Our Lady of Bethlehem Abbey Trust
Independent Auditor's Report
to the trustees of Our Lady of Bethlehem Abbey Trust
(continued)
Auditor's responsibilities for the audit of the financial statements
· Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
Use of our report
This report is made solely to the Trustees of the charity, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations (Northern Ireland) 2015. 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 responsibilty to anyone other than the charity and it's Trustees, for our audit work, for this report, or for the opinions we have formed.
James B Kennedy
(Senior Statutory Auditor) For and on behalf of James B Kennedy & Co., Chartered Accountants and Statutory Auditors Belfast
10
Our Lady of Bethlehem Abbey Trust
| Our Lady of Bethlehem Abbey Trust | ||||||
|---|---|---|---|---|---|---|
| Statement of financial activities | ||||||
| for the year ended July, 31 2024 | ||||||
| Note | Unrestricted funds |
Restricted funds |
2024 | 2023 | ||
| £ | £ | £ | £ | |||
| Incoming resources - | ||||||
| Voluntary income | 2 | 516,705 | - | 516,705 | 421,217 | |
| Investment income and interest | 3 | - | - | - | - | |
| Trading activities | 4 | 537,584 | - | 537,584 | 514,007 | |
| Other | 5 | 66,572 | - | 66,572 | 98,058 | |
| Total incoming resources | 1,120,861 | - | 1,120,861 | 1,033,282 | ||
| Resources expended - | ||||||
| Cost of generating funds | ||||||
| Investment management fees | - | - | - | - | ||
| Charitable activities | ||||||
| Ministry and support of members of the community | 6 | 333,978 | - | 333,978 | 369,906 | |
| Upkeep of the Monastery and administering | ||||||
| the parish | 7 | 484,685 | - | 484,685 | 246,131 | |
| Governance | 8 | 23,274 | - | 23,274 | 17,000 | |
| Trading activities | 9 | 441,461 | - | 441,461 | 389,277 | |
| Total resources expended | 1,283,398 | - | 1,283,398 | 1,022,314 | ||
| Net (outgoing) / incoming resources before other | ||||||
| recognised gains | 10 | ( 162,537) | - | ( 162,537) | 10,968 | |
| Other recognised gains | ||||||
| Gains on revaluation of fixed assets for the charity's own use | - | - | - | - | ||
| Gain / (Loss) on investment assets | 246,059 | - | 246,059 | ( 65,899) | ||
| Net movement in funds | 83,522 | - | 83,522 | ( 54,931) | ||
| Total funds brought forward | ||||||
| at August, 1 | 6,464,246 | 6,464,246 | 6,519,177 | |||
| Fund balances carried forward | #### | - | - | |||
| at July 31, | 6,547,768 | - | 6,547,768 | 6,464,246 |
All recognised gains and losses are included in the above statement of financial activities.
The notes on pages 14 - 22 form part of these financial statements.
11
Our Lady of Bethlehem Abbey Trust
| Our Lady of Bethlehem Abbey Trust | |||||
|---|---|---|---|---|---|
| Balance sheet | |||||
| for the year ended July, 31 2024 | |||||
| Note | Unrestricted funds |
Restricted funds |
2024 | 2023 | |
| £ | £ | £ | £ | ||
| Fixed assets | |||||
| Tangible assets | 12 | 3,547,123 | - | 3,547,123 | 3,552,906 |
| Investments | 14 | 2,638,795 | - | 2,638,795 | 2,392,736 |
| 6,185,919 | - | 6,185,919 | 5,945,642 | ||
| Current assets | |||||
| Stocks | 15 | 92,620 | - | 92,620 | 78,631 |
| Debtors | 16 | 88,909 | - | 88,909 | 81,498 |
| Cash at bank and in hand | 312,234 | - | 312,234 | 432,655 | |
| 493,764 | - | 493,764 | 592,784 | ||
| Creditors: amounts falling due within one year | 17 | ( 131,914) | - | ( 131,914) | ( 74,179) |
| Net current assets | 361,850 | - | 361,850 | 518,605 | |
| Total assets less current liabilities | 6,547,768 | - | 6,547,768 | 6,464,246 | |
| Creditors: amounts falling due after one year | - | - | - | - | |
| Provisions for liabilities and charges | - | - | - | - | |
| Net assets | 6,547,768 | - | 6,547,768 | 6,464,246 | |
| The Funds of the Charity | |||||
| Unrestricted Funds | |||||
| Property Funds | 18 | 3,484,636 | 3,484,636 | 3,484,636 | |
| Designated funds | 19 | 2,078,812 | 2,078,812 | 2,068,203 | |
| General funds | 984,320 | 984,320 | 911,408 | ||
| 6,547,768 | - | 6,547,768 | 6,464,246 | ||
| Restricted funds | |||||
| Total Funds | 6,547,768 | - | 6,547,768 | 6,464,246 |
Approved by the trustees and signed on their behalf by:
Rev Aelred Magee
Trustee Approved on:
The notes on pages 14 - 22 form part of these financial statements.
