EMPRESS EUGENIE MEMORIAL TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Charity Number 240701 OROUP BUSINESS ADVISORS & AC¢OUNTANrs The Grariary Hones Yard WavÈrley Lane Farnham Surrey GU9 8BB EMPRESS EUGENIE MEMORIAL TRUST FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023 CONTENTS PAGE Trustees Annual Report Independent examiner's report to the trustees Statement of finantial activltles Balance sheet Notes to the financial statements 7-13 EMPRESS EUGENIE MEMORIAL TRUST TRUSTEES ANNUAL REPORT YEAR ENDED 31 DECEMBER 2023 The trustees present thelr report and the unaudited financial statements of the charity for the year ended 31 December 2023. REFERENCE AND ADMINISTRATIVE DETAILS Registered charlty name Empress Eugenie Memorial Trust Charlty reglstratlon number 240701 St. Michaels Abbey 280 Farnborough Road Farnborough Hampshire GU14 7NQ The trustees The trustees who served the charity during the period were as follows.. Rt Rev. D. C. Brogan OS8 Mr J. Bo8le Esq Rev. N. T. Harper 058 Rev. T. Vician OSB Rev. M. D. Mycka OSB Bankers The Royal Bank of Scotland plc Lawrie House Victoria Road Farnborough Hampshire GU14 7NR Solleltors Irwin Mitchell Oxford House 12-20 Oxford Street Newbury Berkshire RG14 IJB Independent examlner Mr S. P. F. Howell FCCA TC Group The Granary Hones Yard Waverley Lane Farnham Surrey GU9 8BB EMPRESS EUGENIE MEMORIAL TRUST TRUSTEES ANNUAL REPORT YEAR ENDED 31 DECEMBER 2023 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. Details of Trustees are shown on the previokjs page. The Trust maintains the Church, Monastery and Land and the Resident Religious Community on the site of St Michael's Abbey, Farnborough. Assets are held for general administration and every day living of the Community. The Empress Eugenie Memorial Trust is associated wlth St Michael's Abbey Charitable Trust and both charities share the same contact address as disc105ed on the prevSous page. The Trust Deed requires five Trustees. The chair of Trustees is responsible for the induction of any new Trustee which involves awareness of a Trustee's responsibilities, the governing document, administrative procedure5 and history of the charity. A new Trustee would receive a copy of the previous year's annual report and accounts and a copy of the Charity Commission leaflet 'The Essential Trustee.. What you need to know,. The Tru5tee5 meet formally at least once per year, with additional meetings as need may arise, under the chairmanship of the Abbot of the resident religious community. In addition to the formal meetings of the Trustees to examine the progress of the accounts, to approve them, and for decision-making, a high level of communication between Tru5tee5 is ensured by the fact that three of the five Trustees live at the Atr)bey and therefore maintain day-to-day running of affairs, as well as consultation with the non-resident Trustees. The Trust is registered with HM Revenue and Customs as charity with tax exempt status. PUBLIC BENEFIT The trustees are mindful of the need for the charity to demonstrate that it provides public benefSt and they have had regard to the general guidance on the provision of public benefit published by the Charity Commission. OBJEcfivES AND ACTIVITIES The upkeep of St Michael's Abbey, Farnborough and the 5UPPOrt of the Resldent religious Community has continued throughout the year. The objects of the Trust are advancement of religion from the use of the Trusts premises as a place of divine worship, and for the celebration of religious services according to the rites and usages of the Roman Catholic Church. ACHIEVEMENTS AND PERFORMANCE The Trustees are continuing with their efforts on the security and good stewardship of the extensive land in the Trusts care, whilst also working with the local community on projects that increase both security and good working relationships, as well as generating a small revenue. The Trustees continue to encourage development of the Abbey Press and other methods of increasing the Trusts regular income. EMPRESS EUGENIE MEMORIAL TRUST TRUSTEES ANNUAL REPORT YEAR ENDED 31 DECEMBER 2023 FINANCIAL REVIEW During the year under review the charity's total funds increased from £1,429,016 to £1,438,19912022 increased from £1,385,249 to £1,429,016). The breakdown of this change can be seen on the Statement of financial activities. In the course of the year, the major restorations of the Abbey church and estate have continued, with particular focu5 on public access, health and safety, and conservation of the considerable historic patrimony. These works, for which considerable assistance comes from another Trust, is likely to continue across the next couple of years. RISK MANAGEMENT The Trustees have examined the major strategic business and operational risks