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2024-08-31-accounts

ANNUAL REPORT & CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 W A V E R L E Y A B B E Y T R U S T

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

CONTENTS

Reference and Administrative Information 3
Directors’ Report for the Year Ending 31 August 2024 4
Introduction 5
Our Values 6
Review of the Year – 2023/24 6
Prayer and Encounter with God 6
Practical Education and Training 7
Celebration and Thanks 8
Statement of Directors’ Responsibilities 10
Directors 10
Corporate Governance 10
Meeting Attendance and Frequency 11
Internal Controls 12
Risk Management 12
People 13
Prayer 13
Financial Review 13
Reserves 14
Fundraising 14
Going Concern 14
Independent Auditor’s Report to the Directors of Waverley Abbey Trust 16
Consolidated Statement of Financial Activities(incorporating income and
expenditure account) 23
Consolidated Balance Sheet(as at 31 August 2024) 24
Charity Balance Sheet 25
Consolidated Statement of Cash Flows 26
Notes to the Financial Statements 27

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

Reference and Administrative Information

----- Start of picture text -----
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
Fergal Roche
Jani Rubery
Karen Murray (Resigned 19 April 2024)
Chief Executive David Wesson
Bankers Barclays Bank plc
Farnham Branch
Leicester Service Centre
Leicester
LE87 2BB
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
----- End of picture text -----

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

Directors’ Report for the Year Ending 31 August 2024

DIRECTORS’ REPORT

FOR THE YEAR ENDED 31 AUGUST 2024

The Trustees of the Waverley Abbey Trust have pleasure in presenting their report and the consolidated financial statements for the year ended 31 August 2024.

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

Charitable Purpose and Public Benefit

Waverley Abbey Trust is a registered charity in England and Wales with the charitable objects of:

The Trustees confirm that due consideration has been given to the Charity Commission’s guidance on public benefit, including “public benefit: running a charity (PB2)” and “public benefit: reporting (PB3)” and that the Trust complies with section 17 of the Charities Act 2011.

The Trustees are confident that activities undertaken by Waverley Abbey Trust this year contribute to the charity’s aims and objectives and have been delivered in accordance with the charitable objects above and Waverley Abbey Trust meets the public benefit requirements of the Charity Commission in our reporting.

All communication and public facing documents feature Waverley Abbey as the trading name of Waverley Abbey Trust.

Introduction

In 2024, we find ourselves at a crucial point in world and church history. Hope is longed for.

Some commentators describe the West at a “civilisation moment”. In the past, civilisation moments have been times not to be feared but as opportunities for revival of the church and renewal of culture.

At Waverley Abbey, we think it’s the call on each one of us, to be like William Wilberforce, who “in an age and country, fertile in great and good men, was among the foremost of those who fixed the character of their times”.

Waverley Abbey was founded 1,300 years ago on the truth that the Gospel of Jesus Christ is the hope of the nations.

Our mission today is to re-ignite and equip Christian leaders and future leaders across the generations to go confidently and collaborate together in the urgent renewal of faith in our nation and our culture.

We do this by…

When Christianity arrived in the United Kingdom, monks brought it to our shores during the dark ages, lighting a spark of faith across the country and establishing monasteries dedicated to daily prayer and transformation. From these monasteries benevolence, healthcare and education were sparked. And from these ancient sparks, fires of renewal were ignited.

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

Waverley Abbey, dedicated as a site of Christian prayer, worship and witness in 688 AD, became the first Cistercian monastery in England in 1128 AD. In the 1980s it became home to the global ministry of Every Day with Jesus.

Today, on these foundations and in partnership with 24-7 Prayer, we are building a new kind of Abbey.

Waverley Abbey is a people and a place, forged in prayer, founded on the truth of the Gospel of Jesus and dedicated to the renewal of faith in the nation. An Abbey where our calling is to ignite and equip all our students, guests, partners and friends to be like the People of Issachar “who understood the times and knew what they should do”.

Our prayer is the same as the Psalmist: “Since my youth, O God, you have taught me … Even when I am old and grey, do not forsake me, O God, until I declare your power to the next generation”. We are a new Abbey for a new generation.

Our Values

All our work is underpinned by five core values:

A commitment to operating with integrity A knowledge that we need to be selfless A desire to be transformational A response that is compassionate A love of celebration

Review of the Year – 2023/24

We are so grateful to all our staff, Board colleagues, partners, friends and funders - for your prayers, wisdom, support and challenge as we have successfully completed the second year of our 3 year turnaround plan at Waverley Abbey in 2023/24.

