OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2021-03-31-accounts

THE ORDER OF CANONS REGULAR OF PREMONTRE ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

Charity Registration No. 257658

THE ORDER OF CANONS REGULAR OF PREMONTRE

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Rt. Rev. Andrew Smith Rt. Rev. Thomas Handgraettinger Rev. Klaas Fongers Rev. Martin Gosling Rev. Thomas Swaffer Canonry Superior Rt. Rev. Andrew Smith Canonry Provisor Fr. Martin Gosling Charity number 257658 Principal address St Mary's Priory King Street Muston Filey YO14 0EW Independent examiner Hunter Gee Holroyd 19 - 21 Belle Vue Street Filey YO14 9HU Bankers Santander UK plc Bridle Road Bootle Merseyside L30 4GB Solicitors Pothecary Witham Weld 70 St George's Square London SW1V 3RD Independent financial advisors Thurlowe-Clarke The Cart Lodge Lodgefield Farm Blackham Tunbridge Wells Kent TN3 9NT Investment managers Brewin Dolphin 45 London Road Reigate Surrey RH2 9PY

THE ORDER OF CANONS REGULAR OF PREMONTRE

CONTENTS

Page
Trustees' report 1 - 7
Independent examiner's report 8
Statement of financial activities 9
Balance sheet 10
Notes to the financial statements 11 - 19

THE ORDER OF CANONS REGULAR OF PREMONTRE

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 MARCH 2021

The Trustees present their report and accounts of the Muston Canonry of the Canons Regular of Prémontré (Norbertine Order) for the year ended 31st March 20 21 .

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's trust deed , the Charities Act 2011 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2016)

Objectives and activities

The Muston Canonry aims to support the religious and other charitable works carried out by the members of the Canonry and to care for those members throughout their lives with the Order. These ministries fall into the following main categories:

Public Benefit

The Gospel records Jesus Christ as stating the first and greatest commandment as “You shall love the Lord your God with all your heart, and with all your soul, and with all your mind, and with all your strength”. This is the basis of our faith and its culmination is in the choir celebration of the Liturgy of the hours and the communal celebration of the Eucharist.

The Rule of St. Augustine, which Norbertine Canons follow opens with the lines: “The first purpose for which you have come together is to be of one mind and one heart on your way towards God.” The model of community life presented by Augustine is that of the early Church recorded in the Acts of the Apostles in which “believers were united, heart and soul; no one claimed for his own use anything that he had, as everything was owned in common.” The Norbertine Community has synthesised these ideals in its Mission Statement :

Called by the Spirit, united in Christ, and guided by Augustine and Norbert, we delight in God’s dream for us by praying and living together.

As seekers

we aspire to be of one mind and one heart on our way to God.

As witnesses

we respond to the Gospel challenge.

As prophets

we proclaim the power of living simply in community.

As servants of the Church we minister to ourselves and others, creating a place of welcome, prayer and peace.

THE ORDER OF CANONS REGULAR OF PREMONTRE

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

Fr. Andrew is responsible for the Parishes of St. Mary’s, Filey and St. George’s, Eastfield, and is on the Board of Governors of Saint George’s R.C. Primary School in Eastfield and Our Lady and St. Peter’s School, Bridlington.

The Community also helps in other parishes in cases of illness or absence to the extent that it is able. In the past year help has been given in the parishes of St. Peter’s, St. Joseph’s, St. Edward’s, all in Scarborough and Our Lady and St. Peter’s, Bridlington. The list is much reduced due to limitations imposed because of Covid 19.

We were able to be of assistance to the Diocese of Hexham and Newcastle by offering a place of safety for a priest who had to live outside of the Diocese.

About 300 people are on our mailing list for our thrice yearly Newsletter. These people are benefactors of the community and in turn are helped by the prayers of the community and the reflections in the Newsletter.

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

As stated above the activities of the charity can be divided into four principal areas: caring for members of the Canonry; parish and pastoral duties; school chaplaincy work; retreats and spiritual direction for other religious communities. Each is considered below:

1) Caring for members of the Canonry

In common with many Orders and Congregations in Britain the age profile of members of the Canonry is increasing as existing members grow older and the number of vocations becomes minimal. The age profile is:

Age range Number of priests 70+ 3 5 0 -70 1

The Canonry has an obligation both moral and legal to care and provide for its members, including those who leave the community, none of whom have resources of their own and all of whom have devoted a significant part of their lives to the care of the elderly, poor and marginalised of society. As the age profile of the Canonry increases so too does the need to provide increasing and increasingly expensive care.

