THE WESTMINSTER ABBEY TRUST
REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 September 2020
Charity number: 1116371
THE WESTMINSTER ABBEY TRUST
Charity No. 1116371
REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS For the year ended 30 September 2020
| Contents | Page(s) |
|---|---|
| Trustees, advisers and governing documents | 1 |
| Report of the trustees | 2 – 5 |
| Independent Auditors’ report to the trustees | 6 – 8 |
| Statement of Financial Activities | 9 |
| Balance Sheet | 10 |
| Statement of Cash Flows | 11 |
| Notes to the financial statements | 12 – 19 |
THE WESTMINSTER ABBEY TRUST
Charity No. 1116371
TRUSTEES, ADVISERS AND GOVERNING DOCUMENTS For the year ended 30 September 2020
Trustees
Mr John O’Brien (Chairman)
The Very Reverend John Hall (resigned 01 November 2019) The Very Reverend David Hoyle (appointed 28 November 2019) The Reverend Canon David Stanton Dr Julian Litten Sir Thomas Hughes-Hallett
Senior Management Personnel
Ms Valerie Humphrey (Director of Westminster Abbey Trust, on secondment from Westminster Abbey Enterprises Limited)
Contact name
Mr Christopher Vyse
Governing document Charitable Settlement dated 16 June 2006
Status
Charitable Trust
Registered charity number 1116371
Principal office
The Chapter Office 20 Dean’s Yard Westminster Abbey London SW1P 3PA
Auditors
Ernst & Young LLP 1 More London Place London SE1 2AF
Bankers
Barclays Bank plc 1 Churchill Place Canary Wharf London E14 5HP
Campaign Development Board
Mr Will Adderley Mrs Catherine Armitage Lady Sarah Chatto Mr Ronald Freeman Lord Harris Mr John O’Brien Lord Salisbury Mr Guy Weston
Page 1
Charity No. 1116371
THE WESTMINSTER ABBEY TRUST
REPORT OF THE TRUSTEES
For the year ended 30 September 2020
The Trustees take pleasure in presenting their report together with the financial statements for the year ended 30 September 2020.
The legal and administrative information set out on page 1 forms part of this report.
Trustees, advisers and governing documents
The Westminster Abbey Trust (the Trust) is an unincorporated trust registered with the Charities Commission and was created by Charitable Settlement on 16 June 2006. It was set up to raise funds to support its declared objectives, which include grant giving.
Under the terms of the settlement the Trustee body consists of two nominated trustees and three co-opted trustees. The power of appointing new co-opted Trustees lies with the Dean and Chapter of The Collegiate Church of Saint Peter Westminster (the Abbey).
Trustees are given informal training as part of their induction to the charity. This training involves explaining the Trustees’ responsibilities, as noted on page 5 to the financial statements, and explaining to them the role they are expected to take and the involvement in the charity that this entails.
Objects and activities of the Charity
The main objectives of the Trust are:
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To further the religious and other charitable purposes of Westminster Abbey
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To support the Abbey’s Choir School
The Trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Trust’s objectives and in planning future activities and setting the grant making policy. The policy for grants states that expenses should be pertaining to fabric, upkeep and the Education Centre.
A cornerstone of Westminster Abbey’s mission is “to serve pilgrims and all other visitors and to maintain a tradition of hospitality”. In a normal year of operation, over 1.5 million people would be welcomed at the Abbey for either worship or to visit. In the current year, numbers were impacted by the COVID 19 pandemic for over 6 months and total visitors and worshippers reduced to 575,000. The Trustees believe that financially assisting the Abbey to fulfil its mission, together with its Choir School, contributes to the advancement of religion whatever the circumstances.
The principal sources of income for the Trust are donations for Westminster Abbey and a donation from Westminster Abbey Enterprises Limited towards the costs of generating funds.
Aims and strategies for achieving objectives
The Trust aims to support the Abbey in line with its objectives. It considers requests for funding by the Abbey to support religious, structural and educational purposes.
