Charity Registration No. 294625
Company Registration No, 02010021 (England and Wales)
INSTITUTE OF ST ANSELM
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
INSTITUTE OF ST ANSELM
LEGAL AND ADMINISTRATIVE INFORMATION
| President | Bishop Vincenzo Viva - Bishop of Albano Diocese |
|---|---|
| Trustees | Reverend L Kofler |
| Miss T Slinn | |
| Reverend A Chantry | |
| Mr P Goodlace | |
| Reverend P Mooney (Appointed 20 October 2021) | |
| Charity number | 294625 |
| Company number | 02010021 |
| Registered office | 12 Madeira Road |
| Cliftonville | |
| Kent | |
| CT9 2QQ | |
| Key Management Personnel | The Trustees |
| Administration team | L Wells - Finance clerk (To 11 May 2022) |
| C McGuire - Registrar | |
| Independent examiner | M Wilkes FCA |
| Azets Audit Services | |
| Delandale House | |
| 37 Old Dover Road | |
| Canterbury | |
| Kent | |
| CT1 3JF | |
| Bankers | HSBC Bank plc |
| 9 Rose Lane | |
| Canterbury | |
| Kent | |
| CT1 2JP | |
| Solicitors | Stone King |
| 13 Queen Square | |
| Bath | |
| BA1 2HJ |
INSTITUTE OF ST ANSELM
CONTENTS
| Page | |||
|---|---|---|---|
| Trustees' report | 1 | - | 6 |
| Independent Examiners Report | 7 | ||
| Statement of financial activities | 8 | ||
| Balance sheet | 9 | ||
| Statement of Cash Flows | 10 | ||
| Notes to the financial statements | 11 | - | 18 |
INSTITUTE OF ST ANSELM
TRUSTEES' REPORT
FOR THE YEAR ENDED 30 JUNE 2022
The Trustees, who are also directors of the charity for the purposes of the Companies Act 2006 ('the 2006 Act'), present their annual report together with the financial statements of the charity for the year 1 July 2021 to 30 June 2022. The trustees confirm that the Annual Report and financial statements of the charity comply with the current statutory requirements, the requirements of the charity's governing document and the provisions of the Statement of Recommended Practice (SORP), applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK (FRS 102) (effective 1 January 2015) as amended by Update Bulletin 1 (effective 1 January 2015).
OBJECTIVES AND ACTIVITIES
The chief objectives of the charity are the advancement of religion and education throughout the world and, in particular but without prejudice to the foregoing the analysis of the process of human growth and the training of individuals (and especially leaders) to foster psychological, physical and spiritual growth.
Whatever we do, we want it to be in line with the principle objective of the company: “The advancement of religion and education throughout the world and in particular but without prejudice to the foregoing the analysis of the process of human growth and the training of individuals (and especially leaders) to foster psychological, physical and spiritual growth.”
The Institute’s Mission is driven by the conviction that the formation of bishops, superiors, priests, religious and pastoral workers needs to be more process-oriented if the church of the future is to become a healing Church. Generally speaking, one can say that candidates learn to grow in love for themselves, others, the environment and God through learning to relate constructively to all four.
The Institutes basic premise is that Christianity will become relevant to the needs of our time when the emphasis changes from its traditional teaching function to the healing ministry as seen in Jesus’ ministry. Healing played a fundamental role. The courses run by the Institute encourage and facilitate a process of inner growth and change in the participants. This moment of metanoia or spiritual conversion enables them to outgrow their fears and trust themselves in the “unfolding process of life and meaning”.
The main objectives for the year are advertising, assessing and the smooth running of all courses.
The strategies for achieving the objectives are:
Leadership Training – to help them to understand themselves in a leadership role.
Multi cultural – Community Living;
Encouragement of people from countries worldwide to attend courses; Support of those, especially in need of psychological and spiritual enhancement.
There are many significant activities that contribute to the achievement of the stated objectives. The Institute offers a variety of courses to meet the particular needs of participants.
