REGISTERED CHARITY NUMBER: 245367
Report of the Trustees and
Financial Statements for the Year Ended 31 July 2023
for
Trust Property Held by Trustees of
St Augustine's Priory
(Working name)
St Augustine's Priory Trust
Merchant Mackinlay Simpson Ltd
Statutory Auditors
2 Craven Road
Ealing
London
W5 2UA
Trust Property Held by Trustees of
St Augustine's Priory
(Working name)
St Augustine's Priory Trust
Contents of the Financial Statements
for the Year Ended 31 July 2023
|
Page |
Report of the Trustees |
1 to 5 |
Report of the Independent Auditors |
6 to 9 |
Statement of Financial Activities |
10 |
Balance Sheet |
11 |
Notes to the Financial Statements |
12 to 22 |
Detailed Statement of Financial Activities |
23 to 24 |
Trust Property Held by Trustees of
St Augustine's Priory
(Working name)
St Augustine's Priory Trust
Report of the Trustees
for the Year Ended 31 July 2023
Thetrusteespresenttheirreportwiththefinancialstatementsofthecharityfortheyearended31July2023. The
trusteeshaveadoptedthe provisionsof AccountingandReportingby Charities:Statementof Recommended Practice
applicableto charitiespreparingtheiraccountsin accordancewiththe FinancialReportingStandardapplicablein the
UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and activities
The objectiveof the TrustPropertyHeldby the Trusteesof St Augustine'sPriory(henceforthreferredto as the Trust)
is fulfilledby receivingincome from the variousinvestmentsit holds,and by applyingsuch income for the purposes of
St Augustine'sPriorySchoolLtd (henceforthreferred to as the School)and the supportof Nuns formerlyat the School,
as provided for in the Trust Deeds.
During the year to 31 July 2023 the Trustees continued to fulfil the objects of the charity.
TheSchooloccupiesandhastheuseofTrustproperty,bothlandandbuildings,rent-free.Itisbelievedthat this
arrangementhasbeeninplacesincetheSchoolwasestablishedonitspresentsiteintheautumnof1915. The
Trustees,inconsultationwiththeirlegaladvisersandaccountants,confirmedthisarrangementinJanuary2006 by
wayofamemorandum,acopyofwhichhasbeengiventotheSchool.Furthercopieshavebeenplacedwith the
Trustees' accountants and legal advisers.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
TheSchool(incorporatedon11July2002asStAugustine'sPriorySchoolLtdbutknownbeforeandsinceas St
Augustine'sPriory)wasestablishedinFrancein1634andmovedtoEalingin1911.Itis,andalwayshasbeen, a
CatholicSchooland has been connectedwith the Trust since the two Declarationsof Trust were executed in 1941. The
principal items of expenditure approved by the Trustees include the following:
a) the reimbursement of the School for up to eight bursaries and scholarships at senior level; and
b)thereliefofagedorinfirmmembersofthereligiouscommunityformerlyatStAugustine'sPriory(from1 January
1999).
Item (b) reflects a reallocationof financialcommitmentsagreed between the Schoolon the one hand and the Trust on
the other in the wake of a meeting in November1998 between the Trustees and Counsel.As part of this reallocation,
andwitheffectfrom1 January1999,theSchoolassumedresponsibilityforinsuringthebuildingsandtheir contents,
and other insurable interests, and for paying the associated premiums.
In addition, the Trustees may, from time to time, apply Trust moneys to further major building projects.
Investment performance
TheTrusteesarereasonablysatisfiedwiththeinvestmentperformancewhichisinlinewithexpectations. The
investmentincomehasdecreasedfrom£143,751to£131,145followingthere-investmentoffundsfrom the
repayment of a loan to the School.
Statement on Public Benefit
TheTrusteeshavecompliedwiththedutyinSection17oftheCharitiesAct2011tohavedueregardto guidance
published by The Charity Commission, including public benefit guidance.
Page 1
Trust Property Held by Trustees of
St Augustine's Priory
(Working name)
St Augustine's Priory Trust
Report of the Trustees
for the Year Ended 31 July 2023
FINANCIAL REVIEW
Principal funding sources
The principalfundingsourceof the Trustis receiptof investmentincomefrom dividendsfrom listedcompanies which
is managed by Charles Stanley & Co Ltd.
Investment policy and objectives
The investment strategy of Charles Stanley & Co Ltd continues to ensure that the key objectives of the charity are met.
Reserves policy
Theresultfortheyearended31July2023showsadeficittotheTrustamountingto£116,067(2022: deficit
£395,094).
The deficit was generated from the following resources:
|
2023 |
2022 |
|
£ |
£
1,500
143,751
145,250
(234,517)
(89,264)
(305,828)
(395,094) |
Rental income |
1,500 |
|
Investment income |
131,146 |
|
|
|
|
|
132,646 |
|
Total resources expended |
(233,147) |
|
|
|
|
Net (outgoing) / incoming resources |
(100,501) |
|
Gains/(losses) on investment assets |
(15,566) |
|
|
|
|
|
(116,067) |
|
|
|
|
Trust policywith regardto reserves is largelya reflectionof its currentand futurefinancialcommitments.To that end,
apartfromtheperiodicaccumulationofreservestowardsspecificcapitalprojects,thetrusteesintendto maintain
sufficientcashreservesto coversuchcontingenciesas mightreasonablybe foreseen.Forexample,thismight include
theincurringofadditionalmedicalexpense,atshortnotice,inrespectofagedorinfirmmembersofthe religious
community formerly at St. Augustine's Priory.
