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2023-08-31-accounts

Annual Report & Consolidated Financial Statements

For the year ended 31 August 2023

Waverley Abbey Trust

Reference And Administrative Information 3
Directors’ report for the year ending 31 August 2023 4
Principal activity 4
Our Vision and Strategic Priorities 4
Public benefit 5
Our Values 5
Review of our work in 2022/2023 5
Structure, Governance and Management 7
Financial Review 11
Independent auditor’s report to the Directors of Waverley Abbey Trust 14
Consolidated statement of financial activities 15
Consolidated and charity balance sheets 16
Consolidated statement of cash flows 17
Notes to the consolidated financial statements For the year ended 31 August 2023 18

Waverley Abbey Trust. Company No. 1990308, Charity No. 294387

2

Reference And Administrative Information

Charity name Waverley Abbey Trust
Charity registration number 294387
Company registration number 1990308
Registered Office Waverley Abbey House
Waverley Lane
Farnham
GU9 8EP
UK
Website www.waverleyabbey.org
Directors and Trustees Kenneth Costa (Chair)
Robert Peet
Peter Greig
Simon Hickman
Christopher Kuchanny
Karen Murray
Fergal Roche
Jani Rubery
Andrea Barker
(Resigned 9 September 2022)
Emma Laporte
(Resigned 8 September 2022)
Derek Holbird
(Resigned 8 September 2022)
Chief Executive David Wesson
(Appointed 1 January 2023)
Bankers Barclays Bank plc
Farnham Branch
22 The Borough
Farnham
GU9 7NH
Independent Auditors Kreston Reeves LLP
9 Donnington Park
85 Birdham Road
Chichester
PO20 7AJ
Solicitors Moore Barlow LLP
The Oriel
Sydenham Road
Guildford
GU1 3SR

Directors’ report for the year ending 31 August 2023

The Trustees of the Waverley Abbey Trust, have pleasure in presenting their report and the consolidated financial statements for the year ended 31 August 2023.

Principal activity

Waverley Abbey Trust’s purpose is to benefit the public through the advancement of the Christian faith and education worldwide.

The Charity’s trustees have complied with the duty in section 17 of the Charities Act 2011 to have due regard to Public Benefit guidance published by the Charity Commission.

During the year, Waverley Abbey was adopted as the trading name of Waverley Abbey Trust. The Charity has also adopted trading names to support the provision of education through Waverley Abbey College.

Our Vision and Strategic Priorities

At Waverley Abbey we are building a new Abbey for a new Generation:

We have asked ourselves:

Over the next 3 to 5 years, we will seek to make this vision become a reality through:

We will think global, act local and put digital first.

Waverley Abbey Trust. Company No. 1990308, Charity No. 294387

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Public benefit

Waverley Abbey Trust, and as CWR before it, has served individuals and communities to help people live God’s way: every day. We continue this, releasing people into their full God-given potential.

Our education programme and supporting resources promote the Christian faith and endeavour to help people foster and apply spiritual disciplines to all areas of their life. This takes place through our training programmes and production and distribution of resources in digital and printed materials.

Our education resources offer a solution to the profound social, spiritual, and mental health crisis both here in the UK and across the world.

Our aim is to offer training where students can integrate their faith with their studies and vocational training; Degrees are underpinned by a Christian worldview. We continue to increase our breadth of reach to ensure our training is as accessible as possible using delivery methods including in person training, distance learning and online learning.

We make our resources available across all generations and accessible to all economic circumstances and academic ability. The Charity provides resources to churches and individuals across the UK and worldwide, serving every walk of life from students, professionals, ministers, leaders, and prisoners. It is a privilege to provide free access to our flagship publication, Every Day with Jesus to anyone in the UK.

Our Values

Review of our work in 2022/2023

Encounter

Waverley Abbey is proud to partner with 24-7 Prayer in their vision to revive the church and rewire the culture and runs a 24-7 Prayer room which is constantly filled with all generations.

On the site of the first Cistercian Abbey in Britain, we host a growing modern monastic community and a House of Prayer, open to the public, for all nations and generations.

As of August 31st, 2023, there were five members of the Waverley Abbey Community living on site with a further 14 in the Companions community - a group of committed individuals who hold weekly prayer rhythms. Those living on site lead a daily rhythm of worship and prayer which is open to the public to join. The wider Community consists of 228 members.

Waverley Abbey House is a registered Place of Worship.

Waverley Abbey Trust. Company No. 1990308, Charity No. 294387

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Every Day with Jesus is our flagship daily bible study and discipleship tool and is published and distributed for free to over 12,000 individuals worldwide.

Education

Since 1987 Waverley Abbey College has been equipping Christians with faith-based courses. These currently include counselling, spiritual formation and chaplaincy. We are now one of the largest providers of Christian Counselling qualifications in Europe and the leading provider of accredited Chaplaincy training in the UK. In 2022/2023 we achieved a 100% student satisfaction measure in the Office for Students National Students Survey.

During the Academic Year 2022-23, we educated the following number of students across our courses:

64 Students graduated at the end of the year, representing 35 Undergraduates and 29 Postgraduates.

During the year we were delighted to welcome Dr William Foster and Dr Andy Lancaster as Honorary Professors. We also formed a partnership with Perth Bible College to launch a new PG Certificate to offer our accredited Chaplaincy courses in Australia and beyond.

The Association of Waverley Abbey Ministers (AWAM), a professional body, continues to support individuals and churches through practical engagement, continual professional development, and support in specific areas of ministry and service.

In 2023/2024, our primary objective is to develop our courses online to meet growing need and expand reach across the UK and worldwide.

Enterprise

Situated in 112 acres of English countryside in the heart of Surrey, Waverley Abbey House is a Grade II listed manor built in 1723. Waverley Abbey House is open to individuals, organisations, charities, and companies for food, retreats, meetings, away days, overnight accommodation, and corporate hospitality.

Waverley Abbey House revenue has increased by 50%, year on year.

Jazz at the Abbey is a series of popular music concerts held throughout the year with many of these events sold out.

In 2023/2024 we will launch a public café serving beverages and light refreshments and see growth in our events and hospitality provision as we celebrate marriages and wedding receptions at the House.

Engagement

During the year we have welcomed charities, churches, and schools and introduced, educated, and proclaimed to them the Christian Gospel.