We are pleased to report a significant reduction in annual losses FY 23/24 compared to the previous year. Some of the activity contributing to this performance in the last year is as follows:

Prayer and Encounter with God

We have:

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

‘Many of the men I work with think they’re worthless,’ says Prison Chaplain, Liberté Harris. ‘So I tell them, “God thinks you’re worth dying for, God thinks you’re fabulous!” And Every Day with Jesus tells them that too; it tells them God loves them.’

Going forward, we will work with our trusted partner organisation, 24-7 Prayer, to press into prayer and worship and begin daily broadcasts of Lectio 365 and Every Day with Jesus, to continue to make the gospel accessible to as many people as possible on the planet and aid personal revival each day.

Practical Education and Training

Going forward, we will develop and press into both digital and in-person learning, to make our unique and in-demand training offer accessible at scale whilst also maintaining the face-to-face experience.

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

Radical Hospitality

Going forward, we will continue to open our House and Estate as a place of individual retreat, replenishment and re-ignition. As part of this, we plan to continue to improve our primary hospitality areas and accommodation and increase accessibility around the estate.

Celebration and Thanks

We celebrate all that God has done in 2024/25 at Waverley Abbey. And we also celebrate and gratefully thank all our Staff team, Board, Partners, Friends and Funders - as we build together the foundations to deliver our mission for the years to come.

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

Governing Document

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

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 .

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 2023 to the date of this report, unless otherwise stated.

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,

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

well-run and delivers its charitable objectives. 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. The trustees 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:

  1. The Governance and Risk Advisory Group (chaired by Robert Peet) ensures the governance planning, control, supervision, and general administration of the organisation’s resources are in place to deliver against its long-term mission and strategic objectives. It is responsible for the Charity’s Risk Register and Policy.

  2. The Waverley Abbey College Advisory Group (chaired by Fergal Roche) oversees the strategy and operations of Waverley Abbey College. It works with the College Senior Leadership team to help develop Waverley Abbey College to achieve its strategic plans seeking opportunities for the College to expand, nationally, digitally, and internationally. The group considers interactions with the regulator for Higher Education, Office for Students (OfS).

  3. The Finance & Audit Advisory Group (chaired by Simon Hickman) monitors and reviews financial performance and associated risk. It maintains the internal financial control policies including the sign off authorities for expenditure. The group reviews with the Executive to produce annual budgets and recommends the Trust’s external auditors including the oversight of the implementation of any audit recommendations.

  4. The People and Organisational Development Advisory Group (chaired by Jani Rubery) ensures that people policies, plans and practice are in place to contribute to the achievement of the Trust’s mission and strategic objectives. It champions culture, supports the creation of an environment aligned to our values and governs safeguarding policies and procedures at Waverley Abbey.

  5. The Vision, Strategy and Theology Advisory Group (chaired by Pete Greig) has key responsibility for setting the spiritual values of Waverley Abbey Trust and supporting the activities underpinning Encounter, Education, Enterprise, and Engagement. This includes spiritual and theological oversight, supporting the Executive in developing, evaluating, and monitoring the Vision and Mission of Waverley Abbey Trust and monitoring the delivery of the strategy of Waverley Abbey Trust.

  6. The Remuneration Advisory Group (chaired by Simon Hickman) maintains remuneration policies, recommends the annual staff pay review and remuneration of key appointments.

Meeting Attendance and Frequency

A trustee chairs each Advisory Group with a minimum of one trustee required to sit on each, with at least two members of the Executive. Advisory Groups are attended by the Company Secretary and relevant members of the senior management team. External non-trustee advisers may be invited to attend Advisory Groups where their skills will add value. This year we benefited from experience of such membership in the Waverley Abbey College Advisory Group.

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

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 meet monthly, and the Remuneration Advisory Group as required and at least annually. 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.

Internal Controls

Waverley Abbey’s system of internal controls is designed to cover business, operational and compliance risk as well as financial risk.

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

Risk Management

A documented risk management policy and regular practice governs the mechanism used to identify, mitigate and monitor risks to the Charity. As part of this, the major risks to which the Charity is exposed are reviewed and scored for probability and impact. The list of strategic risks and associated mitigation plans are reviewed, maintained and controlled by the Executive with each accountable Board Advisory Group reviewing their associated risks quarterly. 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 controlled. The overall register is reviewed quarterly at meetings of the Board. A business continuity plan is considered at regular intervals.

In 2022/2023 the most significant risk identified was related to ensuring regulatory bodies are satisfied with our financial foundations. This risk has been reduced over 2023/24 through the improvement in our financial position and the drawdown of a loan facility.

Overall, as the turnaround progresses, the overall risk in the organisation is decreasing.

With a high proportion of income deriving from the Higher Education sector, a key risk for the organisation relates to student recruitment each year. We have and continue to significantly increase our efforts to attract students to Waverley Abbey College through improvements to our courses and course delivery, including the development of online options, and more targeted marketing and communication.

