EMPRESS EUGENIE MEMORIAL TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Charity Number 240701 BUSINESS ADVISORS & ACCOUNTANTS The Granary Hones Yard Waverley Lane Farnham Surrey GU9 8BB EMPRESS EUGENIE MEMORIAL TRUST FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023 CONTENTS PAGE Trustees Annual Report Independent examiner's report to the trustees Statement of financial activities Balance sheet Notes to the financial statements 7-13 EMPRESS EUGENIE MEMORIAL TRUST TRUSTEES ANNUAL REPORT YEAR ENDED 31 DECEMBER 2023 The trustees present their report and the unaudited financial statements of the charity for the year ended 31 December 2023. REFERENCE AND ADMINISTRATIVE DETAILS Registered charity name Empress Eugenie Memorial Trust Charlty registration number 240701 St. Michaels Abbey 280 Farnborough Road Farnborough Hampshire GU14 7NQ The trustees The trustees who served the charity during the period were as follows: Rt Rev. D. C. Brogan OSB Mr J. Bogle Esq Rev. N. T. Harper OSB Rev. T. Vician OSB Rev. M. D. Mycka OSB Bankers The Royal Bank of Scotland plc Lawrie House Victoria Road Farnborough Hampshire GU14 7NR Solicitors Irwin Mitchell Oxford House 12-20 Oxford Street Newbury Berkshire RG14 IJB Independent examlner Mr S. P. F. Howell FCCA TC Group The Granary Hones Yard Waverley Lane Farnham Surrey GU9 8BB EMPRESS EUGENIE MEMORIAL TRUST TRUSTEES ANNUAL REPORT YEAR ENDED 31 DECEMBER 2023 The Trust Deed was established by an indenture dated 24 April 1888 which is subject to schemes directed by the Charity Commissioner in 1963 and 1965, registered number 240701. Details of Trustees are shown on the previous page. The Trust maintains the Church, Monastery and Land and the Resident Religious Community on the site of St Michael's Abbey, Farnborough. Assets are held forgeneral administration and every day living of the Community. The Empress Eugenie Memorial Trust is associated with St Michael's Abbey Charitable Trust and both charities share the same contact address as disclosed on the previous page. The Trust Deed requires five Trustees. The chair of Trustees is responsible for the induction of any new Trustee which involves awarenes5 of a Trustee's responsibilities, the governing document, administrative procedures and history of the charity. A new Trustee would receive a copy of the previous year's annual report and accounts and a copy of the Charity Commission leaflet 'The Essential Trustee.. What you need to know,. The Trustees meet formally at least once per year, with additional meetings as need may arise, under the chairmanship of the Abbot of the resident religious community. In addition to the formal meetings of theTrustees to examine the progress of the accounts. to approve them, and for decision-making, a high level of communication between Trustees is ensured by the fact that three of the five Trustees live at the Abbey and therefore maintain day-to-day running of affairs, as well as consultation with the non-resident Trustees. The Trust is registered with HM Revenue and Customs as charity with tax exempt status. PUBLIC BENEFIT The trustees are mindful of the need for the charity to demonstrate that it provides public benefit and they have had regard to the general guidance on the provision of public benefit published by the Charity Commission. OBJEcfivES AND ACTIVITIES The upkeep of St Michael's Abbey, Farnborough and the support of the Resident religious Community has continued throughout the year. The objects of the Trust are advancement of religion from the use of the Trusts premises as a place of divine worship, and for the celebration of religious services according to the rites and usages of the Roman Catholic Church. ACHIEVEMENTS AND PERFORMANCE The Trustees are continuing with their efforts on the security and good stewardship of the extensive land in the Trusts care, whilst also working with the local community on projects that increase both security and good working relationships. as well as generating a small revenue. The Trustees continue to encourage development of the Abbey Press and other methods of increasing the Trusts regular income. EMPRESS EUGENIE MEMORIAL TRUST TRUSTEES ANNUAL REPORT YEAR ENDED 31 DECEMBER 2023 FINANCIAL REVIEW During the year under review the charitVs total funds increased from £1,429.016 to £1,438,199 {2022 increased from £1,385,249 to £1,429,016). The breakdown of this change can be seen on the statement of financial activities. In the course of the year, the major restorations of the Abbey church and estate have continued, with particular focus on public access, health and safety, and