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2024-12-31-accounts

ST MICHAEL'S ABBEY CHARITABLE TRUST

FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 DECEMBER 2024

Charity Number 326241

ST MICHAEL'S ABBEY CHARITABLE TRUST

FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2024

CONTENTS PAGE
Trustees Annual Report 1 – 6
Independent auditor's report to the trustees 7 – 9
Statement of financial activities 10
Balance sheet 11
Cash flow statement 12
Notes to the financial statements 13 - 19

ST MICHAEL'S ABBEY CHARITABLE TRUST TRUSTEES ANNUAL REPORT YEAR ENDED 31 DECEMBER 2024

The trustees present their report and the financial statements of the charity for the year ended 31 December 2024.

REFERENCE AND ADMINISTRATIVE DETAILS

St Michael's Abbey Charitable Trust

Registered charity name Charity registration number 326241 St. Michael's Abbey 280 Farnborough Road Farnborough Hampshire GU14 7NQ

The trustees

The trustees who served the charity during the period and up to the date of this report were as follows:

Rt Rev. D. C. Brogan OSB Rev N. T. Harper OSB Rev. M. D. Mycka OSB Bankers The Royal Bank of Scotland plc Lawrie House Victoria Road Farnborough Hampshire GU14 7NR Solicitors Irwin Mitchell Davidson House Forbury Square Reading Berkshire RG1 3EU Auditors Buzzacott Audit LLP 130 Wood Street London EC2V 6DL

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ST MICHAEL'S ABBEY CHARITABLE TRUST TRUSTEES ANNUAL REPORT YEAR ENDED 31 DECEMBER 2024

STATUTORY ADMINISTRATIVE DETAILS

The Trust was established by a Trust Deed dated 15 November 1982 with registered charity number 326241.

Details of Trustees are shown on page 1.

The Trusts principal activity is to fund the Charitable Works of the Community of Benedictine Monks now established at St Michaels Abbey, Farnborough.

The St Michaels Abbey Charitable Trust is connected with the Empress Eugenie Memorial Trust. Both charities share the same contact address as disclosed on page 1 of these accounts. As detailed in note Error! Reference source not found. , there are outstanding balances between the two charities, and the subsidiary of Empress Eugenie Memorial Trust, at year end. Empress Eugenie Memorial Trust maintains the church, monastery and land on behalf of the community and as such conflicts of interest are managed with this in mind.

The Trust Deed requires three Trustees. The chair of Trustees is responsible for the induction of any new Trustee which involves awareness of a Trustees responsibilities, the governing document, administrative procedures and history of the charity. A new Trustee would receive a copy of the previous years 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 a 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 all three present trustees live at the Abbey and therefore maintain responsibility for the day-to-day running of affairs.

The trustees are ultimately responsible for the policies, activities and assets of the charity. When necessary, they seek advice and support from the charity’s professional advisers, including solicitors and accountants.

The Trust is registered with H M Revenue & Customs as a 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.

OBJECTIVES AND ACTIVITIES

The trustees aim to use the assets of the charity, for the advancement of the Roman Catholic religion – primarily by carrying out religious and other charitable work for the purpose of the advancement of the Roman Catholic religion, and by supporting the monastic community at St Michael’s Abbey, Farnborough.

The principal activity of the charity is to fund the charitable works of the Community of Benedictine Monks at St Michael’s Abbey, Farnborough. These activities include the maintenance and restoration of

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ST MICHAEL'S ABBEY CHARITABLE TRUST TRUSTEES ANNUAL REPORT YEAR ENDED 31 DECEMBER 2024

the historic Grade One and Grade Two Listed Buildings of the Abbey estate, the support of the monastic community’s ministry, and the advancement of the Roman Catholic religion more broadly.

Assets are purchased as required to benefit the running of the charity in meeting its objectives. The charity has continued to meet its objectives during the year.

FUNDRAISING STATEMENT

The charity aims to achieve best practice in the way in which it communicates with donors and other supporters. It protects donors’ data and never sells data, never swaps data, and ensures that communication preferences can be changed at any time. The charity does not employ the services of professional fundraisers. The charity undertakes to react to and investigate any complaints regarding its approach to those who give it money and to learn from them. During the year, the charity received no such complaints.

ACHIEVEMENTS AND PERFORMANCE

The trustees keep always under review both past achievements of the Trust and their ability to adapt these in accord with the needs of the present time and the reasonably anticipated future, all within the framework of the trustees’ principal and primary role as the custodial community for the Empress Eugenie Memorial Trust.