to which the Trust exposed, and confirm that systems have been established to mitigate those risks to which the Trust is exposed, and confirm that Systems have been established to mitigate those risks are reviewed from tSme to time. The Trustees have identified the maintenance of the income stream as 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 FCCA, of TC Group ha5 been re-appointed as independent examiner for the ensuing year. ned behalf of the trustees on St. Michael's Abbey 280 Farnborough Road Farnborough Hampshire GU14 7NQ Rt Rev. D. C. Brogan OS8 Chairman INDEPENDENT EXAMINER'S REPORT TO THE TIIUSTEES OF EMPRESS EUGENIE MEMORIAL TRUST YEAR ENDED 31 DECEMBEA 2023 I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 December 2023 which are set out on pages 5- 13. RESPON5181LinES AND BASIS OF REPORT As the charity's trustees you are responsible for the preparation of the attounts in accordance wlth the requirements of the Charitie5 Act 20111.the Art'l. I report in respect of my eXaMinat￿n of the charl￿S accounts carried out under section 145 of the Act and in carryin8 Out my examinatbon I have followed all the applicable Directions 8iven by the Charty Commission under Section 14515}Ibl of the Act. INDEPENDENT EXAMINER'S StATEMEKr I have completed my examinatlon. I confirm that no material matters have come to my attention in connectlon with the examination giwn8 me cause to believe that in any materlal respert.. accountln8 words were not kept in respect of the charity as required by section 130 of the Act,. or the accounts do not accord with those records: or the accounts do not compty with the applicable requifements concerning the form and content ol accounts set out in the Charities laccounts and Reports) Regulation$ 2￿)8 othef than anv requirement that the accounts give a 'true and fair Vie￿ which is not a matter considered as part of an independent examination. I have no concerns and have come acros5 no other matters In connection wlth the examlnatlon to which attention should be drawn in this report in order to enable a proper understandln8 of the accounts to be reached. Slmon Howell FCCA. of TC Group Independent examiner The Granary Hones Yard Waverley Lane Farnham GU9 888 EMPRESS EUGENIE MEMORIAL TRUST STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 DECEMBER 2023 Unrestrirted Restricted Total Funds Total Funds Funds Funds 2023 2022 Note INCOME AND ENDOWMENTS FROM: Donations and legacies Charitable activities Investments Other 25,706 116,500 221 25,706 116,500 221 77,047 116,500 34 9,753 9.753 6,396 TOTAL INCOME 152,180 152,180 200,517 EXPENDITURE ON: Charitable activitie5 1109,0371 133,9601 1142,9971 1156,7501 TOTAL EXPENDITURE 1109,0371 133,9601 1142,9971 1156,7501 43,767 NET INCOME/{EXPENDITUREI 43,143 133,9601 9,183 RECONCILIATION OF FUNDS: Total funds brought forward 1,395,056 33,960 1,429,016 1,385,249 TOTAL FUNDS CARRIED FORWARD 1,438,199 1,438,199 1,429,016 The Statement of Financial Activities includes all gains and losses in the year and therefore statement of total recognlsed galns and losses has not been prepared. All of the above amounts relate to continuin8 activitie5. The notes on pages 7 to 13 forrn part of tthese financlal statement5. EMPRESS EUGENIE MEMORIAL TRUST BALANCE SHEET 31 DECEMBER 2023 2023 2022 Note FIXED ASSÉTS Tangible assets 14 1,290,047 1,294,564 CURRENT ASSErs Debtors Cash at bank 15 208,926 37,634 178,581 67,533 246.560 182,5611 246,114 192,0521 CREDITORS: Amounts fallln8 due wlthln one year 16 NET CURRENT LIABILITIES 163,999 154,062 TOTALA55ETS LESS CURRENT LIABILITIES 1,454,046 1,448,626 CREDITORS.. Amounts falllng due after morethan one year 17 115,8471 119,6101 NET ASSETS 1,438,199 1,429,016 FUNDS Restrlcted Funds Unrestrlcted Funds 18 IB 33,960 1,395,056 1,438,199 TOTAL FUNDS 1,438,199 1,429,016 These financial statements were approved by the members of the committee and authorised for Issue onthe. 2025 and are signed on their behalf by.. Rt Rev. D. C. Brogan OSB Chairman The notÈ$ on pages 7 to 13 forrn part of these financlal statements. EMPRESS EUGENIE MEMORIAL TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POLICIES Basls of accountlng The accounts Ifinancial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notel51 to these accounts. The financial statements have been prepared in accordance with the second edition of the Charities.. Statement of Recommended Practice issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021 and the Charities Act 2011. The financial 5tatement5 are presented in Sterling which is the functional currency of the charity and rounded to the nearest £. Empress Eugenie Memorlal Trust meets the deflnitlon of a public benefit entity under FRS 102. The trustees consider that there are no material