REPORT OF THE TRUSTEES AND
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023
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 2023
| 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 Auditor’s Report | 16 |
THE TRUSTEES OF ST AUGUSTINE'S ABBEY
LEGAL AND ADMINISTRATIVE INFORMATION for the Year Ended 31 August 2023
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
Auditors
McCabe Ford Williams 2 The Links Herne Bay Kent CT6 7GQ
Accountants
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 2023
The Trustees present their report along with the financial statements of the charity for the year ended 31 August 2023. 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 15th 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 31st 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 27th 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. Additionally we offer guest facilities for both men and women, though there are a limited number of rooms. Following to the limitations caused by lockdown rules during the height of the Covid-19 pandemic many of these activities have now been 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 this work is ongoing as we have experienced several difficulties in providing an adequate climate control.
Page 2
THE TRUSTEES OF ST AUGUSTINE'S ABBEY
REPORT OF THE TRUSTEES for the Year Ended 31 August 2023
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 £264,333 (2022: £415,298) with an expenditure of £263,208 (2022: £246,675). After adjusting for the revaluation of the investments a deficit of £166,500 (2022: £65,181) for the year was added to the reserves giving a total income and expenditure account to carry forward of £7,660,169 (2022: £7,826,669).
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 accounts.
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 £120,000.00 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.
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THE TRUSTEES OF ST AUGUSTINE'S ABBEY
REPORT OF THE TRUSTEES for the Year Ended 31 August 2023
3. Risk (cont)
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.
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.
On 1st April 2021 we transferred our investments from COIF Charities Ethical Investment Fund to CAIF Catholic Investment Fund, becoming founder investors in this fund. This was done having assessed the risks and because it was felt appropriate that our investments would be in line with the teaching of the Catholic Church as closely as possible. Like the Charities Ethical Investment Fund the Catholic Investment Fund is run by CCLA and because the funds were moved ‘in house’ the Trustees incurred no costs in the transfer.
Income is paid quarterly and Ed Kirwan 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.
Page 4
THE TRUSTEES OF ST AUGUSTINE'S ABBEY
REPORT OF THE TRUSTEES for the Year Ended 31 August 2023
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:
-
select suitable accounting policies and then apply them consistently;
-
make judgements and accounting estimates that are reasonable and prudent;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Abbey will continue.
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 AUDITORS
So far as the Trustees are aware, there is no relevant information of which the Abbey's auditors are unaware, and each Trustee 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 auditors are aware of that information.
Auditors
McCabe Ford Williams were appointed as auditors in the previous year.
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 2023
| Funds 2023 Notes £ Incoming resources: Voluntary income: Donations & grants 73,428 Annuities & pensions 29,615 Stipends 3,972 Investment income 8 111,276 Grants - Other income - Activities for generating funds: Sanctuary (deficit)/surplus 13,442 Fund raising - Incoming resources from charitable activities: Rental income 32,600 Disposal of assets - Total incoming resources 264,333 Resources expended Costs of generating funds: Costs of generating voluntary income - Charitable activities 263,208 Total resources expended 2 263,208 STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES Net incoming resources before other recognised gains (net income for the year) 1,125 Other recognised gains Gains/(losses) on revaluation of investments (167,625) Gains/(losses) on revaluation of investment properties - Transfer to revaluation reserve - Net movement in funds (166,500) Funds transfer - Total funds brought forward 7,736,793 Total funds carried forward 15 7,570,293 Unrestricted |
Restricted Funds 2023 £ - - - - - - - - - - - - - - - - - - - - 89,876 89,876 |
Total Funds 2023 £ 73,428 29,615 3,972 111,276 - - 13,442 - 32,600 - 264,333 - 263,208 263,208 1,125 (167,625) - - (166,500) - 7,826,669 7,660,169 |
Total Funds 2022 £ 33,644 227,179 7,635 106,301 - - 7,939 - 32,600 - |
|---|---|---|---|
| 415,298 | |||
| - 246,675 |
|||
| 246,675 | |||
| 168,623 (233,804) 162,651 (162,651) |
|||
| (65,181) - 7,891,850 |
|||
| 7,826,669 |
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 2023
| 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 |
31.8.23 £ £ 6,274,044 3,731,771 782,651 10,788,466 5,000 7,085 126,452 138,537 24,473 114,064 10,902,530 10,902,530 3,242,362 89,876 7,570,293 10,902,531 |
31.8.22 £ £ 6,276,027 3,899,396 782,651 10,958,074 5,000 3,262 117,879 126,141 15,184 110,957 11,069,031 11,069,031 3,242,362 89,876 7,736,793 11,069,031 |
|---|---|---|
| 138,537 24,473 |
||
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 2023
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
-
Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectivities of the charity.
