Friends of Torre Abbey Annual Report Year Ended 31 August 2024 Charlty No: 1025393
Friends of Torre Abbey Annual Report Year Ended 31 August 2024 Cont8nts Page TnJste8s and Advisors Trusiees, Report Independent Examinerfs Repc*t to the Trustees Statement of Financial Activities Balance Sheet Noles and Accounting Policies
Friends of Torre Abbey Trustsos and Advisors Trustees Gillian Westell - Chalr Sleve Poppleton - Vlce Chalr Robert Letcher Colln Tumer Alan Gardlner Linda Lear Margaret Egerton Paul Hewson Accountants Ryan Prynne. ACCA CTA Francls Clark LLP Slgma House Oak View Ck)se Edglnswell Park Torquay TQ2 7FF Bankers Bardays Bank plc 39140 Fleet Street Torquay TQ2 5DL
Friends of Torre Abbey Trustees, Report Year ended 31 August 2024 The Trustees present their report and the financlal statements of the Chatity for the year ended 31 August 2024. The financlal statements have been wep8red In accordanc8 wilh the accounting policies set out In note 2 to the accounts and o)mply with the Charity's Trust deed. on 18 July 2014 (as amended by Updats Bulletin 1 published on 2nd Febwary 2016) applicable law and the requirements of the Statement of Recommended Practlce Acc[nting and Reporting by Charttles (SORP FRS 102) Second Edition 2019. structure, Govemance and Management The Associalion of Friends of Torre Abbey (FOTA) is a registered charty (number 1025393) governed by 8 constitution adopted on 29 September 1992, Incorporallng amendments approved on 10 Augusl 1993, 2 March 1999 and 21 January 2004. The Twstees who have seNed during the year and slnce the year end are set out on pag8 1. Trustees are elected at the Annual General Meeting for a period of one ye. They may stand for electlon each year, save that a Chaimian having served for three years may not be re-elecled to that posl until a further three years have elapsed. The Trustees met Iwice but have C(Merred 'electronIcall as nec6ssary durlng the year. FOTA has no employees and no remuneratSon was pakl In the year. FOTA Is run by volunteers and tt is pollcy that no-one should be out of pocket due to their voluntary effort. In practice, Trustees only claim kn reimbursement of some postage, stationery and other incldentals. The majority of their costs are r1 claImed. and the Associalbn Is grateful for that generoslty. Objectlves and Actlvllles The object of the Charlty is to advance th6 edwation of the public by pwmotirm. support, assistance and improvement to Torra Abbey. Membership has been open to am persons interested in the Supp aThJ survival of Torre Abbey (founded In 1196) and has weviujsty been on payment of a MieSt annual subscription. The A8soclafjon has approximately 407 memb8rs, of wh(xn rwghly 101 have compounded Iholr subscrSptlons to become Ilfe mernrs. {see below as to suspension of membershlp enrolment). FOTA obtaln furKls by arranglng s[al and educational events for whith an admtsslon fee is charged. Three coffee mornlngs, vislts to Ottery SL Mary and Paignlon Palace Av&nu6 Th8atre and a Winter Warmer Lunch were held during th8 year and enjo1 by those attending. tk)natlons and legacles are gratefijlty Ceived. Requests f(Y aid are recefved from the Torre Abbey Manager and considered by the Trustee& Grants have been ¢Clded (and where appropiiate approved) towards Ihe IgoIng r8sloration of Ihe fabrlc of the Abb6y buildirwJ. Is owned by, and the responsibllity of, Tofbay Council. When planni athlties and requests for aid the trustees keep In mirKI the Charity Comrnissior guldance on publlc beneflL It should be noted that at a meellng of Ihe Trustses held on 19th July 2023, in vlew of a lack of any Pfogress in r8cruiting new Trusteelcommittee Members, a falkiff In memborship numbers and reduced attendances at regular events, a declslon was taken to recommend to the membershlp a windlng up of the Chalrty once any rernalnlng funds could be distrlbuted in accordance with the ¢(StItUtiOn. New members would therefore not be enrolled aryj events suspended pending dissdution.
