2025-05-31-accounts - The English Benedictine Congregation Trust

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The English Benedictine Congregation Trust

Annual Report Year Ended 31 May 2025 Charity No. 297880

The English Benedictine Congregation Trust

Annual Report

Year Ended 31 May 2025

Contents	Page
Trustees and advisors	1
Trustees’ 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 2025

Registered Charity Number

297880

Trustees and Principal Officers

The Trustees are incorporated, by a Charity Commission Certificate dated 8 March 1994, under the title “The English Benedictine Congregation Trustees Registered.”

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 80 Victoria Street London SW1E 5JL

UBS From 12th March, 2025 : 5 Broadgate CCLA London 1, Angel Lane EC2M 2AN London EC2R 3AB

Independent Examiner:

S K Austen FCCA Francis Clark LLP Chartered Accountants Sigma House Oak View Close Edginswell Park Torquay TQ2 7FF

The English Benedictine Congregation Trust

Trustees’ Report

The Trustees present their report along with the consolidated financial statements of the charity for the year ended 31 May 2025.

Reference and Administrative Information

The trustees, principal address and particulars of the Charity’s professional advisors are given on page 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.

The English Benedictine Congregation Trust

Trustees’ Report

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 Constitutions.”

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 benefit of the advancement of religion since it “helps to provide a moral and ethical framework for people to live by” and so “can play an important part in building a better society.” Visitations also help the monasteries to be more effective promoters and 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 Abbot President’s Council. 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).

The English Benedictine Congregation Trust

Trustees’ Report

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 the Benedictine Congregations throughout the world. The Trust has also enabled the Abbot President to participate in the Conference of Religious of England and Wales and the Union of Superiors General in Rome. Some of the monasteries of the Congregation have established foundations, or new monasteries in the global south, 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 meeting of Novice Masters and Mistresses 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 Worth Abbey. The trust funded the travel expenses of a nun to attend this meeting. 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. Both the Consultor’s expenses and the costs of the shared formation were met by the trust. In the financial year under review, meetings took place at Belmont Abbey and Douai Abbey. 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, the trust enabled the Abbot President to attend quadrennial Abbots’ Congress in Rome, where he participated in dialogue and decisions supporting the international Benedictine Confederation and held meetings with the Abbots and Abbesses of the English Benedictine Congregation.

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.

With the General Chapter of July 2026 in view, the Abbot President and his Council appointed five monks and a nun from different monasteries of the Congregation to a ‘General Chapter Preparation Group.’ The group began working in February 2025. Its aim to propose an agenda for the Chapter which takes into account the priorities of all members of our monasteries and to help the members of General Chapter to prepare well for their meeting. The work of the group is funded by the Trust.

The English Benedictine Congregation Trust

Trustees’ Report

During the year, the trust has made grants to other charities for projects which are in accord with its aims:

Million Minutes’ Proximity Project “is a process of learning, development and support in the art of accompaniment” https://millionminutes.org/
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/
Supported the appointment of a formation coordinator to assist the schools associated with a number of our monasteries to work together to build a mutually supportive culture of formation in the Benedictine ethos.
Supported Durham University’s Centre for Catholic Studies in a new research project ‘Mobilising for a Revitalised and Healthy Church’ which is a follow-on project from ‘Boundary Breaking: Critical-constructive research on Clerical Sex Abuse in the Catholic Church.’

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 Abbots’ Congress, 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 of England and Wales.

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. We cooperated with the Independent Inquiry into Child Sex Abuse and we continue to improve the ways we offer children the care and protection they need. Our monasteries in England are audited by the Catholic Safeguarding Standards Agency.

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.

The English Benedictine Congregation Trust

Trustees’ Report

Financial Review

The accounts disclose net income of £208,985 compared with net income of £61,639 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 £64,739 (2024: gain of £104,759). Legal and professional costs of (£246,740) (2024: £63,291) include the Fort Augustus claims referred to in Note 16, there is a reduction in the provision giving a credit of £246,740 for the year.

