The English Benedictine Congregation Trust
Annual Report Year Ended 31 May 2024 Charity No. 297880
The English Benedictine Congregation Trust
Annual Report
Year Ended 31 May 2024
| Contents | Page |
|---|---|
| Trustees and advisors | 1 |
| 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 2024
Registered Charity Number
297880
Trustees and Principal Officers
Trustees:
The Right Reverend P C Jamison OSB The Very Reverend G F Straw OSB The Right Reverend Anna Brennan OSB The Right Reverend P R Igo OSB The Right Reverend J A Mohrman OSB The right Reverend N P Wetz OSB
Principal Officers: Chairman and President Secretary & Treasurer
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:
S K Austen FCCA Francis Clark LLP Chartered Accountants Sigma House Oak View Close Edginswell Park Torquay TQ2 7FF
1
The English Benedictine Congregation Trust
Trustees
The Trustees present their report along with the consolidated financial statements of the charity for the year ended 31 May 2024.
Reference and Administrative Information
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
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 in building 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 . 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.
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. All EBC work for the monasteries of the Congregation.
3
The English Benedictine Congregation Trust
Trustees
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 2022 reconstituted the Continuing Formation Commission, charged with supporting and resourcing ongoing human, intellectual and spiritual formation in the monasteries and organizing a conference and webinars to take this work forward. The work of this Commission has been supported by the Trust. This year the trust has also been pleased to support the History Commission, the meeting of Novice Masters and Mistresses, a Commission which is drafting a new protocol on Visitations and visits to the monasteries recently welcomed into the Congregation to assist with their integration. After a break due to COVID, the bursars and financial officers of monasteries of the Congregation resumed their annual meetings. This year they met at Portsmouth Abbey. The trust funded the travel expenses of a nun as well as of the Congregational Bursar to Rhode Island. The General Chapter in 2022 instigated the annual gathering of novice monks from across the Congregation for periods of shared formation and mutual support. The Formation Consultor worked very hard to organise this and the first event took place at Buckfast Abbey in February 2024. Both the Consult
met by the trust. Further meetings took place at Belmont Abbey and Douai Abbey after the end of the financial year. The trust continued to pay for the routine maintenance of the cemetery of the former monastery of women at Holme Eden near Carlisle.
These are ways in which the Trust promotes dialogue among the monasteries and good practice in the Congregation. Also, a meeting of all the Superiors of the monasteries of the Congregation took place at Ampleforth Abbey in November 2023. The trust paid the costs of this meeting, including the provision of a facilitator
The production of the Ordo, a booklet laying out the liturgical celebrations of the year is conducted under the auspices of the Trust. The dedicated Editors receive some support from officials of the Congregation. The Congregation also runs a website which gives details of the monasteries of the Congregation and enables general enquiries via email to be responded to. A quarterly newsletter has been established It is edited by a monk of Portsmouth Abbey and professionally produced. It contains news from the monasteries and is circulated to all the monks and nuns of the Congregation and also to lay persons who request it. The newsletter is funded by the trust.
During the year, the trust has made grants to other charities for projects which are in accord with its aims:
- To the Religious Life Safeguarding Service, established by the Catholic Church in England and Wales to assist Religious Orders to fulfil their responsibilities for safeguarding. The grant is to assist impoverished Religious Congregations to have access to the Service.
4
The English Benedictine Congregation Trust
Trustees
- The Catholic Student Network, which exists to connect, equip and empower Catholic university students across England and Wales so that they can build flourishing Catholic communities where they are and deepen their relationship with Jesus Christ. Details of their work can be found on their website: https://www.catholicstudentnetwork.co.uk/
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.
-
Website provision, including a means of responding to general enquiries.
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
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 Congregation was a funder of the Boundary Breaking Project at Durham University. In April 2024, this project published The Cross of the Moment, its report on abuse and the culture of the Catholic Church.
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.
