## **THE WESTMINSTER ABBEY TRUST**
**REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED**
**30 September 2022**
**Charity number: 1116371**
THE WESTMINSTER ABBEY TRUST
_**Charity No. 1116371**_
## **REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS**
For the year ended 30 September 2022
|**Contents**|**Page(s)**|
|---|---|
|Trustees, advisers and governing documents|1|
|Report of the trustees|2 – 6|
|Independent Auditors’ report to the trustees|7 – 9|
|Statement of Financial Activities|10|
|Balance Sheet|11|
|Statement of Cash Flows|12|
|Notes to the financial statements|13 – 20|
**THE WESTMINSTER ABBEY TRUST**
_**Charity No. 1116371**_
**TRUSTEES, ADVISERS AND GOVERNING DOCUMENTS** For the year ended 30 September 2022
|**Trustees**|Mr John O’Brien (Chairman)|
|---|---|
||Dr Julian Litten|
||Sir Thomas Hughes-Hallett (to 8 July 2022)|
||The Very Reverend David Hoyle|
||The Reverend Canon David Stanton|
|**Senior Management**|Ms Valerie Humphrey|
|**Personnel**|(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|
|**Auditor**|Crowe U.K. LLP|
||55 Ludgate Hill|
||London|
||EC4M 7JW|
|**Bankers**|Barclays Bank plc|
||1 Churchill Place|
||Canary Wharf|
||London E14 5HP|
|**Campaign Development**|Sir Will Adderley|
|**Board**|Mrs Catherine Armitage|
||Lady Sarah Chatto|
||Mr Ronald Freeman|
||Lord Harris|
||Mr John O’Brien|
||Lord Salisbury|
||Sir Guy Weston|
Page 1
_**Charity No. 1116371**_
## **THE WESTMINSTER ABBEY TRUST**
## **REPORT OF THE TRUSTEES**
For the year ended 30 September 2022
The Trustees take pleasure in presenting their report together with the financial statements for the year ended 30 September 2022.
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 6 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:
- To further the religious and other charitable purposes of Westminster Abbey
- 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”. Pre-pandemic over 1.5 million people would be welcomed at the Abbey each year for either worship or to visit. In the year to September 2022 the Abbey had 692 thousand paying visitors, compared to 1.3 million in the year before the pandemic. The number of worshippers was also impacted owing to social distancing guidelines and requirements.
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 specific areas of funding set to assist Westminster Abbey deliver its mission. The operating costs of the Trust are typically met from unrestricted donations received in year.
Page 2
_**Charity No. 1116371**_
## **THE WESTMINSTER ABBEY TRUST**
## **REPORT OF THE TRUSTEES**
For the year ended 30 September 2022
## **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 for funding to support music, fabric, 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.
## **Fundraising**
The Westminster Abbey Trust aims to undertake fundraising at the highest possible standards, consistent with its values, and compliant with the requirements of the Fundraising Regulator. Care and consideration for donors is paramount, and the Trust aims to act in the most respectful and considerate way. The majority of income comes from major donors and charitable trusts/ foundations, with a modest amount coming from on-line and text donations. The Trust does not use unsolicited telephone or street fundraising.
The Trust’s Director is a skilled fundraiser. The Trust is supported by a volunteer ‘Campaign Development Board’, which assists in fundraising for major capital projects. No volunteer donor approaches are made without the consent and support of the Director, thereby avoiding inappropriate approaches being made.
The Westminster Abbey Trust received no complaints about fundraising carried out in this year.
The Westminster Abbey Trust recognises the need to protect vulnerable people and works to avoid seeking or gaining a donation from anyone who might be considered vulnerable or unable to make an informed decision.
## **Grant making**
During the year grants totalling £1,170,660 (2021: £363,598) were paid to Westminster Abbey, which mainly supported the core operational activities of the Abbey.
## **Financial review and achievements of the year**
The total resources of the Trust amounted to £922,589 as at 30 September 2022 (2021: £1,095,491). Total income amounted to £1,007,667 (2021: £1,205,532).
Despite the challenging fundraising environment over the last year, the Trust was still able to raise £1,007,242.
- £381,044 of funding was secured for the ramp to the West Door of the Abbey as part of the Sacristy project to enable dignified and easy access for all. Letters of intent were signed by the Abbey and preliminary work had commenced by year end.