-
Designated funds are unrestricted funds earmarked by the Management Committee for particular purposes.
-
Restricted funds are subjected to restrictions on their expenditure imposed by the donor or through the terms of an appeal.
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:
-
Donations are recognised when receivable;
-
Investment income is included when receivable.
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:
-
Costs of generating funds comprise the costs associated with both the costs of attracting the income and those of providing the facilities to generate the income.
-
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
-
Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include the audit fees and costs linked to the strategic management of the charity.
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 2023
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 Audit & 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 Total resources expended |
Voluntary income 2023 Total £ £ 86,633 86,633 40,043 40,043 10,936 10,936 9,036 9,036 9,529 9,529 3,828 3,828 5,175 5,175 9,521 9,521 50,899 50,899 6,434 6,434 7,687 7,687 5,274 5,274 2,859 2,859 5,856 5,856 5,417 5,417 869 869 3,212 3,212 263,208 263,208 |
2022 Total £ 79,991 39,184 10,774 7,386 14,310 7,270 2,058 10,080 24,664 5,646 7,059 7,159 2,429 8,786 16,366 508 3,005 |
|---|---|---|
| 246,675 |
3. NET INCOMING RESOURCES FOR THE YEAR These are stated after charging:
| These are stated after charging: | ||
|---|---|---|
| 31.8.23 | 31.8.22 | |
| £ | £ | |
| Depreciation - owned assets | 3,212 | 3,005 |
| Accountancy | 2,820 | 2,820 |
| Auditors remuneration | 6,701 | 6,600 |
continued....
Page 9
THE TRUSTEES OF ST AUGUSTINE'S ABBEY
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 August 2023
4. STAFF COSTS
| 31.8.23 | 31.8.22 | ||
|---|---|---|---|
| £ | £ | ||
| Wages and | salaries | - | - |
| - | - |
The average monthly number of employees during the year was as follows:
| s: | |
|---|---|
| 31.8.23 | 31.8.22 |
| - | - |
| 5. GOVERNANCE COSTS 31.8.23 £ Accountancy 2,820 Auditors’ remuneration 6,701 9,521 |
31.8.22 £ 2,820 6,600 9,420 |
|---|---|
6. TRUSTEE REMUNERATION AND RELATED PARTY TRANSACTIONS
No members of the management committee received any remuneration during the year (2022 Nil). No expenses were reimbursed during the year (2022 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 (2022 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 1 |
31.8.23 £ 11,276 |
31.8.22 £ 106,301 |
|---|---|---|
9. GRANTS PAYABLE
Grants payable are made predominantly to religious associations. An analysis of the grants paid in the year is as follows:-
| 31.8.23 £ Almoner 2,640 Western Union 234 Other 6,655 9,529 |
31.8.22 £ 2,380 276 11,654 |
|---|---|
| 14,310 |
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continued...
THE TRUSTEES OF ST AUGUSTINE'S ABBEY
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 August 2023
10. TANGIBLE FIXED ASSETS
| COST OR VALUATION At 1 September 2022 Additions Disposals At 31 August 2023 DEPRECIATION At 1 September 2022 Charge for year Eliminated on disposal At 31 August 2023 NET BOOK VALUE At 31 August 2023 At 31 August 2022 |
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 £ 34,151 1,228 - 35,379 28,996 3,212 - 32,208 3,171 5,155 |
Plant and machinery etc £ 34,151 1,228 - 35,379 28,996 3,212 - 32,208 3,171 5,155 |
Totals £ 6,305,023 1,228 - |
|
|---|---|---|---|---|---|---|
| 6,306,251 | ||||||
| 28,996 3,212 - |
||||||
| 32,208 | ||||||
| 6,274,043 | ||||||
| 6,276,027 |
Cost or valuation at 31 August 2023 is represented by:
| Plant and | |||
|---|---|---|---|
| Land and | machinery | ||
| buildings | etc | Totals | |
| £ | £ | £ | |
| Valuation in 2022 | 6,270,872 | - | 6,270,872 |
| Subsequent cost | - | 35,379 | 35,379 |
| 6,270,872 | 35,379 | 6,306,251 | |
| If freehold land and buildings had not been revalued they would have | been included at the followi | ||
| historical cost: | |||
| 31.8.23 | 31.8.22 | ||
| £ | £ | ||
| Cost | 3,811,161 | 3,811,161 | |
| Value of land in freehold land and buildings | 872 | 872 |
If freehold land and buildings had not been revalued they would have been included at the following historical cost:
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 2022 by Gerald Eve, Chartered Surveyors.
