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2024-12-31-accounts

Report of the Trustees and

Unaudited Financial Statements for the year ended 31st December 2024

for

The Abbey Sutton Courtenay Limited

The Abbey Sutton Courtenay Limited

Contents of the Financial Statements for the year ended 31 December 2024

Page
Company Information 1
Report of the Trustees 2 – 3
Report of the Independent Examiner 4
Statement of Financial Activities 5
Balance Sheet 6
Notes to the Financial Statements 7 - 12

The Abbey Sutton Courtenay Limited

Company Information for the year ended 31 December 2024

TRUSTEES: M E Cass
S D Dhall
J Mahoney
D R Rowe
N C Winfield
REGISTERED OFFICE: The Abbey
Sutton Courtenay
Abingdon
Oxfordshire
OX14 4AF
COMPANY REGISTERED NUMBER: 01446667
CHARITY COMMISSION NUMBER: 278687
EXAMINERS: Wenn Townsend
Chartered Accountants
30 St Giles
Oxford
OX1 3LE
SOLICITORS: Royds Withy King
North Bailey House
New Inn Hall Street
Oxford
OX1 2EA
BANKERS: Lloyds TSB Bank plc
8 Ock Street
Abingdon
Oxfordshire
OX14 5AP

1

The Abbey Sutton Courtenay Limited

Report of the Trustees for the year ended 31 December 2024

The Trustees (who are also Directors of the charitable company for the purposes of the Companies Act and Trustees for the purposes of the Charities Act) present their report and the financial statements of the charitable company for the year ended 31 December 2024. The Trustees have adopted the provisions of the Statement of Recommended Practice (SORP) ‘Accounting and Reporting by Charities’ (FRS 102) in preparing the Annual Report and financial statements of the Charity.

STRUCTURE, GOVERNANCE AND MANAGEMENT

The Abbey Sutton Courtenay Limited is a charitable company limited by guarantee formed on 4 September 1979 and registered under the Companies Act registration number 01446667. It is a Registered Charity, number 278687.

Since early 2021, given recent difficulties, the trustees have as a group undertaken a much more direct role in managing the Charity.

The Trustees in office during the year and subsequently up to the approval date were as follows:

M E Cass

S E Cornwall (appointed 16 April, resigned 9 November 2024) Ms S D Dhall

J Mahony Ms C R Myerson (resigned 26 March 2024)

Mr A B Rance-McGregor (resigned 3 April 2024) D R Rowe (appointed 16 April 2024) Mr W R Stansfeld (resigned 30 January 2024) Mr J A S Warwick (resigned 18 April 2024) N C Winfield (appointed 16 April 2024)

M D Williams (appointed 17 January, resigned 24 March 2024)

OBJECTIVES AND ACTIVITIES FOR THE PUBLIC BENEFIT

The Abbey adopted and successfully lodged Charity Commission Model Articles in October 2011. The objectives of the charitable company are set out in its Memorandum of Association and may be summarised as under:

ACHIEVEMENTS AND PERFORMANCE

The Abbey re-opened in April 2024 with a largely new board and no paid staff in place. Significant efforts by volunteers and a very active board resulted in renewed bookings and a re-building of confidence in the Abbey charity. Overall, the charity is succeeding in its aim to increase income from residential retreat bookings and reduce reliance on more commercial accommodation bookings. The community café has continued to bring in a small income but more importantly it has helped to increase interest and participation in the Abbey activities amongst local people. The Abbey has also re-started its own educational programme and held a series of talks throughout the year. Subjects have included Understanding trauma, Mindfulness and Non-dual Spirituality, Talking with God in silence and Growing healthy food with nature. The significance of caring for a Grade I listed building has been acknowledged by establishing a buildings committee made up of specialists and other interested members to take on the task of fundraising for the major capital restoration works needed over and above day to day maintenance.

By the end of the year the Trustees felt confident the Abbey was moving forward in the right direction financially and made plans to employ a staff member alongside the volunteers. Volunteers are mainly international travellers who seek an inter-cultural experience and wish to use their skills to give back at the same time. Visa regulations now restrict visits to shorter stays for the majority of them and the plan is to take on some long-term residents who will live and work at the Abbey alongside the mix of residential and local day volunteers.

2

The Abbey Sutton Courtenay Limited

Report of the Trustees (continued) for the year ended 31 December 2024

FINANCIAL REVIEW

The Statement of Financial Activities for the year is set out on Page 5 of the Financial Statements.

