirh Is nota matter cons1dÈd as part of an independent examination. I have nocon¢ern5 and have comÈacr055 no other matters in connÈttion with the examination to which attention should èe drawn in this report in Orderto enable a proper underxaftdlngof the flnanclal ststementsto be aChed. m Lerwlll FCA BFP Milsted Langdon LLP 4 Queen stet BATH Somerset 8A1 IHE Dated.. 15110/202S
DOWNSIDE ABBEY MISSION TRUST STATEMENT OF FINANCIAL AcfiviTIES FOR THEYEAR ENDED 31 DECEMBER 2024 Uthrestrlrted lunds 2024 RestrlrtÈd funds 2024 Endowmerbt nds 2024 Ttstsi 2014 Yotal 2023 ote5 Donation5and legat$ Inve5tmÈnt5 36.341 8.100 6,227 42.568 B.100 139,955 13.8 Toial Incrxnè ind endowments 44A41 6.227 50,668 153,755 Charitable activrt 43,648 5,727 49,375 326,261 Netg8ln5 on investments io 50,0 Iiet lÈMpÈndkufelllnwrne fDr the yeavl Netnxwemqnt In lund5 793 sc 1.293 1122,5061 Fund balantÈs at l January 2024 675,744 11.373 687,117 809.623 Fuhd b•lwn¢es ot31 DeteFnber 2024 676.537 11.373 688,410 6e7,117
DOWNSIDE ABBEY MISSION TRUST BALANCE SHEET AS AT 31 DECEMBER 20Z4 Flxld ¥ssets Tan8ible aets Investtnent propertles 12 13 189,448 40D.(h 200.555 400,000 589.448 600,555 Currentasstts Debtors cash at bank 2nd in hand 1,062 I(A).300 ioi.gsg 101,362 101.959 Cr4diiofL' amounts fallln8 due wllhln one year 15 12,4CQI 115,3971 Ner current a55et5 98,962 86.562 Totsl assetsjoss Curre I1¥bIl1 688,410 687,117 rieta55ets 688.410 687,117 Capltal tund5 Endowment fund5 16 11,373 11,373 Income fund5 Restricted funds soo Unrestrl¢ted funds 676,537 675.744 688,410 687,117 The financial ststements were approved by the Trustees on...... Rt Rev Abbot Nichdas PhS1ip Wet2 (Controller of the Trustl Trustee
DOWNSIDE ABBEY MISSION TRUST NOTESTOTHE FINANCIAL sfATEMENTS FOR THEYEAR ENDED 31 DECEMBER 2024 Accounting policles Charlty Infomiatlon Downslde AbEey Mission Trust Is a reglstered charlty in England and Wale5. Its principal office Is Downside Abbey. $trattonn-the-FoW. Radstttk. BA34RH. 1.1 A£antIng corwention The flnancial statements have been prepared in accordance with the Charity's governing document, the Charities Att ZOII, FRS 102 Yhe Flnanclal Reportln8 Standard applicable in the UK 8nd Republlc of Ireland~ I"FRS 102.1 and the Charrtles SORP -A£countlng and Reporting by Charities.. Staternent of Recornmended Porti£e applicable to charities prÈDaring their accounts in accordance wlth the Flnancial Reporting Standard applicable in the UK and Republlc tsf Ireland IFRS 1021" lÈfféttive l January 20191. The charty is o Public Benefit Entlty as deflned by FRS 102. The Charfty has taken advantage of the provlslons In the SORP for charities not to prepare a Statement Df Cash Flows. The financisl ststements have departed from the ChaTitre5 (Accounts and Reports) Regulation5 2008 only to the exte required to provide a true and fairview.Thls departure has Involved1011owing the Statement of Recommended Practi for charities applyin8 FRS 102 rather than the version of the Statement of Recomrnnded Prèctice which is referred to In the Regulations but whlch h85 since been withdrawn. The financlal statements are prepared in sterlSn& which Isthe functional currency of the charity. Monetary arnounts In thèse financial Statements are rounded to the nearest £. The Pinanclal statements have been prepared underthe hlstorical cost convention, TTh)dlfled to Include the reVaItIOn of Investment prop&rtles and certain flnancial Instruments at falr value. The prlnclpal accountln8 policles adopd a set out below. 1.2 GOI wncem At the tlrnÈ of approving the financial statements, the trustee5 have a reasonable expectstlon that the Charity ha5 adequate resourcesto continue In operational existenceforthe f0reseeab1efutu.ThUs,thetrV5teeS continueto adopt the golng concern basis of accounting in preparfngthe financi31 statement> 1.3 Charitable fvnds Unrestricted funds ar@ avallable for usg at the discretit>n of the trustee5 in furtherance of thelr charltable obleaive5. Foradtnlnistratlve purposes the funds are split betwe the Mi55ion Fund and the Padsh Funds. Restricted fund5 are subject to specific conditnS by donors orgrantots asto howthey may LE u5ed.The purtK)se5 and uses of the restricted funds a set out in the notes to thefinancial statements. Endowment funds subject to 5pecrfic Conditions by donors that the capital must be malntalned by the Charlty. IA Incomo Income Is reco8nlsed when the charTty 15 legally entitled to it after any performance conditlons have been met. the arwunts can te rneasud reliably, and it is probable that intorne will be received.
