2022-08-31-accounts

The Trust of St Benedict’s Abbey, Ealing

Annual Report and Accounts

31 August 2022

Charity Registration Number 242715

Contents

Reports

Reference and administrative details of
the charity, its trustees and advisers	1
Trustees’ report	3
Independent auditor’s report	20
Accounts
Statement of financial activities	25
Balance sheet	26
Statement of cash flows	27
Principal accounting policies	28
Notes to the accounts	35

The Trust of St Benedict’s Abbey, Ealing

Reference and administrative details of the charity, its trustees and advisers

Trustees	Rt Revd Dominic Taylor OSB
	Very Revd Alexander Bevan OSB
	Revd Timothy Gorham OSB
	Revd Ambrose McCambridge OSB
	Revd Peter Burns OSB
	(The trustees are incorporated under of the Charities Act
	2011)
Parish Priest	Revd Ambrose McCambridge OSB
Monastic Bursar	Very Revd Alexander Bevan OSB
Lay Bursar	Mrs S Daly FCA
Trust Finance Committee	Mr K Clark MRICS (resigned April 2022)
	Mr G Gostwick BA Oxon
	Mr D Squire MA FCA
Abbey address	Ealing Abbey
	Charlbury Grove
	Ealing
	London
	W5 2DY
Website	www.ealingmonks.org.uk
Telephone	020 8194 2300
Charity registration number	242715
Auditor	Buzzacott LLP
	130 Wood Street
	London
	EC2V 6DL

The Trust of St Benedict’s Abbey, Ealing 1

Reference and administrative details of the charity, its trustees and advisers

Bankers HSBC Bank plc PO Box 260 46 The Broadway Ealing London W5 5JR RBS Wigan (G) Branch 1 Hardman Boulevard Manchester M3 3AQ Investment managers Cazenove Capital Management Limited 12 Moorgate London EC2R 6DA Walker Crips Stockbrokers Limited Finsbury Tower 103-105 Bunhill Row London EC1Y 8LZ Insurance brokers D E Ford (Insurance Brokers) Limited Poppleton Grange Low Poppleton Lane York YO2 6AZ Solicitors Stone King LLP Upper Borough Court Upper Borough Walls Bath BA1 1RG Haworth & Gallagher LLP (Birkenhead) 39 Hamilton Square Birkenhead CH41 5BP

The Trust of St Benedict’s Abbey, Ealing 2

Trustees’ report Year to 31 August 2022

The trustees present their report together with the accounts of The Trust of St Benedict’s Abbey, Ealing (“the Trust”) for the year ended 31 August 2022

The accounts have been prepared in accordance with the accounting policies set out on pages 28 to 34 of the attached accounts and comply with the charity’s governing document, applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), the Charities Act 2011 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 United Kingdom and Republic of Ireland (FRS 102).

Objects, aims, activities and relevant policies

 Charitable objects

The charity’s objects are set out in a Scheme approved by the Charity Commissioners for England and Wales dated 5 September 1997. The charity aims to promote the charitable works carried on, promoted and supported by the monks of Ealing Abbey.

• Public benefit

In meeting these objects, the Trust’s public benefit aims are to:

• Support the prayers and ministry of the Catholic Benedictine monks for the wider community.

• Support and promote the spiritual, charitable and social work of the Catholic community in Ealing and West London.

• Provide a first rate medium to long term counselling service to fill the gaps in NHS provision.

• Provide an opportunity to the public for continuing Christian education and formation and thus benefit society in an age full of conflict and misunderstanding.

• Objectives for the year

During the year to 31 August 2022 the focus was as follows:

• To work to maintain a healthy and viable monastic life in the Abbey.

• To preserve and enhance the Parish as a centre of Roman Catholic sacramental and spiritual life.

• To maintain the service offered by the Ealing Abbey Counselling Service (EACS).

• To support the Benedictine ethos of St Benedict’s School.

• To continue and develop the work of the Benedictine Institute and the Liturgical Institute.

The Trust of St Benedict’s Abbey, Ealing

3

Trustees’ report Year to 31 August 2022

Objects, aims, activities and relevant policies (continued)

 Strategies to achieve the year’s objectives

To establish a programme of monastic renewal and spiritual formation to enable the monastic community to continue to support the running of the charity and to ensure that sufficient external consultancy and support is available to develop the financial administration of the Trust.

 Principal activities of the year

The trustees review the charity’s aims, objectives and activities each year to see what has been achieved over the previous year. The review looks at the success of each of the major activities and the benefits to the many beneficiaries. In furtherance of these aims, the trustees have complied with the duty contained within the Charities Act 2011 to have due regard to the Charity Commission’s published guidance concerning the operation of the Public Benefit requirement under that Act.

During the year to 31 August 2022, the charity’s activities fell into three main areas: Monastic life within the Abbey, pastoral work and education.

The Monastic Community

The centre of the work of the Trust is to sustain the community and prayer life of the Benedictine monastery of Ealing Abbey, much of which by its nature takes place out of public view. Six times every day the monks gather in the Abbey Church to pray the divine office and to celebrate the Eucharist, all of which are open to public participation. It is this work which makes it possible for the monks to engage in, support and promote a range of activities for the good of the wider community.

Pastoral work

Since the seventeenth century, monks of the English Benedictine Congregation have been engaged in pastoral work to support the Christian life of the Catholic community in England. For Ealing Abbey this has taken the form of a large diverse and active parish for which we have had responsibility since our foundation in 1897. The parish nourishes the sacramental and spiritual life of the parishioners, with an average of just over a thousand attending services on a Sunday with two thirds attending in person and a further third via the streaming service. The parish also promotes a wide range of catechetical and social activities.

Another aspect of pastoral engagement is the work of the Ealing Abbey Counselling Service (EACS), which was established in 1994 and has grown to help hundreds of people annually by providing low cost medium and long term counselling, where it is not provided by the NHS. By its nature the activities of the Parish are directed at Roman Catholics, while EACS is open to all in need. EACS offers confidential, professional help to meet people’s needs regardless of age, belief, culture, ethnicity or sexual orientation.

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Trustees’ report Year to 31 August 2022

Objects, aims, activities and relevant policies (continued)

• Principal activities of the year (continued)

Pastoral work (continued)

It has in the region of 80 practitioners: 60 counsellors who are in advanced training or qualified, and all of whom give their time for free; a small team of experienced assessors who carry out a comprehensive assessment of new clients and match them to appropriate counsellors; and a team of experienced, qualified supervisors who support the ongoing work of the counsellors in monthly supervision groups.

The staff team comprises of two part-time administrators and three part-time qualified counsellors and psychotherapists, responsible for all aspects of the day to day management, recruitment, and development of the Service. In 2015, EACS formed a consortium with other voluntary sector community counselling services in the Borough of Ealing, of which EACS is the Lead partner. The organisations all continue to operate independently but have an agreement to work in partnership in relation to funding bids and monitoring of services in relation to the Health and Social Care grant. The grant is administered via EACS and the trustees and is held in a restricted fund.

Education

Since its inception in the 17th Century the English Benedictine Congregation, of which Ealing Abbey is a member, has also been involved in education. St Benedict’s School was owned by the Trust until September 2012 when, following the recommendations of the report of Lord Carlile, ownership was passed to an independent charitable company. The Trust continues to support the ethos of St Benedict’s School by providing chaplains for sacramental and pastoral work within the School community. Two monks sit on the Board of Governors of the School.

The Trust also provides adult education through the work of the Benedictine Institute (BI). Students and staff share in elements of the monastic life and study in a context of hospitality and a life centred on community, reflection and prayer. BI also gives time to developing the progression in learning of the volunteers and instructors. The BI facilities also host the Lay Plainchant Workshop, Ealing Abbey Pottery, St Bede Library and the Liturgical Institute which, through summer courses, offers masters level studies of liturgical texts in the Catholic tradition.

 Listed investment policy

The charity has invested via two different investment advisers, Cazenove Capital Management Limited and Walker Crips Stockbrokers Limited. As at 31 August 2022 the charity had a portfolio of investments with a market value of £2,031,104 (2021: £2,403,709). Additionally, at 31 August 2022, investment managers were holding a further £175,807 (2021: £30,328) for reinvestment i.e. a total of £2,206,911 (2021: £2,434,037).

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Trustees’ report Year to 31 August 2022

Objects, aims, activities and relevant policies (continued)

 Listed investment policy (continued)

There are no restrictions on the charity's power to invest. Cazenove Capital Management Limited and Walker Crips Stockbrokers Limited have each been provided with an investment policy statement which provides guidance as to how the asset management functions delegated to them should be exercised. It was formulated with a view to ensuring that the asset management functions are exercised within the best interests of the charity.

The trustees’ investment objective is that the real value of the charity’s assets be maintained and enhanced over the long term by investment in a portfolio comprising primarily equities, fixed income stocks, property and cash. The trustees have adopted the following ethical policy, the main purpose being to avoid investment in, and therefore support for, activities that are contrary to the beliefs of the Roman Catholic Church. Therefore, the trustees do not wish to invest in companies that are involved in unethical activities. Companies involved in unethical operations are deemed to be those that:

• Invest in hospitals/clinics that have abortions or euthanasia as a major role;

• Exploit the labour force in such a way that it is unjustifiable in the light of local circumstances;

• Have operations in areas of oppressive regimes where these operations contribute to the oppressive nature of these regimes;

• Have the manufacture of arms/weapons as a core activity;

• Are involved in pornography or obscenity.

Due regard shall be given to environmental concerns in all investment decisions.

The trustees receive regular reports on their listed investments and valuations. This information is reviewed by the trustees themselves and on the trustees’ behalf by the Trust Finance Committee.

 Property investment policy

The Trust has a number of properties which are rented to tenants at commercial rents. These properties, all of which are in Ealing, West London are included in the attached accounts at an estimate of their market value and at 31 August 2022 were considered to have a value of £8,700,000 (2021 - £6,320,000).

 Programme related investments

The freehold to the land and buildings that comprise St Benedict’s School, Ealing is held by the Trust. The buildings are used for educational purposes which are consistent with the Trust’s charitable objectives but they are occupied by a separate charitable company (see note 23 to the attached accounts). Consequently, the land and buildings are classified as programme related investments. The land and buildings are included in the accounts at £9,784,693 being their carrying value as at 1 September 2012 i.e. the date on which the buildings were made available to St Benedict’s School, Ealing. The Trust

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Trustees’ report Year to 31 August 2022

Objects, aims, activities and relevant policies (continued)

 Programme related investments (continued)

receives an annual rent from the School which for the year to 31 August 2022 amounted to £422,303 (2021 - £420,553).

 Tangible fixed assets

Acquisitions and disposals of tangible fixed assets during the year are recorded in the notes to the accounts. All tangible fixed assets, including freehold land and buildings, are recorded in the accounts at original cost less depreciation. The market values of freehold land and buildings are considered to be in excess of the amount at which they are recorded in the accounts.

 Employees

The Trust of St Benedict’s Abbey, Ealing is an equal opportunities employer and will apply objective criteria to assess merit. It aims to ensure that no job applicant or employee receives less favourable treatment on the grounds of age, race, colour, nationality, religion, ethnic or national origin, gender, marital status, sexual orientation or disability. The exception to this is in respect of certain posts that require the appointment of a Roman Catholic, where this is fundamental to the role.

Selection criteria and procedures are reviewed to ensure that individuals are selected, promoted and treated on the basis of their relevant merits and abilities. All employees will be given equal opportunity and, where appropriate and possible, special training to enable them to progress both within and outside the organisation. The charity is committed to a programme of action to make this policy effective and bring it to the attention of all employees.

