EMPRESS EUGENIE MEMORIAL TRUST FINANaAL sfATEMEPITS FOR THE YEAR ENDED 31 DECEMBER 2021 Charlty Z40701 tI"-S "JA Granary HorE5 Yard Wa¥er* Lane Farnham SuFrev GU9888
EMPRESS EUGENIE MEMORIAL TRusr FINANCIAL sfATEMEKf5 YEAR ENOED 31 DECEMBER 2021 coTrirENTS PAGE Trustees Annual Report Independent examinees report to the trustees Staternent of financial attivities Balance sheet Notes to the financial statements 7-13
EMPRESS EUGENIE MEMORIAL TRUST YEAR ENDED 31 DECEMBER 2021 The trustees present their report and the unaudited financial statements of charity for the year ended 31 December 2021. REFERENCE AND ADMINISTRATIVE DETAILS Empre55 Eugenie Memorfal Trust Reglstered tharity name Charlty reglstratlon number 240701 SL Michaels Abbev 280 Farnborough Road Farnborou8h Hampshi GU14 7NQ The trustees The trustees who ser4ed the charlty durln8 the period were as follows: Rt Rev. D. C 8roqan OS8 Mf J. Bo8le Esq Rev. N. T. Harper OSB Rev. Hood OS8 (resigned 12 July 20211 Mr K. MacnJb Esq (reslgned 12 Juty 2021} Rev. T. Vklan OSB lappolnled 12 July 20211 Rev. M. D. Mycka OSB (appointed 12 July 20211 The Royal Bank of Scotland pk Lawfie House ctorla Road Farnborough Hampshire GU14 7NR Bankers Sollcltors Thomas E88ar LLP Newbury House 20 Kings Road West Newbury Berkshire RG14 5XR Independent examlfter Mr S. P. F. Howell FCCA TC Group The Granory Hones Yard Wavedey Lane Farnham Surrey GU9 8BB
EMPRESS EUGEN MEMORIAL TrUST TRUSIEES ANIIUAL REPOFrr YEAR ENI>ED 31 DECEMBER 2021 The Trust Deed was established by an indenture dated 24 April 1888 which is subject to schemes directed by the Charity Commissioner in 1963 and 1965, registered number 240701. Detsiis of Trustees are shown on the previous page. The Trust malntains the Church. Monastery and land and the Resident Reli8iOU5 Community on the site of St Michael'sAbbey. Fornborough. Assets are held forgeneral administration and every day living of the Cornmunity. The Empress Eugenie Memorial Trust is associated with St Michael's Abbey Charitable Trust and both charities share the same tontatt address as disclosed on the prevk>us pa8e. The Trust Deed requires five Trustees. The chair of Tnistees Is SPOnSible for the inductlon of any new Trustee which involve5 awareness of a Tfustee's responsibilities, the governing document. administrative procedures and history of the charity- A new Trustee would CeIve a copy of the prevlous year's annual pOrt and accounts and a copy of the Charlty Commission leaflet'The Essential Trustee: What you need to know.. The Trustees meet fomlally at least once per year, with addltlonal meetlngs a5 need may arise, under the chairmanship of the Abbot of the sIdent feligh)us communlty. In addttion to the fornial meetings otthe Trustee5 to examine the pro8ress of the accounts. to approve them, and for decisl0n-mak1 a hi8h level of communication between Trustees is ensured by the fact that three of the fNe Trustees live at the Abbey and therefore maintain day-to-day runnin8 of èffalrs, as well as consultation with the non-resident Trustee5. The Trust is re8iStered with HM Revenue and Culloms as chaiity with tax exempt status. PLIBUC BENEFIT The tmstees are mindful of the need for the charlty to demonstrate that it provldes public benefit and they have had regard to the general guidance on the provision of public benefit published by the Charity Commission. OBJECTIVES AND AcrivrriE5 The upkeep of St Michael's Abbey. Famborough and the support of the Resident rellgious Community has continued throughout the year. The objects of the Trust a advancement of religion from the use of the Trnsts premise5 as a place of divine worship. and for the celebration of reliwous seThices accordin8 to the rites and usages of the Roman Catholic Church. ACHIEVEMENTS AND PERFORMANCE The Trustees are continuing with their efforts on the security and Bood stewardship of the extensNe land in the Trusts care, whi15t also WOF*in8 with the local communty on projects that increase both security and good workin8 relationships. as well as generating a small revenue. The Trustees continue io encourage derfelopment of the Abbey Press and other methods of increasin8 the Trusts regular income.