DOWNSIDE ABBEY MISSION TRUST NOTES TO THE FINANaAL ATEmENTs {CONllNUED) FOR THE YEAR ENDED 31 DECEMBER 2024 l. Accountln8 policies Icontinuedl Cash donation5 3re recogni5ed on receipt. Other donations are reco6ni5ed once the charlty has been notlfied of the donation, unless performance conditi($ Quire deferral of the amount. Income tax recoverable in latIon to donatlons recelved under G[frd ordeed5 of covenant is recognised atthe time of the donatlon. Le8ac5esare recognised on (eIptor0therWi$e Lsthechartty h35 been notifiedof an Impendln8dlstributlon. theaftv)unt is known, and receipt Is expected. If the amount is not known. the legary is treated as a contlngent asset. Incor Is measured at thefalrvalue of the consldÈratlon reeelved or Teteivable and represents amount5 reeeivable for goods and services provided in the norlnal course of bu5ines5. of discounts, VAT and other 5ale5 relatèd taxes. l.S Exppndliur• Resources expended are accounted for in the perlod whlch they are incurred. The Irrecoverable element of the VAT 15 included in the itern of expense towhich it relates. Where an item of expenditure fa115 dirtttly withln one cost Category it is attrlbuted to that category only. Where eXndItUre Involves morethan one Category it is apportioned on a reasonable and justlfiable bas1S. Grants and donatlon5 are included in the Staternent of Financlal Actfvltles in the yearwhen they become payab. I Tan8lble flxed assets TangSble fixed assets are Initially Measured at cost and subsequently mea5UTed at cost orvaluatlon, netof depreclation and any impairment losses. Depreciation 15 recognised so as to wrlte off the tost or valuatlon of assets less thelr re51dual values over their useful lives on the followlng ba5es'. Land and buildings 2(klOO years strdight line Fixtures, fittings & equlpment 15% reducin6 balèn Motor ¥ehlcles 20% strdl8ht line Item5 over £l,IXX) a caplt81ised. 1.7 Inve5tTnert prortY Inve5trnent property. whlch is propety heldtoeam rentalsandlorforcapital appreciation, Is inltially recogni5ed at cost, which include5the purchase cost and any d1CtlY attributable expenditure. Subsequently it is measured at falrvalue at the reporting end date. The surplus or dÈfith on rev31u?tion 1$ wognl$ed In the Statement trf Financial Artlvltles. Imp8lnrr4t of fixed 355ets At each reportlng end date. the Chartty revlew5 the carying arnounts of stan81ble assets to deterrnlne whetherthefe is any Indication that those a55ets have Suffered an impalrment loss. If any Such inditation exists, the recovernble amount of the asset Is estlrnated In orderto determlnethe eitent of the impalrment10ss lrfanyl. -io-
DOWNSIDE ABBEY MISSION TRUST NOTES TOTHE FINANCIAL STATEMENTS ICONllNUEDI FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting pollcles 1.9 Cash and ¢ash equlvalents Icontinuedl Cash and cash equlvalents Include cash In hand, deposlts held at call wlth banks. other short-term liquld Investments wlth orlginal maturitles of three months or $$, and bank overdrafts. Bank overdwafts afe shown Mthin tKJrrowings In 1.10 Financlal instrumerts The Charity has elerted to apply the prov151DnS of Settion 11 '8asic Flnancial Inrtruments. and kction 12 '0ther Flnanclal In5trutnents Issues. of FRS 102 to all of its financial instruments. Financial in5trumeTEts are reco8nlsed in thecharity's balance sheetwhen the Charity iEcome5 partytothe contractU21 provisions of the Instrument. Flnanclal assets and liabllicies a offset, with thÈ net arnounts presented In thèfinancial Statet5, when there Is legally enforcèable rlght to set off the reco8nlsÈd armunts and there is an intentlon to settle on a net ba555 or to realise