The English Benedictine Congregation Trust Annual Report Year Ended 31 May 2021 Charity No. 297880
The English Benedictine Congregation Trust
Annual Report
Year Ended 31 May 2021
| Contents | Page | |
|---|---|---|
| Trustees and advisors | 1 | |
| Report | 2 | |
| Independent Examiner | s Report to the Trustees | 8 |
| Statement of Financial | Activities | 9 |
| Balance Sheet | 10 | |
| Notes and Accounting | Policies | 11 |
The English Benedictine Congregation Trust
Trustees and Advisors
Year Ended 31 May 2021
Registered Charity Number
297880
Trustees and Principal Officers
English
Trustees:
The Right Reverend P C Jamison OSB The Very Reverend G F Straw OSB The Right Reverend W G Scott OSB The Reverend M R Peterburs OSB The Right Reverend J A Wiseman OSB The Right Reverend R M P Stonham OSB The Right Reverend Anna Brennan OSB
Principal Officers:
Chairman and President Secretary & Treasurer (resigned 17 May 2021)
(appointed 17 May 2021)
Registered Office
Buckfast Abbey Buckfastleigh Devon TQ11 0EE
Professional Advisers
Bankers:
National Westminster Bank plc 59 High Street Exeter Devon EX4 3DP
Investment Managers: Ruffer LLP UBS 80 Victoria Street 5 Broadgate London London SW1E 5JL EC2M 2AN
Independent Examiner:
C L Hicks FCA Francis Clark LLP Chartered Accountants Sigma House Oak View Close Edginswell Park Torquay TQ2 7FF
1
The English Benedictine Congregation Trust
Trustees
Year Ended 31 May 2021
The Trustees present their report along with the consolidated financial statements of the charity for the year ended 31 May 2021.
Reference and Administrative Information
The trustees, 1.
Structure, Governance and Management
The English Benedictine Congregation Trust is a charity established and governed by a Trust Deed dated 7 October 1987. It is registered with the Charity Commission under the reference number 297880 and the name: English Benedictine Congregation Trust.
The President of the Charity is the Abbot President of the English Benedictine Congregation. He is elected by the General Chapter of the English Benedictine Congregation to serve for a four-year term. The Trustees are appointed by the President with the Executive function being performed by the Congregational Bursar who is the Secretary and Treasurer to the Trust. The Congregational Bursar is elected by the General Chapter to serve for a four-year term.
Objectives and Activities
The principal object of the Charity is to advance the Roman Catholic religion, in any part of the world. The Trustees have agreed that in order to advance the objects of the Charity they will support and encourage the monastic communities which constitute the English Benedictine Congregation. In addition to the principal objectives stated above, the Charity is engaged in the administration of property connected with the English Benedictine Congregation as a whole, education, training and support of members of the Congregation, and the support of other organisations engaged in similar work, especially other Benedictine monasteries which are linked with the English Benedictine Congregation in the worldwide Benedictine Confederation.
The Trustees have had due regard to public benefit guidance published by the Charity Commission in accordance with the Charities Act 2011. For further information on the activities undertaken to further public benefit see below.
Achievements and Performance of the Charity
Throughout the year, the Charity has continued to fulfil its primary aim of working for the English Benedictine Congregation. The most important form that this work takes is the provision of the material support through which the Abbot President of the Congregation may carry out his duty of helping the monasteries of the Congregation. He does this in several ways. In the first place, he presides over the elections of Abbots and Abbesses; in the second place, he conducts Visitations of the monasteries which form the Congregation. Each monastery is visited at least once every four years. By means of these Visitations, the Abbot President seeks to ensure that the Rule of St Benedict, the Constitutions of the Congregation and the law of the Church are being observed, but he does not seek to interfere in the life, prayer and work of the communities. Thus, the freedom of each monastery to make its own decisions about its life and work, are preserved: The Congregation exists in order to promote the good of all the monasteries, not to exercise control over them.
In order to ensure that the formal Visitations of the monasteries are as fruitful as possible, as well as to give support to the Abbots and Abbesses, the Abbot President makes informal visits to the monasteries on a more frequent basis. These informal visits also have the advantage of enabling him to ascertain if there are likely to be any difficulties at the Visitation or at the election of the Abbots and Abbesses.