Financial Review
The accounts disclose net income of £61,639 compared with net expenditure of £220,833 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 £104,759 (2023: loss of £54,565). Legal and professional costs of (£63,291) (2023: £38,047) include the Fort Augustus claims referred to in Note 16.
The Charity s primary source of regular funding is investment income, income from mineral rights 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 2024
5
The English Benedictine Congregation Trust
Trustees
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 2024 reserves amounted to £1,285,044 of which £356,222 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 General Trust, 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.
-
Worth Abbey, Crawley, West Sussex, RH10 4SB
-
Kylemore Abbey, Connemara, County Galway, EIire
-
Jamberoo Abbey, 695 Jamberoo Mountain Road, Jamberoo, NSW 2533 Australia
-
Abbedi Mariavall, SE-273 92 Skåne-Tranås, Sweden
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);
6
DoGusign Envelope ID." 3B6162B1-84AF4CCF-A17B-2F4C8224D1DE The English Benedictine Congregation Trust Trustees, Report Make jLtdgements and estimates that are rea50r)able and prudent., Slate whether applicable accounting stsndards have been followed, suL)ject to any material departures disclosed and explained in the financial statements., Prepare the financial slalements on the going con¢em basis unless i( is inappropri*e to presume th81 the charity will continue in operation. Thetrustees are responsible for keeplng properaccounting recordswhich diselose with reasonable accuracy at any lime the financial position of the Charity and which enable them to ensure Ihatthe financial statements comply with the Charities Act2011, The Charty (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 irregulartties. Rlsk Management The Trustees have assessed the major risks to which the charity is exposed and are satisfied that systems are in place to mf(igat& 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 tha Charlty's Govoming Document and Current Statutory Requlrements The financial statements have been prepared in accordance with the goveming document of the Charity, current slatulory requirements and with the Slalemenl of Recommended Practi.. Accounting and Reporting by Charities (FRS 1021. Signed on behalf of the Trustees Th everend F Straw OSB Secretary to he rust Date..
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 2024.
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 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.
S K Austen FCCA Chartered Accountant Sigma house Oak View Close Edginswell Park Torquay Devon TQ2 7FF
Date:
8
The English Benedictine Congregation Trust
Statement of Financial Activities
Year Ended 31 May 2024
| Notes | Restricted | Funds | Total | Restricted | Funds | Total | |
|---|---|---|---|---|---|---|---|
| Fund | General | 2024 | Fund | General | 2023 | ||
| £ | £ | £ | £ | £ | £ | ||
| Income from: | |||||||
| Donations and legacies | - | 41,725 | 41,725 | - | 125,623 | 125,623 | |
| Charitable activities | - | 17,128 | 17,128 | - | 14,252 | 14,252 | |
| Investments | 3 | 18,474 | 6,854 | 25,328 | 18,660 | 11,473 | 30,133 |
| Other | - | 202 | 202 | - | 267 | 267 | |
| Total income | 18,474 | 65,909 | 84,383 | 18,660 | 151,615 | 170,275 | |
| Expenditure on: | |||||||
| Raising funds | |||||||
| Investment managers | fees | 6,126 | 9,627 | 15,753 | 5,986 | 10,998 | 16,984 |
| Charitable activities | 5 | (99,291) | 211,041 | 111,750 | 32,378 | 287,181 | 319,559 |
| Total expenditure | (93,165) | 220,668 | 127,503 | 38,364 | 298,179 | 336,543 | |
| Net gains/(losses) on | |||||||
| investments | 104,745 | 14 |
104,759 | 3,871 | (58,436) | (54,565) | |
| Transfers between funds | - |
- | - | ||||
| Net (expenditure)/ income | |||||||