uncertainties about the charity'5 abllity to continue as a going concern. Fund accountlng Unrestricted fund5 can be used in accordance with the charitable objertives at the discretSon of the trustees. Restrlcted funds can only be used for particular restricted purposes within the objects of the charity. Deslgnated funds are unrestricted funds of the charity which the Trustee5 have decided at their discretion to set aside for a specific purpose. Further explanatlon of the nature and purpose of each fund is included in the note5 to the financial statements. Income Rents and domestic income are all accounted for when receivable. Donations and legacy income is recognised in the accounts when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy. Expendlture Expenditure is accounted for on an accruals basis, inclusive of irrecoverable VAT. Flxed assets and depreciatlon All fixed assets are initially recorded at cost. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset a5 follows: Fixtures & equipment Motor vehicles 25% reducing balance 25% reducing balance The freehold properties are stated at the open market valuation at April 1993, except for the acquisition in 2006 which is stated at cost. No depreciation is provided. EMPRESS EUGENIE MEMORIAL TRUST NOTESTO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POLICIES (contlnuedj Cash and cash equlvalents Cash and cash equivalents include cash in hand and deposits held at call with banks. INCOME FROM DONATIONSAND LEGACIES Unrestrlcted Unrestrlcted Total Funds Total Funds Funds Funds 2023 2022 Guest donations Other donations Glft ald loo 23,386 2,220 loo 23,386 2,220 3,697 69,310 4,039 25,706 25,706 77,047 Income from donations and legacies was £25,706 12022 £77,047) of which £nil 12022 £53,960) was attributable to restricted and £25,706 12022 £23,087) was attributable to unrestricted funds. INCOME FROM CHARITABLE ACTIVITIES Unrestrlcted Total Funds Total Funds Funds 2023 2022 Rental Income Abbey House, Farnborough St Michael's Abbey IIYl,500 12.000 104,500 12,000 104,500 12,000 116.5C 116,500 116,500 INVESTMENT INCOME Unrestrlcted Total Funds Total Funds Funds 2023 2022 Bank interest receivable Z21 221 34 OTHER INCOME Unrestrlcted Total Fund5 Total Funds Funds 2023 2022 Other income Allotment fees 2,500 7,253 2,500 7,253 6,936 9,753 9,753 6,936 EMPRESS EUGENIE MEMORIAL TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023 EXPENDITURE ON CHARITABLE ACTIVITIES Actlvitles Management undertaken and Total Funds Total Funds directly adminlstration 2023 2022 Management and administration Charitable activities 43,415 43,415 99,582 47,255 109,495 99,582 99,582 43,415 142,997 156,750 Expendlture on charitable activitles w35 £142,99712022 £156,750) of which £33,96012022 £24,815) wa5 attributable to restricted and £109,037 12022 - £131,935) was attributable to unrestricted fund5. CHARITABLE AcfiviTIES 2023 2022 Wages Household provlslons Light and heat Repairs and renewals Church and sacristy Estate costs 25,499 6,265 23,797 5,991 33,960 4,070 24,583 7,003 35,095 22,007 20,000 807 99,582 109,495 MANAGEMENT AND ADMINISTRATION 2023 2022 Insurance Travel costs Subscriptions Telephone Sundry expenses Legal and professional fees Independent examiners fees Bank charges Depretiation 30,022 1.302 3,413 1,207 475 33,429 1,225 2,732 1,061 35 2,220 531 6,021 2,220 259 4,517 43,415 47,255 EMPRESS EUGENIE MEMORIAL TRUST NOTES TOTHE FINANCIAL STATEMENT5 YEAR ENDED 31 DECEMBER 2023 NET INCOME FOR THE YEAR This is stated after charging.. 2023 2022 Depreciation 4,517 6,021 10. STAFF COSTS AND EMOLUMENTS Total staff costs were as follows: 2023 2022 Wages and salarie5 25,499 24,583 Particulars of employees: The average number of employees during the year, calculated on the basis of full-time equivalents, was as follows.. 2023 No 2022 No Number of administrative staff No employee received remuneration of more than £60,000 during the year12022 - nil). 11. TRUSTEE REMUNERATION No trustees received remuneration durin8 the year12022 - nil). No trustees recelved any other beneflts from the charlty during the year12022- nill. 12. PARTICULARS OF CONNECTED CHARITIES Empress Eugenie Memorial Trust is associated wlth St Michael's Abbey Charitable Trust. Both charities share the same contact address as distlosed on page l of these accounts. Included within other creditors at 31 December 2023 is £52,691 12022 - £59,194) due to St Michael's Abbey Charitable Trust. 