 Fundraising policy

The charity aims to achieve best practice in the way in which it communicates with donors and other supporters. The charity takes care with both the tone of its communications and the accuracy of its data to minimise the pressures on supporters. It applies best practice to protect supporters’ data and never sells data, it never swaps data and ensures that communication preferences can be changed at any time. The charity and the group manages its own fundraising activities and does not employ the services of professional fundraisers. The charity undertakes to react to and investigate any complaints regarding its fundraising activities and to learn from them and improve its service. During the year, the charity received no complaints about its fundraising activities.

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Trustees’ report Year to 31 August 2022

Review of achievements and performance for the year

The following paragraphs outline the main achievements during the year in each of the charities principal activities.

 The Monastic Community

• Since the last report one monk, Dom Francis Rossiter, formerly fourth Abbot of Ealing (1961-91), Abbot President of the English Benedictine Congregation (1991-2000) and proPrimate of the Benedictine Confederation (1998-9), has died and his contributions to the community, the parish and the wider community are acknowledged. This brought the number of monks in the community to 9. The active contribution of the monastic community can be seen in the areas covered by this report, but the core of the life of the community is its life of prayer, in private and in the round of daily monastic offices sung in the Abbey Church, from Matins at 6am until Compline at 8pm. Nearly all of these are open to public participation. The leadership of the community is entrusted to its Abbot, who is elected for eight year terms.

The Ealing Abbey Pottery is a small craft pottery. It is a work of the monastic community and part of the Benedictine Institute. The rhythm of the of the workshop fits well with the monastic routine and contemplative spirit. It is hoped that the work embodies and shares something of that spirit.

Ealing Abbey Lay Plainchant Choir (EALPC). This is a work of the Benedictine Institute. It is a means by which lay people may share in this aspect of Benedictine spirituality. Membership is open to any one of any religious background. Members commit to attending a weekly rehearsal and attendance at the Mass at which the choir sings once a month. At each meeting members are asked to make a voluntary donation to choir funds of £4. These are administered by the choir committee and are used for the purchase of books and in support of two training events each year, one of which is open to non-members.

Ealing Abbey Choir Despite the recent global pandemic, in the past year the choir has continued to flourish under the guidance of its Director, Organist, Chaplain and Matron. The choir continues to be supported generously by the Monastic Community, the Friends of Ealing Abbey Choir, the chorister parents, the Abbey Choir Management Committee and the Trust.

Weekly sung worship remained at the heart of the musical and religious life of the choir. Alongside this, the choir was able to deliver Carols by Candlelight to a receptive audience and a concert of English Choral music in the Trinity Term. Many of the choristers were involved in the 120[th] Anniversary concert for St Benedict’s School.

The choir continues to build on the success of integrating girls’ voices to enhance its musical tradition, ensuring that while doing so, boys continue to be an equal part of the future success of the choir. For 2022/23, six Probationers have been appointed, including four girls. This is the strongest cohort for many years and in addition to fundraising initiatives will secure the choir’s musical heritage for future generations.

 Pastoral work

From September to May, the Parish Catechetical programme successfully took place. The programmes returned to in-person sessions combined with online catechetical videos and

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Trustees’ report Year to 31 August 2022

Review of achievements and performance for the year (continued)

• Pastoral work (continued)

activities. The Catechetical Coordinator continues to liaise closely with the Lead Parish Safeguarding Representative (PSR), Jim Welsh, and the Westminster Safeguarding Team to ensure the safety of the candidates and Catechists. Jim Welch (PSR) observed a number of these sessions during the year.

During the year there were: 64 baptisms; no receptions into the Church; 6 couples were prepared for marriage; 97 children were prepared for First Holy Communion; 52 young people were prepared for Confirmation and there were 46 funerals.

The Parish Pastoral Council met regularly throughout the year. The now annual Parish InCouncil meeting (Part 1) took place in February 2022. The meeting covered the following topics: an overall review of the year; Parish Catechesis, Pastoral Care, Parish Safeguarding, Parish Finances, and the role of our three Parish Deacons. The Parish St Vincent de Paul Society, Aid to the Church in Need and Justice & Peace groups also gave an account of their activities during the year. There was an added topic of the Synodal Pathway Review. This was the worldwide Church consultation process of the Faithful in which parishioners were asked their views on the Church and the challenges ahead. There was also an opportunity for Questions and Answers for those attending. The Parish InCouncil (Part 2) meeting happened in October 2022. Parishioners gave their feedback on a Parish questionnaire and discussed the issues that concerned them most. This was very productive and fruitful.

In January and February, the Parish was due to resume hosting its usual six Fridays for the Ealing Churches Together Night Shelter Project. Under an amended programme, clients were to have their evening meal in the Parish, prepared by parishioners and then go to a hotel in Southall to sleep overnight. However, due to the small numbers, it was decided to prepare the meals and then bring them to the designated hotel for the clients to eat. The work of the Parish Conference of the St Vincent de Paul Society continues to form a key aspect of the parish outreach. During Lockdown, the Conference began meeting online but resumed meeting in-person again every Monday during the year. The Parish Team continues to work very closely with the Society.

This year, the Lenten Project supported the Bakhita House which provides women escaping human trafficking with safety and support to allow them to begin the recovery process . The house has been open since 2015 and as well as a safe temporary home, offers women a range of services including emergency support, legal and financial assistance, mentoring and help with accessing accommodation. In total, the Parish Lenten Project raised £2,514 for Bakhita House.

The Parish continues to support the Grove Community Project in Gurnell Grove. The Parish again supported the now annual Christmas Fair event with financial support for lighting, a Christmas tree and stand, general fixtures needed to decorate the area and the hiring of two donkeys for children to sit on and ride.

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Trustees’ report Year to 31 August 2022

Review of achievements and performance for the year (continued)

• Pastoral work (continued)

Finally, the Parish’s online presence grew. During the year 25,000 people visited the website; 416 people subscribe to the Parish YouTube channel and there are 492 followers for the Parish Facebook group; with 462 people subscribing to our E-Newsletter. 23,000 people livestreamed Parish Masses from the Parish Website during the year. The numbers have steadily increased from last year which is very encouraging.

The Parish will continue to promote its online presence as a means to make the Parish more accessible and to communicate information on Parish Life.

The Ealing Abbey Counselling Service oversaw a marked return to face-to-face working during 2022, with the vast majority of people now working from the building. However, we continue to support a limited amount of online work as we see a benefit in offering some flexibility to enable access to the Service where some clients might otherwise be unable to physically come to the building; or for continuity where a family member may have Covid and the risk of transmission is much greater. Returning to face-to-face work also meant that we could gradually clear our significant backlog of clients on our waiting list, who had been put ‘on hold’ while we were working remotely as some had been unable to work via online video. There is also high demand generally for our long term therapy provision.

It has been another turbulent year in the world at large and this has inevitably impacted on the lives of our clients and everyone involved in the work we do at EACS. The cost-ofliving crisis is affecting people’s spending priorities and we have seen more clients requesting a reduction in their contribution for counselling or paying less from the outset, which is impacting on this aspect of EACS’ income generation. Coming out of the pandemic coincided with several of our long term senior practitioners re-evaluating their lives and priorities, either moving out of London or entering semi-retirement. This meant that recruitment and induction was a high priority this year, but happily we ended the year with the Service more or less back to optimum levels.

 Education

The Benedictine Institute The first year of the Institute without its former principal Dom James Leachman OSB was difficult and his presence was greatly missed. A new supervisory board is now established with the Abbot as chair. During the year, the work initiated under Dom James Leachman OSB to provide therapy for those affected by abuse with counsellors and low-cost facilities hosted at the Institute continued. In addition, many rooms were made available for hire to other counsellors and therapy groups.

The major activities of the Benedictine Institute included:

Liturgy Institute The work of the Liturgy Institute falls under the oversight of a Board consisting of the Abbot of Ealing and the Abbot of Farnborough. At its meeting in September 2022, Dom Alexander Bevan OSB was appointed to the Board. Links with the Catholic University of Leuven in Belgium continued with the accreditation for students in the Liturgy and Latin courses.

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Trustees’ report Year to 31 August 2022

Review of achievements and performance for the year (continued)

• Education (continued)

Students returned in person to the Liturgy and Latin & Syriac Summer Programmes in July and August 2022. However, with the opportunity to study online still available, fewer attended in person. Some courses were taught entirely online with others having a hybrid structure. There were a total of thirty-six student courses taught across the year consisting of priests and diocesan officials from Australia, USA, Tomo, and UK; and lay students from Belgium, UK, Australia, USA, Malaysia, Netherlands, Germany, Hong Kong and China.

Ealing Abbey Poetry Library The library comprises a growing collection of poetry books which are catalogued on line. Monthly poetry afternoons are held in either the Study Centre or the House for Guests. These gatherings are open to anyone of any religious background although they may typically commence with a short prayer. Participants share poetry that might be of interest and there is open, informal discussion.

Lectio Divina Sessions of shared prayerful reading and reflection on scripture offered as a way by which others may share something of Benedictine Spirituality. There are 20 minute ‘drop in’ sessions every week day morning throughout the year. There is a longer evening session twice each month with some commitment to regular attendance presumed. The sessions share the Benedictine Institute's ecumenical ethos and are led either by a monk of Ealing Abbey or the pastor of another local Christian community.

Christian Meditation There are ‘drop-in’ meditation sessions in the Study Centre every weekday morning throughout the year. These are led by a monk of Ealing Abbey. The sessions are 25 minutes in duration and open to all. Typically the sessions commence with some brief guidance on Christian meditation and a short vocal prayer, otherwise they are silent .

The Blessed Virgin Mary and St Dunstan Studio of Christian Art The promotion of a Benedictine contribution to the visual arts at Ealing Abbey is under the direction and guidance of the Abbot of Ealing. There are several ‘artists in residence’, including a monk of Ealing Abbey who is the Abbot’s representative. These work regularly in the studio and administer its use by others. The studio undertakes the development of new courses in icon painting and other Christian arts. Icon painting courses were run in October, February and end of May. It also actively liaises with and develops cooperation with other institutes and professionals in the field of Christian art.

Bible and Catechism Study There are ‘drop-in’ bible study sessions in the Study Centre every week day morning, led by a monk of Ealing Abbey and open to all.

A Catechism course is under development.

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Trustees’ report Year to 31 August 2022

Financial report for the year

 Results for the year

A summary of the results for the year can be found on page 25 of the accounts.

Total income for the year amounted to £1,537,800 (2021: £1,396,027). Of this, £645,407 (2021: £455,379) was generated from donations and legacies, i.e. mainly parish collections and donations with legacy income being £209,883 (2021: £17,620), £632,506 (2021 - £580,641) was investment income, and £249,150 (2021: £287,833) was income from charitable activities. This latter category included income from grants and funding agreements and client contributions for the counselling services provided by the charity of £100,000 and £82,601 respectively (2021 - £100,000 and £116,006). During the year the charity did not dispose of any fixed assets (2021 – nil).

Set off against this income was £1,566,700 (2021: £1,617,680) of expenditure. £964,113 (2021: £1,016,166) related to ministry and support of members of the Community. Included within this heading are legal and other professional fees of £79,952 (2021: £42,296), £376,880 (2021: £374,982) was the cost of upkeep of the Abbey Church and Parish Centre and administering the parish and £210,585 (2021 - £207,668) was the cost of providing counselling services.

Once expenditure is deducted from income, the charity shows a “deficit” or net expenditure for the year of £28,900 (2021: £221,653). Losses of £157,267 (2021: gains of £281,192) on listed investments and gains of £2,380,000 on investment properties led to overall net income of £2,193,833 (2021: net expenditure of £979,539).

The net movement in funds, after adjusting for a positive change in the pension deficit provision of £8,634 (2021: positive change of £2,098), further details of which are provided in note 16 to the accounts, was a positive movement of £2,202,467 (2021: £981,638).