12
Our Lady of Bethlehem Abbey Trust
Statement of cashflows
for the year ended July, 31 2024
| notes Operating activities Net income in funds (as per the statement of financial activities) Adjustments for: Depreciation (Gains) in investments Investment income and interest receivable Decrease in stocks Decrease in debtors Decrease / (Increase) in creditors |
2024 2023 £ £ 83,522 227,439 35,782 31,795 ( 246,059) ( 144,068) - ( 4,000) ( 13,989) 27,036 ( 7,411) 9,979 57,735 ( 13,569) |
|---|---|
| Net cash provided by operating activities Investing activities Investment income and interest receivable Proceeds from sale of property, plant and equipment Proceeds from the disposal of investments Acquisition of property, plant and equipment Purchase of investments |
( 90,421) 134,613 - 4,000 30,850 - - 300,000 ( 30,000) - - (400,000) |
| Net cash used in investing activities Changes in cash and cash equivalents in the year Cash and cash equivalents at August, 1 Cash and cash equivalents at July 31, |
850 ( 96,000) ( 89,571) 38,613 432,655 651,647 343,084 690,260 |
| Cash and cash equivalents comprise: Cash at bank and in hand Cash held by investment managers - Cash and cash equivalents at July 31, |
312,234 690,260 - - |
| 312,234 690,260 |
The notes on pages 14 - 22 form part of these financial statements.
13
Our Lady of Bethlehem Abbey Trust
Notes to the accounts
for the year ended July, 31 2024
- 1 Summary of significant accounting policies
1.1 General information an basis of preparation
Our Lady of Bethlehem Abbey is an unincorporated organisation governed by its Deed of Trust. The address of the organisation is given in the charity information on page 3 of these financial statements. The charity is involved in the furtherance of Cistercian Order and Catholicism.
The charity constitutes a public benefit entity as defined by FRS102. 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) (second edition - October 2020), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and UK Generally Accepted Practice as it applies from 1 January 2020.
The financial statements are prepared on a going concern basis under the historical cost convention, with items recognised at cost or transaction value unless otherwise stated in the relevant accounting policies below or the notes to these accounts.
The financial statements are prepared in sterling which is the functional currency of the charity and rounded to the nearest pound.
- 1.2 Critical accounting estimates and areas of judgement
Preparation of the accounts requires the Trustees to make significant judgements and estimates. It also requires management to exercise judgment in applying the Charity's accounting policies. The items in the accounts where these judgements and estimates have been made include:
-
assumptions adopted by the trustees in determining the value of any designations required from the charity's unrestricted funds;
-
estimating the economic useful life of tangible fixed assets used to determine the annual depreciation charge;
-
judgements made by the trustees in estimating the fair values attributed to the charity's investments; and
-
the estimation of the gross profit percentage achievable on trading stock shop in order to adjust the retail value to the cost figure and any associated write down for slow moving or obsolete stock.
-
1.3 Funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
1.4 Income recognition
All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.
For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable that then will be fulfilled.
