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2020-08-31-accounts

REPORT OF THE TRUSTEES AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

FOR

THE TRUSTEES OF ST AUGUSTINE'S ABBEY

Charity no: 245415

THE TRUSTEES OF ST AUGUSTINE'S ABBEY

CONTENTS OF THE FINANCIAL STATEMENTS for the Year Ended 31 August 2020

Page
Legal and administrative information 1
Report of the Trustees 2
Statement of financial activities 6
Statement of financial position 7
Notes to the Financial Statements 8
Income and Expenditure Account 14
Independent Examiner’s Report 16

THE TRUSTEES OF ST AUGUSTINE'S ABBEY

LEGAL AND ADMINISTRATIVE INFORMATION for the Year Ended 31 August 2020

Status

The Trustees of St Augustine’s Abbey are constituted under a Trust Deed dated 20 July 1927 and are a registered charity number 245415.

Trustees

The trustees in office during the period and at the date of this report:

P Greenwood D Keauffling The Monastic Chapter

Bursar

D Keauffling

Registered Office

St Augustine’s Abbey Sample Oak Lane CHILWORTH GU4 8QR

Solicitors

Stone King 13 Queen Square Bath BA1 2HJ

Independent Examiners

Hilary Adams Ltd Chartered Accountants 158 High Street Herne Bay Kent CT6 5NP

Investment Advisors

CCLA COIF Charity Funds Senator House 85 Queen Victoria Street London EC4V 4ET

Page 1

THE TRUSTEES OF ST AUGUSTINE'S ABBEY

REPORT OF THE TRUSTEES for the Year Ended 31 August 2020

The Trustees present their report along with the financial statements of the charity for the year ended 31 August 2020. The financial statements have been prepared on the accounting policies set out in note 1 to the financial statements and comply with the charity’s constitution, applicable law and the requirements of the Statement of Recommended Practice, “Accounting and Reporting by Charities”; Financial Reporting Standard 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”, effective 1[st] January 2019.

Constitution and objects

St Augustine’s Abbey Ramsgate is a charity constituted under a Trust Deed dated 20th July 1927 and is registered by the Charity Commission under 245415.

The objects of the charity are “for the advancement of the Roman Catholic Faith in Great Britain or Ireland and for such charitable objects connected with the Roman Catholic Faith as they shall in their absolute discretion from time to time think fit and proper”. These objectives are carried out in accordance with the Rule of St Benedict whereby monks are called to live a life of Prayer, Work and Study within the Monastic Community. It is a foundational charism of Benedictine life that prayer, and especially prayer in community, is the soil in which all works of the monastery grow.

On 15[th] October 2009 the Trustees issued a press release announcing their decision that, 'The Benedictine Monks of St Augustine’s Abbey, Ramsgate, Kent, have voted to vacate the monastery in which they have lived for 148 years, and to relocate the Community. This followed a long process of discussion and discernment, and after taking professional advice. The Community, is no longer able to meet the Abbey’s considerable running and maintenance costs. The monastic community, therefore, is now actively looking for a new property and location better suited to its size and requirements. A new Abbey will need adequate provision for a church, land for market gardening, and other dedicated work areas. We look to promote the enduring values of Benedictine monasticism and plan to extend and develop our existing guest ministry to offer residential and non-residential hospitality to groups and individuals, both men and women. We also hope to offer structured retreats, educational courses and spiritual and intellectual study days. There is also a pressing need for a practical, user-friendly structure in which to house the Community’s large monastic library.

A further press release was issued on 31[st] December 2010 stating that the Community, having negotiated with the Order of Friars Minor, was moving to Chilworth in Surrey where the OFMs had recently withdrawn. A refurbishment of the first floor accommodation was completed in early November of 2011 with plans for conversion of the attic space into accommodation accepted by the local planning authority. On 27[th] November 2011 the Community formally moved.

The full liturgy is being conducted in the church and we are joined in this by members of the lay faithful. There are lectures and talks being conducted on Holy Scripture and Spirituality. Following various requests we have begun to carry out chaplaincy work at convents and schools and the University of Surrey. We are also discussing the possibility of chaplaincy work in local prisons. Additionally we offer guest facilities for both men and women, though there are a limited number of rooms. Owing to the limitations caused by lockdown rules during the height of the Covid-19 pandemic many of these activities had to be curtailed and are only now being carefully re-introduced.