The Trust seeks to raise specific money for projects it agrees to fund in support of The Abbey and the Choir School with particular reference to the request during the COVID -19 Pandemic
Page 2
Charity No. 1116371
THE WESTMINSTER ABBEY TRUST
REPORT OF THE TRUSTEES
For the year ended 30 September 2020
for music, conservation/curatorial, and education related purposes. These aims are supported by the established Campaign Development Board (see page 1) which is the primary external vehicle to help raise funds for the Abbey’s current needs.
Grant making
During the year grants totalling £678,112 (2019: £825,000) were paid to Westminster Abbey which mainly supported initial archaeological works for the visitor centre (£364,039), final payments towards the Galleries (£113,146), and the Hockney Window (£105,427).
Financial review and achievements of the year
The total resources of the Trust amounted to £263,402 as at 30 September 2020 (2019: £190,800). Total income amounted to £758,879 (2019: £875,001), of which £50,000 (2019: £Nil) was a gift aid donation from Westminster Abbey Enterprises Limited (WAEL), representing a contribution towards the costs of generating income for the Trust.
Despite the challenging fundraising environment over the last year, the Trust was still able to raise £758,879 in total of which £698,273 was received from third party donors, with an additional £10,606 claimed in Gift Aid.
Plans for future periods
The Trust will secure the payment of the final pledge of £50,000 made in relation to the funding of the Jubilee Galleries. It is on schedule to come in during December 2020. Once that last donation is received all Galleries’ pledges will have been paid in full.
The Trust will continue to raise funds to support the Abbey’s revised current needs. During the course of 2020-21 the Trust will continue to raise funds for targeted projects and areas which the Abbey has identified including music, conservation/curatorial and education, and will also seek funding for the disabled access aspect of the Sacristy project should donors be found who would not otherwise have given to one of the other areas.
Governance and management
The Trustees have ultimate legal responsibility for the charity and work to ensure good governance, with the help of its advisers. They agree the overall strategic direction of the organisation, and are the highest decision-making body.
The Director of Development supports the Trustees and is responsible for the implementation of policy and for the management of the day-to-day running of the organisation with the support of Westminster Abbey staff, in particular the Receiver General and Director of Finance.
Key management personnel remuneration
The trustees consider the Director of Westminster Abbey Trust as the key management person for the charity, in charge of directing and controlling the charity and running and operating the charity on a day to day basis.
The Director of Westminster Abbey Trust is seconded from WAEL.
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Charity No. 1116371
THE WESTMINSTER ABBEY TRUST
REPORT OF THE TRUSTEES
For the year ended 30 September 2020
Reserves policy and investment policy
The Trustees aim to distribute the net income of the Trust to support the Trust’s charitable objectives, keeping only such reserves as are necessary to maintain working capital. Grant requests made to the Trustees will be considered at the next Trustees’ meeting. For the moment no policy for longer term investment is required as funds raised during the year are distributed in the short term.
Reserves are split unrestricted £84,528 (2019: £21,871) and restricted £178,874 (2019: £168,929).
Risk management
The Trustees have assessed the major risks to which the Trust is exposed and are satisfied that systems are in place to mitigate the Trust’s exposure to the major risks.
The trustees consider variability of donations received to constitute the charity’s major financial risk. The COVID 19 pandemic over the last 6 months has further highlighted this risk. The trustees have previously founded the Campaign Development board in order to mitigate this risk.
Trustees’ going concern assessment
The Trustees consider the Trust to be a going concern as it continues to have positive fund balances and has been able to maintain ongoing operations during the current COVID 19 pandemic. During the year the Trust received £50k of financial support from Westminster Abbey Enterprises Ltd.
Underlying administrative costs were c£8k in the year, which provides the Trustees with confidence that the Trust has sufficient financial cover throughout the period considered to December 2021 being at least another 12 months from the date of signing. With WAEL continuing to gift employee time, there is no reason to consider that the Trust will not be a going concern in the coming year.