Donated facilities and donated professional services are recognised in income at their fair value when their economic benefit is probable, it can be measured reliably and the charity has control over the item. Fair value is determined on the basis of the value of the gift to the charity. For example the amount the charity would be willing to pan in the open market for such facilities and services. A corresponding amount is recognised in expenditure.
14
Our Lady of Bethlehem Abbey Trust
Notes to the accounts
for the year ended July, 31 2024
1.4 Income recognition (continued)
Income from commerce activities is recognised as earned. Investment income is recognised on a receivable basis Other income is credited to the Statement of Financial Activities when it falls due.
No amount is included in the financial statements for volunteer time in line with the SORP (FRS 102). Further detail is given in the Trustees' Annual Report.
Where practicable, gifts in kind donated for distribution to the beneficiaries of the charity are included in stock and donations in the financial statements upon receipt. If it is impracticable to assess the fair value at receipt or if the costs to undertake such a valuation outweigh any benefits, then the fair value is recognised as a component of donations when it is distributed and an equivalent amount recognised as charitable expenditure.
Gifts in kind donated for resale are included at fair value, being the expected proceeds from sale less the expected costs of sale. Where estimating the fair value is practicable upon receipt it is recognised in stock and 'Income from other trading activities'. Upon sale, the value of the stock is charged against 'Income from other trading activities' and the proceeds are recognised as 'Income from other trading activities'. Where it is impracticable to fair value the items due to the volume of low value items then are not recognised in the financial statements until then are sold. This income is recognised within 'Income from other trading activities'.
Fixed asset gifts in kind are recognised when receivable and are included at fair value. Then are not deferred over the life of the asset.
For legacies, entitlement is the earlier of the charity being notified of an impending distribution or the legacy being received. At this point income is recognised. On occasion legacies will be notified to the charity however it is not possible to measure the amount expected to be distributed. On these occasions, the legacy is treated as a contingent asset and disclosed.
Income from trading activities includes income earned from fundraising events and trading activities to raise funds for the charity. Income is received in exchange for suppling goods and services in order to raise funds and is recognised when entitlement has occurred.
Investment income is earned through holding assets for investment purposes such as shares and property. It includes dividends, interest and rent. Where it is not practicable to identify investment management costs incurred within a scheme with reasonable accuracy the investment income is reported net of these costs. It is included when the amount can be measured reliably. Interest income is recognised using the effective interest method and dividend and rent income is recognised as the charity's right to receive payment is established.
Government grants in relation to tangible fixed assets are credited to the statement of financial activities over the useful lives of the related assets, whereas grants received in relation to operational expenditure are credited to the statement of financial activities for the full amount and designated to "Unrestricted Funds" due to the nature of the expenditure the grants were claimed and approved for funding. The nature and source of the grants are disclosed in the notes to the accounts.
1.5 Expenditure recognition
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following headings:
~Expenditure on charitable activities includes the costs of running the charity's community as well as other costs associated with furthering the charitable purposes of the charity through the provision of its charitable activities. These costs comprise charitable grants and donations, direct and support costs in respect to the support of members of the Cistercian Order and the community. ~Expenditure on raising funds comprise fees paid in respect of fund management in relation to the charity's investments. ~Other expenditure represents those items not falling into the categories above.
Charitable grants and donations are made where the Trustees consider there is a real need following a review of the details of each particular case and comprise single year payments rather than multi-year grants. Grants and donations are included in the statement of financial activities when approved for payment. Provision is made for grants and donations approved but unpaid at the period end.
Irrecoverable VAT is charged as an expense against the activity for which expenditure was incurred.
15
Our Lady of Bethlehem Abbey Trust
Notes to the accounts
for the year ended July, 31 2024
1.6 Tangible fixed assets
Capital expenditure incurred prior to July 31, 1999 was written off as incurred. The Order purchased the guest house as the monastery in 1948 and related lands. During the 1960's the monastery was built to house the community and stands to this day. In order to assess a reasonable and fair valuation of the property, taking into account its type, age, condition and life expectancy, the Trustees considered that 2015 insured valuation be discounted by individual property and subsequent years be depreciated at 2% straight line. Subsequent acquisitions or improvements are capitalised at cost. The acquisition cost of fixtures and plant at 1st August 1999 has been capitalised in the financial statements.
