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|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|||
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|||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|
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|||||||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|
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||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|
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|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|
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|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|
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|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|
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|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|
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|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|
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|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|
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|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|
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||||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|
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|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||||
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|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)|