Disclosure of information to the auditors
In the case of each person who was a trustee at the time this report was approved:
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so far as that Trustee was aware there was no relevant available information of which the auditors were unaware; and
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that Trustee had taken all steps that the trustee ought to have taken as a trustee to make himself or herself aware of any relevant audit information and to establish that the auditors were aware of that information.
Auditors
The auditors, Ernst & Young LLP were appointed in the prior year. A resolution to re-appoint the auditors will be proposed at the next Trustee Meeting.
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Charity No. 1116371
THE WESTMINSTER ABBEY TRUST
REPORT OF THE TRUSTEES
For the year ended 30 September 2020
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 FRS 102, the Financial Reporting Standard applicable to the UK and Republic of Ireland.
The law applicable to charities in England and Wales 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 of the charity for that period. In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the applicable Charities SORP;
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make judgments and estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper 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) Regulations 2008 and the provisions of the charitable settlement. 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.
Approved by the Trustees and signed on their behalf:
John O’ Brien Trustee (Chairman) 10 December 2020
Page 5
INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE WESTMINSTER ABBEY TRUST
Opinion
We have audited the financial statements of The Westminster Abbey Trust (‘The Trust’) for the year ended 30 September 2020 which comprise the Statement of Financial Activities, the Balance Sheet, and the Statement of Cash Flows and the related notes 1 to 10, including as 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 FRS 102 “The Financial Reporting standard applicable in the UK and Republic of Ireland”.
In our opinion the financial statements:
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give a true and fair view of the state of the charity’s affairs as at and of its incoming resources and application of resources, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Charities Act 2011.
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’s responsibilities for the audit of the financial statements section of our report below. 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
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
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the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
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the trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the charity’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
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INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE WESTMINSTER ABBEY TRUST
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information.
Our opinion on the financial statements does not cover the other information and 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 there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of the 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 and Reports) Regulations 2008 require us to report to you if, in our opinion:
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the information given in the Trustees’ Annual Report is inconsistent in any material respect with the financial statements; or
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sufficient accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records and returns; or
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we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the trustees’ responsibilities statement set out on page 5, the trustees are responsible for the preparation of the financial statements 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 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 management either intends to liquidate the charity or to cease operations, or has no realistic alternative but to do so.
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INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE WESTMINSTER ABBEY TRUST
Auditor’s 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 financial statements 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 financial statements.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at https://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 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 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.
William Binns, Senior Statutory Auditor
London
Date: December 2020 Ernst & Young LLP
Page 8
THE WESTMINSTER ABBEY TRUST
Charity No. 1116371
STATEMENT OF FINANCIAL ACTIVITIES
For the year ended 30 September 2020
| Notes Income from: Donations and legacies: Donation from WAEL 2 Other donations 3 Miscellaneous income Interest on cash deposits Total income Expenditure on: Raising funds: Donations and legacies 5 Bank charges and interest 5 Charitable activities: Grants to The Dean & Chapter of Westminster 4 Total expenditure Net movement in funds Reconciliation of funds: Total funds brought forward 30 September 2019 Total funds carried forward 30 September 2020 9 |
Unrestricted Funds £ 50,000 29,986 1,857 81,843 168 82,011 8,060 105 11,189 19,354 62,657 21,871 84,528 |
Restricted funds £ - 676,868 - 676,868 - 676,868 - - 666,923 666,923 9,945 168,929 178,874 |
Total 2020 £ 50,000 706,854 1,857 758,711 168 758,879 8,060 105 678,112 686,277 72,602 190,800 263,402 |
Total 2019 £ - 873,583 1,174 |
|---|---|---|---|---|
| 874,757 | ||||
| 244 875,001 |
||||
| 5,104 87 825,000 |
||||
| 830,191 | ||||
| 44,810 145,990 |
||||
| 190,800 |
All recognised gains and losses in both years have been included in the Statement of Financial Activities. The results for the years as set out above have been derived entirely from continuing operations.
