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2024-10-31-accounts

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REGISTERED CHARITY NUMBER: SC022611

Report of the Trustees and

Audited Financial Statements for the Year Ended 31 October 2024

for

Cistercian Monastery Nunraw

Sumer Auditco Limited 47-49 The Square Kelso Roxburghshire TD5 7HW

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Cistercian Monastery Nunraw

Contents of the Financial Statements for the Year Ended 31 October 2024

Page
Reference and Administrative Details 1
Report of the Trustees 2 to 4
Report of the Independent Auditors 5 to �
Statement of Financial Activities �
Statement of Financial Position �
Statement of Cash Flows 1�
Notes to the Statement of Cash Flows 1�
Notes to the Financial Statements 1� to 22
Detailed Statement of Financial Activities 23 to 24

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Reference and Administrative Details for the Year Ended 31 October 2024

Cistercian Monastery Nunraw

REGISTERED CHARITY SC022611 NUMBER

AUDITORS Sumer Auditco Limited 47-49 The Square Kelso Roxburghshire TD5 7HW BANKERS The Royal Bank of Scotland 32 Court Street Haddington EH41 4NS SOLICITORS Shepherd & Wedderburn LLP 1 Exchange Crescent Conference Square Edinburgh EH3 8UL ADVISERS ���������������������������� ���������������� ��������� ������

Page 1

0￿￿gn Envdope ID.. FFEOE35A-6DFE4671-84C1-83CBOBDA13 Cis¢erriaD VIoDa5tery NullraTrY Reporl ofthe TIw5tee5 roi. tbe Year Ended 31 O¢ttsber 2024 The ttvstees present their rep)rt with the f￿￿1£la1 statements of the clwity for the year ended 31 October 2024. The tnLStees liai'e adopted the proi'isions of Accountlll8 atid Reportiii8 by Charities.. Stateiiieni of Recoxnniended Practice applicable to charities prepariii8 their acCol￿tS in accord￿lce with the Fxnancial Reportin8 Standard applicable itt the UK alld Repiiblic of Ireland (FRS 102) {effectii'e l Jalluary 2019). Thè Ordèr of Cistei'ctsns TrdPPiSts. Order of Cistereians of the Striet ObseThallce or ord￿ of Refonned Cistercians. OCSO. Or OCIL The c1ste￿Lati Order itse]f besan ill 1098 as a ￿fOnn mOVe￿ent seekin8 to return to the sim ]icit of the Benedictille nde. In 1892 ullder Leo Xttt the se arate coll re ations of Tra ists were llllited to fonll t]Le Order of the Cisterciatts of the Stricter Obse￿￿lee. thus to lie distin8ujshèd from the Con)mon Observance. or Sacred Order of Cistercialls, s.o.c. The today con]prises of some 102 ILOU5es of and 77 of ￿0￿en worldwide. The monasteries of tbe Ulc trelalld al￿ Norway are rou ed to eth￿ into the REGION OF THE ISLES. Th￿e is a Jneeting of all the abbots and abbesses a General CbapteT thtee year5. This assembly is tbe Sllpre￿e authority in tbe thder. The Abbot Gen￿a] re￿￿Se￿IS he Gelle￿1 Cl￿pt￿ alld fullction5 on its behaif for the ordillary nmnitlg of the adn)In￿tratioll of the Order when the Gelleral Chapler is not in sessioll. Regional Meelings of the ￿O￿aste[leS ]neet a￿￿￿allY between Geneial Chapters. Sallrta Maria Abbey. Nullra Tlie Abbcy was fi>￿ided lli 1946 by ￿onkS fro1]] Mowit Saint Josq)h Abbey. Roscrea. Coullty Tipperary. Ireland. Tl)e fll5t lii-ed in Nwuaw Hoiise, a Scottish I)￿￿10￿. part of m.hich had rtrrefomThtioii connectlolls Wlth tl)e Cistercian of Haddington. In 1969 the coll]rnunit nioi-ed into its iiew liome, half a inile away. which had bee buili by soine of the ￿￿)k$ and an atniy of i"olunteer woiker5 froin all walks of life. Nut]raw House. often called The Old Abbey, becanie the guest hoiise 01 retreat houst. Before this M'as sold. this latttr was open or inosl of tlie year for guests *id retreatant5, Ln 2018 the iesttucturin of the Guest Win was coin leted iovidin a¢comillodation withui tlie Abbey itself. The ¢oiwiiwiity. ￿.]lh its balanced rh￿tIM of rayer. ￿tsrk and stydy. proi'ides outreach throu811 Lts time of prayer ui Cliur¢li, guest hous¢ and sliop. Th¢ llianbers of ihe Nunraw ¢omiiiunity Lfisted ChArtty On 13th October 1947 the Abbey was reco8nised as 8 charity withill Section 37. Income Tax Act, 1918: Section 30, Fxnatice Act. 1921,. and Sectioll 24. Finanee Act. 1927. The title and reference nutnber listed in the Scottish Index of Clwities is.. CISTERCtAN MONASTERY. NUNRAW. SC 022611. Page 2