conservation of the considerable historic patrimony. These works, for which considerable assistance comes from another Trust, is likely to continue across the next couple of years. RISK MANAGEMENT The Trustees have examined the major strategic business and operational risks to which the Trust exposed, and confirm that systems have been established to mitigate those risks to which the Trust is exposed, and confirm that systems have been established to mitigate those risks are reviewed from time to time. The Trustees have identified the maintenance of the income stream as a potential risk to the charity. This, together with the close control of costs, is a matter which receives the trustees close attention. INDEPENDENT EXAMINER Simon Howell FCCA, of TC Group has been re-appointed as independent examinerfor the ensuing year. ned behalf of the trustees on St. Michael's Abbey 280 Farnborough Road Farnborough Hampshire GU14 7NQ Rt Rev. D. C. Brogan OSB Chairman INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF EMPRESS EUGENIE MEMORIAL TRUST YEAR ENDED 31 DECEMBER 2023 I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 December 2023 which are set out on pages 5 - 13. RESPONSIBILMES AND BASIS OF REPORT As the charity's trustees 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 chariV5 accounts carried out under section 145 of the 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 rne cause to believe that in any material respect: accounting records were not kept in respect of the charity 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 Reports} Regulations 2Th)8 other than any requirement that the accounts give a 'true and fair Vie￿ 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. Simon Howell FCCA, of TC Group Independent examiner The Granary Hones Yard Waverley Lane Farnham GU9 8B8 Dated.. EMPRESS EUGENIE MEMORIAL TRUST STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 DECEMBER 2023 Unrestricted Restricted Total Funds Total Funds Funds Funds 2023 2022 Note INCOMEAND ENDOWMENTS FROM: Donations and legacies Charitable activities Investments 25,706 116,500 221 25.706 116,500 221 77,047 116,500 34 Other 9,753 9,753 6,396 TOTAL INCOME 152,180 152.180 200,517 EXPENDITURE ON: Charitable activities 1109,037) 133,960) {142,997) 1156,750) TOTAL EXPENDITURE 1109,037) 133,960) {142,997) 1156,750) NET INCOME/IEXPENDITURE) 43,143 (33,960) 9,183 43,767 RECONCILIATION OF FUNDS: Total funds brought forward 1,395,056 33,960 1,429,016 1,385,249 TOTAL FUNDS CARRIED FORWARD 1,438.199 1,438,199 1,429,016 The Statement of Financial Activities includes all gains and losses in the year and therefore a statement of total recognised gains and losses has not been prepared. All of the above amounts relate to continuing activities. The notes on pages 7 to 13 form part of these financial statements. EMPRESS EUGENIE MEMORIAL TRUST BALANCE SHEET 31 DECEMBER 2023 2023 2022 Note FIXED ASSETS Tangible assets 14 1,290.047 1,294,564 CURRENT ASSErs Debtors Cash at bank 15 208,926 37,634 178,581 67,533 246,560 (82,561) 246,114 192,0521 CREDITORS: Amounts falllng due wlthln one year 16 NET CURRENT LIABILITIES 163,999 154,062 TOTAL ASSETS LESS CURRENT LIABILITIES 1,454,046 1,448,626 CREDITORS: Amounts falling due after more than one year 17 {15.8471 (19,6101 NET ASSETS 1,438,199 1,429,016 FUNDS Restricted Funds Unrestricted Funds 18 33,960 1,395,056 18 1,438.199 TOTAL FUNDS 1,438,199 1,429,016 These financial statements were approved by the members of the committee and authorised for issue on the ...... 2025 and are signed on their behalf by: Rt Rev. D. C. Brogan OSB Chairman The notes on pages 7 to 13 form part of these financlal statements. EMPRESS EUGENIE MEMORIAL TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POLICIES Basis of accounting The accounts (financial statements) have been prepared underthe historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notelsl to these accounts. The financial statements have been prepared in accordance with the second edition of the Charities: Statement of Recommended Practice issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021 and the Charities Act 2011. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £. Empress Eugenie Memorial Trust meets the definition of a public benefit entity under FRS 102. The trustees consider that there are no material uncertainties about the charitWs ability to continue as a going concern. Fund accountlng Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Designated funds are unrestricted funds of the charity which the Trustees have decided at their discretion to set aside for a specific purpose. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. Income Rents and domestic income are all accounted for when receivable. Donations and legacy income is recognised in the accounts when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy. Expenditure Expenditure is accounted for on an accruals basis, inclusive of irrecoverable VAT. Fixed a55ets and depreciation All fixed assets are initially recorded at cost. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, overthe useful economic life of that asset as follows.. Fixtures & equipment Motor vehicles 25% reducing balance 25% reducing balance The freehold properties are stated at the open market valuation at April 1993, except for the acquisition in 2006 which is stated at cost. No depreciation is provided. EMPRESS EUGENIE MEMORIAL TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POLICIES (continued) Cash and cash equivalents Cash and cash equivalents include cash in hand and deposits held at call with banks. INCOME FROM DONATIONS AND LEGACIES Unrestricted Unrestrirted Total Funds Total Funds Funds Funds 2023 2022 Guest donations Other donations Gift aid 100 23.386 2,220 loo 23,386 2,220 3,697 69,310 4,039 25,706 25,706 77,047 Income from donations and legacies was £25,706 {2022 £77,047) of which £nil 12022 £53,960) was attributable to restricted and £25,706 12022 - £23,087) was attributable to unrestricted funds. INCOME FROM CHARITABLE ACTIVITIES Unrestrlcted Total Funds Total Funds Funds 2023 2022 Rental income Abbey House, Farnborough St Michael's Abbey 104,500 12,000 104,500 12,000 104,500 12,000 116,500 116,500 116,SOO INVESTMENT INCOME Unrestrlrted Total Funds Total Funds Funds 2023 2022 Bank interest receivable 221 221 34 OTHER INCOME Unrestricted Total Funds Total Funds Funds 2023 2022 Other income Allotment fees 2,500 7,253 2.500 7,253 6,936 9,753 9,753 6,936 EMPRESS EUGENIE MEMORIAL TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023 EXPENDITURE ON CHARITABLE ACTIVITIES Activities Management undertaken and Total Funds Total Funds directly administration 2023 2022 Management and administration Charitable activities 43,415 43,415 99,582 47,255 109,495 99,582 99,582 43,415 142.997 156,750 Expenditure on charitable activities was £142,997 {2022 - £156,750) of which £33,960 (2022 - £24,815) was attributable to restricted and £109,03712022 £131,935} was attributable to unrestricted funds. CHARITABLE ACTIVITIES 2023 2022 Wages Household provisions Light and heat Repairs and renewals Church and sacristy Estate costs 25,499 6,265 23,797 5,991 33,960 4,070 24,583 7,003 35,095 22,007 20,000 807 99,582 109,495 MANAGEMENT AND ADMINISTRATION 2023 2022 Insurance Travel costs Subscriptions Telephone Sundry expenses Legal and professional fees Independent examiners fees Bank charges Depreciation 30,022 1,302 3,413 1,207 475 33,429 1,225 2,732 1,061 35 2,220 531 6,021 2.220 259 4,517 43,415 47,255 EMPRESS EUGENIE MEMORIAL TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023 NET INCOME FOR THE YEAR This is stated after charging: 2023 2022 Depreciation 4,517 6,021 10. STAFF COSTS AND EMOLUMENTS Total staff costs were as follows: 2023 2022 Wages and salaries 25,499 24,583 Particulars of employees: The average number of employees during the year, calculated on the basis of full-time equivalents, was as follows: 2023 2022 No Number of administrative staff No employee received remuneration of more than £60,000 during the year (2022 - nill. 11. TRUSTEE REMUNERATION No trustees received remuneration during the year (2022 - nil). No trustees received any other benefits from the charity during the year {2022- nil). 12. PARTICULARS OF CONNEcfED CHARITIES Empress Eugenie Memorial Trust is associated with St Michael's Abbey Charitable Trust. Both charities share the same contact address as disclosed on page l of these accounts. Included within other creditors at 31 December 2023 is £52,691 {2022 £59,194) due to St Michael's Abbey Charitable Trust. 13. RELATED PARTY TRANSAcfioNS The Trust own the entire share capital of Saint Michael's Abbey Press Limited. Included within debtors at 31 December 2023 is £182,98412022- £156,027) due from Saint Michael's Abbey Press Limited. -io- EMPRESS EUGENIE MEMORIAL TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023 14. TANGIBLE FIXED ASSETS Freehold Fixtures & property Equipment Motor Vehicles Total COST At l January 2023 Additions 1,276,500 106,076 28,127 1,410,703 At 31 December 2023 1,276.500 106,076 28.127 1,410,703 DEPRECIATION At l January 2023 Charge for the year 105,811 67 10,328 4,450 116,139 4,517 At 31 December 2023 105,878 14,778 120,656 NET BOOK VALUE At 31 December 2023 1.276,500 198 13,349 1,290,047 At 31 December 20221 1,276,500 265 17,799 1,294,564 The properties, with exception of 25 Abbey Way purchased in 2006, are stated at open market value as valued by A P Bell FRICS of Redwoods (formerly Kinghamsl, Aldershot in April 1993. The current insurance value of all the above properties is approximately £20.3 million12022 £20.3 Million). 