Page 9
Charity No. 1116371
THE WESTMINSTER ABBEY TRUST
BALANCE SHEET
As at 30 September 2020
| Unrestricted Funds Notes £ Current assets Debtors 35 Cash at bank and in hand: Current account 87,814 Net current assets 87,849 Creditors: Amounts falling due within one year 7 3,321 Net assets 84,528 The funds of the charity Unrestricted funds 8 84,528 Restricted funds 8 - Total funds 9 84,528 |
Restricted Funds £ 115 178,759 178,874 - 178,874 - 178,874 178,874 |
Total 2020 £ 150 266,573 266,723 3,321 263,402 84,528 178,874 263,402 |
Total 2019 £ - 190,800 |
|---|---|---|---|
| 190,800 | |||
| - | |||
| 190,800 | |||
| 21,871 168,929 190,800 |
The financial statements and notes on pages 9 to 19 were approved by the Trustees and authorised for issue and signed on their behalf:
John O’ Brien Trustee (Chairman) 10 December 2020
Page 10
THE WESTMINSTER ABBEY TRUST
Charity No. 1116371
STATEMENT OF CASH FLOWS For the year ended 30 September 2020
| Reconciliation of net movement in funds to net cash flow from operating activities Net movement in funds Deduct interest income shown in investing activities (Increase) / Decrease in debtors Increase / (Decrease) in creditors Net cash provided by operating activities Cash flows from investing activities: Interest and dividends Net cash provided by investing activities Change in cash and cash equivalents in the year Cash and cash equivalents brought forward Cash and cash equivalents carried forward |
2020 £ 72,602 (168) (150) 3,321 75,605 168 168 75,773 190,800 266,573 |
2019 £ 44,810 (244) - (3,238) |
|---|---|---|
| 41,328 | ||
| 244 | ||
| 244 | ||
| 41,572 149,228 190,800 |
Page 11
THE WESTMINSTER ABBEY TRUST
Charity No. 1116371
NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 September 2020
1. Accounting policies
a) Basis of preparation and assessment of Going Concern
Westminster Abbey Trust is an unincorporated trust registered with the Charities Commission and created by a Charitable Settlement dated 16 June 2006. The registered office is: The Chapter Office, 20 Dean’s Yard, Westminster, London SW1P 3PA.
The financial statements have been prepared under the historical cost convention and in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Trust Deed and the Charities Act 2011.
The financial statements are prepared in sterling which is the functional currency of the Trust.
The Trust constitutes a public benefit entity as defined by FRS 102.
The Trustees have considered the resources of and forecasts for the Trust and have a reasonable expectation that it has adequate resources to continue in operational existence of the foreseeable future. The Trust therefore continues to adopt the going concern basis in preparing its consolidated financial statements.
b) Income
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Donations are recognised on a receivable basis, except in the case of donations from Westminster Abbey Enterprises Limited, which are recognised on a commitment basis.
c) Grants
Grants are accounted for when either the recipient has a reasonable expectation that they will receive a grant and the trustees have agreed to pay without condition or the recipient has a reasonable expectation that they will receive a grant and any condition attached to the grant is outside the control of the trust.
Page 12
THE WESTMINSTER ABBEY TRUST
Charity No. 1116371
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 September 2020
d) 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 settlement will be required 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 costs relating to the category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources.
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e) Cash at bank and in hand
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All cash is held in a current bank account and is immediately available for meeting the objectives of the Trust.
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f) Short-term debtors and creditors
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Debtors and creditors are initially recorded at transaction price and subsequently measured at their settlement amount.
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g) Funds
Restricted funds relate to gifts and legacies which have been given or bequeathed to the Trust to be used in accordance with the wishes of donors or their representatives. Both the capital and the income may only be used in accordance with the purposes for which the funds were donated.