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Cistercian Monastery Nunraw

Report of the Trustees for the Year Ended 31 October 2024

OBJECTIVES AND ACTIVITIES Objectives and aims

The Community was established at Sancta Maria Abbey, Nunraw, to promote the monastic vocation as followed in the Cistercian Order.

ACHIEVEMENT AND PERFORMANCE Charitable activities

The Community continues to live the Cistercian life as the health and ability of each monk allows.

At the heart of the community life is the daily Liturgy of the Hours - 8 services spread throughout the day from 3.30am till 7.30pm.

Nunraw Farmhouse was sold in February 2018. The sale of Nunraw Barns was agreed in 2019 although this was not formally completed until January 2020. The Sawmill was sold in August 2020 as the charity continues to consolidate and reorganise its property affairs. The proceeds were used to develop a wing of the main monastery building into guest accommodation and for some further improvements which was undertaken in 2021/2022.

The Abbey shop sells a wide range of books, cards and gifts within the main abbey building to replace the one at the old Retreat house.

The main Charitable Activities at the Abbey, beside and beyond the daily organised life of the Nunraw community, are seen in the daily contact with people in whatever personal need or support they seek through the Guest House, or by mail, phone and other forms of communication. In addition to that, we contribute to calls for help in the face of major disasters or tragedies according to our means.

FINANCIAL REVIEW

Performance in the period

The incoming resources of the Abbey have increased compared to last year due to an overall increase from all charitable activities and a significant bequest from the late Antonia Bunch.

The overall result for the year was a surplus of £452,��3 (2023: deficit of £401,829) before any investment gains/ losses. The overall net assets of the charity have increased compared to 2023.

Financial position at the year end

The Balance Sheet shows that the Abbey is financially strong with significant assets and good liquidity. The challenge for the future continues to be the generation of sufficient income from the assets in order to maintain the property and support an ageing community.

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Cistercian Monastery Nunraw

Report of the Trustees for the Year Ended 31 October 2024

FINANCIAL REVIEW

Reserves policy

Balances held as unrestricted funds at 31 October 2024 was £12,727,554.

The Abbey aims to be self-supporting by ensuring incoming resources approximate to outgoing resources in each year. The investments and assets are held to provide income and are used for major projects as they arise, income in the year has increased significantly and this along with a decrease in costs has resulted in an increase to the restricted funds held.

STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document

The Constitutions of the Order, (C 33), vest full administrative responsibility in the Abbot. In addition, the Sancta Maria Abbey Trust was established by Deed of Trust on the 19th March 1973. The Trustees are appointed ex-officio and consist of those members of the community who for the time being exercise the offices of the Abbot, Prior and Bursar. The Abbot is elected according to the Constitutions and Statutes. Other officials are appointed by the Abbot.

In matters of extraordinary administration, as defined by the Constitutions ('alienation or any transaction by which the patrimonial condition of the monastery could be adversely affected is considered an act of extraordinary administration', C44:1), the Trustees are required to exercise their powers with the consent of the community.

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

The law applicable to charities in Scotland, the Charities and Trustee Investment (Scotland) Act 2005, Charities Accounts (Scotland) Regulations 2006 (as amended) and the provisions of the charity's constitution, 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

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and the provisions of the charity's constitution. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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Approved by order of the board of trustees on ............................................. and signed on its behalf by:

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Report of the Independent Auditors to the Trustees of Cistercian Monastery Nunraw

Opinion

We have audited the financial statements of Cistercian Monastery Nunraw (the 'charity') for the year ended 31 October 2024 which comprise the Statement of Financial Activities, the Statement of Financial Position, the Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

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 Auditors' 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 financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements 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 financial statements 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 trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in 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 financial statements 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

We have nothing to report in respect of the following matters where the Charities Accounts (Scotland) Regulations 2006 requires us to report to you if, in our opinion:

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Report of the Independent Auditors to the Trustees of Cistercian Monastery Nunraw

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, 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.

