Charity registration number: 299100
Monastery of Christ our Saviour
Annual Report and Financial Statements for the Year Ended 31 December 2024
Michael J Emery & Co Limited 22 St John Street Newport Pagnell Buckinghamshire MK16 8HJ
Monastery of Christ our Saviour
Contents
| Reference and Administrative Details | 1 |
|---|---|
| Trustees' Report | 2 to 4 |
| Statement of Trustees' Responsibilities | 5 |
| Independent Examiner's Report | 6 |
| Statement of Financial Activities | 7 |
| Balance Sheet | 8 |
| Notes to the Financial Statements | 9 to 13 |
| Detailed Statement of Financial Activities | 14 to 16 |
Monastery of Christ our Saviour
Reference and Administrative Details
Trustees Reverend Mark-Ephrem Nolan Reverend Leonard Mayhead Reverend Thierry Marteux Reverend Eric Loisel Principal Office Monastery of Christ our Saviour Jack's Lane Turvey Bedfordshire MK43 8DH Charity Registration Number 299100 Bankers National Westminster Bank Plc Units 164-166 Midsummer Arcade Centre Milton Keynes MK9 3BA Independent Examiner Michael J Emery & Co Limited Chartered Accountants 22 St John Street Newport Pagnell Buckinghamshire MK16 8HJ
Page 1
Monastery of Christ our Saviour
Trustees' Report
The trustees present the annual report together with the financial statements of the charity for the year ended 31 December 2024.
Objectives and activities
Objects and aims
Such charitable purposes which advance the religious and other charitable work for the time being carried on by the Olivetan Congregation of the order of Saint Benedict now domiciled at the Monastery of Christ our Saviour of Turvey, Bedfordshire.
Objectives, strategies and activities
We are now a dependent monastery of the Abbey of Holy Cross, Rostrevor in County Down, Northern Ireland but remain seperate as a charity pursuing the Vita et Pax vision of Dom Constantine Bosschaerts of a mixed lay/ monastic community but, with the monastic element always as a priority.
We have continued the ecumenical journal 'One in Christ' in collaboration with our sister monastery at Rostrevor in Northern Ireland (see our website at oneinchrist.org.uk). We are in 2024 in our Seventeenth year of publishing the revised journal.
The monastery continued to co-operate with other monasteries in the UK and abroad in promoting the religious educational and cultural values of Christian monasticism.
Public benefit
Our primary charitable purpose is to maintain a monastic community for the purpose of regular prayer. This prayer takes place five times each day and is open to the public. We work closely with The Priory of Our Lady of Peace next door to this end.
Other purposes which help to support this daily round of prayer include running a guesthouse and a centre for group and individual psychotherapy. We run the guesthouse largely on a donation basis and have not knowingly turned anyone away for lack of funds. We attract many individuals from all sectors of society and many groups of a variety of Christian denominations and sometimes of none. These range from vocational guidance groups to support groups for Christian youth workers to others specialising in addiction recovery. We also provide shelter for homeless individuals on a one night per month basis.
The psychotherapy centre hosts two training courses both now run by The Turvey Centre for Group Therapy (Turvey Groupwork): a Foundation course and also a Diploma course both running for one year and validated by the Institute of Group Analysis (further details at www.turveygroupwork.co.uk).
The centre also provides individual and group psychotherapy throughout the year (contact: psychotherapyatturvey@yahoo.co.uk). We also host days and events on a variety of subjects including interfaith, homelessness and psychotherapy and spirituality in dialogue. We welcome ecumenical contacts and publish the ecumenical journal One in Christ (originally founded as Eastern Churches Quarterly in 1935), for further details see above. Our hope and aim is to continue to praise God and provide a haven for those seeking time away from the stresses of modern living of whatever religious or secular persuasion.
Page 2
Monastery of Christ our Saviour
Trustees' Report
The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.
