**The Order of Augustinian Recollects Charitable Trust** 

**Report and Financial Statements** 

**Year Ended 31 December 2022** 

**Registered Charity Number: 237522** 



## **The Order of Augustinian Recollects Charitable Trust** 

Year Ended 31 December 2022 

|**Contents**||**Page**|
|---|---|---|
|Report of the Trustees||1|
|Independent|Report to the Trustees|12|
|Statement of Financial Activities (SOFA)||13|
|Balance Sheet||14|
|Notes forming part of the financial statements||15|





## **The Order of Augustinian Recollects Charitable Trust** 

## **Report of the Trustees** 

## **31 December 2022** 

The Trustees are pleased to present their report and financial statements for the year ended 31 December 2022. 

They financial statements comply with the Charities Act 2011, the terms of the Trust as described below 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). 

## **Objectives and activities for the public benefit** 

## _Objects_ 

The objects of the Charity are to _advance the religious and other charitable work of the English Province of the Society as the Trustees with the approval of the Superior shall from time to time_ means the English part of the religious order known as the Order of Augustinian Recollects means the Delegate Provincial of the Order in England a Delegation of a wider Province rather than a Province in its own right, so they are known as the . 

The Trustees have reviewed their objectives and activities to ensure they continue to reflect the guidance on public benefit. 

The Order fulfils its principal aims through: 

- (a)  formation, training and continuing education and the promotion of vocations to the Priesthood and religious life (Vocations Promotions); and 

- (b)  prayer, chaplaincy and pastoral work in Parishes at Honiton and Ottery St Mary (Devon), American Chaplaincy. 

The Order also provides priests elsewhere where possible.  The work includes teaching, preaching, retreat-giving, chaplaincy in schools and hospitals and to religious sisters, and care of the elderly. More and more, England is seen as missionary territory in what has become an increasingly secular society. 

diminishing number of active Recollects.  This has been achieved by careful allocation of human and financial resources according to greatest need. 

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## **The Order of Augustinian Recollects Charitable Trust** 

## **31 December 2022** 

The Provincial Chapter of the Order is convened every three years and is the legislative body which has executive authority over the ministries of the Order in England.  A restructuring of the Order of Augustinian Recollects worldwide agreed at the General Chapter of 2016 in Spain was implemented in 2018. 

The friars meet for their prayer in common, meditation and the Divine Office in the morning, at midday and in the evening, and for their monthly meetings.  As well as Delegation meetings of all the friars, there are informal gatherings which contribute to the spirit of community in the Delegation and thus to our wider pastoral work. 

In 2001 an interest-free loan was made to a connected charity, known as The Order of Augustinian of the maintenance and advancement of the Roman Catholic Church by preaching, teaching and other means and has, amongst its principal objects, the taking care of missions among the faithful. The Order also works closely with the Roman Catholic Dioceses of Westminster, Southwark and Plymouth in administering parishes on their behalf. 

## _Personnel_ 

At the end of the year under review, the Delegation consisted of ten ordained priests and one religious brother working in different ministries in England. 

There are still signs of increasing interest in vocations, which is being actively encouraged by advertising in the Catholic press. We keep in touch with potential candidates by letter and by home visits. Would-be candidates are invited to 3 weekends during the year which introduce them to the Order and to the religious life. 

In addition, we have fourteen professed members of the Secular Fraternity of the Order. They meet monthly and are very much members of the Recollect family. They attend celebrations on Augustinian feast days and retreats. 

The Order is committed to supporting its members who have spent most of their working lives in the furtherance of its aims, either voluntarily or by covenanting earned income from outside employment. 

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## **The Order of Augustinian Recollects Charitable Trust** 

## **31 December 2022** 

The Charity does not to any material extent depend on volunteers for the provision of its pastoral work, other than in the context of the parishes which it administers on behalf of the local Diocese. 

_The Apostolate_ 

The Apostolate of the Delegation is the pastoral care of two parishes in Devon (Ottery St Mary and Honiton in Plymouth Diocese) and one in London, Vauxhall (Southwark Archdiocese), and running pastoral care of the increasing Latin American community (Spanish speaking) in London, known as the Latin American Chaplaincy.  As we have said above, in an increasingly secular world this is now seen as a truly missionary ministry in England.  The Friars owe a debt of gratitude to the people in their care for sharing their faith with us and for their generous help and encouragement. 

## **Achievements and Performance** 

does not lend itself to such detailed analysis.  However, that work continues very satisfactorily despite limited resources.  Investments are regularly reviewed with their advisers and the Trustees are satisfied that their investment objectives have been met satisfactorily.  Other indicators of progress are set out below however, due to Covid-19 a lot of our work and mission was curtailed because of lockdown. 