The reserves as at 31 July 2023 are £7,093,691(2022: £7,208,758),of this the unrestrictedfunds are £1,954,804 (2022:
£2,010,173).
Going concern
TheTrusteeshavefullyreviewedthefinancialpositionoftheTrustandareconfidentinitsabilityto continue
operating as a going concern for the foreseeable future.
FUTURE PLANS
The Trust will continue its charitable donations for the benefit of the School and the support of the Nuns.
Page 2
Trust Property Held by Trustees of
St Augustine's Priory
(Working name)
St Augustine's Priory Trust
Report of the Trustees
for the Year Ended 31 July 2023
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document
Investment Powers of the Trustees
TheTrustDeedsprovidefortheTrustpropertyand,asappropriate,Trustincomeorcapital(orboth)tobeused or
appliedforgeneraleducationalpurposes;forthedevelopmentandmaintenanceoftheTrustproperty,andfor such
other charitablepurposesrelated to the Roman CatholicChurchas the Trustees, at their discretion,think fit. There are
nospecificrestrictionsimposedbytheTrustDeedswithregardtothewayinwhichtheTrustmayoperate,and the
Trustees may make such investments as they think fit.
Constitution, Objects and Policies
TwodeclarationsofTrustwereexecutedon31December1941,oneinrespectofthefreeholdlandandbuildings at
HangerHill,Ealing(thesiteandbuildingsbeingknownthereafterasStAugustine'sPriory),theotherinrespect of
certaininvestments,detailsofwhichweresetoutinascheduleattachedtotheTrustDeed.Theyare henceforth
referred to as the Trust Deeds and, where appropriate, as the Property and Investments Trusts respectively.
TheCharityCommissionhas,however,treatedthePropertyandInvestmentTrustsasasinglecharitableentity with
the registered charity number 245367. The Trustees, as a body, constitute the charity.
The Schoolwas reconstitutedas a charitablecompanylimitedby guaranteeon 11 July 2002. This has not affected the
Trustdirectly,althoughithashelpedtoformaliseitsrelationshipwiththeSchool.TheSchoolhastakenon more
financialresponsibilityforits dayto dayrunningcosts,includingthe maintenanceandrefurbishmentof the buildings
and,witheffectfrom1August2003,themaintenanceandrenovationofthegroundsandgardens.Thisis in
accordancewithpoliciesagreedbytheTrusteesattheirmeetingof19December2002andapproved through
subsequentannualbudgets.ThishasallowedtheTrusteestoconcentrateonaccumulatingfundsformajor building
projects and refurbishment, as mentioned above.
Induction and training of new trustees
New Trusteesareinductedintotheworkingsof theTrustandkeptadvisedof relevantchangesinlegislation through
their professional advisors.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
245367
Principal address
Trust Office
38 Beaufort Road
Ealing
London
W5 3EA
Page 3
Trust Property Held by Trustees of
St Augustine's Priory
(Working name)
St Augustine's Priory Trust
Report of the Trustees
for the Year Ended 31 July 2023
Trustees
C Bennett (resigned 22.11.23)
Miss C McIntyre (resigned 22.11.23)
Mrs C Murphy MA (Oxon)
D P A Murphy MA (Oxon) (resigned 22.11.23)
Mrs S Stark (resigned 27.1.23)
Mrs M C Doyle (appointed 22.11.23)
C V Marment (appointed 22.11.23)
M P Moran (appointed 22.11.23)
The Trusteesabovehave servedthroughoutthe year.The appointmentof Trusteesis governedby the TrustDeeds of
theCharitywhichauthoriseservingTrusteestoappointnewTrusteestofillvacanciesarisingthroughresignation or
death of a serving Trustee. The Trust Deeds state that there shall not be fewer than three or more than seven Trustees
at any time.
Auditors
Merchant Mackinlay Simpson Ltd
Statutory Auditors
2 Craven Road
Ealing
London
W5 2UA
Bankers
The Co-operative Bank
P.O. Box 250
Delf House
Southway
Skelmersdale
WN8 6WT
Solicitors
Prince Evans Solicitors LLP
Craven House
40-44 Uxbridge Road
Ealing
London
W5 2BS
Investment Advisers
Charles Stanley & Co Ltd
55 Bishops Gate
London
EC2N 3AS
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The trusteesare responsiblefor preparingthe Reportof the Trusteesand the financialstatementsin accordance with
applicablelawandUnitedKingdomAccountingStandards(UnitedKingdomGenerallyAcceptedAccounting Practice)
includingFinancialReportingStandard102"TheFinancialReportingStandardapplicableintheUKandRepublic of
Ireland".