 Reserves policy

The trustees consider that between £2 million and £3.5 million is an appropriate level of free reserves for the charity to maintain, based on future expenditure projections and the need for the Community to continue to develop its ministry following the transfer of the School to a separate charity.

The balance sheet shows total reserves of £23,035,728 (2021: £20,833,261).

Of this, £2,133,177 is represented by tangible fixed assets essential for the support and work of the charity (2021: £2,188,120). There is a tangible fixed assets fund equal to the net book value of tangible fixed assets to highlight their importance to the charity and to emphasise that funds equal to the value of the tangible fixed assets are not available to meet contingencies or ongoing expenditure.

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Trustees’ report Year to 31 August 2022

Financial report for the year (continued)

 Reserves policy (continued)

A further £9,784,693 represents the freehold land and buildings comprising St Benedict’s School, Ealing (2021: £9,784,693). These buildings are used for educational purposes consistent with the charity’s objects but they are occupied by a separate charitable company (see note 18 to the attached accounts).

£6,462,130 (2021: £6,525,182) has been designated to provide funds for the members of the Community in their retirement, to maintain the charity’s properties, to develop the charity’s activities within the parish, to maintain the Ealing Abbey Bookshop and to support a former member of the Community. Further details of their funds are provided in note 19 to the accounts.

Restricted funds totalled £358,544 (2021: £381,099) and comprise various monies given specifically for parish activities or specific aspects of the priests’ ministry and include ministry special funds for the counselling service of £190,265 (2021: £218,249).

Funds available to support the work of the charity in the future, in particular to support the Community’s pastoral work and ministry, are shown on the balance sheet as general funds and amount to £4,297,184 (2021: £1,954,167). These general funds comprise ‘free’ reserves of £4,515,113 (2021: £2,205,244) less the pension scheme deficit of £217,929 (2021: £251,077).

This figure of free reserves needs to be considered in the light of expected future recurring annual expenditure of approximately £1.1 million and the need for the charity to continue to support the work of the Community and also develop such work. In previous years, free reserves have been depleted due to historic one-off exceptional costs incurred through the charity’s participation in IICSA. These exceptional costs have now reduced. A comprehensive strategic review has been undertaken and the trustees continue to monitor reserves and budget carefully. The review has concluded and working parties have been set up to action the recommendations. The current macroeconomic and geopolitical uncertainty, however, may necessitate a delay in implementation and require caution with regard to financial decisions. Given this continuing prudence, the trustees are of the opinion that the free reserves are adequate but not excessive despite exceeding the level set out in the reserves policy above.

Future plans

The trustees understand fully the need for a comprehensive strategic review and began this process in February 2020 at a meeting involving the Monastic Community, the Trust Finance Committee and professional advisors. Since that time, the strategic review has identified key performance indicators (KPIs) necessary to realise the defined mission and strategic objectives of the monastic community. The trustees engaged a consultant to advise and support the monastic community at Ealing Abbey to articulate a comprehensive strategic plan by the end of the financial year 2020/21. Working parties have been formed and continue to prioritise opportunities and address generic challenges. The current macroeconomic uncertainty, however, has meant the timing of implementation is likely to be revised.

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Trustees’ report Year to 31 August 2022

Governance, structure and management

 Governance

Ealing Abbey is a monastery of the English Benedictine Congregation. It was founded from Downside Abbey at the end of the 19th century and gained its independence as Ealing Priory in 1947; it was raised to the rank of Abbey in 1955. Each monastery enjoys a wide measure of independence but, apart from its membership of a particular Congregation, is linked also with all other Benedictine monasteries worldwide through the Benedictine Confederation. There are 10 monks in the Community at Ealing.

The accounts accompanying this report are those of the charitable trust on which the assets of Ealing Abbey are held. The charity is regulated by a sub-trust of the Downside Abbey Trust Deed dated 1 August 1934, supplemented by two deeds dated 19 January 1948 and 2 July 1955, and in the matter of the Charities Act 2011 by a scheme approved by the Charity Commissioners for England and Wales dated 5 September 1997. The body of trustees was incorporated under the name of ‘Ealing Abbey Trustees’ by a certificate of incorporation sealed by Order of the Commissioners on 13 March 1997.

The body of trustees consists of between three and seven members of the Monastic Community and is chaired by the Abbot of Ealing Abbey. The Abbot appoints the trustees who by convention are members of the Abbot’s Council. This Council, which is run in accordance with Canon Law and the Constitutions of the English Benedictine Congregation, consists of the Claustral Prior and a number of other members, half elected by the Monastic Chapter and half nominated by the Abbot. As members of the Community, the trustees live and work in the Monastery and hence are familiar with the operation of the charity. They attend regular meetings at which matters relating to the running of the charity are explained and debated. Specific training is given also by experts in charity finance and other relevant matters.

The names of the trustees who served during the year are set out as part of the reference and administrative details on page 1 of this annual report and accounts, and brief details of each of the trustees are given below.

Rt Revd Dominic Taylor OSB is the Abbot of Ealing Abbey, being elected during 2019. Before that he was Prior and Bursar as well as a member of the Parish Team and Novice Master.

Very Revd Alexander Bevan OSB is the Prior and Monastic Bursar. He is a qualified Chartered Accountant and doctoral researcher in theology at KU Leuven. He is Chaplain to Ealing Abbey Choir and also serves as a Chaplain at St. Benedict’s Senior School.

Revd Timothy Gorham OSB is a member of the parish team and the monastic safeguarding lead. He was the Clerical Chair of Christians Together in Central Ealing and is on the committee of Hillingdon Council of Christians and Jews. He previously worked as a chaplain of the Junior School and is now the Master of Oblates.

Revd Ambrose McCambridge OSB is a monk and Parish Priest of Ealing Abbey. He has had experience of teaching and social work.

The Trust of St Benedict’s Abbey, Ealing 14

Trustees’ report Year to 31 August 2022

Governance, structure and management (continued)

 Governance (continued)

Revd Peter Burns OSB is an artist and a potter. He leads the Ealing Abbey Lay Plainchant choir and assists in the Parish.

Any charity will benefit from the expertise that can be provided by a varied body of trustees. In the case of The Trust of St Benedict’s Abbey, Ealing, as the trustees can only be chosen from a relatively small group, advisory bodies exist to supplement the knowledge and skills offered by the trustees.

The Trust Finance Committee was set up as an advisory committee appointed by the Abbot with expertise in financial, property, legal and managerial matters. It currently consists of the Abbot, three lay advisers, the Bursar, and the Lay Bursar. The Parish Priest is advised by the Parish Finance and Property Committee as required under Canon Law, as well as the Pastoral Council.

 Statement of trustees’ responsibilities

The trustees are responsible for preparing the trustees’ report and accounts 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 trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the charity and of the income and expenditure of the charity for that period. In preparing these accounts, the trustees are required to:

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles in Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing the accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102);

• make judgements and estimates that are reasonable and prudent;

• state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the accounts; and

• prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the accounts comply with the Charities Act 2011, the relevant Charity (Accounts and Reports) Regulations and the provisions of the charity’s governing document. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trust of St Benedict’s Abbey, Ealing 15

Trustees’ report Year to 31 August 2022

Governance, structure and management (continued)

 Statement of trustees’ responsibilities (continued)

• The trustees are responsible for the maintenance and integrity of the financial information included on the charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of accounts may differ from legislation in other jurisdictions.

• Structure and management reporting

The charity is under the overall direction of the Abbot, who is Chair of the trustees. The trustees meet frequently. The trustees determine the general policy of the charity and review its overall management and control. The trustees authorise all major financial decisions within the charity, where necessary seeking the consent of the Monastic Community in accordance with the Constitutions of the English Benedictine Congregation. Consent is required for any project involving extraordinary expenditure exceeding £210,000 (2021 - £210,000) or expenditure on repairs and restorations of buildings exceeding £210,000 (2021 - £210,000).

Each area of the organisation has its own management structure and reporting line to the trustees:

• Parish matters are the responsibility of the Parish Priest, who heads the Parish Team. The Parish Team is made up of three monks, a secular priest on loan from the diocese, a permanent deacon, a Catechetical Co-ordinator, a Pastoral Co-ordinator, a Parish Co-ordinator for Youth Evangelisation and Formation, and a secretary. In carrying out his functions, the Parish Priest takes into account the views of the laity, principally through two advisory bodies, the Pastoral Council and the Parish Finance and Property Committee. The Pastoral Council advises on any matters that affect the life of the Parish.

The Parish Finance and Property Committee prepares and comments on the annual budget, keeps proper financial records and helps with fundraising. These activities are under the guidance of the overall charity. Minutes of meetings are copied to the Abbot and the Parish finances are reported to the trustees periodically by the Bursar.

The Chair of the Parish Finance Committee reports directly to the Monastic Community annually.

• The Benedictine Institute (BI) was led by the Principal, Revd James Leachman OSB until his death in August 2021. The BI Supervisory Board meets termly in order to monitor, evaluate, initiate and develop activities. These meetings are chaired by the Abbot and a representative of the Monastic Chapter and by the Bursar. Its finances are reported to the trustees periodically by the Bursar.

The Trust of St Benedict’s Abbey, Ealing 16

Trustees’ report Year to 31 August 2022

Governance, structure and management (continued)

• Structure and management reporting (continued)

• Ealing Abbey Counselling Service (EACS) is run by a Directorate of two people; a Clinical Head and a Director of Assessment, Recruitment and Operations. The Directorate reports to the EACS Management Committee. This committee is composed of the Abbot, three lay advisors, the Directorate, and the Lay Bursar. Its finances are reported to the trustees periodically by the Lay Bursar, and the Clinical Head reports directly to the Monastic Community from time to time.

• The Guesthouse, currently not open to the public, is run by the Guest Master. The Abbey Choir is headed by the Director of the Abbey Choir. The Bookshop is run by a Committee of volunteers. Members of the Monastic Community are involved in all these areas and management accounts are prepared under the direction of the Lay Bursar and are reported to the trustees.

 Key management personnel

The trustees consider that they together with the Parish Priest, who heads the Parish Team, the Director – Head of Services of Ealing Abbey Counselling Service (EACS), the Director of the Abbey Choir and Lay Bursar comprise the key management personnel of the charity in charge of directing and controlling, running and operating the material charitable activities on a day to day basis.

The trustees are all members of the Community and whilst their living and personal expenses are borne by the charity they receive no remuneration or additional reimbursement of expenses in connection with their duties to the charity.

 Risk management

The overall objective of the risk policy of the Trust is to ensure that all risks which are necessary in order to ensure the Trust achieves its objectives are identified and minimised to an acceptable level. The trustees are responsible for the management of the risks faced by the Trust. The Trust Finance Committee recommends the risk management strategy and is responsible for taking an overview of the whole Trust to ensure that all risks emanating from the Trust’s activities are properly managed. During the year, the Bursar had the particular day to day responsibility within the Trust of taking this overall view of risk management and reporting to the Abbot and the Trust Finance Committee.

Detailed considerations of risk are delegated to each of the management committees that supervise the discrete activities undertaken by the Trust. These responsible bodies formally review their risk map on a regular basis and at least annually. Each of these responsible bodies reports annually on their risk management activities to the Trust Finance Committee. The report confirms whether or not risks have been reviewed and highlights any specific risk issue if applicable.

The Trust of St Benedict’s Abbey, Ealing 17

Trustees’ report Year to 31 August 2022

Governance, structure and management (continued)

• Risk management (continued)

The trustees believe that by following these procedures, monitoring reserve levels, ensuring controls exist over key financial systems and by examining the operational and business risks faced by the charity, they will continue to ensure that there are effective systems to mitigate risks. In particular, following the recommendations of the Carlile report in 2011 and IICSA in 2019, the trustees have ensured that additional controls have been put in place in respect of any issues arising that might involve abuse.