In addition to the continued support for the work of the monastic community, in the course of this year, major restorations of the abbey church and estate continued, with particular focus on public access, health and safety, and conservation of the considerable historic patrimony of the site. During the year, the charity received further significant donations from St Mary’s Priory Fernham Residual Fund in support of these projects.

The works are expected to be completed during 2026 and will be supported by the continuing assistance from St Mary’s Priory Fernham Residual Fund. The restoration projects include provision for improved public access, health and safety measures, heating and lighting, and equipment to enable the live-streaming of the liturgical offices, thereby extending public access to the daily round of monastic worship.

The Trustees much regret the uncharacteristic late filing of the annual accounts and report. The resignation due to health and personal circumstances of the trusts' bookkeeper much delayed the preparation of the annual accounts. This financial period was also marked by significantly increased financial activity because of the aforementioned considerable grants secured for the restoration of the monastic historic buildings. The activity of the Trust in this period was enough to require an audit rather than the usual independent examiner’s report. The Trust's usual accountant was unable to carry out this work and so the Trustees prudentially employed the services of Buzzacott to conduct a full audit of the accounts.

FUTURE PLANS

It is not anticipated that there will be any significant changes to the charity’s activities in the forthcoming year. The major restoration works at St Michael’s Abbey are expected to reach completion in 2026, and the trustees will continue to support the monastic community’s ministry and the advancement of the Roman Catholic religion in accordance with the Trust’s objects.

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ST MICHAEL'S ABBEY CHARITABLE TRUST TRUSTEES ANNUAL REPORT YEAR ENDED 31 DECEMBER 2024

The trustees will pay due heed to the impact of the current macroeconomic and geopolitical environment, both socially and economically, and will continue to work towards the good stewardship of the funds they hold for the present and future beneficiaries of the Trust.

FINANCIAL REVIEW

Income for the year was £1,611,421 (2023 – 1,953,753). Income comprised donations of £1,598,041 (2023 - 1,935,319) of which £1,326,127 (2023 - £1,135,810) came from St Mary’s Priory for works to the abbey, and other restricted purposes. Income from other charitable activities was £12,756 (2023 - £16,660), profit on sale of assets was £nil (2023 - £1,453), and investment income was £624 (2023 - £321).

Expenditure for the year was £1,770,856 in total compared to £2,909,197 in 2023. This includes £ 121,714 (2023 - £80,837) on care of the community. £nil (2023 - £55,597) was donated to Prinknash Abbey for a feasibility study in relation to development on the property. Repairs to the Abbey cost £1,418,460 in the year against £2,683,106 in 2023.

During the year under review the total value of the Charity's Funds decreased from £706,409 to £546,974 (2023 - decreased from £1,663,497 to £706,409).

In the course of this year, major restorations of the abbey church and estate continued, with particular focus on public access, health and safety, and conservation of the considerable historic patrimony. During the year, the charity received further significant donations from St Mary’s Priory Fernham Residual Fund. The works are expected to be completed during 2026 and these will be supported by the continuing assistance from St Mary’s Priory Fernham Residual Fund.

RESERVES POLICY

The trustees have examined the requirement for free reserves i.e. those unrestricted funds not invested in tangible fixed assets, heritage assets, designated for specific purposes or otherwise committed.

The trustees consider that, given the nature of the charity’s work, the level of free reserves should be sufficient to meet annual expenditure on the care of the community and support costs.

The trustees are of the opinion that this provides sufficient flexibility, provides adequate working capital to cover core costs, and will allow the charity to cope and respond to changes in the arrangements for the care of the Community.

The balance sheet shows funds of £546,974 (2023 – £706,409) of which £ 85,638 (2023 – £239,651) are restricted funds and negative £96,283 (2023 – £18,665) are free reserves that can be realised without selling tangible fixed assets or heritage assets. This represents negative 7 months (2023 – 2 months) of expenditure relating to the living costs of the community which totalled £155,418 (2023 - £106,127) in the year.

Whilst this is below the reserves policy, the trustees foresee that funds will be available to meet obligations in the future. In order to return the reserves to a satisfactory position the trustees have implemented cost saving measures where possible and, with the works at the Abbey working towards completion, costs in relation to this coming from unrestricted funds are also expected to fall allowing additional resources to be committed to the congregation.