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continued...
THE TRUSTEES OF ST AUGUSTINE'S ABBEY
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 August 2023
11. FIXED ASSET INVESTMENTS
| COST OR VALUATION At 1 September 2022 Revaluations At 31 August 2023 NET BOOK VALUE At 31 August 2023 At 31 August 2022 |
Other investments £ 3,899,396 (167,625) 3,731,771 3,731,771 3,899,396 |
|
|---|---|---|
Cost or valuation at 31 August 2023 is represented by:
| Valuation in 2023 Cost |
Other investments £ 3,731,771 - 3,731,771 |
|---|---|
If fixed asset investments had not been revalued they would have been included at the following historical cost:
| Cost | 31.8.23 £ 3,736,154 |
31.8.22 £ 3,736,154 |
|---|---|---|
Fixed asset investments were valued on an open market basis on 31 August 2023 by CCLA.
- INVESTMENT PROPERTY
| INVESTMENT PROPERTY | |
|---|---|
| Total | |
| £ | |
| FAIR VALUE | |
| At 1 September 2022 | |
| and 31 August 2023 | 782,651 |
| NET BOOK VALUE | |
| At 1 September 2022 | |
| and 31 August 2023 | 782,651 |
| If investment property had not been revalued it would have been included at the following histori | |
| cost: | |
| 31.8.23 31.8.22 |
|
| £ £ |
|
| Cost | 144,226 144,226 |
If investment property had not been revalued it would have been included at the following historical cost:
Investment properties were valued using a house index increase to an open market basis on 31 August 2022 by Gerald Eve, Chartered Surveyors.
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THE TRUSTEES OF ST AUGUSTINE'S ABBEY
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 August 2023
| 13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other debtors 14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other creditors 15. MOVEMENT IN FUNDS At 1.9.22 Net movement in funds £ £ Unrestricted funds Core 7,736,793 (166,500) Restricted funds Revaluation reserve 3,242,362 - Building reserve 89,876 - TOTAL FUNDS 11,069,031 (166,500) Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds Core 264,333 Restricted funds Revaluation reserve - Building reserve - TOTAL FUNDS 264,333 |
31.8.23 £ 7,085 31.8.23 £ 24,473 Transfers between funds £ - - - - Resources expended £ (430,833) - - (430,833) |
|
|---|---|---|
Building reserve
The building reserve is for a future project to build a new library/guest house.
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THE TRUSTEES OF ST AUGUSTINE'S ABBEY
DETAILED INCOME AND EXPENDITURE ACCOUNT for the Year Ended 31 August 2023
| TURNOVER Donations Stipends State pensions Investment income Sanctuary income Gift Aid COST OF SALES Opening stock Purchases Closing stock GROSS SURPLUS Administrative Expenses Social security Pensions 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 |
2023 £ £ 60,286 3,972 29,615 111,276 20,291 13,142 238,582 5,000 6,849 (5,000) (6,849) 231,733 555 - 50,899 6,875 20,418 28,240 2,859 6,434 36,783 3,260 2,230 31,100 5,274 3,828 9,036 10,936 |
2023 £ £ 60,286 3,972 29,615 111,276 20,291 13,142 238,582 5,000 6,849 (5,000) (6,849) 231,733 555 - 50,899 6,875 20,418 28,240 2,859 6,434 36,783 3,260 2,230 31,100 5,274 3,828 9,036 10,936 |
2022 £ £ 33,644 7,635 227,179 106,301 16,843 - 391,602 5,000 8,904 (5,000) (8,904) 382,698 808 1,051 24,664 5,859 18,475 27,903 2,429 5,646 33,258 5,926 2,121 27,754 7,159 7,270 7,386 10,774 |