_Ottery St Mary -_ 

for certain aspects of parish life.  The parish is very fortunate to have a Deacon working in St 

- They have rotas for Church openers, readers and Eucharistic ministers. 

- Flower arrangers provide an abundance of floral display through the year, and there is a church-cleaning rota. 

- Some parishioners serve as offertory collectors, counters and bank the takings each week. 

- The parish has a Parish Council and a Finance Committee. 

- Many social events were arranged during 2022 and proceeds from fund raising were given to a variety of charities including: HCPT, CAFOD and other very worthy causes. Lent & Advent penitential services are held. 

- There is a weekly parish newsletter. 

- The church hall is used fairly regularly, bringing us some extra income. 

- RCIA, that is the Rite of Christian Initiation of Adults, which attends the needs of those wishing to become members of the Catholic Church, is ongoing. 

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## **The Order of Augustinian Recollects Charitable Trust** 

## **31 December 2022** 

_Ivybridge -_ 

The Order has retained the building currently occupied as Millswood Nursery School with other land and continues to explore opportunities for development. 

_Honiton -_ 

We report on this parish under the separate charity, Order of Augustinian Recollects - St. Rita's Centre (charity no.: 232501) which administers that parish. 

## _The Mission commitments in Brazil and Costa Rica_ 

Fr Joseph Shonibare, a member of the English Delegation, is working in our Mission in the Amazon rainforest, Brazil. 

## _St_ 

Most of our pastoral/sacramental work is done at weekends, with four Masses for the parish and one Mass here for the Latin Americans.  There are also other prayer times and devotions in English and Spanish. The Parish is very ethnically diverse with parishioners coming from four continents. Since the friars speak English, Spanish and Portuguese we are able to greet and meet the needs of a great number of the faithful in the local area.  There are also two communities of religious Sisters within the boundaries of the parish, both of these with their own chaplains.  After the normal intensive catechesis of eight months, that is the due time spent in the catechetical preparation, the months of May / June are normally designated as the time for celebrating the sacraments of the First Communion and Confirmation with the children and young people of the parish and Latin American chaplaincy. 

## _Latin American Chaplaincy_ 

The work of the Latin American Chaplaincy in both Roman Catholic dioceses of London, i.e. Westminster and Southwark, is still undertaken by the Order and continues to grow, but in accounting terms it is dealt with under the accounting system of the Diocese of Westminster and so is not included in these accounts. 

The involvement of four of our priests is an important and vibrant part of our apostolate, increasingly answering the needs of so many South American immigrants spread around the city of London. The annual prayerful and happy celebration of the Dia de las Americas, which attracts a great number of Latin American people including Ambassadors and Consular Officials from South America, took place this year at .  Local M.P.s and the Lord Mayors from both sides of the river attended. The diocesan priests and the Recollects from Devon and London areas concelebrated. The joy of the Mass continued in the Amigo Hall Centre at the Cathedral where the people met for refreshments and shared entertainment. 

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## **The Order of Augustinian Recollects Charitable Trust** 

## **31 December 2022** 

## _St John Stone House, London_ 

This community in Kensington are settled into a quiet rhythm of life. The house hosts all the Delegation meetings when all the communities from Devon and London get together.  The house also hosts the regular monthly meetings for the communities of London.  Many visitors normally use it, especially in the months of June, July and August when students from our theology training house in Madrid, Spain came to study English. However, this year there were no visitors due to travel restrictions. 

## **Financial Review** 

The Order does to some extent depend on voluntary donations, some rents and the very occasional legacy to sustain its work.  No material donations in kind or intangible income were received during the year.  For the purposes of these accounts, no value has been placed on the administration and other services provided by members of the Order. 

The Order does not currently engage in fund-raising as such. Historically the Order has been grateful for voluntary donations and legacies to sustain its work.  This is in part promoted by a We are very grateful to them for their financial and prayerful support. 

This year we are pleased to report that again we had some most welcome donations amounting to £34,704 (2021: £47,250) and legacies of £3,000 (2021: £23,766).   As a result total income has decreased by £32,781 to £97,694.  Charitable expenditure is £145,193 (2021: £157,270).  The Order relies largely on parish income and donations to sustain its charitable expenditure and in due course to begin to repay its debt to its Mother House as below. 

The Balance Sheet shows total net assets of £2,042,428 (2021: £2,139,548). Of this, £814,537 motor vehicles and fixtures and equipment which are essential to the day-to-day work of the charity and to the care of members of the Order. As such their value is not regarded as realisable in order to meet the ongoing costs of the charity. No value is attributed to churches and similar religious buildings which are heritage assets. 

Free reserves available to support the work of the Order in future (i.e. cash and investments minus creditors, but excluding debtors due after one year and any restricted funds) amounted to £749,603 at 31 December 2022 (2021: £792,169).  In the longer term, the Trustees consider this level of free reserves to be barely adequate in the light of their commitment to look after the friars in future years. It includes funds that might reasonably be designated for retirements. 