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

Whilst operational income and financial sustainability of the College and our training activities is critical, there is still at the heart of our vision and mission a lot of our activities which are free at point of use, given away or subsidised. For this activity we continue to receive philanthropic funding from our generous current supporters and new friends, grant bodies and foundations. Supporter fundraising, by its nature, has inherit risk which we endeavour to mitigate by nurturing our current and new supporters into high quality and regular communication and care.

People

The retention and recruitment of talent and expertise in a competitive employment marketplace is critical to our ongoing success.

Our staff and volunteers are our major asset and critical to the success of the Charity. We are a body of many parts and talents, of rich diversity and when we work together we are far greater than the sum of our parts.

Staff and organisational development are vital to our success. We are committed to investing in and developing our staff to enable each one of them to fulfil their God-given potential. We do this by living our values and championing a culture where we seek to dig out and value the gold in each other. We encourage open and honest discussion and run regular individual performance development planning, individual training and corporate staff development days and gatherings.

Prayer

We are ever thankful to God for the generous friends and partners who pray for, support and facilitate our work. We can see, every day, God at work at Waverley Abbey and we count it a privilege to partner with our faithful friends in prayer for the Gospel of Jesus to be the hope of our nation.

Financial Review

The Charity has continued to focus on developing its activities to promote Waverley Abbey as a place of Christian encounter, education, enterprise and engagement. Income remains sourced principally from Higher education and other training activities, Voluntary donations, and the Waverley Abbey House venue, which provides overnight accommodation, meeting space and food and drink, with a fast-growing cafe becoming very popular with visitors.

In the year ending 31 August 2024, income grew 26% to £3.7M (prior year £2.9M) and expenditure grew just 8% to £4.2M (£3.9M). We incurred a deficit in year of £478,147 (roughly halved versus prior year deficit of £939,103).

We are most grateful to all our friends and supporters for their ongoing commitment to our mission. Income from Donations & Legacies was £1.6M (£1.2M) and included support for our Chaplaincy in Schools initiative, the digitisation of training materials and Every Day with Jesus.

Income from training increased year on year by 7% and totalled £1.6m (£1.5M), with solid growth in both our Counselling degree courses and our Chaplaincy offer. Trading income increased year on year by 66% from activities at our venue and grew to £0.3M (£0.2M).

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

Reserves

The total funds held by the Charity at the year-end were £1.5M (prior year £2M). Of these, £0.147M (prior year £0.156M) were restricted funds.

Taking into account the fixed assets and amounts falling due to creditors in more than one year, the free reserves at 31 August 2024 amounted to £1.2M (prior year £0.3M).

We drew an additional secured loan of £1.5m in three tranches across the year and repaid a £50,000 short-term loan.

At year end, cash at the bank was £1.9M (prior year £0.7M) representing 5.8 months’ forward cash costs (measured as a three-month average). We endeavour to hold cash reserves at or above three months’ forward cover.

Fundraising

We are also so grateful to God for the generous friends and funders who give financially to furthering the mission of Waverley Abbey.

The Charity raises philanthropic funds from members of the public and from Trusts and Foundations. We are registered with both the Fundraising Regulator and Fundraising Preference Service. 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.

In March 2024, we sent one fundraising communication in error to some recipients who had not consented to receive communications. Waverley Abbey Trust self-reported the incident to Fundraising Regulator who investigated and concluded that “this was an isolated incident, rather than a systemic issue” noting “the charity is committed to improving its systems and processes to promote IT and data integrity”. No further action was required. We remain committed to ensuring that no individual feels subject to intrusion of privacy and routinely offer options to unsubscribe from communications.

Going Concern

The Board of Trustees is comfortable that the going concern basis is appropriate for the accounts, as detailed in the accounting policies.

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

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 the same. 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: 3[rd] February 2025

Signed on its behalf by:

Mr K.J. Costa Chair of Waverley Abbey Trust

David Wesson CEO and OfS Accountable Officer

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

Independent Auditor’s Report to the Directors of Waverley Abbey Trust

INDEPENDENT AUDITOR’S REPORT TO THE DIRECTORS OF WAVERLEY ABBEY TRUST

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

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

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

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 2024 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.

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

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

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

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

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.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ report including the Strategic report.

We have nothing to report in respect of the following matters in relation to which Companies Act 2006 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

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

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

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

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

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 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 Companies Act 2006, the OfS Accounts Direction, the Charities SORP (FRS 102) Second Edition (released October 2019) and other relevant charity 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:

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

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

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

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:

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.

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

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

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

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:

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members 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.