EMPRESS EUGENIE MEMORIAL TRUST TRUSTEES ANNUAL REPORT YEAR ENDED 31 DECEMBER 2021 FINANCIAL REVIEW During the year under review the chariV5 total funds decreased from £1.638.358 to £1.385.24912020 Increased from £1.327,324 to £1.638.3S81. The breakdown of this change tan be seen on the ststement of financial art¢vrties. In the course ofthe year, the major $tOratIOnS of the Abbeychurch and estate have continued. with particular focus on public access, health and safety. and conservation of the considerable historic patrimny. These VrkS, for whlch considerable assisrance from another Trust, Is likely to corktlnue across the next couple of years. RISK MAP4AGEMENT The Trustees have examined the malor strateglc business and operational r15ks to whtch the Trust exposed, and confirm that systems Ive been estsblished to mitigate those risks to which the Trust is exposed. and confimi that systems have been established to mitigate those risks are reviewed from time to time. The Trustees have identified the maintenance of the income stream a5 a potential risk to the charity. This. together with the close control of costs, Is a matter which receives the trustees close attention. INDEPENDENT EXAMINER Simon Howell FCC4 ofTC Group has been re4ppoSnted as Independentexamlner for the ensuing year. Sl8ned on behalf of the trustees on &1.4)*...... 2022 by St. Mi¢hael's Abbey 280 Farnborou8h Road Farnborough Hampshire GU14 7NQ Rt Rev. D. C. Brogan OSB Chaimian
INOEPENDENT EXAMII4Ea'S REPORTTO THE TRUSTEES OF EMPRESS EUGENIE MEMORIAL Trusr YEAR ENDED 31 DKEMBeR 2021 I report the charity irustees on my examinatiofi ol ihe xcounts of charily for the year ended 31 Oe(ember 2021 which are set 0 on pages 5. 13. RESPONSIBILMES AND BASIS OF REPORT As the charity's trusiee5 you are responsible for the preparatson of the accounts in accordance wilh the requlrements of the Charilies Aci 20111.the Acl'l. I report In fespect of my examjnation ofthe charivs accounts Caffied otrt under section 145 ofthe Act and in carryin8 Out my examlnation I have followed all the applicable Direction5 8tven by the Charity Commission under 5eclion 145lSllbl of the Acl INDEPENDENT EXAMINER'S STATEMEiir &nce the charity's 8ross Income exceeded £250XIY)youf examinermust be a member ofa body lisied In section 145 of ihe Aci. I confirm Ihal l am qualified to undertake the examination because l am o member of the Associalion ofCharteTed Certified Accountants which is one olihe lisied tdIes. I havt completed my examinatlon. I confimi t1 no materNI1 fflatters have come to my aitention in connection with the ex•mination gmng me uuse lo believe Ihat in any malerial re5peci'. accounting records were noi kept in resprfr of ihe tharity as fequlred by section 130 of the Aci: or Ihe accounls do not accord with those records.. or the accounts do nol compty with the applicable requirements concerning the forni and content of account5 set out in the Charilies laccounts and Reports1 Regulations 2CW other than anv requirement that the accounts give •'¢n* and tair vle¥rf which is Thjt a matier considefed as pan of an independent examlnatioD. I have no concern5 and have come across fto otr matters In conneciion with the examinatton to which atientn should be drawn in this report in order to enable a proper understandin8 of the ccounts to be reached. Simon Howell FCCA. of TC Group Independent examine¢ The Granary Hone5 Yard Waverley Lane Fafnham GU988B Dèled.. (O 1gLL
EMPRESS EIJGENIE MEMORIAL TRUST ATEMENT OF Rf4ANaAL AcrivmES YEAR ENDED 31 DECEMBER 2021 Unrestrirted Re5trfcted Totsl Funds Total Funds Funds Fund5 2021 2020 INCOME AND ENDOWMENTS FROM: Donations and legacie5 Charitable actNttles Investments 68,1M)i 116,5(X) 352,141 116,500 1165lJ) Other 6,5 6.590 6.465 475.111 TOTAL INCOME 191,091 191.091 EXPENDITURE ON: Charltable acttvttles 1157,772} 1286,428) (444,2001 1164.077) 1157.772) (286A28) (444,ZQ)1 1164,0771 33319 (286,428) 1253,109) 311,034 TOTAL EXPENDITURE NET INCOMVIEXPENDITURE) RECONCIUATION OF FUND&" Total funds brought forward TOTAL FUNDS CARRIED FORWARD 1347,115 291243 1,638.358 4*15 1,385.249 1.327.324 L380.434 1,638.358 The Statement of Flnanclal Activities includes all gains and losses In the year and therefore statement of total recognised gains and losses has not been prepared. All of the above amounts rekte to continuln8 activities.