Financial review
Policy on reserves
The trustees aim to maintain a designated property reserves of £200,000 whcih is needed to meet the cost of any maintenance and upgrading that might become necessary. The designated maintenance reserve is set at £ 200,000, but the current level of reserves means that the designated reserve currently stands at £184,000. The bank amount is £150,836. The general reserve is used to maintain any shortfall in the funding of the health care required by members of the community and other day to day running costs as well as maintaining our group psychotherapy courses. The property of the monastery has an insurance value of £ 2,478,243 which is considered to be the market value of the property. No revaluation has been made in the accounts at this time to reflect that value.
Structure, governance and management
Nature of governing document
The charity is governed by its trust deed of 1987.
The trust deed establishes that the charity shall be governed by no less than 3 and no more than 8 trustees.
The Monastic Superior is always a trustee.
The charity is further governed by the constitution of the Olivetan Congregation of the order of Saint Benedict.
Beyond the Monastery of Christ our Saviour the charity preserves links with the Olivetan Congregation of the order of Saint Benedict. The charity co-operates with the congregation in pursuing its stated objectives.
Recruitment and appointment of trustees
Trustees are subject to selection and dismissal by the Superior of the monastery and are members of the society of the Olivetan Congregation unless the Superior.
Induction and training of trustees
Trustees who are members of the society either live on the premises or in an associated monastery and so are familiar with the ethos of the trust - especially its ecumenical and inter-faith outreach.
Page 3
Monastery of Christ our Saviour
Trustees' Report
Organisational structure
The trustees have been considering succession planning. The trustees are taking advice on incorporating the trust as a CIO and will report on this further in the next annual Trustees Report.
Responsibility for carrying out the day-to-day management of the Charity is undertaken by the trustees.
The charity supports the monastic life and public prayer of the community. The community promotes ecumenical and inter-faith relations and hosts or runs courses in psychotherapy and the relationship between psychotherapy and spirituality. It also receives individuals and groups to the monastery for religious and educational and cultural reasons and makes some grants for reasons of religion, education and hardship.
Risk management
Objectives and policies
The trustees undertake each year a wide ranging appraisal in order to identify the major risks to which the charity is exposed. Steps are taken with a view to mitigating these risks as far as is reasonably possible. Training and consciousness-raising is regarded seriously.
The Monastery of Christ our Saviour is aware of the implications of the Disability Discrimination Act in all its activities. Trustees have been made aware of and are required to implement the Data Protection principles and to have adequate safeguarding measures in place
The annual report was approved by the trustees of the charity on .................... and signed on its behalf by:
......................................... Reverend Leonard Mayhead Trustee
Page 4
Monastery of Christ our Saviour
Statement of Trustees' Responsibilities
The trustees are responsible for preparing the financial statements in accordance with applicable law and regulations.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the constitution. The trustees 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.
Approved by the trustees of the charity on .................... and signed on its behalf by:
......................................... Reverend Leonard Mayhead Trustee
Page 5
Monastery of Christ our Saviour
Independent Examiner's Report to the trustees of Monastery of Christ our Saviour
I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 December 2024 which are set out on pages 7 to 13.
Respective responsibilities of trustees and examiner
As the charity’s trustees of Monastery of Christ our Saviour 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 Monastery of Christ our Saviour'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 Monastery of Christ our Saviour 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 accounting requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) 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.
...................................... Michael Emery ACA ICAEW
22 St John Street Newport Pagnell Buckinghamshire MK16 8HJ
Date:.............................
Page 6
Monastery of Christ our Saviour
Statement of Financial Activities for the Year Ended 31 December 2024
| Note Income and Endowments from: Donations and legacies 2 Charitable activities 3 Investment income 4 Total income Expenditure on: Charitable activities 5 Total expenditure Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward 11 Note Income and Endowments from: Donations and legacies 2 Charitable activities 3 Investment income 4 Total income Expenditure on: Charitable activities 5 Total expenditure Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward 11 |
Unrestricted funds £ 23,085 44,349 2,758 70,192 (78,748) (78,748) (8,556) 292,174 283,618 Unrestricted funds £ 13,358 55,056 724 69,138 (82,461) (82,461) (13,323) 305,497 292,174 |
Total 2024 £ 23,085 44,349 2,758 |
|---|---|---|
| 70,192 | ||
| (78,748) | ||
| (78,748) | ||
| (8,556) 292,174 |
||
| 283,618 | ||
| Total 2023 £ 13,358 55,056 724 |
||
| 69,138 | ||
| (82,461) | ||
| (82,461) | ||
| (13,323) 305,497 |
||
| 292,174 |
All of the charity's activities derive from continuing operations during the above two periods.