2
The English Benedictine Congregation Trust
Trustees
Year Ended 31 May 2021
The Constitutions of the Congregation state:
The purpose of the Visitation is the preservation, strengthening and renewal of the Religious Life, including the laws of the Church and our Constitutio
This activity has the effect of helping the monasteries to be more effective examples of the Christian life, which includes promoting justice, peace and social harmony. As the former Chair of the Charity Commission has written, this is part of the public b exponents of the specific works which offer tangible public benefit, including provision of facilities for public worship, the pastoral leadership of many parishes, relief of poverty, the running of courses on spirituality and on the proper place of work in a life well-lived, leading retreats, providing spiritual guidance and a means of incorporating the values of the Rule of St. Benedict into the lives of lay persons we call oblates, conducting schools, sponsoring a centre which promotes psychological health and wellbeing, welcoming guests of all faiths as well as those without religious faith for a period of respite from the busy-ness of their life, welcoming school groups to supplement their education through contact with the monastery, providing for the needs of pilgrims and travellers.
Three Abbots are elected by the General Chapter to act as advisers to the Abbot President and become Trustees. The trust provides travel expenses to enable the members to attend the meetings of this group, which is called the Regimen. One of these Abbots also fulfils the function of the Abbot President in respect of the monastery of which the Abbot President himself is a member. The Abbot President has invited the Abbess of Stanbrook to join this group of advisers. She was appointed a trustee on 17[th] May, 2021.
In preparing for a Visitation, the Abbot President receives reports on the finances of the monastery concerned, on their training programme for monks and nuns and on their procedures for safeguarding children and vulnerable adults. He may also seek the advice of Officials of the Congregation. Usually, the Abbot President is assisted in carrying out the Visitation by an Assistant Visitor. The costs of these preparations and assistance are also provided by the Charity. Another official of the Congregation gives advice to the monasteries on the organisation of theological studies, one who is resident in Rome handles the Congregation s business at the offices of the Roman curia and another advises the Abbot President in matters of Canon Law.
The Secretary of the Congregation, assists in the administration of the Congregation and supports the work of the Abbot President. The costs of the Secretary and the Secretariat are met by the Trust.
Since 2013, the Constitutions have given the Abbot President an ongoing role in ensuring that the monasteries of the English Benedictine Congregation achieve best practice in the safeguarding of children and vulnerable adults: The Abbot President may, after consulting his Council, at any time enquire into the compliance of the monastery with approved policies with regard to the safeguarding of children and vulnerable adults, as this is required by the competent ecclesiastical and civil authorities. He shall always do so during the course of an ordinary Visitation (Declaration 46). To this end, the Abbot President required all the monasteries to work towards accreditation by Praesidium, an independent organisation which helps organisations to reduce their risk of sexual abuse. This process is now well advanced. The Trust is funding this work for the monasteries of the Congregation.
3
The English Benedictine Congregation Trust
Trustees
Year Ended 31 May 2021
Other official duties of the Abbot President, which the Charity has supported during the year, include representing the Congregation at the annual Synod of Presidents, a meeting of Abbots President of all Anselmo, the international college in Rome where monks and nuns are able to pursue theological studies. Some of the monasteries of the Congregation have established foundations, or new monasteries in poor countries, which require financial assistance from those monasteries. The Trust has sought to give encouragement to these foundations through informal visits made by the Abbot President from time to time. The Congregation has established a link with a lay Benedictine Movement in Chile which has been mutually beneficial, especially in promoting the ethos of the schools established by the monasteries. The Trustees have been pleased to contribute to the expenses incurred by the Abbot President in fulfilling these responsibilities and have continued to support the former Abbot President in his work of assisting a Congregation of Benedictine Sisters in Tanzania. These are ways in which the Trust promotes the Benedictine way of life on an international level.
The Charity promotes cooperation and exchange of ideas among the monasteries of the Congregation. The General Chapter of 2017 established a Continuing Formation Commission, charged with supporting and resourcing ongoing human, intellectual and spiritual formation in the monasteries and organizing conferences to take this work forward. During Covid lockdown, the Commission organised webinars at which internationally renowned monks, nuns and others gave talks on topics of mutual interest and answered questions. All the monasteries of the Congregation took part in these Zoom meetings. The work of this Commission has been supported by the Trust.
While most of the costs of the General Chapter in 2017 were shared out among the monasteries of the Congregation, the Trust also contributed some financial support.