5 



## **The Order of Augustinian Recollects Charitable Trust** 

## **31 December 2022** 

The Trustees are conscious of potential demands from those who may leave or have left the Order obligations and resources. No specific sum is allocated for this purpose, since it is not possible to quantify amounts due.  No commitments or guarantees have been given in this or any other respect. 

An interest-free £350,000 loan received from the Mother House in Spain in 2001 was to have been repaid within 2 years unless that proved impractical. The amount due to the Mother House Centre charity stood at £478,203 at 31 December 2022, a decrease of £22,802 on 2021. 

The Order does not make grants but does make occasional donations to related charities. This year donations were £3,288 (2021: £3,734). 

## **Investment policy and performance** 

The Trustees may invest in any manner in which the law allows trust money to be invested, or as directed by the donors of any donated trust funds, so the Trustee Act 2000 applies.  The Trustees have regard to the provisions of the Act to enable a broad-based portfolio to be efficiently administered in the interests of the charity. 

in future years.  In planning investment for the future they have also adopted a reserves policy on the lines set out below.  They have resolved to hold substantial liquid funds for the time being, partly because of continuing concerns over stock market performance and partly to meet other needs such as repairs to property. 

## **Risk Management** 

The Trustees have identified any major risks facing the Order and taken such steps as they can to mitigate them.  At present the greatest risks to the Order, in addition to the increasing age and, in some cases, infirmity of the current members, are the lack of candidates from the UK under training for the religious life and / or priesthood and the consequent lack of priests and brothers able to run those friars who have retired. 

Policies and procedures have been revised to ensure that foreseeable risks inherent in the running controlled and, where appropriate, properly insured against. 

Currently our safeguarding policies are aligned with those of Plymouth Diocese, where much of our ministry has been based, 


6 



## **The Order of Augustinian Recollects Charitable Trust** 

## **31 December 2022** 

## **Reserves policy** 

The Order continues to review its finance, facilities and needs in order to match future income with expenditure having regard to the increasing number of retired priests and brothers, especially as to provision for those who need nursing care either now or in the future.  In 2005, the Trustees sought advice on the size of retirement fund that might be needed. The calculations, based on actuarial principles, indicated that it was necessary to set aside in excess of £1,360,000 of funds in order to provide modest future resources to meet the needs of the Recollects in the years to come.  However, the Trustees decided it was not possible to set funds aside at that time, and that in the event of a shortfall they would either consolidate and sell surplus property or look to their Mother House in Spain for support. That remains the case. 

It is clear to the Trustees that such invested reserves as they have are essential to provide for the increasing numbers of retired religious and the cost of nursing care when fewer religious are able to earn an income.  The balance of Reserves relates to property used entirely for charitable purposes and is not therefore to be regarded as free reserves within the definition in the SORP. 

The Trustees have examined the requirement for free reserves i.e. those unrestricted funds not invested in tangible fixed assets, designated for specific purposes (such as retirement) or otherwise committed.  The Trustees consider that, given the nature of on the current year is £145,193. 

## **Plans for the future** 

The Order continues to review its spending plans and needs and makes every effort to manage its aims including provision for Priests in retirement.  In the short to medium term they are satisfied 

In common with other religious Orders, the Order of Augustinian Recollects have continued carefully to review both its resources and its future role in this country. 

Despite the structural changes currently affecting the Order, we have no mandate, nor do we propose, to close any other ministry in the foreseeable future. We will continue to fulfil the aims of the Charity with emphasis on the development of the Latin American Chaplaincy in London and St in Devon. 

An assembly of all the friars with the Provincial is planed for the year 2023. This will be held in Devon and will discuss the future of our work here in England. 

7 



## **The Order of Augustinian Recollects Charitable Trust** 

## **31 December 2022** 

## **Structure, governance and management** 

## **Status of Charity** 

The Order of Augustinian Recollects charity is an unincorporated charitable association of friars established by a Trust Deed made on 21 August 1964 by the Very Reverend Mariano Ortiz, the Reverend Vincent Courtney and the Reverend Ernest Fry.  This declared trusts in respect of _voluntary association of men known as The Order of Recollects of St_ (the Order).  The Order is based in Spain but the charity governs its activities within, or conducted from, England and Wales.  A Charity Commission Scheme in 2002 recorded a change in furtherance of the charitable work of the English Province of the Order wherever the Trustees now Delegate - Provincial) decide. 

The charity is part of an international religious Order, founded in 1588 called the Augustinian Recollects. They are Roman Catholic friars who have taken vows for the religious life, many of an in the early 1930s, is carried elected Counsellors and a Delegation Procurator (Bursar) whom he appoints.  As the Delegation is part of a wider Province he in turn submits annual reports to a Provincial of the Order based Madrid, Spain. 