Page 4
Trust Property Held by Trustees of
St Augustine's Priory
(Working name)
St Augustine's Priory Trust
for the Year Ended 31 July 2023
Report of the Trustees
STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued
ThelawapplicabletocharitiesinEnglandandWales,theCharitiesAct2011,Charity(Accountsand Reports)
Regulations2008andtheprovisionsofthetrustdeedrequiresthetrusteestopreparefinancialstatementsfor each
financialyearwhichgiveatrueandfairviewofthestateofaffairsofthecharityandoftheincomingresources and
applicationofresources,includingtheincomeandexpenditure,ofthecharityforthatperiod.Inpreparing those
financial statements, the trustees are required to
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charity SORP;
-
make judgements and estimates that are reasonable and prudent;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
Thetrusteesareresponsibleforkeepingproperaccountingrecordswhichdisclosewithreasonableaccuracyat any
time the financialpositionof the charityandto enablethem to ensurethatthe financialstatementscomplywith the
CharitiesAct 2011, the Charity(Accountsand Reports)Regulations2008 and the provisionsof the trust deed. They are
alsoresponsibleforsafeguardingtheassetsofthecharityandhencefortakingreasonablestepsforthe prevention
and detection of fraud and other irregularities.
In so far as the trustees are aware:
- there is no relevant audit information of which the charity's auditor is unaware; and
-thetrusteeshavetakenallstepsthattheyoughttohavetakentomakethemselvesawareofanyrelevant audit
information and to establish that the auditor is aware of that information.
Approved by order of the board of trustees on 8 May 2024 and signed on its behalf by:
Mrs M C Doyle - Trustee
Page 5
Report of the Independent Auditors to the Trustees of
Trust Property Held by Trustees of
St Augustine's Priory
Opinion
We have auditedthe financialstatementsof Trust PropertyHeld by Trusteesof St Augustine'sPriory(the 'charity') for
the year ended31 July 2023 whichcomprisethe Statementof FinancialActivities,the BalanceSheet andnotesto the
financialstatements,includingasummaryofsignificantaccountingpolicies.Thefinancialreportingframework that
hasbeenappliedintheirpreparationisapplicablelawandUnitedKingdomAccountingStandards(United Kingdom
GenerallyAcceptedAccountingPractice),includingFinancialReportingStandard102'TheFinancial Reporting
Standard applicable in the UK and Republic of Ireland'.
In our opinion the financial statements:
-
give a true and fair view of the state of the charity's affairs as at 31 July 2023 and of its incoming resources and application of resources, for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'; and
-
have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
WeconductedourauditinaccordancewithInternationalStandardsonAuditing(UK)(ISAs(UK))andapplicable law.
OurresponsibilitiesunderthosestandardsarefurtherdescribedintheAuditors'responsibilitiesfortheauditof the
financialstatementssectionofourreport.Weareindependentofthecharityinaccordancewiththe ethical
requirementsthat are relevantto our auditof the financialstatementsin the UK, includingthe FRC's Ethical Standard,
andwehavefulfilledourotherethicalresponsibilitiesinaccordancewiththeserequirements.Webelievethat the
audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditingthe financialstatements,we have concludedthat the trustees' use of the going concernbasis of accounting
in the preparation of the financial statements is appropriate.
Basedontheworkwehaveperformed,wehavenotidentifiedanymaterialuncertaintiesrelatingtoevents or
conditionsthat,individuallyorcollectively,maycastsignificantdoubtonthecharity'sabilitytocontinueasa going
concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilitiesand the responsibilitiesof the trusteeswith respect to goingconcernare describedin the relevant
sections of this report.
Other information
Thetrusteesareresponsiblefortheotherinformation.Theotherinformationcomprisestheinformationincluded in
the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.
Ouropiniononthefinancialstatementsdoesnotcovertheotherinformationand,excepttotheextent otherwise
explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Inconnectionwithourauditofthefinancialstatements,ourresponsibilityistoreadtheotherinformationand, in
doingso,considerwhethertheotherinformationismateriallyinconsistentwiththefinancialstatementsor our
knowledgeobtainedintheauditorotherwiseappearstobemateriallymisstated.Ifweidentifysuch material
inconsistenciesorapparentmaterialmisstatements,wearerequiredtodeterminewhetherthisgivesriseto a
materialmisstatementin the financialstatementsthemselves.If, based on the work we have performed,we conclude
thatthereis a materialmisstatementof thisotherinformation,we are requiredto reportthatfact.We have nothing
to report in this regard.
Page 6
Report of the Independent Auditors to the Trustees of
Trust Property Held by Trustees of
St Augustine's Priory
Matters on which we are required to report by exception
We have nothingto reportin respect of the followingmatters where the Charities(Accountsand Reports) Regulations
2008 requires us to report to you if, in our opinion:
-
the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or
-
sufficient accounting records have not been kept; or
-
the financial statements 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 explainedmore fullyin the Statementof Trustees'Responsibilities,the trusteesare responsiblefor the preparation
ofthefinancialstatementswhichgivea trueandfairview,andforsuchinternalcontrolasthetrusteesdetermine is
necessaryto enablethe preparationof financialstatementsthat are free from materialmisstatement,whetherdue to
fraud or error.