Simon Webber BA FCA DChA (Senior statutory auditor)

for and on behalf of

Kreston Reeves LLP

Chartered Accountants Chichester

Date: 4th February 2025

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

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

[FULL PAGE ARTWORK]

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024

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

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

Consolidated Statement of Financial Activities

(incorporating income and expenditure account)

For the year ended 31 August 2024

Note
Income from:
Donations and legacies
4
Charitable activities
5
Other trading activities
6
Investments
7
Other income
8		 Unrestricted
funds
2024
£
Restricted
funds
2024
£
Total
funds
2024
£
Total
funds
2023
£
1,404,416
229,820
1,634,236
1,150,228
1,626,060
-
1,626,060
1,549,632
290,334
-
290,334
173,644
25,088
-
25,088
7,030
109,776
-
109,776
39,341
Total income 3,455,674
229,820
3,685,494
2,919,875
Expenditure on:
Raising funds
Charitable activities
Total expenditure
Net expenditure
Transfers between funds
23
Gain / (Loss) on disposal of assets
Net movement in funds
Reconciliation of funds:
Total funds brought forward
23
Net movement in funds
23
Total funds carried forward		 1,064,433
67,949
1,132,382
1,068,153
2,858,655
172,224
3,030,879
2,790,825
3,923,088
240,173
4,163,261
3,858,978
(467,414)
(10,353)
(477,767)
(939,103)
(1,700)
1,700
-
-
(380)
-
(380)
-
(469,494)
(8,653)
(478,147)
(939,103)
1,854,132
156,010
2,010,142
2,949,245
(469,494)
(8,653)
(478,147)
(939,103)
1,384,638
147,357
1,531,995
2,010,142

The Consolidated statement of financial activities includes all gains and losses recognised in the year. The notes on pages 27 to 45 form part of these financial statements.

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

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

Consolidated Balance Sheet (as at 31 August 2024)

Note
Fixed assets
Intangible assets
17
Tangible assets
18
Current assets
Debtors
20
Cash at bank and in hand
Creditors: amounts falling due
within one year
21
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after more
than one year
22
Net assets excluding pension asset
Total net assets
Charity funds
Restricted funds
23
Unrestricted funds
23
Total funds		 2024
£
1,292,525
1,874,256		 2024
£
43,332
2,747,244		 2023
£
1,190,392
748,071		 2023
£
59,436
2,754,321
2,790,576
1,364,647		 2,813,757
502,326
3,166,781
(1,802,134)		 1,938,463
(1,436,137)
4,155,223
(2,623,228)		 3,316,083
(1,305,941)
1,531,995 2,010,142
1,531,995 2,010,142
147,357
1,384,638		 156,010
1,854,132
1,531,995 2,010,142

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

Mr K J Costa (Chair of Trustees) Date: 3rd February 2025

Signed by the OfS Accountable Officer: Mr D Wesson (CEO) Date: 3rd February 2025

The notes on pages 27 to 45 form part of these financial statements.

24

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

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

Charity Balance Sheet

As at 31 August 2024

Note
Fixed assets
Intangible assets
17
Tangible assets
18
Investments
19
Current assets
Debtors
20
Cash at bank and in hand
Creditors: amounts falling due
within one year
21
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after
more than one year
22
Net assets excluding pension asset
Total net assets
Charity funds
Restricted funds
23
Unrestricted funds
23
Total funds		 1,291,784
1,863,431		 2024
£
43,332
2,747,244
1		 1,189,662
739,892		 2023
£
59,436
2,754,321
1
2,790,577
1,356,328		 2,813,758
497,632
3,155,215
(1,798,887)		 1,929,554
(1,431,922)
4,146,905
(2,623,228)		 3,311,390
(1,305,941)
1,523,677 2,005,449
1,523,677 2,005,449
147,357
1,376,320		 156,010
1,849,439
1,523,677 2,005,449

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

Mr K J Costa (Chair of Trustees) Date: 3rd February 2025

Signed by the OfS Accountable Officer: Mr D Wesson (CEO) Date: 3rd February 2025

The notes on pages 27 to 45 form part of these financial statements.

25

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

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

Consolidated Statement of Cash Flows

For the year ended 31 August 2024

Note
Cash fows from operating activities
Net cash provided by/(used in) operating activities
25
Cash fows from investing activities
Purchase of tangible assets
Interest received
Net cash used in investing activities
Cash fows from fnancing activities
Repayments of borrowing
Receipts of borrowing
Interest paid
Net cash provided by/(used in) fnancing 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
26		 2024
£
2023
£
41,262
(831,268)
(78,985)
(148,277)
25,088
7,030
(53,897)
(141,247)
(153,260)
(128,908)
1,500,000
-
(207,920)
(94,591)
1,138,820
(223,499)
1,126,185
(1,196,014)
748,071
1,944,085
1,874,256
748,071

The notes on pages 27 to 45 form part of these financial statements.