The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
The Institute was established in 1984. Approximately 3,550 students have received a Diploma in Human Development after completing their nine-month experiential programme.
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INSTITUTE OF ST ANSELM
TRUSTEES' REPORT
FOR THE YEAR ENDED 30 JUNE 2022
OBJECTIVES AND ACTIVITIES (Continued)
During the 2021/22 year we had the following participants on the various programmes as follows:
1SARDip - 1 year Diploma - Sep 2021 to May 2022 - 13 participants.
2SARDip - 1 year Diploma - Jan to May 2021 & Sep to Dec 2021 - 5 participants. 2SARDip - 1 year Diploma - Jan to May 2022 & Sep to Dec 2022 - 5 participants. 4SARCert - Sep 2021 to Dec 2021 - 12-week certificate programme - 6 participants. 4SARCert - Sep 2022 to Dec 2022 - 12-week certificate programme - 9 participants. 3SARCert - Jan 2022 to May 2022 - 18-week certificate programme - 12 participants. 5SARCert - Jan 2022 to Feb 2022 - 7-week certificate programme - 2 participants.
To date, the Institute has assisted over five thousand participants in different courses; these in turn have helped countless others throughout the world, which is a vast achievement for the Institute. Each year we know that the participants will take with them that they have learned and go on to teach others back in their own countries.
We hope that in this way our teaching will be passed on for many years to come.
To see the students when they first arrive and then when they leave, and to see how much they have grown in maturity and integration as well rounded and balanced and gained from the courses is extremely beneficial and highly gratifying for staff and participants.
All of the properties except for one are now rented out and one property is kept as our UK Headquarters.
We held a 2-week training course for ‘team members’ in May/June and there will be another in September also for two weeks, for our 2nd and 3rd year students to prepare them for the intake in September & January.
During the year the Institute offered bursaries to Four second-years and Two third-year team members which would be worth approximately £16,600 (€19,380) each and approximately £5,150 (€6,000) of this goes to Il Carmelo
ACHIEVEMENTS AND PERFORMANCE
a. Review of activities
Diploma and Certificate Programmes commenced September 2020 in Rome
We began the courses with 21 participants for the September 2021 intake, 5 of these were completing the course they began at the beginning of January 2021. In January 2022 we had 31 participants join us, 13 of these were completing the Diploma programme they started in September 2021.
In January 2022, we were very aware of the effects that Covid 19 can have on the programme from the previous year, therefore we had taken the measure of requesting that each new arrival wear their mask for the first 2 weeks of the Programme, to protect themselves and others that were already here. We also requested that they do not mix in the local shops until they were sure they were covid free. This seemed to work well, and we were able to continue with the normal running of the Programme.
Seven-Week Programme
As we are not offering a summer course in Rome due to high temperatures. This is an intensive course for those who are very limited for time. We now have this 7-week Certificate, it is for Superior Generals, Bishops, and those who are in the Generalates who are responsible for Formation.
Our experience has been, the 7 week is only a taster programme for Superiors to understand the nature of the
Programmes and it is not sufficient for people who want to train as Leaders or Formators.
We offered this seven-week course at our intakes for both September 2021 and January 2022 for the above.
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INSTITUTE OF ST ANSELM
TRUSTEES' REPORT
FOR THE YEAR ENDED 30 JUNE 2022
2nd and 3rd Year students
They had a two-week training course in May and another 2 weeks training will take place in September 2022.
Management Team
Fr. Len Kofler, Founder and Director, Thalia Slinn and Claire McGuire shared the daily planning and running of the Institute. Sr. Therese Garman is our consultant and guide for requirements for NCFE and ASIC; in addition she has the role of internal assessor. The visa process in Rome is challenging but they get their visas. The visa process in Rome is challenging but they get their visas.
Academic staff
Fr. Len Kofler, Thalia Slinn, Fr Wijnand Huijs, Fr Lote Raiwalui. In addition to these we have Fr Peter Verity, Fr John Breen, Sr Lettedinghil, Fr Giuseppe Crea here in Rome who come on a regular basis. We also have Fr John McCluskey, Fr Jim McManus, Fr Denis McBride, Fr Denis Tindall coming from England or via zoom and are continuing to build up a team of guest lecturers from Rome.