Inpreparingthefinancialstatements,thetrusteesareresponsibleforassessingthecharity'sabilitytocontinueas a
goingconcern,disclosing,asapplicable,mattersrelatedtogoingconcernandusingthegoingconcernbasis of
accountingunlessthetrusteeseitherintendtoliquidatethecharityortoceaseoperations,orhaveno realistic
alternative but to do so.
Page 7
Report of the Independent Auditors to the Trustees of
Trust Property Held by Trustees of
St Augustine's Priory
Our responsibilities for the audit of the financial statements
WehavebeenappointedasauditorsunderSection144oftheCharitiesAct2011andreportinaccordancewith the
Act and relevant regulations made or having effect thereunder.
Ourobjectivesaretoobtainreasonableassuranceaboutwhetherthefinancialstatementsasawholearefree from
materialmisstatement,whether due to fraud or error, and to issue a Report of the IndependentAuditorsthat includes
ouropinion.Reasonableassuranceisahighlevelofassurance,butisnotaguaranteethatanauditconducted in
accordancewithISAs(UK)willalwaysdetectamaterialmisstatementwhenitexists.Misstatementscanarise from
fraudorerrorandareconsideredmaterialif,individuallyorintheaggregate,theycouldreasonablybeexpected to
influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Irregularities,includingfraud,areinstancesofnon-compliancewithlawsandregulations.Wedesignprocedures in
linewithourresponsibilities,outlinedabove,todetectmaterialmisstatementsinrespectofirregularities, including
fraud.
DiscussionswithandenquiriesofmanagementandtheTrusteeswereheldwitha viewtoidentifyingthoselaws and
regulationsthatcouldbeexpectedtohaveamaterialimpactonthefinancialstatements.Duringthe engagement
team briefing,the outcomesof these discussionsand enquirieswere shared with the team, as well as consideration as
to where and how fraud may occur in the entity.
The following laws and regulations were identified as being of significance to the entity:
-thoselawsandregulationsconsideredtohaveadirecteffectonthefinancialstatementsincludeUK financial
reporting standards, charity regulations and Employment law and distributable profits legislation.
-itisconsideredthattherearenolawsandregulationsforwhichnon-compliancemaybefundamentalto the
operating aspects of the trust
Auditproceduresundertakeninresponsetothepotentialrisksrelatingtoirregularities(whichincludefraud and
non-compliancewithlawsandregulations)comprisedof:inquiriesofmanagementandthosecharged with
governanceas to whetherthe trustcomplieswithsuchlaws andregulations;enquirieswiththe same concerning any
actualorpotentiallitigationorclaims;inspectionofrelevantlegalcorrespondence;reviewofboardminutes; testing
the appropriatenessof journalentries; and the performanceof analyticalreview to identifyunexpectedmovements in
account balances which may be indicative of fraud.
No instancesof materialnon-compliancewere identified.However,the likelihoodof detectingirregularities, including
fraud,is limitedbytheinherentdifficultyindetectingirregularities,theeffectivenessof theentity'scontrols,and the
nature,timingand extentof the auditproceduresperformed.Irregularitiesthatresultfrom fraudmightbe inherently
more difficultto detectthanirregularitiesthatresultfrom error.As explainedabove,there is an unavoidablerisk that
materialmisstatementsmaynotbe detected,even thoughtheaudithasbeenplannedandperformedin accordance
with ISAs (UK).
Afurtherdescriptionofourresponsibilitiesfortheauditofthefinancialstatementsislocatedonthe Financial
ReportingCouncil'swebsiteatwww.frc.org.uk/auditorsresponsibilities.ThisdescriptionformspartofourReport of
the Independent Auditors.