The areas identified for particular attention within our risk management strategy are:

•  Protection of finance and assets

Although financially stable and well endowed with assets, the Trust has limited income streams. Accordingly, as indicated above, the trustees are actively examining how to make the best use of the Trust’s properties to generate future income and provide improved and additional facilities for the work of the Trust.

The trustees are aware that there is both a moral and legal obligation to care for the older members. None of the members have resources of their own as all earnings, pensions, and other income have been donated to the charity under a Gift Aid compliant Deed of Covenant. As the age profile increases, so too does the need to provide care for the members. Key elements of the management of this risk are: (a) ensuring that the charity has the available financial resources to finance this care both now and in the years ahead by setting aside assets in a designated fund; and (b) ensuring that processes are in place to review regularly the ministries and needs of individual members encouraging those who need it to take on less demanding ministries and for identifying those who need extra care and help.

•  Safeguarding

In 2021/22 the Trust continued to engage with its Safeguarding partners including the Diocese of Westminster Safeguarding Team, the NSPCC and Praesidium. The latter, which is a US-based non-denominational Safeguarding organisation, acted as an independent auditor into the Trust’s compliance with Safeguarding Standards and its implementation of the policies of the former Catholic Safeguarding Advisory Service (CSAS). The Safeguarding Policies and Procedures of the Trust were independently assessed and certified to have met the highest standards in November 2020. Following the implementation of new national Safeguarding Structures in 2021/22, the Trust now works with the new Religious Life Safeguarding Service (RLSS) and the Catholic Safeguarding Standards Agency (CSSA) in its ongoing compliance with the Safeguarding Standards for the Catholic Church in England and Wales.

The Trust of St Benedict’s Abbey, Ealing 18

Trustees’ report Year to 31 August 2022

Governance, structure and management (continued)

 Risk management (continued)

 Safeguarding (continued)

Operationally, the charity works with vulnerable groups including children and the elderly. The trustees recognise the absolute necessity of ensuring the protection and safety of all those that the charity serves. This means that members engaged in any ministry and all those who work or volunteer for the charity and work with children or vulnerable adults must obtain clearance from the Disclosure and Barring Service (DBS). In addition, through its collaboration with its Safeguarding Partners, the Trust ensures all members of the monastic community and employees receive regular and up-to-date training in Safeguarding. Through the Conference of Religious, the Trust actively collaborates in the “Safe Spaces” Joint Anglican and Catholic Church Initiative to provide a vital support service to the survivors of church-related abuse. The monastic community is committed to meeting with, and learning from, survivors of abuse and in its community prayer and discussions are discerning practical ways to maintain a safe environment for all those it serves.

 Investments

The charity's principal asset, apart from land and buildings, comprises listed investments, the value of which is dependent on movements in UK and world stock markets. The investments are managed by reputable investment managers who adhere to a policy agreed by the trustees. The trustees meet regularly with the investment managers and the manager's performance and that of the portfolio are monitored. The investment strategy is assessed regularly to ensure it remains appropriate to the charity's needs – both now and in the future – and to the charity’s Catholic ethos.

By order of the trustees:

Dominic Taylor OSB

Trustee

Approved by the trustees on: 8[th] June 2023

The Trust of St Benedict’s Abbey, Ealing 19

Independent auditor’s report Year to 31 August 2022

Independent auditor’s report to the trustees of The Trust of St Benedict’s Abbey, Ealing

Opinion

We have audited the accounts of The Trust of St Benedict’s Abbey, Ealing (the ‘charity’) for the year ended 31 August 2022, which comprise the statement of financial activities, the balance sheet, the statement of cash flows, the principal accounting policies and the notes to the accounts. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the accounts:

•  Give a true and fair view of the state of the charity’s affairs as at 31 August 2022 and of its income and expenditure for the year then ended;

•  Have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

•  Have been prepared in accordance with the requirements of the Charities Act 2011.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor’s responsibilities for the audit of the accounts section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the accounts in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the accounts, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the accounts is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the accounts are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

The Trust of St Benedict’s Abbey, Ealing 20

Independent auditor’s report Year to 31 August 2022

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report and Accounts, other than the accounts and our auditor’s report thereon. Our opinion on the accounts does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the accounts, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the accounts or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the accounts or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 requires us to report to you if, in our opinion:

•  The information given in the trustees’ report is inconsistent in any material respect with the accounts; or

•  Sufficient accounting records have not been kept; or

•  The accounts are not in agreement with the accounting records and returns; or

•  We have not received all the information and explanations we require for our audit.

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement, the trustees are responsible for the preparation of the accounts and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of accounts that are free from material misstatement, whether due to fraud or error.

In preparing the accounts, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

The Trust of St Benedict’s Abbey, Ealing 21

Independent auditor’s report Year to 31 August 2022

Auditor’s responsibilities for the audit of the accounts

Our objectives are to obtain reasonable assurance about whether the accounts as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these accounts.

A further description of our responsibilities for the audit of the accounts is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

How the audit was considered capable of detecting irregularities including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

•  The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

•  We identified the laws and regulations applicable to the charity through discussions with management and trustees and from our knowledge and experience of the charity sector;

•  We focused on specific laws and regulations which we considered may have a direct material effect on the accounts or the activities of the charity. These included but were not limited to the Charities Act 2011; Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable to the United Kingdom and Republic of Ireland (FRS 102) (effective 1 January 2019); and

•  We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and those charged with governance and review of minutes of trustees’ meetings.

We assessed the susceptibility of the charity’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

•  Making enquiries of trustees as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

•  Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

The Trust of St Benedict’s Abbey, Ealing 22

Independent auditor’s report Year to 31 August 2022

Auditor’s responsibilities for the audit of the accounts (continued)

How the audit was considered capable of detecting irregularities including fraud (continued)

To address the risk of fraud through management bias and override of controls, we:

•  Performed analytical procedures to identify any unusual or unexpected relationships;

•  Tested and reviewed journal entries to identify unusual transactions;

•  Carried out substantive testing of expenditure including the authorisation thereof;

•  Reviewed controls over the counting and recording of cash receipts;

•  Assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

•  Investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

•  Agreeing financial statement disclosures to underlying supporting documentation;

•  Reading the minutes of meetings of trustees; and

•  Enquiring of as to actual and potential litigation and claims.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

We did not identify any irregularities, including fraud.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

The Trust of St Benedict’s Abbey, Ealing 23

Independent auditor’s report Year to 31 August 2022

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with section 144 of the Charities Act 2011 and with regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Buzzacott LLP 20[th] June 2023 Statutory Auditor 130 Wood Street London EC2V 6DL

Buzzacott LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

The Trust of St Benedict’s Abbey, Ealing 24

Statement of financial activities Year to 31 August 2022

Notes	Unrestricted funds £	Restricted funds £	2022 Total funds £	Unrestricted funds £	Restricted funds £	2021 Total funds £
Income from: Donations and legacies 1 Investments and interest receivable 2 Charitable activities 3 Other sources: . Miscellaneous 4 Total income Expenditure on: Raising funds . Investment management fees Charitable activities . Ministry and support of members of the Community 5 . Upkeep of the Church and administering the parish 6 . Counselling services 7 Total expenditure Net (expenditure) before other (losses) gains 9 Net (losses) gains on the revaluation and disposal of listed investments 13 Gains on the revaluation of investment properties Net income (expenditure) Re-measurement of pension deficit provision 16 Net movement in funds Reconciliation of funds: Fund balances brought forward at 1 September 2021 Fund balances carried forward at 31 August 2022	622,066 632,506 48,229 2,943	23,341 — 200,921 7,794	645,407 632,506 249,150 10,737	443,519 580,641 55,576 70,582	11,860 — 232,257 1,592	455,379 580,641 287,833 72,174
	1,305,744	232,056	1,537,800	1,150,318	245,709	1,396,027
	15,122 921,569 375,398 —	— 42,544 1,482 210,585	15,122 964,113 376,880 210,585	15,325 958,684 357,097 —	— 57,482 21,424 207,668	15,325 1,016,166 378,521 207,668
	1,312,089	254,611	1,566,700	1,331,106	286,574	1,617,680
	(6,345) (157,267) 2,380,000	(22,555) — —	(28,900) (157,267) 2,380,000	(180,788) 281,192 920,000	(40,865) — —	(221,653) 281,192 920,000
	2,216,388 8,634	(22,555) —	2,193,833 8,634	1,020,404 2,098	(40,865) —	979,539 2,098
	2,225,022 20,452,162	(22,555) 381,099	2,202,467 20,833,261	1,022,502 19,429,660	(40,865) 421,964	981,637 19,851,624
	22,677,184	358,544	23,035,728	20,452,162	381,099	20,833,261

All of the charity’s activities derived from continuing operations during the above two financial periods.

All recognised gains and losses are included in the above statement of financial activities.

The Trust of St Benedict’s Abbey, Ealing 25

Balance sheet 31 August 2022

Notes	2022 £	2022 £	2021 £	2021 £
Fixed assets Tangible assets 12 Investments 13 Current assets Debtors 14 Short term deposits Cash at bank and in hand Liabilities Creditors: amounts falling due within one year 15 Net current assets Total assets less current liabilities Provision for liabilities 16 Total net assets The funds of the charity: Income funds: Unrestricted funds . Tangible fixed assets fund 17 . Programme related investment fund 18 . Designated funds 19 . General funds .. Free reserves .. Pension deficit liabilities Restricted funds 20 Total funds	63,266 327,399 155,098	2,133,177 20,691,604	47,639 327,003 121,996	2,188,120 18,538,730
		22,824,781 428,876		20,726,850 357,488
	545,763 (116,887)		496,638 (139,150)
		23,253,657 (217,929)		21,084,338 (251,077)
		23,035,728		20,833,261
		2,133,177 9,784,693 6,462,130		2,188,120 9,784,693 6,525,182
		4,515,113 **(217,929) **		2,205,244 (251,077)
		4,297,184		1,954,167
		22,677,184 358,544		20,452,162 381,099
		23,035,728		20,833,261

Approved by the trustees and signed on their behalf by:

Dominic Taylor OSB Trustee

Approved by the trustees on: 8[th] June 2023

The Trust of St Benedict’s Abbey, Ealing 26

Statement of cash flows Year to 31 August 2022

Notes	2022 £	2021 £
Cash flows from operating activities: Net cash used in operating activities A Cash flows from investing activities: Dividends, interest and rents from investments Purchase of tangible fixed assets Proceeds from the disposal of listed investments Purchase of listed investments Net cash provided by investing activities Change in cash and cash equivalents in the year Cash and cash equivalents at 1 September 2021 B Cash and cash equivalents at 31 August 2022 B	**(630,019) **	(685,341)
	627,196 (33,538) 436,601 **(221,263) **	585,904 (28,152) 604,449 (553,521)
	808,996	608,680
	178,977 479,327	(76,661) 555,988
	658,304	479,327

Notes to the statement of cash flows for the year to 31 August 2022.

A Reconciliation of net movement in funds to net cash used in operating activities

	2022 £	2021 £
Net movement in funds (as per the statement of financial activities) Adjustments for: Depreciation charge Losses (gains) on listed investments Gains on the revaluation of investment properties Pension deficit remeasurement Pension deficit finance cost Pension deficit contributions Investment income and interest receivable (Increase) decrease in debtors (decrease) in creditors Net cash used in operating activities	2,202,467 88,481 157,267 (2,380,000) (8,634) 2,597 (27,111) (632,506) (10,317) (22,263)	981,637 83,067 (281,192) (920,000) (2,098) 2,371 (26,322) (580,641) 88,094 (30,257)
	(630,019)	(685,341)

B Analysis of cash and cash equivalents

Analysis of cash and cash equivalents
	2022 £	2021 £
Cash at bank and in hand Short term deposits (less than three months) Cash held by investment managers Total cash and cash equivalents	155,098 327,399 175,807	121,996 327,003 30,328
	658,304	479,327

No separate reconciliation of net debt has been prepared as there is no difference between the net cash (debt) of the charity and the above cash and cash equivalents.