- £336,041 was received from the American Fund for Westminster Abbey to enable the trust to provide long term support to the Abbey in meeting the costs of the organ scholar; with pledges of additional funds over the next few years.
Page 3
_**Charity No. 1116371**_
## **THE WESTMINSTER ABBEY TRUST**
## **REPORT OF THE TRUSTEES**
For the year ended 30 September 2022
- £50,000 was received from the Linbury Trust to provide support to the Abbey’s Learning and outreach programme.
Funding continued to be received to support the Abbey’s Library cataloguing project
## **Plans for future periods**
The Trust will continue to raise funds to support the Abbey’s revised current needs.
During the course of 2022-23 the Trust will continue to raise funds for targeted projects and areas which the Abbey has identified including music, conservation/curatorial and education. Given the positive signs of tourism returning to the Abbey there is desire to progress the Great Sacristy project that was placed on hold in March 2020.
## **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 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 an employee of WAEL seconded to the Trust. Remuneration of WAEL employees, including any annual increases, is approved by the WAEL board. The initial level of remuneration paid to the Director of the Trust was established through a benchmarking exercise.
## **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 free reserves as are necessary to maintain working capital.
The Trust has low overhead and operating costs, which are typically below £10k per year. These costs are ordinarily able to be funded from unrestricted donations received in year. The Trust also benefited from a donation from Westminster Abbey Enterprises Ltd in the financial year ended September 2020, providing the Trust with greater resilience and increased certainty of its ability to function as a going concern. So far as possible the Trust seeks to maintain its unrestricted reserves in the range £40k to £50k. Reserves are split unrestricted £47,715 (2021: £77,554) and restricted £874,874 (2021: £1,017,937).
For the year to 30 September 2022, no policy for longer term investment was required, with funds raised during the year distributed in the short term. Going forward the Trust will be looking at investment approaches where it has received funds that it expects to yield returns sufficient to meet ongoing annual demands from those funds.
Page 4
_**Charity No. 1116371**_
## **THE WESTMINSTER ABBEY TRUST**
## **REPORT OF THE TRUSTEES**
For the year ended 30 September 2022
## **Risk management**
The Trustees have assessed the significant risks to which the Trust is exposed, and are satisfied that these can be mitigated. The Trustees consider lack of variability of donations received to constitute the charity’s main financial risk.
The main sources of income are trusts and major donors. The Trust works hard to mitigate this risk by maintaining relationships with existing donors during and beyond a project’s completion, and continuing to identify and develop relationships with potential new donors who are interested in the Abbey and its ongoing need for funding to support major projects. Through the relationships with donors and networking in conjunction with the Campaign Development Board, the Trust is transparent about funding needs and specific initiatives for which funding is being sought.
## **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 recent years, despite difficult circumstances.
Underlying administrative costs were some £10k in the year, which provides the Trustees with confidence that the Trust has sufficient financial cover throughout the period considered to March 2024, 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:
- so far as that trustee was aware there was no relevant available information of which the auditors were unaware; and
- 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**
Crowe U.K. LLP were appointed as auditors in June 2022.
Page 5
THE INESTMINSTER ABBEY TRUST
Ch•rltyNo. 1116371
REPORT QF THE TRUSTEE8
For Ihe ar onde(130 Soplombgr 2022
Ststement of Tru•t••s' r•sponslbllltl•s
The Trustees 8T6 responsible lor preparing Ihe Report of Ihe Tfuslees and Ihe flnandal
stalements In accordan vAlh appllcable law and Unlled K6ngdom Accwnllng Standards
(Unlted Klrytkn Generally Accepted Acfxiunbng Practfjce) includlng FRS 102. the Fln8nd81
ReportlrKJ Stsndard Op•ble lo ts UK and Rep1C ol Ireland.
The law applicable to charlties in Engian¢J 8[ Wales requires the trustees to preparo
rinancial $tat&menl8 for 88ch financial yeaf vknich give a true and falr eW ol the 8latg of
8ffaSrs of the charity and ol the Incomlng resources and appltion of resourc68 of Iha
charlty for Ihat pertod. In preparlng Ihese fknandal statements. Ihe truslees arg requlred to:
8eiect sullal)le 8ccoimdrwJ e8 and thon appty them crffislslenuy:
Obser the methods arrtl prlnclples In the appmcable Charllles SORP:
make ludgmonts Brnj eslmaies that we rea¥able 8nd wid8n('
stste whether applicable UK Accounting Sl8ndard8 have been foltowed, 8ubl8cl to any
malorfal departures dlsdosed and explained in the finanry81 statements., and
prepare the Ilnandal stslements on the o)ncem ba818 unless It Is In8pproprl8te
to presume that the charty will cwlinue In bu%nos¥.