2) Parish and Pastoral duties

The Canonry has an obligation both moral and legal to care and provide for its members, including those who leave the community, none of whom have resources of their own and all of whom have devoted a significant part of their lives to the care of the elderly, poor and marginalised of society. As the age profile of the Canonry increases so too does the need to provide increasing and increasingly expensive care.

3) School Chaplaincy Work

Fr Andrew is involved in educational chaplaincy in the Diocese of Middlesbrough; other members of the community may be called upon to assist as needs arise.

4) Retreats and Spiritual Direction for other Religious Communities

At the request of the Diocese, the community has been able to afford hospitality to a cleric of a neighbouring diocese, in need of retreat and seclusion.

The aims of the trustees in these areas include:

Enabling the members of the Canonry to carry out meaningful social and pastoral work within the community after assessing their skills and the needs of the local area.

Wherever possible ensuring that members are remunerated for such work by way of salary or stipend. Such income is donated to the common fund of the canonry and thereby ensures that the work of the Canonry may continue into the future and develop.

THE ORDER OF CANONS REGULAR OF PREMONTRE

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

Protection of Children and Vulnerable Adults

Along with all other organisations who serve in the community, the trustees recognise the absolute necessity of ensuring the protection and safety of all those the Canonry serves. This means that those who are in any kind of ministry have to obtain clearance from the Disclosure and Barring Bureau. The trustees are committed to implementing all the policies and procedures of the National Catholic Safeguarding Commission (NCSC) and the Catholic Safeguarding Advisory Service (CSAS) . They are allied with the Diocese of Middlesbrough Safeguarding Office.

Grants and Donations

The charity does not regard itself as a grant making charity and applications for grants and donations are not invited.

Achievements and performance

Financial review

A summary of the year’s results follow. During the year to March 20 21 total incom ing resources were at a similar level as 2019/20 and amounted to £138,254 ( 20 20 £ 144 , 123. Resources expended are also at a similar level compared to 2019/20, totalling £116,935 (20 20 £ 118 , 541 ) .

Reserves policy

The reader will discern a range of activities carried out by the charity which is also responsible for the care and support of its members whose average age is increasing and whose needs are changing. The charity does not have restricted funds, although the majority is represented by tangible fixed assets and investments . The balance held as free reserves at 31 March 2021 was £36,886 after allowing for funds tied up in fixed assets and investments which is equivalent to just under 4 months of charitable expenditure. The trustees consider that this is sufficient funds to cover anticipated charitable expenditure as it arises.

The trustees designate funds for the care of the elderly and a future pension fund, for the education of students (recruitment) and the maintenance of property.

Investment policy

The charity’s investments are managed at medium risk by Brewin Dolphin Investment Management. There are no restrictions on the charity’s power to invest.

The policy is to maximise total return through a diversified portfolio.

THE ORDER OF CANONS REGULAR OF PREMONTRE

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

Risk Management

In line with the requirements for trustees to undertake a risk assessment exercise and report on the same in their annual report, the trustees have looked at the risks the Canonry currently faces and have reviewed measures already in place, or needing to be put in place, to deal with them. The trustees have identified five main areas where risks may occur:

Governance and management looks at the risk of the Canonry suffering from a lack of direction, at the skills and training of its members, and the good use of resources.

Recruitment looks at the future for attracting young men to join us.

Financial risks include those arising from poor budgetary control, inappropriate spending, poor accounting, inappropriate investment policies.

Reputational looks at possible damage to the Canonry’s reputation.

Health and Safety for members, employees, volunteers and visitors – Every effort is made to ensure that all on the property, residents, volunteers employees and visitors are aware of hazards and that manufacturers’ guidelines are followed in the operation of machinery

Development and plans for the future

This year (2021 on Christmas Day) marks the 900th anniversary of the foundation of the Order by St. Norbert at Prémontré. This year and next there will be various celebrations here and abroad to mark the event, although initially restricted by Covid limitations.

One project of the Muston Canonry has been the commissioning of a banner (2 metres x .75 metre) which is exhibited in the Priory. We have also supplied copies to sites of our ancient foundations and parishes where we have served. It was well received by the Order at large, and copies have been requested by various abbeys and the Abbot General in Rome.