The Trust of St Benedict’s Abbey, Ealing 27

Principal accounting policies 31 August 2022

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the accounts are laid out below.

Basis of preparation

These accounts have been prepared for the year to 31 August 2022 with comparative information given in respect to the year to 31 August 2021.

The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant accounting policies below or the notes to these accounts.

The accounts 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 United Kingdom and Republic of Ireland (Charities SORP FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The charity constitutes a public benefit entity as defined by FRS 102.

The accounts are presented in sterling and are rounded to the nearest pound.

Critical accounting estimates and areas of judgement

Preparation of the accounts requires the trustees and management to make significant judgements and estimates.

The items in the accounts where these judgements and estimates have been made include:

•  assessing the probability of the receipt of legacy income;

•  determining the apportionment of expenditure between governance and support costs and between support costs and the various categories of expenditure on charitable activities;

•  the judgements made by the trustees and management in estimating the fair values attributed to the charity’s investment properties;

•  the estimates of the useful economic lives of tangible fixed assets used to determine the annual depreciation charge;

•  the assumptions made in determining the likelihood of recovering the debtor balances;

•  the assumptions applied in determining the retirement reserve, created in order to provide for the continuing care of the members of the Community;

•  the assumptions adopted by the trustees and management in determining the value of any further designations required from the charity’s general unrestricted funds; and

•  estimating the future income and expenditure flows for the purpose of assessing going concern (see below).

The Trust of St Benedict’s Abbey, Ealing 28

Principal accounting policies 31 August 2022

Assessment of going concern

The trustees have assessed whether the use of the going concern assumption is appropriate in preparing these accounts. The trustees have made this assessment in respect to a period of at least one year from the date of approval of these accounts.

The trustees of the charity have concluded that the charity will have sufficient reserves to meet liabilities as they fall due. The trustees embarked on a comprehensive strategic review in 2020 with the aim of considering the work of the charity in the future and application of the charity’s assets so as to ensure the long-term sustainability of the charity and to reinvigorate its mission and purpose. The review has concluded although the current macro financial uncertainty may necessitate a delay in implementing the recommendations. In the meantime the trustees will continue to monitor reserves and budget carefully.

With regard to the next accounting period, the year ending 31 August 2023, the most significant areas that affect the carrying value of the assets held by the charity are the levels of investment income generally and the performance of the listed investment markets (see the investment policy and the risk management sections of the trustees’ report for more information).

Income recognition

Income is recognised in the period in which the charity has entitlement to the income and the amount can be measured reliably and it is probable that the income will be received. Income is deferred only when the charity has to fulfil conditions before becoming entitled to it or where the donor or funder has specified that the income is to be expended in a future accounting period.

Income comprises donations (including grants receivable) and legacies; investment income from investment properties, programme related investments and listed investments income; interest receivable; income from charitable activities; and sundry income.

Donations, including salaries and pensions of individual religious received under Gift Aid or deed of covenant, are recognised when the charity has confirmation of both the amount and settlement date. In the event of donations pledged but not received, the amount is accrued for where the receipt is considered probable. In the event that a donation is subject to conditions that require a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that those conditions will be fulfilled in the reporting period.

Grants from government, other agencies and voluntary bodies have been included as donations where the money is given in response to an appeal or with greater freedom of use (for example, monies for core funding) and as income from charitable activities where these relate to a specific activity.

In accordance with the Charities SORP FRS 102 volunteer time is not recognised.

The Trust of St Benedict’s Abbey, Ealing 29

Principal accounting policies 31 August 2022

Income recognition (continued)

Legacies are included in the statement of financial activities when the charity is entitled to the legacy, the executors have established that there are sufficient surplus assets in the estate to pay the legacy, and any conditions attached to the legacy are within the control of the charity.

Entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor to the charity that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor’s intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, but the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material. In the event that the gift is in the form of an asset other than cash or a financial asset traded on a recognised stock exchange, recognition is subject to the value of the gift being reliably measurable with a degree of reasonable accuracy and the title of the asset having being transferred to the charity.

Income from listed investments is recognised once the dividend has been declared and notification has been received of the dividend due. Income from investment property, comprising rent receivable, is recognised once the income is due under the tenancy agreement or relevant lease. Income from programme related investments comprises rental income from properties used by other registered charities for purposes consistent with the objects of The Trust of St Benedict’s Abbey, Ealing and is recognised when due under the lease arrangements between the two charities. Income from all investments is accounted for only when the receipt of such income is probable and the amount can be measured reliably.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid of payable by the bank.

Income from charitable activities comprises income in respect to the provision of counselling services; income from the sale of books, pamphlets and the provision of courses; and rental income. Income in respect to counselling services comprises contributions from clients which are voluntary in nature and which are accounted for in a manner consistent with other donations (see above). Income from grants and service level agreements from local government in respect to counselling services are recognised in accordance with the terms of the relevant funding agreement and to the extent that it is probable that the economic benefits will flow to the charity and the revenue can be measured reliably. Income from the sale of books, pamphlets and from the provision of courses etc is measured at the fair value of the consideration received or receivable, excluding any discounts or rebates. Income from the rental of properties to third parties at below market rates in accordance with the charity’s charitable objectives, is recognised in accordance with tenancy agreements and to the extent that it is probable that the economic benefits will flow to the charity and the revenue can be measured reliably.

The Trust of St Benedict’s Abbey, Ealing 30

Principal accounting policies 31 August 2022

Income recognition (continued)

The surplus on the disposal of tangible fixed assets is equal to the difference between the net proceeds from disposal and the net book value of the relevant asset immediately prior to disposal. The surplus is accounted for on completion of the disposal.

Income derived from the Coronavirus Job Retention Scheme is credited to the statement of financial activities once the charity is entitled to the funding and once the amount due has been quantified.

Expenditure recognition

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to make a payment to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.

All expenditure is accounted for on an accruals basis. All expenses are allocated to the applicable expenditure headings. The classification between activities is as follows:

•  Expenditure on raising funds includes all expenditure associated with raising funds for the charity. This includes investment management fees and costs incurred in connection with the maintenance and administration of the charity’s investment properties.

•  Expenditure on charitable activities includes all costs associated with furthering the charitable purposes of the charity through the provision of its charitable activities. Such costs include direct and indirect expenditure on the support of members of the community and enabling their ministry, expenditure on the administration of Ealing Parish and the upkeep of the Church and expenditure on the provision of counselling services.

All expenditure is stated inclusive of irrecoverable VAT.

Allocation of support and governance costs

Support costs represent indirect charitable expenditure to enable the Community to carry out the primary purposes of the charity it is necessary to provide support in the form of personnel development, financial procedures, provision of office services and equipment and a suitable working environment. Such costs are identifiable in respect to each charitable activity and hence they are allocated to the appropriate heading directly. There has been no apportionment between headings in the statement of financial activities.

Governance costs comprise the costs involving the public accountability of the charity (including audit costs) and costs in respect to its compliance with regulation and good practice.

Governance costs are apportioned using percentages based on the expenditure incurred on the activities of the charity.

The Trust of St Benedict’s Abbey, Ealing 31

Principal accounting policies 31 August 2022

Tangible fixed assets

All assets costing more than £2,000 and with an expected useful life exceeding one year are capitalised.

All assets are stated at cost net of depreciation.

Depreciation is calculated so as to write-off the cost of each asset, on a straight-line basis, over the expected useful economic lives of the assets.

The principal rates applied per annum are as follows:

19 Freehold land and buildings 2%

20 Property improvements comprising enhancements to existing freehold buildings:

	Church project	1%
	Other general improvements	10%
21	Motor vehicles	20%
22	Furniture, fittings and equipment	33.33%

Fixed asset investments

Listed investments

Listed investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price.

The charity does not acquire put options, derivatives or other complex financial instruments.

As noted above the main form of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors.

Freehold investment properties

Properties held for investment purposes are included in these accounts at fair value which is deemed to equate to open market value with vacant possession. The valuation has been determined by the trustees, with professional assistance.

Realised gains (or losses) on investment assets are calculated as the difference between disposal proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value at that date. Realised and unrealised investment gains (or losses) are combined in the statement of financial activities and are credited (or debited) in the year in which they arise.

The Trust of St Benedict’s Abbey, Ealing 32

Principal accounting policies 31 August 2022

Fixed asset investments (continued)

Programme related investments

Programme related investments include buildings owned by the charity but occupied by St Benedict's School, Ealing (a separate registered charity (see note 23), for the advancement of education. The buildings are included on the balance sheet based at their carrying value as at the date on which the buildings were made available to St Benedict's School, Ealing. All programme related investments are carried on the balance sheet net of any impairment provisions. Any gains (or losses) arising from the disposal or impairment of such investments are credited (or debited) to the statement of financial activities in the year in which they arise.

Debtors

Debtors are recognised at their settlement amount, less any provision for non-recoverability. Prepayments are valued at the amount prepaid. They have been discounted to the present value of the future cash receipt where such discounting is material.

Cash at bank and in hand

Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less than three months from the date of acquisition. Deposits for more than three months but less than one year have been disclosed as short term deposits. Cash placed on deposit for more than one year is disclosed as a fixed asset investment.

Creditors and provisions

Creditors and provisions are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Creditors and provisions are recognised at the amount the charity anticipates it will pay to settle the debt. They have been discounted to the present value of the future cash payment where such discounting is material.

Fund structure

The general fund comprises those monies which may be used towards meeting the charitable objectives of the charity and applied at the discretion of the trustees.

The tangible fixed assets fund represents the net book value of the charity’s tangible fixed assets.

The programme related investment fund represents the carrying value of the charity’s programme related investments.

The designated funds are monies set aside out of general funds and designated for specific purposes by the trustees.

The restricted funds are monies raised for, and their use restricted to, a specific purpose, or donations subject to donor-imposed conditions.

The Trust of St Benedict’s Abbey, Ealing 33

Principal accounting policies 31 August 2022

Pension costs

Contributions in respect to defined contribution schemes are charged to the statement of financial activities in the year in which they are payable to the scheme.

The charity participates in The Independent Schools’ Pension Scheme (ISPS), a pension scheme for non-teaching staff administered by TPT Retirement Solutions (formerly known as The Pensions Trust). The scheme is a multi-employer scheme which provides benefits to some 66 non-associated employers. The scheme is a defined benefit scheme in the UK. It is not possible for the charity to obtain sufficient information to enable it to account for the scheme as a defined benefit scheme. Therefore, it accounts for the scheme as a defined contribution scheme.

The scheme is classified as a 'last-man standing arrangement'. Therefore, the charity is potentially liable for other participating employers' obligations if those employers are unable to meet their share of the scheme deficit following withdrawal from the scheme. Participating employers are legally required to meet their share of the scheme deficit on an annuity purchase basis on withdrawal from the scheme.

As a member of the scheme, the charity has a legal obligation to make pension deficit reduction payments when required by the scheme’s actuary. The full cost of these repayments, discounted to present values, is recognised in the accounts as a provision for liabilities.