The Delegate Provincial, as a Major Superior of the Order of Augustinian Recollects, has significant powers as to the acceptance and dismissal of candidates to the Order and as to the disposition of delegated powers to spend up to £3,000, to his superiors in Spain and/or to the friars in England before authorising the Trustees to dispose of property permanently. 

## **Recruitment and Appointment of Trustees** 

The Delegate Provincial also has power of appointment of new trustees of the Charity.  Given its nature, it is not considered appropriate to recruit trustees from outside the Order and no policy has been adopted in that regard.  No specific training has been given to the Trustees but they are satisfied that they have sufficient access to professional and practical advice, especially as members of the Conference of Religious of England and Wales, to understand their responsibilities as charity trustees. 

8 



## **The Order of Augustinian Recollects Charitable Trust** 

## **31 December 2022** 

## **Financial Governance** 

The Delegation Procurator administers certain funds on behalf of the Order as a whole, again under the direction of the Provincial Delegate.  Each year, he submits to the Provincial Delegate and his Rules and Constitutions, in addition to their regular meetings as Trustees.  The Council meets regularly to advise the Delegate Provincial on matters concerning the Order and formal decisions affecting its charitable activities are taken at regular meetings of the Trustees, most of whom serve on the Council. 

working in the Dioceses of Plymouth and Southwark.  Each local Superior or Prior is answerable, as are the Trustees, to the Provincial Delegate and his Cou Constitutions.  Each house holds an account administered by the Prior, who has delegated powers to spend up to £800 or £2,000 with the permission of his council. Little cash is held, and donations and other receipts are invariably by cheque, as is most expenditure.  Internal controls over cash, donations and expenditure are therefore considered adequate. 

## **Key management personnel remuneration** 

The trustees consider that the Board of Trustees comprise the key management personnel of the charity in charge of directing and controlling the charity and running and operating the charity on a day to day basis. 

by taking vows of poverty, have renounced all personal rights to income and capital.  The living costs of the Trustees are therefore borne by the charity in the same way as those of other priests and they receive no benefit by virtue of their position as trustees. 

## **Connected Charities** 

Other than the Order of Augustinian Recollects - are no related parties or connected charities associated with the Charity, although it continues to work closely with the Roman Catholic Dioceses in which it operates in England.  Fr Gerald Wilson is the Vicar for the Religious for the Diocese of Plymouth and as such advises the Bishop of Plymouth on matters concerning religious communities in the Diocese. 

9 



**The Order of Augustinian Recollects Charitable Trust** 

## **31 December 2022** 

## **Reference and Administrative Information** 

## **Principal Office** 

Ottery Moor Lane Honiton EX14 1AP 

## **Trustees** 

Father Carlos Abajos Father Gerald Wilson Father Hugh Corrigan Father Jose Romero 

## **Delegation Council** 

Father Carlos Abajos (1[st] Counsellor) Father Gerald Wilson Father Hugh Corrigan (2[nd] Counsellor) 

**Delegate Provincial for England** Father Gerald Wilson 

## **Delegation Procurator (Regional Bursar)   Vice Procurator** 

Father Gerald Wilson                                      Father Carlos Abajos 

363 Kennington Lane Vauxhall London SE11 5QY 

Ottery Moor Lane Honiton EX14 1AP 

**Solicitors** Tozers LLP Broadwalk House Southernhay West Exeter EX1 1UA 

## **Principal Bankers** 

Lloyds Bank Plc 112 Kensington High Street Kensington London W8 4SN 

## **Independent Examiner** 

Neil Hitchings FCA Francis Clark LLP Centenary House Peninsula Park Rydon Lane Exeter EX2 7XE 

## **Investment Advisers** 

M & G Investment Management Ltd 7th Floor, 3 Minster Court Great Tower Street London, EC3R 7XH 

## **Insurance Broker** 

PIB Insurance Brokers Poppleton Grange Low Poppleton Lane York YO26 6G 

## **Registered Charity Number** 

237522 

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## **The Order of Augustinian Recollects Charitable Trust** 

## **31 December 2022** 

## **responsibilities in relation to the financial statements** 

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 charity trustees to prepare financial statements for each 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 period.  In preparing the financial statements the trustees are required to: 

- select suitable accounting policies and then apply them consistently; 

- observe the methods and principles in the applicable Charities SORP; 

- make judgements and estimates that are reasonable and prudent; 

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

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Trust will continue in business. 

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust Deed.  They are also responsible for safeguarding the assets of the charity and taking reasonable steps for the prevention and detection of fraud and other irregularities. 

As always grateful to the Lord for his many blessings on our Delegation we confidently, with the help of His grace, journey in faith. 