Unrestricted funds have not been restricted in their use to a particular purpose by donors or their representatives.
Page 13
THE WESTMINSTER ABBEY TRUST
Charity No. 1116371
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 September 2020
| 2. Donation from Westminster Abbey Enterprises Limited Gift aid received from WAEL towards administrative costs 3. Other donations and legacies Unrestricted Donations: Restricted Donations: Visitors’ Centre Galleries Hockney Window Music fund Library Cataloguing /Digitisation of Archives Conservation and Care Fabric Other charitable objects * St Margaret’s Window *** St Margaret’s Appeal Vestments |
2020 £ 50,000 2020 £ 29,986 365,040 112,500 94,884 72,186 27,000 8,506 5,535 2,356 (4,024) (7,115) - 676,868 706,854 |
2019 £ - |
|---|---|---|
| 2019 £ 224,369 |
||
| 1,000 628,749 - 990 250 - 3,952 1,133 1,830 8,310 3,000 |
||
| 649,214 | ||
| 873,583 |
- During the year the Dean and Chapter of Westminster had been considering the specific fabric priorities for St Margaret’s Church. Following a review by the Westminster Abbey Fabric Commission it was determined that a stained-glass window designed and installed in St Margaret’s church was no longer feasible. A number of donors who had contributed to St Margaret’s church and the window fundraising campaign had their donations returned. The remaining donors to the fundraising campaign for the Window indicated that they were happy for the funds to support the on-going work of the Church.
Page 14
THE WESTMINSTER ABBEY TRUST
Charity No. 1116371
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 September 2020
| 4. Grants Visitor Centre Galleries Hockney Window WA music fund WA Education Fund Vicars' scholarship Conservation and Care The Wroughton Bequest |
2020 £ 364,039 113,146 105,427 50,000 25,000 11,000 8,500 1,000 678,112 |
2019 £ - 825,000 - - - - - - 825,000 |
|---|---|---|
All grants were payable to Westminster Abbey towards the purposes as indicated above.
| 5. Resources expended Administrative expenses Bank Charges Audit fees |
2020 £ 4,739 105 3,321 8,165 |
2019 £ 1,696 87 3,321 5,104 |
|---|---|---|
6. Staff costs
The Trust has no direct employees. Staff are gifted in kind to the Trust from Westminster Abbey Enterprises Limited and the Abbey.
In the 6 months to March there was a monthly average of 2.5 full time members of staff working on behalf of the Trust. Following the onset of the COVID -19 pandemic, the parttime member of staff was placed on furlough leave for a 3 month period. The full year average number of staff working on behalf of the trust was 2.4 (2019: 3).
No trustees received any remuneration or expenses during the year in relation to this Trust (2019: £Nil).