26

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

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

Notes to the Financial Statements

For the year ended 31 August 2024

1. General information)

Waverley Abbey Trust is a company limited by guarantee and registered in England and Wales, registration number 01990308, 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 (now dissolved) which was 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		 2024
£
2023
£
(481,772)
(903,170)
2,005, 449
2,908,619
1,523,677
2,005,449

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 the current loan financing, pupil number projections and ongoing fundraising, 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.

27

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

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

Notes to the financial statements for the year ended 31 August 2024

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.

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 2024 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.

28

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

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

Notes to the financial statements for the year ended 31 August 2024

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
Windows, doors, and electrical work - 10 years
Computers, ofce, and kitchen equipment - 3–5 years

2.9 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment.

Investments in subsidiaries are valued at cost less provision for impairment.

29

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

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

Notes to the financial statements for the year ended 31 August 2024

2.10 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.

2.11 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.

2.12 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.

2.13 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.

2.14 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.

2.15 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.

2.16 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.

30

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

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

Notes to the financial statements for the year ended 31 August 2024

2.17 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.

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 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

Donations
Legacies
Total 2024
Donations
Legacies
Total 2023		 Unrestricted Funds
2024
£
1,180,091
224,325		 Restricted funds
2024
£
229,820
-
Total funds
2024
£
1,409,911
224,325
1,404,416 229,820 1,634,236
Unrestricted funds
2023
£
1,081,174
53,971
Restricted funds
2023
£
15,083
-
Total funds
2023
£
1,096,257
53,971
1,135,145 15,083 1,150,228

31

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

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

Notes to the financial statements for the year ended 31 August 2024

5. Income from charitable activities

Publications and other income
Training income
Total 2024		 Unrestricted funds
2024
£
Total funds
2024
£
Total funds
2023
£
42,018
42,018
73,709
1,584,042
1,584,042
1,475,923
1,626,060
1,626,060
1,549,632

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

Grant income from the OfS
Fee income from taught awards (exclusive of VAT)
Fee income from non-qualifying courses (exclusive of VAT)
Total training income		 2024
£
2023
£
73,140
102,441
1,220,059
1,141,517
290,843
231,965
1,584,042
1,475,923

6. Income from other trading activities

Income from non charitable trading activitie s

Unrestricted funds Total funds Total funds
2024 2024 2023
£ £ £
Trading income 290,334 290,334 173,644

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 funds Total funds Total funds
2024 2024 2023
£ £ £
Deposit interest 25,088 25,088 7,030

32

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

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

Notes to the financial statements for the year ended 31 August 2024

8. Other incoming resources

Unrestricted funds Total funds Total funds
2024 2024 2023
£ £ £
Other income 109,776 109,776 39,341

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

9. Expenditure on raising funds

9.
Expenditure on raising funds
Salaries
Printing appeals
Distribution and postage
Fulflment and other costs
Fundraising consulting
Free dated Bible reading notes
Thank you programme
Support costs		 2024
£
2023
£
61,393
59,473
4,508
4,152
21,492
15,761
28,043
17,935
98,791
86,575
80,140
188,204
-
8,378
552,430
516,081
846,797
896,559

10. Expenditure on trading activities

Salaries
Food expenses
Other costs
Support costs		 2024
£
2023
£
119,256
65,687
31,502
14,210
33,741
12,016
101,086
79,681
285,585
171,594

33

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

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

Notes to the financial statements for the year ended 31 August 2024

11. Publications and other costs

Publications salaries
Cost of publications
Sales and marketing expenses
Distribution costs
Support costs		 2024
£
2023
£
18,202
83,421
12,798
34,025
61,433
77,431
1,462
12,620
74,725
80,900
168,620
288,397

12. Training costs

Training salaries
Marketing expenses
Course and event activity costs
Other costs
Support costs		 2024
£
2023
£
813,412
808,179
29,885
17,646
492,911
399,890
58,917
22,702
1,467,134
1,254,011
2,862,259
2,502,428

Details of access and participation investment included within Training costs

Access investment
Financial support investment
Research and evaluation investment
Support for disabled students		 2024
£
2023
£
35,081
33,845
16,452
18,400
16,515
22,588
33,788
20,351
101,836
95,184

34

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

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

Notes to the financial statements for the year ended 31 August 2024

13. Analysis of support and governance costs

Support staf costs
Administration
and insurance
Bank charges and
interest payable
Depreciation and
amortisation
Ofce equipment and
Maintenance
Distribution, stationery
and printing
Governance costs
Other costs
Total 2024		 Raising funds
2024
£
229,764
20,961
94,864
49,740
59,081
1,832
18,925
77,263		 Trading
activities
2024
£
75,660
-
-
-
23,426
-
2,000
-
Publications
& other
2024
£
40,151
3,666
8,385
1,279
10,332
320
3,762
6,830
Training
2024
£
547,555
105,874
128,916
50,767
449,107
9,253
69,294
106,368		 Total
2024
£
893,130
130,501
232,165
101,786
541,946
11,405
93,981
190,461		 Total
2023
£
834,972
105,032
115,324
107,468
445,136
11,897
87,149
223,695
552,430 101,086 74,725 1,467,134 2,195,375 1,930,673
Total 2023 516,081 79,681 80,900 1,254,011 1,930,673