The truslees are re8pondble for keephig prow a(rounUw teo)rd8 th81 dlsdose vllh
re8sonabk8 8c£uracy 818ny time Ihe financial position of Ihe charity and enable them to
ensure thal the finandal slatements (y)mpty ¥thth Ihe Ch8ntie8 Acl 2011, the Charitie8
{Accounts and Reports) Regulations 2008 and the provislons of the charit8ble settlemenL
They are also responslble for saf8guardlrrtJ Ihe assets 01 the tharity and hence for taklng
reasonab steps for the prevenlKsn and deledfm of fraud and olher irr&Julariles.
)proved by the Tru$le98 afKI signed on Iheir behalf:
John O, Brken
Trustee (Chairman)
23 March 2023
P8ge 6
## **Independent Auditor’s Report to the Trustees of The Westminster Abbey Trust**
## **Opinion**
We have audited the financial statements of The Westminster Abbey Trust for the year ended 30 September 2022 which comprise the Statement of Financial Activities, Balance Sheet, Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
- give a true and fair view of the state of the charity’s affairs as at 30 September 2022 and of its income and expenditure, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- 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. 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 trustee's 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 contained within the annual report. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report 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.
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 in relation to which the Charities (Accounts and
Page 7
## **Independent Auditor’s Report to the Trustees of The Westminster Abbey Trust**
Reports) Regulations 2008 requires us to report to you if, in our opinion:
- the information given in the financial statements is inconsistent in any material respect with the trustees’ report; or
- sufficient and proper accounting records have not been kept by the charity; or
- the financial statements are not in agreement with the accounting records and returns; or
- 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 6, 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 the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
## **Auditor’s responsibilities for the audit of the financial statements**
We have been appointed as auditor under section 151 of the Charities Act 2011, and report in accordance with the Acts 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.
Details of the extent to which the audit was considered capable of detecting irregularities, including fraud and non-compliance with laws and regulations are set out below.
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 auditor’s report.
## **Extent to which the audit was considered capable of detecting irregularities, including fraud**
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion.
We obtained an understanding of the legal and regulatory frameworks within which the charity operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Charities Act 2011 together with the Charities SORP (FRS102) 2019. We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.
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 might be fundamental to the charity’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charity for fraud. The laws and regulations we considered in this context for the UK operations were the Charity Commission regulations.
Page 8
## **Independent Auditor’s Report to the Trustees of The Westminster Abbey Trust**
Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any.
We identified the greatest risk of material impact on the non-statutory financial statements from irregularities, including fraud, to be within the timing of recognition of legacy and grant income, and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management and the trustees about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases, reviewing regulatory correspondence, and reading minutes of meetings of those charged with governance.
Regarding the timing of recognition of legacy income, we addressed this through review of all legacy correspondence and receipts up to the date of approval of the financial statements, to ensure treatment in line with the accounting policy.
Regarding the timing of recognition of grant income, we addressed this through review of all material grant agreements to ensure correct treatment under the Charities SORP, including consideration of the accounting period in which income should be recognised.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed noncompliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect noncompliance with all laws and regulations.
## **Use of our report**
This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.
## **Crowe U.K. LLP**
Statutory Auditor London
> Date: 3rd April 2023
Crowe U.K. LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.