2022 £ £ 33,644 7,635 227,179 106,301 16,843 - 391,602 5,000 8,904 (5,000) (8,904) 382,698 808 1,051 24,664 5,859 18,475 27,903 2,429 5,646 33,258 5,926 2,121 27,754 7,159 7,270 7,386 10,774 |
|---|---|---|---|---|
| 238,582 (6,849) |
391,602 (8,904) |
|||
| 555 - 50,899 6,875 20,418 28,240 2,859 6,434 36,783 3,260 2,230 31,100 5,274 3,828 9,036 10,936 |
808 1,051 24,664 5,859 18,475 27,903 2,429 5,646 33,258 5,926 2,121 27,754 7,159 7,270 7,386 10,774 |
|||
| 231,733 | 382,698 |
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 2023
| Communications Accountancy Audit fees Legal fees Professional fees Bank charges Charitable donations Depreciation of computer equipment Sundry expenses Medical and care costs Other Operating Income Rents received Gain/(loss) on revaluation of investments Gain/(loss) on revaluation of investment properties NET SURPLUS/(DEFICIT) |
7,687 2,820 6,701 - 5,175 869 9,529 3,212 3,071 5,417 |
(263,208) | 7,059 2,820 6,600 660 2,058 508 14,310 3,005 4,806 16,366 |
(246,675) |
|---|---|---|---|---|
| 32,600 | 32,600 | |||
| 32,600 | 32,600 | |||
| (167,625) - |
(233,804) 162,651 |
|||
| (167,625) | (71,153) | |||
| (166,500) | 97,470 |
Page 15
IIEPORT OF THE INDEPÉNoeNT AUDJTORS TO ThE TRUSTeES OF
ST AUGUSTINES A88EY
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REPORT OFTfrE INDEPENDENT AufNT(W<S TO The TRUSTEES OF ST AUGUSTINE'S A8BEY Ir re8ponbIlbej for thE Judil of the finwKi•l •tst•rn•rt• We have apkxjnlwj as lt(S undEW p)n 144 ofthe Ch¥th¥ 2011 xoyd•K• thé ALX ss¢Irt due io ftoud c errty. ar to a Rep)rt 010 Aats Ihal cludeS our cyn ISAS (UK) detect a mat11 rnLU1at• wh•n it X•l•. Mis%tal•iwts can frc¥n or wror 8ThJ 018 d•tydoni ol tr5 len on ol theoe f•)8rKyal 8t4iwnonts. from (Njr c(Anmwrio1 kwAdge ev(l. ststemenls or the OWfJns ofih• carity, Incluth9 FRS 102, Cknrt kt 2011. tlOllTrd dlia ky(i•ct¥)n. lli.bnbery. thnokryrThJrt. enknroMw•l arwj ¥al . BBsessed I extert of •vJ 1gW(rn •nqth ol mana3ornenl and al coNèsptyvkn. YlrvJ of fvauo ocojr. by. svycjed and alged tr•A. . le8d wmal erytr to J8nbfy wwJ•ual tr8ns•Ath5; nbal tsias, Jod but noi IKr¥lfJ b) . reathng thè MuteS ol ol tthe cnall¢ wlh w¥wn. . •114klliily UI [TIagni 4sto ludI 8NJ FQteniLal lwJatw clamNI" . rnvkn4iny COITESFefice 4h WRC. rd•¥frt reWLYS )d Irom tran5K¢$. $S fvk•ty th•1 w• W•Mre cl AiMkn9 $1)dardb 4É0 limil the a1¢ F¥Ludures rwuwed to Idrfy .(mPhar01h aThJ i•wlatxi4towwty olth• tnts11 and ¢Jthw mFJnffjp.wni the In¥¢cKJn of re94¢¢ry ¥1$), kl arry Mwieiial MI1&tnents lh anst to be lder trj detxl Iw tw Ihai •lw in¥ do1)Erle Q%K4lrrwd 01 cdbUs. A fh of Out 1•5potytrAthJ ky Ilwj k<ied Oh the Fm¥ncW Reporl C•ufigl's 4ble at vhvwfrc tyg Uk11•LtyknIkn. Thts lyms p8rl (4 Rwi of ts IndepoThrt Pwje 17
REPORT OF THE INOEPENDÈNT AUtIYORS TO THE TRUSTEES OF ST AUGUSTINE'S ABBEY Report31 Regul8bonJ 2W8 (Njr ts45 bttirt So b)at MWI slat to Ihe rJwrfl5 Iwsi8es I>Se moll¢ts ¥8 roquwed 10 stste lo Irn an 4rJ lty t¥) purpxe To extenl pennrttEd ty Iw, we th> fftot •S$ r85wD&bthly 10 anyw ¢knr vJ tha Iw5t•s ¥ a S)r cu audrtwoA. fw th"s for the opi7tsTr5 ha¥e frrfrned KCab8 Fcrfd Stsithrjry ALlitorn and Ch11•y lo o• On lor 1•rn5 01 1212 ol IM 2W 2 The Lrts HERNE BAY CT8 7GO Page 18