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ST MICHAEL'S ABBEY CHARITABLE TRUST TRUSTEES ANNUAL REPORT YEAR ENDED 31 DECEMBER 2024

KEY MANAGEMENT PERSONNEL

The trustees consider that they comprise the key management of the charity in charge of directing and controlling, running and operating the charity on a day-to-day basis.

No trustees received remuneration in connection with their duties as a trustee (2022: none). No trustees received reimbursement for travel expenses in the year (2022: £nil).

RISK MANAGEMENT

In line with the requirement for trustees to undertake a risk assessment exercise and report on the same in their annual report, the trustees have looked at the risks the charity currently faces and have reviewed the measures already in place, or needing to be put in place, to deal with them.

The key risks for the charity, as identified by the trustees, include:

Having assessed the major risks to which the charity is exposed, the trustees believe that by monitoring reserve levels, by ensuring controls exist over key financial systems, and by examining the operational and business risks faced by the charity, they have established effective systems to mitigate those risks.

RESPONSIBILITIES OF THE TRUSTEES

The trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Charity law 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 (including the income and expenditure) of the charity for that period. In preparing those financial statements, the trustees are required to:

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ST MICHAEL'S ABBEY CHARITABLE TRUST TRUSTEES ANNUAL REPORT YEAR ENDED 31 DECEMBER 2024

The trustees are responsible for keeping adequate 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 Charities (Accounts and Reports) regulation 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and for taking reasonable steps for the prevention and detection of fraud and other irregularities.

----- Start of picture text -----
Signed on behalf of the trustees on
… ......................... by
Rt Rev. D. C. Brogan OSB
Chairman
----- End of picture text -----

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INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF ST MICHAEL’S ABBEY CHARITABLE TRUST

Opinion

We have audited the financial statements of St Michael’s Abbey Charitable Trust (the ‘charity’) for the year ended 31 December 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the accounts, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the accounts is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the accounts are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, including the trustees’ report, other than the accounts and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the accounts does not cover the other information and we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the accounts or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the accounts themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ report.

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INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF ST MICHAEL’S ABBEY CHARITABLE TRUST

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement, the trustees are responsible for the preparation of the accounts and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of accounts that are free from material misstatement, whether due to fraud or error.

In preparing the accounts, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the accounts as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists.

Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these accounts.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:

Extent to which the audit was considered capable of detecting irregularities, including fraud

The objectives of our audit, in respect to fraud, are: to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and its management.

Our approach was as follows:

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INDEPENDENT AUDITOR’S REPORT

TO THE TRUSTEES OF ST MICHAEL’S ABBEY CHARITABLE TRUST

Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures included: testing manual journals; reviewing the financial statement disclosures and testing to supporting documentation; performing analytical procedures; and enquiring of trustees, and were designed to provide reasonable assurance the financial statements were free from fraud or error.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of noncompliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the accounts is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Buzzacott Audit LLP

Statutory Auditor 130 Wood Street London EC2V 6DL

Date: 29 June 2026

Buzzacott Audit LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006 .

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ST MICHAEL'S ABBEY CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 DECEMBER 2024

Unrestricted Restricted Total Unrestricted Restricted Total
funds funds funds funds funds funds
2024 2024 2024 2023 2023 2023
Note £ £ £ £ £ £
INCOME AND ENDOWMENTS FROM:
Donations and legacies 2 271,914 1,326,127 1,598,041 799,509 1,135,810 1,935,319
Charitable activities 3 12,756 — 12,756 16,660 — 16,660
Investments 4 624 — 624 321 — 321
Other income 5 — — — 1,453 — 1,453
TOTAL INCOME 285,294 1,326,127 1,611,421 817,943 1,135,810 1,953,753
EXPENDITURE ON:
Costs of generating funds 2,020 — 2,020 1,644 — 1,644
Charitable activities 6 288,349 1,480,487 1,768,836 644,902 2,264,295 2,909,197
TOTAL EXPENDITURE 290,369 1,480,487 1,770,856 646,546 2,264,295 2,910,841
NET INCOME/(EXPENDITURE)
BEFORE TRANSFERS (5,075) (154,360) (159,435) 171,397 (1,128,485) (957,088)
Transfers between funds (347) 347 — — — —
NET INCOME/(EXPENDITURE) (5,422) (154,013) (159,435) 171,397 (1,128,485) (957,088)
RECONCILIATION OF FUNDS
Total funds brought forward 466,758 239,651 706,409 295,361 1,368,136 1,663,497
TOTAL FUNDS CARRIED FORWARD 461,336 85,638 546,974 466,758 239,651 706,409