The Trust of St Benedict’s Abbey, Ealing 34

Notes to the accounts 31 August 2022

1 Income from: Donations and legacies

	Unrestricted funds £	Restricted funds £ — 11,816 — 11,525 — 23,341	2022 Total funds £ 84,413 337,310 — 13,801 209,883 645,407	Unrestricted funds £	Restricted funds £	2021 Total funds £ 140,456 291,599 198 5,506 17,620 455,379
Covenanted pensions and monastic income Parish collections and donations Grant income Other donations Legacies	84,413 325,494 — 2,276 209,883			139,400 280,993 — 5,506 17,620	1,056 10,606 198 — —
	622,066			443,519	11,860

2 Income from: Investments and interest receivable

	Unrestricted funds £	Restricted funds £	2022 Total funds £	Unrestricted funds £	Restricted funds £	2021 Total funds £
Income from listed investments Income from programme related investments Rental income from investment properties Bank interest receivable	53,658 422,303 155,777 768	— — — —	53,658 422,303 155,777 768	61,092 420,553 98,958 38	— — — —	61,092 420,553 98,958 38
	632,506	—	632,506	580,641	—	580,641

3 Income from: Charitable activities

Counselling services . Income from grants and funding agreements . Client contributions Rents receivable Other charitable activities . Book shop sales . Other courses and activities	Unrestricted funds £ — — 45,062 3,167 — 48,229	Restricted funds £ 100,000 82,601 — — 18,320 200,921	2022 Total funds £ 100,000 82,601 45,062 3,167 18,320 249,150	Unrestricted funds £ — — 53,842 1,734 — 55,576	Restricted funds £ 100,000 116,859 — — 15,398 232,257	2021 Total funds £ 100,000 116,859 53,842 1,734 15,398 287,833

4 Income from: Other sources - miscellaneous

	Unrestricted funds £	Restricted funds £	2022 Total funds £	Unrestricted funds £	Restricted funds £	2021 Total funds £
Coronavirus Job Retention Scheme HMRC employment allowance Choir income	1,933 1,010 —	— — **7,794 **	1,933 1,010 7,794	62,819 7,763 —	— — 1,592	62,819 7,763 1,592
	2,943	7,794	10,737	70,582	1,592	72,174

The Trust of St Benedict’s Abbey, Ealing 35

Notes to the accounts 31 August 2022

5 Expenditure on: Ministry and support of members of the Community

Expenditure on the support of members of the Community and their ministry enables the members of the Community to carry out the work of the charity in the areas of the advancement of the Roman Catholic faith, the advancement of education and the relief of poverty and suffering. Such expenditure comprises:

	Unrestricted funds £	Restricted funds £	2022 Total funds £	Unrestricted funds £ 344,804 222,239 160,689 36,095 42,296 54,584 88,455 — 9,522 958,684	Restricted funds £ — 3,749 525 2,967 — 4,035 46,206 — — 57,482	2021 Total funds £
Staff costs Premises costs Personal and living expenses Education, training and spiritual renewal Legal and professional fees Support costs Other costs Pension interest cost Governance costs (note 8)	283,312 263,585 130,191 25,256 79,952 90,537 35,005 2,595 11,136	— 4,792 1,470 — — — 36,282 — —	283,312 268,377 131,661 25,256 79,952 90,537 71,287 2,595 11,136			344,804 225,988 161,214 39,062 42,296 58,619 134,661 — 9,522
	921,569	42,544	964,113			1,016,166

6 Expenditure on: Upkeep of the Church and administering the parish

	Unrestricted funds £	Restricted funds £ — — — — 1,482 — 1,482	2022 Total funds £ 115,075 26,020 157,272 49,015 26,047 3,451 376,880	Unrestricted funds £	Restricted funds £	2021 Total funds £
Staff costs Church expenses Premises Diocesan levies Other costs Governance costs (note 8)	115,075 26,020 157,272 49,015 24,565 3,451			112,309 18,583 150,687 54,468 17,512 3,538	— — — — 21,424 —	112,309 18,583 150,687 54,468 38,936 3,538
	375,398			357,097	21,424	378,521

7 Expenditure on: Counselling services

Staff costs Payments to members of the funding consortium (note 20) Support and other costs Governance costs (note 8)	Unrestricted funds £	Restricted funds £	2022 Total funds £ 147,431 53,700 7,119 2,335 210,585	Unrestricted funds £	Restricted funds £	2021 Total funds £
	— — — —	147,431 53,700 7,119 2,335		— — — —	149,826 53,700 2,202 1,940	149,826 53,700 2,202 1,940
	—	210,585		—	207,668	207,668

Further information about payments to members of the funding consortium are given in note 20 to the accounts.

The Trust of St Benedict’s Abbey, Ealing 36

Notes to the accounts 31 August 2022

8 Governance costs

Governance costs
	Unrestricted funds £		Restricted funds £			2022 Total funds £	Unrestricted funds £			Restricted funds £ 1,940 Restricted funds £	2021 Total funds £
Auditor’s fees(note 9)		14,587		2,335		16,922		13,060			15,000
Allocated as follows:		Unrestricted funds £				2022 Total funds £					2021 Total funds £ 9,522 3,538 1,940 15,000
Ministry and support of members of the Community Upkeep of the Church and administering the parish Counselling service		11,136 3,451 —		— — 2,335		11,136 3,451 —		9,522 3,538 —		— — 1,940
		14,587		2,335		16,922		13,060		1,940

9 Net income (expenditure) before other losses

This is stated after charging:

	2022 £	2021 £
Staff costs (note 10) Depreciation Auditor’s remuneration (excluding VAT) . Statutory audit .. Current year .. Prior year . Non-audit services: HR consultancy and other advisory services FRS 102 interest expense(note 16)	545,819 88,481 16,922 — 7,256 2,594	606,939 83,067 15,000 8,451 7,248 2,370

10 Staff costs, key management personnel and trustees’ remuneration

	2022 £	2021 £
Staff costs during the year were as follows: Wages and salaries Social security costs Pension costs Self-employed counselling consultants’ costs Redundancy costs Staff costs per function were as follows: Support of members of the Community and their ministry Upkeep of the Church and administering the parish Counselling service	478,803 34,386 14,887	517,094 36,369 20,844
	528,076 17,743 —	574,307 22,709 9,923
	545,819	606,939
	283,312 115,075 147,432	344,804 112,309 149,826
	545,819	606,939

For the purposes of these accounts, no monetary value has been placed on administrative and other services provided to the charity by members of the Community.

The Trust of St Benedict’s Abbey, Ealing 37

Notes to the accounts 31 August 2022

10 Staff costs, key management personnel and trustees’ remuneration (continued)

The average number of employees during the year, analysed by function, was as follows:

	Full time equivalents	Full time equivalents	Average	numbers
	2022	2021	2022	2021
Support of members of the Community and their ministry Upkeep of the Church and administering the parish Counselling	8 4 3	11 4 3	22 8 8	21 8 7
	15	18	38	36

No employee earned over £60,000 (including taxable benefits but excluding employer pension contributions) during the year (2021: none).

The trustees consider that they together with the Parish Priest, who heads the Parish Team, the Director – Head of Services of Ealing Abbey Counselling Service (EACS), the Director of the Abbey Choir and the Lay Bursar comprise the key management personnel of the charity in charge of directing and controlling, running and operating the material charitable activities on a day to day basis.

The trustees are all members of the Community and whilst their living and personal expenses are borne by the charity they receive no remuneration or additional reimbursement of expenses in connection with their duties to the charity.

The Parish Priest is a member of the Community and as such does not receive any remuneration for his services to the Parish. The remuneration of the Director – Head of Services of EACS is set by the other members of EACS Management Committee i.e. the Abbot, three lay advisors and the Bursar. The remuneration of the Director of the Abbey Choir and that of the Lay Bursar is set by the Abbot, four lay advisors and the Bursar.

The total remuneration of the key management personnel during the year was £94,281 (2021: £92,380).

Transactions with trustees

No trustee received remuneration in respect to his services during the year (2021: none)

As members of a religious community the trustees’ living and personal expenses during the year were borne by the charity, but they were not reimbursed for any expenses incurred in connection with their duties during the year (2021: £nil).

As members of The Trust of St Benedict’s Abbey, Ealing, none of the trustees have resources of their own as all earnings, pensions and other income has been donated to the charity. During the year, a total of £28,923 was donated by the trustees to the charity (2021: £76,279).

11 Taxation

The Trust of St Benedict’s Abbey, Ealing is a registered charity and, therefore, is not liable to income tax or corporation tax on income or gains derived from its charitable activities, as they fall within the various exemptions available to registered charities.

The Trust of St Benedict’s Abbey, Ealing 38

Notes to the accounts 31 August 2022

12 Tangible fixed assets

Tangible fixed assets
	Freehold land and buildings (inc. The Cloisters) £	Property improve- ments (inc. Church project) £	Motor vehicles £	Furniture, fittings and equipment £	Total £ 4,816,186 33,538 (5,750) 4,843,974 2,628,066 88,481 (5,750) 2,710,797 2,133,177 2,188,120
Cost At 1 September 2021 Additions Reclassification as investment property (note 13) At 31 August 2022 Depreciation At 1 September 2021 Charge for year Reclassification as investment property (note 13) At 31 August 2022 Net book values At 31 August 2022 At 31 August 2021	106,156 — (5,750)	4,420,464 24,695 —	44,331 — —	245,235 8,843 —
	100,406	4,445,159	44,331	254,078
	106,137 — (5,750)	2,255,666 65,529 —	43,489 280 —	222,774 22,672 —
	100,387	2,321,195	43,769	245,446
	19	2,123,964	562	8,632
	19	2,164,798	842	22,461

13 Fixed asset investments

Fixed asset investments
	2022 £ 8,700,000 9,784,693 2,031,104 175,807 20,691,604	2021 £
Freehold investment properties (see (a) below) Programme related investments (see (b) below) Listed investments (see (c) below) Cash held by investment managers for reinvestment		6,320,000 9,784,693 2,403,709 30,328
		18,538,730

(a) Freehold investment properties

	2022 £ 6,320,000 — 2,380,000 8,700,000	2021 £
Fair value at 1 September 2021 Reclassification from tangible fixed assets Revaluation Fair value at 31 August 2022		5,400,000 — 920,000
		6,320,000

With the exception of the freehold investment property previously classified as a tangible fixed asset, all investment properties were revalued as at 31 August 2021 by the trustees, having sought professional assistance, on an open market value basis assuming vacant possession. The trustees believe this valuation remains a reasonable estimate of fair value as at 31 August 2022. The property reclassified as an investment property during the year was revalued as at 31 August 2022 by the trustees, having sought professional assistance, on an open market value basis assuming vacant possession. The cost of investment properties is not readily available.

The Trust of St Benedict’s Abbey, Ealing 39

Notes to the accounts 31 August 2022

13 Fixed asset investments (continued)

(b) Programme related investments

The programme related investments comprise several properties owned by the charity which have been made available to St Benedict's School, Ealing to be used for educational purposes. These are stated at the net book value at 1 September 2012, the date that these were reclassified as programme related investments. The cost of these properties is not readily available.

• (c) Listed investments and cash held for reinvestment

Listed investments and cash held for reinvestment
	2022 £	2021 £
Listed investments Fair (market) value at 1 September 2021 Additions at cost Disposals at opening market value (proceeds £436,601; realised losses £43,484) Net unrealised investment (losses) gains Fair (market) value at 31 August 2022 Cost of listed investments at 31 August 2022	2,403,709 221,263 (480,085) (113,783)	2,173,444 541,903 (617,412) 305,774
	2,031,104	2,403,709
	1,813,809	1,888,443

Listed investments held at 31 August 2022 comprised the following:

	2022 £	2021 £
UK equities and unitised funds UK fixed interest and unitised funds Overseas equities and unitised funds Overseas fixed interest and unitised funds Commodities and hedge funds	1,000,237 315,413 637,340 58,550 19,564	1,347,215 335,360 643,020 58,550 19,564
	2,031,104	2,403,709

All listed investments were dealt in on a recognised stock exchange.