the asset and settle the Ilablllty slmultaneously. BU¢110ClU1u$Sets sic financial assets, whlch Include debtors and cash 8nd bank bal4nte5, are initially measured at trnnsaction prl Includln8 tr8nsactlon costs and are subsequently carrled at amortlsed cost Uslnethe effectlve interett method unless the arrangement constitutes a financing transaction, where the transattion is measured at the present value ol the future receipts dlscounted at a market rate of interest. Flnancial assets dassified as receivable wlthln one year are not amortised. B05klAn•n¢l•lllobllltles Basic fin?ncial liabilitles, Includlng creditors 3nd bank loan5 are initia51y recognised at transaction prke unless the arranEernent constltute5 3 financing transattion, where the debt instrument Is measured at the present value of the frjture payments discounted at a market rate of Interest. Financlal liabllltles classlfied as payable wlthln one Vear are not arnorrised. Debt Instru¥r*nts are subsequentw ¢arTied at amort15ed cosi uslngthe effeLtive interest rate rnethod. Trnde (ditOrS are obliBations to pay for gogds or Services that have been acqulred in the ordinary coutse ol operatlons from suppllers. Amounts payable are classified as current Ilabillties if Yment 15 due wlthin one year or less. If not, they are presented as non-turrent liabilities. Trade credltor5 are recognised Inltially at transaction prl and subsequently measured at amortised cost using the effective interest tnethod. Detttognitlon oAAlnunclol Ilobllftle5 Financial liabilltie5 are dprecognlsed when the Charitls contractual obli84tlons explre or are dischaoed or cancelSe(l. 1.11 Employee benefits The cosi ofany unused hollday entitlement Is recoRnised in the DÈriod in which th• omployee's 5ervicesaTe receNed. Termlnatlon beneflts a wognised immedlately as an expense when the Charity is dernon5trably comrnhted to terminate the en)ployment of an employee orto provlde terminatlon beneflts. li
DOWNSIDE ABBEY MISSION TRUST NOTES TOTHE FINANaAL sfATEMENrs IcopmNUED) FOR THEYEAR ENDED 31 DECEMBER 2024 Crltlcal accountlng estlmates andjudgemènts In the application of the Charlty's accountlng pollcies, the trustee5 8re required to make judgements, estimates and assumptlons atK)ut the carryinE arnount of assets and li3bilEtles that are not readily apparent from other sources. The estinleS and as5QCi3ted assurnptions are basÈd on historical e¥perlence and other factorsthat aTe considered to be ielevant. Actual results may differfrom these e5timate5. The estirnates and underwing assumptlons ore revlewed on an ongolng basis. Revlslons to accountlng estimates are recognlsed In the period in which the estlmate is revised where the revislon affèits onlyth3t peTi(Kl. or In the perloo of the revision and future periods where the revisR)n effects both current and future period5. Key SoUrS of èstimatlon untèrtainty The estimates and a55umptions whlch have a slgnlflcant risk of causln8a m3terlal adlustment to the carrwng amount of assets and Ilabile5 are as follows. Depretiatlon The trustees use thelr knowledge ofthe ¢harity to estirnatethe useful Ilfe and residual of tanglbleflxed assets In order to arrive at applltable depreciatlon rate5. In accordance with soctlon 17 of FRS02, the trustees review and update Ihe5e estirnates if there are Indlcatorsthat current estimates should change. Dur5n8 the yearthere was n4) rhan8e In thè depreciation rates. Donations •nd Iwries Unrestrkted Restrfrted Total Total funds nds 2024 2023 Donatlons and Ofts Q>llections and fundraisln8 Grant Income 750 7SO 17,378 33,841 6,227 40,068 122,577 1.750 1,750 36,341 6,227 42.568 139.955 ForthÈ yr endod 310$cember 1023 126,263 13.692 139,955 12