13. RELATED PARTY TRANSACTIONS The Trust own the entire Share capital of Saint Michael's Abbey Press Limited. Included within debtors at 31 December 2023 15 £182,98412022- £156,027) due from Saint Michael's Abbey Press Limited. -io- EMPRESS EUGENIE MEMORIAL TRUST NOTES TO THE FINANCIALSTATEMENTS YEAR ENDED 310ECEMBER 2023 14. TANGIBLE FIXED ASSETS Freehold Fixtures & property Equlpment Motor Vehlcles Total COST At l January 2023 Additions 1,276,51XI 106,076 28,127 1,410,703 At 31 December 2023 1,276,500 106,076 28,127 1,410,703 DEPRECIATION At l January 2023 Charge for the year 105,811 67 10,328 4,450 116,139 4,517 At 31 December 2023 105,878 14,778 120,656 NET BOOK VALUE At 310ecember 2023 1,276,500 198 13,349 1,290,047 At 31 December 20221 1,276,500 265 17,799 1,294,564 The properties, with exceptlon of 25 Abbey Way purchased In 2006, are stated at open market value as valued by A P Bell FRICS of Redwoods Iformerly Kinghams), Aldershot in April 1993. The current insurance value of all the above propertles is approxlmately £20.3 mi115on12022 £20.3 million). 15. DEBTORS 2023 2022 Saint Michaels Abbey Pre55 Limited Other debtors 182,984 25,942 156,027 22,554 208,926 178,581 16. CREDITORS: Amounts falllng due wlthln one year 2023 2022 Trade creditors Other creditors 18.470 64,091 17,946 74,106 82,691 92,052 li- EMPRESS EUGENIE MEMORIAL TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023 17. CREDITORS: Amount5 falling due after one year 2023 2022 Hire Purchase 15,847 19,610 18. ANALYSIS OF CHARITABLE FUNDS Analysls of movement In unrestrlcted funds Balance at I Jan 23 Incoming resources Expenditure Balance at 31 De¢23 Designated funds Charitable activities 10,072 1,384,984 10,072 {109,0371 1,428,127 1109,0371 1,438,199 152,180 1,395,056 152,180 Analy51s of movement In unrestrlcted funds- prevlous year Balance at I Incomlng Jan 22 resources Expendlture Balance at 31 Dec 22 Designated funds Charitable activities 10,072 1,370,362 10,072 1131,935) 1,384,984 146,557 1,380,434 146,557 1131,935) 1,39S,056 Analysls of movement In restrlcted funds Balance at I Jan 23 Incomlng resources Expendlture Balance at 31 Dec 23 Church Pew restoration 33.960 133,9601 33.960 133,9601 The Restricted funds are available for future expenditure in relation to specific activities and projects that the charity will undertake. Analysls of movement In restrlcted funds- prevlous year Balance at I Incomlng Jan 22 resource5 Expendlture Balance at 31 Dec 22 Church Pew restoration Emergency roof replacement 53,960 {20,0001 14,8151 33,960 4,815 4,815 53,960 124,8151 33,960 12- EMPRESS EUGENIE MEMORIAL TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023 19. ANALY515 OF NET ASSETS BETWEEN FUNDS Unrestrlcted funds Designated funds Restrlcted funds Total Tangible assets Current assets Cash at bank and in hand Current liabilities 1,290.047 198,854 37,634 198,4081 1,290,047 208,926 37,634 198,4081 10,072 Total Funds 1,428,127 10,072 1,438,199 ANALYSIS OF NET ASSETS BETWEEN FUNDS- prevlous year Unrestrlcted funds Deslgnated funds Restrlcted funds Total Tangible 355et5 Current assets Cash at bankand in hand Current liabilities 1,294,564 168.509 33,573 1111,6621 1,384,984 1,294,564 178,581 67,533 1111,6621 10,072 33,960 Total Funds 10,07Z 33,960 1,429,016 13- EMPRESS EUGENIE MEMORIAL TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Charlty Number 240701 BUSINESS ADVISORS & ACCOUNTANTS The Granary Horie5 Yard Waverley Lane Farnham Surrey GU9 868 EMPRESS EUGENIE MEMORIAL TRUST FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023 CONTENTS PAGE Trustees Annual Report Independent examiner's report to the trustees Statement of financial activities Balance sheet Notes to the financial 5tatement5 7-13 EMPRESS EUGENIE MEMORIAL TRUST TRUSTEES ANNUAL REPORT YEAR ENDED 31 DECEMBER 2023 The trustees present their report and the unaudited financial statements of the charity for the year ended 31 December 2023. REFERENCE AND ADMINISTRATIVE DEfAILS Registered charity name Empress Eugenie Memorial Trust Charlty reglstratlon number 240701 St. Michaels Abbey 280 Farnborough Road Farnborough Hampshire GU147NQ The trustees The trustees who served the charlty durlng the perlod were as follows.. Rt Rev. D. C. Brogan OSB Mrl. Bogle Esq Rev. N. T. Harper OSB Rev. T. Vician OS8 Rev. M. D. Mycka OS8 Bankers The Royal Bank of Scotland plc Lawrie House Victoria Road Farnborough Hampshire GU147NR Sollcltors ITwin Mitchell Oxford House 12-20 Oxford Street Newbury Berkshire RG14 IJB Independent examiner Mr S. P. F. Howell FCCA TC Group The Granary Hones Yard Waverley Lane Farnham Surrey GU9 8BB EMPRESS EUGENIE MEMORIAL TRUST TRUSTEES ANNUAL REPORT YEAR ENDED 31 DECEMBER 2023 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. Details of Trustees are shown on the previous page. The Trust maintains the Church, Monastery and Land and the Resident Religious Community on the site of St Michael's Abbey, Farnborough. Assets are held for general administration and every day living of the Community. The Empress Eugenie Memorial Trust 15 a5SOClated with St Michael's Abbey Charitable Trust and both charities share