Page 8
Report of the Independent Auditors to the Trustees of
Trust Property Held by Trustees of
St Augustine's Priory
Use of our report
This reportis made solelyto the charity'strustees,as a body,in accordancewith Part 4 of the Charities(Accounts and
Reports)Regulations2008. Our auditwork has been undertakenso that we might state to the charity'strustees those
matterswearerequiredtostatetotheminanauditors'reportandfornootherpurpose.Tothefullest extent
permittedbylaw,wedonotacceptorassumeresponsibilitytoanyoneotherthanthecharityandthe charity's
trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Merchant Mackinlay Simpson Ltd
Statutory Auditors
2 Craven Road
Ealing
London
W5 2UA
9 May 2024
Page 9
Trust Property Held by Trustees of
St Augustine's Priory
(Working name)
St Augustine's Priory Trust
Statement of Financial Activities for the Year Ended 31 July 2023
Notes
INCOME AND ENDOWMENTS
FROM
Investment income
2
Other income
Total
EXPENDITURE ON
Raising funds
3
Charitable activities
4
General fund
Other
Total
Net gains/(losses) on
investments
NET INCOME/(EXPENDITURE)
Transfers between funds
13
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED
FORWARD |
Unrestricted
fund
£
131,146
1,500
132,646
2
183,422
-
183,424
-
(50,778)
(4,591)
(55,369)
2,010,173
1,954,804 |
Restricted
fund
£
-
-
-
-
-
-
-
-
-
-
-
-
- |
Endowment
fund
£
-
-
-
22,993
26,730
-
49,723
(15,566)
(65,289)
4,591
(60,698)
5,198,585
5,137,887 |
2023
Total
funds
£
131,146
1,500
132,646
22,995
210,152
-
233,147
(15,566)
(116,067)
-
(116,067)
7,208,758
7,092,691 |
2022
Total
funds
£
143,751
1,500
145,251
23,590
210,736
191
234,517
(305,828)
(395,094)
-
(395,094)
7,603,852
7,208,758 |
|
|
|
|
|
|
The notes form part of these financial statements
Page 10
Trust Property Held by Trustees of
St Augustine's Priory
(Working name)
St Augustine's Priory Trust
Balance Sheet
31 July 2023
Unrestricted
fund
Notes
£
FIXED ASSETS
Tangible assets
10
2,050,136
Investments
11
-
2,050,136
CURRENT ASSETS
Cash at bank
38,410
CREDITORS
Amounts falling due within one
year
12
(133,742)
NET CURRENT ASSETS
(95,332)
TOTAL ASSETS LESS CURRENT
LIABILITIES
1,954,804
NET ASSETS
1,954,804
FUNDS
13
Unrestricted funds
Endowment funds
TOTAL FUNDS |
Restricted
fund
£
-
-
-
-
-
-
-
- |
Endowment
fund
£
1,063,376
4,074,511
5,137,887
-
-
-
5,137,887
5,137,887 |
2023
Total
funds
£
3,113,512
4,074,511
7,188,023
38,410
(133,742)
(95,332)
7,092,691
7,092,691
1,954,804
5,137,887
7,092,691 |
2022
Total
funds
£
3,197,052
4,108,479
7,305,531
83,957
(180,730)
(96,773)
7,208,758
7,208,758
2,010,173
5,198,585
7,208,758 |
|
|
|
|
|
ThefinancialstatementswereapprovedbytheBoardofTrusteesandauthorisedforissueon8May2024and were
signed on its behalf by:
M C Doyle - Trustee
M P Moran - Trustee
The notes form part of these financial statements
Page 11
Trust Property Held by Trustees of
St Augustine's Priory
(Working name)
St Augustine's Priory Trust
for the Year Ended 31 July 2023
Notes to the Financial Statements
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
Thefinancialstatementsof thecharity,whichis a publicbenefitentityunderFRS 102,havebeenprepared in
accordancewiththeCharitiesSORP(FRS102)'AccountingandReportingbyCharities:Statement of
RecommendedPracticeapplicabletocharitiespreparingtheiraccountsinaccordancewiththe Financial
ReportingStandardapplicablein the UK and Republicof Ireland(FRS 102) (effective1 January2019)', Financial
ReportingStandard102 'The FinancialReportingStandardapplicablein the UK and Republicof Ireland'and the
CharitiesAct 2011. The financialstatementshave been preparedunder the historicalcost convention,with the
exception of investments which are included at market value, as modified by the revaluation of certain assets.
Thefinancialstatementshavebeenpreparedtogivea'trueandfair'viewandhavedepartedfrom the
Charities(Accountsand Reports)Regulations2008 only to the extent requiredto providea 'true and fair view'.
Thisdeparturehasinvolvedfollowing'AccountingandReportingbyCharities:Statementof Recommended
PracticeapplicabletocharitiespreparingtheiraccountsinaccordancewiththeFinancialReporting Standard
applicableintheUKandRepublicofIreland(FRS102)(SecondEdition)'ratherthantheAccounting and
Reportingby Charities:Statementof RecommendedPracticeeffectivefrom1 April2005whichhassince been
withdrawn
Incoming resources
All incomeis recognisedin the Statementof FinancialActivitiesoncethe charityhasentitlementto the funds,
it is probable that the income will be received and the amount can be measured reliably.
Resources expended
Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all
cost related to the category. Where costs cannot be directly attributed to particular headings they have been
allocatedtoactivitiesonabasisconsistentwiththeuseofresources.Expenditureincludesirrecoverable VAT
where relevant.
Tangible fixed assets
Depreciationis providedat the followingannualrates in orderto write off each asset over its estimated useful
life.
Freehold property- 2% on cost
Improvements to property- 2% on cost
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Funds held by the Charity are either
(a) unrestricted general funds, or
(b) restricted funds, or
(b) expendable endowment funds.
continued...