The results for the year and financial position of the Company are as shown in the annexed financial statements. A summary of the income and expenditure of the Charity is shown on Page 5. The accounts show a deficit of £12,137 on the unrestricted general funds for the year, which represents the day to day operation of the Abbey. The liabilities of the company at the year-end remain fully covered by cash held at the bank. The reserves at 31 December 2024 amounted to £777,785 of which £746,174 relates to a property value held as a designated fund, and £31,611 are unrestricted reserves available for use on the charity’s objectives.

FIXED ASSETS

In June 2022, the freehold property at The Abbey, Sutton Courtenay, was given a guide valuation of £2.75m - £3m, based on vacant possession, unrestored by Knight Frank. The current accounts show a book value on a cost basis, and does not necessarily reflect the market value of the Abbey.

RESERVES

As at 31 December 2024 the charity had total funds of £777,785, all of which were unrestricted in nature. £751,476 of these funds were represented by fixed assets, leaving £26,309 of general funds as free reserves at the year end date (2023: £34,826).

The free reserves at the year end therefore amount to approximately three months expenditure in a normal year. The Trustees regard this level as broadly satisfactory, with the current stated reserves policy being to hold reserves to cover at least six months expenditure as a minimum. However, they would also ideally be keen to build up further reserves (whether that be general/designated funds or restricted funds via specific fundraising) for repairs and restoration of the building.

This report has been prepared having taken advantage of the small companies exemption in the Companies Act 2006.

On behalf of the Trustees

........................................................

D R ROWE

18[th] August 2025

3

Independent Examiner's Report to the Trustees of The Abbey Sutton Courtenay Limited

I report to the charity trustees on my examination of the accounts of the company for the year ended 31 December 2024 which are set out on pages 8 to 15.

Responsibilities and basis of report

As the charity trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).

Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your company’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

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 company as required by section 386 of the 2006 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act 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; or

  4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

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 accounts to be reached.

B Hayes FCA Wenn Townsend

Chartered Accountants

Oxford

18[th] August 2025

4

The Abbey Sutton Courtenay Limited

Statement of Financial Activities (including income and expenditure account) for the year ended 31 December 2024

Unrestricted Unrestricted
Total Total
Funds Funds
2024 2023
£ £
INCOME FROM:
Notes
Donations and grants 2 3,599 20,676
Programme events 2,114 2,072
Hire of the centre 78,816 50,724
Room and board - 248
Workshop rent 4,560 4,560
Retreats 13,818 13,843
Miscellaneous income 59 124
Investment income 1,240 350
Residential catering 16,160 11,054
Total Income 120,366 103,651
_ _
EXPENDITURE ON:
Charitable activities:
Conference costs (salaries) 11 22,176 34,194
Conference costs (other) 11 20,197 15,222
Property costs 12 59,030 45,230
Support and administrative
13		 27,874 22,439
costs
Finance costs 14 325 320
Depreciation 6 2,901 3,060
_ _
Total expenditure 132,503 120,465
_ _
NET INCOME/(EXPENDITURE) (12,137) (16,814)
FUND BALANCES BROUGHT FORWARD 789,922 806,736
______ ______
FUND BALANCES CARRIED 777,785 789,922
FORWARD ______ ______

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

The notes on pages 7 to 12 form an integral part of these financial statements.

5

Company No: 01446667

The Abbey Sutton Courtenay Limited

Balance Sheet - 31 December 2024

2024
Notes
£
FIXED ASSETS:
Tangible assets
6
Investments
7
CURRENT ASSETS:
Debtors
8
587
Cash at bank and in hand
75,326
_
75,913
CREDITORS:Amounts
falling due within one year
9
(49,604)
_
NET CURRENT ASSETS:
TOTAL ASSETS LESS CURRENT LIABILITIES :
NET ASSETS:
UNRESTRICTED FUNDS
General funds
Designated funds
UNRESTRICTED FUNDS
10
RESTRICTED FUNDS
10		 £
751,476
-
_
751,476
26,309
777,785
_
777,785
═════
31,611
746,174
_
777,785
-
_
777,785
═════		 2023
£
£
754,096
1,000
_
755,096
3,338
60,242
_
63,580
(28,754)
_
34,826
789,922
_
789,922
═════
43,748
746,174
_
789,922
-
_
789,922
═════

For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors’ responsibilities:

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime.