Page 9
**THE WESTMINSTER ABBEY TRUST**
**Charity No. 1116371**
## **STATEMENT OF FINANCIAL ACTIVITIES**
For the year ended 30 September 2022
|**Notes**
**Income from:**
**Donations and legacies:**
Donations
2
Interest on cash deposits
**Total income**
**Expenditure on:**
**Raising funds:**
Administrative expenses
4
Bank charges and interest
4
**Charitable activities:**
Grants to The Dean &
Chapter of Westminster
3
**Total expenditure**
**Net (expenditure) / income**
**Transfers between funds**
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
30 September 2021
Total funds carried forward
30 September 2022
8|**Unrestricted**
**Funds**
**£**
9,645
425
10,070
9,743
166
30,000
39,909
(29,839)
-
**(29,839)**
77,554
47,715|
**Restricted**
**funds**
**£**
997,597
-
997,597
-
-
1,140,660
1,140,660
(143,063)
-
**(143,063)**
1,017,937
874,874|
**Total**
**2022**
**£**
1,007,242
425
1,007,667
9,743
166
1,170,660
1,180,569
(172,902)
-
**(172,902)**
1,095,491
922,589|**Total**
**2021**
**(restated)**
**£**
1,205,484
48
1,205,532
9,755
90
363,598
373,443
832,089
-
**832,089**
263,402
1,095,491|
|---|---|---|---|---|
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 10
THE WESThIINSTER AB8EI TRUST
Ch•rttyNo. 1116371
BALANCE SHEET
As at 30 Septembw 2022
Unre•trlct•d
Funds
R•¥trl¢t•d
Funds
Totsl
2022
Totsl
2021
(r•stalod)
Not••
Curr•nt ao8•ts
Oeblors
Cash 81 bank In
hand
50.054
52.171
914.094
1,050,107
N•1 curr•nt •s••l•
52.215
914.094
1.100.161
Credllor8: Amounts
falllng du8 vhlhln on8
39220
43.73)
4.670
N•1 a•••l•
47,715
874,874
922,589
1,095.491
The funds of Iho
charlty
Unrestricled funds
RestrICt fund8
Totsl fvnds
47.715
47,715
874.874
77.554
1.017.937
874.874
47.715
874,874
922.589
1,095.491
The fln8ncl81618tements 8nd noles C pages 10 10 20 were apwoved by the Tru81888 and
authortsed for168ue end signed th81r behaw:
John O, Brfen
Trustee (Chaiman)
I3March 2023
_**Charity No. 1116371**_
## **THE WESTMINSTER ABBEY TRUST**
## **STATEMENT OF CASH FLOWS**
For the year ended 30 September 2022
|
**Reconciliation of net movement in funds to net**
**cash flow from operating activities**
Net movement in funds
Deduct interest income shown in investing activities
Decrease / (Increase) in debtors
Increase 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**|**2022**
**£**
(172,902)
(425)
50,010
39,050
**(84,267)**
425
425
(83,842)
1,050,107
**966,265**|
**2021**
**(restated)**
**£**
832,089
(48)
(49,904)
1,349|
|---|---|---|
|||
**783,486**|
|||
48|
|||
48|
|||783,534
266,573
**1,050,107**|
Page 12
**THE WESTMINSTER ABBEY TRUST**
_**Charity No. 1116371**_
**NOTES TO THE FINANCIAL STATEMENTS** For the year ended 30 September 2022
## **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.
These accounts (financial statements) have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
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, unless it relates to a specific future period, in which case it is deferred
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**
Where entitlement to grants receivable is dependent upon fulfilment of conditions within the charity’s control, the incoming resources are recognised when there is sufficient evidence that conditions will be met. Where there is uncertainty as to whether the charity can meet such conditions, the incoming resource is deferred.
Page 13
**THE WESTMINSTER ABBEY TRUST**
_**Charity No. 1116371**_
## **NOTES TO THE FINANCIAL STATEMENTS**
For the year ended 30 September 2022
## 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.
## e) **Cash at bank and in hand**
All cash is held in a current bank account and is immediately available for meeting the objectives of the Trust.
- f)
## **Short-term debtors and creditors**
- Debtors and creditors are initially recorded at transaction price and subsequently measured at their settlement amount.
## g) **Funds**
Where conditions exist which restrict the use of income to a particular purpose, income is recorded in an appropriate restricted fund.