DOWNSIDE ABBEY MISSION TRUST NOTESTOTHE FINANOAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 4 Investmerts Unre5trkted End¢)wment Total Totsl lunds funds 2024 2023 Rental Inrorne 8.1(K> 8,1 13,396 Invèstment Intome 8,100 8,IC 13.800 Fort year ended 31 Decemb2r2023 13,8 13,800 5 EXpendIty on charttable adlvltles 2024 2023 Direct costs Grant fundlng of aCtttleS (see note 61 8.462 157,085 shale of wpport and governance (see note 71 Support Governance 38,513 167,640 1.536 49.375 326.261 Anaws by lund UnStriCted funds Restritted fund5 43,648 5,727 312,405 13.856 49,375 326,261 13-
DOWNSIDE ABBEY M15510N TRUST NOTESTOTHE FINANaAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 fj Grant5 Payable 2024 2023 Grants to in5tltutions'. Second Collectlons (see below) Parish Schcx)Is 6,962 13,671 12,383 others Less Than £l,QOO Di(Ke5e of E35t Angli Downside Abbey General Trust 610 130,421 1.500 8,462 157.085 Parishes raise mtsney for specific CharleS and funds. Second collettlons represent the expenditure relatlng to th donatioris. 7 Support Costs Support costs Governance osts 2024 2023 Stsff eosts Depreclation 11,107 11,107 13.206 15,659 Church and related expense5 Repairs and m31ntenance Accountsncy Legal and professional 13.206 66.284 5,072 5,072 43,122 4.339 2,070 2,070 14,635 Prfests, Maintenan 7,058 7,058 11,129 Diocese LEvles 12,472 Independent Ex3rniners fees 2,400 1,536 38,513 2,400 40,913 169.176 Analysed between Charltable actlvitles 38.S13 40.011 169,176 In addltlon tothe Independent ExaMierfees shown above, Included within supwrtcostS3r@ accountsncyfees payable tothe Independent Examiner Sn SPert of accountancy and other Servi5 of £nil12023.. £4.3391.
DOWNSIDE ABBEY MISSION TRUST NOTES TOTHE FINANaAL STATEMENfs (CONTINUED) FOR TME YEAR ENDED 31 DECEMBER 2024 TrustetS None of the trustees lorany persons connected with them) recewed any remuneration durin8 the year, and none of them were rÈimbur*d anyexpertses12023: £nlll bythe charV. Priests, rnasntenance costs as shown In not£ 7 are levled by Downslde Abbey General Trust tow?rd5 the cost of rnaintÈnance of the p•Ylsh prlests. The par15hesarechar8ed In prowjrtlofttothe arUnt0f the prlesvsworklng at the par15hes. Employees The average rnonthty nurnber of employees durlngthe yearwas: 2024 2023 Numb•r Number EmPloent msts 2024 2023 Wages and 5alariL¥ Duringthe year ended 31 Detember 2024the charity dld not have any employees. There were no employees whose annual reffjunerÈtlon was £60,000 or more. 10 Net Bolnslllossesl on investments 21)24 2023 Revaluation of lllve5tment properties 50,1XK) 11 T4¥atlon The charity is èxemptfrom tsxatlon OTr Its actfvlties because all its Ipcome 15 appliedfor charitable purFQSe5. 15-
DOWNSIDE ABBEY M155ION TRUST NOTESTO THE FINANaAL sfATEMENTS (COPrnNUED) FOR THE YEAR ENDED 31 DECEMBER 2024 12 Tanqible Ags8ts Land and buildings Fixture5, ffttings & equipment Motor vehltles Total At l January 2024 Additions Disw>sals 318,656 29,333 350,989 At 31 December 2024 318,656 29,333 3,LK)O 350,989 Oepreclation and Impairment At l January 2024 134.587 15.147 150,434 DePCIatIOn char8ed in the year Elltninated In respect of dlsposals At 31 December 2024 8.380 2,127 600 11,107 142,967 17,274 1.3(X> 101,541 Carryln8 amount At 31 December 2024 17S,689 12,059 1,7(N) 189,448 At 31 December 2023 184,069 14,186 2.3 200,SSS Le8al trtle to certaln of the freehold properties Ss held by Downside Abbey Gener31 Twst. The propertiè5 are held by Downside Abbey Gener?1 Trust forthe benefit ofthe MlssioniTrustfor as long a5they are used as partof the Charltrfs mission. These properties are iniluded sn the Missions Trust financial ttaterrents. Investment PMp•rty 2024 Falr Valuè Af J January 2024 400,000 Net gains or losse5 through fair value adjustments At 31 Deember 2024 41X>,000 The Investment property was valued by the Trustee5, based on a desktop valu3tlon underraken by a firm of Estate Agents, durln8 thE year ended 31 Decernber 2023, for expetted rental yleld for re%dential prowrtiÈs. The trustees belleve that the valuatloll 15 Still reflettive as at 31 December 2024. 16-