Inspection of courses
Our NCFE Inspection took place on Tuesday 3rd November 2021 remotely with a request that their next EQA sample should be carried out in person due to the nature and volume of their delivery and work carried out by the students. In this inspection we received another excellent report.
Our ASIC reaccreditation service continues to give their support remotely until their next inspection before 2025 ASIC’s has also been given a new status: ASIC has been awarded Full Membership status of the International Network for Quality Assurance Agencies in Higher Education (INQAAHE)
b. Investment policy and performance
Under the Memorandum and Articles of Association the charity has the power to invest the monies of the Trust not immediately required for its purposes in or upon such investments, securities or property as the Trustees (meaning in the memorandum the persons holding such office as constitute under the Trust’s Articles of Association) shall think fit.
The Institute has adopted a strategy in its investment policy for capital appreciation. The investment portfolio performed in line with market expectations.
FINANCIAL REVIEW
Income for the year was £518,349 (2021: £365,977) and expenditure amounted to £375,367 (2021: £316,291). The resulting surplus, before valuation adjustments of fixed asset investments and investment property's was £142,982 against a 2021 surplus of £49,686.
The charity's balance sheet shows a positive position of £2,971,418 (2021: £2,683,959). Net current assets have increased from £470,222 to £616,956 and the charity holds the level of reserves it requires (see Reserves policy below).
The cash balance has increased from £634,774 to £676,009 with £14,193 decrease (2021: £111,385 increase) from charitable activities and an increase of £55,428 (2021: £54,372 increase) from investments held by the charity to generate income.
a. Going concern
After making appropriate enquiries, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements.
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INSTITUTE OF ST ANSELM
TRUSTEES' REPORT
FOR THE YEAR ENDED 30 JUNE 2022
b. Reserves policy
The Trustees have considered future income streams, budgeted expenditure and cyclical maintenance programmes for the charity's various properties and have assesed the need for a reserves policy of £100k (2021 - £100k).
At 30 June the charity had unrestricted (undesignated) reserves of £115k (2021 - £88k) against a required target of £100k (2021 - £100k).
At 30 June the charity had designated reserves of £2,856k (2021: £2,596k) which comprised the Designated Building fund of £306k (2021: £310k), the designated Investment fund of £2,048k (2021: £1,904), the designated fund for the purchase of property in Rome of £450k (2021 : £350k) and the repairs to building in Rome fund of £52k (2021 : £32k).
c. Principal Funding
Aside from the income generated from the Charity’s investment properties, the principal funding source comes from fees received for courses provided by the Charity during the year and a percentage of the fee income will go to Il Carmelo for the use of the rooms and building.
d. Future developments
We are a Legal Entity in Rome and we are now aiming to become a Legal Institute with Canonical Rights under the Vatican State as we need both of these for visas. Despite our visa situation our numbers continue to rise. Il Carmelo no longer continuing to do the invitation letters for any of the intending Participants who do not a house in Rome, but this has not deterred them from coming. Somehow, they all seem to find a way around this.
We had 23 first year Participants attending the September 2021 Programmes, while we had 31 attending the January 2022 Programmes. Thankfully the charity is still providing courses. We also have 2 second year Participants, along with 2 third year Participants. One of the third year Participants who has just completed his programme will continue on here at the Institute working as a staff member. He had been a great support to the Management in his experience of contacts and having the Italian language.
We have 42 rooms at the Institute for first year participants which we hope to fill before long. If our numbers increase, we have been offered further rooms in the campus. We are looking to make further contacts in Rome and find additional suitable guest lecturers from Rome so we are not dependent on the UK. We also hope to offer a conference to Major religious superiors for a day, to become better known. We still carry on doing some consultation, counselling and spiritual direction in Cliftonville.
