EMPRESS EUGENIE MEMORIAL TRusr FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Charity Number 240701 ,GROUP BUSINESS ADVISORS ¥A¢( The Granary Hoiies Yèi Wa¥erley Lane Famham Surrey GU9 8BB
EMPRESS EUGENIE MEMORIAL TRUST FINANCIAL STATEMENTS YEAR ÉNDED 31 DECEMBER 2024 CONTENTS PAGE TrLtstees Annual Report Independent examiner's report to the trustees Statement of flnanclal actbvities Balance sheet Notes to the financlal statements
EMPRESS EUGENIE MEMORIAL TRUST TRUSTEES ANNUAi REPORT YEAR ENDED 31 DECEMBER 2024 The trustees psent their report and the unaudited financial statoments of the charity for the year ended 31 December 2024. REFERENCE ANDADMINISTRATIVE DETAILS Regirtered charity name Empress Eugenie Memorlal Trust Charity regi5tratlon number 240701 St. Michaels Abbey 280 Farnborough Road Farnborough Hampshire GU14 7NQ The trustees The trustees wh) served the charity during the period were as follows: Rt Rev. D. C. Brogan OS8 Mr J. Bogle Esq Rev. N. T. Harper 05B Re¥. T. Viclan OSB Rev. M. D. Mycka OSB Bankers The Royal Bank of Scotland plc Lawrie House Victorla Road Farnborough Hampshire GU14 7NR Solicitors Irwin Mitchell Oxford House 12-20 Oxford Street Wewbury Berkshire RG14 IJB Independent examiner Mr S. P. F. Howell FCCA TC Group The Granary Hones Yard Waverley Lane Famharn Surrev GU9 8BB
EMPRESS EUGENIE MEMORIAL TRUST TRUSTEES ANNUAL REPORT YEAR ENDED 31 DECEMBER 2024 The Trust Deed was established by an Indenture dated 24 April 1888 whlch Is Subject to 5cheme5 direrted by the Charity Commissioner in 1963 and 1965, registered number 240701. DetaiLs of Trustees are shown on the previous page. The Trurt malntains the Church. Monastery and Land and the Resident Religious Community on the site Df St Michael's Abbey, Farnborough. Assets are held forgeneral administration and every day Ilving ofthe Community. The Empress Eugenle Memorlal Trust Is associated with St Mlchael's Abbey Charttable Trust and both charities share the same contact address as dlsclosed on the previous pa8e. The Trust Deed requires five Trustee5. The chalr of Trustees is responslble forthe induttion of any new Trustee which involves awarenes5 of a Trustee's responslblllties. the 8overning do¢ument, administrative proceéure5 and history of the charity. A new Trustee would receFve a copy of th2 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 fomially at least once per year, wlth additional meetlngs as need may arise, under the ch3irmanshlp of the Abbot of the resident religious communlty. In addition tothe fomal meetines of the TrustÉes to examine the progress of the accounts, to approve them. and fordecision-making, a high level of communication between Trustees is ensured bythe fact that three of the five TrteeS live at the Abbey and therefore maintain day-to-day running of affairs, 35 well a5 consultation wth the non-resldènt Trustees, The Trust 15 registered with HM Revenue and Customs as charity wlth tax exempt 5tatU5. PUBUC BENEFIT The trustees arè mindful ¢f the need for the charityto demonstrate that it provide5 public benefit and they have had reg?rd to the general guidance on the prowsion of public beneflt published by the Charity Commission. OBJEcfivES AND ACTivmES The upkeep of St Michael's Abbey, Famborough 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 premlses as a place of divine worship, and for the celebratSon Df religlous seryices ac£ording to the rites and usages of the Roman Catholic Church. ACHIEVEMEfft AND PERFORMANCE The Trustees are continuing with their efforts on the security and good stewardshSp of the extensive land In the Trusts care, whllst also working with the local cummunlty on projects that intreasÈ both 5ecurfrty and good working latIOnshIps, as well a5 generating a 5Tnall revenue. The Trustees continue to encourage development of the Abbey P$$ and other methods of increasing the Trusts regular income.