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 2025 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. On 12[th] March 2025, some of the Trust’s investment assets were placed in the Catholic Investment Fund of CCLA. This fund aims to provide growth in capital and income, to achieve a gross total return of 5% per annum net of inflation (as measured by the increase in the UK Consumer Price Index) over the long term (defined as five years). The fund will act in alignment with the mission of the Catholic Church by seeking to deliver positive change in society while delivering long-term real returns. This fund is an opportunity to work on issues related to social justice and align our investment selection with Catholic Social Teaching.

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 2025 reserves amounted to £1,494,029 of which £254,620 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

The English Benedictine Congregation Trust

Trustees’ Report

St. Anselm’s, 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

Statement of Trustees’ Responsibilities

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 Charity’s Governing Document and Current Statutory Requirements

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

Date: 15[th] December, 2025

The English Benedictine Congregation Trust

Independent Examiner’s Report to the Trustees

I report to the trustees on my examination of the accounts of The English Benedictine Congregation Trust for the year ended 31 May 2025.

Responsibilities and basis of report

As the trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the Act”).

I report in respect of my examination of the Charity’s 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 requirement that the accounts give a ‘true and fair view which is not a matter considered as part of 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: 5 January 2026

The English Benedictine Congregation Trust

Statement of Financial Activities

Year Ended 31 May 2025

	Notes	Restricted	Funds	Total	Restricted	Funds	Total
		Fund	General	2025	Fund	General	2024
		£	£	£	£	£	£
Income from:
Donations and legacies		-	43,277	43,277	-	41,725	41,725
Charitable activities		-	52,926	52,926	-	17,128	17,128
Investments	3	18,060	15,105	33,165	18,474	6,854	25,328
Other		-	267	267	-	202	202
		––––——	––––—	––––—	––––——	––––—	––––—
Total income		18,060	111,575	129,635	18,474	65,909	84,383
		══════	═════	═════	══════	═════	═════
Expenditure on:
Raising funds
Investment managers	fees	5,834	2,265	8,099	6,126	9,627	15,753
Charitable activities	5	(246,740)	224,030	(22,710)	(99,291)	211,041	111,750
		––––——	––––—	––––—	––––——	––––—	––––—
Total expenditure		(240,906)	226,295	(14,611)	(93,165)	220,668	127,503
		══════	═════	═════	══════	═════	═════
Net gains/(losses) on
investments		51,621	13,118	64,739	104,745	14	104,759
Transfers between funds		-	-	-	-	-	-
		––––——	––––—	––––—	––––——	––––—	––––—
Net income/(expenditure)
income and net movement in		310,587	(101,602)	208,985	216,384	(154,745)	61,639
funds
		══════	═════	═════	══════	═════	═════
Reconciliation of funds:
Total funds brought forward		928,822	356,222	1,285,044	712,438	510,967	1,223,405
		––––——	––––—	––––—	––––——	––––—	––––—
Total funds carried forward		1,239,409	254,620	1,494,029	928,822	356,222	1,285,044
		══════	═════	═════	══════	═════	═════

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.

The English Benedictine Congregation Trust

Balance Sheet

31 May 2025

Notes
Fixed assets
Tangible fixed assets
7
Investments
8
Current assets
Debtors
9
Cash at bank and in hand
Creditors - Amounts falling due
within one year
Other creditors
10
Amount due to subsidiary company
10
Net current assets/(liabilities)

Total assets less current liabilties

Creditors - Amounts falling due
after more than one year
Other creditors
10
Provisions for liabilities
16

Total net assets
Funds
Unrestricted funds
Restricted fund
11
12

2025
2024
£
£
12,945
18,492
1,495,822
1,634,912
–––––––
–––––––
1,508,767
1,653,404
–––––––
–––––––
19,281
11,049
113,573
100,615
–––––––
–––––––
132,854
111,664
–––––––
–––––––
52,108
119,024
2,000
2,000
–––––––
–––––––
54,108
121,024
–––––––
–––––––
78,746
(9,360)

1,587,513
1,644,044

19,5009,000
73,984
350,000
––––––– –––––––
1,494,029
1,285,044
══════
══════
254,620
356,222
1,239,409
928,822
–––––––
–––––––
1,494,029
1,285,044
══════
══════

The notes on pages 11 to 19 form part of these accounts.