These are ways in which the Trust promotes dialogue among the monasteries and good practice in the Congregation. Although meetings of the Superiors of all the monasteries of the Congregation with the Abbot President have not taken place in person this year, such encounters have continued via Zoom. The trust paid for professional facilitators to support some of these meetings.
The production of the Ordo, a booklet laying out the liturgical celebrations of the year and the Benedictine Yearbook, a publicly available catalogue of the monasteries which follow the Rule of St. Benedict in the United Kingdom and the Republic of Ireland, are conducted under the auspices of the Trust. The dedicated Editors receive some support from officials of the Congregation.
During the year, the trust has made grants to other charities for projects which are in accord with its aims:
-
vocational responsibility and foster social solidarity by putting Common Good principles into practice and by working with others of different https://togetherforthecommongood.co.uk/
-
https://millionminutes.org/
4
The English Benedictine Congregation Trust
Trustees
Year Ended 31 May 2021
These particular activities of the Trust are beneficial to persons or groups of people who are not members of the Trust and may thus be considered to be a section of the public. Application to join a Benedictine Community is open to all; suitability is assessed on the basis of whether the candidate shares the beliefs of the Catholic Church and values of the Community and has an aptitude for the way of life which the Community has agreed among themselves to live. Thus, the section of the public who may benefit from the particular activities of the Trust is not exclusive. It is for this reason, and because a number of the activities are available to a wider constituency, that we identify from among the foregoing activities of the Trust those which we consider to be of public benefit:
-
Supporting the Abbot President in his enhanced role in ensuring that the monasteries of the Congregation comply with approved policies with regard to the safeguarding of children and vulnerable adults.
-
Participation of the Abbot President in the Synod of Presidents, and in the Board of Sant nselmo, both of which exist to promote the wellbeing of all members of the Benedictine Confederation.
-
Material support for the assistance given by the former Abbot President to Benedictine sisters in Tanzania.
-
Facilitating the human, intellectual and spiritual growth of the monks and nuns through the work of the Continuing Formation Commission.
-
Producing a Yearbook to inform the general public about the monasteries of this region.
In addition, the Trust pays the subscriptions for all the monasteries of the Congregation to the Conference of Religious and for the membership of the Abbot President of the Unione dei Superiori Generali.
Safeguarding
of the improvements in safeguarding currently underway in the EBC. The Trustees noted that there were no specific recommendations for the EBC.
The Trustees welcomed the Roman Catholic Church Investigation Report of the Independent Inquiry (IICSA) into the sexual abuse of children in England and Wales, published in November 2020 with recommendations for the whole Church.
The trust has cooperated fully with the Scottish Child Abuse Inquiry and their report into Fort Augustus Abbey was published in August 2021.
The Trust, like the monasteries its serves, is committed to good safeguarding. Good safeguarding is essential if we are to fulfil our mission of spreading the Gospel. We share and support the goal of IICSA to ensure that children are given the care and protection they need. A full statement is available on our website.
The trustees have been pleased to contribute to the cost of a research project by the University of Durham -cultural Implications of the Sex Abuse Crisis within the Catholic
COVID
Since the trust does not rely on donations from the public for its income, it has not been adversely affected financially by the pandemic.
Going Concern
The trustees have considered the likely income and expenditure of the trust for the twelve months from the date of this report and conclude that the trust is a going concern.
5
The English Benedictine Congregation Trust
Trustees
Year Ended 31 May 2021
Financial Review
The accounts disclose net income of £150,695 compared with net expenditure of £233,848 in the previous year. Included in the net income are realised and unrealised gains and losses on the investment portfolio that amounted to a net gain of £310,734 (2020: gain of £92,430). Legal and professional costs of £196,492 (2020: £444,134) include the costs of the IICSA inquiry, the Scottish Child Abuse Inquiry and the Fort Augustus claims referred to in Note 16.
The Charity s primary source of regular funding is investment income and contributions received from the Congregation s thirteen monasteries. Throughout the year this income has been applied to support the key objectives of the Charity, as detailed in note 5.
As the Charity is not a fundraising charity, it is necessary for it to hold a portfolio of investments in order to generate the revenue to cover the charitable activities. The investment portfolio is valued at 31 May 2021 and the income generated from this portfolio is currently adequate for the needs of the Charity.
The investment powers of the Charity are not restricted by the Trustee Act 2000.