Page 7
Monastery of Christ our Saviour
(Registration number: 299100) Balance Sheet as at 31 December 2024
| Note Fixed assets Tangible assets 9 Current assets Cash at bank and in hand Creditors: Amounts falling due within one year 10 Net current assets Net assets Funds of the charity: Unrestricted income funds Unrestricted funds Total funds 11 |
2024 £ 132,878 151,742 (1,002) 150,740 283,618 283,618 283,618 |
2023 £ 135,005 158,169 (1,000) |
|---|---|---|
| 157,169 | ||
| 292,174 | ||
| 292,174 | ||
| 292,174 |
The financial statements on pages 7 to 13 were approved by the trustees, and authorised for issue on .................... and signed on their behalf by:
.........................................
Reverend Leonard Mayhead Trustee
Page 8
Monastery of Christ our Saviour
Notes to the Financial Statements for the Year Ended 31 December 2024
1 Accounting policies
Statement of compliance
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 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
Basis of preparation
Monastery of Christ Our Saviour 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.
Going concern
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.
Support costs
Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage.
Taxation
The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
Tangible fixed assets
Individual fixed assets are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation and amortisation
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
| Asset class | Depreciation method and rate |
|---|---|
| Land and buildings | 2% on cost |
| Other tangible fixed assets | 25% on cost |
Page 9
Monastery of Christ our Saviour
Notes to the Financial Statements for the Year Ended 31 December 2024
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Borrowings
Borrowings are classified as current liabilities unless the charity has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Any interest is recognised in the statement of financial activities as incurred.
Fund structure
Unrestricted income funds are general funds that are available for use at the trustees's discretion in furtherance of the objectives of the charity.
Designated funds are unrestricted funds set aside for specific purposes at the discretion of the trustees.
2 Income from donations and legacies
| Donations and legacies; Donations from individuals |
Unrestricted funds General £ 23,085 23,085 |
Total 2024 £ 23,085 23,085 |
Total 2023 £ 13,358 |
|---|---|---|---|
| 13,358 |
3 Income from charitable activities
| Courses / other Study Centre Visitors Publications - 'One in Christ' |
Unrestricted funds General £ 29,774 268 12,704 1,603 44,349 |
Total 2024 £ 29,774 268 12,704 1,603 44,349 |
Total 2023 £ 36,147 704 16,463 1,742 |
|---|---|---|---|
| 55,056 |
Page 10
Monastery of Christ our Saviour
Notes to the Financial Statements for the Year Ended 31 December 2024
4 Investment income
| Interest receivable and similar income; Interest receivable on bank deposits 5 Expenditure on charitable activities Publications - 'One in Christ' Grants and donations Monastery and Visitors 6 Grant-making Analysis of grants Analysis Hardship and Poverty CAFOD Tatyana Foundation |
Unrestricted funds General £ 2,758 Activity undertaken directly £ 7,281 8,018 63,449 78,748 |
Total 2024 £ 2,758 Total 2024 £ 7,281 8,018 63,449 78,748 2024 £ 1,868 5,050 1,100 8,018 |
Total 2023 £ 724 |
|---|---|---|---|
| Total 2023 £ 2,770 6,862 72,829 |
|||
| 82,461 | |||
| 2023 £ 412 5,500 950 |
|||
| 6,862 |
7 Trustees remuneration and expenses
No trustees, nor any persons connected with them, have received any remuneration from the charity during the year.