15. DEBTORS 2023 2022 Saint Michaels Abbey Press Limited Other debtors 182,984 25,942 156,027 22,554 208,926 178,581 16. CREDITORS: Amounts falling due within one year 2023 2022 Trade creditors Other creditors 18,470 64,091 17,946 74,106 82,691 92,052 li- EMPRESS EUGENIE MEMORIAL TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023 17. CREDITORS: Amounts falling due after one year 2023 2022 Hire Purchase 15,847 19,610 18. ANALYSIS OF CHARITABLE FUNDS Analysis of movement in unrestricted funds Balance at I Jan 23 Incoming resources Expenditure Balance at 31 Dec 23 Designated funds Charitable activities 10,072 1.384.984 10,072 1109.037) 1,428,127 1109,037) 1,438,199 152,180 1,395,056 152,180 Analysis of movement In unrestrirted funds- previous year Balance at I Incomlng Jan 22 resources Expenditure Balance at 31 Dec 22 Designated funds Charitable activities 10,072 1,370,362 10.072 {131,935) 1,384,984 {131,935) 1,395,056 146,557 1,380,434 146,557 Analysis of movement in restricted funds Balance at I Jan 23 Incoming resources Expenditure Balance at 31 Dec 23 Church Pew restoration 33,960 (33.960) 33,960 (33.960) The Restricted funds are available for future expenditure in relation to specific activities a nd projects that the charity will undertake. Analysls of movement In restricted fund5- previous year Balance at I Incoming Jan 22 resources Expenditure Balance at 31 Dec 22 Church Pew restoration Emergency roof replacement 53,960 {20,000) (4.8151 33,960 4,815 4,815 53,960 (24,815) 33.960 -12- EMPRESS EUGENIE MEMORIAL TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023 19. ANALYSIS OF NEf ASSETS BETWEEN FUNDS Unrestricted funds Designated funds Restricted funds Total Tangible asset5 Current assets Cash at bank and in hand Current liabilities 1.290,047 198,854 37,634 198,408) 1,290,047 208,926 37,634 (98,408) 10,072 Total Funds 1.428.127 10.072 1,438,199 ANALYSIS OF NET ASSETS BETWEEN FUNDS- previous year Unrestrlcted funds Designated funds Restrirted funds Total Tangible assets Current assets Cash at bank and in hand Current liabilities 1.294,564 168,509 33,573 (111,662) 1,294,564 178,581 67,533 1111,6621 10,072 33,960 Total Funds 1,384,984 10,072 33,960 1,429,016 -13- EMPRESS EUGENIE MEMORIAL TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Charity Number 240701 BUSINESS ADVISORS & ACCOUNTANTS The Granary Hones Yard Waverley Lane Farnharn Surrey GU9 88B EMPRESS EUGENIE MEMORIAL TRUST FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023 CONTENTS PAGE Trustees Annual Report Independent examiner's report to the trustees Statement of financial activities Balance sheet Notes to the financial statement5 7-13 EMPRESS EUGENIE MEMORIAL TRUST TRUSTEES ANNUAL REPORT YEAR ENDED 31 DECEMBER 2023 The trustees present their report and the unaudited financial statements of the charity for the year ended 31 December 2023. REFERENCE AND ADMINISTRATIVE DEfAILS Registered charity name Empress Eugenie Memorial Trust Charity registration number 240701 St. Michaels Abbev 280 Farnborough Road Farnborough Hampshire GU14 7NQ The trustees The trustees who served the charity during the period were as follows: Rt Rev. D. C. Brogan OSB Mrj. Bogle Esq Rev. N. T. Harper OSB Rev. T. Vician OSB Rev. M. D. Mycka OSB Bankers The Royal Bank of Scotland plc Lawrie House Victoria Road Farnborough Hampshire GU14 7NR Sollcltors Irwin Mitchell Oxford House 12-20 Oxford Street Newbury Berkshire RG14 IJB Independent examiner Mr S. P. F. Howell FCCA TC Group The Granary Hones Yard Waverley Lane Farnham Surrey GU9 8BB EMPRESS EUGENIE MEMORIAL TRUST TRUSTEES ANNUAL REPORT YEAR ENDED 31 DECEMBER 2023 The Trust Deed was established by an indenture dated 24 April 1888 which is subject to schemes directed by the Charity Commissioner in 1963 and 1965, registered number 240701. Details of Trustees are shown on the previous page. The Trust maintains the Church, Monastery and Land and the Resident Religious Community on the Slte of St Michael's Abbey, Farnborough. Assets are held for general administration and every day living of the Community. The Empress Eugenie Memorial Trust is associated with St Michael's Abbey Charitable Trust and both