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 13 to 19 form part of these financial statements

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ST MICHAEL'S ABBEY CHARITABLE TRUST BALANCE SHEET AS AT 31 DECEMBER 2024

FIXED ASSETS
Note
Tangible fixed assets
9
Heritage assets
10
CURRENT ASSETS
Debtors
11
Cash at bank and in hand
CREDITORS: Amounts falling due within one year
12
NET CURRENT ASSETS
NET ASSETS
FUNDS
Restricted Funds
13
Unrestricted Funds
TOTAL FUNDS		 2024
£
2023
£
11,093
14,843
576,386
463,110
87,533
488,154
12,680
13,679
100,213
501,833
(140,718)
(273,377)
(40,505)
228,456
546,974
706,409
85,638
239,651
461,336
466,758
546,974
706,409

These financial statements were approved by the trustees and are signed on their behalf by:

Rt Rev. D. C. Brogan OSB Chairman

Date

The notes on pages 13 to 19 form part of these financial statements

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ST MICHAEL'S ABBEY CHARITABLE TRUST FOR THE YEAR ENDED 31 DECEMBER 2024 CASH FLOW STATEMENT

Reconciliation of net (expenditure) to net cash flow from operating activities


Net income (as per the statement of financial activities)
Adjustments for:
Depreciation charges
Profit on disposal of fixed assets
Interest received
(Increase)/decrease in debtors
Increase/(decrease) in creditors)
Net cash inflow/(outflow) from operating activities
CASH FLOW STATEMENT
Cash flows from operating activities:
Net cash provided by (used in) operating activities
Cash flows from investing activities:
Interest received
Proceeds from the sale of tangible fixed assets
Payments to acquire tangible fixed assets
Payments to acquire heritage assets
Net cash provided by (used in) investing activities
Change in cash and cash equivalents in the reporting period
Cash and cash equivalents at the beginning of the period
Cash and cash equivalents at the end of the reporting period
2024
£
2023
£
(159,435)
(957,088)
3,750
156
—
(1453)
(624)
(321)
400,621
839,936
(132,659)
184,570
111,653
65,800
2024
£
2023
£
111,653
65,800
624
321
—
4,651
—
(14,999)
(113,276)
(76,915)
(112,652)
(86,942)
(999)
(21,142)
13,679
34,821
12,680
13,679

No separate statement of changes in net debt has been prepared as there is no difference between the movements in cash and cash equivalents and movement in net cash (debt).

The notes on pages 13 to 19 form part of these financial statements

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ST MICHAEL'S ABBEY CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024

1. 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(s) to these accounts. The financial statements have been prepared in accordance with the second edition of the Charities: Statement of Recommended Practice, 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 £.

St Michael’s Abbey Charitable Trust meets the definition of a public benefit entity under FRS 102.

Assessment of going concern

The trustees have assessed whether the use of the going concern assumption is appropriate in preparing these financial statements. The trustees have made this assessment in respect to a period of one year from the date of approval of these financial statements.

The trustees of the charity have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern and there are no material uncertainties about the charity’s ability to continue as a going concern. If necessary, the charity will call upon its connected and related charities who have provided letters of support confirming they would provide assistance where required.

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.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Income

Donations are recognised in the accounts when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy. In the event of donations pledged but not received, the amount is accrued for where the receipt is considered probable.

Legacies are included in the statement of financial activities when the charity is entitled to the legacy, the executors have established that there are sufficient surplus assets in the estate to pay the legacy, and any conditions attached to the legacy are within the control of the charity.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to make a payment to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.

All expenses are allocated or apportioned between direct costs and support costs based on the

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ST MICHAEL'S ABBEY CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024

nature of the expenditure incurred. Support costs represent indirect charitable expenditure. In order to carry out the primary purposes of the charity it is necessary to incur certain costs, such as compliance costs associated with the running of the charity.

All expenditure is accounted for on an accruals basis, inclusive of irrecoverable VAT.

Tangible 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, over the useful economic life of that asset as follows: Motor vehicles - 25% reducing balance

Whilst the charity supports the upkeep of St Michael’s Abbey, the charity is not the owner of the Abbey. Expenditure incurred on conservation, renovation and improvement works to the Abbey and it’s interior are therefore expensed and included within charitable activities.

