Charity regi5trAtion Dumber 294102 CHRIST THE SAVIOUR MONASTIC TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
CHRIST THE SAVIOUR MONASTIC TRUST LEGALAND ADMINISTIUTIVE INFORMATION Truste¢s Father Colin Brother Christopher Mark Father Pet¢r CharRty number 294102 Registered oifice The Monastery of the Holy Trinity Cuttinglye Lane Crawley Down West Sllssex England RHIO 4LH IDdependeDt examiner Darren Harding ACAFCCA DChA Richard Place Dobson Services Limited 1-7 Station Road Crawley Wt Sussex RHIO IHT
CHRIST THE SAVIOUR MONASTIC TRUST coiYrENTS Page Trustees report Indep¢nd¢nt examin¢r's r¢pon Statement of ftnancial activities Balance sheet Notes to the finan¢ial st&t¢ments 6- 13
CHRIST THE SAVIOUR MONASTIC TRUST TRUSTEES REPORT FOR THE YE4R ENDED 31 n£4RCH2024 The trLtstee5 present their annal report and financial statements for the year end¢d 31 Mar¢h 20?4. The ftnancial statements have been prepared in accordance ivith the ac¢ouniing policies set out in notc I to the fjnantial statements and comply wtth the trusfs trust deed. the Charities Act ?011 2nd A¢¢ovntinu and Reporting by Chariti¢s'. stst¢ment of Recommended PTactice applicable to charities preparing their accounts in ac¢ordat)ce with the Financial Reporting S¢atJdard applicable in the UK and Republie of Irelat)d IFRS 1021 l¢ff¢ciive l January 20191" Objtttives and gctivitlP5 The charity founded by the Community of the Servanis of the Will of God with the purpose of maintaining a ¢entre i which may be Encorpordted a chapel and librdry. a ¢onference house and a residence for a i¥ard¢n. siaff and sludeTrls vcthe advancement of the Christian religiotj by such mtans consistent with the characteT of a lif¢ of prayer and monastic discipltne as the ttustees tnay decide. Thi5 purpose may include the provision of opportunities for training for the parochial rninistry by the siudy of urban areas and the pastoral structures and methods most )ppropTiat¢ foi ministering to them. for the production, trdnslation and dissemination of ChTjStian literdture and for ecumeniLal dialogue and contacis. Significant activitles The trust handles monies for a Committee of Religious. Charitable tradino continucs with the publication of theological liieraiure. lectionary and service booklets with music Public benefit The trustees are aw8re ofthe Charity Commission's guidance on public benefit in The Advancem¢nt of Religion forthe Public B¢nefii and hav¢ had r¢gard to it in their administration of the charity. Athievements and performanet The trustees made three grants during th¢ year to two Charities and a not-for-profit OanISation. The grants provided We as follows: Discoverit)o Prayer. a charity which provides or¢-linc resources for prayer and meditatlDn. The increased interest for this during the lockdowns has remained and the charity is expandiftg its resources. Archbishop Rowan William Hermita(pc Trllst la nots-foi-profit organsstaionl were prnvided with a grant for th¢ printing of booklets and newsletter5. Mornsng StaT Trust la charityl WeTe a150 provided wkth a grant forthe printing of booklets and newsletter5. Vinancial review The tTU51ees are p12ased to report that for th¢ year to 31 March ?0?4 incoming r¢sour¢¢s ¢x¢¢¢ded resource5 expended giving a surplus of £?5.177 12023 SUTplus £18,9?11 before takino into account gain1055¢5 on invEStments. The sale of investmeffls in the year by ihe investment adviser5 resulted in a Det realised loss of £7,3?41?023 - loss £29,312). Income from tnvest]nent$ was £41,477 12023 £38,345) and the cost of investment managen)ent was £9.669 1?023 £9,480). Income from