the same contact address as disclosed on the previous page. The Trust Deed requires five Trustees. The chair of Trustees Is responsible for the induction of any new Trustee which involves awareness of a Trustee's responsiblllties, the governing document, administrative procedures and history of the charity. A new Trustee would receive a copy of the previous year's annual report and accounts and a copy of the Charity Commission leaflet 'The Essential Trustee.. What you need to know,. The Trustees meet formally at least once per year, wlth addltlonal meetings as need may ar15e, under the chairmanship of the Abbot of the resident religious communitv. In addition to the formal meetings of the Trustees to examine the progress of the accounts, to approve them, and for decision-making, a high level of communication between Trustees 15 ensured by the fact that three of the five Trustees live at the Abbey and therefore maintain day-to-day running of affairs, as well as consultation with the non-resident Trustees. The Trust is registered with HM Revenue and Customs as charity with tax exempt status. PUBLIC BENEFIT The trustees are mlndful of the need for the charity to demonstrate that it provides public benefit and they have had regard to the general guidance on the provision of public benefit published by the Charity Commission. OBJECTIVES AND ACTIVITIES The upkeep of St Michael's Abbeyi Farnborough and the support of the Resident religious Communitv has continued throughout the year. The objects of the Trust are advancement of religion from the use of the Trusts premises as a place of divine worship, and for the celebratlon of religious services according to the rites and usages of the Roman Catholit Church. ACHIEVEMENTS AND PERFORMANCE The Trustees are continuing with their efforts on the security and good stewardship of the extensive land in the Trusts care, whilst a150 working with the local community on projects that increase both security and good working relationships, as well as generating a small revenue. The Trustees continue to encourage development of the Abbey Press and other methods of increasing the Trusts regu12r income. EMPRESS EUGENIE MEMORIAL TRUST TRUSTEES ANNUAL REPORT YEAR ENDED 31 DECEMBER 2023 FINANCIAL REVIEW During the year under review the charity's total funds increased from £1,429,016 to £1,438,19912022 increased from £1,385,249 to £1,429,0161. The breakdown of this change can be seen on the statement of financial artivities. In the course of the year, the major restorations of the Abbey thurth and estate have continued, with particular focus on public access, health and safety, and conservation of the considerable historic patrimony. These works, for which considerable assistance comes from another Trust, Is likely to continue across the next couple of years. RISK MANAGEMENT The Trustees have examined the major strategic business and operational risks to which the Trust exposed, and confirm that Systems have been established to mitigate those risks to which the Trust 15 exposed, and confirm that SV5tems have been established to mitigate those risks are reviewed from time to time. The Trustees have identified the maintenance of the income stream as 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 FCCA, of TC Group has been re-appointed as independent examiner forthe ensuing year. Signed on behalf of the trustees . 2025 by on St. Michael's Abbey 280 Farnborough Road Farnborough Hampshire GU14 7NQ Rt Rev. D. C. Brogan OSB Chairman INDEPENDENT EXAMINER'S REPORTTOTHETRUSTEES OF EMPRESS EUGENIE MEMORIAL TRUST YEAR ENDED 31 DECEMBER 2023 I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 December 2023 which are set out on pages 5 - 13. RESPONSIBILITIES AND BASIS OF REPORT As the charity's trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 20111'the Act'l. I report in respect of my examination of the charity's accour)t5 carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Dirertions given by the Charity Commission under settion 14515llbl of the Act. INDEPENDENT EXAMINER'S STATEMENT 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.. accounting records were not kept in respect of the charity as required by section 130 of the Act,. or the accounts do not accord with those records,. or the atcounts do not comply with the applicable requirements concernln8 the form and content of account5 set out in the Charities (accounts and Reports) Regulation5 2008 other than anv requirement that the accounts give a 'true and fair view, which is not a matter considered as part of an independent examinatlon. 