Friends of Torre Abbey Trustses, Report Year endèd 31 August 2024 Achlevements and P6rfornian¢o A number of generous donaticS and legades were recelved in Ihe yearfor whlch the charity is sinrelY gratefvl. During the year there ¥e no donati$ to the Abbey however the funds will be used to Ihe benefil of the abtey In the fijlure. The TNst8es are grateful to an members of Associatl(m for str1ng. by thelr membership, their support of FOTA and Torre Abbey, and are parucularfy gratsful to all who have supported the fundralslng events and made donations to our funds. We are also grateful for the assistance given by the curatorial staff of the Abbey. Flnancial Review The Assoclatlon generated a surplus of £68,904 (2023: £43,332 defictt). Income for the year totalled £73,796 (2023: £8,772) and exwdiiure tolalled £4.892 {2023: £52,104). The Assoclallon commenced the year with lunds of £108,508 and finished wlth £177,412. Reserves pollcy It is the p)licy to maintsin sufficaenl reserves to enable FOTA to provide ald, sometlmes at short notico, for Ihe purchase of deslrable objects, nomialty fine art, forthe colleclion of the Abb&y as and when such objects come to the marketplace. The Charivs funds are unrestslcted in nattjre and the Trustees are therefore free to use them in ac£A)rdance the Charlty's objects. statement of Tru8tees' Responsibllities The Trustees are responslble for preparing the Trustees, and the financial statements in accordance wlth applkable law and United In10M AccounliNJ Standards (United Kingdom Generally Accepted AccountSng Prdctice). The law appllcable to charfties In England arKI Wales requires the Trustees to prepare financial slatements for each financial year whith glve a true and falr view of tr)e state of affalrs of the Charity and of the incoming r&%ources and application of OurceS of the Charfty for that peri(xl. In preparing these financkql statements, Ihe Truslees are required to: select suitable accounljng pollcies and then appty them conslstently. obserye the methods and prln(aples In the Charities SORP. make Judgements and estimates thal are reasonable and prudentr. state whether applicable accounting slandards have been followed, subject to any material departures disclosed and explained in th8 financial statements,. and prepare the financlal statements on the gOg concem basls unless It Is Inappropriale to presume Ihat the Charty contlnue in business. The Trustees are responsible for keeplng woper accounting records Ihat disdose with reasonable accuracy at any tlme the financial position of Ihe Charity and enable them io ensure that the financlal statements comply with the Charilies Act 2011, Charity (Accounts and Reports) Regulations and the provlslons of the Trusl Deed. They are also responslble for safeguarding the a888ts of th6 Charfty and hence kn Éaking reasonable steps for the prevention arKI detection of fraud and other Irregularities.
Friends of Torre Abbey Trustees, Report Year ended 31 August 2024 Approved by the Trustees and slgned on thet behalf by: G Weslell 17.02.-.20..1
Friends of Torre Abbey Independent Examlner's Report to the Trustees Year Ended 31 August 2024 I report to the charlty trustees on my examlnation of the accounts of Frfends of Torre Abb8y (Ihe Trust) for the year ended 31 August 2024. which are set out on pages 6 to 9. Respectlve Yesponsibllftles of tsUSte and examlner As the charity trustees you are SnSIble for the preparation of the accounts In accordance with the requirèments of the Charities Act 2011 {'th8 Act.). I report In respect of KnY0x1nation of the Charltles accounts carrled under section 145 of the Act and in carrying out my examination. I have followed all Ihe appli(%ble dir8Ctions given by ihe Charlty Commlsslon under wtion 145(5)(b) of the Acl. Ind•pendent examlnerfs statement I have cometed my examknatlon. l confimi that no terial matters have come to my attention in connection with the examination glving me cause to beli&ve that in any material respecl: (1) accounting records were not kept in resped of the Trust as requlred by sectk)n 130 of the Act; or (2) the accounts do not aco)rd with those records; or (3) the accounts do not comk4y the applicable requiremsnts concerning the form and content of accounis set out in the Charitles (Accounts and Rep)rts) Regulalions 2008 other than any requirement that the accounts give a true and far view which is not a matter c(Sidered as part of an independent ex8mination. I have no concerns and have come across no other mallers in connecllon with the 8xamination to whlch attentlon shId be drawn in thls repcKt In order to enabl8 a propw understanding of the acwunts to be reached. Ryan Prynne, ACCA CTA Francis Clarf( LLP Chartered Acwjnlants Slgma Hous8 Qak View Close Edglnswell Park Torquay TQ2 7FF 6 M<rch 2025 Data
Friends of Torre Abbey Ststement of Flnanclal Actlvltles Year Ended 31 August 2024 2024 2023 Not08 Income fr¢m: Donatlons Subscript¥)ns Legacy Bank Interest 2(b) 2.263 4,874 3,268 70.0(MJ 1,533 630 73,7 8,772 Expendlture on: Charitable activitie8: - Charitable activities and fundraissng events - Tre Abbey acquisIticSlasS1stanC - M8n8g8ment and 8dmlnistration 3,412 4,952 45,658 1,494 1,480 4,892 52,104 Net Incomel(expendlture) and net movement in funds 68,904 (43,332) Reconclllatlon of funds: Total funds brotsght forward 108.508 151,840 Total funds carrled fOard 177,412 108,508 All income and expenditure derive frfxn continuing acllvities.