Page 12
Trust Property Held by Trustees of
St Augustine's Priory
(Working name)
St Augustine's Priory Trust
Notes to the Financial Statements - continued
for the Year Ended 31 July 2023
1. ACCOUNTING POLICIES - continued
Fund accounting
UnrestrictedgeneralfundscanbeusedinaccordancewiththeTrust'scharitableobjectsatthediscretion of
the Trustees.They representincome accumulatedfrom time to time since the Trust was establishedin 1941 as
distinctfrom an increasein fundsderivedfrom growthin the capitalassets with whichthe Trustwas originally
endowedandanysubsequentadditionstosuchassets.Theseparateidentificationofunrestricted general
fundsisforaccountingandstatutorypurposesanddoesnotrequirethatsuchfundsbeheldseparately from
other Trust moneys or investments.
Restrictedfundsare fundssubjectto specifictrustswhichmay be declaredby the donor(s).As such,the funds
can only be expended subject to the restrictions so imposed.
Expendableendowmentfunds are set aside to be held by the Trust, and may be utilisedat the discretionof the
Trustees in accordancewith the Trust's charitableobjects.However, in the normal course of events, such funds
would only be used for projects of an exceptional or capital nature.
Investments
Investments are stated at market value at the year end.
All gains and losses on investments are reflected in the Statement of Financial Activities as they arise.
Debtors
Basic financialassets, includingtrade and other debtors,are initiallyrecognisedat transactionprice, unless the
arrangementconstitutesa financingtransaction,where the transactionis measured at the present value of the
futurereceiptsdiscountedat a marketrateof interest.Suchassetsare subsequentlycarriedat amortised cost
using the effective interest method, less any impairment.
Cash and cash equivalents
Cash and cash equivalentsare representedby cash in hand,depositsheld at call with financialinstitutions, and
othershort-termhighlyliquidinvestmentsthatmatureinnomorethanthreemonthsfromthedate of
acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Creditors
Basicfinancialliabilities,includingtradeandothercreditors,loansfromthirdpartiesandloansfrom related
parties,are initiallyrecognisedat transactionprice, unless the arrangementconstitutesa financing transaction,
wherethedebtinstrumentismeasuredatthepresentvalueofthefuturepaymentsdiscountedata market
rateofinterest.Suchinstrumentsaresubsequentlycarriedatamortisedcostusingtheeffective interest
method, less any impairment.
continued...
Page 13
Trust Property Held by Trustees of
St Augustine's Priory
(Working name)
St Augustine's Priory Trust
Notes to the Financial Statements - continued for the Year Ended 31 July 2023
2. INVESTMENT INCOME
Dividends - UK equities
Dividends - Overseas equities
UK interest
3.
RAISING FUNDS
Investment management costs
Investment management
Overseas custody charges
4.
CHARITABLE ACTIVITIES COSTS
Direct
Costs (see
note 5)
£
General fund
194,552 |
|
2023 |
|
2022 |
|
|
£ |
|
£ |
|
|
110,748 |
|
128,638 |
|
|
19,272 |
|
15,121 |
|
|
1,125 |
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
131,145 |
|
143,751 |
|
|
|
|
|
|
|
2023
£
22,850
145
22,995
Support
costs
£
15,600 |
2022
£
23,580
10
23,590
Totals
£
210,152 |
|
continued...
Page 14
Trust Property Held by Trustees of
St Augustine's Priory
(Working name)
St Augustine's Priory Trust
Notes to the Financial Statements - continued for the Year Ended 31 July 2023
5. DIRECT COSTS OF CHARITABLE ACTIVITIES
Staff costs
Sundry expenses
Scholarships
Accommodation charges
Bank charges
Depreciation on freehold buildings
Depreciation on improvements to property |
2023
£
50,067
85
50,000
10,800
60
7,200
76,340
194,552 |
2022
£
50,127
-
50,000
10,774
155
7,200
76,340 |
|
|
194,596 |
6. AUDITORS' REMUNERATION
|
|
2023 |
|
2022 |
|
|
£ |
|
£ |
Accountancy |
|
5,000 |
|
5,000 |
Auditors' remuneration |
|
10,600 |
|
11,140 |
|
|
15,600 |
|
16,140 |
|
|
|
|
|
7. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees'remunerationor other benefitsfor the year ended 31 July 2023 nor for the year ended
31 July 2022.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 July 2023 nor for the year ended 31 July 2022.
8. STAFF COSTS
The average monthly number of employees during the year was as follows:
|
2023 |
2022 |
Administration |
1 |
1 |
No employees received emoluments in excess of £60,000.
continued...
Page 15
Trust Property Held by Trustees of
St Augustine's Priory
(Working name)
St Augustine's Priory Trust
Notes to the Financial Statements - continued for the Year Ended 31 July 2023
9.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
fund
£
INCOME AND ENDOWMENTS FROM
Investment income
143,751
Other income
1,500
Total
145,251
EXPENDITURE ON
Raising funds
1
Charitable activities
General fund
184,006
Other
191
Total
184,198
Net gains/(losses) on investments
-
NET INCOME/(EXPENDITURE)
(38,947)
Transfers between funds
(3,496)
Net movement in funds
(42,443)
RECONCILIATION OF FUNDS
Total funds brought forward
2,052,616
TOTAL FUNDS CARRIED FORWARD
2,010,173 |
Restricted
fund
£
-
-
-
-
-
-
-
-
-
-
-
-
- |
Endowment
fund
£
-
-
-
23,589
26,730
-
50,319
(305,828)
(356,147)
3,496
(352,651)
5,551,236
5,198,585 |
Total
funds
£
143,751
1,500
145,251
23,590
210,736
191
234,517
(305,828)
(395,094)
-
(395,094)
7,603,852
7,208,758 |
|
|
|
|
continued...