Laus Deo 

Approved by the trustees on                         2023 and signed on their behalf by: 


Fr Gerald Wilson OAR Trustee 


11 



## **The Order of Augustinian Recollects Charitable Trust** 

## **Charitable Trust** 

I report to the trustees on my examination of the accounts of the The Order of Augustinian Recollects Charitable Trust (the Trust) for the year ended 31 December 2022. 

## **Responsibilities and basis of report** 

As the charity trustees of the Trust you are responsible for the preparation of the accounts in 


2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. 

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

1. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or 

2. the accounts do not accord with those records; or 

3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 matter considered as part of an independent examination. 

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

Signed: 


Neil Hitchings FCA Independent Examiner Francis Clark LLP Chartered Accountants Centenary House Rydon Lane Exeter EX2 7XE 

2023 

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## **The Order of Augustinian Recollects Charitable Trust** 

## **Statement of Financial Activities (SOFA)** 

|Year Ended 31 December 2022||||||
|---|---|---|---|---|---|
|||**Restricted**|**Unrestricted**|**Total**|**Total**|
||**Note**|**Funds**|**Funds**|**2022**|**2021**|
|||**£**|**£**|**£**|**£**|
|**Income**||||||
|Donations and legacies|3|-|37,704|**37,704**|71,216|
|_Income from charitable activities:_||||||
|Parish, stipend and similar income|4|-|19,262|**19,262**|24,107|
|Rental income||-|8,000|**8,000**|4,667|
|Investment income|5|-|32,728|**32,728**|30,485|
|Other incoming resources||-|-|**-**|-|
|**Total income**||-|97,694|**97,694**|130,475|
|**Expenditure**||||||
|_Expenditure on charitable activities:_|6|-|145,193|**145,193**|157,270|
|**Total expenditure**||**-**|145,193|**145,193**|157,270|
|**Net income / (expenditure) for the year**||||||
|**before investment gains/(losses)**||**-**|(47,499)|**(47,499)**|(26,795)|
|Gain / (loss) on investments|9|-|(49,621)|<br>**(49,621)**|122,482|
|**Net income/ (expenditure) and**||||||
|**net movement in funds for the year**||-|(97,120)|**(97,120)**|95,687|
|**Reconciliation of funds**||||||
|Total funds at 1 January 2022||-|2,139,548|**2,139,548**|2,043,861|
|**Total funds at 31 December 2022**||-|2,042,428|**2,042,428**|2,139,548|
|||============|============|============|============|



All comparative Income and Expenditure are attributable to unrestricted funds. 

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## **The Order of Augustinian Recollects Charitable Trust** 

## **Balance Sheet** 

## **31 December 2022** 

|**Notes**<br>**Fixed assets**<br>Tangible<br>8<br>Investments<br>9<br>**Current assets**<br>Debtors - due after one year<br>10<br>Cash at bank and in hand<br>11<br>**Current liabilities**<br>Creditors: amounts falling due within<br>one year<br>12<br>**Net current assets**<br>**Total assets less current liabilities**<br>**Creditors:**falling due after<br>more than one year<br>13<br>**Net assets**<br>**The funds of the charity:**<br>**Unrestricted funds**<br>General fund<br>**Total charity funds**|**2022**<br>**£**<br>**£**<br>**814,537**<br>**841,293**<br>**1,655,830**<br>**478,288**<br>**12,160**<br>**490,448**<br>**(3,850**) <br>**486,598**<br>**2,142,428**<br>**(100,000)**<br>**2,042,428**<br>============<br>**2,042,428** <br>**2,042,428**<br>============|**2021**<br>**£**<br>**£**<br>846,374<br>881,752<br>1,728,126<br>501,005<br>13,517<br>514,522<br>(3,100) <br>511,422<br>2,239,548<br>(100,000)<br>2,139,548<br>===========<br>2,139,548<br>2,139,548<br>===========|
|---|---|---|



Approved by the Board of Trustees on                             2023 and signed on its behalf by 


Fr Gerald Wilson OAR (Trustee) 


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**The Order of Augustinian Recollects Charitable Trust** 

## **Notes forming part of the financial statements** 

## **Year Ended 31 December 2022** 

## 1. **Accounting Policies** 

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows: 

## **a. Basis of preparation** 

The financial statements have been prepared in accordance with 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) (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). 

The financial statements have been prepared to give a 'true and fair' view and 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 Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has been withdrawn. 

The Order of Augustinian Recollects Charitable Trust meets the definition of a public benefit entity under FRS 102. 

Having considered all relevant factors the trustees consider that there are no material Assets and liabilities are initially recognised at historical or transaction value unless otherwise stated in the accounting policy note. 

Separate accounts are maintained for the pastoral and other activities carried out at the following locations :- 

18 Cheniston Gardens 

St Anne, Vauxhall St Nicholas Province 

The financial statements include the transactions, assets and liabilities of these accounts. 