Approved by the Trustees on 15[th] December, 2025 and approved on their behalf by:-

The Right Reverend P C Jamison OSB Trustee

The Very Reverend G F Straw OSB Trustee

The English Benedictine Congregation Trust

Notes and Accounting Policies

Year Ended 31 May 2025

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 material uncertainties about the Trust’s ability to continue 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.

The English Benedictine Congregation Trust

Notes and Accounting Policies

Year Ended 31 May 2025

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 managers’ 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 in the accounts at the trustees’ 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 The Charity’s general funds 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.

The English Benedictine Congregation Trust

Notes and Accounting Policies

Year Ended 31 May 2025

2 Related party transactions and Trustees’ expenses and 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 (2024 - 2 trustees) were reimbursed expenses, including travel expenses, to the value of £44,156 (2024 - £36,878).

During the year the charity also paid for Trustees Indemnity insurance.

Investment Income	2025	2024
	£	£
UK investments listed on recognised stock exchange	33,165	25,328
	══════	══════

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 2025.

The aggregate of the assets, liabilities and funds of EBC Trading Limited was:

	2025	2024
	£	£
Assets	2,000	2,000
Liabilities	-	-
	–––––––	–––––––
Funds	2,000	2,000
	══════	══════

The English Benedictine Congregation Trust

Notes and Accounting Policies

Year Ended 31 May 2025

Charitable Activities	Activities	Activities
	Undertaken		Support	Total	Total
		Directly	Costs	2025	2024
		£	£	£	£
Promotion of cooperation and
exchange of ideas		97,490	3,281	100,771	93,646
Support of visitations by the
Abbot President		48,931	1,647	50,578	39,139
Education and training of members
of the congregation		57,413	1,932	59,345	23,450
Contribution to care costs of former
Fort Augustus monks		-	-	-	-
Abbot President and Secretariat expenses		8,207	276	8,483	8,671
Expenses of officials		4,695	158	4,853	10,135
Legal and professional fees		-	(246,740)	(246,740)	(63,291)
		–––––––	–––––––	–––––––	–––––––
		216,736	(239,446)	(22,710)	111,750
		══════	══════	══════	══════

Education and training of members of the congregation includes a three year grant to Million Minutes of £45,000 and a £5,625 grant to CSN. (2024: Includes an institutional grant of £13,500 to the EBC Schools).

The charity did not employ any staff.

6 Support Costs

Total support costs for the year amount to (£239,446) 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:

		2025	2024
		£	£
Legal and professional costs		(246,740)	(63,291)
Independent examiners fees	- independent examination	2,400	2,400
	- other	780	1,020
Procurator in curia		1,000	1,000
Exchange (gains)/losses		3,054	1,251
Praesidium		-	-
Rescripts		60	289
		–––––––	–––––––
		(239,446)	(57,331)
		══════	══════

Legal and professional costs of (£246,740) (2024: £63,291) include the costs of the Fort Augustus claims referred to in Note 16. The credit balance is due to (£276,016) (2024: £125,000)) released from the provision this year.

The English Benedictine Congregation Trust

Notes and Accounting Policies

Year Ended 31 May 2025

7 Fixed Assets - Tangible

7 Fixed Assets - Tangible
	Motor	Office
	Vehicles	Equipment	Total
	£	£	£
Cost
At 1 June 2024	22,190	19,274	41,464
Addition	-	-	-
Disposal	-	-	-
	–––––––	–––––––	–––––––
At 31 May 2025	22,190	19,274	41,464
	══════	══════	══════
Depreciation
At 1 June 2024	3,698	19,274	22,972
Charge for year	5,547	-	5,547
Disposal	-	-		-
	–––––––	–––––––	–––––––
At 31 May 2025	9,245	19,274	28,519
	══════	══════	══════
Net book value
At 31 May 2025	12,945	-	12,945
	══════	══════	══════
At 31 May 2024	18,492	-	18,492
	══════	══════	══════

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.

