**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:
- Parish and Pastoral work
- School Chaplaincy work.
- Retreats and Spiritual Direction for other Religious Communities.
## **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.
- 1 -
## **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.
- 2 -
## **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.
- 3 -
## **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
- - Recruitment
- Financial
- Reputational
- Health and Safety for members, employees, volunteers and visitors
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.
- 4 -
## **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.
- 5 -
## **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:
- Roman Catholic Diocese of Arundel and Brighton
- Roman Catholic Diocese of Middlesbrough
- Roman Catholic Diocese of Hexham and Newcastle
- - Catholic Parishes of Eastfield and Filey
- The Chemin Neuf Community
- North Yorkshire Education Service
- Sisters of Mercy, Filey
- Churches together in Filey
- Filey Clergy Fraternal
- Madonna House Community
- 6 -
## **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:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
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
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## **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:
- 1 accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
- 2 the financial statements do not accord with those records; or
- 3 the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
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
- 8 -
## **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|**Total**Unrestricted 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.
- 9 -
## **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**
- 10 -
## **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.
- 11 -
## **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.
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## **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|
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## **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|
|---|---|---|---|
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## **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|
|---|---|---|
- 15 -
## **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)|
- 16 -
## **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|
|---|---|
- 17 -
## **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.
- 18 -
## **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).
- 19 -