Plans, project management, and fundraising are still in the early stages for a building program where we shall build a library and guest centre, which will enhance our guest apostolate, enable us to open the library to the wider academic world and offer the possibility of a moderately sized conference centre. To this end we have completed the process by preparing space for and moving our collection of some 30,000 books. We have refurbished a vault which forms part of the basement of the monastery but which is nevertheless above ground owing to the immediate topography. Heating and air circulation have been installed to keep constant temperature and humidity and we have had five hundred metres of shelving fitted. This temporary library may well be useful, once the new library is built, as an archive facility. We are also in the process of converting another room for archive materials.

Page 2

THE TRUSTEES OF ST AUGUSTINE'S ABBEY

REPORT OF THE TRUSTEES for the Year Ended 31 August 2020

1. Organisation

The Trustees of St Augustine’s Abbey Ramsgate is the corporate trustee of the Charity, incorporated by the Charity Commission under Part VII Charities Act 2011. The individual charity trustees who make up that corporate body comprise the Abbot of St Augustine’s and such other members of the monastic community as he may appoint. All trustees are, therefore, fully conversant with the aims and objectives of the organisation.

Grant Making Policy

Owing to the considerable capital outlay on the re-location of the Community the Trustees felt that the Grant Making Policy should be reviewed. In the meantime we are making small ‘ad hoc’ donations to seminarians in developing nations. We are also giving educational sponsorship, again on an ‘adhoc’ basis, various people in Ghana with whom we come into contact through the Monastery of Kristo Buase in Ghana and through the Trustees of the Ghana Monastery Foundation.

Results

The net incoming resources for the year amounted to £202,538 (2019: £213,276) with an expenditure of £212,315 (2019: £236,522). After adjusting for the revaluation of the investments a surplus of £97,052 (2019: £178,759) for the year was added to the reserves giving a total income and expenditure account to carry forward of £7,356,121 (2019: £7,259,069).

Reserves Policy

The Trustees negotiated the sale of the property of St Peter’s Church Westgate-on Sea, in Thanet, on 13th March 2018. This realised £585,00.00. The Trustees, after consultation with our investment manager, realised £400,000.00 from our investment capital. This, together with the sum raised by the sale of the property at Westgate plus cash held in our current account was used to pay the last instalment in purchasing the property at Chilworth from the Order of Friars Minor. Also we shall be completing the refurbishing and remedial maintenance to the monastery at Chilworth.

Additionally we receive donations specifically for a future project which is to build a new library/guest house these donations are reflected separately in our account.

Risk Management

Investment Policy Statement

2. Investment Objectives

2.1 The Trustees assets are invested to produce the best financial return with an acceptable level of risk.

2.2 The investment objective is to balance the income and capital returns. The assets should be managed at least to maintain the real capital value of the portfolio, whilst generating a sustainable level of investment income to support the current charitable activities. 2.3 The current income target is £116,000.00 per annum (a starting yield of 4%) and as such the overall investment objective can be quantified as inflation plus 4% per annum.

3. Risk

The trustees rely largely on investment income to fund current charitable activities. The stability of income is therefore important.

The key risk to the long term sustainability of the Trust is inflation, and the assets should be invested to mitigate this risk over the long term. The trustees understand that this is likely to mean that the investment will be concentrated in real assets and that the capital value will fluctuate.

The trustees are able to tolerate volatility of the capital value of the portfolio, as long as they are able to meet current expenditure from investment income.

Page 3

THE TRUSTEES OF ST AUGUSTINE'S ABBEY

REPORT OF THE TRUSTEES for the Year Ended 31 August 2020

3. Risk (cont)

The trustees are responsible for identifying and monitoring suitable investment managers and investment vehicles for the Trust. Asset allocation will vary from this target, owing to market movements. Formal rebalancing of the portfolio asset allocation occurs on an annual basis, unless the trustees believe it is prudent not to do so.

Until April 2016 the investments of the Trustees of St Augustine’s Abbey have been handled by Barclays Wealth. It was never the intention of the Trustees to have their investments handled by a large bank but a succession of mergers, takeovers and purchases led to the investment managers that originally dealt with these investments being owned by Barclays. The Trustees having been becoming increasing dissatisfied with the performance of Barclays with regard to fee structures, returns on investments and the overall ethical culture of Barclays Group. It was decided therefore that we must move to another Investment Management Company.