The English Benedictine Congregation Trust

Notes and Accounting Policies

Year Ended 31 May 2025

8 Investments

8	Investments
		2025	2024
		£	£
	Listed on a recognised stock exchange:
	Market value of portfolio at start of year	1,578,346	1,640,847
	Transfers (to)/ from cash	41,761	44,219
	Net investment/(withdrawals) made in the year	(203,829)	(211,479)
	Realised and unrealised gains/(losses)
	on investments	64,739	104,759
		–––––––	–––––––
	Market value at end of year	1,481,017	1,578,346
		–––––––	–––––––
	UK cash held as part of the Investment
	Portfolio:
	Balance at start of year	54,566	96,785
	Transfer (to)/from listed investments	(41,761)	(42,219)
		–––––––	–––––––
	Balance at end of year	12,805	54,566
		–––––––	–––––––
	Investment in subsidiary undertaking:
	Balance at 1 June 2024 and 31 May 2025	2,000	2,000
		–––––––	–––––––
		1,495,822	1,634,912
		══════	══════
	Historical cost of listed investments
	at end of year	1,310,990	1,485,466
		══════	══════
9	Debtors
		2025	2024
		£	£
	Amounts due within one year:
	Accrued income	16,261	1,103
	Prepayments	3,020	9,946
		–––––––	–––––––
		19,281	11,049
		══════	══════

The English Benedictine Congregation Trust

Notes and Accounting Policies

Year Ended 31 May 2025

10 Creditors

10	Creditors
		2025	2024
		£	£
	Amounts falling due within one year:
	Accruals	26,983	67,024
	Due to EBC Trading Limited	2,000	2,000
	Grants payable	25,125	52,000
		–––––––	–––––––
		54,108	121,024
		══════	══════
	Amounts falling due after more than one year:
	Grants payable	19,500	9,000
		–––––––	–––––––
		19,500	9,000
		══════	══════
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

	Balance				Gains &	Funds
	b/fwd	Income	Expenditure	Transfers	(Losses)	c/fwd
	£	£	£	£	£	£
Analysis of Fund movements
– current year
Restricted fund	928,822	18,060	(240,906)	-	51,621	1,239,409
Unrestricted fund:
Capital	300,000	-	-	(300,000)	-	-
General	56,222	111,575	226,295	300,000	13,118	254,620
	––––——	––––—	––––—	––––——	––––—	––––—
Total	1,285,044	129,635	(14,611)	-	64,739	1,494,029
	══════	═════	═════	══════	═════	═════
Analysis of Fund movements
– previous year
Restricted fund	712,438	18,474	93,165	-	104,745	928,822
Unrestricted fund:
Capital	300,000	4,024	-	(4,032)	8	300,000
General	210,967	61,885	(220,668)	4032	6	56,222
	––––——	––––—	––––—	––––——	––––—	––––—
Total	1,223,405	84,383	(127,503)	-	104,759	1,285,044
	══════	═════	═════	══════	═════	═════

The English Benedictine Congregation Trust

Notes and Accounting Policies

Year Ended 31 May 2025

13 Analysis of Net Assets Between Funds – current year

	Restricted	Unrestricted funds	Unrestricted funds	Total
	Funds	Capital	General	2025
	£	£	£	£
Tangible fixed assets	-	-	12,945	12,945
Investments	822,228	-	673,594	1,495,822
Current assets	498,255	-	(365,401)	132,854
Current liabilities	(7,090)	-	(47,018)	(54,108)
Non-current liabilties	-	-	(19,500)	(19,500)
Provisions	(73,984)	-	-	(73,984)
	–––––––	–––––––	–––––––	–––––––
	1,239,409	-	254,620	1,494,029
	══════	══════	══════	══════