Page 16
Trust Property Held by Trustees of
St Augustine's Priory
(Working name)
St Augustine's Priory Trust
Notes to the Financial Statements - continued for the Year Ended 31 July 2023
10. TANGIBLE FIXED ASSETS
COST
At 1 August 2022 and 31 July 2023
DEPRECIATION
At 1 August 2022
Charge for year
At 31 July 2023
NET BOOK VALUE
At 31 July 2023
At 31 July 2022 |
Freehold
property
£
541,303
115,200
7,200
122,400
418,903
426,103 |
Improvements
to
property
£
3,816,991
1,046,042
76,340
1,122,382
2,694,609
2,770,949 |
Totals
£
4,358,294 |
|
|
|
1,161,242
83,540 |
|
|
|
1,244,782 |
|
|
|
3,113,512 |
|
|
|
3,197,052 |
All fixed assets are held for, or are incidental to, the charitable purposes of the Trust.
Thefreeholdlandandbuildingswerevaluedat£5,430,000on13February2002byGeraldEve, an
independent firm of chartered surveyors, on an open market existing use basis.
Inthecostoffreeholdlandandbuildingsisfreeholdlandof£181,303(2022:£181,303)whichis not
depreciated.
11. FIXED ASSET INVESTMENTS
FIXED ASSET INVESTMENTS |
|
|
Shares
Cash held with Charles Stanley & Co Ltd. |
2023
£
4,048,883
25,628
4,074,511 |
2022
£
3,780,240
328,239 |
|
|
4,108,479 |
continued...
Page 17
Trust Property Held by Trustees of
St Augustine's Priory
(Working name)
St Augustine's Priory Trust
Notes to the Financial Statements - continued for the Year Ended 31 July 2023
11. FIXED ASSET INVESTMENTS - continued
Additional information as follows:
MARKET VALUE
At 1 August 2022
Additions
Disposals
Net gain/(loss) on revaluation on
investments
At 31 July 2023
NET BOOK VALUE
At 31 July 2023
At 31 July 2022
Historical cost of investments |
|
|
Listed
investments
£
3,780,240
652,879
(368,670)
(15,566)
4,048,883
4,048,883
3,780,240 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2023 |
|
2022 |
|
£ |
|
£ |
Historical cost at year end |
3,699,416 |
|
3,635,840 |
|
|
|
|
The investments (at market value at the year end) are held in the UK and outside the UK as follows:
|
2023 |
2022 |
|
£ |
£ |
United Kingdom |
3,130,286 |
2,996,285 |
Europe (excluding UK) |
425,997 |
242,498 |
United States of America |
410,007 |
306,819 |
Other markets |
82,593 |
234,638 |
|
|
|
|
4,048,883 |
3,780,240 |
|
|
|
Investments comprising more than 10% of the portfolio market value at year end:
|
2023 |
2022 |
|
£ |
£ |
No investment comprising more than 10% |
- |
- |
|
|
|
continued...
Page 18
Trust Property Held by Trustees of
St Augustine's Priory
(Working name)
St Augustine's Priory Trust
Notes to the Financial Statements - continued for the Year Ended 31 July 2023
11. FIXED ASSET INVESTMENTS - continued
Cost or valuation at 31 July 2023 is represented by:
Valuation in 2023
Cost
Investments (neither listed nor unlisted) were as follows:
Cash held with Charles Stanley & Co Ltd.
12.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
PAYE & NI
St Augustine's Priory School Ltd - Bursaries and Scholarships
Accrued expenses |
2023
£
25,628
2023
£
1,247
115,000
17,495
133,742 |
Listed
investments
£
349,467
3,699,416
4,048,883
2022
£
328,239
2022
£
1,420
161,829
17,481
180,730 |
|
|
|
Accrued expenses comprise the following:-
(a) accountancy and audit fees for the year charged after the year end;
(b) investment management fees relating to the year but charged after the year end.
13. MOVEMENT IN FUNDS
Unrestricted funds
General fund
Endowment funds
Expendable endowment
TOTAL FUNDS |
At 1.8.22
£
2,010,173
5,198,585
7,208,758 |
Net
movement
in funds
£
(50,778)
(65,289)
(116,067) |
Transfers
between
funds
£
(4,591)
4,591
- |
At
31.7.23
£
1,954,804
5,137,887 |
|
|
|
|
7,092,691 |
continued...