charitable tradin bein(k th¢ sal¢ of books* publicatlOll5, mounted icons, prints and prayer ropes decreased £1,0941?0?3 - £1 ?281. Income from donations decreased to £1 ??6 190?3 - £4.?001. Reserves polity The trustees aim io mnI?1 adequaie reserves to cover planned expenditure for the forthcorniDg year and to set &side fvnd5 for future projert5. Strueturei governance and tn%nagement Governing document The charity is govemed by a Trust Deed dated 24 Mar¢h 1986 as amended by a scheme of the Chariry Commissioners dated 13 February 2003. page I
CHRIST THE SAVIOUR MONASTIC TRUST TRUSTEES REPORT (CONTINUED) FOR THE YE4R ENDED 31 M4RCH 2024 The trustcts who served during the ytrdr and up to the date of signature of the finantial stateTnettts weTe.' Father Colin Brother Christopher Mark Father Pettr Recruitment and appointment of tru$ttts The charity is ruD on a (lay Iv day basis by ¢h¢ trustees. New irustees would be re¢ru¥ied from within the Commuftity of the SeTvants of the Will of God, and would undertak¢ an induciion to bri¢f ih¢m on their legal obligations undei Charity law, th¢ charity's objertives and a¢tivities and re¢eni financial perfom)once. ststement of trustees re$poDsibilities The trustees are responsible for preparing the Trusiees Report ajd the ftnancial siaiements in accordance with applicable law and UnÉted Kingdotn AccountEng Standards (Uniied Kingdom GeneIlY AePted Ac¢ounting Pra¢ti¢el. The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a tnje and fair view of th¢ stsie of affairs of the trSt and of the incoming resources and application of resources of ihe trust for that year. In preparirtg the5¢ fJnan¢ial statements. th¢ trustees are required to-. select suitable accounting policies and then apply them consistently. - observe the methods and priyjciples in the Charitie5 SORP. - make judgements and estimales that are reasonable and prudent,. state whether applicable accountina standards have been followed. subject to any material departures disGIosed and ¢xplained in the financial statements: and prepare the financial statements on the uoin(r concern b&si5 unles5 Ét is inappropriate to presume that the charity will continue in operdtion. The tru5tee5 are Tesponsible foi keeping sufficient accountirtg records that dEsclo.se with re&8onable accurncy d any time the financial position of the irllst and en&ble them to ensure thai the financial statements comply with the Charities Acr ?01 I, the Charity IA¢¢ounis and Reports) Re. ulations ?008 and the provisions of the tn]s¢ deed. They ar¢ also responsibl¢ for safeguarding the assets of the irusi and hence for takino ronable steps for the prevention and deteciion of fraud and Dther irregularities. The trustees report was approved by the Board of Trnstees. F#ther Colin Trustee Dated.. page 2
CHRIST THE SAVIOUR MONASTIC TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF CHRIST THE SAVIOUR MONASTIC TRUST I report to the trustees on my ¢xamination of the financial ststements of Christ the Saviour Mortastic Trust (the trust) for the year ended 3 1 March 2024. Re$pohi$ibilities And b¥si5 of report As the rrustees of the trust you aTt responsible for the prepardtion of the financial statements in accordance with the requirements of the Charities Acr ?01 I (the 2011 Act). I report in respect of my examination of the irust's financial statements carried out under section 145 of the 201 l Act. In carrying out my examination I have followed all the applible Directions givett by the Chatity Commission vNdeT S¢CtEon 14515llb} of the ?01 l Aa. IDdtpendent examiner's Statement Your attention is diawn