Our responsibilities for the audit of the financial statements

We have been appointed as auditors under Section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 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 financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors 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 financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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 are detailed below:

We obtained an understanding of the legal and regulatory frameworks that are applicable to the entity, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the Charities and Trustees Investments (Scotland) Act 2005, Charity SORP, FRS102 and local tax legislation. The engagement partner ensured the engagement team had the necessary competence, capabilities and skills to Identified laws and regulations and they remained alert to such matters throughout the audit.

Based on the results of our risk assessments we designed our audit procedures to identify non-compliance with such laws and regulation. We identified and evaluated the laws and regulation and enquired to management whether they were aware of any instances of non-compliance. We corroborated these through review of board minutes, review of legal and professional fees and reviewed any correspondence with HMRC.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the charity's ability to operate or to avoid a material penalty. The laws and regulations we considered in this context included Health and safety, Order of Reformed Cistercians (OCSO), Employment law and GDPR.

Based on the results of our risk assessments we designed our audit procedures to identify non-compliance with such laws and regulation. We identified and evaluated the laws and regulation and enquired to management whether they were aware of any instances of non-compliance. We corroborated these through review of correspondence with any regulators, reviewed health and safety policies in place, reviewed employment contracts and carried out gross to net pay checks.

We assessed the risks of material misstatement in respect of fraud via enquiries of management and those charged with governance as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud and considered the internal controls in place to mitigate risks of fraud. The charity use an external bookkeeper for the processing of transactions and payment of invoices, which a trustee approves. Any payments above the set signing limit requires approval by two trustees.

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Report of the Independent Auditors to the Trustees of Cistercian Monastery Nunraaw

To address the risk of fraud through management bias and override of controls we performed analytical procedures to identify any unusual or unexpected relationships, tested journal entries to identify unusual transactions, assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias and investigated the rationale behind significant or unusual transaction.

With regard to identification of material misstatements in relation to fraud, we considered income recognition in line with FRS102, reviewed the appropriateness of the accounting policies selected and reviewed disclosures for completeness and accuracy. We also identified related parties and reviewed related party transactions.

The main factors of the audit process which may affect the likelihood of detection of irregularities includes the element of inherent difficulty always present in detecting irregularities due to fraud, the increase in the inherent difficulty due to remote audit testing and that conclusions on the design and implementation of internal controls focus only on those we have assessed as key controls.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with Regulation 10 of the Charities Accounts (Scotland) Regulations 2006. 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 auditors' 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.

Sumer Auditco Limited �������������������������������������� 47-49 The Square Kelso Roxburghshire TD5 7HW ������������������� Date: .............................................

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Cistercian Monastery Nunraw

Statement of Financial Activities for the Year Ended 31 October 2024

Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
3
Charitable activities
5
Monastery
Guest Wing
Bead Shop
Tea Room
Investment income
4
Total
EXPENDITURE ON
Raising funds
6
Charitable activities
7
Monastery
Guest Wing
Bead Shop
Exceptional items
11
Total
Net gains on investments
16
NET INCOME/(EXPENDITURE)
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
funds
£
629,144
91,443
11,912
1,574
756
187,435
922,264
53,919
287,666
122,008
6,088
-
469,681
497,951
950,534
11,777,020
12,727,554
Restricted
funds
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 31/10/24

Total
funds
£
629,144
91,443
11,912
1,574
756
187,435
922,264
53,919
287,666
122,008
6,088
-
469,681
497,951
950,534
11,777,020
12,727,554		 31/10/23
Total
funds
£
18,734
68,746
16,628
1,928
513
163,920
270,469
74,068
259,364
122,547
865
215,454
672,298
41,799
(360,030)
12,137,050
11,777,020