The New Academic Year September 2022/23
Our advertising this year will have a new input from a short video that was created in the Spring, with the Participants, Team and Staff all having an opportunity to express their own personal appreciation for the work that happens at the Institute. Their life-changing experiences. Along side of this, Fr Len has had several meetings with Superior Generals of different Congregation who are very interested to know more and send their Priests or Religious.
The Properties, houses 63, 65, 67 Norfolk Road and Flats 1 & 2 at 61 Norfolk Road, 38 Madeira Road and also offices at Cumberland Lodge continue to be let out for which we receive rental income and they are managed by a local firm.
Page 4
INSTITUTE OF ST ANSELM
TRUSTEES' REPORT
FOR THE YEAR ENDED 30 JUNE 2022
STRUCTURE, GOVERNANCE AND MANAGEMENT
a. Constitution
The company is a charitable company limited by guarantee and was set up by a Memorandum of Association on 14 April 1986.
The company is constituted under a Memorandum of Association dated 14 April 1986 and is a registered charity number 294625.
b. Method of appointment or election of Trustees
The management of the charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Articles of Association.
c. Policies adopted for the induction and training of Trustees
When a new Trustee joins the Institute they are first introduced to the existing Trustees and staff members. The trustees are informed of what is expected of them and made aware of their legal obligations. To assist them they are issued with a copy of the latest edition of “The Essential Trustee: What you need to know” to give them a guide of what is expected. A copy of “The Essential Trustee” is also given to existing trustees as and when a new edition is updated.
Updated literature about Charities and Charity Law is distributed to the Trustees as and when received.
d. Organisational structure and decision making
The management of the company is the responsibility of the Trustees who are co-opted under the terms of the memorandum and articles of association.
None of the Trustees have any beneficial interest in the company. All of the Trustees are members of the company and guarantee to contribute £1 in the event of a winding up.
The charity is UK based and runs courses in both the UK and Italy. It's headquarters are in Cliftonville, near Margate, Kent
The Institute's management structure has three tiers of Executive, Staff and Team. An advisory board meets twice each year offering guidance and direction to the trustees.
e. Related party relationships
The charity has related party relationships with the following two charities:
‘World Movement for Reconciliation’ was founded by the Institute as it is central theme of what we do and this was a simple way of expanding it to many others. Most of our participants choose to become members.
Choreo' is an Accreditation Board for Therapist an, Counsellors, Growth Facilitators. It was started for participants of the Institute so when leaving the Institute after 3 years they have an extra recognition for their work.
f. Risk management
The Trustees have assessed the major risks to which the charity is exposed and are satisfied that systems are in place to mitigate exposure to the major risks. These have been updated in response to the Covid-19 pandemic.
We are a Legal Entity in Rome and we are now aiming to become a Legal Institute with Canonical Rights under the Vatican State as we need both of these for visas. This will reduce any risk regarding visas.
We have a risk assessment which has been completed for 12 Madeira Road which is now our registered office in the UK. We also have 3 contracts of employment. We remain under the auspices of Peninsula to ensure we maintain the up-todate standards required.
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INSTITUTE OF ST ANSELM
TRUSTEES' REPORT
FOR THE YEAR ENDED 30 JUNE 2022
Trustees' responsibilities statement
The Trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgments and accounting estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
This report was approved by the Trustees, on 8 March 2023 and signed on their behalf by:
Reverend A Chantry
Trustee
Page 6
INSTITUTE OF ST ANSELM
INDEPENDENT EXAMINER'S REPORT
FOR THE YEAR ENDED 30 JUNE 2022
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF INSTITUTE OF ST ANSELM (the
"company")
I report on the trustees on my examination of the accounts of the charity for the year ended 30 June 2022 which are set out on pages 8 to 18.
Responsibilities and basis of report
As the charity's trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.
Independent examiner's statement
Since the Company's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of ICAEW, which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
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accounting records were not kept in respect of the Company as required by section386 of the 2006 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination; or
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable to the UK (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
M A Wilkes (FCA) Azets Audit Services
Delandale House, 37 Old Dover Road, Canterbury, Kent, CT1 3JF
Date: 22 March 2023
Page 7.