to the fact that the charity has prepared fEnancial statements in accordance with Accounting and Reportinct by Charities PTeparit]g their aceounis in aCGordance with the Financial Reporting Standard appIlble in the UK and Republi¢ of Ireland IFRS 1021 in preftrence to the Accounting and Reportit)g by Chatities.. Statement or Recommended Practice issued on l April ?005 which is referrd to in the extsnt regulations but has been withdrawn. I understand that this has bcen done Jn order for fin2n¢ial statements io provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for r¢porting periods begtnning on or after l Jtttllary ?OlS. I have completed my examin4tion. I confirm th* no matters have come to my attention IT] connection with the exatninatlOTI Lviving me Cause to believe that in any tnaterial respect.. 3ccounlin¥ records were noi k¢pt in respect ofthe trusi as required by s¢¢tion 130 of the 901 I ACL or the financial stsiements do nol accord with those records., o the financi siaiements do not comply with the applÉcable requirEmEnts Concerning the form and content of accounts set out in the c.harities (Accounts and Reports) RegulatlVn5 ?008 other than any requirement that the accounts give a true and Ir view which 15 not a matrer considered Es part of an independent examination. I have no Concerns and have come a¢r05s no other matt¢rs in Gonnection with the examÉnation to which attention should be drawo in this report in order to enable a proper understanding of the financial statements io be reached. Darren HardÉng ACA FCCA DChA Richard Place Dobson Services Limit¢d 1-7 Staiion Road Crdwlty W¢si Sussex RHIO IHT 16 December 2024
CHRIST THE SAVIOUR MONASTIC TRUST STATEMENT OF FINANCIALACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 N£4RCH 2024 Unrestricted funds 2024 Restrlrted funds 2024 Total Unrestricted fund5 2023 R¢stricted nds 2023 Total 2024 2023 Noles Income from: Donations and Icgacies Charitable activities Investments 226 1,094 41.362 1,000 1,700 1500 1,094 41,477 1,228 38,345 38.279 66 Total intome 42,682 43.797 41,207 43,773 Expenditure on: Raising funds Charitable activities 10.056 7.866 10.056 8,564 9,480 14,595 9,480 15,372 698 777 Totgl exptndilure 17.922 698 18.6?0 24,075 777 24,85? Net gail){10sstsI on InVesents li 87,?91 1139,6171 1139,6171 Net in¢omd(¢xpetsditure} and movement in fund 112,051 417 112.468 (1?1,4851 1,789 1120,6961 Re¢oneiliation of funds.. Fund balance4 at l April ?0?3 1,396,990 2,456 1.399.446 ,519,475 667 l.5?0,14? Fund balaThce5 at 31 March 2024 1.509,041 2,873 1.511,914 1.396.990 2,456 1,399.446 The siatemeRt of fjnancial activities in¢lud¢s all gatns and losses Tecognised En th¢ year. All income ld expenditure derive frotn continving actLVlties. page 4
CHRIST THE SAVIOUR MONASTIC TRUST BALANCE SHEET ASA TSI AURCH2024 2024 2023 Notes Fixed assets Inve5tm¢nts 13 1.437.630 1,33?,7j4 Current as$ets tkbtor5 Cash at bank and in hand 14 575 80,441 1,148 74,156 81.016 75.304 Creditors: amounts f*lling due withio Dnè year 15 16.73?) 18,59?) Net turreut assets 74,984 66,712 Total assets Itss turrent Ilabillties l.511.914 1,399,446 The funds ofthe tr115t Restricted incom¢ funds UnrestrictLxi funds 16 17 9.873 1,509,041 1.396,94) 1,511.914 1,399,446 The financial stattments were approved by the trustees on .. Father Colin Trustee paEe 5