charities share the same contact address as disclosed on the previous page. The Trust Deed requires five Trustees. The chair of Tru5tee5 is responsible for the induction of any new Trustee which involves awareness of a Trustee's responsibilities, the governing document, administrative procedures and history of the charity. A new Trustee would receive a copy of the previous year's annual report and accounts and a copy of the Charity Commission leaflet'The Essential Trustee: What you need to know,. The Trustees meet formally at least once per year, with additional meetings as need may arise, under the chairmanship of the Abbot of the resident religious community. In addition to the formal meetings of the Trustees to examine the progress of the accounts, to approve them, and for decision-making, a high level of communication between Trustees is ensured by the fact that three of the five Trustees live at the Abbey and therefore maintain day-to-day running of affairs, as well as consultation with the non-resident Trustees. The Trust is registered with HM Revenue and Customs as charity with tax exempt status. PUBLIC BENEFIT The trustees are mindful of the need for the charity to demonstrate that it provides public benefit and they have had regard to the general guidance on the provision of public benefit published by the Charity Commission. OBJEcfivES AND ACTIVITIES The upkeep of St Michael's Abbey, Farnborough and the support of the Resident religious Community has continued throughout the year. The objects of the Trust are advancement of religion from the use of the Trusts premises as a place of divine worship, and for the celebration of religious services according to the rites and usages of the Roman Catholic Church. ACHIEVEMENTS AND PERFORMANCE The Trustees are continuing with their efforts on the security and good stewardship of the extensive land in the Trusts care, whilst also working with the local community on projects that increase both security and good working relationships, as well as generating a small revenue. The Trustees continue to encourage development of the Abbey Press and other methods of increasing the Trusts regular income. EMPRESS EUGENIE MEMORIAL TRUST TRUSTEES ANNUAL REPORT YEAR ENDED 31 DECEMBER 2023 FINANCIAL REVIEW During the year under review the charitws total funds increased from £1,429,016 to £1,438,199 {2022 increased from £1,385,249 to £1,429,016). The breakdown of this change can be seen on the statement of financial activities. In the course of the year, the major restorations of the Abbey church and estate have continued, with particular focus on public access, health and safety, and conservation of the considerable historic patrimony. These works, for which considerable assistance comes from another Trust, is likely to continue across the next couple of years. RISK MANAGEMENT The Trustees have examined the major strategic business and operational risks to which the Trust exposed, and confirm that systems have been established to mitigate those risks to which the Trust is exposed, and confirm that systems have been established to mitigate those risks are reviewed from time to time. The Trustees have identified the maintenance of the income stream as a potential risk to the charity. This, together with the close control of costs, is a matter which receives the trustees close attention. INDEPENDENT EXAMINER Simon Howell FCCA, of TC Group has been re-appointed as independent examinerforthe ensuing year. Signed on behalf of the trustees on 2025 by St. Michael's Abbev 280 Farnborough Road Farnborough Hampshire GU14 7NQ Rt Rev. O. C. Brogan OSB Chairman INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF EMPRESS EUGENIE MEMORIAL TRUST YEAR ENDED 31 DECEMBER 2023 I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 December 2023 which are set out on pages 5- 13. RESPONSIBILITIES AND BASIS OF REPORT As the charity's trustees 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 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under Section 14515)(bl 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 charity 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 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. Simon Howell FCCA, of TC Group Independent examiner The Granary Hones Yard Waverley Lane Farnham GU9 8BB Dated: EMPRESS EUGENIE MEMORIAL TRUST STATEMENT OF FINANCIAL AcfiviTIES YEAR ENDED 31 DECEMBER 2023 Unrestricted Restricted Total Funds Total Funds Funds Funds 2023 2022 Note INCOME AND ENDOWMENTS FROM: Donations and legacies Charitable activities Investments 25.706 116,500 221 25.706 116,500 