At 31 August 2022 listed investments included the following individual holdings deemed material when compared with the overall portfolio valuation as at that date:

material when compared with the overall portfolio valuation as at	that date:
	Market value of holding £	Percentage of portfolio %
M&G Global Dividend Fund Shares Class I Income units Capita Trojan Fund Charities PropertyFund	155,438 105,891 143,501	7.7 5.2 7.1
2021	Market value of holding £	Percentage of portfolio %
M&G Global Dividend Fund Shares Class I Income units Schroder UK Corporate Bond Fund Shares Class C Income units Capita Trojan Fund Charities PropertyFund	172,004 130,380 125,700 121,123	7.2% 5.4% 5.2% 5.0%

The Trust of St Benedict’s Abbey, Ealing 40

Notes to the accounts 31 August 2022

14 Debtors

Debtors
	2022 £	2021 £
Grants receivable Investment income receivable Other debtors	15,551 13,938 33,777	15,551 8,626 23,462
	63,266	47,639

15 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
	2022 £	2021 £
Accruals and deferred income Other creditors	51,265 65,622	106,217 32,933
	116,887	139,150

Included in accruals and deferred income is deferred income (i.e. grants received in advance) as set out below:

	2022 £ 36,575 23,150 (36,575) 23,150	2021 £
Deferred income brought forward at 1 September 2021 Additional income deferred during the year Brought forward funds spent in the year Deferred income carried forward at 31 August 2022		23,319 36,575 (23,319) 36,575

16 Provision for liabilities

The charity participates in The Independent Schools’ Pension Scheme (ISPS), a pension scheme for non-teaching staff administered by TPT Retirement Solutions (formerly known as The Pensions Trust) (see note 22).

The scheme is subject to the funding legislation outlined in the Pensions Act 2004 which came into force on 30 December 2005. This, together with documents issued by the Pensions Regulator and Technical Actuarial Standards issued by the Financial Reporting Council, set out the framework for funding defined benefit occupational pension schemes in the UK.

The scheme is classified as a 'last-man standing arrangement'. Therefore the charity is potentially liable for other participating employers' obligations if those employers are unable to meet their share of the scheme deficit following withdrawal from the scheme. Participating employers report annually on their financial position and this is monitored by the scheme to ensure their financial viability. Employers are legally required to meet their share of the scheme deficit on an annuity purchase basis on withdrawal from the scheme.

Actuarial valuation at 30 September 2020

A full actuarial valuation for the scheme was carried out at 30 September 2020. This actuarial valuation was certified on 27 December 2021 and showed assets of £201.1m, liabilities of £256.3m and a deficit of £55.2m. To eliminate this funding shortfall, the Trustee of the scheme has asked the participating employers to pay additional contributions to the scheme as follows:

The Trust of St Benedict’s Abbey, Ealing 41

Notes to the accounts 31 August 2022

16 Provision for liabilities (continued)

Deficit contributions

							£2,387,357 per annum
From	1	September	2019	to	31	August 2022:	(payable monthly and increasing by 3% on each 1
							September)
							£2,687,000 per annum
From	1	September	2022	to	30	June 2032:	(payable monthly and increasing by 3% on each 1
							September)

The recovery plan contributions are allocated to each participating employer in line with their estimated share of the scheme liabilities.

Where the scheme is in deficit and where the charity has agreed to a deficit funding arrangement the charity recognises a liability for this obligation. The amount recognised is the net present value of the deficit reduction contributions payable under the agreement that relates to the deficit. The present value is calculated using the discount rate disclosed below. The unwinding of the discount rate is recognised as a finance cost.

Present values of provision

	31 August 2022 £’000	31 August 2021 £’000	31 August 2020 £’000	31 August 2019 £’000
Present value ofprovision	218	251	277	297

Reconciliation of opening and closing provisions

	31 August 2022 £’000	31 August 2021 £’000
Provision at start of period Unwinding of the discount factor (interest expense) Deficit contribution paid Re-measurements – impact of any change in assumptions Re-measurements – amendments to the contribution schedule Provision at end ofperiod	251 3 (27)	277 2 (26)
	(36) 27	(2) —
	(9)	(2)
	218	251

Statement of financial activities impact

	31 August 2022 £’000	31 August 2021 £’000
Interest expense Re-measurements – impact of any change in assumptions Re-measurements – amendments to the contribution schedule Net impact	3	2
	(36) 27	(2) —
	(9)	(2)
	(6)	—

The Trust of St Benedict’s Abbey, Ealing 42

Notes to the accounts 31 August 2022

16 Provision for liabilities (continued)

Assumptions

	31 August 2022 % per annum	31 August 2021 % per annum	31 August 2020 % per annum	31 August 2019 % per annum
Rate of discount	4.31	1.09	0.9	1.10

The discount rates shown above are the equivalent single discount rates which, when used to discount the future recovery plan contributions due, would give the same results as using a full AA corporate bond yield curve to discount the same recovery plan contributions.

The liabilities are predicted to fall due as follows:

	2022 £’000	2021 £’000
Provision for pension scheme deficit reduction payments . Payable within one year . Payable within one to two years . Payable within two to five years . Payable after five years	24 24 68 102	27 27 87 110
	218	251

17 Tangible fixed assets fund

Tangible fixed assets fund
	2022 £	2021 £
At 1 September 2021 Net movement in year At 31 August 2022	2,188,120 (54,943)	2,243,035 (54,915)
	2,133,177	2,188,120

The tangible fixed assets fund represents the net book value of the charity’s tangible fixed assets. A decision was made to separate this fund from the general fund in recognition of the fact that the tangible fixed assets are used in the day-to-day work of the charity, and the fund value would not be easily realisable if needed to meet future contingencies.

18 Programme related investment fund

Programme related investment fund
	Total £
At 31 August 2021 and 31 August 2022	9,784,693

This fund represents the carrying value of the charity’s programme related investments. The amount has been set aside from the charity’s general funds in recognition of the fact that the assets have been made available to St Benedict’s School, Ealing and therefore cannot be regarded as funds that would be available to meet future contingencies.

The Trust of St Benedict’s Abbey, Ealing 43

Notes to the accounts 31 August 2022

19 Designated funds

The income funds of the charity include the following designated funds which have been set aside by the trustees out of unrestricted funds for specific purposes:

	At 1 September 2021 £	New designations £	Utilised or released £	At 31 August 2022 £
Retirement reserve Property and strategic development fund Parish funds Other monastic activities funds	4,000,000 2,400,000 7,499 117,683	— — 325,494 —	— — (309,818) (78,728)	4,000,000 2,400,000 23,175 38,955
	6,525,182	325,494	(388,546)	6,462,130

	At 1 September 2020 £	New designations £	Utilised or released £	At 31 August 2021 £
Retirement reserve Property and strategic development fund Parish funds Other monastic activities funds	4,000,000 2,400,000 80,064 117,417	— — 280,993 1,734	— — (353,558) (1,468)	4,000,000 2,400,000 7,499 117,683
	6,597,481	282,727	(355,026)	6,525,182

Retirement reserve

The retirement reserve represents monies designated by the trustees to provide for the members of the Community in their retirement. It has been calculated using actuarial principles and is reviewed regularly by the trustees in light of the reserves available.

Property and strategic development fund

The property and strategic development fund represents monies designated by the trustees to enable the implementation of the charity’s strategic development plan which is in the process of being formulated. This may include decisions to repair, refurbish or replace a number of the charity’s freehold premises.

Parish funds

These funds comprise monies set aside for the continued provision, and development, of activities within the Parish. The parish also received funds from the Diocese of Westminster Growing in Faith Fund of £nil (2021: £198). The Fund has now closed and no further amounts are expected.

Other monastic activities funds

These funds represent monies set aside for the continued provision and development of various monastic activities carried out by the members of the community.

The Trust of St Benedict’s Abbey, Ealing 44

Notes to the accounts 31 August 2022

20 Restricted funds

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trusts to be applied for specific purposes:

	At 1 September 2021 £	Income £	Expenditure £	At 31 August 2022 £
Parish funds Friends of Ealing Abbey Choir fund Benedictine Study and Arts Centre Ministry special funds - counselling The Neocatechumenal Way fund Diocese of Westminster – Growing in Faith fund Sick and retired clergy fund Church furnishings fund Hadewijch of Brabant fund Other funds	95,769 8,762 11,641 218,249 19,024 198 — 10,000 — 17,456	11,816 7,794 18,320 182,601 1,160 — — — 10,365	(1,481) (4,863) (28,005) (210,585) (8,207) — — — (1,470) —	106,104 11,693 1,956 190,265 11,977 198 — 10,000 8,895 17,456
	381,099	232,056	254,611	358,544

	At 1 September 2020 £	Income £	Expenditure £	At 31 August 2021 £
Parish funds Friends of Ealing Abbey Choir fund Benedictine Study and Arts Centre Ministry special funds - counselling The Neocatechumenal Way fund Diocese of Westminster – Growing in Faith fund Sick and retired clergy fund Church furnishings fund Other funds	106,587 13,663 15,184 209,058 47,580 — — 10,000 19,892	10,606 1,592 15,398 216,859 — 198 525 — 531	(21,424) (6,493) (18,941) (207,668) (28,556) — (525) — (2,967)	95,769 8,762 11,641 218,249 19,024 198 — 10,000 17,456
	421,964	245,709	(286,574)	381,099

The specific purposes for which the funds are to be applied are as follows:

Parish funds

These funds comprise monies to be used for the continued provision of, and development of, specific activities within the parish. The parish also received funds from the Diocese of Westminster Growing in Faith Fund of £nil (2021: £198). The Fund has now closed and no further amounts are expected.

Friends of Ealing Abbey Choir fund

This fund comprises monies raised by “Friends” of the choir for use towards Ealing Abbey Choir activities.

The Trust of St Benedict’s Abbey, Ealing 45

Notes to the accounts 31 August 2022

20 Restricted funds (continued)

Church Embellishment fund

This fund comprised money received from an individual donor to be used to embellish the Abbey Church. During 2020, with the express permission of the original donor, the monies within this fund were donated to another charity.

Benedictine Institute fund

This fund comprised money donated for the employment of an administrator at the Study Centre together with donations to enable disabled access or bursaries and to develop the library.

Ministry special funds

These funds comprise monies to be applied in support of the work of Ealing Abbey Counselling Service and include grants receivable, contributions from clients and donations received for the services provided.

A Health and Social Care grant of £100,000 (2021: £100,000) was received from the Ealing Borough Council for providing services through a Counselling Consortium Partnership of five members where Ealing Abbey Counselling Service is the lead member. £nil (2021: £36,575) has been deferred for use in the year to 31 August 2022. Expenditure includes payments made to members of the consortium as detailed below:

	2022 £	2021 £
Metanoia Counselling and Psychotherapy Service (‘MCPS’) Bereft Bereavement Support (‘Bereft’) Asian Family Counselling Service (‘AFCS’)	27,950 7,500 18,250	27,950 7,500 18,250
	53,700	53,700

The Neocatechumenal Way fund

The Neocatechumenal Way fund comprises monies collected by the 2[nd] Neocatechumenal Community in Ealing Abbey to be used to help the poor in the parish.

Diocese of Westminster – Growing in Faith fund

This fund represents grants made available by the Diocese of Westminster, Growing in Faith funds to support various of the charity’s work and activities. The Fund has now closed and no further grants are expected.

The income received from the Diocese of Westminster – Growing in Faith fund during the year comprises:

	2022 £	2021 £
Monks Training General Fund Sick and retired clergy fund (see below) Diocese of Westminster Fund (Parish) (see above)	— — —	89 395 198
	—	682

The Trust of St Benedict’s Abbey, Ealing 46

Notes to the accounts 31 August 2022

20 Restricted funds (continued)

Sick and retired clergy fund

The sick and retired clergy fund comprises donations and grants received for the care of sick and retired clergy. This year’s income includes £nil (2021: £395) received from the Diocese of Westminster – Growing in Faith Fund (see above).

