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2023-03-31-accounts

THE ORDER OF CANONS REGULAR OF PREMONTRE ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

Charity Registration No. 257658

THE ORDER OF CANONS REGULAR OF PREMONTRE

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Rev. Martin Gosling, O.Praem Rev. Thomas Swaffer, O.Praem Mr Philip Orpwood Mr Michael Roberts from 25th January 2023 Canonry Superior Rev. Thomas Swaffer, O.Praem Canonry Provisor Fr. Martin Gosling, O.Praem 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 Wrigleys Solicitors (from January 2023) 3rd Floor, 3 Wellington Place Leeds LS1 4AP Independent financial advisors Thurlowe-Clarke Hamilton House 87-89 Bell Street Reigate Surrey RH2 7AN 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 - 20

THE ORDER OF CANONS REGULAR OF PREMONTRE

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 MARCH 2023

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 2023.

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 2023

The community assists as required in the parishes of St. Mary’s, Filey, St. George’s, Eastfield, Our Lady and St Peter's Bridlington and occasionally with the Scarborough Catholic Parishes.

During the past year we have been able to provide hospitality of German confrere, Fr Patrick Busskamp from the Norbetine Abbey of Wilten, Innsbruck, Austria, who spent an eight month sabbatical with the community.

The oldest member of the community Fr Ian McLean died after a long period of ill health. He had taken up residence with the community in 2016.

We have a mailing list of people to whom we write three times per year. 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+ 1 50-70 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 assisted in the Catholic Parishes of Filey and Eastfield and, to some extent, Bridlington. The Parish work has involved instructing possible candidates for reception into the Catholic Church.

3) Retreats and Spiritual Direction for other Religious Communities

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 2023

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 regulated by the Religious Life Safeguarding Service (RLSS).

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 2023 total incoming resources were below the level at 2021/22 and amounted to £103,557 (2022 £125,258. Resources expended were at a much higher level compared to 2021/22, totalling £431,286 (2022 £182,600). The main reason for the increase was due to a £200,000 NEST Pension contribution payment. The sale of the house in Storrington resulted in a net gain on disposal of £391,911.

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 2023 was £16,655 after allowing for funds tied up in fixed assets and investments which is equivalent to just over 1 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 2023

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

THE ORDER OF CANONS REGULAR OF PREMONTRE

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Development and plans for the future

With the death of Fr. Andrew and subsequently, the death of Fr. Ian, we must realistically look towards “downsizing. The house in Storrington which was occupied rent-free as a grace and favour dwelling has become vacant : the tenant died. This has been sold. We have replaced it with a property closer to Muston which is being let out to two very loyal workers who currently suffer from abusive neighbours.

Looking to the future we must also consider our relationship with the Order at large. With this in mind we have been visited by the Abbot General and also had a Canonical Visitation by the Abbot of Daylesford, USA, Domenic Rossi and his Prior, John Zagarelli. A closer association with Daylesford does not look feasible. The visitation Report praised the efforts of the community for the amount of religious observance considering its size: it does more than many larger communities. Prior Zagarelli is also the editor of a bi-annual publication for the English speaking members of the Order and in the following edition made special reference in is editorial to his impressions of Muston.

As mentioned last year, as part of the Order’s delayed celebrations of its 900 years there was a symposium in Rome organised in September, which Fr. Thomas and Martin were able to attend. As hoped there was an audience with Pope Francis.

In January 2023 Frs. Thomas and Martin visited the "Royal Norbetine Abbey of Strahov" in Prague, Czech Republic. We had met the abbot and a few confreres at the Rome Symposium and are looking towards creating a closer relationship with this abbey. One of its confreres preached the community retreat in April.

We look forward to welcoming the abbot and several confreres for a visit in September.

THE ORDER OF CANONS REGULAR OF PREMONTRE

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

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:

Rev. Martin Gosling Rev Thomas Swaffer Mr Philip Orpwood Mr Michael Roberts (from 25th January 2023)

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 2023

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' report was approved by the Board of Trustees.

Fr Martin Gosling

Trustee Dated: 2 November 2023

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 2023.