14. Auditors’ remuneration

2024
£
Fees payable to the Charity's auditor for the audit of the Charity's annual accounts
16,920
Fees payable to the Charity's auditor in respect of:
All taxation services not included above
4,200
All non-audit services not included above
5,640
5. Staf costs
Group
2024
£
Group
2023
£
Charity
2024
£
Wages and salaries
1,860,059
1,613,561
1,665,110
Social security costs
145,307
133,908
145,307
Contribution to defned
contribution pension schemes
161,876
171,772
161,876
2,167,242
1,919,241
1,972,293		 2024
£
Fees payable to the Charity's auditor for the audit of the Charity's annual accounts
16,920
Fees payable to the Charity's auditor in respect of:
All taxation services not included above
4,200
All non-audit services not included above
5,640
5. Staf costs
Group
2024
£
Group
2023
£
Charity
2024
£
Wages and salaries
1,860,059
1,613,561
1,665,110
Social security costs
145,307
133,908
145,307
Contribution to defned
contribution pension schemes
161,876
171,772
161,876
2,167,242
1,919,241
1,972,293		 2024
£
16,920
4,200
5,640		 2023
£
15,960
1,260
4,620
Charity
2023
£
1,485,706
133,908
171,772
2,167,242
1,919,241
1,972,293		 1,791,386

15. Staff costs

35

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

Waverley Abbey Trust (A company limited by guarantee) Registered number: 01990308 Notes to the financial statements for the year ended 31 August 2024

Included in staff costs are redundancy and termination payments as compensation for loss of office to 3 employees (2023: 3 employees) of £32,699 (2023: £25,406) which were paid in full in the year.

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

Employees
The average headcount expressed as full-time equivalents was:
Directors
Senior management
Ministry and support		 Group
2024
No.
Group
2023
No.
75
75
Group
2024
No.
Group
2023
No.
8
8
4
4
40
37
52
49

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

Group Group
2024 2023
No. No.
In the band £60,001 - £65,000 1 -
In the band £110,001 - £115,000 - 1
In the band £170,001 - £175,000 1 -

Pension costs relating to the above employee totalled £6,178 (2023: £6,178).

In 2024, the key management personnel of the charity and the group comprise the Chief Executive Officer, the Finance Director, the Principal (Head of Provider). In 2023, they comprised the Chief Executive Officer, the Finance Director, the Principal (Head of Provider) and the Ministries Director. The total employee benefits of the key management personnel were £342,775 (2023: £364,917).

Head of Provider remuneration

Head of Provider remuneration
Paid basic salary before salary sacrifce arrangements
Deductions to refect salary sacrifce arrangements		 Group
2024
£
59,263
(4,243)		 Group
2023
£
51,391
(2,775)
Paid basic salary after salary sacrifce arrangements 55,020 48,616
Pension contributions
Total disclosure relating to Head of Provider (before salary sacrifce)		 4,741 2,371
64,004 53,762

36

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

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

Notes to the financial statements for the year ended 31 August 2024

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.

16. Trustees’ remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2023 - £NIL).

During the year ended 31 August 2024, expenses totalling £538 were reimbursed to or paid to third parties on their behalf of 8 Trustees (2023 - £592 reimbursed to or paid to third parties on their behalf for travelling and other expenses incurred by 8 Trustees).

17. Intangible assets

Group and Charity

Cost
At 1 September 2023
Additions
At 31 August 2024
Amortisation
At 1 September 2023
Charge for the year
At 31 August 2024
Net book value
At 31 August 2024		 Computer software
£
246,637
9,309
255,946
187,201
25,413
212,614
43,332
At 31 August 2023 59,436

37

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

Waverley Abbey Trust (A company limited by guarantee) Registered number: 01990308 Notes to the financial statements for the year ended 31 August 2024

18. Tangible fixed assets

Group and Charity

Cost or valuation
At 1 September 2023
Additions
Transfers intra group
Disposals
At 31 August 2024
Depreciation
At 1 September 2023
Charge for the year
On disposals
At 31 August 2024
Net book value
At 31 August 2024		 Freehold
property
£
3,195,652
-
19,750
-		 Assets under
construction
£
48,578
45,275
(52,062)
-		 Furniture &
Equipment
£
508,037
24,401
32,312
(1,051)		 Total
£
3,752,267
69,676
-
(1,051)
3,215,402 41,791 563,699 3,820,892
660,585
30,181
-		 -
-
-		 337,361
46,192
(671)		 997,946
76,373
(671)
690,766 - 382,882 1,073,648
2,524,636 41,791 180,817 2,747,244
At 31 August 2023 2,535,067 48,578 170,676 2,754,321