The investment policy is to maximise the total investment return, within a controlled risk framework and to seek to achieve a total return which is in accordance with an agreed benchmark. The investment managers, Ruffers LLP, and UBS (in their role as advisers) were set the task of achieving this benchmark.
The Trust s investment policy states that the investment aims are to provide a real total return over an extended period of time and to maintain and, if possible, enhance the real value of the underlying investments within the confines of the socially responsible and ethical guidelines.
At 31 May 2021 reserves amounted to £1,646,831 of which £773,364 were unrestricted.
Reserve funds are held to ensure the Charity is able to continue its charitable work. The trustees consider that the level of Reserves held are adequate to enable the Charity to continue into the future, without being excessive to the Charity s needs. Details of fund designations are given in the notes to the accounts.
Funds Held as Custodian Trustee on Behalf of Others
The Trust acts as Custodian Trustee for a collection of books and papers relating to Scottish Ecclesiastical history. Ownership of the collection has remained uncertain and the collection is currently housed in the National Library of Scotland, see note 14 for further details.
The English Benedictine Congregation Trust is connected by its trustees and by its Constitution with other charities and not-for-profit corporations, registered in both England and Wales and elsewhere, which are connected with the Abbeys which form the English Benedictine Congregation. These bodies include:
-
Ampleforth Abbey, York, YO62 4EN
-
Belmont Abbey, Hereford, HR2 9RZ
-
Buckfast Abbey, Buckfastleigh, Devon, TQ11 0EE
-
Colwich Abbey, Stafford, ST18 0UF
-
Curzon Park Abbey, Chester, CH4 8AB
-
Douai Abbey, Upper Woolhampton, Reading, Berks, RG7 5TQ
-
Downside Abbey, Stratton-on-the-Fosse, Bath, BA3 4RH
-
Ealing Abbey, London, W5 2DY
-
Portsmouth Abbey, Portsmouth, Rhode Island, USA.
-
St. Louis Abbey, Missouri, USA.
-
Stanbrook Abbey, Wass, YO61 4AY
-
Washington Abbey, Washington DC, USA.
13. Worth Abbey, Crawley, West Sussex, RH10 4SB
6
The English Benedictine Congregation Trust
Trustees
Year Ended 31 May 2021
The Trustees are responsible for preparing the annual report and the financial statements in accordance with applicable law and UK Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and 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:
-
Select suitable accounting policies and then apply them consistently;
-
Observe the methods and principles in the Charities SORP (FRS 102);
-
Make judgements and estimates that are reasonable and prudent;
-
State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
-
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 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 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.
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 our exposure to the major risks. Since the year end a new Risk Management Policy has been adopted and the Risk Register has been brought up to date.
Compliance with the Char
The financial statements have been prepared in accordance with the governing document of the Charity, current statutory requirements and with the Statement of Recommended Practice: Accounting and Reporting by Charities (FRS 102).
Signed on behalf of the Trustees
The Reverend F Straw OSB Secretary to the Trust
13 January 2022Date:
7
The English Benedictine Congregation Trust
Independent Report to the Trustees of The English Benedictine Congregation Trust
I report to the trustees on my examination of the accounts of The English Benedictine Congregation Trust for the year ended 31 May 2021.
Responsibilities and basis of report
As the trustees of the Charity you are responsible for the preparation of the accounts in accordance with the
I report in respect of my examination of the accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner s statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Report) Regulations 2008 other than any requirem
-
an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
C L Hicks FCA Chartered Accountant Sigma house Oak View Close Edginswell Park Torquay Devon TQ2 7FF
Date: 19 January 2022
8
The English Benedictine Congregation Trust
Statement of Financial Activities
Year Ended 31 May 2021
| Notes Restricted Fund £ Income from: Donations and legacies - Charitable activities - Investments 3 17,113 Other - Total income 17,113 Expenditure on: Raising funds Investment managers fees 5,717 Charitable activities 5 141,017 Total expenditure 146,734 Net gains/(losses) on investments Transfers between funds 150,859 - Net income/(expenditure) and net movement in funds 21,238 Reconciliation of funds: Total funds brought forward 852,229 Total funds carried forward 873,467 |
Funds Total Restricted General 2021 Fund £ £ £ 143,237 143,237 - 17,375 17,375 - 8,484 25,597 18,930 583 583 - 169,679 186,792 18,930 9,704 15,421 6,456 190,393 331,410 395,523 200,097 346,831 401,979 159,875 - 310,734 - 6,597 13,241 129,457 150,695 (363,211) 643,907 1,496,136 1,215,440 773,364 1,646,831 852,229 |
Funds Total General 2020 £ £ 283,611 283,611 28,841 28,841 7,357 26,287 605 605 320,414 339,344 8,388 14,844 255,255 650,778 263,643 665,622 85,833 (13,241) 92,430 - 129,363 (233,848) 514,544 1,729,984 643,907 1,496,136 |
|---|---|---|
There were no other gains or losses for the year.