Waverley Abbey Trust. Company No. 1990308, Charity No. 294387

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The House took part in the Farnham Heritage Open Days to enable the public to explore the rich history and heritage of the site.

The local community were welcomed to the annual Easter Monday picnic and egg hunt in the grounds of Waverley Abbey, with hundreds attending.

This year also saw the launch of a new family prayer walk exploring the Lord’s Prayer. The Remembering Garden continues to be open to anyone who has experienced loss – of a loved one, a job, a relationship.

Our activity in Southeast Asia has continued during the year through our subsidiary, CWR Care and Counselling, which hosted seminars, training, and leadership networking events.

Structure, Governance and Management

Governing Document

The organisation is incorporated as a charitable company, limited by guarantee, and governed by its Memorandum and Articles of Association.

During the year, Waverley Abbey Trust was registered as our new legal name (previously CWR) and new articles of association were adopted. The change brought the Charity’s name in line with the trading name of Waverley Abbey that we have used for many years.

Statement of Directors’ Responsibilities

Law applicable to charities in England and Wales requires the Directors to prepare financial statements for each financial year that give a true and fair view of the Charity’s financial activities during the year and of its financial position at the end of the year. In preparing financial statements giving a true and fair view, the Directors should follow best practice and:

The Directors are responsible for keeping proper accounting records which disclose, with reasonable accuracy at any time, the financial position of the Charity and which enable them to ensure that the financial statements comply with applicable law. 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 .

Waverley Abbey Trust. Company No. 1990308, Charity No. 294387

7

Directors

Directors are appointed by the Board from among the Members of the Company. The Directors set out below held office for the whole of the period from 1 September 2022 to the date of this report, unless otherwise stated.

Kenneth Costa (Chair) Robert Peet (Vice-Chair) Peter Greig Simon Hickman Christopher Kuchanny Karen Murray Fergal Roche Jani Rubery

Andrea Barker (Resigned 9 September 2022) Emma Laporte (Resigned 8 September 2022) Derek Holbird (Resigned 8 September 2022)

Corporate Governance

The members of the Board of Directors, who are the charitable Trustees of Waverley Abbey Trust, have the ultimate responsibility for directing the affairs of the Charity, ensuring that it is solvent, well-run and delivers its charitable outcomes. The Board agrees the strategic plan and budget annually with input from the full Executive team.

Formal Board meetings are held quarterly, and an annual Board development day is run to ensure strategic plans are set and to review how well the Board is operating. The members of the Charity meet annually and appoint external auditors to examine the affairs of the organisation and report to the Board.

The Board is assisted in its work by the following Advisory Groups which functioned throughout the period covered by these financial statements and during the period to the date of their approval:

1. The Governance and Risk Advisory Group has key responsibilities for:

Waverley Abbey Trust. Company No. 1990308, Charity No. 294387

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2. The Waverley Abbey College Advisory Group has key responsibilities for:

3. The Finance & Audit Advisory Group has key responsibilities for:

4. The People and Organisational Development Advisory Group has key responsibilities for:

Waverley Abbey Trust. Company No. 1990308, Charity No. 294387

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5. The Vision, Strategy and Theology Advisory Group has key responsibilities for:

6. The Grievance, Whistleblowing and Safeguarding advisory group has key responsibilities for:

7. The Remuneration Advisory Group was in 2023 has key responsibilities for:

Meeting Attendance and Frequency

A minimum of two trustees are required to sit on each Advisory Group, one of whom acts as the Chair. Advisory Groups are attended by the Company Secretary and relevant members of the Executive team. Outside advisers may be invited to attend Advisory Groups where appropriate and will be advised of the term of service at point of invitation.

Each Advisory Group generally meets before the four primary Board meetings, with the Chair having discretion to call additional meetings as and when considered necessary. The Vision, Strategy and Theology Advisory Group meets monthly and the Grievance, Whistleblowing and Safeguarding and Renumeration advisory groups as required. At least two weeks’ notice is given to Advisory Group members to attend a meeting.

Responsibility for carrying out the day-to-day management of the Charity is delegated by the Trustees to the Chief Executive Officer. The CEO and Chair meet regularly. The Board is supported and kept informed of Charity updates by the Company Secretary.

Waverley Abbey Trust. Company No. 1990308, Charity No. 294387

10

Internal Control

The system of internal controls is designed to cover business, operational and compliance risk as well as financial risk. The approach to internal controls is risk based, aiming to identify and mitigate risks to the ongoing achievement of the Charity’s policies, aims and objectives, to evaluate the likelihood of those risks happening and consider the impact should they be realised, and to manage them efficiently and economically.

The system of internal controls is based on a framework of regular management information and administrative procedures including:

Risk Management

The major risks to which the Charity are exposed are reviewed and scored for probability and impact. The list of Strategic risks and associated mitigation are maintained by the Executive with an owning Advisory Group reviewing their associated risks each quarter. A schedule of the current controls, further action required to regulate and mitigate those risks, and the person responsible at an operational level is monitored and amended as appropriate. A business continuity plan is considered at regular intervals.

The most significant risk identified this year is related to ensuring regulatory bodies are satisfied with our financial foundations. This has been significantly improved, post the end of the 2022/2023 financial year by the competition of a new loan facility and increasing fundraising.

People

Our staff and volunteers are critical to the success of the Charity. This year we conducted a major listening exercise amongst the staff to help inform improvements. The development of staff has been improved with the launch of a new personnel performance and development process and a comprehensive review and update of training. We conduct monthly team gatherings to inform and listen to staff.

We greatly value and are so thankful for the volunteers who complement and significantly enhance our team. These individuals include trustees, Waverley Abbey Community members, Pro-Bono advisors and consultants, gardeners, worship leaders, and stewards.

Financial Review

The Charity draws its income principally from Higher Education & Other Training activities, Voluntary donations, and providing meeting space, overnight accommodation and food at Waverley Abbey House and Estate. Our activities during the year have developed our aim to advance the Christian religion/faith, with a focus on developing our property as a place of Christian encounter, education, enterprise, and engagement.

Waverley Abbey Trust. Company No. 1990308, Charity No. 294387

11

Income in the year ending 31 August 2023 amounted to £2.9M (prior year £4.5M, including a £1.6M grant relating to our partnership with 24-7 Prayer). We incurred a deficit of £(0.9)M (prior year surplus £1M). Cash on hand at the close of the year stood at £0.7M (prior year £1.9M) and net debt was £(0.7)M (prior year net cash £0.4M). Since the year-end we have completed an additional £1.5M loan facility secured on our property and repaid a £50,000 short-term loan.