The notes form part of these financial statements

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Cistercian Monastery Nunraw

Statement of Financial Position 31 October 2024

Notes
FIXED ASSETS
Tangible assets
15
Investments
Investments
16
Investment property
17
Social investments
18
CURRENT ASSETS
Stocks
19
Debtors
20
Cash at bank and in hand
CREDITORS
Amounts falling due within one year
21
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
NET ASSETS
FUNDS
23
Unrestricted funds:
General fund
Investment Property Revaluation
TOTAL FUNDS		 31/10/24
£
3,288,346
4,606,969
4,395,000
3,051
12,293,366
21,663
345,079
141,412
508,154
(73,966)
434,188
12,727,554
12,727,554
8,923,887
3,803,667
12,727,554
12,727,554		 31/10/23
£
3,336,401
4,219,249
4,095,000
4,029
11,654,679
24,112
58,608
102,763
185,483
(63,142)
122,341
11,777,020
11,777,020
7,973,353
3,803,667
11,777,020
11,777,020

The financial statements were approved by the Board of Trustees and authorised for issue on .......................... ... ..... .... .. and were signed on its behalf by: �������������������

The notes form part of these financial statements

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Cistercian Monastery Nunraw

Statement of Cash Flows
for the Year Ended 31 October 2024
31/10/24
Notes
£
Cash flows from operating activities
Cash generated from operations
1
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Net cash provided by/(used in) operating activities
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Cash flows from investing activities
Purchase of tangible fixed assets
(14,000)
Purchase of fixed asset investments
(�������)
Bequest of investment property
(300,000)
Purchase of social investments
978
Sale of tangible fixed assets
-
Sale of fixed asset investments
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Interest received
113,909
Net cash (used in)/provided by investing activities
(�������
Change in cash and cash equivalents in
the reporting period
38,649
Cash and cash equivalents at the
beginning of the reporting period
102,763
Cash and cash equivalents at the end of
the reporting period
141,412		 31/10/23
£
(186,933)
(186,933)
(19,592)
(2,515,825)
-
564
1
2,482,880
89,252
37,280
(149,653)
252,416
102,763

The notes form part of these financial statements

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Cistercian Monastery Nunraw

Notes to the Statement of Cash Flows for the Year Ended 31 October 2024

1. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net income/(expenditure) for the reporting period (as per the
Statement of Financial Activities)
Adjustments for:
Depreciation charges
Gain on investments
Loss on disposal of fixed assets
Interest received
Decrease in stocks
(Increase)/decrease in debtors
Increase in creditors
Net cash provided by/(used in) operations		 31/10/24
£
950,534
62,055
(�������)
-
(113,909)
2,449
(286,471)
10,824
�������		 31/10/23
£
(360,030)
60,996
(41,799)
30,862
(89,252)
2,932
205,275
4,083
(186,933)

2. ANALYSIS OF CHANGES IN NET FUNDS

At 1/11/23 Cash flow At 31/10/24
£ £ £
Net cash
Cash at bank and in hand 102,763 38,649 141,412
102,763 38,649 141,412
Total 102,763 38,649 141,412

The notes form part of these financial statements

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Cistercian Monastery Nunraw

Notes to the Financial Statements for the Year Ended 31 October 2024

1. STATUTORY INFORMATION

The charity is unincorporated, being established by Deed of Trust and registered as a charity in Scotland. The charity number can be found on the Reference and Administrative details page.

The presentation currency of the financial statements is the Pound Sterling (£).

2. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities and Trustee Investment (Scotland) Act 2005. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.

The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Government grants received have been accounted for under the accrual model.

Donations, are recognised when the Charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that those conditions will be fulfilled in the reporting period.

Legacy gifts are recognised on a case by case basis following the granting of probate when the administrator/executor for the estate has communicated in writing both the amount and settlement date. In the event that the gift is in the form of an asset other than cash or a financial asset traded on a recognised stock exchange, recognition is subject to the value of the gift being reliably measurable with a degree of reasonable accuracy and the title to the asset having been transferred to the charity.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.

Governance costs

Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice.

continued...

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Cistercian Monastery Nunraw

Notes to the Financial Statements - continued for the Year Ended 31 October 2024

2. ACCOUNTING POLICIES - continued

Allocation and apportionment of costs

Support costs have been allocated to activities based on usage.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Land and buildings - 5% on cost Plant and machinery - 20% on reducing balance Fixtures and fittings - 10% on cost, 5% on reducing balance and Straight line over 5 years Motor vehicles - 25% on reducing balance

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Social investments

Social Investments are initially recognised at the amount paid, with the carrying amount adjusted in subsequent years to reflect repayments and any accrued interest and adjusted if necessary for any impairment.