Improvements to land, buildings and acquisitions of other assets of £2,000 or more are capitalised.
Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows on a straight line basis:
| Freehold land | 0% |
|---|---|
| Freehold buildings | 2% |
| Plant and machinery | 7 - 25% |
| Fixtures and fittings | 15 - 25% |
| Motor vehicles | 15 - 25% |
- 1.7 Investments
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, then are measured at fair value with changes recognised in 'net gains / (losses) on investments' in the SoFA if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment
- 1.8 Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Provision is made for damaged, obsolete and slow-moving stock where appropriate.
- 1.9 Debtors receivable and creditors payable within one year.
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Ann losses arising from impairment are recognised in expenditure.
1.10 Foreign currency
Foreign currency transactions are initially recognised by applying to the foreign currency amount the spot exchange rate between the functional currency and the foreign currency at the date of the transaction.
Monetary assets and liabilities denominated in a foreign currency at the balance sheet date are translated using the closing rate.
- 1.11 Fund accounting
The income funds comprise those monies which man be used towards meeting the charitable objectives of the charity and applied at the discretion of the trustees.
The trustees have at their discretion identified specific areas where funds are to be administered;
Property fund, represents the net book value of the charity's freehold property and property improvements. Programme related investment fund represents the carrying value of the charity's programme related investments. Designated funds are monies set aside out of the general fund and designated for specific purposes identified by the trustees. Restricted funds are monies raised for, or donations and legacies received restricted to a specific purpose, or subject to donor conditions.
General funds represent those monies which are freely available for application towards achieving any charitable purpose that falls within the charity's charitable objectives.
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Our Lady of Bethlehem Abbey Trust
| Notes to the accounts | Unrestricted funds Restricted funds 2024 2023 £ £ £ £ 162,696 162,696 114,845 259,168 259,168 106,291 6,100 6,100 110,315 39,204 39,204 38,335 878 878 5,587 18,363 18,363 13,493 30,296 30,296 32,351 |
|
|---|---|---|
| 2 3 4 5 |
||
| 516,705 - 516,705 421,217 |
||
| Investment income and interest Investment income Interest receivable Total investment and interest income |
Unrestricted Restricted funds funds 2024 2023 £ £ £ £ - - - - - - |
|
| - - - - |
||
| Trading activities Monastery shop Printing press Total trading activities income |
Unrestricted Restricted funds funds 2024 2023 £ £ £ £ 352,609 352,609 326,370 184,975 184,975 187,637 |
|
| 537,584 - 537,584 514,007 |
||
| Other Rents received Asset disposal Miscellaneous Revenue grants (5.1) Total other income |
Unrestricted Restricted funds funds 2024 2023 £ £ £ £ 47,060 47,060 46,295 - - 30,400 19,512 19,512 21,363 - - - |
|
| 66,572 - 66,572 98,058 |
5.1 The Trust was in receipt of Job Retention Scheme grants totalling £- (2023 £ -).
17
Our Lady of Bethlehem Abbey Trust
Notes to the accounts
for the year ended July, 31 2024
| Notes to the accounts for the year ended July, 31 2024 |
|||||
|---|---|---|---|---|---|
| Unrestricted | Restricted | ||||
| funds | funds | 2024 | 2023 | ||
| 6 | Ministry and support of members of the community | £ | £ | £ | £ |
| Support of the members of the Community and their ministry enables the members of the Community to carry out the | |||||
| work of the charity in the areas of the advancement of the Roman Catholic | faith and the relief of poverty and suffering. | ||||
| Such expenditure comprises: | |||||
| Staff costs | 67,818 | - | 67,818 | 81,214 | |
| Premises costs | 89,438 | - | 89,438 | 86,355 | |
| Community and living expenses | 80,616 | - | 80,616 | 87,768 | |
| Ecclesiastical and spiritual renewal | 91,929 | - | 91,929 | 111,092 | |
| Repayments of community loans | - | - | - | - | |
| Charitable payments | 4,177 | - | 4,177 | 3,477 | |
| Legacies | - | - | - | - | |
| Total expensed on raisingfunds | 333,978 | - | 333,978 | 369,906 |
Support costs are those that assist the work of the charity but do not directly represent charitable activities and include office costs, governance costs, administrative payroll costs. They are incurred directly in support of expenditure on the objects of the charity and include trading management carried out within the charity.