All income and expenditure derived from continuing activities.
The notes on pages 11 to 19 form part of these financial statements.
9
The English Benedictine Congregation Trust
Balance Sheet
31 May 2021
| 2021 | 2020 | ||
|---|---|---|---|
| Notes | £ | £ | |
| Fixed assets | |||
| Tangible fixed assets | 7 | 1,452 | 6,267 |
| Investments | 8 | 1,867,757 | 1,615,296 |
| 1,869,209 | 1,621,563 | ||
| Current assets | |||
| Debtors | 9 | 20,316 | 1,876 |
| Cash at bank and in hand | 237,066 | 297,485 | |
| 257,382 | 299,361 | ||
| Creditors - Amounts falling due | |||
| within one year | |||
| Other creditors | 10 | 91,022 | 132,788 |
| Amount due to subsidiary company | 10 | 2,000 | 2,000 |
| 93,022 | 134,788 | ||
| Net current assets/(liabilities) | 164,360 | 164,573 | |
| Provisions for liabilities | 16 | 386,738 | 290,000 |
| Total net assets | 1,646,831 | 1,496,136 | |
| Funds | |||
| Unrestricted funds | 773,364 | 643,907 | |
| Restricted fund | 11 | 873,467 | 852,229 |
| 12 | 1,646,831 | 1,496,136 |
The notes on pages 11 to 19 form part of these accounts.
Approved by the Trustees on 11 January 2022 and a pproved on their bnd approved on th e half by:-ir behalf by:-
The Right Reverend P C Jamison OSB Trustee
The Very Reverend G F Straw OSB Trustee
10
The English Benedictine Congregation Trust
Notes and Accounting Policies
Year Ended 31 May 2021
1 Accounting Policies
The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:
a) Basis of preparation and assessment of going concern
The financial statements have been prepared in accordance with 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) (Charities SORP (FRS 102)) and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
The English Benedictine Congregation 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 notes.
The functional and presentational currency of these financial statements is pounds sterling.
The Trustees consider that there are no as a going concern.
b)
Group accounts
In accordance with the provisions of the Charities SORP (FRS102), group accounts have not been prepared.
c)
Income recognition
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.
Investment and royalty income is recognised on a receivable basis.
Donations are recognised when receivable. Legacies are included, following the granting of probate, when the Charity is advised by the personal representative of an Estate that payment will be made or property transferred and the amount involved can be quantified.
Where the Charity does not have any discretion in the collection and distribution of donations and has no entitlement to the donations, then these amounts are conduit funding. Amounts relating to conduit funding are not included in the Statement of Financial Activities of the Charity.
11
The English Benedictine Congregation Trust
Notes and Accounting Policies
Year Ended 31 May 2021
1 Accounting Policies (continued)
- d) Expenditure recognition Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
Expenditure is included on an accruals basis and is shown gross of irrecoverable VAT.
Costs of raising funds include investment fees and those costs incurred in trading activities that raise funds.
Costs of charitable activities include costs incurred directly on achieving the objects of the Charity, and support costs which have been allocated in full to charitable activities.
Grants payable are recognised when payment is made to the recipient or when the grant is communicated to the recipient if earlier.
Provisions for liabilities are recognised when there is an obligation at the year end as a result of a past event, it is probable that a payment will be made and the amount can be reliably estimated.
-
e) Investments
-
All listed investments are originally recorded at their transaction value and subsequently measured at their fair value at the balance sheet date using the quoted market price. Investment property is included i best estimate of its fair value.
Realised and unrealised gains and the losses on the investments are credited/charged directly to the Statement of Financial Activities.
Investments in the subsidiary company are included in the accounts at historic cost.