ON BEHALF OF THE TRUSTEES

………………………………… D R ROWE

Approved by the Trustees on 18[th] August 2025

The notes on pages 7 to 12 form an integral part of these financial statements.

6

The Abbey Sutton Courtenay Limited

Notes to the Financial Statements

for the year ended 31 December 2024

1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

a) General information and basis of preparation

Abbey Sutton Courtenay is a charitable company limited by guarantee in the United Kingdom. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. The address of the registered office is given in the charity information on page 1 of these financial statements. The nature of the charity’s operations and principal activities are detailed in the Trustees’ Report.

The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting 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) issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Accounting Practice.

The financial statements are prepared on a going concern basis under the historical cost convention modified to include certain items at fair value. The financial statements are prepared in sterling which is the functional currency of the charity.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

b) Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided at the following annual rates on a reducing balance basis in order to write off assets over their estimated useful life:

Freehold property - NIL Fixtures and fittings - 20% per annum

No depreciation is charged on the freehold property on the grounds that the estimated residual value of the property is not less than the carrying amount of the asset and hence any depreciation arising would be immaterial.

c) Funds

General funds are unrestricted funds which are available for use at the discretion of the Trustees for furthering the religious and charitable work of the company and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim of each designated fund is set out in the notes to the financial statements.

Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets those criteria is charged to the fund.

d) Debtors and creditors receivable/payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.

e) Income recognition

All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.

7

The Abbey Sutton Courtenay Limited

Notes to the Financial Statements

for the year ended 31 December 2024 continued

1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

e) Income recognition (continued)

For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled.

Donated facilities and donated professional services are recognised in income at their fair value when their economic benefit is probable, it can be measured reliably and the charity has control over the item. No amount is included in the financial statements for volunteer time in line with the SORP (FRS 102).

Income from trading activities includes income earned from fundraising events and trading activities to raise funds for the charity. Income is received in exchange for supplying goods and services in order to raise funds and is recognised when entitlement has occurred.

Investment income is earned through holding assets for investment purposes and includes interest.

f) Expenditure recognition

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably.

Irrecoverable VAT is charged as an expense against the activity for which expenditure arose.

g) Support costs allocation

Support costs are those that assist the work of the charity but do not directly represent charitable activities and include office costs, governance costs and administrative payroll costs. They are incurred directly in support of expenditure on the objects of the charity and include project management.

The analysis of these costs is included in note 13.

h) Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset’s cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

i) Tax

The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 7 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes.

j) Going concern

The financial statements have been prepared on a going concern basis. Trustees have considered current year results, and future forecasts, alongside existing cash reserves and are content that funds are sufficient for the charity to continue operations for a period of at least 12 months from the date of approval of the accounts.

8

The Abbey Sutton Courtenay Limited

Notes to the Financial Statements for the year ended 31 December 2024 continued

2. DONATION AND GRANT INCOME

Other donations receivable
3.
STAFF COSTS
The aggregate payroll costs were:
Wages and salaries
Employer pension contributions		 2024
£
3,599
_
3,599
═════
2024
£
21,018
293
_
21,311
═════		 2023
£
20,676
_
20,676
═════
2023
£
34,416
308
_
34,724
═════

The average monthly number of employees during the year was 2 (2023: 3). The average number of full time equivalent employees during the year was 1 (2023: 2).

No employee was paid in excess of £60,000 during the year.

4. TRUSTEES’ AND KEY MANAGEMENT PERSONNEL REMUNERATION AND EXPENSES

Trustees receive no remuneration for their services during this or the previous year.

Expenses of £50 were reimbursed to Trustees in 2024 (2023: £204).

No Trustees (2023: none) are accruing pension arrangements.

The charity considers its key management personnel comprise the Trustees.