Following the help and advice of independent advisors with long experience in the field nine companies were sent a ‘Request for Proposal’ letter. These included, Brewin Dolpin, CCLA, Cazenove, Charles Stanley, Heartwood Investment Management, Investec, Quilter Cheviot, Rathbones, and Sarasin Partners. All companies replied and, following examination of their submissions, three were short listed for greater scrutiny, namely Cazenove, CCLA and Heartwood Investment Management. Following meetings with all three it became clear that from the perspective of income, fee structure and ethical investment policies CCLA were the most appropriate for the Trustees’ needs. Barclays Wealth were therefore instructed of this and the process of transferring shares or selling and transferring monies to CCLA were begun April 2016 and completed in August 2016. The funds were used to purchase Income Units in the COIF Charities Ethical Investment Fund.

Income is paid quarterly and Nicholas Reid of CCLA recommends that representatives of the Trustees meet with him and his staff twice a year.

The Trustees are also continuing a review of the property portfolio with a view to identifying liabilities and taking steps to convert such liabilities to assets. This has led to the necessity of formalising terms of the relationship between the Trustees of the Roman Catholic Diocese of Southwark and Abbey Trustees with regard to various Properties used which are occupied by the Diocesan Trustees but owned by the Abbey Trustees. This work, begun in 2005, is still in progress.

Other risks, including compliance with regulations affecting buildings, care of the elderly, protection of children and vulnerable adults and affecting the charitable works of the Monastery, are from time to time discussed with our professional advisers and, where necessary, dealt with in written policy documents.

How our activities deliver public benefit

The objects of the charity are “for the advancement of the Roman Catholic Faith in Great Britain or Ireland and for such charitable objects connected with the Roman Catholic Faith as they shall in their absolute discretion from time to time think fit and proper”. These objectives are carried out in accordance with the Rule of St Benedict whereby monks are called to live a life of Prayer, Work and Study within the Monastic Community. It is a foundational charism of Benedictine life that prayer, and especially prayer in community, is the soil in which all works of the monastery grow. Living this out the monastery becomes a 'foyer' for the Gospel which is open to and draws in those of the Catholic faith, those of other faiths and those of no faith providing spiritual, psychological and emotional support.

Covid-19 impact

There has been something of a return to normality since the ending many of the restrictions during the pandemic. We have continued to follow the guidelines of the Bishop’s Conference and the Government. The shortfall in Donation, Guest Donation and Stipend was as predicted last year but we hope to see a return to former levels. The Investment Income has held its own through the year and our investment managers are monitoring the markets carefully.

Several of the brethren have continued to provide pastoral ministry, spiritual direction and counselling online.

Page 4

THE TRUSTEES OF ST AUGUSTINE'S ABBEY

REPORT OF THE TRUSTEES for the Year Ended 31 August 2020

Statement of Trustees' Responsibilities

The Trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and regulations.

Charity law requires the Trustees to prepare financial statements for each financial year. Under that law the Trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under charity law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Abbey and of the surplus or deficit of the Abbey for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Abbey's transactions and disclose with reasonable accuracy at any time the financial position of the Abbey and enable them to ensure that the financial statements comply with the Charities Act. They are also responsible for safeguarding the assets of the Abbey and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO INDEPENDENT EXAMINERS

So far as the Trustees are aware, there is no relevant information of which the Abbey's Independent Xxaminers are unaware, and each Trustees has taken all the steps that they ought to have taken as a Trustees in order to make themselves aware of any relevant information and to establish that the Abbey's Independent Examiners are aware of that information.

Independent Examiners

Having established that an audit was no longer necessary last year, McCabe Ford Williams were removed as Independent Examiners; Hilary Adams Ltd were appointed in their place, and have expressed willingness to continue in that capacity.

Approved by the trustees and signed on their behalf by

....................................................... D Keauffling - Trustee

Date: .............................................

.