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**The Order of Augustinian Recollects Charitable Trust** 

## **Notes forming part of the financial statements (continued)** 

## **Year Ended 31 December 2022** 

## **b. Accumulated Funds** 

- The accumulated funds, which are unrestricted, represent the following:- 

## **General Fund** 

The aggregate of net incoming resources and recognised gains since the trust was founded. 

## **c. Fixed Assets** 

- The charity has opted to treat previous revaluations of property as deemed cost on transition to FRS102. 

Tangible fixed assets are recorded at cost. Impairment reviews are performed where there is an indication that an impairment has occurred. Fixed assets costing less than £500 are not capitalised. 

Investments are shown at market value. Unrealised gains and losses are recognised in the Statement of Financial Activities. 

Heritage assets are not capitalised because reliable cost information is not available and conventional valuation approaches lack sufficient reliability. 

## **d. Depreciation** 

|Assets are|depreciated over their estimated useful lives as follows:-|depreciated over their estimated useful lives as follows:-|
|---|---|---|
||Freehold property excluding land<br>|2% straight line|
||Motor vehicles|25% reducing balance|
||Fixtures, fittings and equipment|15% reducing balance|



- **e. Creditors (greater than one year)** 

The interest free loan from the Mother House in Spain is considered to be a public benefit entity concessionary loan and as such it is recognised as due greater than one year (in line with the substance of the arrangement) and no discounting is applied. 

The loan will be repaid when funds become available to do so. 

## **f. Income** 

Income is recognised on a receivable basis.  Income from bequests and legacies is recognised when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy.  Entitlement is the earlier of the charity being notified of an impending distribution or the legacy being received. 

16 



## **The Order of Augustinian Recollects Charitable Trust** 

## **Notes forming part of the financial statements (continued)** 

## **Year Ended 31 December 2022** 

## **g. Expenditure** 

- Expenditure is recorded on an accruals basis and has been classified under headings that aggregate all costs related to that category: 

- Charitable expenditure comprises those costs incurred by the charity in order to meet its charitable activities. 

- Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity. 

## **h. Value Added Tax** 

- The trust is not registered for Value Added Tax (VAT).  Expenditure in these financial statements therefore includes VAT paid where appropriate. 

## **i. Trustee Benefits** 

- Order who, by taking vows of poverty, have renounced all personal rights to income and capital. The living costs of the Trustees are therefore borne by the charity in the same way as those of other priests and they receive no benefit by virtue of their position as Trustees. 

## **j. Administration** 

For the purpose of these accounts, no value has been placed on the administration and other services provided by members of the Order. 

The purpose of the trust is to perform charitable works connected with the advancement of the religious and other work carried out by the Order of Recollects of St. Augustine. 

## **2.    Status of Trust** 

The Order, which has existed since 1588, is generally known as The Order of Augustinian Recollects. In 2002 the Trustees obtained a Charity Commission Scheme recording a change der of Augustinian August 1964. 

The Order is devoted to the maintenance and advancement of the Roman Catholic Church by preaching, teaching and other means and has amongst its principal objects the taking care of missions among the faithful. 

The trust is a Registered Charity, registration number 237522. 

The registered office details can be located in the reference and administrative section of the annual report. 

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## **The Order of Augustinian Recollects Charitable Trust** 

## **Notes forming part of the financial statements (continued)** 

## **Year Ended 31 December 2022** 

|**3.**<br>**Donations and legacies**<br>**Restricted**<br>**Fund**<br>**£**<br>Donations<br>-<br>Legacies<br>-<br>-|**General**<br>**Fund**<br>**£**<br>34,704<br>3,000<br>37,704|**2022**<br>**Total**<br>**£**<br>**34,704**<br>**3,000**<br>**37,704**|**2021**<br>**Total**<br>**£**<br>47,450<br>23,766<br>71,216|
|---|---|---|---|



## **4.** 

|<br>**Restricted**<br>**Fund**<br>**£**<br>Parish income<br>-<br>Stipends<br>-<br>Stole Fees<br>-<br>Chaplaincies<br>-<br>-<br>**5.**<br>**Investment income**<br>**Restricted**<br>**Fund**<br>**£**<br>Bank interest<br>-<br>Dividends and interest on listed investments<br>-<br>-|**General**<br>**Fund**<br>**£**<br>5,050<br>8,976<br>1,185<br>4,051<br>19,262<br>**General**<br>**Fund**<br>**£**<br>424<br>32,304<br>32,728|**2022**<br>**Total**<br>**£**<br>**5,050**<br>**8,976**<br>**1,185**<br>**4,051**<br>**19,262**<br>**2022**<br>**Total**<br>**£**<br>**424**<br>**32,304**<br>**32,728**||**2021**<br>**Total**<br>**£**<br>7,341<br>4,184<br>1,016<br>11,566<br>24,107<br>**2021**<br>**Total**<br>**£**<br>950<br>29,535<br>30,485|
|---|---|---|---|---|
||||||
||||||