INSTITUTE OF ST ANSELM
STATEMENT OF FINANCIAL ACTIVIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2022
| Notes Income from: Donations and legacies Charitable activities 2 Investments 3 Other income Total income Expenditure on: Raising funds 4 Charitable activities 5 Total expenditure Net income Net gains/(losses) on investments 9 Net movement in funds Fund balances at 1 July 2021 At 30 June 2022 |
Unrestricted fund 2022 £ 300 417,446 100,543 60 518,349 45,115 330,252 375,367 142,982 144,477 287,459 2,683,959 2,971,418 |
Total 2021 £ - 265,910 99,979 88 365,977 38,477 277,814 316,291 49,686 34,687 84,373 2,599,586 2,683,959 |
|---|---|---|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
All income and expenditure in 2021 related to unrestricted funds.
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INSTITUTE OF ST ANSELM
BALANCE SHEET
AS AT 30 JUNE 2022
Company Registration No. 02010021
| Notes Fixed assets Tangible assets 10 Investment properties 11 Investments 12 Current assets Debtors 13 Cash at bank and in hand Creditors: amounts falling due within one year 14 Net current assets Total assets less current liabilities Funds Designated funds 18 Unrestricted funds |
2022 £ 113,126 676,009 789,135 (172,179) |
2022 £ 306,413 1,815,000 233,049 2,354,462 616,956 2,971,418 2,856,095 115,323 2,971,418 |
2021 £ 8,219 634,774 642,993 (172,771) |
2021 £ 310,165 1,650,000 253,572 2,213,737 470,222 2,683,959 2,596,057 87,902 2,683,959 |
|---|---|---|---|---|
The charitable company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 30 June 2022.
The members have not required the charitable ompany to obtain an audit of its financial statements for the year ended 30 June 2022 in accordance with section 476 of the Companies Act 2006.
The Trustees acknowledge their responsibilities for:
(a) ensuring the charitable company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2005; and
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the Trustees on 8 March 2023 and signed on their behalf by:
Trustee
Reverend A Chantry
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INSTITUTE OF ST ANSELM
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2022
Company Registration No. 02010021
| Cash flows from operating activities Net income / (expenditure for the year) Adjustment for: Depreciation Gains / (losses) on investments Interest received / rents from investments Cost of investing activities Increase in debtors Increase in creditors Net cash used in operating activities Investing activies Interest received / rents from investments Cost of investing activities Purchase of tangible fixed assets Net cash from investing activities Net increase / (decrease) in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year |
2022 £ 287,459 3,752 (144,477) (100,543) 45,115 (104,907) (592) 100,543 (45,115) - |
2022 £ (14,193) 55,428 41,235 634,774 676,009 |
2021 £ 84,373 3,057 (34,687) (99,979) 38,477 12,129 108,015 99,979 (38,477) (7,130) |
2021 £ 111,385 54,372 165,757 469,017 634,774 |
|---|---|---|---|---|
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INSTITUTE OF ST ANSELM
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022
1. Accounting policies
1.1 Accounting convention
The financial statements have been prepared in accordance with the charity's [governing document], the Charities Act 2011 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2016). The charity is a Public Benefit Entity as defined by FRS 102.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the forseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes.
Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.
1.4 Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing.
Investment income is earned through holding assets for investment purposes such as Investment Properties and includes rental income. Rental income is recognised when it is due in accordance with the lease agreements.
Course income is recognised when the courses are undertaken which are in the periods January to May and September to December each year.
1.5 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Support costs are those costs incurred directly in support of expenditure on the objects of the charity and include project management carried out at Headquarters. Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements.
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INSTITUTE OF ST ANSELM
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022
1. Accounting policies (continued)
1.5 Expenditure
Costs of generating funds are costs incurred in attracting voluntary income, and those incurred in trading activities that raise funds.