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. Simon Howell FCCA, of TC Group Independent examiner The Granary Hones Yard Waverley Lane Farnham GU98BB Dated.. EMPRESS EUGENIE MEMORIAL TRUST STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 DECEMBER 2023 Unrestricted Restrirted Total Funds Total Funds Funds Funds 2023 2022 Note INCOME AND ENDOWMENTS FROM: Donations and legacies Charitable activities 25,706 116,500 221 25,706 116,500 221 77,047 116,500 34 Investments Other 9,753 9,753 6,396 TOTAL INCOME 152,180 152,180 200,517 EXPENDITURE ON: Charitable activities 1109,037} 133.9601 {142,997} 1156,7501 TOTAL EXPENDITURE 1109.0371 133.9601 {142.997} 1156,7501 NET INCOMEIIEXPENDITUREI 43,143 {33,960) 9,183 43,767 RECONCILIATION OF FUNDS.. Total funds brought forward 1,395,056 33,960 1,429,016 1,385,249 TOTAL FUNDS CARRIED FORWARD 1,438,199 1,438,199 1,429,016 The Statement of Financial Activities includes all gains and losses In the year and therefore a statement of total recognised gains and losses has not been prepared. All of the above amounts relate to continuing activities. The note5 on poBes 7 to 13 form part of these financl*l statements. EMPRESS EUGENIE MEMORIAL TRUST BALANCE SHEET 31 DECEMBER 2023 2023 2022 Note FIXED ASSETS Tangible assets 14 1,290,047 1,294,S64 CURRENT ASSETS Debtors Cash at bank 15 208.926 37,634 178,581 67,533 246,560 {82.5611 246.114 192,0521 CREDITORS: Amounts falllng due wlthln one year 16 NET CURRENT LIABILITIES 163,999 154,062 TOTAL ASSETS LESS CURRENT LIABILITIES 1,454,046 1,448,626 CREDITORS: Amountsfallln8 due after more than one year 17 115,8471 119,6101 NET ASSETS 1,438,199 1,429,016 FUNDS Restrlcted Funds UnrestrScted Funds 18 18 33,960 1,395,056 1,438,199 TOTAL FUNDS 1,438.199 1,429,016 These financial statements were approved by the members of the commlttee and authorised for issue on the 2025 and are signed on their behalf bv.. Rt Rev. D. C. Brogan OSB Chairman The note5 on pages 7 to 13 form part of these flnanrlal statements. EMPRESS EUGENIE MEMORIAL TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POLICIES Basis of accounting The accounts Ifinancial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notelsl to these accounts. The financial statements have been prepared in accordance with the second edition of the Charities.. Statement of Recommended Practice issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021 and the Charities Act 2011. The financial Statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £. Empress Eugenle Memorial Trust meet5 the definition of a publlc benefit entity under FRS 102. The trustees consider that there are no material uncertainties about the charity's ability to continue as a 80ing concern. Fund accountlng Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted fund5 can only be used for particular restricted purp05e5 Wlthin the objects of the charity. Deslgnated funds are unrestricted funds of the charity whlch the Trustees have decided at their discretion to set aside for a specific purpose. Further explanation of the nature and purpose of each fund is included in the notes to the financial statement5. Income Rents and domestic income are all accounted for when receivable. Donations and legacy income 15 recognised in the accounts when the charity Is legally entitled to the income and the amount can be quantified with reasonable accuracy. Expendlture Expenditure is accounted for on an accruals basis, inclusive of irrecoverable VAT. Flxed assets and depreclatlon All fixed assets are initially recorded at cost. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows.. Fixtures & equipment Motor vehicle5 25% reducing balance 25% reducing balance The freehold properties are stated at the open market valuation at April 1993, except for the acquisition in 2006 which is stated at cost. No depreciation is provided. EMPRESS EUGENIE MEMORIAL TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POLICIES fcontlnuedj Cash and cash equlvalents Cash and cash equivalents include cash in hand and dep051ts held at call with banks. INCOME FROM DONATIONS AND LEGACIES Unrestrlcted Unrestrlcted Total Funds Total Funds Funds Funds 2023 2022 Guest donations Other donations Glftaid 100 23.386 2,220 loo 23,386 2,220 3,697 69,310 4,039 25,706 25,706 77,047 Income from donations and legacies was £25,706 12022 £77,047) of which £nil 12022 £53,960) was attributable to restricted and £25,706 12022 £23,087) was attributable to unrestricted funds. INCOME FROM CHARITABLE ACTIVITIES Unrestrlcted Total Fund5 Total Funds Funds 2023 2022 Rental Income Abbey House, Farnborough St Mlchael's Abbey 104.500 12,000 104,500 12,000 104,500 12,000 116,500 116,500 116,500 INVÉSTMENT INCOME Unrestrlcted Total Funds Total Funds Funds 2023 2022 Bank interest receivable 221 221 34 OTHER INCOME UnrestrScted Totsl Funds Total Funds Fund5 2023 2022 Other income Allotment fees 2,500 7,253 2,500 7.253 6,936 9,753 9,753 6.936 EMPRESS EUGENIE