Heritage assets

Heritage assets are tangible assets that are held and maintained principally for their contribution to knowledge and culture. Such assets acquired by the charity consist of religious chattels which are capitalised at cost, including any incidental expenses of acquisition, where reliable cost information is available.

The trustees consider that the expected useful economic lives of the charity's heritage assets cannot be reliably estimated and that their long economic lives, combined with the charity's policy of preservation and maintenance, mean that any estimate of depreciation would not be material or meaningful. Accordingly, heritage assets are not depreciated but are carried at historical cost less any impairment losses.

The charity undertakes periodic reviews of its heritage assets to identify whether there is any indication of impairment. Where there is evidence that the recoverable amount of a heritage asset is lower than its carrying value, an impairment loss is recognised in the Statement of Financial Activities.

Expenditure incurred on the conservation and maintenance of heritage assets is charged to expenditure in the period in which it is incurred unless it enhances the asset beyond its previously assessed standard of performance, in which case it is capitalised.

Cash at bank and in hand

Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less than three months from the date of acquisition.

Debtors

Debtors are recognised at their settlement amount, less any provision for non-recoverability. Prepayments are valued at the amount prepaid. They have been discounted to the present value of the future cash receipt where such discounting is material.

Creditors

Creditors are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Creditors are recognised at the amount the charity anticipates it will pay to settle the debt. They have been discounted to the present value of the future cash payment where such discounting is material. .

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ST MICHAEL'S ABBEY CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2024

2. INCOME FROM DONATIONS AND LEGACIES

Unrestricted Restricted Total
Funds		 Unrestricted Restricted Total Funds
Funds Funds 2024 Funds Funds 2023
£ £ £ £ £ £
Donations 64,340 1,326,127 1,390,467 273,240 1,135,810 1,409,050
Gift aid 474 — 474 809 — 809
Legacies — — — 162,380 — 162,380
Listed Place of Worship Grant 207,100 — 207,100 363,080 — 363,080
271,914 1,326,127 1,598,041 799,509 1,135,810 1,935,319

3. INCOME FROM CHARITABLE ACTIVITIES

Tours
Mass Stipends
Other
Votive candles		 Total Funds
2024
Total Funds
2023
£
£
584
1,291
6,013
7,136
6,159
8,146
—
87
12,756
16,660

4. INVESTMENT INCOME

Total Funds Total Funds
2024 2023
£ £
Bank interest receivable 624 321
OTHER INCOME
Total Funds Total Funds
2024 2023
£ £
Gain on disposal of fixed asset — 1,453

5. OTHER INCOME

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ST MICHAEL'S ABBEY CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024

6. EXPENDITURE ON CHARITABLE ACTIVITIES

Activities undertaken directly
Purchases
Repairs, conservation and preservation
Charitable donations
Studies for personnel
Prinknash Abbey
Living costs of the members of the Community
.Travel expenses
.Motor expenses
. Other living expenses
Support costs
Bank charges
Depreciation
Governance costs
. Insurance
. Accountancy and other professional fees
. Independent examiners’ remuneration
. Auditors’ remuneration		 Total Funds
2024
Total Funds
2023
£
£
41,100
13,266
1,418,460
2,683,106
101,485
39,211
52,373
11,890
—
55,597
26,130
8,673
13,886
12,125
81,698
60,039
596
4,360
3,750
156
61
385
11,297
2,389
—
—
18,000
18,000
1,768,836
2,909,197

7. STAFF COSTS AND TRUSTEE REMUNERATION

The charity does not employ any staff. No trustees received any remuneration during the year (2023 – nil).

The trustees are members of the Congregation. As members of the Congregation, their living expenses during the period were borne by the charity but they received no remuneration or reimbursement of expenses in connection with their duties as trustees or key management during the period (2023 – nil).

8. RELATED PARTY TRANSACTIONS

St Michael’s Abbey Charitable Trust is related to the Empress Eugenie Memorial Trust, Saint Michael’s Abbey Press Limited and St Mary’s Priory Fernham Residual Fund. They share the same contact address as disclosed on page 1 of these accounts and have a number of trustees in common. The Empress Eugenie Memorial Trust and Saint Michael’s Abbey Press Limited are part of the same group.

Included within debtors is £65,746 (2023 - £52,691) due from Empress Eugenie Memorial Trust relating to expenses incurred by Empress Eugenie Memorial Trust that were covered by St Michael’s Abbey Charitable Trust.