Fathers Andrew and Martin still look forward to a belated Golden Jubilee celebration.

THE ORDER OF CANONS REGULAR OF PREMONTRE

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

Fr. Martin attended the annual conference and AGM of the Association of Provincial Bursars: both via Zoom. He chaired one session of the conference, with about 68 participants. All committee meetings were held via Zoom.

Fr. Thomas has completed some NHS courses, also on Zoom.

In March the community received a legacy £6,280, which had been bequeathed to Fr. Cassidy of our community (who died in 2003). Some of this went to the purchase of a set of Stations of the Cross for the chapel.

THE ORDER OF CANONS REGULAR OF PREMONTRE

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

Structure, governance and management

The Order of Canons Regular of Prémontré (the Norbertine Order) is an international Roman Catholic Religious Order. It was founded in France in 1121. Its Generalate is in Rome and it is constituted of autonomous canonries (abbeys and priories with their dependent works). The Order was re-established in England in 1872 and is governed by a scheme dated 29th June 2004 (Charity No. 257658).

In terms of Canon Law the supreme governing body of the Order is the General Chapter which meets every six years. Between these times there is an Abbot General who meets twice a year with four Definitors. The Muston Canonry is governed by its superior and his council. In terms of Civil law the Order is governed by the trust deed cited above, and is administered by the Trustees listed on page 1.

The Trustees are members of the Order and have a detailed knowledge of the Order and its structure.

The trustees who served during the year were:

Rt. Rev. Thomas Handgraettinger Rev. Klaas Fongers Rt. Rev. Andrew Smith Rev. Martin Gosling Rev Thomas Swaffer

The trustees are incorporated under section 50 of the Charities Act 1993.

The trustees are responsible for the policies, activities and assets of the charity. They meet quarterly to review developments with regard to the charity and its activities and make any important decisions. When necessary, the trustees seek advice and support for the charity; professional advisers including property consultants, investment managers, solicitors and accountants.

Working with other organisations

The charity works with other charities and public bodies in the services it provides. In some instances they are employed by these organisation, whilst in other instances the relationships are more informal. In all cases, working together with other charities and public bodies enhances communication and understanding thus enabling services to be provided more efficiently and effectively and avoiding the duplication of effort. Examples of organisations for which the members of the Canonry have worked and with which they have cooperated during the past year are as follows:

THE ORDER OF CANONS REGULAR OF PREMONTRE

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

Statement of trustees' responsibilities

The trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that year.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees' r eport was approved by the Board of Trustees.

Fr Martin Gosling

Trustee Dated: 15 December 2021

THE ORDER OF CANONS REGULAR OF PREMONTRE

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF THE ORDER OF CANONS REGULAR OF PREMONTRE

I report to the trustees on my examination of the financial statements of The Order of Canons Regular of Premontre (the charity) for the year ended 31 March 2021.

Responsibilities and basis of report

As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).

I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act . In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.

I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

Nigel Everard BA FCA

Hunter Gee Holroyd 19 - 21 Belle Vue Street Filey YO14 9HU

Dated: 16 December 2021

THE ORDER OF CANONS REGULAR OF PREMONTRE

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2021

Unrestricted Unrestricted
funds
funds
general d esignated
2021
2021
Notes
£
£
Income and endowments from:
Donations and legacies
2
26,872
-
Charitable activities
3
9,567
-
Investments
4
101,695
-
Other income
5
120
-
Total income
138,254
-
Expenditure on:
Raising funds
6
19,981
-
Charitable activities
7
96,954
-
Total resources
expended
116,935
-
Net gains/(losses) on
investments
11
603,202
-
Net incoming/
(outgoing) resources
before transfers
624,521
-
Gross transfers
between funds
(617,449)
617,449
Net movement in funds
7,072
617,449
Fund balances at 1
April 2020
27,132
2,956,097
Fund balances at 31
March 2021
34,204
3,573,546		 TotalUnrestricted Unrestricted
funds
funds
general
d esignated
2021
2020
2020
£
£
£
26,872
19,659
-
9,567
9,527
-
101,695
113,908
-
120
1,029
-
138,254
144,123
-
19,981
20,390
-
96,954
98,151
-
116,935
118,541
-
603,202
(327,614)
-
624,521
(302,032)
-
-
295,645
(295,645)
624,521
(6,387)
(295,645)
2,983,229
33,519
3,251,742
3,607,750
27,132
2,956,097		 Total
2020
£
19,659
9,527
113,908
1,029
144,123
20,390
98,151
118,541
(327,614)
(302,032)
-
(302,032)
3,285,261
2,983,229
Donations and legacies
2
Charitable activities
3
Investments
4
Other income
5
Total income
Expenditure on:
Raising funds
6
Charitable activities
7
Total resources
expended
Net gains/(losses) on
investments
11
Net incoming/
(outgoing) resources
before transfers
Gross transfers
between funds
Net movement in funds
Fund balances at 1
April 2020
Fund balances at 31
March 2021