Income from Donations & Legacies in the year amounted to £1.15M (£2.72M). Our summer appeal in support of our new vision was one of the most successful we have run – and we are most grateful to all our supporters. Income from Training grew by 9% to £1.476M (prior year £1.356M), helped by strong growth in our undergraduate Counselling programme and our non-accredited on-line Chaplaincy courses. Publications revenues of £74k (prior year £269k) reflect a change to our distribution model and switch to a royalty-basis. Trading income, being that associated with events and accommodation, grew by almost half to £0.174M (prior year £0.117M).

Within costs, the impact of the inflationary environment within the general economy was evident as we incurred an overall increase of 9% to £3.9M (prior year £3.5M). Steps were taken during the year to reduce the cost base, with benefits to flow in the year ahead.

Fundraising

We are ever thankful to God for the generous donors and partners who make our work possible.

The Charity raises funds from members of the public, through occasional appeals, the receipt of legacies and its partnership programme. We are registered with both the Fundraising Regulator and Fundraising Preference Service. There were no failures to comply with the fundraising standards. We are committed to ensuring that no individual feels subject to unreasonable intrusion of privacy or persistent or undue pressure to donate. Requests are made generally via mail only to people who are already customers or supporters of the charity, and we routinely offer options to unsubscribe from communications.

We work hard to comply with the Fundraising Regulator’s voluntary regulation scheme and require our suppliers and agents to do the same. We recover UK Gift Aid where we can from the government for donations from UK taxpayers.

Reserves

The total funds held by the Charity at the year-end were £2M (prior year £2.9M). Of these, £0.156M (prior year £0.205M) were restricted funds. Taking into account the tangible fixed assets and amounts falling due to creditors in more than one year, the free reserves at 31 August 2023 amounted to £0.3M (prior year £1.3M). At that point in time, cash at the bank of £0.748M (prior year £1.944M) represented 2.3 months’ forward costs (measured as a three-month average). We endeavor to hold cash reserves at or above three months’ forward cover.

Going Concern

The Board of Trustees is comfortable that the going concern basis is appropriate for the accounts, as detailed in the accounting policies. We are experiencing ongoing support and excitement for our vision. The Charity has also secured access to an additional £1.5M of loan funding post-balance sheet.

Waverley Abbey Trust. Company No. 1990308, Charity No. 294387

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Statement as to disclosure of information to auditors

We have taken all the necessary steps to make ourselves, as Directors, aware of any relevant audit information and to establish that the auditors are aware of that information. As far as the Directors are aware, there is no relevant audit information of which the Charity’s auditors are unaware.

In approving the Directors’ report, we are approving the strategic report in our capacity as Directors.

Approved by the Board on: 31st January 2024

Signed on its behalf by:

Mr K.J. Costa David Wesson Chair of Waverley Abbey Trust CEO and OfS Accountable Officer

Waverley Abbey Trust. Company No. 1990308, Charity No. 294387 13

Waverley Abbey Trust (A company limited by guarantee)

Independent auditors' report to the Members of Waverley Abbey Trust

Opinion

We have audited the financial statements of Waverley Abbey Trust (the 'parent charitable company') and its subsidiaries (the 'group') for the year ended 31 August 2023 which comprise the Consolidated statement of financial activities, the Consolidated balance sheet, the Charity balance sheet, the Consolidated statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

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Waverley Abbey Trust (A company limited by guarantee)

Independent auditors' report to the Members of Waverley Abbey Trust (continued)

Other information

The other information comprises the information included in the Annual report other than the financial statements and our Auditors' report thereon. The Trustees are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Trustees' responsibilities statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the Group's and the parent charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

We have been appointed as auditor under section 151 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is

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Waverley Abbey Trust (A company limited by guarantee)

Independent auditors' report to the Members of Waverley Abbey Trust (continued)

detailed below:

Capability of the audit in detecting irregularities, including fraud

Based on our understanding of the charitable company and industry, and through discussion with the directors and other management (as required by auditing standards), we identified that the principal risks of non compliance with laws and regulations related to the ESFA funding agreements, the OfS regulatory framework, Charities Act 2011, health and safety and employment law. We considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, the Charities Statement of Recommended Practice and pension legislation. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to management bias in accounting estimates and judgemental areas of the financial statements. Audit procedures performed by the engagement team included:

and

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

Page 16

Waverley Abbey Trust (A company limited by guarantee)

Independent auditors' report to the Members of Waverley Abbey Trust (continued)

conclude that a material uncertainty exists, we are required to draw attention in our Auditors' report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditors' report. However, future events or conditions may cause the charitable company to cease to continue as a going concern.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Other required reporting

Opinion on other matters prescribed in the OfS Audit Code of Practice issued under the Further and Higher Education Act 1992.

In our opinion, in all material respects:

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the OfS Audit Code of Practice requires us to report to you if, in our opinion:

• the provider's grant and fee income, as disclosed in the notes to the financial statements, has been materially misstated: or

• the provider’s expenditure on access and participation activities, as disclosed in the financial statements, has been materially misstated.

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Waverley Abbey Trust

(A company limited by guarantee)

Independent auditors' report to the Members of Waverley Abbey Trust (continued)

Use of our report

This report is made solely to the charitable company's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's trustees those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.

Kreston Reeves LLP

Chartered Accountants

Chichester Date: 7th February 2024

Kreston Reeves LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

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Waverley Abbey Trust

(A company limited by guarantee)

Consolidated Statement of financial activities (incorporating income and expenditure account) For the year ended 31 August 2023

Note
Income from:
Donations and legacies
4
Charitable activities
5
Other trading activities
6
Investments
7
Other income
8
Total income
Expenditure on:
Raising funds
Charitable activities
Total expenditure
Net income/(expenditure)
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2023
£
1,135,145
1,549,632
173,644
7,030
39,341
2,904,792
1,061,353
2,733,948
3,795,301
(890,509)
2,744,641
(890,509)
1,854,132		 Restricted
funds
2023
£
15,083
-
-
-
-
15,083
6,800
56,877
63,677
(48,594)
204,604
(48,594)
156,010		 Total
funds
2023
£
1,150,228
1,549,632
173,644
7,030
39,341
2,919,875
1,068,153
2,790,825
3,858,978
(939,103)
2,949,245
(939,103)
2,010,142		 Total
funds
£
2,720,233
1,624,795
116,739
227
67,227
4,529,221
815,887
2,713,260
3,529,147
1,000,074
1,949,171
1,000,074
2,949,245

The Consolidated statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 25 to 47 form part of these financial statements.