19. Fixed asset investments

Charity

Cost or valuation
At 1 September 2023
At 31 August 2024
20. Debtors
Due within one year
Trade debtors
Other debtors
Prepayments and accrued income		 Investments in
subsidiary companies
£
1
1
Group
2024
£
Group
2023
£
Charity
2024
£
Charity
2023
£
1,080,670
968,356
1,080,670
968,356
64,886
109,523
64,145
108,793
146,969
112,513
146,969
112,513		 Investments in
subsidiary companies
£
1
1
1,292,525
1,190,392
1,291,784
1,189,662

20. Debtors

38

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

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

Notes to the financial statements for the year ended 31 August 2024

21. 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 fnancial activities
End of the year		 Group
2024
£
10,000
138,669
104,031
33,751
86,007
1,429,676		 Group
2023
£
60,000
62,015
84,309
42,264
88,383
1,099,166		 Charity
2024
£
10,000
138,669
104,031
33,751
82,760
1,429,676		 Charity
2023
£
60,000
62,015
84,309
42,264
84,168
1,099,166
1,802,134 1,436,137 1,798,887 1,431,922
Group
2024
£
1,103,577
2,189,446
(1,861,735)		 Group
2023
£
945,239
1,618,417
(1,460,079)		 Charity
2024
£
1,103,577
2,189,446
(1,861,735)		 Charity
2023
£
945,239
1,618,417
(1,460,079)
1,431,288 1,103,577 1,431,288 1,103,577

Deferred income relates to student fees and subscriptions of dated reading notes received in advance and includes amounts shown as falling due within one year and falling due after more than one year.

39

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

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

Notes to the financial statements for the year ended 31 August 2024

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

Group
2024
£
Bank loans
10,833
Mortgage loans
2,610,783
Deferred income
1,612
2,623,228
Included within the above are amounts falling due as follows:
Group
2024
£
Between one and two years
Bank - bounce back loan
10,000
Mortgage loans
151,538
Between two and fve years
Bank - bounce back loan
833
Mortgage loans
544,346
Over fve years
Mortgage loans
1,914,899		 Group
2024
£
10,833
2,610,783
1,612		 Group
2023
£
20,833
1,280,697
4,411		 Charity
2024
£
10,833
2,610,783
1,612		 Charity
2023
£
20,833
1,280,697
4,411
2,623,228 1,305,941 2,623,228 1,305,941
Group
2023
£
10,000
67,365		 Charity
2024
£
10,000
151,538		 Charity
2023
£
10,000
67,365
833
544,346		 10,833
241,501		 833
544,346		 10,833
241,501
1,914,899 971,831 1,914,899 971,831

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 8.5% and 8.75% pa and is currently 8.5% pa.

An additional mortgage loan (Loan B) of £355,000 was drawndown in the 2022 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 8.75% and 9% and is currently 8.75% pa.

An additional mortgage loan (Loan C) of £1,500,000 was drawndown in 3 tranches: £750,000 in November 2023, £500,000 in April 2024 and £250,000 in August 2024. It is being repaid in installments over 13 years from November 2023. The rate of interest on Loan C is variable on one month’s notice. During the year, the rate of interest was between 8.75% and 9% and is currently 8.75% 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.

40

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

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

Notes to the financial statements for the year ended 31 August 2024

23. Statement of funds

Statement of funds - current year

Unrestricted funds
General Funds		 Balance at
1 September
2023
£
Income
£
Expenditure
£
Transfers
in/out
£
Gains/
(Losses)
£
Balance at
31 August
2024
£
1,854,132
3,455,674
(3,923,088)
(1,700)
(380)
1,384,638
Restricted funds
Prison Ministry
Asia Ministry
College digital courses
Chaplaincy in Schools
Maintenance appeal 2022
Student fees support		 Balance at
1 September
2023
£
Income
£
Expenditure
£
Transfers
in/out
£
Gains/
(Losses)
£
Balance at
31 August
2024
£
-
1,820
(1,820)
-
-
-
135,361
-
(96,425)
-
-
38,936
-
125,000
(56,320)
-
-
68,680
-
100,000
(62,928)
-
-
37,072
7,690
-
(5,021)
-
-
2,669
12,959
3,000
(17,659)
1,700
-
-
156,010
229,820
(240,173)
1,700
-
147,357

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

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 College digital courses fund represents a grant to fund the development of digital courses.