- f) Fixed assets and depreciation Fixed assets are included in the accounts at their historical cost (in the case of donated assets, at fair value at the date of acquisition) and are written off by equal annual instalments over the expected useful lives of the assets by depreciation as follows:
Office equipment 25% straight line
-
g) Fund accounting
-
i purposes at its discretion.
-
ii Funds have been designated as capital to ensure that a certain level of income is generated sufficient to meet the future needs of the charity. The Trustees have decided that setting aside funds in this way is a useful financial discipline which will help the Charity make the best use of its resources, even though there is no legal force for the designation. Each year an amount is transferred to or from the fund equal to the return on its underlying investments for the year so that the capital value is maintained.
-
iii Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The costs of raising and administering such funds are charged against the relevant fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
12
The English Benedictine Congregation Trust
Notes and Accounting Policies
Year Ended 31 May 2021
2 Related party transactions and T remuneration
All Trustees are Monks of the Order of St Benedict and do not receive any remuneration by virtue of their position as Trustees. Expenses incurred by the Trustees are reimbursed to the Benedictine Monastic House of which they are a member. 2 Trustees (2020 - 4 trustees) were reimbursed expenses, including travel expenses, to the value of £30,932 (2020 - £32,521).
During the year the charity also paid for Trustees Indemnity insurance.
| 3 | Investment Income | 2021 | 2020 |
|---|---|---|---|
| £ | £ | ||
| UK investments listed on recognised stock exchange | 25,597 | 26,287 |
4 Subsidiary
The charity has a wholly owned UK subsidiary EBC Trading Limited.
On 1 June 2016, the trading activity of the subsidiary was transferred to The English Benedictine Congregation Trust and the subsidiary therefore had no income or expenditure in the 3 years to 31 May 2021.
The aggregate of the assets, liabilities and funds of EBC Trading Limited was:
| Assets Liabilities Funds |
2021 2020 £ £ 2,000 2,000 - - 2,000 2,000 |
|---|---|
13
The English Benedictine Congregation Trust
Notes and Accounting Policies
Year Ended 31 May 2021
| 5 | Charitable Activities | Activities | Activities | |||
|---|---|---|---|---|---|---|
| Undertaken | Support | Total | Total | |||
| Directly | Costs | 2021 | 2020 | |||
| £ | £ | £ | £ | |||
| Promotion of cooperation and | ||||||
| exchange of ideas | 16,293 | 15,146 | 31,439 | 53,189 | ||
| Support of visitations by the | ||||||
| Abbot President | 23,035 | 21,415 | 44,450 | 65,728 | ||
| Education and training of members | ||||||
| of the congregation | 22,074 | 20,519 | 42,593 | 45,031 | ||
| Contribution to care costs of former | ||||||
| Fort Augustus monks | - | - | - | 14,858 | ||
| Abbot President and Secretariat expenses | 8,332 | 7,745 | 16,077 | 21,435 | ||
| Expenses of officials | 186 | 173 | 359 | 6,403 | ||
| Legal and professional fees | - | 196,492 | 196,492 | 444,134 | ||
| 69,920 | 261,490 | 331,410 | 650,778 |
The charity did not employ any staff.
6 Support Costs
Total support costs for the year amount to £261,490 and these have been allocated to charitable activities in proportion to the direct costs, with the exception of legal and professional fees.
Support costs (including governance costs) comprise:
| Legal and professional costs Independent examiners fees - independent examination - other Procurator in curia Exchange (gains)/losses Praesidium Rescripts Consultancy fees |
2021 2020 £ £ 196,492 444,134 1,000 1,000 6,200 5,720 3,211 - 26,247 (2,911) 19,942 54,641 469(330) 7,929 - 261,490 502,254 |
|---|---|
Legal and professional costs of £196,492 (2020: £444,134) include the cost of the IICSA inquiry, the Scottish Child Abuse Inquiry and the costs of the Fort Augustus claims referred to in Note 16.
14
The English Benedictine Congregation Trust
Notes and Accounting Policies
Year Ended 31 May 2021
7 Fixed Assets - Tangible
| 7 Fixed Assets - Tangible |
|
|---|---|
| Office Equipment £ Cost At 1 June 2020 20,353 Addition - At 31 May 2021 20,353 Depreciation At 1 June 2020 14,086 Charge for year 4,815 At 31 May 2021 18,901 Net book value At 31 May 2021 1,452 At 31 May 2020 6,267 |
Total £ 20,353 - 20,353 |
| 14,086 4,815 18,901 |
|
| 1,452 | |
| 6,267 |
The Charity owns the Holme Eden Cemetery, which was acquired for nil consideration. The purpose of owning the cemetery is to enable its preservation. In the opinion of the Trustees the market value of the Cemetery remains at nil.