| and net movement in funds | 216,384 | (154,745) | 61,639 | (15,833) | (205,000) | (220,833) | |
| Reconciliation of funds: | |||||||
| Total funds brought forward | 712,438 | 510,967 | 1,223,405 | 728,271 | 715,967 | 1,444,238 | |
| Total funds carried forward | 928,822 | 356,222 | 1,285,044 | 712,438 | 510,967 | 1,223,405 |
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
DoGusign Envelope ID." 3B6162B1-84AF4CCF-A17B-2F4C8224D1DE The English Benedictine Congregation Trust Balance Sheet 31 May 2024 2024 2023 Note$ Fixed assets Tangible fixed assets Investments 18,492 1.634.912 19,486 1,739,632 1,6S3,404 1.759.118 Current assets Debtors Cash at bank and in hand 11,IM9 100.615 6.425 77.830 111.664 84,255 Creditors - Amounts falling due within one year Other creditors Amount due to subsidiary company 10 10 119,024 2.000 95,468 2,000 121.024 97,468 Net current assetsllllabllEties} (9,3601 113,213) Total assets less current liabilties 1,644.044 1,745,905 Creditors - Amount5 falling due after more than one yoar Other creditors 10 9.000 47.500 Provlslons for Ilabllttles 16 350,000 475.0 Total ngt assets 1.285.044 1,223,405 Funds Unrestricted fvnds Restricted fund 356.222 928.822 510,967 712,438 11 12 1,285,044 1.223,405 Tho notes on pages 11 to 19 form p rt of these accounts. Approved by the Tmstees on .. and approved on their behalf by'.- The Right Reverend P C Jamison OSB Trustee The Ve Trustee verend G F Straw OSB 10
The English Benedictine Congregation Trust
Notes and Accounting Policies
Year Ended 31 May 2024
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.
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 2024
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 Motor vehicles 25% straight line
g) Fund accounting
-
i consist of funds which the Charity may use for its charitable 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 2024
- 2 Related party transactions and T
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 (2023 - 2 trustees) were reimbursed expenses, including travel expenses, to the value of £36,878 (2023 - £29,562).
During the year the charity also paid for Trustees Indemnity insurance.
| 3 | Investment Income | 2024 | 2023 |
|---|---|---|---|
| £ | £ | ||
| UK investments listed on recognised stock exchange | 25,328 | 30,133 |
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 two years to 31 May 2024.
The aggregate of the assets, liabilities and funds of EBC Trading Limited was:
| Assets Liabilities Funds |
2024 2023 £ £ 2,000 2,000 - - 2,000 2,000 |
|---|---|
13
The English Benedictine Congregation Trust
Notes and Accounting Policies
Year Ended 31 May 2024
| 5 | Charitable Activities | Activities | Activities | |||
|---|---|---|---|---|---|---|
| Undertaken | Support | Total | Total | |||
| Directly | Costs | 2024 | 2023 | |||
| £ | £ | £ | £ | |||
| Promotion of cooperation and | ||||||
| exchange of ideas | 90,459 | 3,189 | 93,648 | 71,357 | ||
| Support of visitations by the | ||||||
| Abbot President | 37,806 | 1,333 | 39,139 | 43,130 | ||
| Education and training of members | ||||||
| of the congregation | 22,650 | 800 | 23,450 | 146,576 | ||
| Contribution to care costs of former | ||||||
| Fort Augustus monks | - | - | - | - | ||
| Abbot President and Secretariat expenses | 8,376 | 295 | 8,671 | 9,579 | ||
| Expenses of officials | 9,790 | 343 | 10,133 | 10,870 | ||
| Legal and professional fees | - | (63,291) | (63,291) | 38,047 | ||
| 169,081 | (57,331) | 111,750 | 319,559 |
Education and training of members of the congregation includes a three year institutional grant of £13,500 to the EBC Schools (2023: Education and training of members of the congregation includes a two year institutional grant of £45,000 to the Catholic Student Network, a 3 year grant to Million Minutes of £75,000 and a £5,000 Grant to CATEW, Catholic Trust for England and Wales)
The charity did not employ any staff.