DOWNSIDE ABBEY MISSION TRUST NOTES TO THE FINANaAL sfATEMENTS (COPrnNUED) FOR TTrIE YEAR ENDED 31 DECEMBER 2024 14 Debtor5 2024 2023 Amounts fallln8 due wlthiTr one yèar: her debtors 1,062 1,062 IS Credlttys: zmounts falllTrx dUeWhln one year 2024 2013 Attruals and deferrÈd Income 15,397 2,400 15,397 Ertdowmentfunds Endowrrentfunds representasse*swhich rnust be held permarTrently bytheCharlty- Incomearislnson the endowment funds can be used In accordance with the object5 of the Chartty and is included as unrestrlcted Income. Any capitsl 881ns or losses arlsSn8 on the assets forrn parr of the fund. Movement In lunds OLrtgolng Transfers resour Balance at I January 2024 IrKomln8 Balan¢è at 31 DeceMr 2024 Permanent endowm8nt5 Cler8y Malrytenan 11.373 11.373 11,373 11,373 PrforV•af Movement In funds Balance at I Intomlng Out8olng Transfe Balanee at 31 jaary 2023 l>•cemb¢r 2023 Perniant endowments Clergy Malntenance 11,373 11,373 11,373 11,373 Endtswment Interest 15 available to be spent as Unre5tritted Funds wlthln the Mission Fund parishe5 Shown. Any Income received In the year 15 transferred to Unre5tflCted Mission Fund Fund5. In order that endowed balances are stated 4t thelr capltal value. 17-
DOWNSIDE ABBEY MISSION TRUST NOTES TO THE ANANaAL STATEMEfrifs ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2024 17 Aestrlrted fvnds The $ttted fund5 of the charity cornprf5e the unexpended ba&nces of donatlons and 8rants held on trust subject t05pecrfic conditions bydonors asto hawthey may be used. Movement In funds (kngoin8 Transfers resources Balance at I January 2024 Iwwnlng r*50urre5 Balance at 31 December 2024 Second Collectlons 15,727 500 6,227 15.7271 500 Prioryear Movement in ful5 Balance at i Imomlng IMgoln8 Trdnsfers BalantÈ at 31 J•Jwary 202> resourtes r¢sour¢•5 December 2023 Second Collectlons J64 13,692 13,856 164 13,692 113,8561 Parlshes ralse mDnoy for specrflc charFtles andfund5. Second Collections represents theexpenditure relatin8to those donatiorts. 18-
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DOWNSIDE ABBEY MISSION TRUST NOTES TO ThE FINANaALAIEmENT5 (CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2024 19 Analy555 of net assets between fvnts Unrestrlcl841 rS Rostrlrted fvIKIs Endowment furKIs Total Fund balances at 31 Decemter 2024 are presented by.. Tarigible as5etS Investment Properties Current assetsllllabilltlesl 189.448 189,448 400,000 98,962 87,089 11,373 676,537 11,373 688,410 Prioryear Unrestrf¢ted funds Restrfcted fu*vl$ Endowmert fvnds Total Fund balance5 al 31 December 2023 are represented by.. Tangible assets Investment Propertie5 Current assetsllliabilitiesl 200.555 4L¥J,000 75,189 2.555 400.000 86.562 11,373 675.744 11,373 687,117 20 Related party tran%a¢tlons Durin8 the year £7,058 IZ023..£11,1291 was payable to Downside Abbey General Trust in respect of prlests, maintenaft cos Downside Abbey MIs51on5 Trust and Downslde Abbey General Trust are related parties, byvirtue of sharingthe same TnJstee5, as both entlties are controlled by The Downslde Abbey Icommonty known as The £50 Trust) beln8 an Incorporated body of Trustses Icharity Number 2325491. -20-