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

THE ORDER OF CANONS REGULAR OF PREMONTRE

BALANCE SHEET

AS AT 31 MARCH 2021

Notes
Fixed assets
Tangible assets
12
Investments
13
Current assets
Debtors
15
Cash at bank and in hand
Creditors: amounts falling due within
one year
17
Net current assets
Total assets less current liabilities
Income funds
Unrestricted funds-general
Designated funds:
General unrestricted funds		 2021
£
£
1,091,014
2,479,850
3,570,864
7,205
32,702
39,907
(3,021)
36,886
3,607,750
3,573,546
34,204
3,607,750		 2020
£
£
1,095,485
1,752,169
2,847,654
809
136,878
137,687
(2,112)
135,575
2,983,229
2,956,097
27,132
2,983,229

The financial statements were approved by the Trustees on 15 December 2021

Fr Martin Gosling Trustee

THE ORDER OF CANONS REGULAR OF PREMONTRE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

1 Accounting policies

Charity information

The Order of Canons Regular of Premontre is a an international Roman Catholic Religous Order.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's [governing document], the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)". The charity is a Public Benefit Entity as defined by FRS 102.

The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling , which is the functional currency of the charity. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Donations, legacies and other forms of voluntary income are recognised as incoming resources when receivable, except in circumstances where they are incapable of financial measurement. Investment and rental income are recognised in the year in which they are receivable.

THE ORDER OF CANONS REGULAR OF PREMONTRE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

1 Accounting policies

(Continued)

1.5 Expenditure

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

All expenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocated or apportioned according to the applicable expenditure headings.

Support costs and governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include Independent Examiner's and legal fees.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings Not depreciated due to annual revaluation policy Fixtures, fittings & equipment 15% reducing balance Motor vehicles 25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year.

1.7 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year . Transaction costs are expensed as incurred.

1.8 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any ) .

1.9 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

THE ORDER OF CANONS REGULAR OF PREMONTRE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

1 Accounting policies

(Continued)

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future p aymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

2 Donations and legacies

Unrestricted Unrestricted
funds funds
general general
2021 2020
£ £
Donations and gifts 17,590 19,659
Legacies receivable 9,282 -
26,872 19,659

3 Charitable activities

Other Other
income income
2021 2020
£ £
Other income - Novena, Christmas etc 9,567 9,527

THE ORDER OF CANONS REGULAR OF PREMONTRE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

4 Investments

5
6		 Rental income
Income from pensions etc
Interest receivable
Other income
Sale of wine etc
Raising funds
Investment management
For the year ended 31 March 2020
Investment management		 2021
£
1,013
53,970
46,712
101,695
2021
£
120
2021
£
19,981
19,981		 2020
£
3,035
48,503
62,370
113,908
2020
£
1,029
2020
£
20,390
20,390
20,390

THE ORDER OF CANONS REGULAR OF PREMONTRE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

7 Charitable activities

Household
costs
Motor and
travel costs
Other direct
charity
costs
2021
2021
2021
£
£
£
Depreciation and impairment
-
3,974
497
Insurance
1,690
-
-
Utilities
6,674
-
-
Repairs and maintenance
21,201
-
-
Other household expenses
47,506
-
-
Motor and travel expenses
-
5,598
-
Postage and stationery
-
-
306
Library
-
-
2,067
Sundry expenses
-
-
5,219
77,071
9,572
8,089
Share of governance costs (see note 8)
2,222
-
-
79,293
9,572
8,089		 Total
2021
Household
costs
Motor and
travel costs
Other direct
charity
costs
2020
2020
2020
£
£
£
£
4,471
-
5,299
550
1,690
1,573
-
-
6,674
10,231
-
-
21,201
28,516
-
-
47,506
35,224
-
-
5,598
-
7,329
-
306
-
-
850
2,067
-
-
1,676
5,219
-
-
4,791
94,732
75,544
12,628
7,867
2,222
2,112
-
-
96,954
77,656
12,628
7,867		 Total
2020
£
5,849
1,573
10,231
28,516
35,224
7,329
850
1,676
4,791
96,039
2,112
98,151