EMPRESS EUGENIE MEMORIAiTRUST TRUSTEES ANNUAL REPORT YEAR ENDED 310ECEM8ER 2024 FINANCIAL REVIEW Durlng the year under review the charitys total funds Increased from £1,438,199 to £1,447,22212023 increased from £1,429.016 to £1,438.1991- The breakdown of this ch3nge can bè seen on the ststement of financlal activities. In the course of the year, the major rettorations of the Abbey church and estate have contlnued, with particular focus on public access, health and safety. and conservation of the considerable hlstorlc patrimony. These work5, for which considerable assistance come5 from another Tru5¢ Is likely t¢ continue across the next couple of years. RISK MANAGEMENT The Trustees have examined the major strategic business and operatSonal rlsk5 to which the Trust exposed, and conflrm that systems have been established to mitigate those risks to which the Trust is exposed, and conflrm that 5Vstsms have been estab115hed fo mitigate those risks are reviewed from time to tlme. 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 matterwhich receives the trustees close attention. INDEPENDENTEXAMINER Slmon Howell FCC& ofTCGroup has been re.8ppointed a5 independent examlnerforthe ensuinByÈar. Signed on behalf of the trustees on . 2025 by St. Michael's Abbey 280 FarnborDu8h Road Farnborough Hampshire GU14 7NQ Rt Rev. D. C. Brogan DSB Chalrman
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF EMPRESS EUGENIE MEMORIAL TRUST YEAR ENDED 31 DECEMBER 2024 I report to the charty trustees on my exarninatlon of the accounts of the charity for the year ended 31 December 2024 whl¢h are set out on pages S- 13. RESPONSIBILrriES AND BASIS OF REPORT As the ¢harity's trustees you are responsible for the preparation of the accounts In accordance with the reqLtlrements of the Charities Att 2011 {'the AcV}. I report in respett of my examinatlon of the charlty's account5 ¢arried out under section 145 of the Act and in carrying out my examinatlon I have followed all the appllcable Directions given by the Charity Commlsslon under sertion 14515llbl of the Act. INDEPENDENT EXAMINER'S STATEMEpir I have completed my examinatlon. I confimi that no material matters have coffle to my attention in connection wlth the examination giving me cause to believe that in any material respect: accountlng records were not kept In respert of the Charity a5 requlred by section 130 of the Act: or the accounts do not accord wlth those records; or the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (accounts and Reports) Regtjlations 2008 other than any requirementthat the accounts give a 'true and faIrVie whlch is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters In connection with the exarninati(Jn to which zttÈntlon should be drawn in thi5 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 GU9 8B8 Dated:
EMPRESS EUGENIE MEMORIAL TRUST STATEMENT OF FINANCIAL ACllVITIES YEAR ENDED 31 DECEMBER 2024 Unrestrfcted Restrfctsd Total Funds Total Funds Funds Funds 2024 2023 INCOME AND ENDOWMENTS FROM: Donattons and legacies Charitable actlvlties Investrnents Other 28,643 116,500 196 28,643 116,500 196 8,993 25,706 116,500 221 9,753 8,993 TOTAL INCOME 154,332 154.332 152,180 EXPENDrruRE ON: Charitable activitie5 (145,3091 1145,3091 {142.9971 11453091 1142.9971 9,183 TOTAL EXPENDITURE (145,3091 INCOME/IEXPENDrruRE) 9,023 9,023 RECONCIUATION OF FUNDS: Totsl funds brought forward 1,438.199 IN38,199 1,429,016 TOTAL FUNDS CARRIED FORWARD I,H7,222 1,447,222 1,438.199 The Statement of Flnanclal Activities includes all gains and losses in the year and therefore a statement of totsl recognised gains and losses has not been prepared. All of the above amounts relate to continuing activitles. The notes on pa8•5 7 10 13form part oftheseflnanclal StrdterriEnts.
