2023-05-31-accounts

Annual Report	Annual Report
Year Ended 31 May		2023
Contents			Page
Trustees and advisors
Trustees' Report
independent Examiner's		Report to the Trustees
Statement of Financial	Activities
Balance Sheet			10
Notes and Accounting	Policies

		Notes	Restricted	Funds	Total	Restricted	Funds	Total
			Fund	General	2023	Fund	General	2022
				E		E		f
Income from:
Donations and legacies				125,623	125,623		101,693	101,693
Charitable activities				14,252	14,252		8,715	8,715
Investments		3	18,660	11,473	30,133	16,165	10,764	26,929
Other				267	267		595	595
Total income			18,660	151,615	170,275	16,165	121,767	137,932
Expenditure on:
Raising funds
Investment managers		fees	5,986	10,998	16,984	6,589	10,596	17,185
Charitable activities		5	32,378	287,181	319,559	179,129	186,603	365,732
Total expenditure			38,364	298,179	336,543	185,718	197,199	382,917
Net gains/(losses)	on
investments			3,871	(58,436)	(54,565)	24,357	18,035	42,392
Transfers between	funds
Net (expenditure)l	income
and net movement	in	funds	(15,833)	(205,000)	(220,833)	(145,196)	(57,397)	(202,593)
Reconciliation offunds:
Total funds brought	forward		728,271	715,967	1,444,238	873,467	773,364	1,646,831
Total funds carried forward			712,438	510,967	1,223,405	728,271	715,967	1,444,238

						2023	2022
					Notes
Fixed assets
Tangible fixed assets						19,486	725
investments						1,739,632	1,850,648
						1,759,118	1,851,373
Current assets
Debtors						6,425	10,200
Cash at bank	and	in hand				77,830	172,680
						84,255	182,880
Creditors - Amounts			falling due
within one	year
Other creditors					10	95,468	51,749
Amount due	to subsidiary			company	10	2,000	2,000
						97,468	53,749
Net current	assets/(liabilities)					(13,213)	129,131
Total assets	less	current		liabilties		1,745,905	1,980,504
Creditors - Amounts			falling due
after more	than	one year
Other creditors					10	47,500	33,333
Provisions for liabilities					16	475,000	502,933
Total net assets						1,223,405	1,444,238
Funds
Unrestricted	funds					510,967	715,967
Restricted fund						712,438	728,271
					12	1,223,405	1,444,238

	During the year the charity also paid	for Trustees Indemnity insur	ance.
3	Investment Income		2023	2022
	UK investments listed on recognised	stock exchange	30,133	26,929

The aggregate ofthe assets, liabilities and f	unds of EBCTrading Limited was:
	2023	2022f
Assets	2,000	2,000
Liabilities
Funds	2,000	2,000

Ye	ar Ended	31 May 2	02	3
5	Charitable	Activities			Activities
				Undertaken		Support	Total	Total
					Directly	Costs	2023	2022
						F		F
	Promotion	ofcooperation		and
	exchange	of ideas			66,800	4,557	71,357	22,397
	Support of visitations Abbot President		by the		40,376	2,754	43,130	26,458
	Education	and training	of members
	ofthe congregation				137,215	9,361	146,576	117,378
	Contribution	to care costs offormer
	Fort Augustus monks
	Abbot President and Secretariat expenses				8,967	612	9,579	8,695
	Expenses	of officials			10,176	694	10,870	1,656
	Legal and	professional	fees			38,047	38,047	189,148
					263,534	56,025	319,559	365,732

Support co	sts (including	gove	rnance costs)	comprise:
					2023	2022
					F
Legal and professional		costs			38,047	189,148
Independent	examiners	fees	- independent	examination	2,400	1,000
			- other		1,724	5,840
Procurator	in curia				1,060	1,044
Exchange (gains)/losses					(4,390)	(7,456)
Praesidium					17,184	4,450
Rescripts
Consultancy	fees
					56,025	194,026

Fixed Assets - Tangible
	Motor	Office
	Vehicles f	Equipment f	Total
Cost
At 1 June 2022		19,274	19,274
Addition	22,270		22,270
At 31 May 2023	22,270	19,274	41,544
Depreciation
At 1 June 2022		18,549	18,549
Charge for year	2,784	725	3,509
At 31 May 2023	2,784	19,274	22,058
Net book value
At 31 May 2023	19,486		19,486
At 31 May 2022		725	725

Ye	ar Ended 31 May 202	3
8	Investments
				2023	2022
				F
	Listed on a recognised	stock exchange:
	Market value of portfolio	at start ofyear		1,746,578	1,801,819
	Transfers (to)/ from cash			5,285	(38,132)
	Net investment/(withdrawals)	made	in the year	(56,451)	(59,501)
	Realised and unrealised	gains/(losses)
	on investments			(54,565)	42,392
	Market value at end of	year		1,640,847	1,746,578
	UK cash held as part ofthe Investment
	Portfolio:
	Balance at start ofyear			102,070	63,938
	Transfer from/(to) listed investments			(5,285)	38,132
	Balance at end ofyear			96,785	102,070
	Investment in subsidiary undertaking:
	Balance at 1 June 2022	and 31 May 2023		2,000	2,000
				1,739,632	1,850,648
	Historical cost of listed	investments
	at end ofyear			1,647,787	1,645,165
9	Debtors
				2023	2022
				F	F
	Amounts due within one	year:
	Accrued income			1,103	2,253
	Prepayments			5,322	7,947
				6,425	10,200