MEMORIAL TRUST NOTESTO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023 EXPENDITURE ON CHARITABLE ACTIVITIES Actlvltle5 Management undertaken and Total Funds Total Fund5 directly administration 2023 2022 Management and administration Charitable activitles 43,415 43.415 99,582 47,255 109,495 99,582 99,582 43,41S 142,997 156,750 Expenditure on charitable activities was £142,99712022 - £156,750) of which £33,96012022 £24,815) was attributable to restricted and £109,037 12022 £131,935> was attributable to unrestricted funds. CHARITABLE ACTIVITIES 2023 2022 Wages Household provisions Light and heat Repairs and renewa15 Church and sacristy Estate costs 25,499 6,265 23,797 5,991 33,960 4,070 24,583 7,003 35,095 22,007 20,000 807 99.582 109,495 MANAGEMENT AND ADMINISTRATION 2023 2022 Insurance Travel costs Subscriptions Telephone Sundry expenses Legal and professional fees Independent examiner5 fees Bank charges Depreciation 30,022 1,302 3,413 1.207 475 33,429 1,22S 2,732 1,061 35 2,220 531 6,021 2.220 259 4,517 43,415 47,255 EMPRESS EUGENIE MEMORIAL TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023 NET INCOME FOR THE YEAR This is stated after charging.. 2023 2022 Depreciation 4,517 6,021 10. STAFF COSTS AND EMOLUMENTS Total staff costs were as follows: 2023 2022 Wages and salaries 25,499 24,583 Partlculars of employees: The average number of employees during the year, calculated on the basis of full-time equivalents, was as follows.. 2023 No 2022 No Number of administrative staff No employee received remuneratlon of more than £60,000 during the year12022 - nill. 11. TRUSTEE REMUNERATION No trustees received remuneration during the year12022 - nil), No trustees received any other benefits from the charity durlng the year12022 - nill. 12. PARTICULARS OF CONNECTED CHARITIES Empress Eugenie Memorial Trust Is associated wlth St Michael's Abbey Charitable Trust. Both charities share the same contact address as disclosed on page l of these accounts. Included withln other creditors at 31 December 2023 is £52,691 12022 £59,194) due to St Michael's Abbey Charitable Trust. 13. RELATED PARTYTRANSAcfioNS The Trust own the entire share capital of Saint Michael's Abbey Press Limited. Included within debtors at 310ecember 2023 is £182,98412022- £156,027) due from Saint Michael's Abbey Press Limited. io- EMPRESS EUGENIE MEMORIAL TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023 14. TANGIBLE FIXED ASSETS Freehold Flxtures & property Equlpment Motor Vehlcles Total COST At l January 2023 Additions 1,276,500 106,076 28,127 1,410,703 At 31 December 2023 1,276,51)0 106,076 28,127 1,410,703 DEPRECIATION At l January 2023 Charge for the year 105.811 67 10,328 4,450 116,139 4,517 At 31 December 2023 105,878 14,778 120,656 NET BOOK VALUE At 31 Decembèr 2023 1,276,500 198 13,349 1,290,047 At 31 December 20221 1,276,500 265 17,799 1,294,564 The propertles, with exception of 25 Abbey Way purchased in 2006, are stated at open market value as valued by A P Bell FRICS of Redwoods (formerly Kinghamsl, Aldershot in April 1993. The current insurance value of all the above properties is approximately £20.3 million12022 £20.3 million). 15. DE8TORS 2023 2022 Saint Michaels Abbey Press Limited other debtors 182,984 25,942 156,027 22,554 208,926 178,581 16. CREDITORS: Amounts fallln8 due wlthin one year Z023 2022 Trade creditors other creditors 18,470 64,091 17,946 74,106 82,691 92,052 li- EMPRESS EUGENIE MEMORIAL TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023 17. CREDITORS.. Amounts falling due after one year 2023 2022 Hire Purchase 15,847 19,610 18. ANALYSIS OF CHARITABLE FUNDS Analysis of movement in unrestricted fund5 Balance at I Jan 23 Incoming resources Expendlture Balance at 31 Dec 23 Designated funds Charitable activitie5 10,072 1,384,984 10,07Z 1109,0371 1.428,127 152,180 1,395,056 152,180 1109,0371 1,438,199 Analysls of movement In unrestrlcted fund5- prèvlous year Balance at I Incomin8 Jan 22 resources Expendlture Balance at 31 Dec22 Designated funds Charltable activities 10.072 1,370,362 10,072 1131,9351 1,384,984 146,557 1,380,434 146,557 1131,9351 1,395,056 Analysls of movement In restrlcted funds Balance at I Jan 23 Incomlng resources Expendlture 8alance at 31 Dec 23 Church Pew restoration 33,960 133,9601 33,960 133,9601 The Restricted funds are available for future expenditure in relation to specific activities and projetts that the charity will undertake. Analysls of movement In restrlcted funds- previous year Bolance at I Incoming Jan 22 re50urce5 Expendlture Balance at 31 Dec 22 Church Pew restoration Emergency roof replacement 53,960 120,0001 14,8151 33,960 4,815 4.815 53,960 124,8151 33,960 12- EMPRESS EUGENIE MEMORIAL TRUST NOTESTO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023 19. ANALYSIS OF