CHRIST THE SAVIOUR MONASTIC TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE IEAR ENDED 31 MARCH2024 Accountillg policies Charlty InforniAtio Christ the Saviour Monastic Trust 15 a trust incorpoiated in England and Wales. Th¢ registered offtce is The Mon&8tery, Cuttin?(klye Lane, Crawley Down, Crawley, RHIO 4LH. 1.1 A¢eouoting conventio The finan¢i&l statemtnts have been prepared in accordance with th¢ trusvs trust deed, Ihe Charities A¢t 2011 and "Accollnting and Reponino by ChaTities.' Statement of Recommended Pr3Ctice applicable to charities preparirtg their accounts in accoidance with the FinatLci&I Reporting Stsndard applicable in the UK and Repllblit of Ireland IFRS 1021 leffective l January ?0191" Th¢ trust is a Public BenefEt Enlity as defined by FRS 10? The trust has tttken advat)tsge of the provisions in th¢ SORP foT charities applying FRS 10? Update Bulletin I not to prepare a Stsi¢ment of Cash Flows. The financial stat¢ments are prepwed in sterl&n which is the functional ¢urt¢ncy of the trust. Mondary amounts in these financial statejnents arc rounded to the nearest £. The twstees are responsible for keeping suificient 2CCOUDtsng records that di%tlD5e with reasonabl¢ accuracy at any ljme the financial position of the tTUSt and ¢nablt them to ¢nsure that the financia] statements comply with the Charities A ?01 l. the c.harity (Accounts and Report51 Reoulaiions 2008 and the provisions of the trust deed. They are also responsible for safeguardin(Y thc a5%eLS of the trust and hence for taking reasonable ¥lep5 for the prev¢ntion and detection of fraud and other irTryularities. 12 Going concern Ai the tirne of approving the fifjancial statemcnts. rhe trustees have a reasonable expectation that ihe trust has adequate resuurce5 to continue in operational existence for the foreseeable fijture. Thus ihc trustees continu¢ to adopt the going concern basis of a¢coun(ino in PTeparirkg tht financial sr)i¢m¢nts. IJ Charitable funds Ut)resiriaed funds are available for use kt the discr¢iion tsf the trustees in fiJrtheran¢e of th¢ir ¢haritabl¢ objectives. Restrscted funds are subject to specifi¢ Conditions by donors or grantors as to how they may be used. The purp05¢5 and uses of the restricted fi2nds are set out in the notes to the financi statements. 1.4 1Deome Income is re¢ognised when the trust is legally entitled to it and li is probable that income will be received. 1.5 Expellditsre Liabilities are rewgnised as expenditure as soon as there is a legal or constructive obligation ¢ommitting the charity to that expenditur¢. it is probable th a transfer of ¢xonomic benefits will be required in 5¢tt1¢m¢nt and the amount of the obligation can be measured lIablY. Expcnditur¢ is aGcounted for on an accruals basis and ha5 been classified under headin¥5 that 4gregare all cosr relat to the category. Where costs cannot be directly attributed to particular heading5 they have been allocated to activili¢5 on a basis consistent with the use of resources. page 6
CHRIST THE SAVIOUR MONASTIC TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting pollel (Continued) 1.6 Tangftble fixéd assets Tangiblt fixed assets are initially measurtd 31 cost and subsequently measured at tost or valuation, net of depreciation and any Empairment losses. D¢pre¢i&tion is recogntsed so as io write off the Mst or Vuation of assets less their Tesidual vajues ov¢r ih¢ir usefvl lives on the following basis.. Fixtures and fJttin(rs Computers Library 33 /v on cost 3J /0 on Cost ?i /• ori ¢05t .7 Fixed asset investments Fixed asset inv¢srments are initially measured at transaction price txcluding trdnsaciion Costs. 8nd are subsequently measured at fr value ai ¢4tLh reporting dat¢. Changes in fair value are recognistd in net intOEntllexperEditurel for ihe year.'l-ransaction cosis ar¢ expensed as incurred. 