Charitable activities and Governance costs are costs incurred on the charity's educational operations, including support costs and costs relating to the governance of the charity apportioned to charitable activities.
1.6 Tangible fixed assets
Assets costing £1,000 or more are capitalised as tangible fixed assets and are carried at cost, net of depreciation and any impairment.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold Buildings - 2.5% straight line Freehold Land - Not depreciated
Fixtures and Fittings - 5% to 20% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year.
1.7 Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.
1.8 Fixed asset investments
Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.
1.9 Impairment of fixed assets
At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.10 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.11 Financial instruments
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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INSTITUTE OF ST ANSELM
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022
1. Accounting policies (continued)
1.11 Financial instruments (continued(
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
1.12 Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received. Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.13 Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14 Critical accounting estimates and judgements
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
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.
Useful economic lives of tangible assets
The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates based on economic utilisation and the physical condition of the assets.
Investment Properties
Investment Properties are measured at fair value at the Balance Sheet date. The fair values are assessed annually by the trustees.
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INSTITUTE OF ST ANSELM
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
| 2. 3. 4. 5. 6. |
Charitable activities Diploma / Sabbatical Investments Rental income Interest receivable Costs of generating voluntary income Investment property management fees Investment property repairs Other investment property costs Expenditure Staff costs £ Cost of generating funds - Charitable activity: Advancement of religion and education 36,039 36,039 Support costs Depreciation Rates Light and heat Other expenditure Travel and subsistence Telephone, printing and stationery Equipment maintenance and repairs Legal and professional fees Governance costs: Independent Examination Fee |
Direct costs £ 45,115 247,095 292,210 |
Support costs £ - 47,118 47,118 |
2022 £ 417,446 2022 £ 100,535 8 100,543 2022 £ 12,624 18,995 13,496 45,115 Total 2022 £ 45,115 330,252 375,367 2022 £ 2,096 2,808 1,802 4,613 11,895 5,203 6,585 3,992 8,124 47,118 |
2021 £ 265,910 2021 £ 99,894 85 99,979 2021 £ 14,328 14,435 9,714 38,477 Total 2021 £ 38,477 277,814 316,291 2021 £ 2,367 2,675 1,704 1,934 10,109 3,117 8,140 8,658 7,194 45,898 |
|---|---|---|---|---|---|
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INSTITUTE OF ST ANSELM
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022
7. Trustees
During the year the charity re-imbursed £5,137 to 2 Trustees (2021: £2,248 - 1 Trustee) for expenses paid on the charity's behalf in respect of travel and running costs incurred in Rome.
8. Employees
Number of employees
| The average monthly number of employees during the year was: Support staff Employment costs Wages and salaries Other pension costs |
2022 no. 2 2022 £ 35,513 526 36,039 |
2021 no. 3 2021 £ 36,249 676 36,925 |
|---|---|---|
No employee received remuneration amounting to more than £60,000 in either year.
The Key Management Personnel of the charity are considered to be the Trustees who receive no remuneration.
9. Net gains / (losses) on investments
| 9. Net gains / (losses) on investments Revaluation of investments Revaluation of Investment Properties 10. Tangible fixed assets Cost At 1 July 2021 and 30 June 2022 Depreciation and impairment At 1 July 2021 Depreciation charged in the year At 30 June 2022 Carrying amount At 30 June 2022 At 30 June 2021 |
Freehold land and buildings £ 353,468 64,936 586 65,522 287,946 288,532 |
2022 £ (20,523) 165,000 144,477 Fixtures and fittings £ 33,779 12,146 3,166 15,312 18,467 21,633 |
2021 £ 34,687 - 34,687 Total £ 387,247 77,082 3,752 80,834 306,413 310,165 |
|---|---|---|---|
The carrying value of land included in land and buildings was £70,694 (2021: £70,694).
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INSTITUTE OF ST ANSELM
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
| 11. Investment properties Fair value At 1 July 2021 Surplus / (deficit) on revaluation At 30 June 2022 |
2022 £ 1,650,000 165,000 1,815,000 |
2021 £ 1,650,000 - 1,650,000 |
|---|---|---|
The 2022 valuations were made by the trustees, on an open market value for existing use basis.