Friends of Torre Abbey Balance Sheet Year Ended 31 August 2024 2024 2023 Notes Current assets Cash at bank and in hand 177,412 109,018 177,412 109,018 Creditors: amounts falling due within one year Ticket sales in advance 510 510 Net current assets and total net assets 177,412 108,508 The funds of the Charity: Unrestricted funds 177,412 108,508 These accounts have been prepared in accordance with the Financial Reporting Standards 102 Second Edition 2019. The notes on s 8 to 9 form part of these accounts. Approved by the Trustees on . IT ,. and signed on their behalf by.. G Westell C Turner
Frlends of Torre Abbey Notes and Accountlng Pollcles Year Ended 31 August 2024 General Inforniation The Friends of Torre Abbey Is a Charity registwed wllh tho Charity Commlsslon under reference number 1025393. 11 is govemed by a constitution and managed by trustees. The address of Its prknlapal place of buslness is: Lowerdown Bovey Tracey Devon TQ13 9LF Accountlng Poll¢les (a) Basis of pr8paratlon and assessment of golng con¢èm The financial statements have been preparwj under the historlcal cost conventlon, wlth items reGogni8ed at cosl or transaction vae unl&8s OtheSe Stated in the relevant noHs) lo these flnancial statements. The financial 8tatements have been prepared in accordance with the Statement of Recommended Practice °AcCnting and Report5 by Charilies preparing ttkir accounts In accordan wilh the Financial Rewbng Stsndard applicable In the UK and RewbliG of Ireland (FRS 102) SeG(d Edilion 2019 and the CharlS Act 2011. The accounts have been presented in slerfing and rounde(I to the nearest £. The trust conslitutes a public benefrt enlty as defin&fj by FRS 102. The trustees consider that there are no materlal CertaIntieS abcmt the Charivs abilty to contlnue as a going concem. The fc41owlng prindpal a<xountlng polldes have been applied. (b) Incomo recognilion All income Is recogf]iS8d OTbce the chty has entillement to the Income, there Is sufficient certalnty of receipt and so it is probable that the income will be r1ved, and the amount of Income recelvable can be measured reliable. Donations and legacles These are Included In the Statement of Finandal Advities wh8n: the charity is [lfied to the donatlon. legacy or similar Inc(xne and any Cotbditions for receipt are met; the trustees consider thal it is probable that they will recelve it; the value can be rellably m8asLtred and: (il) Subscripuons - These are included in the accounts there is sufflcl8nt certalnty Ihat they wlll be rec8ived. (Ill) Charitable aclivities- These are induded in the accounts when the activlty occurs.
Frlends of Torre Abbey Notes and Accountlng Policles Year Ended 31 August 2024 {c) Expenditure re¢ognition Llabllilles are recognlsed as expendlture as SO as there Is a legal constructlve obligation comrnitting the Charity to Ihat expendilure. it is tbabIe that settlement will be requlred, and Ihe amount of the obligalion can be measured reliably. Ail expendlture18 accounted for on an ac(Juals basis and Indudes Irrecoverable VAT. AII expenses including support costs and govemance costs are allocated to charitable actlvllles. Costs of Charltable acllvllles Indude costs incurred directty on achleving the objects of Ihe Charity, and governan costs. Charltsble actlvltles and fundralslng events Sodal acllvltles Printing, postage, stati(Mw and newsletters 2024 2.624 788 2023 3.462 1,490 3,412 4,952 Management and Admlnlstratlon Ac(xx]ntancy Other fees and subsoiptions 1,080 400 594 1,480 staff costs The charity did not employ any staff during the year. Cash at Bank and In Hand Bardays Community account Bardays Membership a4xount Business Saver acGwnt Pety cash 70.130 3,047 1.230 104,741 1.274 18 177.412 109,018 Trust808 and Othar Related Partlos No trustee or connected persons have received any remuneration elther dlrecuy or indlrecty. A total of £1,204 for expenses Incuffed on behaf of the charlty was reImtrSed to Commiltee Members durlng the year. At the balance sheet date, no monies were due to or frorn any related party.