Page 5

THE TRUSTEES OF ST AUGUSTINE'S ABBEY

STATEMENT OF FINANCIAL ACTIVITIES (including Income and Expenditure Account) for the Year Ended 31 August 2020

Funds
2020
Notes
£
Incoming resources:
Voluntary income:
Donations & grants
24,352
Annuities & pensions
22,204
Stipends
8,414
Investment income
105,197
Other income
937
Activities for generating funds:
Sanctuary (deficit)/surplus
7,834
Fund raising
-
Incoming resources from
charitable activities:
Rental income
33,600
Disposal of assets
-
Total incoming resources
202,538
Resources expended
Costs of generating funds:
Costs of generating voluntary income
-
Charitable activities
212,315
Total resources expended
2
212,315
STATEMENT OF TOTAL RECOGNISED
GAINS AND LOSSES
Net incoming resources before other
recognised gains
(net income for the year)
(9,777)
Other recognised gains
Gains/(losses) on revaluation of
investments
107,650
Profit/(loss) on disposal of
fixed assets
2
(821)
Net movement in funds
97,052
Funds transfer
Total funds brought forward
7,169,193
Total funds carried forward
15
7,266,245
Unrestricted		 Restricted
Funds
2020
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
89,876
89,876		 Total
Funds
2020
£
24,352
22,204
8,414
105,197
937
7,834
-
33,600
-
202,538
-
212,315
212,315
(9,777)
107,650
(821)
97,052
-
7,259,069
7,356,121		 Total
Funds
2019
£
37,279
21,584
14,923
102,745
2,102
850
-
33,793
-
213,276
-
236,522
236,522
(23,246)
202,005
-
178,759
-
7,080,310
7,259,069

Movements in funds are disclosed in Note 15 to the financial statements.

The notes form part of these financial statements

Page 6

THE TRUSTEES OF ST AUGUSTINE'S ABBEY (REGISTERED NUMBER: 245415)

STATEMENT OF FINANCIAL POSITION

31 August 2020

Notes
FIXED ASSETS
Tangible assets
10
Investments
11
Investment property
12
CURRENT ASSETS
Stocks
Debtors
13
Cash at bank and in hand
CREDITORS
Amounts falling due within one year
14
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
NET ASSETS
RESERVES
Restricted funds
Revaluation reserve
15
Building fund
Unrestricted funds
Income and expenditure account
15		 31.8.20
£
£
6,273,192
3,414,206
620,000
10,307,398
5,000
2,014
137,649
144,663
16,229
128,434
10,435,832
10,435,832
3,079,711
89,876
7,266,245
10,435,832		 31.8.19
£
£
6,279,243
3,306,556
620,000
10,205,799
4,500
1,488
141,000
146,988
14,007
132,981
10,338,780
10,338,780
3,079,711
89,876
7,169,193
10,338,780
144,663
16,229

The financial statements were approved by the Board of Trustees

on ............................................. and were signed by:

....................................................... P Greenwood - Trustee

....................................................... D Keauffling – Trustee

The notes form part of these financial statements

Page 7

THE TRUSTEES OF ST AUGUSTINE'S ABBEY

NOTES TO THE FINANCIAL STATEMENTS for the Year Ended 31 August 2020

1. ACCOUNTING POLICIES

Accounting convention

These financial statements have been prepared in accordance with the provisions of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" effective 1 January 2019 and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Financial Reporting Standard Number 1

Exemption has been taken from preparing a cash flow statement on the grounds that the charity qualifies as a small charity.

Fixed asset investments

Investments are included at closing mid-market value at the balance sheet date. Any gain or loss on revaluation is taken to the Statement of Financial Activities.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc - 33% on cost, 20% on cost

No depreciation charge has been made on land & buildings on the basis that they are heritage, and therefore have a long useful economic life and high residual value.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in market value is transferred to a revaluation reserve.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Fund accounting

Incoming resources

All incoming resources are included in the statement of financial activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy, The following specific policies are applied to particular categories of income:

Resources expended

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes VAT and is reported as part of the expenditure to which it relates:

Donated services and volunteers

Various well-wishers of the monastic community have been offering their services and help. These include three people who have been working at re-cataloguing, sorting and shelving of books in the library. This is an ongoing project as the volumes in library run into the thousands and more are being added to the collection all the time. The volunteers do not work strict hours but on ‘ad hoc’ basis. There are three people who regularly help manage the grounds of the monastery. The grounds are so designed to be low maintenance and these volunteers help keep the grounds tidy. One person comes in one day a week who helps in the bursar’s office. His principle work is PR and obtaining grants for some of the routine maintenance work that needs to be done on the monastery building. Five people regularly assist with the liturgy on Sundays

Page 8

continued...