Page 19
Trust Property Held by Trustees of
St Augustine's Priory
(Working name)
St Augustine's Priory Trust
Notes to the Financial Statements - continued for the Year Ended 31 July 2023
13. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
Incoming
resources
£
Unrestricted funds
General fund
132,646
Endowment funds
Expendable endowment
-
TOTAL FUNDS
132,646
Comparatives for movement in funds
At 1.8.21
£
Unrestricted funds
General fund
2,052,616
Endowment funds
Expendable endowment
5,551,236
TOTAL FUNDS
7,603,852
Comparative net movement in funds, included in the above are as
Incoming
resources
£
Unrestricted funds
General fund
145,251
Endowment funds
Expendable endowment
-
TOTAL FUNDS
145,251 |
|
|
|
continued...
Page 20
Trust Property Held by Trustees of
St Augustine's Priory
(Working name)
St Augustine's Priory Trust
Notes to the Financial Statements - continued for the Year Ended 31 July 2023
13. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined position is as follows:
Unrestricted funds
General fund
Endowment funds
Expendable endowment
TOTAL FUNDS |
At 1.8.21
£
2,052,616
5,551,236
7,603,852 |
Net
movement
in funds
£
(89,725)
(421,436)
(511,161) |
Transfers
between
funds
£
(8,087)
8,087
- |
At
31.7.23
£
1,954,804
5,137,887 |
|
|
|
|
7,092,691 |
A currentyear12monthsandprioryear12monthscombinednetmovementinfunds,includedinthe above
are as follows:
Unrestricted funds
General fund
Endowment funds
Expendable endowment
TOTAL FUNDS |
Incoming
resources
£
277,897
-
277,897 |
Resources
expended
£
(367,622)
(100,042)
(467,664) |
Gains and
Movement
losses
in funds
£
£
-
(89,725)
(321,394)
(421,436)
(321,394)
(511,161) |
|
|
|
|
General fund
ThegeneralfundrepresentstheunrestrictedfundswhichtheTrusteesarefreetouseinaccordancewith the
Trust's charitable objects.
Expendable endowment fund
IntheTrustDeedtheamountinvestedisexpendable-thatis,thecapitalcanbeconvertedinto income,
subject to the purposes set out in the Trust Deed, the main purposes being:
(a) education;
(b) the development, maintenance and upkeep of the Trust property; and
(c) such other charitablepurposesrelated to the Roman CatholicChurchas the Trustees, at their discretion,
think fit.
Incomearisingontheendowmentfundisincludedasunrestrictedincome.Anycapitalgainsorlosses arising
form part of the fund.
continued...
Page 21
Trust Property Held by Trustees of
St Augustine's Priory
(Working name)
St Augustine's Priory Trust
Notes to the Financial Statements - continued for the Year Ended 31 July 2023
14. RELATED PARTY DISCLOSURES
Transactions with St Augustine's Priory School Limited consisted of the following:-
|
2023 |
2022 |
|
£ |
£ |
School fees - scholarships awarded |
50,000 |
50,000 |
|
|
|
|
|
|
Donations to the School |
- |
- |
|
|
|
AttheyearendthebalanceowedbytheTrusttoStAugustine'sPriorySchoolLimitedwas£115,000 (2022:
£161,829).
At the year end the balance owed to the Trust by St Augustine's Priory School Limited was £nil (2022: £Nil).
The School occupies the Trust's freehold property rent free, without a formal lease.
Page 22
Trust Property Held by Trustees of
St Augustine's Priory
(Working name)
St Augustine's Priory Trust
Detailed Statement of Financial Activities for the Year Ended 31 July 2023
INCOME AND ENDOWMENTS
Investment income
Dividends - UK equities
Dividends - Overseas equities
UK interest
Other income
Rents received
Total incoming resources
EXPENDITURE
Investment management costs
Investment management
Overseas custody charges
Charitable activities
Salaries
Social security
Sundry expenses
Scholarships
Accommodation charges
Bank charges
Depreciation on freehold buildings
Depreciation on improvements to property
Other
HMRC Interest
Support costs
Governance costs
Auditors' remuneration
Carried forward |
2023
£
110,748
19,273
1,125
131,146
1,500
132,646
22,850
145
22,995
45,000
5,067
85
50,000
10,800
60
7,200
76,340
194,552
-
10,600
10,600 |
2022
£
128,630
15,121
- |
|
|
143,751
1,500 |
|
|
145,251
23,580
10 |
|
|
23,590
45,000
5,127
-
50,000
10,774
155
7,200
76,340 |
|
|
194,596
191
11,140
11,140 |
This page does not form part of the statutory financial statements
Page 23
Trust Property Held by Trustees of
St Augustine's Priory
(Working name)
St Augustine's Priory Trust
Detailed Statement of Financial Activities
for the Year Ended 31 July 2023
Governance costs
Brought forward
Auditors' remuneration for non audit work
Total resources expended
Net expenditure before gains and losses
Realised recognised gains and losses
Net gain/(loss) on realisation of investments
Net expenditure |
2023
£
10,600
5,000
15,600
233,147
(100,501)
55,660
(44,841) |
2022
£
11,140
5,000
16,140
234,517
(89,266)
57,687
(31,579) |
|
|
|
This page does not form part of the statutory financial statements
Page 24