THE ORDER OF CANONS REGULAR OF PREMONTRE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

8 Support costs

Support
costs
Governance
costs
£
£
Independent Examiner's
fees
-
2,160
Bank charges
-
62
-
2,222
Analysed between
Charitable activities
-
2,222		 2021
£
2,160
62
2,222
2,222		 2020 Basis of allocation
£
2,104
Governance
8 Governance
2,112
2,112

9 Trustees

As members of the Order, the trustees' living expenses are borne by the Order but the trustees (or any persons connected with them) received no remuneration or other benefits in connection with their duties as trustees during the year.

10 Employees

There were no employees during the year.

11 Net gains/(losses) on investments

Unrestricted Unrestricted
funds funds
general general
2021 2020
£ £
Revaluation of investments 531,020 (320,287)
Gain/(loss) on sale of investments 72,182 (7,327)
603,202 (327,614)

THE ORDER OF CANONS REGULAR OF PREMONTRE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

12 Tangible fixed assets

Land and
buildings
£
Cost
At 1 April 2020
1,077,426
At 31 March 2021
1,077,426
Depreciation and impairment
At 1 April 2020
-
Depreciation charged in the year
-
At 31 March 2021
-
Carrying amount
At 31 March 2021
1,077,426
At 31 March 2020
1,077,426
13
Fixed asset investments
Cost or valuation
At 31 March 2021
Additions
Valuation changes
Disposals
At 31 March 2021
Carrying amount
At 31 March 2021
At 31 March 2020
14
Financial instruments
Carrying amount of financial assets
Instruments measured at fair value through profit or loss		 Fixtures,
fittings &
equipment
Motor vehicles
Total
£
£
£
43,870
27,695
1,148,991
43,870
27,695
1,148,991
41,708
11,798
53,506
497
3,974
4,471
42,205
15,772
57,977
1,665
11,923
1,091,014
2,162
15,897
1,095,485
Listed
investments
£
1,752,169
1,016,188
531,020
(819,527)
2,479,850
2,479,850
1,752,169
2021
2020
£
£
2,479,850
1,752,169

THE ORDER OF CANONS REGULAR OF PREMONTRE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

15
Debtors
Amounts falling due within one year:
Other debtors
Prepayments and accrued income
16
Loans and overdrafts
Bank overdrafts
Payable within one year
17
Creditors: amounts falling due within one year
Notes
Bank overdrafts
16
Accruals and deferred income		 2021
£
6,325
880
7,205
2021
£
861
861
2021
£
861
2,160
3,021		 2020
£
-
809
809
2020
£
-
-
2020
£
-
2,112
2,112

18 Designated funds

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

Property fund
Retirement fund		 Balance at
1 April 2019
£
1
3,251,741
3,251,742		 Transfers
£
-
(295,645)
(295,645)		 Balance at
1 April 2020
£
1
2,956,096
2,956,097		 Transfers
31
£
-
617,449
617,449		 Balance at
March 2021
£
1
3,573,545
3,573,546

The property fund represents the funds necessarily set aside for the charity's occupation of the land and buildings.

The retirement fund has been designated for the charity's commitment to provide for the retirement and care in old age and sickness of the community's members.

THE ORDER OF CANONS REGULAR OF PREMONTRE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

19
Analysis of net assets between funds
General
funds
Designated
funds
2021
2021
£
£
Fund balances at 31
March 2021 are
represented by:
Tangible assets
13,590
1,077,424
Investments
-
2,479,850
Current assets/
(liabilities)
20,614
16,272
34,204
3,573,546		 Total
2021
£
1,091,014
2,479,850
36,886
3,607,750		 General
funds
Designated
funds
2020
2020
£
£
18,059
1,077,426
-
1,752,169
9,073
126,502
27,132
2,956,097		 Total
2020
£
1,095,485
1,752,169
135,575
2,983,229

20 Related party transactions

There were no disclosable related party transactions during the year (2020 - none).