15
The English Benedictine Congregation Trust
Notes and Accounting Policies
Year Ended 31 May 2021
8 Investments
| Investments | ||
|---|---|---|
| 2021 | 2020 | |
| £ | £ | |
| Listed on a recognised stock exchange: | ||
| Market value of portfolio at start of year | 1,551,655 | 1,781,490 |
| Transfers (to)/ from cash | (2,297) | (7,043) |
| Net investment/(withdrawals) made in the year | (58,273) | (315,222) |
| Realised and unrealised gains/(losses) | ||
| on investments | 310,734 | 92,430 |
| Market value at end of year | 1,801,819 | 1,551,655 |
| UK cash held as part of the Investment | ||
| Portfolio: | ||
| Balance at start of year | 61,641 | 54,598 |
| Transfer from/(to) listed investments | 2,297 | 7,043 |
| Balance at end of year | 63,938 | 61,641 |
| Investment in subsidiary undertaking: | ||
| Balance at 1 June 2020 and 31 May 2021 | 2,000 | 2,000 |
| 1,867,757 | 1,615,296 | |
| Historical cost of listed investments | ||
| at end of year | 1,612,474 | 1,579,526 |
16
The English Benedictine Congregation Trust
Notes and Accounting Policies
Year Ended 31 May 2021
9 Debtors
| 9 Debtors |
||
|---|---|---|
| Amounts due within one year: Accrued income Prepayments 10Creditors Amounts falling due within one year: Accruals Due to EBC Trading Limited |
2021 £ 17,735 2,581 20,316 91,022 2,000 93,022 |
2020 £ 1,751 125 1,876 |
| 132,788 2,000 134,788 |
11 Restricted Fund
The Fort Augustus Fund arose on the transfer to the Trust of a bank balance and land belonging to the former monastery. A condition of the Deed of Gift was that it should be retained in a restricted fund and the income and, if necessary, capital should be applied towards the costs of extraordinary care or health needs of any former monastery monks. Any remaining income and capital is to be applied towards promoting the educational, religious and charitable purposes of the Congregation. Under the Deed of Gift, the Trust is required to adopt a suitable investment policy to preserve its value against inflation and to produce a reasonable income yield. It has been agreed that costs other than the extraordinary care or health needs of any former monastery monks should not be allocated to the fund if its value falls to £500,000 or less during the lifetime of the aforesaid monastery monks.
12 Analysis of funds
| Analysis of Fund movements current year Restricted fund Unrestricted fund: Capital General Total Analysis of Fund movements previous year Restricted fund Unrestricted fund: Capital General Total |
Balance b/fwd £ 852,229 300,000 343,907 1,496,136 1,215,440 300,000 214,544 1,729,984 |
Gains & Funds Income Expenditure Transfers (Losses) c/fwd £ £ £ £ £ 17,113 (146,734) 150,859 873,467 3,474 - (77,961) 74,487 300,000 166,205 (200,097) 77,961 85,388 473,364 186,792 (346,831) - 310,734 1,646,831 18,930 (401,979) 13,241 6,597 852,229 4,267 - (54,311) 50,044 300,000 316,147 (263,643) 41,070 35,789 343,907 339,344 (665,622) - 92,430 1,496,136 |
|---|---|---|
17
The English Benedictine Congregation Trust
Notes and Accounting Policies
Year Ended 31 May 2021
13 Analysis of Net Assets Between Funds current year
| Restricted Funds £ Tangible fixed assets - Investments 884,569 Current assets 384,454 Current liabilities (8,818) Provisions (386,738) 873,467 |
Unrestricted funds Total Capital General 2021 £ £ £ - 1,452 1,452 300,000 683,188 1,867,757 - (127,072) 257,382 - (84,204) (93,022) - - (386,738) 300,000 473,364 1,646,831 |
|---|---|
Analysis of Net Assets Between Funds previous year
| Restricted Funds £ Tangible fixed assets - Investments 784,560 Current assets 364,463 Current liabilities (6,794) Provisions (290,000) 852,229 |
Unrestricted funds Total Capital General 2020 £ £ £ - 6,267 6,267 300,000 530,736 1,615,296 - (65,102) 299,361 - (127,994) (134,788) - - (290,000) 300,000 343,907 1,496,136 |
|---|---|
14 Assets Held as Custodian Trustees
The papers relating to Scottish ecclesiastical history in the will of a T. Cassidy in the 1880s. From the outset, ownership of the Cassidy collection has remained uncertain. The collection is currently housed in the National Library of Scotland and custodianship has been legally transferred to the English Benedictine Congregation Trust. Since the Trust is not the legal owner of the collection, its estimated value has not been included in the fixed assets of the Trust.