Page 11
Monastery of Christ our Saviour
Notes to the Financial Statements for the Year Ended 31 December 2024
8 Taxation
The charity is a registered charity and is therefore exempt from taxation.
9 Tangible fixed assets
| Cost At 1 January 2024 At 31 December 2024 Depreciation At 1 January 2024 Charge for the year At 31 December 2024 Net book value At 31 December 2024 At 31 December 2023 10 Creditors: amounts falling due within one year Other creditors |
Land and buildings £ 179,611 |
Furniture and equipment £ 50,839 50,839 50,304 535 50,839 - 535 2024 £ 1,002 |
Total £ 230,450 |
|
|---|---|---|---|---|
| 179,611 | 50,839 | 230,450 | ||
| 45,141 1,592 |
50,304 535 |
95,445 2,127 |
||
| 46,733 | 50,839 | 97,572 | ||
| 132,878 | - | 132,878 | ||
| 134,470 | 535 | 135,005 | ||
| 2024 £ 1,002 |
2023 £ 1,000 |
Page 12
Monastery of Christ our Saviour
Notes to the Financial Statements for the Year Ended 31 December 2024
11 Funds
| Unrestricted funds General Designated Total funds Unrestricted funds General Designated Total funds |
Balance at 1 January 2024 £ 108,174 184,000 292,174 Balance at 1 January 2023 £ 121,497 184,000 305,497 |
Incoming resources £ 70,192 - 70,192 Incoming resources £ 69,138 - 69,138 |
Resources expended £ (78,748) - (78,748) Resources expended £ (82,461) - (82,461) |
Balance at 31 December 2024 £ 99,618 184,000 |
|---|---|---|---|---|
| 283,618 | ||||
| Balance at 31 December 2023 £ 108,174 184,000 |
||||
| 292,174 |
Page 13
Monastery of Christ our Saviour
Detailed Statement of Financial Activities for the Year Ended 31 December 2024
| Income and Endowments from: Donations and legacies (analysed below) Charitable activities (analysed below) Investment income (analysed below) Total income Expenditure on: Charitable activities (analysed below) Total expenditure Net expenditure Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward |
Total 2024 £ 23,085 44,349 2,758 70,192 (78,748) (78,748) (8,556) (8,556) 292,174 283,618 |
Total 2023 £ 13,358 55,056 724 |
|---|---|---|
| 69,138 | ||
| (82,461) | ||
| (82,461) | ||
| (13,323) | ||
| (13,323) 305,497 |
||
| 292,174 |
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Monastery of Christ our Saviour
Detailed Statement of Financial Activities for the Year Ended 31 December 2024
| Donations and legacies Appeals and donations Charitable activities Turvey groupwork Study centre Guests including students One in Christ Investment income Interest on cash deposits Charitable activities One in Christ Turvey groupwork costs Medical Safeguarding / personnel House Utilities Insurance Library Maintenance Administration Supervision Subscriptions Grants and donations Food Car Travel Accountancy fees Br Herbert funeral Professional fees Fees and affiliation Paypal fees Depreciation |
Total 2024 £ 23,085 23,085 29,774 268 12,704 1,603 44,349 2,758 2,758 7,281 1,865 231 295 1,225 17,254 6,963 38 6,737 2,197 440 - 8,018 7,590 1,698 545 960 - 13,053 206 25 2,127 |
Total 2023 £ 13,358 |
|---|---|---|
| 13,358 | ||
| 36,147 704 16,463 1,742 |
||
| 55,056 | ||
| 724 | ||
| 724 | ||
| 2,770 1,687 9 115 873 23,009 6,555 176 7,303 4,888 538 166 6,862 6,011 1,056 105 - 1,200 15,200 246 14 3,678 |
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Monastery of Christ our Saviour
Detailed Statement of Financial Activities for the Year Ended 31 December 2024
| Total | Total |
|---|---|
| 2024 | 2023 |
| £ | £ |
| 78,748 | 82,461 |
Page 16