Investments

Investment property is initially recognised at cost and subsequently measured at its most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Statement of Financial Activities.

Inventories

Inventories are valued at the lower of cost and estimated selling price less costs to sell.

Taxation

The charity is exempt from tax on its charitable activities.

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. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

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

Pension costs and other post-retirement benefits

The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

Realised gains and losses

All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.

continued...

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Cistercian Monastery Nunraw

Notes to the Financial Statements - continued for the Year Ended 31 October 2024

3.
DONATIONS AND LEGACIES
Covenants and gift aid
Donations, legacies & bequests
Sundry receipts
4.
INVESTMENT INCOME
Rents received
Amortisation of Capital grant - let property
Interest on cash deposits
Dividends and interest on listed investments
5.
INCOME FROM CHARITABLE ACTIVITIES
Activity
Monastery income
Monastery
RHI income
Monastery
Lectures
Monastery
Guest wing income
Guest Wing
Bead shop income
Bead Shop
Tea room income
Tea Room
6.
RAISING FUNDS
Other trading activities
Loss on disposal of assets
Investment management costs
Investment managers charges
Cottage and estate repairs
Aggregate amounts		 31/10/24
£
4,545
624,498
101
629,144
31/10/24
£
73,526
-
99
113,810
187,435
31/10/24
£
55,473
35,970
-
11,912
1,574
756
105,685
31/10/24
£
-
31/10/24
£
36,319
17,600
53,919
53,919		 31/10/23
£
5,680
12,953
101
18,734
31/10/23
£
73,668
1,000
176
89,076
163,920
31/10/23
£
37,191
31,355
200
16,628
1,928
513
87,815
31/10/23
£
156
31/10/23
£
33,089
40,823
73,912
74,068

continued...

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Cistercian Monastery Nunraw

Notes to the Financial Statements - continued for the Year Ended 31 October 2024

7. CHARITABLE ACTIVITIES COSTS

Direct
Costs (see
note 8)
£
Monastery
262,432
Guest Wing
108,228
Bead Shop
6,088
376,748
8.
DIRECT COSTS OF CHARITABLE ACTIVITIES
Staff costs
Rates and insurance
Light and heat
Telephone, post and stationery
Repairs and renewals
General administration
Motor expenses
House equipment
Provisions
Wardrobe
Medical
Church & sacristy
Library
Seminars
Cleaning costs
Purchases
Other expenses
Computer costs
Residential care fees
9.
GRANTS PAYABLE
Monastery
The total grants paid to individuals during the year was as follows:
ALMS		 Grant
funding of
activities
(see note
9)
£
4,371
-
-
4,371		 Support
costs (see
note 10)
£
20,863
13,780
-
34,643
31/10/24
£
42,167
31,529
61,345
3,194
144,134
17,239
16,528
3,860
23,362
856
653
12,441
803
2,162
1,642
5,717
371
5,167
3,578
376,748
31/10/24
£
4,371
31/10/24
£
4,371		 Totals
£
287,666
122,008
6,088
415,762
31/10/23
£
45,704
28,554
54,305
2,644
115,106
12,461
14,327
3,720
25,105
769
3,739
1,249
853
1,490
1,674
511
354
6,412
7,053
326,030
31/10/23
£
9,744
31/10/23
£
9,744

Unrestricted Funds:

Grants payable represent alms and donations made as part of the Christian outreach of the Monastery. Where a member of the community leaves the monastery, financial assistance paid to them is included in this heading.

continued...

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Cistercian Monastery Nunraw

Notes to the Financial Statements - continued for the Year Ended 31 October 2024

9. GRANTS PAYABLE - continued

Other forms of assistance given are reduced rents charged to individuals and loans to individuals where circumstances warrant.

10. SUPPORT COSTS

Management
£
Monastery
8,321
Guest Wing
6,552
14,873
Support costs, included in the above, are as follows:
Monastery
£
Advertising
500
Sundries
850
Legal & professional
6,971
Foreign currency revaluation
123
Auditors' remuneration
6,402
Auditors' remuneration for non audit work
2,432
Legal & professional
3,585
20,863		 Governance
Finance
costs
Totals
£
£
£
123
12,419
20,863
-
7,228
13,780
123
19,647
34,643
31/10/24
31/10/23
Guest
Total
Total
Wing
activities
activities
£
£
£
-
500
553
1,288
2,138
1,385
5,264
12,235
24,596
-
123
887
5,238
11,640
10,560
1,990
4,422
5,538
-
3,585
3,483
13,780
34,643
47,002

Support costs, included in the above, are as follows:

11. EXCEPTIONAL ITEMS

In the prior year, the monastery encountered professional fees and planning expenses associated with the development of a new reception wing. Despite the Trustees' intention to proceed with the project in the previous financial year, unforeseen escalations in costs rendered the endeavor economically unfeasible. Consequently, the Trustees opted to recognise these expenses within the financial period. There were no expenses of the like in this financial year.

12. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustee's remuneration or other benefits for the year ended 31 October 2024 nor for the year ended 31 October 2023.

However as members of the community they live at the monastery with accommodation and food provided to them. The Trustees pensions are paid to the monastery and these contributions totalled £25,537 (2023: £26,767) and are included in monastery income.

continued...

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Cistercian Monastery Nunraw

Notes to the Financial Statements - continued for the Year Ended 31 October 2024

12. TRUSTEES' REMUNERATION AND BENEFITS - continued

Trustees' expenses

No trustees' expenses were paid during the year (2023: none) .

13. STAFF COSTS

The charity employs 4 (2023: 4) staff at a total cost of £63,959 gross (2023: £64,036). Employers' national insurance costs amount to £230 (2023: £955). Pension costs amounted to £710 (2023: £1,055). All members of the community work within the charity in return for their board and lodgings.

No employees had employee benefits in excess of £60,000 (2023: £60,000).

14. ADDITIONAL BEQUESTS

The monastery received bequests of £588,485 from the Late Antiona Bunch. This is a significant boost of income. The trustees have opted to recognise this income within the current financial period, the estate was officially closed post year end, hence the residue of the estate is yet to be paid and is currently included within the significant debtors figure. Part of the bequest has been received in property within the fixed asset investments.

15. TANGIBLE FIXED ASSETS

COST
At 1 November 2023
Additions
At 31 October 2024
DEPRECIATION
At 1 November 2023
Charge for year
At 31 October 2024
NET BOOK VALUE
At 31 October 2024
At 31 October 2023		 Land and
buildings
£
3,601,194
-
3,601,194
319,167
48,842
368,009
3,233,185
3,282,027		 Plant and
machinery
£
104,753
-
104,753
77,313
5,488
82,801
21,952
27,440		 Fixtures
and
fittings
£
105,772
-
105,772
78,838
4,225
83,063
22,709
26,934		 Motor
vehicles
£
-
14,000
14,000
-
3,500
3,500
10,500
-		 Totals
£
3,811,719
14,000
3,825,719
475,318
62,055
537,373
3,288,346
3,336,401

Land and buildings are used primarily for the Abbey's own charitable and administrative purposes.

continued...

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Cistercian Monastery Nunraw

Notes to the Financial Statements - continued for the Year Ended 31 October 2024

16. FIXED ASSET INVESTMENTS

Investments comprise shares or investment schemes primarily relating to companies listed on a UK stock exchange. There are two investment held which exceeded 5% of the portfolio's market value this year.

�����������������
At 1 November 2023
Additions
Disposals
Gain on Investments
Cash and Settlements		 £
4,�������
908,517
(903,796)
497,9��
���������
4,606,969

Sancta Maria Abbey are the owners of The Peter Anson Collection of books and paintings, in terms of his Will. These items are of cultural and historical value and are subject to a Loan Management Agreement with Moray District Council for a period of thirty years. Due to the expense and difficulty of obtaining a valuation and the existence of the thirty year agreement, this property is not included within the market value of investments.

17. INVESTMENT PROPERTY

FAIR VALUE
At 1 November 2023
Additions
At 31 October 2024
NET BOOK VALUE
At 31 October 2024
At 31 October 2023		 £
4,095,000
300,000
4,395,000
4,395,000
4,095,000

The investment properties are being carried at fair value based on the valuation carried out by property agents using RICS standards at 10/05/2023. In the opinion of the trustees there has been no significant change in this valuation at the balance sheet date.

Properties to be sold are reclassified as current asset investments.

Fair value at 31 October 2024 is represented by:

Fair value at 31 October 2024 is represented by:
Valuation in 2016
Valuation in 2021
Valuation in 2023
Cost		 £
2,674,667
919,000
210,000
591,333
4,395,000

continued...