EMPRESS EUGENIE MEMORIAL TRUST BALANCE SHEET 31 DECEMBER 2024 2024 2023 Note FIXED ASSETS Tanglble assets 14 1,286,660 1,290,047 CURRENT ASSETS Debtors Cash at bank 229,066 37,170 208,926 37,634 266236 1105ffi74} 246,560 (82,5611 CREDITOR5: Amounts falllng due withln one year 16 NEf CURRENT UABILITIES 160,562 163,999 TOTALASSEfs IESS CURRENT LIABILITIES 1,447,222 1,454,046 CREDITORS: Amounts falling due after more than one year 17 115,8471 A55Et5 IW17,222 1.438,199 FUNDS Restricted Funds Unrestricted Funds 18 1,447322 1,438,199 TOTAL FUNDS IA47,222 1,438,199 These flnancial statements were approved by the members of the committee and authorised for issue on the ,.,.. 2025 and are signed on their behalf by.. Rt Rev. D. C. Brogan OSB Chainnan IhE note5 on p•sès 7t0 13 fomi p8rtofthefthKlal statement&
EMPRESS EUGENIE MEMORIAL TRUST NOTES TOTHE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024 ACCOUNTING pouaES Basls o accountlng The accaunts Iflnanclal statements) have been prepared under the historical cost conventlon wlth items recognised at cost or transaction value unless otherwise stated in the relevant note(sl to these Bccounts, The financial statements have been prepared In accordance with the second edition ¢ the Charitles.. Statement of Recommended Practice issued In October 2019, the Financlal Reporting Standard applicable in the Untted Kingdom and Republic of Ireland IFRS 1021 aftd the Charlties Act 2011. The financial statements are presented In sterling which 15 the lunctlonal currency of the tharty and rounded to the nearest £. Empress Eugenie Memorial Trust meets the dèfinition of a public benefit ent]ty under FRS 102. The trustees ¢onsider that there are no materlal uncertainties about the charivs ability to continue as a going concern. Fund accountlnE Unrestrlctecl funds can be used in accordance wlth the charitable objectives * the discretion of the trustees. Restricted funds can only be used for particular restrltted purposes wlthin the objects of the charity. DesiBnated funds are unrestricted funds of tht charity which the Trustees have decided at their dlscretSon to set aside for a speclfk purF)ose. Further explanation of the nature and purpose of each fund is included in the notes to the finandal statèments. Income Rents End domestic income are all accounted for when receivable. Donations and legacy income is reco8nlsed in the accounts when the charity is legally entltled to the income and the amount can be quantified with reasonable accuracy. Expenditure Expenditure is accounted for on an accruals basls, Inclusive of irrecoverable VAT. Flxed assets and depredatlon All fixed assets are initially recorded at cost. Depreclatlon is calculated so as to write off the cost of an asset. less it5 estimated residual value, overthe useful economic life of that asset as follows.. Fixtures & eoulpment- 25% reduclng balance Motor vehicles 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 C05t. No depreciation is provided.
EMPRESS EUGENIE MEMORIAL TRusr NOTES TO THE FINANCIALSTATEMENT5 YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POLICIES f¢ontlnuedJ Cash and cash equivalents Cash and cosh equivalents include cash in hand and dep051ts held at call with banks. INCOME FROM DONATIONS AND LEGAaES Unrestrlcted Totsl Funds Total Funds Funds 2024 2023 Guest donations Other donations Church donations Gift ald loo 23,386 22,916 1,514 4,213 22,916 1,514 4,213 2,220 28,643 28,643 25,706 Income from donations and legaaes was £28,64312023 - £25,7061 of which £nll12023- £nill was attributable to $trIcted and £28,643 12023 - £25.7061 was 3ttribirtable to unrestricted funds. INCOME FROM CHARITABLE ACTIVITIES UJ)restricted Total Funds Total Funds Funds 2024 2023 Rental income Abbey House, Farnborough St Michael's Abbey 104,500 12.( 104,500 12,000 104.SOO 12,000 116.500 116,500 116,500 INVESTMENT INCOME Unrestrirted Total Funds Totsl Funds Funds 2024 2023 Bank interest receivable 196 196 221 OTHER INCOME Unrestrkted Totsl Funds Total Funds Funds 2024 2023 Other Income Allotrnent fees 2.500 7.253 8,993 8,993 8,993 8.993 9.753
EMPRESS EUGENIE MEMORIAL TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024 EXPENDITURE ON CHARITABLE ACTIVITIES ActÉ¥Étles Management undertaken and Total Funds Total Funds dirertly admlnistration 2024 2023 Management and administration Chfiritable activities 43,176 43,176 102,133 43,415 99,582 101133 IIY2,133 43,176 145,309 142,997 Expenditure on tharitable 3Ctivities wa5 £145,309 12023 £142.9971 of which £nll 12023 £33,9601 was attributable to restricted and £145,309 12023 £109,037} was attributsble to unrestricted funds. CHARITABLE ACTIVITIES 2024 2023 Wages Household provisions ght and heat Repairs and renewals Church and sacristy Estste costs 23,003 10,208 25,499 6,265 Z3,797 5,991 33.960 4.070 796 3.190 102,133 99,582 MANAGEMENT AND ADMINISTRATION 2024 2023 lrnsurance Travel costs Subscriptions Telephone Sundry expenses IndependentM1nefees Bank Charges Depreciatlon 31.655 965 3.384 1.185 30,022 1,302 3,413 1,207 475 2,220 259 4,517 2,220 380 3*7 43,176 43,415