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

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: 2 November 2023

THE ORDER OF CANONS REGULAR OF PREMONTRE

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2023

Unrestricted Unrestricted
funds
funds
general
designated
2023
2023
Notes
£
£
Income and endowments from:
Donations and legacies
2
21,469
-
Charitable activities
3
8,206
-
Investments
4
73,842
-
Other income
5
40
-
Total income
103,557
-
Expenditure on:
Raising funds
6
24,181
-
Charitable activities
7
383,751
23,354
Total resources
expended
407,932
23,354
Net gains/(losses) on
investments
11
391,911
(248,031)
Net
incoming/(outgoing)
resources before
transfers
87,536
(271,385)
Gross transfers between
funds
(113,794)
113,794
Net movement in funds
(26,258)
(157,591)
Fund balances at 1 April
2022
59,312
3,474,697
Fund balances at 31
March 2023
33,054
3,317,106		 Total
Unrestricted
Unrestricted
funds
funds
general
designated
2023
2022
2022
£
£
£
21,469
18,339
-
8,206
8,950
-
73,842
88,189
-
40
9,780
-
103,557
125,258
-
24,181
23,415
-
407,105
137,637
21,548
431,286
161,052
21,548
143,880
-
(16,399)
(183,849)
(35,794)
(37,947)
-
60,902
(60,902)
(183,849)
25,108
(98,849)
3,534,009
34,204
3,573,546
3,350,160
59,312
3,474,697		 Total
2022
£
18,339
8,950
88,189
9,780
125,258
23,415
159,185
182,600
(16,399)
(73,741)
-
(73,741)
3,607,750
3,534,009

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 2023

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
16
Net current assets
Total assets less current liabilities
Income funds
Unrestricted funds-general
Designated funds:
General unrestricted funds		 2023
£
£
1,322,142
2,011,363
3,333,505
780
18,410
19,190
(2,535)
16,655
3,350,160
3,317,106
33,054
3,350,160		 2022
£
£
1,080,971
2,414,550
3,495,521
1,688
39,104
40,792
(2,304)
38,488
3,534,009
3,474,697
59,312
3,534,009		 2022
£
£
1,080,971
2,414,550
3,495,521
1,688
39,104
40,792
(2,304)
38,488
3,534,009
3,474,697
59,312
3,534,009
3,495,521
38,488
3,534,009
3,474,697
59,312
3,534,009

The financial statements were approved by the Trustees on 2 November 2023

Fr Martin Gosling Trustee

THE ORDER OF CANONS REGULAR OF PREMONTRE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

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, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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 not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts 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 2023

1 Accounting policies

(Continued)

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

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 2% straight line 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 the statement of financial activities.

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.

THE ORDER OF CANONS REGULAR OF PREMONTRE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

1 Accounting policies

(Continued)

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.

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 payments 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.

1.11 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2 Donations and legacies

Unrestricted Unrestricted
funds funds
general general
2023 2022
£ £
Donations and gifts 21,469 18,339

THE ORDER OF CANONS REGULAR OF PREMONTRE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

3 Charitable activities

Other income - Novena, Christmas etc
Investments
Rental income
Income from pensions etc
Interest receivable
Other income
Sale of wine etc
Raising funds
Investment management
For the year ended 31 March 2022
Investment management		 Other
income
Other
income
2023
2022
£
£
8,206
8,950
2023
2022
£
£
1,512
1,012
22,525
37,142
49,805
50,035
73,842
88,189
2023
2022
£
£
40
9,780
2023
2022
£
£
24,181
23,415
24,181
23,415
23,415

4 Investments

5 Other income

6 Raising funds

THE ORDER OF CANONS REGULAR OF PREMONTRE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2023

7 Charitable activities

Household
costs
Motor and
travel costs
Other direct
charity
costs
2023
2023
2023
£
£
£
Depreciation and impairment
-
6,183
23,408
Insurance
2,554
-
-
Utilities
11,980
-
-
Repairs and maintenance
60,051
-
-
Funeral expenses
3,515
-
-
Other household expenses
50,209
-
-
Motor and travel expenses
-
15,969
-
Postage and stationery
-
-
1,294
Library
-
-
947
Sundry expenses
-
-
13,249
Donation
-
-
15,000
Pension contribution NEST
200,000
-
-
328,309
22,152
53,898
Share of governance costs (see note 8)
2,746
-
-
331,055
22,152
53,898
Analysis by fund
Unrestricted funds - general
331,055
22,152
30,544
Unrestricted funds - designated
-
-
23,354
331,055
22,152
53,898		 Total
2023
Household
costs
Motor and
travel costs
Other direct
charity
costs
2022
2022
2022
£
£
£
£
29,591
-
8,245
25,520
2,554
1,875
-
-
11,980
13,860
-
-
60,051
32,753
-
-
3,515
-
-
-
50,209
53,993
-
-
15,969
-
6,503
-
1,294
-
-
1,381
947
-
-
1,776
13,249
-
-
10,981
15,000
-
-
-
200,000
-
-
-
404,359
102,481
14,748
39,658
2,746
2,298
-
-
407,105
104,779
14,748
39,658
383,751
104,779
14,748
18,110
23,354
-
-
21,548
407,105
104,779
14,748
39,658		 Total
2022
£
33,765
1,875
13,860
32,753
-
53,993
6,503
1,381
1,776
10,981
-
-
156,887
2,298
159,185
137,637
21,548
159,185