5. OPERATING SURPLUS/(DEFICIT)

The operating surplus/(deficit) is stated after charging:

2024 2023
£ £
Examiner fees - examination and year end accounts preparation 1,850 1,800
- other services 1,400 500
- (over)/under-provision in prior year 92 (1,000)
Depreciation - owned assets 2,901 3,060
═════ ═════

9

The Abbey Sutton Courtenay Limited

Notes to the Financial Statements

for the year ended 31 December 2024 continued

6.
TANGIBLE FIXED ASSETS
Freehold Land
and Buildings
COST/VALUATION:
£
At 1 January 2024
746,174
Additions
-
_
At 31 December 2024
746,174
═════
DEPRECIATION:
At 1 January 2024
-
Charge for year
-
_
At 31 December 2024
-
_
NET BOOK VALUE:
At 31 December 2024
746,174
═════
At 31 December 2023
746,174
═════		 Fixtures and
Fittings

£
85,325
281
_
85,606
═════
77,403
2,901
_
80,304
_
5,302
═════
7,922
═════		 Totals
£
831,499
281
_
831,780
═════
77,403
2,901
_
80,304
_
751,476
═════
754,096
═════

The Trustees elected, in accordance with FRS102, to use the carrying value at 1 January 2014 (the transition date) of the freehold property carried at valuation, as its deemed cost.

No depreciation has been charged on the freehold property as the company’s policy is to maintain its property in good condition and the estimated residual value is not less than its net book value at any given time and hence any depreciation is considered to be immaterial. The Trustees adopt a policy of regular maintenance and repair of the property.

7. INVESTMENTS

The charity previously held 1,000 ordinary shares in The Low Carbon Hub IPS Limited, included at the original cost of £1,000. These shares were sold at par value during the current period.

8.
DEBTORS: AMOUNTS FALLING
DUE WITHIN ONE YEAR
Other debtors		 2024
£
587
_
587
═════		 2023
£
3,338
_
3,338
═════

10

The Abbey Sutton Courtenay Limited

Notes to the Financial Statements

for the year ended 31 December 2024 continued

9.
CREDITORS: AMOUNTS FALLING
DUE WITHIN ONE YEAR
Trade creditors
Accruals
Deferred income
VAT
Loans		 2024
£
5,156
6,581
5,989
1,878
30,000
_
49,604
═════		 2023
£
8,040
8,485
11,329
900
-
_
28,754
═════

Deferred income comprises deposits received in advance for bookings, and donations received intended for use in the next financial year.

Balance at 1 January
Amount released to incoming resources
Amount deferred in year
Balance as at 31 December		 2024
£
11,329
(11,329)
5,989
_
5,989
═════		 2023
£
450
(450)
11,329
_
11,329
═════

10. ANALYSIS OF NET ASSETS BETWEEN RESTRICTED AND UNRESTRICTED FUNDS

2024
Tangible Fixed Assets
2024
Other Net Assets
£
£
Restricted Funds
-
-
Unrestricted Funds
-
general
-
designated
5,302
746,174
_
751,476
_
26,309
-
_
26,309
_
2023
Tangible Fixed Assets
2023
Other Net Assets
£
£
Restricted Funds
-
-
Unrestricted Funds
-
general
-
designated
7,922
746,174
_
754,096
_
35,826
-
_
35,826
_		 2024
Total
£
-
31,611
746,174
_
777,785
_
2023
Total
£
-
43,748
746,174
_
789,922
_

The designated fund, representing the latest revaluation of the property is regarded as a fund to be used only for possible replacement of the property and as such is not available for general use on the business of the charity.

11

The Abbey Sutton Courtenay Limited

Notes to the Financial Statements

for the year ended 31 December 2024 continued

11.
CONFERENCE COSTS
Salaries and stipends
Publicity
Food and general consumables
12. PROPERTY COSTS
Repairs and maintenance
Rates and water
Light and heat
Insurance
Cleaning and gardening
Salaries
Health and Safety Compliance
Service charges
13.
SUPPORT AND ADMINISTRATIVE COSTS
Telephone
Printing, postage and stationery
Sundry expenses
Computer expenses
Admin and bookkeeping – other
Accountancy
Legal fees
Trustee expenses
14.
FINANCE COSTS
Bad debts
Bank charges		 2024
£
22,176
470
19,727
_
42,373
═════
2024
£
14,564
2,252
12,720
11,677
71,94
-
6,759
3,864
_
59,030
═════
2024
£
927
1,297
2,636
1,688
11,545
3,342
6,389
50
_
27,874
═════
2024
£
-
325
═════		 2023
£
34,194
649
14,573
_
49,416
═════
2023
£
8,379
2,491
7,629
10,441
10,411
530
5,349
-
_
45,230
═════
2023
£
1,416
1,111
2,036
2,106
11,308
1,308
2,950
204
_
22,439
═════
2023
£
-
320
═════

15. RELATED PARTY TRANSACTIONS

There were no related party transactions during the year (2023: £nil).

12