Creditors
			2023	2022f
Amounts	falling due	within one year:
Accruals			14,635	18,416
Due to EBCTrading		Limited	2,000	2,000
Grants payable			80,833	33,333
			97,468	53,749
Amounts	falling due	after more than one year:
Grants payable			47,500	33,333
			47,500	33,333

nalysis	o	ffunds
			Balance				Gains &	Funds
			blfwd	Income	Expenditure	Transfers	(Losses)	c/fwd
								E
Analysis	ofFund movements
—current	year
Restricted		fund	728,271	18,660	(38,364)		3,871	712,438
Unrestricted		fund:
Capital			300,000	4,807		19,678	(24,485)	300,000
General			415,967	146,808	(298,179)	(19,678)	(33,951)	210,967
Total			1,444,238	170,275	(336,543)		(54,565)	1,223,405
Analysis	ofFund movements
—previous		year
Restricted		fund	873,467	16,165	(185,718)		24,357	728,271
Unrestricted		fund:
Capital			300,000	4,115		(11,111)	6,996
General			473,364	117,652	(197,199)	11,111	11,039
Total			1,646,831	137,932	(382,917)		42,392	1,444,238

Analysis	of	Net Assets Betwee	n Funds —current year
			Restricted	Unrestricted	funds	Total
			Fundsf	Capital f	General f	2023f
Tangible	fixed assets				19,486	19,486
Investments			813,496	300,000	626,136	1,739,632
Current	assets		377,442		(293,187)	84,255
Current	liabilities		(3,500)		(93,968)	(97,468)
Non-current		liabilties			(47,500)	(47,500)
Provisions			(475,000)			(475,000)
			712,438	300,000	210,967	1,223,405
Analysis	of	Net Assets Between Funds —previous year
			Restricted	Unrestricted	funds	Total
			Fundsf	Capital f	General	2022f
Tangible	fixed assets				725	725
Investments			858,310	300,000	692,338	1,850,648
Current	assets		381,453		(198,573)	182,880
Current	liabilities		(8,559)		(45,190)	(53,749)
Non- current		liabilities			(33,333)	(33,333)
Provisions			(502,933)			(502,933)
			728,271	300,000	415,967	1,444,238

			2023	2022
			P	F
Provision	at 1 June	2022	502,933	386,738
Provision	utilised in	the year	(27,933)
Additional	provision	in the year		116,195
Provision	at 31 May	2023	475,000	502,933

Year Ended 31 May 20	2	3
					2023		2022
Income
Donations and legacies
Donations Legacy (mineral rights)				8,700 116,923		374 101,319
					125,623		101,693
Charitable Activities
Contributions from EBCHouses				11,294
Year Book and Ordo				2,321		7,835
Visitation				637	14,252	880	8,715
Investments
Equity and gilt income receivable Bank interest receivable				29,805 328		26,774 155
					30,133		26,929
Other:
Royalties Sundry income				167 100		206 389
					267		595
Total income					170,275		137,932
Expenditure Costs of raising funds:
Investment managers fees					16,984		17,185
Charitable activities:
Office costs —Douai					7,000		6,650
Printing, postage, stationery and computer Education 8 training ofcongregation members Commission expenses —continuing formation Commission expenses —Abbots' conference				exps	2,308 10,252 990 49		2,013 13,908 1,017
Commission expenses —History					263
Commission expenses —Constitutions					492
Inclusivity					707
Novice Master Conference	expenses				1,412
Fort Augustus costs —incurred in year Fort Augustus —(decrease)/increase in provision Insurance					51,430 (27,933) 545		63,402 116,195 555
Subscriptions					3,907		4,654
General Chapter expenses					52,388		2,964
General Chapter Preparation		Group					10,102
Visitation expenses					6,592		3,040
Motor and travel —Abbot President					35,851		23,681
—Inspector	ofAccounts				2,816		179
Canonical adviser expenses Formation consultor expenses					1,770 1,792
Visitation Commission Expenses					1,732
Miscellaneous expenses					232		229
Exchange rate difference Professional fees					(4,391) 18,006		(7,456) 10,774
Accountancy fees					4,124		6,840
Procurator in Curia Praesidium					1,060 17,184		1,044 4,451
Holme Eden expenses							95
Depreciation					3,509		727
Telephone: Abbot President					472		669
CATEW Grant					5,000
Million Minutes Grant					75,000
Catholic Student Network Grant					45,000
RLSS Grant							99,999
					319,559		365,732
				21

The English Benedictine Congregation Tru	st	Appendix A
Income and Expenditure Account - Charity
Year Ended 31 May 2023
Total expenditure	336,543	382,917
Gains/(Losses) on revaluation and disposal of investments	(54,565)	42,392
Net (Decrease)/Increase in funds	(220,833)	(202,593)