THE TRUSTEES OF ST AUGUSTINE'S ABBEY

NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 August 2020

2. TOTAL RESOURCES EXPENDED

Basis of
allocation
Costs directly
allocated to activities
Establishment costs
Direct
Domestic costs
Direct
Monastic expenses
Direct
Library
Direct
Donations
Direct
Training & education
Direct
Professional fees
Direct
Accountancy & legal fees
Direct
Support costs
allocated to activities
Travelling
Usage
Motor expenses
Usage
Communications
Usage
Post & stationery
Usage
Laundry & cleaning
Usage
Sundry expenses
Usage
Medical and care costs
Usage
Bank charges
Usage
Depreciation
Usage
Loss on disposal of
tangible fixed assets
Usage
Total resources
expended		 Voluntary
income
2020 Total
£
£
72,381
72,381
32,817
32,817
15,482
15,482
6,980
6,980
6,341
6,341
6,595
6,595
2,315
2,315
2,854
2,854
22,622
22,622
5,412
5,412
7,467
7,467
4,480
4,480
1,814
1,814
17,391
17,391
4,509
4,509
547
547
2,308
2,308
821
821
213,136
213,136		 2019 Total
£
58,428
36,247
8,941
4,552
15,025
4,110
19,161
6,384
36,440
6,917
5,845
5,020
4,880
15,176
5,142
338
3,916
-
236,522

3. NET INCOMING RESOURCES FOR THE YEAR These are stated after charging:

31.8.20 31.8.19 £ £ Depreciation - owned assets 2,308 3,916 Independent examiner's remuneration 2,700 2,940

continued....

Page 9

THE TRUSTEES OF ST AUGUSTINE'S ABBEY

NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 August 2020

4. STAFF COSTS

STAFF COSTS
31.8.20 31.8.19
£ £
Wages and salaries - -
- -

The average monthly number of employees during the year was as follows:

ws:
31.8.20 31.8.19
- -
5.
GOVERNANCE COSTS
31.8.20
£
Accountancy
-
Independent Examiner’s remuneration
2,700
2,700		 31.8.19
£
2,700
2,940
5,640

6. TRUSTEE REMUNERATION AND RELATED PARTY TRANSACTIONS

No members of the management committee received any remuneration during the year (2019 Nil). No expenses were reimbursed during the year (2019 Nil).

No trustee or other person related to the charity had any personal interest in any contract or transaction entered into by the charity during the year (2019 Nil).

7. TAXATION

As a charity, The Trustees of St Augustine’s Abbey is exempt from tax on income and gains falling within section 505 Of the Taxes Act 1988 or s256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. No tax charges have arisen in the Charity.

8. INVESTMENT INCOME

CCLA fund
 31.8.20

£
105,197
 31.8.19
£
102,745

9. GRANTS PAYABLE

Grants payable are made predominantly to religious associations. An analysis of the grants paid in the year is as follows:-

31.8.20

£
Almoner
2,265
Western Union
1,730
Other
2,346
6,341		 31.8.19
£
-
9,911
5,114
15,025

Page 10

continued...

THE TRUSTEES OF ST AUGUSTINE'S ABBEY

NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 August 2020

10. TANGIBLE FIXED ASSETS

COST OR VALUATION
At 1 September 2019
Additions
Disposals
At 31 August 2020
DEPRECIATION
At 1 September 2019
Charge for year
Eliminated on disposal
At 31 August 2020
NET BOOK VALUE
At 31 August 2020
At 31 August 2019		 Land and
buildings
£
6,270,872
-
-
6,270,872
-
-
-
-
6,270,872
6,270,872		 Land and
buildings
£
6,270,872
-
-
6,270,872
-
-
-
-
6,270,872
6,270,872		 Plant and

machinery

etc
£
30,674
478
(5,628)
25,524
22,303
2,308
(1,407)
23,204
2,320
8,371		 Plant and

machinery

etc
£
30,674
478
(5,628)
25,524
22,303
2,308
(1,407)
23,204
2,320
8,371

Totals
£
6,301,546
478
(5,628)
6,296,396
22,303
2,308
(1,407)
23,204
6,273,192
6,279,243

Cost or valuation at 31 August 2020 is represented by:

Valuation in 2020
Subsequent cost		 Plant and
Land and
machinery
buildings
etc
Totals
£
£
£
6,270,872
-
6,270,872
-
25,524
25,524
6,270,872
25,524
6,296,396		 Plant and
Land and
machinery
buildings
etc
Totals
£
£
£
6,270,872
-
6,270,872
-
25,524
25,524
6,270,872
25,524
6,296,396
6,296,396

If freehold land and buildings had not been revalued they would have been included at the following historical cost:

Cost
Value of land in freehold land and buildings		 31.8.20
£
3,811,161
872		 31.8.19
£
3,811,161
872

Freehold land and buildings are of historic and national interest. The monastery at Chilworth is a grade two listed building.