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Waverley Abbey Trust (A company limited by guarantee) Registered number: 01990308

Consolidated balance sheet As at 31 August 2023

Note
Fixed assets
Intangible assets
17
Tangible assets
18
Current assets
Debtors
19
Cash at bank and in hand
Creditors: amounts falling due within one
year
20
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after more
than one year
21
Net assets excluding pension asset
Total net assets
Charity funds
Restricted funds
22
Unrestricted funds
22
Total funds		 2022
£
1,190,392
748,071
1,938,463
(1,436,137)		 2023
£
59,436
2,754,321
2,813,757
502,326
3,316,083
(1,305,941)
2,010,142
2,010,142
156,010
1,854,132
2,010,142		 2022
£
1,156,522
1,944,085
3,100,607
(1,555,583)		 2022
£
96,817
2,676,131
2,772,948
1,545,024
4,317,972
(1,368,727)
2,949,245
2,949,245
204,604
2,744,641
2,949,245

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Waverley Abbey Trust

(A company limited by guarantee) Registered number: 01990308

Consolidated balance sheet (continued) As at 31 August 2023

The Charity was entitled to exemption from audit under section 477 of the Companies Act 2006.

The members have not required the entity to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

However, an audit is required in accordance with section 151 of the Charities Act 2011.

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

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

Mr K J Costa

(Chair of Trustees)

Date: 31st January 2024

Signed by the OfS Accountable Officer:

Mr D Wesson

(CEO) Date: 31st January 2024

The notes on pages form part of these financial statements.

The notes on pages 25 to 47 form part of these financial statements.

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Waverley Abbey Trust (A company limited by guarantee) Registered number: 01990308

Charity balance sheet As at 31 August 2023

Note
Fixed assets
Intangible assets
17
Tangible assets
18
Current assets
Debtors
19
Cash at bank and in hand
Creditors: amounts falling due within one
year
20
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after more
than one year
21
Net assets excluding pension asset
Total net assets
Charity funds
Restricted funds
22
Unrestricted funds
22
Total funds		 1,189,662
739,892
1,929,554
(1,431,921)		 2023
£
59,436
2,754,321
2,813,757
497,633
3,311,390
(1,305,941)
2,005,449
2,005,449
156,010
1,849,439
2,005,449		 1,155,761
1,900,839
3,056,600
(1,552,202)		 2022
£
96,817
2,676,131
2,772,948
1,504,398
4,277,346
(1,368,727)
2,908,619
2,908,619
204,604
2,704,015
2,908,619

Page 22

Waverley Abbey Trust {A company Ilmlted by guarantee) Reglstered number: 01990308 Charity balance sheet (continued} As at 31 August 2023 The Charity was entitled to exemption from audit under section 477 of the Companies Act 2006. The members have not required the entity lo obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006. However, an aLJdil is required in accordance with section 151 of the Charities Act 2011. The Trustees acknowledge their responsibilities for complyng with the requirements of the Act with respect to accounting records and preparation of financial statements. The finan￿al statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime. The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by.. Mr K J Costa (Chair of Trusleesl Dale.. 31st January 2024 Signed by the Ofs Accountable Officer.. 96WL ￿$S Mr D Wesson ICEOI Dale.. 31st January 2024 The notes on pages 25 to 47 form part of these fin8nci81 statements. Page 23

Waverley Abbey Trust (A company limited by guarantee)

Consolidated statement of cash flows For the year ended 31 August 2023

Cash flows from operating activities
Net cash used in operating activities
Cash flows from investing activities
Purchase of tangible assets
Interest received
Net cash used in investing activities
Cash flows from financing activities
Cash inflows from new borrowing
Repayments of borrowing
Interest paid
Net cash (used in)/provided by financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year		 2023
£
(831,268)
(148,277)
7,030
(141,247)
-
(128,908)
(94,591)
(223,499)
(1,196,014)
1,944,085
748,071		 2022
£
1,222,584
(70,311)
227
(70,084)
355,000
(72,298)
(67,290)
215,412
1,367,912
576,173
1,944,085

The notes on pages 25 to 47 form part of these financial statements

Page 24

Waverley Abbey Trust (A company limited by guarantee)

Notes to the financial statements For the year ended 31 August 2023

1. General information

Waverley Abbey Trust (formerly CWR) is a company limited by guarantee and registered in England and Wales, registration number 1990308, and registered charity number 294387. The registered office is Waverley Abbey House, Waverley Lane, Farnham, Surrey GU9 8EP.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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 Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Waverley Abbey Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The financial statements are prepared in Sterling (£) and rounded to the nearest £1.

The Consolidated statement of financial activities (SOFA) and Consolidated balance sheet consolidate the financial statements of the Charity and its subsidiary undertakings. The results of the subsidiaries are consolidated on a line by line basis. Waverley Abbey Trust controls its subsidiaries through 100% ownership of shares except for The Stapleford Centre which is through common control of those charged with governance.

The Charity has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of financial activities in these financial statements.

The financial performance of the charity alone is:

Net movement in funds
Total funds brought forward
Total funds carried forward		 2023
£
(903,170)
2,908,619
2,005,449		 2022
£
955,325
1,953,294
2,908,619

2.2 Going concern

The Charity's financial statements have been prepared on a going concern basis. The trustees have carefully considered the forecasts for the next twelve months and are of the opinion that with fundraising underway and securing a new £1.5m loan facility post year end, Waverley Abbey Trust can meet its liabilities for at least twelve months from the date of signing. The charity is considered to be a going concern.

Page 25

Waverley Abbey Trust (A company limited by guarantee)

Notes to the financial statements For the year ended 31 August 2023

2. Accounting policies (continued)

2.3 Income

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the Charity has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the Charity, can be reliably measured.

Grants are included in the Consolidated statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

Most subscriptions received and some training course fees relate partly to the following year. The amount credited to the Statement of Financial Activities is that relating to the year ended 31 August 2023 and the balance is carried forward as deferred income.

Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.

2.4 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 allocated on the portion of the asset’s use.

Expenditure on raising funds includes all expenditure incurred by the Group to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group's objectives, as well as any associated support costs.

All expenditure is inclusive of irrecoverable VAT.

Costs are appointed to restricted funds as they are incurred in generating and fulfilling the requirements of these funds.

2.5 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Group; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

Page 26

Waverley Abbey Trust (A company limited by guarantee)

Notes to the financial statements For the year ended 31 August 2023

2. Accounting policies (continued)

2.6 Foreign currencies

Transactions to be settled and monetary assets and liabilities denominated in foreign currencies are translated into sterling at an average exchange rate for the period, since in the opinion of the directors the amounts involved are insignificant except for monetary assets that are translated at the rate of ruling at the balance sheet date.

Exchange gains and losses are recognised in the Consolidated statement of financial activities.

2.7 Intangible assets and amortisation

Costs directly attributable to the development of computer software are capitalised as intangible assets only when technical feasibility of the project is demonstrated, the Group has an intention and ability to complete and use the software and the costs can be measured reliably. Such costs include purchases of materials and services. Research costs are recognised as an expense when incurred.

On completion, amortisation is provided on intangible assets at rates calculated to write off the cost of each asset on a straight-line basis over its expected useful life.

The estimated useful lives are as follows:

Computer software - 5 years

2.8 Tangible fixed assets and depreciation

Tangible fixed assets costing £500 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method. Land is not depreciated.

Depreciation is provided on the following bases:

Freehold property - 100 years - Plant and machinery Windows, doors, and electrical - 10 years work Computers, office, and kitchen - 3-5 years equipment

2.9 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Page 27

Waverley Abbey Trust (A company limited by guarantee)

Notes to the financial statements For the year ended 31 August 2023

2. Accounting policies (continued)

2.10 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

2.11 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Consolidated statement of financial activities as a finance cost.

2.12 Financial instruments

The Group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2.13 Operating leases

Rentals paid under operating leases are charged to the Consolidated statement of financial activities on a straight-line basis over the lease term.

2.14 Pensions

The Charity operates a defined contribution pension scheme. Contributions payable to this pension scheme are charged to the consolidated statement of Financial Activities in the period to which they relate.

2.15 Redundancy Policy

The Charity recognises redundancy costs in the financial year during which the employee(s) are notified of the termination of their employment and provides for those costs when the effective date and cash payment crosses into the following financial year.

2.16 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Page 28

Waverley Abbey Trust (A company limited by guarantee)

Notes to the financial statements For the year ended 31 August 2023

3. Critical accounting estimates and areas of judgment

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical accounting estimates and assumptions:

The Charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

During the year both tangible and intangible assets held by Waverley Abbey Trust (formerly CWR) respectively represent material balances. As such the useful economic lives and residual values used to calculate the depreciation and amortisation charged thereon represent significant and critical accounting estimates made by management.

4. Income from donations and legacies

Unrestricted
funds
2023
£
Donations
1,081,174
Legacies
53,971
Total 2023
1,135,145		 Restricted
funds
2023
£
15,083
-
15,083		 Total
funds
2023
£
1,096,257
53,971
1,150,228

Page 29

Waverley Abbey Trust (A company limited by guarantee)

Notes to the financial statements For the year ended 31 August 2023

4. Income from donations and legacies (continued)

Donations
Legacies
Grants
Total 2022		 Unrestricted
funds
£
1,441,002
192,610
1,000,000
2,633,612		 Restricted
funds
2022
£
86,621
-
-
86,621		 Total
funds
2022
£
1,527,623
192,610
1,000,000
2,720,233

5. Income from charitable activities

Publications and other income
Training income
Total 2023		 Unrestricted
funds
2023
£
73,709
1,475,923
1,549,632		 Total
funds
2023
£
73,709
1,475,923
1,549,632		 Total
funds
2022
£
268,774
1,356,021
1,624,795

Publications and other income derives mainly from the sale of printed and digital products. It also includes income from royalties and packaging.

Training income consists of student fees from higher education programmes, grant income and income from short courses and seminars.

Details of Grant and Fee Income

Details of Grant and Fee Income
2022 2022
£ £
Grant income from the OfS
Fee income from taught awards (exclusive of VAT)
Fee income from non-qualifying courses (exclusive of VAT)		 102,441
1,141,517
231,965		 86,295
1,126,104
143,622
Total training income 1,475,923 1,356,021

Page 30

Waverley Abbey Trust (A company limited by guarantee)

Notes to the financial statements For the year ended 31 August 2023

6. Income from other trading activities

Income from non charitable trading activities

Unrestricted Total Total
funds funds funds
2023 2023 2022
£ £ £
Trading income 173,644 173,644 116,739

Trading income arises from conferencing and events held at the charity's venue located in Surrey as well as student accommodation fees.

7. Investment income

Unrestricted Total Total
funds funds funds
2023 2023 2022
£ £ £
Deposit interest 7,030 7,030 227

8. Other incoming resources

Unrestricted Total Total
funds funds funds
2023 2023
£ £ £
Other income 39,341 39,341 67,227

Other income includes rentals of spare office capacity and vacant land, and sundry income from photocopying and postage.

Page 31

Waverley Abbey Trust (A company limited by guarantee)

Notes to the financial statements For the year ended 31 August 2023

9. Expenditure on raising funds

Expenditure on raising funds
2022 2022
£ £
Salaries 59,473 5,596
Printing appeals 4,152 2,142
Distribution and postage 15,761 24,030
Fulfilment and other costs 17,935 25,389
Fundraising consulting 86,575 109,167
Free dated Bible reading notes 188,204 132,826
Thank you programme 8,378 12,943
Support costs 516,081 389,150
896,559 701,243

10. Expenditure on trading activities

2023 2022
£ £
Salaries 65,687 35,861
Food expenses
Other costs		 14,210
12,016		 21,725
9,349
Support costs 79,681 47,709
171,594 114,644

11. Publications and other costs

Publications and other costs
2023 2022
£ £
Publications salaries 83,421 60,777
Cost of publications 34,025 202,528
Sales and marketing expenses
Distribution costs		 77,431
12,620		 15,210
90,491
Support costs 80,900 304,833
288,397 673,839