221 77,047 116,500 34 6,396 Other 9,753 9,753 TOTAL INCOME 152,180 152,180 200,517 EXPENDITURE ON: Charitable activities (109,037) 133,960) {142,997} 1156,7501 TOTAL EXPENDITURE (109,037) 133,960) {142,997) 1156,7501 43,767 NET INCOME/(EXPENDITURE) 43,143 133,960) 9,183 RECONCILIATION OF FUNDS: Total funds brought forward 1,395,056 33,960 1,429,016 1,385,249 TOTAL FUNDS CARRIED FORWARD 1,438,199 1,438,199 1,429,016 The Statement of Financial Activities includes all gain5 and losses in the year and therefore a statement of total recognised gains and losses has not been prepared. All of the above amounts relate to continuing activities. The note5 on pa8es 7 to 13 form part of these financial ststements. EMPRESS EUGENIE MEMORIAL TRUST BALANCE SHEET 31 DECEMBER 2023 2023 2022 Note FIXED ASSETS Tangible assets 14 1,290,047 1,294,564 CURRENT ASs￿s Debtors Cash at bank Is 208,926 37,634 178,581 67,533 246,560 (82,561) 246,114 192,0521 CREDITORS: Amounts falling due within one year 16 NET CURRENT LIABILITIES 163,999 154,062 TOTAL ASSETS LESS CURRENT LIABILITIES 1,454.046 1,448,626 CREDITORS: Amounts falling due after more than one year 17 (15,847) 119,6101 NET ASSETS 1,438,199 1,429,016 FUNDS Restricted Funds Unrestricted Funds 18 18 33,960 1,395,056 1,438,199 TOTAL FUNDS 1,438,199 1,429,016 These financial statements were approved by the members of the committee and authorised for issue on the .....,.. 2025 and are signed on their behalf by: Rt Rev. D. C. Brogan OSB Chairman The notes on pages 7 to 13 forni part of these financial statements. EMPRESS EUGENIE MEMORIAL TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POLICIES Basis of accounting The accounts (financial statements} have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note{sl to these accounts. The financial statements have been prepared in accordance with the second edition of the Charities: Statement of Recommended Practice issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102} and the Charities Act 2011. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £. Empress Eugenie Memorial Trust meets the definition of a public benefit entity under FRS 102. The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern. Fund accounting Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Designated funds are unrestricted funds of the charity which the Trustees have decided at their discretion to set aside for a specific purpose. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. Income Rents and domestic income are all accounted for when receivable. Donations and legacy income is recognised in the accounts when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy. Expenditure Expenditure is accounted for on an accruals basis, inclusive of irrecoverable VAT. Fixed assets and depreciation All fixed assets are initially recorded at cost. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, overthe useful economic life of that asset as follows- Fixtures & equipment Motor vehicles 25% reducing balance 25% reducing balance The freehold properties are stated at the open market valuation at April 1993, except for the 3CqUlSition in 2006 which is stated at cost. No depreciation is provided. EMPRESS EUGENIE MEMORIAL TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POLICIES (contlnued) Cash and cash equivalents Cash and cash equivalents include cash in hand and deposits held at call with banks. INCOME FROM DONATIONS AND LEGACIES Unrestrirted Unrestricted Total Funds Total Funds Funds Funds 2023 2022 Guest donations Other donations Gift aid 100 23,386 2,220 100 23,386 2,220 3,697 69,310 4,039 25,706 25,706 77,047 Income from donations and legacies was £25,706 (2022 £77,047) of which £nil 12022 £53,960) was attributable to restricted and £25,706 12022 - £23,087} was attributable to unrestricted funds. INCOME FROM CHARITABLE ACTIVITIES Unrestricted Total Funds Total Funds Funds 2023 2022 Rental income Abbey House, Farnborough St Michael's Abbey 104.500 12.000 104,5(10 12,000 104,500 12,000 116,5(10 116,500 116,500 INVESTMENT INCOME Unrestrlcted Total Funds Total Funds Funds 2023 2022 Bank interest receivable 221 221 34 OTHER INCOME Unrestricted Total Funds Total Funds Funds 2023 2022 Other income Allotment fees 2,500 7,253 2,500 7,253 6,936 9.753 9,753 6,936 EMPRESS EUGENIE MEMORIAL TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023 EXPENDITURE ON CHARITABLE AcfiviTIES Activities Management undertaken and Total Funds Total Funds directly administration 2023 2022 Management and administration Charitable activities 43,415 43,415 99,582 47,255 109,495 99,582 99,582 43,415 