Where support costs cannot be directly attributed to particular headings then have been allocated to cost of raising funds and expenditure on charitable activities on a basis consistent with use of the resources. Premises overheads have been allocated on an area basis and other overheads have been allocated on a usage basis.
| 7 8 9 |
Upkeep of the Monastery and administering the parish Staff costs Premises costs Maintenance and repairs Other costs |
Unrestricted Restricted funds funds 2024 2023 £ £ £ £ 32,947 32,947 31,961 100,856 100,856 97,379 297,014 297,014 70,024 53,868 53,868 46,766 |
|---|---|---|
| 484,685 - 484,685 246,131 |
||
| Governance Auditor's remuneration Professional fees Professional fees and charges |
Unrestricted Restricted funds funds 2024 2023 £ £ £ £ 10,000 - 10,000 10,000 13,274 - 13,274 7,000 |
|
| 23,274 - - 23,274 17,000 |
||
| Trading activities Staff costs Monastery shop Printing press Costs directlyassociated with tradingactivities |
Unrestricted Restricted funds funds 2024 2023 £ £ £ £ 167,094 - 167,094 146,670 274,367 - 274,367 178,584 - - - 64,024 |
|
| 441,461 - 441,461 389,277 |
18
Our Lady of Bethlehem Abbey Trust
Notes to the accounts
for the year ended July, 31 2024
| 10 11 |
Net (outgoing) / incoming resources before other recognised gains This is stated after charging (crediting) Depreciation Auditors remuneration -: .Statutory audit .Non audit services Forex loss (gain) Revenue grants (5.1) |
Unrestricted funds Restricted funds 2024 2023 £ £ £ £ 35,782 - 35,782 30,412 - 10,000 10,000 10,000 13,274 13,274 7,000 210 210 15 - - - |
|---|---|---|
| Staff costs Staff costs during the year were as follows: Wages and salaries Social security costs Pension costs |
Unrestricted Restricted funds funds 2024 2023 £ £ £ £ 240,153 - 240,153 233,566 17,221 - 17,221 16,443 10,483 - 10,483 9,835 |
|
| 267,858 - 267,858 259,844 |
| No monetary value has been placed on administrative or other services provided by the members of the Community to the | No monetary value has been placed on administrative or other services provided by the members of the Community to the | charity. |
|---|---|---|
| The average number of employees during the year, analysed by function were as follows: | 2024 | 2023 |
| Number | Number | |
| Ministry and support of members of the community | 17 | 14 |
| Upkeep of the Monastery and administering | ||
| the parish | 4 | 4 |
| 21 | 18 |
No employee earned £60,000 or more (including taxable benefits but excluding employer pension contributions) during the financial year (2023, none)
12 Trustees' remuneration
No trustee received remuneration in respect of his services during the year (2023, none).