Page 32

Waverley Abbey Trust (A company limited by guarantee)

Notes to the financial statements For the year ended 31 August 2023

12. Training costs

Training costs
2023 2022
£ £
Training salaries 808,179 662,761
Marketing expenses 17,646 5,943
Course and event activity costs 399,890 381,387
Other costs 22,702 12,020
Support costs 1,254,011 977,310
2,502,428 2,039,421
Details of access and participation investment
included within Training costs		 2023 2022
£ £
Access investment 33,845 14,847
Financial support investment 18,400 13,239
Research and evaluation investment 22,588 18,777
Support for disabled students 20,351 10,518
95,184 57,381

Page 33

Waverley Abbey Trust (A company limited by guarantee)

Notes to the financial statements For the year ended 31 August 2023

13. Analysis of support and governance costs

Raising
funds		 activities
& other
Trading Publications		 activities
& other
Trading Publications		 Training Total Total
2023 2023 2023
2023		 2023 2022
£ £ £ £ £ £
Support staff costs 245,470 62,168 32,252 495,082 834,972 662,922
Administration and
insurance		 14,297 - 3,963 86,772 105,032 81,810
Bank charges and
interest payable		 46,996 - 7,173 61,155 115,324 86,526
Depreciation and
amortisation		 46,401 - 2,884 58,183 107,468 113,837
Office equipment and
maintenance		 50,150 15,513 13,903 365,570 445,136 484,408
Distribution, stationery
and printing		 1,619 - 449 9,829 11,897 2,381
Governance costs 19,965 2,000 6,417 58,767 87,149 92,665
Other costs 91,183 - 13,859 118,653 223,695 194,453
Total 2023 516,081 79,681 80,900 1,254,011 1,930,673 1,719,002
Total 2022 389,150 47,709 304,833 977,310 1,719,002

14. Auditors' remuneration

2023 2022
£ £
Fees payable to the Charity's auditor for the audit of the Charity's annual
accounts 15,960 13,200
Fees payable to the Charity's auditor in respect of:
All taxation services not included above 1,260 600
Additional audit fees relating to the prior year audit (payable to previous
auditor) - 5,029
All non-audit services not included above 4,620 4,200

Page 34

Waverley Abbey Trust (A company limited by guarantee)

Notes to the financial statements For the year ended 31 August 2023

15. Staff costs

Wages and salaries
Social security costs
Contribution to defined contribution pension
schemes		 Group
2023
£
1,613,561
171,772
133,908
1,919,241		 Group
2022
£
1,242,513
89,536
153,813
1,485,862		 Charity
2023
£
1,485,706
171,772
133,908
1,791,386		 Charity
2022
£
1,173,041
89,536
153,813
1,416,390

Included in staff costs are redundancy and termination payments as compensation for loss of office to 3 employees (2022: 2 employees) of £25,406 (2022: £24,134) which were paid in full in the year.

The average number of persons employed by the Charity during the year was as follows:

Group Group
2023 2022
No. No.
Employees 75 68

The average headcount expressed as full-time equivalents was:

Directors
Senior management
Ministry and support		 Group
2023
No.
8
4
37
49		 Group
2022
No.
8
5
34
47

Page 35

Waverley Abbey Trust (A company limited by guarantee)

Notes to the financial statements For the year ended 31 August 2023

15. Staff costs (continued)

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

Group Group
2023 2022
No. No.
In the band £85,001 - £90,000 - 1
In the band £110,001 - £115,000 1 -

Pension costs relating to the above employee totalled £6,178 (2022: £6,970).

In 2023, the key management personnel of the charity and the group comprise the Chief Executive Officer, the Finance Director, the Principal (Head of Provider) and the Ministries Director. In 2022 they comprised the Chief Executive Officer, the Finance Director, the Director of Resources and the Director of Higher Education (Head of Provider). The total employee benefits of the key management personnel were £364,917 (2022: £293,202).

Page 36

Waverley Abbey Trust (A company limited by guarantee)

Notes to the financial statements For the year ended 31 August 2023

Head of Provider remuneration

Head of Provider remuneration
Group
2023		 Group
£ £
Paid basic salary before salary sacrifice arrangements 51,391 52,275
Deductions to reflect salary sacrifice arrangements (2,775) (1,608)
Paid basic salary after salary sacrifice arrangements 48,616 50,667
Pension contributions 2,371 4,182
Total disclosure relating to Head of Provider (before salary sacrifice) 53,762 56,457

The relationship between the head of provider's remuneration and that of all other employees employed in the reporting year, expressed as a pay multiple was:

Waverley Abbey College operates within the Waverley Abbey Trust charity. The remuneration of the Head of Provider and other staff is commensurate with this status as a charity, simple in structure and modest in nature. Performance is judged within an annual appraisal process common to all staff and reviewed by the Chief Executive and Trustees. Reference is made to student satisfaction surveys. Remuneration decisions are taken in relation to individual performance and the overall means of the charity. The remuneration of our Head of Provider is justified, referencing college development and a fifth successive year of 100% student satisfaction with the college and its courses.

16. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2022 - £NIL).

During the year ended 31 August 2023, expenses totaling £592 were reimbursed to or paid to third parties on their behalf for 8 Trustees (2022 - £174 to 8 Trustees) for travelling and other expenses incurred.

Page 37

Waverley Abbey Trust (A company limited by guarantee)

Notes to the financial statements For the year ended 31 August 2023

17. Intangible assets

Group and Charity

Cost
At 1 September 2022
At 31 August 2023
Amortisation
At 1 September 2022
Charge for the year
At 31 August 2023
Net book value
At 31 August 2023
At 31 August 2022		 Computer
software
£
246,637
246,637
149,820
37,381
187,201
59,436
96,817

18. Tangible fixed assets

Group and Charity and Charity

Cost or valuation
At 1 September 2022
Additions
Transfers
Disposals
At 31 August 2023		 Freehold
£
3,151,862
-
43,790
-
3,195,652
property		 Assets
under
£
64,610
94,447
(110,479)
-
48,578
construction		 Furniture &
equipment
£
396,888
53,830
66,689
(9,370)
508,037		 Total
£
3,613,360
148,277
-
(9,370)
3,752,267

Page 38

Waverley Abbey Trust (A company limited by guarantee)

Notes to the financial statements For the year ended 31 August 2023

18. Tangible fixed assets (continued)

Group and Charity (continued)