18 



## **The Order of Augustinian Recollects Charitable Trust** 

## **Notes forming part of the financial statements (continued)** 

## **Year Ended 31 December 2022** 

## **6. Costs of prayer, chaplaincy and pastoral work** 

|**Restricted**<br>**Fund**<br>**£**<br>Salaries<br>-<br>-<br>Office Costs<br>-<br>Food<br>-<br>Chapel and books<br>-<br>Advertising<br>-<br>Travel<br>-<br>Motor<br>-<br>Household<br>-<br>Rates<br>-<br>Energy<br>-<br>Repairs and maintenance<br>-<br>Insurance<br>-<br>Donations<br>-<br>Sundries<br>-<br>Retreat<br>-<br>Depreciation<br>-<br>-<br>Bank charges<br>-<br>Cost of funerals<br>-<br>Other<br>-<br>Governance Costs (See Note 7)<br>-<br>Total expenditure<br>-|**General**<br>**Fund**<br>**£**<br>24,495<br>7,950<br>1,758<br>19,941<br>935<br>-<br>6,132<br>4,600<br>2,289<br>1,371<br>3,005<br>3,600<br>15,349<br>3,288<br>7,489<br>-<br>31,837<br>-<br>-<br>-<br>7,134<br>4,020<br>**145,193**|**2022**<br>**Total**<br>**£**<br>**24,495**<br>**7,950**<br>**1,758**<br>**19,941**<br>**935**<br>**-**<br>**6,132**<br>**4,600**<br>**2,289**<br>**1,371**<br>**3,005**<br>**3,600**<br>**15,349**<br>**3,288**<br>**7,489**<br>**-**<br>**31,837**<br>**-**<br>**-**<br>**-**<br>**7,134**<br>**4,020**<br>**145,193**|**2021**<br>**Total**<br>**£**<br>29,647<br>6,790<br>3,031<br>14,324<br>367<br>-<br>9,790<br>2,610<br>2,417<br>1,307<br>4,122<br>8,206<br>14,778<br>3,734<br>12,014<br>-<br>32,505<br>-<br>-<br>-<br>7,208<br>4,240<br>157,270|
|---|---|---|---|



No trustee was paid expenses in the year (2021: £nil) - see Note 2(i). The average number of administrative staff during the year was 3 (2021: 3). No employee earned more than £60,000 p.a. 

The trustees consider that the Board of Trustees comprise the key management personnel. 

by taking vows of poverty, have renounced all personal rights to income and capital.  The living costs of the Trustees are therefore borne by the charity in the same way as those of other priests and they receive no benefit by virtue of their position as trustees. 

**7. Governance costs** 

|**Restricted**<br>**General**<br>**Fund**<br>**Fund**<br>**£**<br>**£**<br>Accountancy services (incl. VAT)<br>-<br>2,590<br>Independent exa<br>-<br>1,430<br>Legal fees<br>-<br>-<br>Total expenditure<br>-<br>4,020|**2022**<br>**Total**<br>**£**<br>**2,590**<br>**1,430**<br>-<br>**4,020**|**2021**<br>**Total**<br>**£**<br>1,800<br>1,300<br>1,140<br>4,240|
|---|---|---|



19 



## **The Order of Augustinian Recollects Charitable Trust** 

## **Notes forming part of the financial statements (continued)** 

## **Year Ended 31 December 2022** 

## **8. Tangible Fixed assets** 

||||||||**Fixtures**|||
|---|---|---|---|---|---|---|---|---|---|
||||||**Freehold**|**Motor**|**and**|||
||||||**property**|**vehicles**|**equipment**||**Total**|
||||||**£**|**£**|**£**||**£**|
|**Cost**||||||||||
|At|1 January 2022||||1,471,000|70,109|65,934|1,607,043||
|Additions|||||-|-|-||-|
|**At**|**31 December 2022**||||**1,471,000**|**70,109**|**65,934**|**1,607,043**||
|**Depreciation**||||||||||
|At|1 January 2022||||636,640|63,983|60,046||760,669|
|Charge for year|||||29,420|1,534|883||31,837|
|**At**|**31 December 2022**||||**666,060**|**65,517**|**60,929**||**792,506**|
|**Net book amounts**||||||||||
|**At**|**31 December 2022**||||**804,940**|**4,592**|**5,005**||**814,537**|
|At|31 December 2021||||**834,360**|**6,126**|**5,888**||**846,374**|
|The deemed cost of freehold properties comprises:||||||||||
||||||||||£|
|18 Cheniston Gardens|||||||||850,000|
||||||park Mill Street,||Ottery St Mary,|Devon||
||||||||||225,000|
||||||||||356,000|
|Improvements|||at 18 Cheniston Gardens -2008||||||40,000|
|||||||||1,471,000||



18 Cheniston Gardens was valued on 28 May 1998 by Alexander Reece Thompson, Chartered valued by Drew Pearce Chartered Surveyors on 31 December 1997 based on existing use purposes. The charity has opted to treat these revaluations of property as deemed cost on transition to FRS102. 