1.8 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, oiher shon-terni liquid investments with original tn3turities of Ihree moD¢hs 01 les5. and bank overdTafts. Bank overdrafts are shown Wthill borrowings in current liabilities. 1.9 Taxation The trust is exempt from tax on its ¢hari¢able activities. 1.10 Governanee costs Governance costs comprise all costs iTrcurred in Ehe governan¢e of the trust. These costs include costs r¢latiRg to the independent ¢xamination together with overheads. 1.11 Ch9ritable aeiivliies Charitsble activiti¢s include the dErect costs of the activities and r¢lated depreciation of rangibl¢ fixed assets. Cri¢i¢al aeeounting estimates 2Md judKeJrJents In the application of the trust's accounting poli¢l. Ihe trustees are required to make judgement5. ¢Stimates and assumptÈons about the carrying amount of ¥s¢ts and liabilities that are noi readEly appareni fivTQ Otjier sources. The estimat¢5 and associated assumptions are based on histOTi¢al experience and other factors tha¢ ar¢ ¢otssider¢d to be relevant. Aciual results may differ fTorti these ¢stimates. The estimates and und¢rlying assumptions are revtewed on an ongoing basi5. Revssions to ac¢ounting estimates are re¢ognised Tn the period in which the esti]nate is revised wheTe the revision affects only that pcrJ(xl, Dr in the period of the revision and future periods where the revision affeS both current and future periDds. Key sources of estimatioll llttcertainty Investments Valuation of investments at market value, based on ¢a]culation by the investment fi0 manager. The inv¢51ments held are all shares Irsted on a recogni5ed stock exchange and have an casily identifiable Jnark¢t va]ue. pagc 7
CHRIST THE SAVIOUR MONASTIC TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YE4R ENDED 3J MARCH2024 DDRÈtlQ115 and leg9ties Unre5tritted funds Restricted Toial Unre$trl¢ted funds Restricted funds Total 2024 2024 2024 2023 2023 2023 Donatsons and gifts ??6 1,000 1.700 4.?00 Ineojne from charitsble artivitie$ Unrestricted funds 2024 Unrestrieted funds 2023 Charitable Activities Chatitable tradiniw 1,094 InvestmeDts Unrestricltd funds Restrx¢t¢d funds Total Unrestrieted funds Restricted funds Totsl 2024 2024 2024 2023 2023 2023 Income from listed investments Interest receivable 41.369 41.j69 38,279 66 66 41,369 41,477 38,279 66 38,345 Raising funds Unrtstriited Unrestricted funds funds 2024 9023 Tradin cosrs Purchases 387 Investment manaoement 9,669 9,480 10,056 9,480 page 8
CHRIST THE SAVIOUR MONASTIC TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YE4R ENDED 31 MARCH2024 Expenditure on charfttable aetivitie$ Charltable Attivltles 2024 Ch&rxtablt Activities 2023 Direct costs Computer & printing costs Subscripiions Website costs Conferences Grdnts & ¢du¢aiional support Adminiaration costs Travelling ?.593 251 ?39 loo 5,580 598 3,857 359 20 777 5,361 9.361 11,673 Sbare of support and governance costs (see note 8) Goveman¢¢ 17971 3,699 8,564 15.372 AnAlysis by fund Unrestricted funds Resiricted funds 7,866 698 14,595 777 8,564 15,j7? Support costs allocated to activities 2024 2023 Gov¢man¢e ¢osts 17971 Analy5ed between: Charitable Activities 17971 3.699 TrStee$ None of the trustees lor any persons tonnetted with them) received any reUneratiOn or benefits from the trust durin th¢ year. 10 Employees The average JnoRthly number of ¢mployees during the year was- 2024 Number 21J23 Number Totsl page 9