EMPRESS EUGENIE MEMORIAL TRLisr BALAN SHEEr 310ECEMBER 2021 2021 2020 FIXED ASSErs Tangible assets 14 1.300,584 1,286,362 CURREMf ASSETS Debtors Cash at bank 184A41 15,298 384,561 18,437 199.739 191.705) 402,998 (51,0021 CREDITOR5.. Arnounts frdllln8 due vrithln one year NET CURRENT UA81LmES 108.034 351,996 TOTAL ASSEfs LESS CURRENT UABIUTIES 1,408.618 1.638,358 CREDITORS: *knnts lalling due after More th•n one year 17 123.3691 NET ASSETS lJ85,249 1,638,358 FUNDS Restrirtéd Funds Unrestrlcted Funds 415 1,380.434 291.243 1,347,115 TOTAL FUNDS 1,385,249 1,638,358 These flnancial statements were approved by the members of the committee and authorised for issue on the.... - 2022 and are signed on thelr behalf by.. Rt Rev. D. C. 8rogan OS8 Chairnian
EMPRESS EUGENE MEMORIAL TRusr NOTESTO THE ANANaAL STATEMÉNTS YEAR ENDED 31 DECEMBER 2021 ACCOUNTING pouaE5 Basls of accounting The accounts Ifinancial Statements) have been prepared under the historical costconvention wlth items recognised èt cost or transattion value unless othepise stated in the relevant notels) to these accounts. The financial statements have been prepad In accordan wlth the second edition of the Charities: Ststement of Recommended PrartI issued in October 2019, the Financial Reporting Standard applicable in the United Kin8dom and Republic of Ireland IFRS 1021 and the Charlties Act 2011. The financial statements are presented in sterfing which is the functional currency of the charity and rounded to the neare51 £. Empress Eu8enie Memorial Trust meets the definltion of a public benefit entity under FRS 102. The trustees consider that there are no materlal uncertainties about the charitvs abllifv to continue as a 8oin8 concem. Fund accountlnq Unrestricted funds can be used in accordance wlth the charitsble objectives at the dlscretlon of the tnistees. Restrlcted fvnds can onty be used fof pankular restricted purposes wlthin the objects of the charlty. Deslgnated funds are unrestricted fijnds of the charity which the Trustees have declded at thelr discretion to set aside for a specific purpose. Further explanation of the nature and purpose of each fund is Sncluded In the notes to the financial ststements. Income Rents and domestlc Income a all accounted for when re1¥able. Donations and legacy income is recognised in the accounts when the charity is legally entitled to the income and the amount can be quantifd with reasonable accuracv. Expenditure Expenditure is accounted for on an accruals basis. indusive of irrecoverable VAT. Flxed assèts and depre¢latii>n All fixed assets ère initially recorded at cost. Depreciation is calculated so a5 to write off the cost of an asseL less tts estimated residual value, over the useful economic life of that asset asfollow5- Fixtures & equipment Motor vehicles 25% reducing balance 25% reducin8 balance The freehold propertbes are stated at the open market valuation at April 1993, except for the acquisition in 26 Twhich 1$ 5tsted at cost. No depreciation is provided.