THE ORDER OF CANONS REGULAR OF PREMONTRE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

8 Support costs

Independent Examiner's
fees
Analysed between
Charitable activities		 Support
costs
Governance
costs
£
£
-
2,746
-
2,746
-
2,746		 2023
£
2,746
2,746
2,746		 2022 Basis of allocation
£
2,298
Governance
2,298
2,298

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 Total Unrestricted
funds funds funds
general designated designated
2023 2023 2023 2022
£ £ £ £
Revaluation of investments - (310,744) (310,744) (80,947)
Gain/(loss) on sale of investments - 62,713 62,713 64,548
Gain/(loss) on sale of investment properties 391,911 - 391,911 -
391,911 (248,031) 143,880 (16,399)

THE ORDER OF CANONS REGULAR OF PREMONTRE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

12 Tangible fixed assets

Cost
At 1 April 2022
Additions
Disposals
At 31 March 2023
Depreciation and impairment
At 1 April 2022
Depreciation charged in the year
Eliminated in respect of disposals
At 31 March 2023
Carrying amount
At 31 March 2023
At 31 March 2022
13
Fixed asset investments
Cost or valuation
At 31 March 2023
Additions
Valuation changes
At 31 March 2023
Impairment
At 31 March 2023
Disposals
At 31 March 2023
Carrying amount
At 31 March 2023
At 31 March 2022		 Land and
buildings
Fixtures,
fittings &
equipment
Motor vehicles
£
£
£
1,077,426
43,870
33,722
270,762
-
-
-
(40,555)
-
1,348,188
3,315
33,722
21,548
43,510
8,989
23,354
54
6,183
-
(40,555)
-
44,902
3,009
15,172
1,303,286
306
18,550
1,055,878
360
24,733
Listed
investments
Cash in
portfolio
£
2,403,315
11,235
870,167
-
(310,744)
(2,750)
2,962,738
8,485
-
-
959,860
-
959,860
-
2,002,878
8,485
2,403,315
11,235		 Total
£
1,155,018
270,762
(40,555)
1,385,225
74,047
29,591
(40,555)
63,083
1,322,142
1,080,971
Total
£
2,414,550
870,167
(313,494)
2,971,223
-
959,860
959,860
2,011,363
2,414,550

THE ORDER OF CANONS REGULAR OF PREMONTRE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

14
Financial instruments
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
15
Debtors
Amounts falling due within one year:
Other debtors
Prepayments and accrued income
16
Creditors: amounts falling due within one year
Accruals and deferred income		 2023
£
2,002,878
2023
£
-
780
780
2023
£
2,535		 2022
£
2,403,315
2022
£
693
995
1,688
2022
£
2,304

THE ORDER OF CANONS REGULAR OF PREMONTRE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2023

17 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:

Balance at
1 April 2021
£
Property fund
1
Retirement fund
3,573,545
3,573,546		 Resources
expended
£
-
(21,548)
(21,548)		 Transfers Revaluations,
gains and
losses
Balance at
1 April 2022
£
£
£
-
-
1
(60,902)
(16,399)
3,474,696
(60,902)
(16,399)
3,474,697		 Resources
expended
£
-
(23,354)
(23,354)		 Transfers Revaluations,
gains and
losses
31
£
£
-
-
113,794
(248,031)
113,794
(248,031)		 Balance at
March 2023
£
1
3,317,105
3,317,106

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 2023

18
Analysis of net assets between funds
General
funds
Designated
funds
2023
2023
£
£
Fund balances at 31
March 2023 are
represented by:
Tangible assets
18,856
1,303,286
Investments
-
2,011,363
Current assets/(liabilities)
14,198
2,457
33,054
3,317,106		 Total
2023
£
1,322,142
2,011,363
16,655
3,350,160		 General
funds
Designated
funds
2022
2022
£
£
25,094
1,055,877
-
2,414,550
34,218
4,270
59,312
3,474,697		 Total
2022
£
1,080,971
2,414,550
38,488
3,534,009

19 Related party transactions

There were no disclosable related party transactions during the year (2022 - none).