NET ASSETS BEfwEEN FUNDS Unrestricted funds Deslgnated funds Restrlcted funds Total Tangible assets Current assets Cash at bank and in hand Current liabilities 1,290,047 198,854 37,634 198,4081 1,290,047 208,926 37,634 198,4081 10,072 Total Funds 1,428,127 10,072 1,438,199 ANALYSIS OF NET ASSETS BETWEEN FUNDS- previous year Unrestrlcted funds Deslgnated funds Restrlcted fund5 Total Tangible assets Current assets Cash at bank and in hand Current liabilities 1,294,564 168,509 33,573 1111,6621 1,294,564 178,581 67,533 1111.6621 10,072 33.960 Total Funds 1,384,984 10,072 33,960 1,429,016 .13- Empress Eugenle Memorlal Trust St. Michaels Abbey 280 Farnborou8h Road Farnborou8h Hampshire GU14 7NQ TC Group The Granary Hones Ya rd I Waverley Lane Farnham Surrey GU9 8BB Dear Sirs LETTER OF REPRESENTATION We confirm that the following representations are made on the basi5 of enquiries of management and staff with relevant knowledge and experience land. where appropriate, of Inspection of the supporting documentatlonl sufficlent to satisfy ourselves that we can properly make each of the following representations to you in connection with your Independent examination on the financial statement5 of the charity for the year ended 31st December 2023.. We acknowledge that the work performed by you is substantially less in scope than an audit performed in accordance with Auditing Standards and that you do not express on audit opinion. We confirm that the charity was entitled to exemption under section 144 of the Charities Act 2011 from the requirement to have Its flnancial statements for the financial year ended 31st December 2023 audited. We have fulfilled our responslbilities as trustees as set out in the terms of your engagement letter dated 22nd November 2021 under the Charities Act 2011. for preparin8 financial statements in accordance with applicable law and United Kingdom Accounting Standards IUK Generally Accepted Accounting Practice), for being satisfied that they give a true and fair view. All the transaction5 undertaken by the charity have been properly reflected and recorded in the accounting records. All the accounting records and related financial information, including minute5 of all mana8emerit and trustee meetings and correspondence with The Charity Commission have been made available to you for the purpose of your work. The charity has satlsfactory title to all assets and there are no liens or encumbrance5 on the charity'5 as5et5, except for those that are disclosed as applicable in the notes to the f inanci21 statements. All actual liabilities have been recorded or disclosed as applicable. Empress Eugenie Mernorial Trust Letter of Representation f or the year ended 31st December 2023 We have no plans or intèntions that may materially alter the carrying value and where relevant the fair value measurements or classif ication of assets a nd liabi lities reflected in the financial statements. The charity has not granted any advances or credits to, or made guarantee5 on behalf of trustees. other than those disclosed in the financial statements. io. We have disclosed to you all known instances of non-compliance or Skjspected non- compliance with laws and re8ulation5 whose effects should be considered when preparing the financial statements. We Conflrm that there were no transactions with related parties of the charity or amounts due to or from related parties at the balance sheet date, whith are required to be disclosed in the financial statements other than those, which are detailed in the notes to the financial statements. We are not aware of any other matters which require disclosure in order to comply with the requirement5 of charity law or accounting standards. 12. All events subsequent to the date of the financial statements which require adjustment or disclosure have been properly accounted for and disclosed as applicable. 13. We believe that the charity's financial statements should be prepared on a goin8 concern basls on the grounds that current and future sources of fundlng or support will be more than adequate for the charlty's needs. We believe that no further disclosures relating to the charity's ablllty to contlnue as a golng concern need to be made in the financial statements. 14. All grants, donations and other income, the receipt of which is subject to speclfic terms or conditions, have been notified to you. There have been no breaches of terms or conditions in the application of such income. 15. We confirm that the schedule of restricted funds Ibelowl Is atcurate and Includes no significant omissions.. Balance at I Jan 23 In¢omln8 resources Balance at 31 Dec 23 Expendlture Church Pew restoration Y3,960 133.9601 Your5 faithfully Signed on behalf of the board of tru5tees'. Date.. Charlty no. 240701