EMPRESS EUGENIE MEMORIAL TRu¥r NOTES TO ThE RNANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2021 ACCOUNTING pouaES Icontlnued) Cash and cash equivalents Cash and cash equiNelents indude cash in harKI ond depOts held at call with banks. INCOME FROM D014ATIOPIS AND LEGAQES Unrestrlrted Total Funds Total Funds Funds 2021 2020 Guest donatlons Other donations Glft aid 410 349,271 2,460 61.163 61.163 68,IX)i 68.001 352.141 INCOME FROM CHARITABLE AcnvmES Unrestrirted Total Fund5 Total Funds Funds 2021 2020 Rental Income Abbey House, Faml)orou8h St Michael's Abbey 104500 12.000 104,500 12.(h)O 104,500 12.OC(I 116500 116,5110 116,500 INVESTMENT INCOME Unrestricted Total Funds Total Funds Funds 2021 2020 Bank Interest recehfable OTHER INCOME Unrestrlrted Totsl Funds Total Funds Funds 2021 2020 Recyding income Allotment fees 55 6,410 6.550 6,550 6.590 690 6,465
EMPRESS EUGENIE MEMORIAL TRusr NOTES TOTHE FINANCIAL STATEMENrs YEAR ENOED 31 DECEMBER Z021 EXPENDITURE ON CHARITABLE ACTMTIES Athiiies Management undertaken and Total Funds Total Funds direth adrninistratlon 2021 2020 Management and adrninistration Charitable activittes 47580 47,580 396,620 27,660 136.417 396.620 47) 444.21x1 164,077 Expenditure on charitable activities was £444.2(X)12020- £164,077) of which £286,42812020- £6,518) was attributable to restrlcted and £157.772 12020 - £157.559) was attributable to unrestricted funds. CHARITABLE AcfMTIES 2021 2020 Wages Household provisions Light and heat Repairs and renewals Church and sacristy Estate costs 25,810 9,101 21,029 281,748 47,433 IIA99 24,787 32,690 19.507 58,998 435 396.620 136,417 MANAGEMENT AND ADMINISTRATION 2021 2020 Insurance Travel costs Subscriptlons Telephone Sundry expenses Legal and professional fees Independent examiners fees Bank char8es DepciatIOn 29,Ir24 4,595 3.513 1.193 iii 3.198 Z.2ZO 471 16.971 1,016 1,640 1,489 500 2,220 537 3,287 47580 27,660
EMPRESS EUGENIE MEMORIAL TRUST NOTES TO THE FINANaALSTATEMENTS YEAR ENDED 31 DECEMBER 2021 NEf INCOME FOR THE YEAR This is stated after charginw. 2021 2020 Depreclation 4.514 3.287 10. srAFF cosrs AND EMOLUMENTS Total staff costs were a5 follows: 2021 2020 Wages and salaries 29,024 24,787 Partlculars of employees: The average number of employees durlng the year, calculated on the basis of full-time equivalents, was as follows: 2021 2020 No Number of admlnlstratlve stsff No employee receNed fernunerdtk>n of more than £60,OJ) durfng the year {2020- nlll. 11. TRUSTEE REMUNEAATION No trustees reIved remuneration of more than £60.OW during the year12020- nlll. No trustees reIVed any other beneffts from ihe charlty durirvd the year12020- nlll. 12. PARTICULARS OF CONNECTED CHARMES Empress Eugenie Memorial Trust Is associated with St Michael's Abbey Charitable Trust. 80th charities share the same contact address as disctosed on pa8e l of these accounts. Included wlthln other creditors at 31 December 2021 is £43.22412020 - £10.3421 due to St Michael's Abbey Charitable TrusL 13. RELATED PARTYTRANSACTIONS The Trust own the entire share capitsl of Salnt Mlchaefs Abbey Press mIted. Included within debtors at 31 December 2021 IsÉl58.53812020-£161.690} due from Saint Michael's Abbey Press mited. Right Reverend David Cuthbert Brogan is a Irustee ofSt Marfs Priory Fernham Residual Fund. During the year, donations were received from St Marfs Priory Fernham Resldual Fund totalling f nil12020- £307.6541.