142,997 156,750 Expenditure on charitable activities was £142,997 (2022 £156,750) of which £33,96012022 - £24,815) was attributable to restricted and £109,037 (2022 £131,935) was attributable to unrestricted funds. CHARITABLE ACTIVITIES 2023 2022 Wages Household provisions Light and heat Repairs and renewals Church and sacristy Estate costs 25,499 6,265 23.797 5,991 33,960 4,070 24,583 7,003 35,095 22,007 20,000 807 99,582 109,495 MANAGEMENT AND ADMINISTRATION 2023 2022 Insurance Travel costs Subscriptions Telephone Sundry expenses Lega l and professional fees Independent examiners fees Bank charges Depreciation 30,022 1,302 3,413 1,207 475 33,429 1,225 2,732 1,061 35 2,220 531 6,021 2,220 259 4,517 43,415 47,255 EMPRESS EUGENIE MEMORIAL TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023 NET INCOME FOR THE YEAR This is stated after charging: 2023 2022 Depreciation 4,517 6,021 10. STAFF COSTS AND EMOLUMENTS Total staff costs were as follows: 2023 2022 Wages and salaries 25,499 24,583 Particulars of employees: The average number of employees during the year, calculated on the basis of full-time equivalents, was as follows: 2023 No 2022 Number of administrative staff No employee received remuneration of more than £60,000 during the year {2022 - nill. 11. TRUSTEE REMUNERATION No trustees received remuneration during the year (2022 - nill. No trustees received any other benefits from the charity during the year {2022- nil). 12. PARTICULARS OF CONNEcfED CHARITIES Empress Eugenie Memorial Trust is associated with St Michael's Abbey Charitable Trust. Both charities share the same contact address as disclosed on page l of these accounts. Included within other creditors at 31 December 2023 is £52,691 (2022 £59,194} due to St Michael's Abbey Charitable Trust. 13. RELATED PARTY TRANSAcfioNS The Trust own the entire share capital of Saint Michael's Abbey Press Limited. Included within debtors at 31 December 2023 is £182,98412022- £156,027) due from Saint Michael's Abbey Press Limited. -io- EMPRESS EUGENIE MEMORIAL TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023 14. TANGIBLE FIXED ASSETS Freehold Fixtures & property Equipment Motor Vehicles Total COST At l January 2023 Additions 1.276,500 106,076 28,127 1,410,703 At 31 December 2023 1.276,500 106,076 28,127 1,410,703 DEPRECIATION At l January 2023 Charge for the year 105,811 67 10.328 4.450 116,139 4.517 At 31 December 2023 105,878 14,778 120.656 NET BOOK VALUE At 31 December 2023 1,276,500 198 13,349 1,290,047 At 31 December 20221 1,276,500 265 17,799 1,294,564 The properties, with exception of 25 Abbey Way purchased in 2006, are stated at open market value as valued by A P Bell FRICS of Redwoods (formerly Kinghamsl, Aldershot in April 1993. The current insurance value of all the above properties is approximately £20.3 million {2022 £20.3 million). 15. DEBTORS 2023 2022 Saint Michaels Abbey Press Limited Other debtors 182,984 25,942 156,027 22,554 208.926 178,581 16. CREDITORS: Amounts falling due within one year 2023 2022 Trade creditors Other creditors 18,470 64.091 17,946 74,106 82,691 92,052 li- EMPRESS EUGENIE MEMORIAL TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023 17. CREDITORS: Amounts falling due after one year 2023 2022 Hire Purchase 15.847 19,610 18. ANALYSIS OF CHARITABLE FUNDS Analysis of movement in unrestricted funds Balance at I Jan 23 Incoming resources Expenditure Balance at 31 Dec 23 Designated funds Charitable activities 10,072 1,384.984 10,072 (109,037) 1,428,127 152,180 1,395,056 152,180 (109,037) 1,438,199 Analysls of movement in unrestricted funds- previous year Balance at I Incoming Jan 22 resources Expenditure Balance at 31 Dec 22 Designated funds Charitable activities 10,072 1,370,362 10,072 (131,9351 1,384,984 146,557 1,380,434 146,557 (131.935) 1,395,056 Analysis of movement In restrlcted funds Balance at I Jan 23 Incoming resources Expenditure Balance at 31 Dec 23 Church Pew restoration 33,960 (33,960) 33,960 133,960) The Restricted funds are available for future expenditure in relation to specific activities and projects that the charity will undertake. Analysls of movement in restricted funds- previous year Balance at I Incoming Jan 22 resources Expenditure Balance at 31 Dec 22 Church Pew restoration Emergency roof replacement 53,960 {20,000) (4,815} 33,960 4.815 4,815 53,960 {24.815) 33,960 -12- EMPRESS EUGENIE MEMORIAL TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023 19. ANALYSIS OF NET ASSETS BETWEEN FUNDS Unrestricted funds Designated funds Restricted funds Total Tangible assets Current assets Cash at bank and in hand Current liabilities 