15 Funds held as agent
During the year the English Benedictine Congregation Trust collected a subsidium totalling £34,113 (2020: £33,854 Anselmo. The Congregation had no discretion over the use of these funds and they are therefore not included in income or expenditure in the Statement of Financial Activities.
18
The English Benedictine Congregation Trust
Notes and Accounting Policies
Year Ended 31 May 2021
16 Provisions for Liabilities and Contingent Liabilities
A number of claims have been made against the English Benedictine Congregation in relation to former pupils of Fort Augustus Abbey School. The Trustees have been taking legal advice in relation to this matter and the Trustees are cooperating with the appropriate authorities.
A provision of £386,738 (2020: £290,000) has been included in respect of estimated future costs arising as follows:
| Provision at 1 June 2020 Provision utilised in the year Additional provision in the year Provision at 31 May 2021 |
2021 £ 290,000 - 96,738 386,738 |
2020 £ 100,000 (60,000) 250,000 290,000 |
|---|---|---|
19
The English Benedictine Congregation Trust
The Following Appendices Do Not Form Part Of The Statutory Accounts But Are Included To Provide Further Information
20
Appendix A
The English Benedictine Congregation Trust
Income and Expenditure Account - Charity Year Ended 31 May 2021
| 21 2021 Income £ £ Donations and legacies Donations - Legacy (mineral rights) 143,237 Gift Aid from EBC Trading Ltd - Other Donation from EBC Trading Ltd - 143,237 Charitable Activities Contributions from EBC Houses 8,076 Education and training of congregation members Year Book and Ordo 9,299 17,375 Investments Equity and gilt income receivable 25,216 Bank interest receivable 381 25,597 Other: Gain on sale of car - Royalties 169 Sundry income 414 583 Total income 186,792 Expenditure Costs of raising funds: Investment managers fees 15,421 Charitable activities: Office costs Douai 5,600 Printing, postage, stationery and computer 3,229 Course expenses - Education and training of congregation - members expenses 12,151 Commission expenses history - Commission expenses continuing formation 6,989 Commission expenses erence 3,048 Commission expenses Internet - Fort Augustus costs incurred in year 44,279 Fort Augustus increase in provision 96,738 Fort Augustus release of prior year provision - Contribution to care costs of former Fort Augustus monks - Insurance 360 Subscriptions 4,512 General Chapter expenses 1,515 Visitation expenses 229 Motor and travel Abbot President 14,616 Inspector of Accounts 157 Regimen - Miscellaneous expenses 173 Exchange rate difference 26,247 Professional fees 55,475 Consultancy 7,929 Accountancy fees 7,200 Books - Procurator in Curia 3,211 Praesidium 19,942 Holme Eden expenses - Depreciation 4,815 Research grant - |
2020 £ £ 500 273,944 4,607 4,560 283,611 22,883 - 5,958 28,841 26,248 39 26,287 - 244 361 605 339,344 14,844 14,705 3,467 649 13,136 - 26,320 4,868 - 455,522 - (60,000) 10,680 2,548 2,180 3,964 897 39,716 724 782 1,080 (2,910) 48,611 - 6,720 - - 54,641 160 4,818 - |
|---|---|
Appendix A
The English Benedictine Congregation Trust
| Income and Expenditure Account - Charity Year Ended 31 May 2021 Million minutes grant Monks and Nuns support Telephone: Abbot President T4CG Grant Total expenditure Gains/(Losses) on revaluation and disposal of investments Net Increase in funds |
- 450 2,795 9,750 331,410 346,831 310,734 150,695 |
17,500 - - - 650,778 (665,622) 92,430 (233,848) |
|
|---|---|---|---|
22