EMPRESS EUGENIE MEMORIAL TRusr NOTES TO THE HNANaAL 5TATEMEKrs YEAR ENDED 31 DECEMBER 2021 I& TANGIBLE FIXED ASSE[5 Freehold Fixture5 & pmperty Equlpment Motor Vehicles Total co At l January Additions Dlsposals 1276.5 109.526 24.851 28,127 (24,851) 1.410,877 28,127 128,3011 13A50) At 31 December 2021 1.276,5LMJ 106.076 28.127 1,410,703 DEPREaATIOII At l January 2021 Charge for the year Released on dispolS 108.946 118 13.341) 15.568 4.396 115,5681 IZ4.514 4,514 118,9091 At 31 December 2021 105.723 4,396 110,119 NET BOOK VALUE At 31 Decombtr 2020 1.2765LKI 353 23.731 1,300,584 At 31 December 2019 1.276.SiY) 9,282 1,286,362 The properties. with exception of 25 Abbey Way purthased in 2C(16. are stated at open market value as valued by A P Bell FRICS of Redwoods Iformerly Kin8hamsl. Aldershot in April 1993. The current insurance value of all the above properties ts approxlmately £20.3 milllon12020 - £20.3 millionl- 15. DEBTORS 2021 2020 Saint Michaels Abbey Press Llmlted Other debtors 158,538 25,903 161,690 222.871 184.441 384,561 16. CREorroRS: Amountsfalllng due wFthlrt one year 2021 2020 Trade cdItorS Other creditors 19.953 71.752 6,966 44,036 91,705 51,IXI2
EMPIIESS EUGENIE MEMORIAL TRUS[ NOTES TOThE FINAp4aAL STATEMENTS YEAR ENDED 31 DECEMBER 2021 17. CREDITORS: Amounts fallin£ due after one year 2020 Hire Purthase 23,369 18. ANALYSIS OF CHARITABLE FUNOS Analysls of moveft*rf In unrestrfrted fvnds Balance at I Jan 21 Incomlng resources Expendltyre Balance at 31 Dec 21 Deslgnated funds Charitable activities 10,072 lJ37.043 10,072 1157.7n) 1.370,36Z 191ml 1.347.115 191ml 1IS7,772) 1,380,434 Analysi5 of movement In unrestrfrted lunds- prevlous year Balance at i Incomlnz Jan 20 resources Exwdltu Balance at 310ec20 Desi8nated funds Charitable activities 179 1327,145 9,893 167857 10,072 {157,559) 1,337,043 1327,324 177350 (157,5591 1.347,115 Analysls of movement In r¢strkted fvnd5 Balance at I Jan 21 Ineomlnz resources Expendituro Balance at 31Drf21 Sash wlndow replacement Emeryency roof replacement Removal and replacement of the estate road 134A821 120,185) 25,( 4,815 231,761 {231.761) (286A28) 29L243 4,815 The Restricted funds a available for fvture expenditure in felarion to specific activities and syojects that the charity will undertake.
EMPRESS EUG841E MEMORIAL TRusr NOTES TO THE FINANaAL STATEMErirs YEAR ENDED 31 DE MBER 2021 18. ANALYSIS OF CHARITABLE FUNDS (ContIn) Analysis of movement lft restricd fund5- previous year BalJn(e at I Incoming Balance at Jan 20 resources Expendlture 31 Dec 20 Sash window replacement Emergency roof replacement Removal and replacement of the estate road 41,000 25.iNIO 16.518) 34,482 231.761 231,761 297.761 (6,518) 291,243 19. ANALYSIS OF NEf ASSEfs BETWEEN FUNDS Unrestrfcted l>esignated Restrfrted funds funds funds Total Tan8lble ossets Current assets Cash at bank and in hand CUrnt Ilablllties 1.3(KJ,584 174.369 10,483 1115,0741 1300,584 184,441 15,298 (115,074) 10,072 4,815 Totsl Funds 1370.362 lo 4A15 1.385,249 ANALYSIS OF NEf ASSETS BETWEEN FUNDS- prevlous yur Unrestskt Oe5nated R85trirted funds fvnd5 funds Total Tangible assets Current assets Cash at bank and in hand Current liabilities 1.286,362 83,246 18,437 (51,Iml 1,286,362 384,561 18.437 (51,0021 1,638.358 10.072 291243 Total Funds 1,337,043 10.072 291243