Freehold land and buildings were valued on an open market basis on 31 August 2018 by Gerald Eve, Chartered Surveyors. Due to the current pandemic, it was deemed overly onerous to have to seek a more recent valuation.

Page 11

continued...

THE TRUSTEES OF ST AUGUSTINE'S ABBEY

NOTES TO THE FINANCIAL STATEMENTS - continued

for the Year Ended 31 August 2020

11. FIXED ASSET INVESTMENTS

COST OR VALUATION
At 1 September 2019
Revaluations
At 31 August 2020
NET BOOK VALUE
At 31 August 2020
At 31 August 2019
Cost or valuation at 31 August 2020 is represented by:		 Other
investments
£
3,306,556
107,650
3,414,206
3,414,206
3,306,556
Valuation in 2019
Cost		 Other
investments
£
3,414,206
-
3,414,206

If fixed asset investments had not been revalued they would have been included at the following historical cost:

Cost 31.8.20
£
2,903,314		 31.8.19
£
2,903,314

Fixed asset investments were valued on an open market basis on 31 August 2020 by CCLA.

12.
INVESTMENT PROPERTY
FAIR VALUE
At 1 September 2019
and 31 August 2020
NET BOOK VALUE
At 1 September 2019
and 31 August 2020		 Total
£
620,000
620,000

If investment property had not been revalued it would have been included at the following historical cost:

Cost
 31.8.20
£
144,226
 31.8.19
£
144,226

Investment properties were valued on an open market basis on 31 August 2018 by Gerald Eve, Chartered Surveyors. Due to the current pandemic, it was deemed overly onerous to have to seek a more recent valuation.

Page 12

continued…

THE TRUSTEES OF ST AUGUSTINE'S ABBEY

NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 August 2020

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Other creditors
14.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Other creditors
15.
MOVEMENT IN FUNDS
At 1.9.19
Net
movement
in funds
£
£
Unrestricted funds
Core
7,169,193
97,052
Restricted funds
Revaluation reserve
3,079,711
-
Building reserve
89,876
-
TOTAL FUNDS
10,338,780
97,052
Net movement in funds, included in the above are as follows:
Incoming
resources
£
Unrestricted funds
Core
310,188
Restricted funds
Revaluation reserve
-
Building reserve
-
TOTAL FUNDS
310,188
Building reserve		 31.8.20
£
2,014
31.8.20
£
16,229
Transfers
between
funds
£
-
-
-
-
Resources
expended
£
(213,136)
-
-
(213,136)		 31.8.19
£
1,488
31.8.19
£
14,007
At 31.8.20
£
7,266,245
3,079,711
89,876		 31.8.19
£
1,488
31.8.19
£
14,007
At 31.8.20
£
7,266,245
3,079,711
89,876
10,435,832
Movement
in funds
£
97,052
-
-
97,052

The building reserve is for a future project to build a new library/guest house.

Page 13

THE TRUSTEES OF ST AUGUSTINE'S ABBEY

DETAILED INCOME AND EXPENDITURE ACCOUNT for the Year Ended 31 August 2020

TURNOVER
Donations
Stipends
State pensions
Investment income
Sanctuary income
Other income
COST OF SALES
Opening stock
Purchases
Closing stock
GROSS SURPLUS
Administrative Expenses
Social security
Pensions
Staff training
Travel expenses
Rates and water
Light and heat
Repairs to property
Cleaning
Motor expenses
Groceries
Domestic supplies
Software & maintenance
Insurance
Post and stationery
Training & education
Library
Monastic dues		 2020
£
£
24,352
8,414
22,204
105,197
11,071
937
172,175
4,500
3,737
(5,000)
(3,237)
168,938
770
3,091
-
22,622
3,044
17,605
27,004
1,814
5,412
30,154
2,663
2,094
24,728
4,480
6,595
6,980
15,482		 2020
£
£
24,352
8,414
22,204
105,197
11,071
937
172,175
4,500
3,737
(5,000)
(3,237)
168,938
770
3,091
-
22,622
3,044
17,605
27,004
1,814
5,412
30,154
2,663
2,094
24,728
4,480
6,595
6,980
15,482		 2019
£
£
37,279
14,923
21,584
102,745
4,460
2,102
183,093
4,500
3,610
(4,500)
(3,610)
179,483
768
3,091
1,523
36,440
4,218
17,028
20,580
4,880
6,917
33,439
2,808
1,486
16,602
5,020
4,110
4,552
8,941		 2019
£
£
37,279
14,923
21,584
102,745
4,460
2,102
183,093
4,500
3,610
(4,500)
(3,610)
179,483
768
3,091
1,523
36,440
4,218
17,028
20,580
4,880
6,917
33,439
2,808
1,486
16,602
5,020
4,110
4,552
8,941
172,175