Church furnishings fund

The Church furnishings fund represents a donation received during the year to be used for furnishing the Church.

Hadewijch of Brabant fund

This fund comprised money received as a grant from a European awarding body to support the academic research of a member of the monastic community in his doctoral studies.

Other funds

Other funds comprise monies received for specific activities.

21 Analysis of net assets between funds

	General funds £	Tangible fixed assets fund £	Programme related investment fund £	Designated funds £	Restricted funds £	Total funds £
Fund balances at 31 August 2022 are represented by Tangible fixed assets Investments Net current assets Provision for liabilities Total net assets	— 4,506,911 8,202 (217,929)	2,133,177 — — —	— 9,784,693 — —	— 6,400,000 62,130 —	— 358,544 —	2,133,177 20,691,604 428,876 (217,929)
	4,297,184	2,133,177	9,784,693	6,462,130	358,544	23,035,728
	General funds £	Tangible fixed assets fund £	Programme related investment fund £	Designated funds £	Restricted funds £	Total funds £
Fund balances at 31 August 2021 are represented by Tangible fixed assets Investments Net current assets Provision for liabilities Total net assets	— 2,354,037 (150,733) (251,077)	2,188,120 — — —	— 9,784,693 — —	— 6,400,000 125,182 —	— — 383,039 —	2,188,120 18,538,730 357,488 (251,077)
	1,952,227	2,188,120	9,784,693	6.525,182	383,039	20,833,261

The Trust of St Benedict’s Abbey, Ealing 47

Notes to the accounts 31 August 2022

21 Analysis of net assets between funds (continued)

Analysis of net assets between funds(continued)
	2022 £	2021 £
Unrealised gains included above on listed investments: Total unrealised gains at 31 August 2022 Reconciliation of movements in unrealised gains Total unrealised gains at 1 September 2021 In respect to disposals in the year Net losses arising on revaluation in the year Total unrealisedgains at 31 August 2022	217,295	515,266
	515,266 (184,188) (113,783)	250,402 (40,910) 305,774
	217,295	515,266

The charity’s investment properties were acquired many years ago and precise figures for the historical cost of the properties are not available.

22 Pension commitments

The Pensions Trust

The Trust of St Benedict’s Abbey, Ealing participates in The Independent Schools’ Pension Scheme (the Scheme), which is a funded multi-employer defined benefit (DB) scheme with approximately 5,200 members. The Scheme is contracted-out of the State scheme.

There are four DB structures available, namely:

• a. Final salary with a 1/60th accrual rate.

• b. Final salary with a 1/80th accrual rate.

• c. Career average revalued earnings with an 1/80th accrual rate.

• d. Career average revalued earnings with a 1/120th accrual rate.

A defined contribution (DC) benefit structure was made available from 1 September 2013.

An employer can elect to operate different benefit structures for different categories of staff.

The Trust of St Benedict’s Abbey, Ealing has elected to operate the final salary with a 1/60th accrual rate benefit structure for all members as at the accounting date. On 1 September 2022 the charity elected to switch the scheme to a defined contribution structure.

The Trustee of the Scheme commissions an actuarial valuation of the Scheme every three years. The main purpose of the valuation is to determine the financial position of the Scheme in order to determine the level of future contributions required, in respect of each benefit structure, so that the Scheme can meet its pension obligations as they fall due.

The actuarial valuation assesses whether the Scheme’s assets at the valuation date are likely to be sufficient to pay the pension benefits accrued by members as at the valuation date. Asset values are calculated by reference to market levels. Accrued pension benefits are valued by discounting expected future benefit payments using a discount rate calculated by reference to the expected future investment returns.

During the accounting period The Trust of St Benedict’s Abbey, Ealing paid a joint contribution rate of 30.5% comprising employer contributions of 22.5% and member contributions of 8%.

The Trust of St Benedict’s Abbey, Ealing 48

Notes to the accounts 31 August 2022

22 Pension commitments (continued)

The Pensions Trust (continued)

As at the balance sheet date there were 5 active members of the Scheme employed by The Trust of St Benedict’s Abbey, Ealing. The Trust of St Benedict’s Abbey, Ealing continues to offer membership of the Scheme to its employees.

It is not possible in the normal course of events to identify on a consistent and reasonable basis the share of underlying assets and liabilities belonging to individual participating employers. This is because the Scheme is a multi-employer scheme where the Scheme assets are co-mingled for investment purposes and benefits are paid from the total Scheme assets. Accordingly, due to the nature of the Scheme, the accounting charge for the period under FRS 102 represents the employer contribution payable.

The last formal valuation of the Scheme was performed as at 30 September 2020 by a professionally qualified actuary using the Projected Unit Method was completed on 27 December 2021. The market value of the Scheme’s assets at the valuation date was £201.13 million. The valuation revealed a shortfall of assets compared with the value of liabilities of £55.15 million, equivalent to a past service funding level of 78%.

The contribution rates that apply from 1 September 2022 have been determined by reference to the Scheme’s 30 September 2020 valuation. The notes below cover the assumptions used in the 2017 valuations.

2020 valuation

The valuation was carried out using the S3PMA for males and S3PFA for females with a scaling factor of 105% post-retirement. The latest release of the Continuous Mortality Investigation Bureau mortality projections, known as ‘CMI_2019’ were used for mortality projections, with long term improvement rates of 1.5% per annum for males and 1.25% per annum for females being used. The table below illustrates the assumed life expectancy in years for pension scheme members at age 65 using these mortality assumptions:

	Males	Females
	Assumed life expectancy in years at age 65	Assumed life expectancy in years at age 65
Non-pensioners	21.09	23.28
Pensioners	22.24	24.56

The Trust of St Benedict’s Abbey, Ealing 49

Notes to the accounts 31 August 2022

22 Pension commitments (continued)

2020 valuation (continued)

The long-term joint contribution rates required from employers and members to meet the cost of future benefit accrual were assessed at:

	Long-term joint contribution rate
Benefit structure	(% of pensionable salaries)
Finalsalarywitha1/60th accrual rate	48.6
Finalsalarywitha1/80th accrual rate	36.6
Career average revalued earnings with a 1/80th accrual rate	35.8
Career average revalued earnings with a 1/120thaccrual rate	24.1

If an actuarial valuation reveals a shortfall of assets compared to liabilities the Trustee must prepare a recovery plan setting out the steps to be taken to make up the shortfall.

Following consideration of the results of the Scheme’s 2020 actuarial valuation it was agreed that the shortfall of £55.16 million would be dealt with by the payment of deficit contributions of £2.69 million per annum from 1 September 2022 to 30 June 2032. These deficit contributions are in addition to the long-term joint contribution rates set out in the table above.

As above, the current employer and employee contribution rates for The Trust of St Benedict’s Abbey, Ealing are 22.5% and 8% of pensionable salaries respectively. The allocation of the increase in total contribution required is subject to consultation at the time of signing.

If the valuation assumptions are borne out in practice this pattern of contributions should be sufficient to eliminate the past service deficit, on an ongoing funding basis, by 30 April 2030.

Following a change in legislation in September 2005 there is a potential debt on the employer that could be levied by the Trustee of the Scheme. The debt is due in the event of the employer ceasing to participate in the Scheme or the Scheme winding up.

The debt for the Scheme as a whole is calculated by comparing the liabilities for the Scheme (calculated on a buy-out basis i.e. the cost of securing benefits by purchasing annuity policies from an insurer, plus an allowance for expenses) with the assets of the Scheme. If the liabilities exceed assets there is a buy-out debt.

The leaving employer’s share of the buy-out debt is the proportion of the Scheme’s liability attributable to employment with the leaving employer compared to the total amount of the Scheme’s liabilities (relating to employment with all the currently participating employers). The leaving employer’s debt therefore includes a share of any ‘orphan’ liabilities in respect of previously participating employers. The amount of the debt therefore depends on many factors including total Scheme liabilities, Scheme investment performance, the liabilities in respect of current and former employees of the employer, financial conditions at the time of the cessation event and the insurance buy-out market. The amounts of debt can therefore be volatile over time.

The Trust of St Benedict’s Abbey, Ealing 50

Notes to the accounts 31 August 2022

23 Guarantees

•  The Independent Schools’ Pension Scheme

• With effect from 1 September 2012, the charity provided to The Pensions Trust such guarantee as it reasonably required in order to permit participation in the ISPS of those non-teaching staff who were members of the ISPS at midnight on 31 August 2012 and who transferred their employment under the legal Deed of Transfer to St Benedict’s School, Ealing. The charity carries out an annual review of the guarantee provided using financial information as at 31 August of each prior year to be provided to it by St Benedict’s School, Ealing by 30 November. At 31 August 2022, the guarantee provided by the charity to St Benedict’s School, Ealing was £3.49 million (2021: £3.49 million).

In addition, in the event of St Benedict’s School, Ealing becoming insolvent, winding up or for any other reason withdrawing from the ISPS, the charity agreed to make good such deficit then arising in respect to those employees as may be calculated by the actuary of the ISPS.

In return for the charity providing the above guarantees, with effect from 31 August 2012 St Benedict’s School, Ealing agreed not to offer membership of the defined benefit section of the ISPS to new employees or to employees who are not members of the ISPS as at 31 August 2012. St Benedict’s School, Ealing agreed to not exercise any power vested in it as a participating employer of ISPS or grant any discretionary benefit that would increase the liability of the charity under the guarantees without the consent of the charity in writing, such consent not to be unreasonably withheld.

•  General guarantee

In the event that the charity’s auditor determines that St Benedict’s School, Ealing is at risk of insolvency, the charity guarantees to:

1. Pay any creditors of St Benedict’s School, Ealing; and

2. Provide all necessary financial support to St Benedict’s School, Ealing to enable it to continue on its business.

24 Related party transactions

The charity is connected to St Benedict’s School, Ealing, (Company Registration Number 8093330 (England and Wales), Charity Registration Number 1148512) (“the School”), by virtue of the fact that the two charities have some trustees in common.

The transactions between the charity and the School during the year were as follows:

•  The School paid £486,249 (2021: £482,134) to the Trust being the rent for the School premises and the properties rented by School employees.

•  The School paid net teaching salaries of £7,332 (2021: £38,544) to members of the Community and £nil (2021: £5,000) to a member of the Community who served as a School Chaplain. These salaries were gifted to the charity by the relevant members of the Community.

The Trust of St Benedict’s Abbey, Ealing 51

Notes to the accounts 31 August 2022

24 Related party transactions (continued)

•  The charity also agreed to guarantee the pension liability of the Independent School's Pension scheme as well as pay all creditors and provided assistance in case of the school being declared insolvent.

There are no other related party transactions requiring disclosure (2021: none).

25 Contingent liability

A contingent liability arises with respect to potential claims against the charity concerning the welfare of children. The amounts involved cannot be quantified at the current time. At the time of signing these accounts, the trustees have been made aware of one legal claim for the settlement of damages. Discussions continue in respect to this claim. No provision has been made within these accounts for any settlement payable and it is not possible at this stage to provide any meaningful estimate of any potential liability.

26 Ultimate control

The charity, which is constituted as a trust, was controlled throughout the period by the English Benedictine Community of Ealing Abbey by virtue of the fact that the Abbot of the Community appoints the trustees. The Community does not hold any assets, incur liabilities or enter into any transactions in its own right. Assets and liabilities of the Community are vested in the trustees of the charity, which undertake all transactions entered into in the course of the Community’s charitable activities.

27 Post balance sheet event

With effect from 1 September 2022 the trustees elected to switch the structure of the charity’s membership of the Independent Schools’ Pension Scheme from being a defined benefit scheme to being a defined contribution scheme. The contribution rates for the existing employees in the scheme on transfer did not change. See note 22 for details of the pension scheme.

The Trust of St Benedict’s Abbey, Ealing 52