As members of a religious community the trustees' living and personal expenses were borne by the charity. They were not reimbursed for any expenses incurred in connection with their duties during the year (2023, £-)
19
Our Lady of Bethlehem Abbey Trust
Notes to the accounts
for the year ended July, 31 2024
| 13 14 14.1 |
Tangible fixed assets Land and Plant and Motor Fixtures & Total Buildings machinery vehicles equipment £ £ £ £ £ Cost At August 1, 2023 3,871,818 127,813 54,917 78,495 4,133,043 Additions - - 30,000 - 30,000 Disposals - - (43,202) - ( 43,202) |
Tangible fixed assets Land and Plant and Motor Fixtures & Total Buildings machinery vehicles equipment £ £ £ £ £ Cost At August 1, 2023 3,871,818 127,813 54,917 78,495 4,133,043 Additions - - 30,000 - 30,000 Disposals - - (43,202) - ( 43,202) |
|---|---|---|
| At July31, 2024 3,871,818 127,813 41,715 78,495 4,119,841 |
||
| Depreciation At August 1, 2023 355,420 110,847 53,902 59,968 580,137 Charge for the year 27,340 1,213 4,500 2,729 35,782 Disposals - - (43,202) - ( 43,202) |
||
| At July31, 2024 382,760 112,060 15,200 |
62,697 572,717 |
|
| Net book values | ||
| At August 1, 2023 3,516,398 16,966 1,015 |
18,527 3,552,906 |
|
| At July 31, 2024 3,489,058 15,753 26,515 |
15,797 3,547,123 |
|
| Fixed asset investments At July 31, 2024 fixed asset investments comprised: Listed investments note 14.1 Cash held by investment managers for reinvestment |
2024 2023 £ £ 2,638,695 2,392,636 100 100 |
|
| 2,638,795 2,392,736 |
||
| Listed investments and cash held for reinvestment Listed investments Market value at 1 August 2023 Additions at cost Disposals at opening market value Receipts Gross unrealised investment gain / (loss) Market value at July 31, 2024 Cash held by investment managers for reinvestment Total investments at July 31, 2024 |
Total £ 2,392,736 - - - 246,059 |
|
| 2,638,695 100.00 |
||
| 2,638,795 | ||
| Investment Capital Cost at July 31, 2024 | 2,346,000 |
20
Our Lady of Bethlehem Abbey Trust
| Notes to the accounts | Notes to the accounts | 2024 2023 £ £ - - 92,620 78,631 |
|
|---|---|---|---|
| 15 16 17 18 19 |
|||
| 92,620 78,631 |
|||
| Debtors Prepayments and accrued income Other debtors |
2024 2023 £ £ 28,947 28,353 59,962 53,145 |
||
| 88,909 81,498 |
|||
| Creditors, amounts due within one year Accruals and deferred income Other creditors |
2024 2023 £ £ 22,165 28,385 109,749 45,794 |
||
| 131,914 74,179 |
|||
| 2024 2023 Property fund £ £ Property fund, represents 90% of the full valuation cost of the Abbey's freehold land and properties. The trustees recognise the charity assets are essential to the day to day running of the charity and as such their value should not be regarded as funds that could be realised with any ease. At 1 August 3,484,636 3,484,636 Net movement in year - - At July 31, -3176180% 3,484,636 3,484,636 |
|||
| Designated in the year 2024 2023 Designated funds £ £ £ The funds of the charity which have been set aside from unrestricted funds by the trustees for specific purposes are: Care of the Community fund - 1,263,150 1,263,150 Trading reserve 10,610 241,913 231,303 New Coffee Shop - 573,750 573,750 10,610 2,078,812 2,068,203 |
|||
| 10,610 2,078,812 2,068,203 |
21
Our Lady of Bethlehem Abbey Trust
Notes to the accounts
for the year ended July, 31 2024
- 19 Designated funds (continued)
Trading reserve
The trading reserve fund represents monies set aside for the continued provision, contingency and development of the trading activities run by the charity. They comprise the printing press and the monastery shops.
New Coffee Shop
With the closure of the Craft Shop in February 2019, the Trustees have recognised that they require an area for the visiting public to the monastery to rest and enjoy its spiritual surroundings within its grounds. Plans are been prepared for a new coffee shop adjacent to the Repository Shop and within easy access of the Guest House and Printing Press. The costs have been assessed and a revised provision of £573,750 has been set towards its construction.
20 Related party transactions
The total value of donations made by the trustees to the charity during the year was £30,296 (2023 - £ 31,653), been pensions donated to the charity.
21 Ultimate control
Under the guidelines of the Cistercian Order and its charter, the charity is controlled throughout the period by its Community of Cistercian monks resident at Our Lady of Bethlehem Abbey, Portglenone.
The Community does not hold any assets, incur liabilities or enter into any transactions in its own right. All assets and liabilities of the Community are vested in the trust, which undertakes all transactions entered into in the course of the Community’s charitable activities.
22