(3,237)		 183,093
(3,610)
770
3,091
-
22,622
3,044
17,605
27,004
1,814
5,412
30,154
2,663
2,094
24,728
4,480
6,595
6,980
15,482		 768
3,091
1,523
36,440
4,218
17,028
20,580
4,880
6,917
33,439
2,808
1,486
16,602
5,020
4,110
4,552
8,941
168,938
 179,483

This page does not form part of the statutory financial statements

Page 14

continued…

THE TRUSTEES OF ST AUGUSTINE'S ABBEY

DETAILED INCOME AND EXPENDITURE ACCOUNT
for the Year Ended 31 August 2020
Communications
7,467
Independent examiner’s fees
2,700
Accountancy fees
-
Legal fees
154
Professional fees
2,315
Bank charges
547
Charitable donations
6,341
Depreciation of motor vehicles
-
Depreciation of fixtures and fittings
2,150
Depreciation of computer equipment
158
Loss on disposal of tangible fixed assets
821
Sundry expenses
11,436
Medical and care costs
4,509
(213,136)
Other Operating Income
Rents received
33,600
33,600
Gain on revaluation of investments
107,650
107,650
NET SURPLUS
97,052		 DETAILED INCOME AND EXPENDITURE ACCOUNT
for the Year Ended 31 August 2020
Communications
7,467
Independent examiner’s fees
2,700
Accountancy fees
-
Legal fees
154
Professional fees
2,315
Bank charges
547
Charitable donations
6,341
Depreciation of motor vehicles
-
Depreciation of fixtures and fittings
2,150
Depreciation of computer equipment
158
Loss on disposal of tangible fixed assets
821
Sundry expenses
11,436
Medical and care costs
4,509
(213,136)
Other Operating Income
Rents received
33,600
33,600
Gain on revaluation of investments
107,650
107,650
NET SURPLUS
97,052		 DETAILED INCOME AND EXPENDITURE ACCOUNT
for the Year Ended 31 August 2020
Communications
7,467
Independent examiner’s fees
2,700
Accountancy fees
-
Legal fees
154
Professional fees
2,315
Bank charges
547
Charitable donations
6,341
Depreciation of motor vehicles
-
Depreciation of fixtures and fittings
2,150
Depreciation of computer equipment
158
Loss on disposal of tangible fixed assets
821
Sundry expenses
11,436
Medical and care costs
4,509
(213,136)
Other Operating Income
Rents received
33,600
33,600
Gain on revaluation of investments
107,650
107,650
NET SURPLUS
97,052		 5,845
2,940
2,700
744
19,161
338
15,025
1,407
2,509
-
-
8,308
5,142
(236,522)
33,600 33,793
33,600 33,793
107,650 202,005
107,650 202,005
97,052 178,759

This page does not form part of the statutory financial statements

Page 15

CHARTERED ACCOUNTANTS' INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES ON THE UNAUDITED FINANCIAL STATEMENTS OF ST AUGUSTINE'S ABBEY

We report on the accounts of the company for the year ended 31 August 2020, which are set out on pages 6 to 15.

Respective responsibilities of trustees and examiner

The trustees are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. Having satisfied ourselves that the charity is not subject to audit under company law and is eligible for independent examination, it is our responsibility to:

Basis of independent examiner’s report

Our examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statement below.

Independent examiner’s statement

In connection with our examination, no matter has come to our attention:

(2) to which, in our opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

Hilary Adams Ltd Chartered Accountants 158 High Street Herne Bay Kent CT6 5NP

Date: .............................................

Page 16