Group and Charity (continued)
Depreciation
At 1 September 2022
Charge for the year
On disposals
At 31 August 2023
Net book value
At 31 August 2023
At 31 August 2022
Debtors
Due within one year
Trade debtors
Other debtors
Prepayments and accrued income		 Freehold
£
634,280
26,305
-
660,585
2,535,067
2,517,582
Group
2022
£
968,356
109,523
112,513
property		 Assets
under
£
-
-
-
-
48,578
64,610

Group
2022

£

874,850

104,405

177,267

1,156,522
construction		 Furniture &
equipment
£
302,949
43,782
(9,370)
337,361
170,676
93,939
Charity
2023
£
968,356
108,793
112,513
1,189,662		 Total
£
937,229
70,087
(9,370)
997,946
2,754,321
2,676,131
Charity
2022
£
874,850
103,644
177,267
1,155,761







1,190,392

19. Debtors

Page 39

Waverley Abbey Trust (A company limited by guarantee)

Notes to the financial statements For the year ended 31 August 2023

20. Creditors: Amounts falling due within one year

Bank and short term loans
Mortgage loans
Trade creditors
Other taxation and social security
Other creditors and accruals
Deferred income
Movement in deferred income
Deferred income at beginning of the year
Resources deferred during the year
Released to statement of financial activities
End of the year		 Group
2023
£
60,000
62,015
84,309
42,264
88,383
1,099,166
1,436,137
Group
2023
£
945,239
1,614,006
(1,460,079)
1,099,166		 Group
2022
£
110,000
73,726
139,258
22,947
264,413
945,239
1,555,583
Group
2022
£
830,060
1,503,325
(1,388,146)
945,239		 Charity
2023
£
60,000
62,015
84,309
42,264
84,167
1,099,166
1,431,921
Charity
2023
£
945,239
1,614,006
(1,460,079)
1,099,166		 Charity
2022
£
110,000
73,726
139,258
22,947
261,032
945,239
1,552,202
Charity
2022
£
830,060
1,503,325
(1,388,146)
945,239

Deferred income relates to student fees and subscriptions of dated reading notes received in advance.

Page 40

Waverley Abbey Trust (A company limited by guarantee)

Notes to the financial statements For the year ended 31 August 2023

21. Creditors: Amounts falling due after more than one year

Group
2023
£
Bank loans
20,833
Mortgage loans
1,280,697
Deferred income
4,411
1,305,941
Included within the above are amounts falling due as follows:
Group
2023
£
Between one and two years
Bank - bounce back loan
10,000
Mortgage loans
67,365
Between two and five years
Bank - bounce back loan
10,833
Mortgage loans
241,501
Over five years
Mortgage loans
971,831		 Group
2022
£
30,833
1,337,894
-
1,368,727
Group
2022
£
10,000
385,311
20,833
188,152
764,431		 Charity
2023
£
20,833
1,280,697
4,411
1,305,941
Charity
2023
£
10,000
67,365
10,833
241,501
971,831		 Charity
2022
£
30,833
1,337,894
-
1,368,727
Charity
2022
£
10,000
385,311
20,833
188,152
764,431

The mortgage loans are secured by a charge on a freehold property. Loan A is being repaid in installments over 15 years from February 2021. The rate of interest on Loan A is variable on one month's notice. During the year, the rate of interest was between 5.25% and 8.25% pa and is currently 8.75% pa.

An additional mortgage loan (Loan B) of £355,000 was drawndown in the prior year and is being repaid in installments over 14 years from February 2022. The rate of interest on Loan B is variable on one month's notice. During the year, the rate of interest was between 5.50% and 8.50% and is currently 9% pa.

The charity has taken advantage of the Bounce Back Loan Scheme guaranteed by the UK government with a loan through Barclays Bank of £50,000 for a period of 6 years at a fixed rate of interest of 2.5% pa. Repayments commenced in September 2021.

Page 41

Waverley Abbey Trust (A company limited by guarantee)

Notes to the financial statements For the year ended 31 August 2023

22. Statement of funds

Statement of funds - current year

Balance at 1
September
2022
£
Unrestricted funds
General Funds
2,744,641
Balance at 1
September
2022
£
Restricted funds
Prisons ministry
-
Asia Ministry
190,114
Maintenance appeal 2022
14,490
Student support
-
204,604
Total of funds
2,949,245		 Income
£
2,904,792
Income
£
2,124
-
-
12,959
15,083
2,919,875		 Expenditure
£
(3,795,301)
Expenditure
£
(2,124)
(54,753)
(6,800)
-
(63,677)
(3,858,978)		 Balance at
31 August
2023
£
1,854,132
Balance at
31 August
2023
£
-
135,361
7,690
12,959
156,010
2,010,142

The Prisons Ministry fund contributes towards the costs of printing and distributing bible readings notes to many prisons around the UK and in Australia and New Zealand.

The Asia Ministry fund continues to fund the production and translation of products into Mandarin and other languages for distribution to churches and individuals in Asia and across the world as well as supporting the cost of running our operations in Asia.

The maintenance appeal was an urgent request to raise funds to meet the unexpected costs of repairing an oil leak in the pipe supplying fuel to heat Waverley Abbey House, and to plan to replace the ancient boilers at considerable cost.

The student support fund consists primarily of a hardship fund to subsidise appropriate new students applying for the Contemporary Chaplaincy course and to subsidise student food costs.

Page 42

Waverley Abbey Trust (A company limited by guarantee)

Notes to the financial statements For the year ended 31 August 2023

22. Statement of funds (continued)

Statement of funds - prior year

Unrestricted funds
General Funds - all funds
Restricted funds
Prisons ministry
Asia Ministry
Easter 2021 appeal
Maintenance appeal 2022
Total of funds		 Balance at
1 September
2021
£
1,691,695
Balance at
1 September
2021
£
11,225
236,587
9,664
-
257,476
1,949,171		 Income
£
4,442,600
Income
£
8,081
-
-
78,540
86,621
4,529,221		 Expenditure
£
(3,362,869)
Expenditure
£
(46,091)
(46,473)
(9,664)
(64,050)
(166,278)
(3,529,147)		 Transfers
in/out
£
(26,785)
Transfers
in/out
£
26,785
-
-
-
26,785
-		 Balance at
31 August
2022
£
2,744,641
Balance at
31 August
2022
£
-
190,114
-
14,490
204,604
2,949,245

The 2021 Easter appeal raised funds to provide support and hope to the many individuals struggling with mental health challenges arising from the pandemic and lockdown. Digital content from the insight series of books on topics such as anxiety and depression was made accessible online.