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Cistercian Monastery Nunraw

Notes to the Financial Statements - continued for the Year Ended 31 October 2024

18. SOCIAL INVESTMENTS

MARKET VALUE
At 1 November 2023
Repayments in year
At 31 October 2024
NET BOOK VALUE
At 31 October 2024
At 31 October 2023		 Loans
£
4,029
(978)
3,051
3,051
4,029

The loans are repayable by monthly installments. £2,453 (2023: £3,431) is repayable after one year, with the remainder of £598 being a current debtor (2023: £598).

19.
STOCKS
Stocks
20.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade debtors
VAT
Prepayments & accrued income
Income tax recoverable
21.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade creditors
Social security and other taxes
Accrued expenses
Deferred income		 31/10/24
£
21,663
31/10/24
£
60
1,540
340,934
2,545
345,079
31/10/24
£
38,935
1,925
28,435
4,671
73,966		 31/10/23
£
24,112
31/10/23
£
-
3,124
53,314
2,170
58,608
31/10/23
£
31,192
1,298
28,280
2,372
63,142

continued...

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Cistercian Monastery Nunraw

Notes to the Financial Statements - continued for the Year Ended 31 October 2024

22. ANALYSIS OF NET ASSETS BETWEEN FUNDS

ANALYSIS OF NET ASSETS BETWEEN FUNDS
Fixed assets
Investments
Current assets
Current liabilities		 Unrestricted
funds
£
3,288,346
9,005,020
508,154
(73,966)
12,727,554
Restricted
funds
£
-
-
-
-
-		 31/10/24

Total
funds
£
3,288,346
9,005,020
508,154
(73,966)
12,727,554		 31/10/23
Total
funds
£
3,336,401
8,318,278
185,483
(63,142)
11,777,020

23. MOVEMENT IN FUNDS

MOVEMENT IN FUNDS
Unrestricted funds
General fund
Investment Property Revaluation
TOTAL FUNDS		 At
1/11/23
£
7,973,353
3,803,667
11,777,020
11,777,020		 Net
movement
in funds
£
950,534
-
950,534
950,534		 At
31/10/24
£
8,923,887
3,803,667
12,727,554
12,727,554

continued...

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Cistercian Monastery Nunraw

Notes to the Financial Statements - continued for the Year Ended 31 October 2024

23. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
TOTAL FUNDS		 Incoming
resources
£
922,264
922,264		 Resources
expended
£
(469,681)
(469,681)		 Gains and
Movement
losses
in funds
£
£
497,951
950,534
497,951
950,534		 Gains and
Movement
losses
in funds
£
£
497,951
950,534
497,951
950,534
950,534

Comparatives for movement in funds

Unrestricted funds
General fund
Investment Property Revaluation
TOTAL FUNDS		 At
1/11/22
£
8,333,383
3,803,667
12,137,050
12,137,050		 Net
movement
in funds
£
(360,030)
-
(360,030)
(360,030)
At
31/10/23
£
7,973,353
3,803,667
11,777,020
11,777,020

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
TOTAL FUNDS		 Incoming
resources
£
270,469
270,469		 Resources
expended
£
(672,298)
(672,298)		 Gains and
Movement
losses
in funds
£
£
41,799
(360,030)
41,799
(360,030)

A current year 12 months and prior year 12 months combined position is as follows:

Unrestricted funds
General fund
Investment Property Revaluation
TOTAL FUNDS		 At
1/11/22
£
8,333,383
3,803,667
12,137,050
12,137,050		 Net
movement
in funds
£
590,504
-
590,504
590,504
At
31/10/24
£
8,923,887
3,803,667
12,727,554
12,727,554

continued...

Page 21

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Cistercian Monastery Nunraw

Notes to the Financial Statements - continued for the Year Ended 31 October 2024

23. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Incoming
Resources
resources
expended
£
£
Unrestricted funds
General fund
1,192,733
(1,141,979)
TOTAL FUNDS
1,192,733
(1,141,979)		 Gains and
Movement
losses
in funds
£
£
539,750
590,504
539,750
590,504

Included in unrestricted funds is a fund set up to track the movements in valuation of investment property. This fund represents an unrealised gain on these investments with a transfer made to general fund when a property is sold and the gain realised.

24. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 October 2024.

25. FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other businesses of our size and nature we use our auditors to assist with the preparation of the financial statements.

Page 22