The historic cost of the Investment Properties at 30 June 2022 was £1,431,235 (2021: £1,431,235).
| 12. Fixed asset investments Market value At 1 July 2021 Revaluations At 30 June 2022 Investments at market value comprise: United Kingdom Asset distribution Unit Trusts Material investments Global Equity Class Unit Trust Balance Mgd Class Unit Trust Managed Growth Class Unit Trust Historical cost Listed securities 13. Debtors Trade debtors - Course fees Other debtors |
2022 £ 253,572 (20,523) 233,049 233,049 233,049 14,783 11,522 12,034 38,339 191,749 2022 £ 109,494 3,632 113,126 |
2021 £ 218,885 34,687 253,572 253,572 253,572 16,511 13,246 12,678 42,435 191,749 2021 £ - 8,219 8,219 |
|---|---|---|
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INSTITUTE OF ST ANSELM
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
| 14. Creditors: amounts falling due within one year Trade creditors Other taxes and social security costs Other creditors Accruals and deferred income 15. Deferred income Deferred income is included within: Creditors due within one year Deferred income at 1 July 2022 Released from previous years Resourses deferred in the year Deferred income at 30 June 2022 |
2022 £ 438 199 5,365 166,177 172,179 2022 £ 154,460 160,186 (160,186) 154,460 154,460 |
2021 £ 2,156 - 3,235 167,380 172,771 2021 £ 160,186 53,758 (53,758) 160,186 160,186 |
|---|---|---|
16. Retirement benefit schemes
Defined contribution schemes
The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.
The charge to income and expenditure in respect of defined contribution schemes was £526 (2021: £710).
17. Related party transactions
‘World Movement for Reconciliation’ was founded by the Institute as it is central theme of what we do and this was a simple way of expanding it to many others. Most of our participants choose to become members.
Choreo' is an Accreditation Board for Therapist an, Counsellors, Growth Facilitators. It was started for participants of the Institute so when leaving the Institute after 3 years they have an extra recognition for their work.
The charity made expenses on behalf of the following related parties that will be repaid in full:
Choreo - Balance due to the charity in respect of payments made on its behalf - £1,875 (2021: £1,875). Tribos World Movement for Reconciliation - Balance due to the charity in respect of payments made on its behalf - £1,720 (2021: £1,720).
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INSTITUTE OF ST ANSELM
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022
| 18. Designated funds CURRENT YEAR Fixed Asset Fund Investment Fund New Building Fund - Rome Building Fund - Rome PRIOR YEAR Building Fund Investment Fund New Building Fund - Rome Building Fund - Rome |
Balance at 01 Jan 22 £ 310,165 1,903,572 350,000 32,320 2,596,057 Balance at 01 Jul 20 £ 306,092 1,868,885 21,680 2,196,657 |
New designations £ - 165,000 100,000 19,313 284,313 New designations £ 7,130 - 350,000 10,640 367,770 |
Designations released £ (3,752) (20,523) - - (24,275) Designations released £ (3,057) 34,687 - 31,630 |
Balance at 30 Jun 22 £ 306,413 2,048,049 450,000 51,633 2,856,095 Balance at 31 Dec 21 £ 310,165 1,903,572 350,000 32,320 2,596,057 |
|---|---|---|---|---|
Fixed Asset Fund
This fund represents land and buildings and related fixtures and fittings which are used for charitable use.
Investment Fund
This fund represents tangible fixed assets in the form of investment properties and an investment portfolio which are used by the charity for both the purposes of income generation and capital appreciation and thus do not form part of the charity's free reserves.
New Building Fund - Rome
This fund represents amounts held towards the potential acquisition of property in Rome to run courses in the future.
Building Fund - Rome
This fund represents 5% of fees that is held towards the contribution of building work in Rome and is agreed with Il Carmelo in advance of spending.
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