6 Support Costs
Total support costs for the year amount to (£57,331) 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 |
2024 2023 £ £ (63,291) 38,047 2,400 2,400 1,020 1,724 1,000 1,060 1,251 (4,390) - 17,184 289 - (57,331) 56,025 |
|---|---|
Legal and professional costs of (£63,291) (2023: £38,047) include the cost of the IICSA inquiry, Investigations report £36,000, the Scottish Child Abuse Inquiry and the costs of the Fort Augustus claims referred to in Note 16. The credit balance is due to £125,000 released from the provision this year.
14
The English Benedictine Congregation Trust
Notes and Accounting Policies
Year Ended 31 May 2024
7 Fixed Assets - Tangible
| Cost At 1 June 2023 Addition Disposal At 31 May 2024 Depreciation At 1 June 2023 Charge for year Disposal At 31 May 2024 Net book value At 31 May 2024 At 31 May 2023 |
Motor Office Vehicles Equipment £ £ 22,270 19,274 22,190 - (22,270) - 22,190 19,274 2,784 19,274 4,626 - (3,712) - 3,698 19,274 18,492 - 19,486 - |
Total £ 41,544 22,190 (22,270) 41,464 22,058 4,626 (3,712) 22,972 18,492 19,486 |
|---|---|---|
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 2024
8 Investments
| 8 | Investments | ||
|---|---|---|---|
| 2024 | 2023 | ||
| £ | £ | ||
| Listed on a recognised stock exchange: | |||
| Market value of portfolio at start of year | 1,640,847 | 1,746,578 | |
| Transfers (to)/ from cash | 44,219 | 5,285 | |
| Net investment/(withdrawals) made in the year | (211,479) | (56,451) | |
| Realised and unrealised gains/(losses) | |||
| on investments | 104,759 | (54,565) | |
| Market value at end of year | 1,578,346 | 1,640,847 | |
| UK cash held as part of the Investment | |||
| Portfolio: | |||
| Balance at start of year | 96,785 | 102,070 | |
| Transfer (to)/from listed investments | (44,219) | (5,285) | |
| Balance at end of year | 54,566 | 96,785 | |
| Investment in subsidiary undertaking: | |||
| Balance at 1 June 2023 and 31 May 2024 | 2,000 | 2,000 | |
| 1,634,912 | 1,739,632 | ||
| Historical cost of listed investments | |||
| at end of year | 1,485,466 | 1,647,787 | |
| 9 | Debtors | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Amounts due within one year: | |||
| Accrued income | 1,103 | 1,103 | |
| Prepayments | 9,946 | 5,322 | |
| 11,049 | 6,425 |
16
The English Benedictine Congregation Trust
Notes and Accounting Policies
Year Ended 31 May 2024
10 Creditors
Amounts falling due within one year: Accruals Due to EBC Trading Limited Grants payable Amounts falling due after more than one year: Grants payable |
2024 £ 67,024 2,000 52,000 121,024 9,000 9,000 |
2023 £ 14,635 2,000 80,833 97,468 47,500 47,500 |
|---|---|---|
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 £ 712,438 300,000 210,967 1,223,405 728,271 300,000 415,967 1,444,238 |
Gains & Funds Income Expenditure Transfers (Losses) c/fwd £ £ £ £ £ 18,474 93,165 - 104,745 928,822 4,024 (4,032) 8 300,000 61,885 (220,668) 4,032 6 56,222 84,383 (127,503) - 104,759 1,285,044 18,660 (38,364) - 3,871 712,438 4,807 - 19,678 (24,485) 300,000 146,808 (298,179) (19,678) (33,951) 210,967 170,275 (336,543) - (54,565) 1,223,405 |
|---|---|---|
17
The English Benedictine Congregation Trust
Notes and Accounting Policies
Year Ended 31 May 2024
13 Analysis of Net Assets Between Funds current year
| Restricted Funds £ Tangible fixed assets - Investments 818,724 Current assets 462,907 Current liabilities (2,809) Non-current liabilties - Provisions (350,000) 928,822 |