Page 15
THE WESTMINSTER ABBEY TRUST
Charity No. 1116371
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 September 2020
| 7. Creditors Other creditors |
2020 £ 3,321 3,321 |
2019 £ - - |
|---|---|---|
Page 16
THE WESTMINSTER ABBEY TRUST
Charity No. 1116371
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 September 2020
8. Funds
Unrestricted Funds (£)
| General Designated a Galleries e Music Fund h St Margaret’s Appeal i Vestments k St Margaret’s Window o Library Cataloguing p Hockney Window Total Unrestricted Funds Restricted Funds (£) a Galleries b Vicar's Scholarship c Education Fund d Song School Instruments e Music Fund f Conservation g Fabric Fund h St Margaret’s Appeal i Vestments j Other Charitable Objects k St Margaret’s Window l The Wroughton Bequest m Visitors’ Centre n Digitisation of Archives o Library Cataloguing p Hockney Window Total Restricted Funds |
Balance Income Expenditure Transfers Balance 2019 2020 16,671 82,011 (8,165) (10,606) 79,911 646 - (646) 25 25 3,977 - - 13 3,990 249 - - - 249 79 - - - 79 249 - - - 249 - - - 25 25 - - (10,543) 10,543 - 21,871 82,011 (19,354) - 84,528 |
|---|---|
| Balance Income Expenditure Transfers Balance 2019 2020 |
|
| - 112,500 (112,500) - - 35,836 - (11,000) - 24,836 25,000 - (25,000) - - 23,719 - - - 23,719 22,282 72,186 (50,000) - 44,468 14,866 8,506 (8,500) - 14,872 9,154 5,535 - - 14,689 15,836 (7,115) - - 8,721 10,635 - - - 10,635 4,371 2,356 - - 6,727 4,830 (4,024) - - 806 1,000 - (1,000) - - 1,000 365,040 (364,039) - 2,001 150 - - - 150 250 27,000 - - 27,250 - 94,884 (94,884) - - 168,929 676,868 (666,923) - 178,874 |
Page 17
THE WESTMINSTER ABBEY TRUST
Charity No. 1116371
NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 September 2020
The purposes of the funds are as follows:
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a) Galleries: To deliver the Queens Diamond Jubilee Galleries including preparatory work. The project is now completed with the final pledge payment expected in December 2020.
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b) Vicar’s Scholarship: To provide scholarships for students in need at the Westminster Abbey Choir School.
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c) Education Fund: To provide support of the costs for schools with limited resources to use or visit the Abbey’ and its education centre.
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d) Song school instruments: Providing a piano and new bespoke organ for the Song school.
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e) Music fund: To fund the commissioning of new choral music.
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f) Conservation: Restoration and conservation of objects within the Abbey.
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g) Fabric fund: For the maintenance of the structure of the Abbey.
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h) St Margaret’s Appeal: Funding raised specifically for use on projects relating to St Margaret’s church.
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i) Vestments: Funding for new garments.
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j) Other Charitable Objects: To fund other religious activity.
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k) St Margaret’s Window: To fund a new stained-glass window in St Margaret’s church, this project was deemed not to be feasible with funds returned except where otherwise confirmed by donors to be re-purposed towards the ongoing support of the Church.
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l) The Wroughton Bequest: To pay for flowers at the shrine of Edward the Confessor on the feast day of translation.
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m) The Sacristy Visitors’ Centre: to fund the stage one archaeology of the Abbey’s proposed new Sacristy Visitors’ Centre.
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n) Digitisation of Archives: Digitisation of selected documents and manuscripts from within the Abbey collection.
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o) Library Cataloguing: Computerisation of the Library Catalogue.
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p) Hockney Window: Funding for the costs incurred by Westminster Abbey in relation to the installation of the stained-glass window in 2019 commissioned to celebrate the reign of Queen Elizabeth II and designed by David Hockney.
Page 18
THE WESTMINSTER ABBEY TRUST
Charity No. 1116371
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 September 2020
| 9. Total funds The funds are represented by the following assets: Cash at bank and in hand Other net current assets |
Unrestricted funds £ 87,814 (3,286) 84,528 |
Restricted funds £ 178,759 115 178,874 |
Total 2020 £ 266,573 (3,171) 263,402 |
Total 2019 £ 190,800 - 190,800 |
|---|---|---|---|---|
10. Related Parties
The Trust is related to Westminster Abbey by virtue of common trustees with the Abbey. During the year the Trust made grants of £678,112 (2019: £825,000) to Westminster Abbey.
During the year, the Trust received £50,000 (2019: £Nil) from Westminster Abbey Enterprises Limited, which is a wholly owned subsidiary of the Abbey, during the year in order to meet its administrative costs.
The Trust has a wholly owned trading subsidiary, Westminster Abbey Developments Limited company registration number 05673214. This company was dormant during both the current and preceding year.
No trustees received any remuneration during the year (2019: None) and no expenses were reimbursed to any Trustees during the year (2019: None).
Page 19