Analysis of Net Assets Between Funds – previous year

	Restricted	Unrestricted	funds	Total
	Funds	Capital	General	2024
	£	£	£	£
Tangible fixed assets	-	-	18,492	18,492
Investments	818,724	300,000	516,188	1,634,912
Current assets	462,907	-	(351,243)	111,664
Current liabilities	(2,809)	-	(118,215)	(121,024)
Non- current liabilities	-	-	(9,000)	(9,000)
Provisions	(350,000)	-	-	(350,000)
	–––––––	–––––––	–––––––	–––––––
	928,822	300,000	56,222	1,285,044
	══════	══════	══════	══════

14 Assets Held as Custodian Trustees

The Trustees of St. Benedict’s Abbey Trust were nominated custodians of a collection of books and 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 £28,321 (2024: £29,844) from its member houses as agent on behalf of Sant’ 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.

The English Benedictine Congregation Trust

Notes and Accounting Policies

Year Ended 31 May 2025

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 £73,984 (2024: £350,000) has been included in respect of estimated future costs arising as follows:

	2025	2024
	£	£
Provision at 1 June 2024	350,000	475,000
Provision released in the year	(276,016)	(125,000)
Additional provision in the year	-	-
	––––——	––––——
Provision at 31 May 2025	73,984	350,000
	══════	══════

The English Benedictine Congregation Trust

The Following Appendices Do Not Form Part Of The Statutory Accounts But Are Included To Provide Further Information

Appendix A

The English Benedictine Congregation Trust

Income and Expenditure Account - Charity Year Ended 31 May 2025

Year Ended 31 May 2025
		2025		2024
Income	£	£	£	£
Donations and legacies
Donations	550		518
Legacy (mineral rights)	42,727		41,207
	–––––––		––––——
		43,277		41,725
Charitable Activities
Contributions from EBC Houses	50,376		13,325
Ordo income	2,550		3,803
Visitation	-	52,926	-	17,128
	––––——		––––——
Investments
Equity and gilt income receivable	27,795		23,347
Bank interest receivable	5,370		1,981
	–––––––	33,165	–––––––	25,328
Other:
Royalties	267		202
Sundry income	-		-
	–––––––	267	–––––––	202
		–––––––		–––––––
Total income		129,635		84,383
		–––––––		–––––––
Expenditure
Costs of raising funds:
Investment managers fees		8,099		15,753
		–––––––		–––––––
Charitable activities:
Office costs – Douai		7,000		7,000
Printing, postage, stationery and computer		1,667		1,952
Website costs		14,280		6,120
Education & training of congregation members	exps	6,096		8,226
Commission expenses – continuing formation		65,294		41,359
Commission expenses – Abbots’ conference		-		17,057
Novice Master Conference expenses		210		3,745
Novices’ Meeting		3,370		14,136
Fort Augustus costs – incurred in year		25,347		18,304
Fort Augustus – (decrease)/increase in provision		(276,016)		(125,000)
Insurance		639		571
Subscriptions		5,132		4,903
General Chapter expenses		4,511		116
Visitation expenses		4,693		3,023
Motor and travel – Abbot President		41,693		34,186
– Inspector of Accounts		2,065		2,406
Canonical adviser expenses		-		1,764
Formation consultor expenses		1,721		2,940
Miscellaneous expenses		376		380
Bursars Meeting expenses		315		545
Exchange rate difference		3,054		1,250
Professional fees		4,441		45,798
Accountancy fees		3,180		3,420
Procurator in Curia		1,000		1,000
Holme Eden expenses		-		160
Depreciation		5,547		4,626
(Profit)/loss on disposal of fixed assets		-		(2,582)
Telephone: Abbot President		1,052		845
Durham University Grant		45,000		-
Catholic Student Network Grant		5,625		-
EBC Schools Grant		-		13,500
		––––——		––––——
		(22,710)		111750
		–––––––		–––––––

Appendix A

The English Benedictine Congregation Trust

Income and Expenditure Account - Charity
Year Ended 31 May 2025
Total expenditure	(14,611)	127,503
	–––––––	–––––––
Gains/(Losses) on revaluation and disposal of investments	64,739	104,759
	–––––––	–––––––
Net Increase/(Decrease) in funds	208,985	61,639
	══════	══════