Unrestricted funds Total Capital General 2024 £ £ £ - 18,492 18,492 300,000 516,188 1,634,912 - (351,243) 111,664 - (118,215) (121,024) -(9,000) (9,000) - - (350,000) 300,000 56,222 1,285,044 |
|---|---|
Analysis of Net Assets Between Funds previous year
| Restricted Funds £ Tangible fixed assets - Investments 813,496 Current assets 377,442 Current liabilities (3,500) Non- current liabilities - Provisions (475,000) 712,438 |
Unrestricted funds Total Capital General 2023 £ £ £ - 19,486 19,486 300,000 626,136 1,739,632 - (293,187) 84,255 - (93,968) (97,468) - (47,500) (47,500) - - (475,000) 300,000 210,967 1,223,405 |
|---|---|
14 Assets Held as Custodian Trustees
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 £29,844 (2023: £36,035 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 2024
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 £350,000 (2023: £475,000) has been included in respect of estimated future costs arising as follows:
| Provision at 1 June 2023 Provision utilised in the year Additional provision in the year Provision at 31 May 2024 |
2024 £ 475,000 (125,000) - 350,000 |
2023 £ 502,933 (27,933) - 475,000 |
|---|---|---|
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 2024
| 2024 Income £ £ Donations and legacies Donations 518 Legacy (mineral rights) 41,207 41,725 Charitable Activities Contributions from EBC Houses 13,325 Ordo income 3,803 Visitation - 17,128 Investments Equity and gilt income receivable 23,347 Bank interest receivable 1,981 25,328 Other: Royalties 202 Sundry income - 202 Total income 84,383 Expenditure Costs of raising funds: Investment managers fees 15,753 Charitable activities: Office costs Douai 7,000 Printing, postage, stationery and computer 1,952 Website costs 6,120 Education & training of congregation members exps 8,226 Commission expenses continuing formation 41,359 Commission expenses erence 17,057 Commission expenses History - Commission expenses Constitutions - Inclusivity - Novice Master Conference expenses 3,745 14,136 Fort Augustus costs incurred in year 18,304 Fort Augustus (decrease)/increase in provision (125,000) Insurance 571 Subscriptions 4,903 General Chapter expenses 116 General Chapter Preparation Group- Visitation expenses 3,023 Motor and travel Abbot President 34,186 Inspector of Accounts 2,406 Canonical adviser expenses 1,764 Formation consultor expenses 2,940 Visitation Commission Expenses - Miscellaneous expenses 380 Bursars Meeting expenses 545 Exchange rate difference 1,250 Professional fees 45,798 Accountancy fees 3,420 Procurator in Curia 1,000 Praesidium - Holme Eden expenses 160 Depreciation 4,626 (Profit)/loss on disposal of fixed assets (2,582) Telephone: Abbot President 845 CATEW Grant - Million Minutes Grant - |
2023 £ £ 8,700 116,923 125,623 11,294 2,321 637 14,252 29,805 328 30,133 167 100 267 170,275 16,984 7,000 2,308 - 10,252 990 49 263 492 707 1,412 - 51,430 (27,933) 545 3,907 52,388 - 6,592 35,851 2,816 1,770 1,792 1,732 232 - (4,391) 18,006 4,124 1,060 17,184 - 3,509 - 472 5,000 75,000 |
|---|---|
21
Appendix A
The English Benedictine Congregation Trust
Income and Expenditure Account - Charity Year Ended 31 May 2024
| Catholic Student Network Grant EBC Schools Grant Total expenditure Gains/(Losses) on revaluation and disposal of investments Net Increase/(Decrease) in funds |
- 13,500 111,750 127,503 104,759 61,639 |
45,000 - 319,559 336,543 (54,565) (220,833) |
|
|---|---|---|---|
22