23. Analysis of net assets between funds

Analysis of net assets between funds - current year

Unrestricted
funds
2023
£
Tangible fixed assets
2,754,321
Intangible fixed assets
59,436
Current assets
1,782,453
Creditors due within one year
(1,436,137)
Creditors due in more than one year
(1,305,941)
Total
1,854,132		 Restricted
funds
2023
£
-
-
156,010
-
-
156,010		 Total
funds
2023
£
2,754,321
59,436
1,938,463
(1,436,137)
(1,305,941)
2,010,142

Page 43

Waverley Abbey Trust (A company limited by guarantee)

Notes to the financial statements For the year ended 31 August 2023

23. Analysis of net assets between funds (continued)

Analysis of net assets between funds - prior year

Tangible fixed assets
Intangible fixed assets
Current assets
Creditors due within one year
Creditors due in more than one year
Total		 Unrestricted
funds
£
2,676,131
96,817
2,896,003
(1,555,583)
(1,368,727)
2,744,641		 Restricted
funds
£
-
-
204,604
-
-
204,604		 Total
funds
£
2,676,131
96,817
3,100,607
(1,555,583)
(1,368,727)
2,949,245

24. Reconciliation of net movement in funds to net cash flow from operating activities

Net income/expenditure for the year (as per Statement of Financial
Activities)
Adjustments for:
Depreciation charges
Amortisation charges
Interest paid
Dividends, interests and rents from investments
Decrease in stocks
Increase in debtors
(Decrease)/increase in creditors
Net cash provided by/(used in) operating activities		 Group
2022
£
(939,103)
70,087
37,381
94,591
(7,030)
-
(33,870)
(53,324)
(831,268)		 Group
2022
£
1,000,074
66,004
47,833
67,290
(227)
52,943
(257,776)
246,443
1,222,584

Page 44

Waverley Abbey Trust (A company limited by guarantee)

Notes to the financial statements For the year ended 31 August 2023

25. Analysis of cash and cash equivalents

Cash in hand
Total cash and cash equivalents		 Group
2022
£
748,071
748,071		 Group
2022
£
1,944,085
1,944,085

26. Analysis of changes in net debt

Cash at bank and in hand
Debt due within 1 year
Debt due after 1 year		 At 1
September
2022
£
1,944,085
(183,726)
(1,368,727)
391,632		 Cash flows
£
(1,196,014)
128,908
-
(1,067,106)		 changes August 2023
£
£
-
748,071
(67,197)
(122,015)
67,197
(1,301,530)
-
(675,474)
Other non-
cash
At 31		 changes August 2023
£
£
-
748,071
(67,197)
(122,015)
67,197
(1,301,530)
-
(675,474)
Other non-
cash
At 31
(675,474)

Page 45

Waverley Abbey Trust (A company limited by guarantee)

Notes to the financial statements For the year ended 31 August 2023

27. Pension commitments

The charity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the charity in an independently administered fund. The pension cost charge represents contributions payable by the charity to the fund and amounted to £133,908 (2022 - £153,813). At 31 August 2023 pension contributions of £NIL (2022 - £NIL) were payable to the fund at the balance sheet date and are included in creditors.

28. Operating lease commitments

At 31 August 2023 the Group and the Charity had commitments to make future minimum lease payments under non-cancellable operating leases as follows:

Not later than 1 year
Later than 1 year and not later than 5 years		 Group
2022
£
11,820
7,848
19,668		 Group
2022
£
11,820
19,667
31,487		 Charity
2023
£
11,820
7,848
19,668		 Charity
2022
£
11,820
19,667
31,487

The lease payments recognised as an expense in the Statement of financial activities for the year for the Group and the Charity was £11,820 (2022: £11,820).

29. Members' liability

Each member of the charitable company undertakes to contribute to the assets of the company in the event of it being wound up while he/she is a member, or within one year after he/she ceases to be a member, such amount as may be required, not exceeding £1 for the debts and liabilities contracted before he/she ceases to be a member.

30. Related party transactions

During the year Access Underwriting Limited, a related party in which a trustee is independently involved with, charged £4,000 (2022: £4,000) for insurance and brokerage fees. The balance outstanding at the year end is £NIL (2022: £NIL).

The charity has an unsecured loan of £50,000 (2022: £100,000) from one of the directors of its subsidiary CWR Care and Counselling (Asia) Limited. Subsequent to the balance sheet date the loan was repaid in full.

Page 46

Waverley Abbey Trust (A company limited by guarantee)

Notes to the financial statements For the year ended 31 August 2023

31. Subsidiary companies
Name
Activities
% of capital
held
Net assets/
liabilities
Net assets/
liabilities
Surplus/
deficit
Surplus/
deficit
2023
2022
2023
2022
£
£
£
£
CWR Care and Counselling Asia Limited (a company incorporated in
Singapore)
(Co no. 200923041W)
Training
100%
subsidiary
(53,588)
(50,440)
(3,148)
(11,256)
Waverley Abbey Trading Limited (a company incorporated in UK) (Co
no. 07818060)
and events
subsidiary
-
-
2,051
2,095
Conferencing 100%
The Stapleford Centre Limited (a company incorporated in UK)
(Co no. 03371977)
(Charity no. 1063856)
Education
and training
common
control
-
35,855
306
794
Waverley Abbey College Limited (a non-trading company incorporated in
UK)
(Co no. 095153329)
Education
and training
100%
subsidiary
-
-
-
-

The registered office for Waverley Abbey Trading Limited, The Stapleford Centre Limited and Waverley Abbey College Limited is Waverley Abbey House, Waverley Lane, Farnham, Surrey, GU9 8EP, UK.

The registered office for CWR Care and Counselling Asia Limited is 133 Cecil Street, #16-01 Keck Seng Tower, Singapore 069535,

During the year, The Stapleford Centre Limited ceased operations and transferred its remaining assets and liabilities to the parent charity, Waverley Abbey Trust. Waverley Abbey Trading Limited, previously CWR Trading Limited, changed their name on 28th September 2023.

Page 47