Included within creditors is £101,657 (2023 - £89,443) due to Saint Michael’s Abbey Press Limited relating to expenses incurred by St Michael’s Abbey Charitable Trust that were covered by Saint Michael’s Abbey Press Limited.

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ST MICHAEL'S ABBEY CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024

During the year, donations were received from St Mary’s Priory Fernham Residual Fund totaling £1,253,380 (2023 – 1,072,392) for the ongoing works on the estate, of which £21,787 (2023 - £273,083) had been awarded but had not been remitted to the charity as at the year end.

Additional amounts of £nil (2023- £55,597) and £72,747 (2023 - £ 7,821) were received from St Mary’s Priory Fernham Residual fund for works at Prinknash Abbey and other purposes respectively.

9. TANGIBLE FIXED ASSETS

COST
At 1 January 2024
Additions
Disposals
At 31 December 2024
DEPRECIATION
At 1 January 2024
Charge for the year
Depreciation on disposals
At 31 December 2024
NET BOOK VALUE
At 31 December 2024
At 31 December 2023		 Motor
vehicles
£
14,999
—
—
14,999
156
3,750
—
3,906
11,093
14,843

10. HERITAGE ASSETS

RITAGE ASSETS
Cost at start of year
Additions
Cost at end of year		 Religious chattels
2024
2023
2022
2021
2020
£
£
£
£
£
463,110
386,195
381,807
335,667
306,553
113,276
76,915
4,388
46,139
29,114
576,386
463,110
386,195
381,806
335,667

Heritage assets are stated at cost less impairment. No amounts have been impaired in relation to the above items.

11. DEBTORS

Due from Empress Eugenie Memorial Trust
Due from St Mary's Priory Fernham
Legacies receivable		 2024
2023
£
£
65,746
52,691
21,787
273,083
—
162,380
87,533
488,154

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ST MICHAEL'S ABBEY CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2024

12. CREDITORS: Amounts falling due within one year

CREDITORS: Amounts falling due within one year
Trade creditors
Other creditors
Amounts held on behalf of St Mary's Priory Fernham
Owed to St Michaels Abbey Press Ltd
Accruals		 2024
2023
£
£
189
1,567
610
2,105
—
—
101,657
89,443
38,262
180,262
140,718
273,377

13. RESTRICTED FUNDS

RESTRICTED FUNDS
Transfers At 31
At 1 January between December
2024 Income Expenditure funds 2024
£ £ £ £ £
Repairs, conservation and restoration of
Farnborough Abbey
237,765		 1,253,380 (1,411,626) 347 79,866
Living expenses for a monk on legitimate
leave from his community
1,886		 12,000 (8,114) — 5,772
Development of a property on the
estate of Prinknash Abbey, — — — — —
Gloucestershire
Other purposes — 60,747 (60,747) — —
239,651 1,326,127 (1,480,487) 347 85,638

The Restricted funds are available for future expenditure in relation to specific activities and projects that the charity will undertake.

Transfers At 31
At 1 January between December
2023 Income Expenditure funds 2023
£ £ £ £ £
Repairs, conservation and restoration of
Farnborough Abbey		 1,358,136 1,072,392 (2,192,763) — 237,765
Living expenses for a monk on legitimate
leave from his community
10,000		 — (8,114) — 1,886
Development of a property on the
estate of Prinknash Abbey, — 55,597 (55,597) — —
Gloucestershire
Other purposes — 7,821 (7,821) — —
1,368,136 1,135,810 (2,264,295) — 239,651

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ST MICHAEL'S ABBEY CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024

14. ANALYSIS OF NET ASSETS BETWEEN FUNDS

As at 31 December 2024
Heritage assets
Tangible fixed assets
Current assets
Current liabilities
Total Funds
As at 31 December 2023
Heritage assets
Tangible fixed assets
Current assets
Current liabilities
Total Funds		 Unrestricted
funds
Restricted
funds
Total
£
£
£
546,526
29,860
576,386
11,093
—
11,093
44,435
55,778
100,213
(140,718)
—
(140,718)
461,336
85,638
546,974
Unrestricted
funds
Restricted
funds
Total
£
£
£
433,250
29,860 463,110
14,843
—
14,843
132,042
369,791
501,833
(113,377)
(160,000) (273,377)
466,758
239,651
706,409

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