The Chaplaincy in Schools fund represents a grant to fund our costs of the Chaplaincy in Schools initiative.

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.

41

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

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

Notes to the financial statements for the year ended 31 August 2024

23. Statement of funds (continued)

Statement of funds - prior yea r

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

24. Analysis of net assets between funds

Analysis of net assets between funds - current period

Tangible fxed assets
Intangible fxed assets
Current assets
Creditors due within one year
Creditors due in more
than one year
Total		 Unrestricted funds
2024
£
Restricted funds
2024
£
Total funds
2024
£
2,747,244
-
2,747,244
43,332
-
43,332
3,019,424
147,357
3,166,781
(1,802,134)
-
(1,802,134)
(2,623,228)
-
(2,623,228)
1,384,638
147,357
1,531,995

42

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

Waverley Abbey Trust (A company limited by guarantee) Registered number: 01990308 Notes to the financial statements for the year ended 31 August 2024

24. Analysis of net assets between funds (continued)

Analysis of net assets between funds - prior period

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

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

Group
2024
£
(477,767)		 Group
2023
£
(939,103)
Net expenditure for the period (as per Statement of Financial Activities)
Adjustments for:
Depreciation charges
Amortisation charges
Interest paid
Dividends, interests and rents from investments
Increase in debtors
(Decrease)/increase in creditors
Net cash provided by/(used in) operating activities
26. Analysis of cash and cash equivalents
Cash in hand
Total cash and cash equivalents		 76,373
25,413
207,920
(25,088)
(102,133)
336,544		 70,087
37,381
94,591
(7,030)
(33,870)
(53,324)
41,262 (831,268)
Group
2024
£
Group
2023
£
1,874,256
748,071
1,874,256
748,071

43

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

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

Notes to the financial statements for the year ended 31 August 2024

27. 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
2023
£
Cash fows
£
Other non-
cash changes
£
At 31 August
2024
£
748,071
1,126,185
-
1,874,256
(122,015)
153,260
(179,914)
(148,669)
(1,301,530)
(1,500,000)
179,914
(2,621,616)
(675,474)
(220,555)
-
(896,029)

28. 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 £161,876 (2023 - £171,772). At 31 August 2024 pension contributions of £395 (2023 - £NIL) were payable to the fund at the balance sheet date and are included in creditors.

29. Operating lease commitments

At 31 August 2024 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
2024
£
Group
2023
£
Charity
2024
£
Charity
2023
£
7,848
11,820
7,848
11,820
-
7,848
-
7,848
7,848
19,668
7,848
19,668

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 (2023: £11,820).

30. 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.

31. Related party transactions

During the year Access Underwriting Limited, a related party in which a trustee is independently involved with, charged £4,000 (2023: £4,000) for insurance and brokerage fees. The balance outstanding at the year end is £nil (2023: £nil).

An honorarium of £200 (2023: £nil) was paid to Peter Greig for a speaking engagement (2023: £nil).

44

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

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

Notes to the financial statements for the year ended 31 August 2024

During the year £63,900 (2023: £nil) was received as a deposit for an event from The Costa Family Charitable Trust, of which Kenneth Costa is a Trustee. This amount of £63,900 is held as a payment on account within other creditors at the year end (2023: £nil).

To help promote the Chaplaincy in Schools initiative, the charity paid £20,000 as part sponsorship of a Wildfires annual event (2023: £nil). The event was organised by 24/7 Prayer International, of which Peter Greig is a Trustee. The balance outstanding at the year end is £20,000 (2023: £nil).

The charity had an unsecured loan of £nil (2023: £50,000) from one of the directors of its subsidiary Waverley Abbey Asia Limited.

32. Subsidiary companies

Name Activities % of capital Net assets/ Net assets/ Surplus/ Surplus/
held liabilities liabilities defcit defcit
2024 2023 2024 2023
£ £ £ £
Waverley Abbey Asia Training 100% (59,155) (53,588) (5,567) (3,148)
Limited (a company subsidiary
incorporated in
Singapore) (Co
no. 200923041W)
Waverley Abbey Trading Conferencing 100% 4,749 2,052 4,748 2,051
Limited (a company and events subsidiary
incorporated in UK)
(Co no. 07818060)
The Stapleford Centre Education common - - - 306
Limited (a company and training control
incorporated in UK)
(Co no. 03371977)
(Charity no. 1063856)
Waverley Abbey Education 100% - - - -
College Limited (a and training subsidiary
non-trading company
incorporated in UK)
(Co no. 095153329)

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 Waverley Abbey Asia Limited (formerly CWR Care and Counselling Asia Limited) is

133 Cecil Street, #17-01A Keck Seng Tower, Singapore 069535.

In the prior 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.

45

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

WAVERLEY ABBEY ANCIENT SPAf¢K NEW FIRES