1.290.047 198,854 37,634 (98,408) 1,290,047 208,926 37,634 (98,408) 10,072 Total Funds 1,428,127 10,072 1,438,199 ANALYSIS OF NET ASSETS BETWEEN FUNDS- previous year Unrestricted funds Designated funds Restrlcted funds Total Tangible assets Current assets Cash at bank and in hand Current liabilities 1,294,564 168.509 33,573 (111,662) 1,294,564 178,581 67,533 (111,662) 10,072 33,960 Total Funds 1,384.984 10,072 33,960 1,429,016 -13- Empress Eugenie Memorial Trust St. Michaels Abbey 280 Farnborough Road Farnborough Hampshire GU14 7NQ TC Group The Granary Hones Yard I Waverley Lane Farnham Surrey GU9 8BB Dear Sirs LETTER OF REPRESENTATION We confirm that the following representations are made on the basis of enquiries of management and staff with relevant knowledge and experience land, where appropriate, of inspection of the supporting documentation) sufficient to satisfy ourselves that we can properly make each of the following representations to you in connection with your independent examination on the financial statements of the charity for the year ended 31st December 2023: We acknowledge that the work performed by you is substantially less in scope than an audit performed in accordance with Auditing Standards and that you do not express an audit opinion. We confirm that the charity was entitled to exemption under section 144 of the Charities Act 2011 from the requirement to have its financial statements for the financial year ended 31st December 2023 audited. We have fulfilled our responsibilities as trustees as set out in the terms of your engagement letter dated 22nd November 2021 under the Charities Act 2011, for preparing financial statements in accordance with applicable law and United Kin8dom Accounting Standards (UK Generally Accepted Accounting Practice}, for being satisfied that they give a true and fair view. All the transactions undertaken by the charity have been properly reflected and recorded in the accounting records. All the accounting records and related financial information, including minutes of all management and trustee meetings and correspondence with The Charity Commission have been made available to you for the purpose of your work. The charity has satisfactory title to all assets and there are no liens or encumbrances on the charity's assets, except for those that are disclosed as applicable in the notes to the financial statements. All actual liabilitie5 have been recorded or disclosed as applicable. Empress Eugenie Memorial Trust Letter of Representation for the year ended 31st December 2023 We have no plans or intentions that may materially alter the carrying value and where relevant the fair value measurements or classification of assets and liabilities reflected in the financial statements. The charity has not granted any advances or credits to, or made guarantees on behalf of trustees, other than those disclosed in the financial statements. io. We have disclosed to you all known instances of non-compliance or suspected non- compliance with laws and regulations whose effects should be considered when preparing the financial statements. ii. We confirm that there were no transactions with related parties of the charity or amounts due to or from related parties at the balance sheet date, which are required to be disclosed in the financial statements other than those. which are detailed in the notes to the financial statements. We are not aware of any other matters which require disclosure in order to comply with the requirements of charity law or accounting standards. 12. All events subsequent to the date of the financial statements which require adjustment or disclosure have been properly accounted for and disclosed as applicable. 13. We believe that the charity's financial statements should be prepared on a going concern basis on the grounds that current and future sources of funding or Support will be more than adequate for the charity's needs. We believe that no further disclosures relating to the charity's ability to continue as a going concern need to be made in the financial statements. 14. All 8rants, donations and other income, the receipt of which is subject to specific terms or conditions, have been notified to you. There have been no breaches of terms or conditions in the application of such income. 15. We confirm that the schedule of restricted funds (below) is accurate and includes no Sl8nificant omissions: Balance at I Jan 23 Incoming resources Balance at 31 Dec 23 Expenditure Church Pew restoration 33,960 (33,960) Yours faithfully Signed on behalf of the board of trustees: Date: Charity no.: 240701