CHRIST THE SAVIOUR MONASTIC TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YE4R ENDED 31 MARCH 2024 Ii Gal$ losses on investments Unrtstrirted Unr¢stricÉed fllnd$ funds 2024 2023 Gain51llos5esl 2rising on.. Revaluation of investhienis Saje of investments 94,615 17,j?Jl 1110,3051 1?9.3121 87,291 IlJ9.6171 12 Tangible fixed Assets Fixtures and fittiDgs Computtr$ Librnry Tèt*l Cost At l April ?0)3 17.013 129,561 4.624 151.198 At 31 March 2024 17,013 1?9.561 4,624 151,198 Deprteiation and impairmeDt At l April 2023 17,013 1?9.561 4,624 151,198 A¢ 31 March ?0?4 129,561 4.6?4 151,198 Carrying amount At il March ?0?4 At 31 Mar¢h 2023 pag¢ 10
CHRIST THE SAVIOUR MONASTIC TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YE4R ENDED 31 MARCH 2024 13 Fixed asset investtnents Listed investments Cost orv2luation At l April ?0?3 Additions Valuation changes Dtsposals 1,332.7i4 434,760 94,615 14?4,4791 At 31 Mareh ?0?4 1,437,630 CarryiDg xtnoujkt At 31 March ?0?4 1,437,630 At 31 March )OJ? 1.339,734 Hlstorl¢il ¢ost At 31 Decetnber ?0?4.. £1,066,Oi4 Ai 31 December 2023." £866.107 Brewin Dolphin act as investment advÉsers to the trusi. The investments ar¢ h¢ld to pmvide investment rewrn and to oenerale funds to 5UPPOrt charitable activities. Funds have been invested in a mixed wnfolio of UK invcsimcnt% quoted on The London Stock Exchange. At il March ?0?4 investsTren15' held at 50/0 or mor¢ of lh¢ market value, comprised.. JP Morgan Amer IT Ord GBPO.05.. £4),219 Scot Mori Inv Ord GBPO.05.. £71,967 14 Debtors 2024 2023 Amouots falling due within one year: Other debtors Prepayments and accrued income 488 87 1.148 575 15 Creditors: amoumts falling due within one year 2024 2023 Other creditors Accruals 89 6,643 33 8,559 6,73? 8,592 page 11
CHRIST THE SAVIOUR MONASTIC TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 M4RCH2024 16 Restrirttd funds The re5tricied funds of the ch&rity comprise the unexpended balances of donations and grants held on trust subject to specifjc condiiions by dottors 35 to how they may be used. At l April 2023 ncomlng resource5 Resources expended At 31 Mareh 2024 ROOT Fir Chlis 2.443 16981 ?,860 2,456 16981 Previolls year: At l April 2022 Incoming r¢souree5 ResOUeS expended At31 Mareh 2023 ROOT Fir Chlis 654 2,566 17771 ?,443 13 667 777 2,456 Fir Chlis- This fund provid¢s support for the House of Prayer in Scotland. RooT- ThÈs fund provides support for a Comrnittee of R¢ligious 17 UnStr1tted fvnds The llnre%tTlCted funds of the charity comprise the unexpended balances ofdonations and grants which are not subject io specifie condi¢ions by donor5 atkd 8rantors as io how they tnay be used. Th¢se include desi0 ated funds which have been set aside out of unrestri¢ted funds by the trustees for specifjc purposes. At I April 2023 IDeoming resollrtes Resources ¢xpeDded Gains At 31 M8r¢h losses 2024 General funds 1,396,990 42,68? 117,9?21 87,291 1.509.041 Previous year: At l April 2022 Resou¢$ expended Gains and At 31 l¥larch losses 2023 resources General fvnds 1,519,475 124,0751 1139,6171 1.396.990 page l?
CHRIST THE SAVIOUR MONASTIC TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YE4R ENDED 31 MARCH2024 18 Analysis of Thet asset$ between funds Unrestritted funds 2024 Restricted funds 2024 Total 2024 At 31 Marth 2024.. Invtstment5 Current 2sseis/lliabilitiesl 1.437.630 71.411 1.437,630 74284 9.873 1.509,IMI 9,87) .511,914 Unrestricted furJd$ 2023 RtrICted funds 2023 Total 2023 At 31 March 2023: Invesiments Curret)i assetsllliabilitiesl 1,332.734 64.256 1,332.734 66,71? 1.396.990 ?.456 1,399.446 19 Reiat¢d party tr*n$a¢lions Lobswood Limit provides office facilities to the charity. The trustees of the charity are also directors together with others of Lobswood Limited. During the year reni payments of £nil l?O?)- £? 5001 were made to Lob5W(x)d Limited. page 13