The Charity holds additional freehold property comprising churches and similar religious buildings. It is the opinion of the Trustees that all such properties can accurately be described as heritage assets and as such no value is attached to them in the accounts, as described in note 1c. 

20 



## **The Order of Augustinian Recollects Charitable Trust** 

## **Notes forming part of the financial statements (continued)** 

## **Year Ended 31 December 2022** 

## **9.    Investments** 

|**Market**<br>**Value 1 Jan**<br>**2022**<br>**Additions**<br>**Movement**<br>**in year**<br>**Quoted Investments**<br>**£**<br>**£**<br>**£**<br>M & G Charifund Income units<br>541,574<br>-<br>(30,166)<br>M & G Charibond Income shares<br>183,310<br>-<br>(19,455)<br>724,884<br>-<br>(49,621)<br>==============<br>=============<br>===============<br>**Other Investments**<br>National Savings<br>145,382<br>Lloyds High Interest Account<br>11,486<br>156,868<br>**Total**<br>881,752<br>**Investments**<br>**prior year comparative**<br>**Market**<br>**Value 1 Jan**<br>**2021**<br>**Additions**<br>**Movement**<br>**in year**<br>**Quoted Investments**<br>**£**<br>**£**<br>**£**<br>M & G Charifund Income units<br>416,036<br>-<br>125,538<br>M & G Charibond Income shares<br>186,366<br>-<br>(3,056)<br>602,402<br>-<br>122,482<br>==============<br>=============<br>=============<br> <br>**Other Investments**<br>National Savings<br>145,057<br>Lloyds High Interest Account<br>9,008<br>154,065<br>**Total**<br>756,467|**Market**<br>**Value 31**<br>**Dec 2022**<br>**£**<br>**511,408**<br>**163,855**<br>**675,263**<br>**=============**<br>**145,386**<br>**20,644**<br>**166,030**<br>**841,293**<br>**Market**<br>**Value 31**<br>**Dec 2021**<br>**£**<br>**541,574**<br>**183,310**<br>**724,884**<br>**==============**<br>**145,382**<br>**11,486**<br>**156,868**<br>**881,752**|
|---|---|



21 



**The Order of Augustinian Recollects Charitable Trust** 

## **Notes forming part of the financial statements (continued)** 

## **Year Ended 31 December 2022** 

## **9.    Investments (continued)** 

Investments are included in the Balance Sheet at their market value at the end of the financial period. Realised and unrealised gains and losses are credited or debited, to the Statement of Financial Activities in the year in which they arise. 

The above investments are all UK investments. 

## **10. Debtors due after more than one year** 

|**Debtors**<br>**due after more than one year**<br>Loan to Order of Augustinian Recollects -<br>charity<br><br>|**2022**<br>**£**<br>**478,288**<br>**478,288**|**2021**<br>**£**<br>501,005<br>501,005|
|---|---|---|



charity) decreased by £22,717 to £478,288.  This will be repaid as soon as funds are available to do so. 

## **11. Cash at Bank and in Hand** 

|**11. Cash at Bank and in Hand**<br>Current accounts<br>==<br>**12.  Creditors: Falling Due Within One Year**<br>Due to Hispanic Chaplaincy<br>Accruals<br>  <br>==<br>**13.  Creditors: Falling Due After More Than One Year**<br>Building loan<br><br>==|**2022**<br>**£**<br>**12,160**<br>========================================<br>==<br>**2022**<br>**£**<br>**-**<br>**3,850**<br>**3,850**<br>========================================<br>==<br>**2022**<br>**£**<br>**100,000**<br><br>========================================<br>==|**2021**<br>**£**<br>13,517<br>====================================<br>**2021**<br>**£**<br>-<br>3,100|
|---|---|---|
|||3,100<br>====================================<br>**2021**<br>**£**<br>100,000<br>====================================|



An original loan of £350,000 was accepted from the Mother House in Spain during 2001.  £250,000 has been repaid. The balance of £100,000 is expected to be repaid as soon as funds are available.  No interest is payable on this loan. 

Under FRS 102 this is considered to be a public benefit concessionary loan and is therefore recognised as greater than one year without any discounting applied. 

## **14. Related Party Transactions** 

Centre are subject to common control. 

At 31 December 2022 in respect of a loan was £478,288 (2021: £501,005). This will be repaid as soon as the sister charity has funds to do so. 

22