EMPRESS EUGENIE MEMORIAL TRUST NOTES TO THE FINANaAL STATEMENTS YEAR ENDED 31 DECEMBER 2024 9. NET INCOME FOR THE YEAR Thls is Stated 3fter charging: 2024 2023 Depreclation 3,387 4,517 10. STAFF COST5 AND EMOLUMEMTS Total staff costs were as follows: 2024 2023 Wages and salaries 23,003 25.499 Particulars of employees: The average number of employees during the year, calculated on the basls of lull-time equivolents, was as follows: 2024 No 2023 No Number of administratlve 5t?ff No employee received remuneration of more than £FKJ.000 during the year12023- nlll. 11. TRUSTEE REMUNERATION No trustees received remuneratlon durlng the year12023- nill. No trustees received any other benefits from the charity durlng the year12023- nill. 11 PART)CUiARS OF CONNECTED CHARITIES Empre55 Eugenie Memorial Trust is associated with St Michael's Abbey Charttable Trust. Both charities share the same contact address as disclosed on page l of these accounts. Included wlthin other creditors at 31 December 2024 is £65,746 12023 - £52.6911 due to St Michgel's Abbey Charitable Trust. 13. RELATED PARTY TRANsAlaN5 The Tw5t own the entire share capltsl of Saint Mithael's Abbey Press Limited. Included within debtors at 31 December 2024 Is £196,48912023-£182.9841 duefrom Saint Michael's Abbey Press Umlted. -io-
EMPRESS EUGENIE MEMORIAL TRusr NOTES TOTHE FINANaAL STATEMENTS YEAR ENDED 310ECEMBER 2024 14. TANGIBLE FIXED ASSETS Freehold Fixtures & property Equipment Motor Vehicles Total C05T At lJanuary2024 Additions 1276,51)0 106,076 28.127 IBIO,703 At 31 December 2024 1276,500 106.076 28,127 IAIO,703 DEPREaATION At l January 2024 Charge for the year 105,878 50 14.778 3,337 120,656 3,387 At 31 December 2024 105,928 18,115 124043 NET 800K VALUE At 31 December 2024 1.276,5CN) 10.012 1,286,660 At 31 December 2023 1,276.5 13,349 1,290,047 The properties, wlth exception of 25 Abbey Way purchased in 2006. are stated at open market value as valued by A P Bell FRICS of RedwDods {fomierly Klnghamsl, Aldershot in April 1993. The current insuronce value of all the above properties is approxlmately £20.3 million12023 - £20.3 million), 15. DEBTORS 2024 2023 Saint Michaels Abbey Press Limited other debtors 196,489 32,577 182,984 25.942 229,066 208.926 16. CREDITORS: Amounts falling due within one year 2024 2023 Trade creditors Other credltors 13,344 92,390 18,470 64.091 105,674 82,691 -li-
EMPRESS EUGENIE MEMORIAL TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 310ECEMBER 2024 17. CREDITORS: Amounts frlllng after one year 2024 2023 Hlre Purchase 15.847 I& ANALYSIS OF CHARITABLE FUNDS Analysis of movement in unrestricted fund5 Balance at I Jan 24 In¢oming resour£e5 Expendlture Balance at 31 Dec 24 OesiEnated funds Charitable artivities 10,072 1,428,127 10,072 1145,309) 1.437,150 1145309) 1.447.222 154332 1,438,199 154,332 Analysls of movement in unrestrlcted fund5- prévlous year Balance at I Incomlng J*1 23 resources Expendlture Balance at 310ec 23 Desi8n8ted funds Charitable activrties 10,072 1,384 10,072 1109,037) 1,428.127 1109,037) 1,438,199 Z,180 1,395,056 152.180 Analysls of movement In restricted funds Balance at I Jan 24 Incomlng resources Expenditure Balance at 31 Dec 24 No movementdurlng theyear The Restricted funds are available for future expenditure In relatlon to specific activ¢ties and projects that the charity will undertake. Analysis ot movement in restricted funds- prevlous year Balance at i Incoming Jan 23 resources Expendlture Balan¢e at 31 Dec 23 Church Pew restoratlon 360 133,9601 133,9601 33A60
EMPRESS EUGENIE MEMORIAL TRUST NOTES TO THE FINANaAL STATEMENTS YEAR ENDED 31 DECEMBER 2024 19. ANALYS15 OF ASSETS BMVEEN FUNDS Unrestricted funds Designated Restri¢ted funds funds Total Tangible assets Current assets Cash at bank and in h3nd Current Ilabilities 1,286,660 218,994 37,170 (105,6741 1,437,150 1.286.660 IOX172 37,170 (105,674) Total Funds 10,072 1.447,222 ANALYSIS OF NET ASSETS BMVEEN FUNDS- previous year Unrestrlcted funds De51gnated RÉ5tricted fund5 funds Total Tangible assets Current assets Cash at bank and In hand Current liabilities 1,290,047 198.854 37,634 (98,4081 IA28.127 1,290,047 208,926 37.634 {98A081 10,072 Total Funds 10,072 1,4¥199