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 14
_**Charity No. 1116371**_
## **THE WESTMINSTER ABBEY TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS**
For the year ended 30 September 2022
|**2.**
**Other donations and legacies**
_Unrestricted Donations_:
_Restricted Donations_:
Weston Collections Fund
Wolfson Foundation Grant
Heritage Preservation Appeal
Heritage Preservation Appeal - Music
Galleries
Education Fund
Music Fund
Keltner Concert Fund
Bovender Organ Scholar Endowment Fund
Conservation
Fabric Fund
St Margaret’s Appeal
Other Charitable Objects
Sacristy Visitors’ Centre
Ramp Access
Library Cataloguing
Muniment & Library records fund|**2022**
**£**
9,645
-
-
94,064
79,695
-
50,557
10,810
-
336,042
-
100
2,113
3,086
500
381,044
38,000
1,586
997,597
**1,007,242**|**2021**
**(restated)**
**£**
6,863|
|---|---|---|
|||400,000
375,000
91,920
55,500
50,000
1,614
96,530
72,048
-
10,000
18,063
212
7,734
-
-
20,000
-|
|||1,198,621|
|||**1,205,484**|
Page 15
**THE WESTMINSTER ABBEY TRUST**
_**Charity No. 1116371**_
## **NOTES TO THE FINANCIAL STATEMENTS**
For the year ended 30 September 2022
|**3.**
**Grants**
Visitor Centre
Galleries
WA music fund
WA Education Fund
Vicars' scholarship
Vestments
Library cataloguing
Weston Collections Fund
Fabric fund
Other charitable objects
Wolfson Foundation Grant
Heritage Preservation (HPA)
HPA - Music
Keltner Concert Fund
Bovender Organ Scholar Endowment Fund
General
Ramp Access
St Margaret's Appeal|**2022**
**£**
-
-
22,925
8,418
13,836
-
30,200
272,000
-
-
375,000
179,395
135,195
21,300
17,394
30,000
55,669
9,328
**1,170,660**|
**2021**
**£**
2,002
50,025
119,216
-
11,000
3,080
34,275
128,000
12,000
4,000
-
-
-
-
-
-
-
-
**363,598**|
|---|---|---|
All grants were payable to Westminster Abbey towards the purposes as indicated above through a combination of restricted and unrestricted funds.
|**4.**
**Resources expended**
Expenditure on raising funds
Bank Charges
Audit fees|**2022**
**£**
5,243
166
4,500
**9,909**|**2021**
**£**
5,085
89
4,671|
|---|---|---|
|||**9,845**|
Page 16
**THE WESTMINSTER ABBEY TRUST**
_**Charity No. 1116371**_
**NOTES TO THE FINANCIAL STATEMENTS** For the year ended 30 September 2022
## **5. Staff costs**
The Trust has no direct employees. Staff are gifted in kind to the Trust from Westminster Abbey Enterprises Limited and the Abbey.
The full year average number of staff working on behalf of the Trust was 2.2 (2021: 2.4).
No trustees received any remuneration or expenses during the year in relation to this Trust (2020: £Nil).
|**6.**
**Debtors**
Other debtors
**7.**
**Creditors**
Other creditors|**2022**
**£**
44
**44**
**2022**
**£**
43,720
**43,720**|**2021**
**(restated)**
**£**
50,054|
|---|---|---|
|||**50,054**|
|||**2021**
**£**
4,670|
|||**4,670**|
## **8. Funds**
## **Unrestricted Funds (£)**
|**Unrestricted Funds (£)**||
|---|---|
|**General**
**Designated**
m
St Margaret’s Appeal
n
Vestments
**Total Unrestricted Funds**|**Balance**
**Income**
**Expenditure**
**Transfers**
**Balance**
**2021**
**2022**|
||76,977
10,070
(39,909)
-
47,138
498
-
-
-
498
79
-
-
-
79|
||**77,554**
**10,070**
**(39,909)**
**-**
**47,715**|
Page 17
**THE WESTMINSTER ABBEY TRUST**
_**Charity No. 1116371**_
## **NOTES TO THE FINANCIAL STATEMENTS**
For the year ended 30 September 2022
## **8. Funds (continued)**
## **Restricted Funds (£)**
|a
Weston Collections
Fund
b
Wolfson Foundation
Grant
c
Heritage Preservation
Appeal
d
Heritage Preservation
Appeal - Music
e
Vicar's Scholarship
f
Education Fund
g
Song School
Instruments
h
Music Fund
i
Keltner Concert Fund
j
Bovender Organ Scholar
Endowment Fund
k
Conservation
l
Fabric Fund
m
St Margaret’s Appeal
n
Vestments
o
Other Charitable
Objects
p
Sacristy Visitors’ Centre
q
Ramp Access
r
Digitisation of Archives
s
Library Cataloguing
t
Muniment & Library
records fund
**Total Restricted Funds**|**Balance**
**Income**
**Expenditure**
**Transfers**
**Balance**
**2021**
**(restated)**
**2022**|
|---|---|
||272,000
-
(272,000)
-
-
375,000
-
(375,000)
-
-
91,920
94,064
(179,395)
-
6,589
55,500
79,695
(135,195)
-
-
13,836
-
(13,836)
-
-
1,614
50,557
(8,418)
-
43,753
23,719
-
-
-
23,719
25,771
10,810
(22,925)
-
13,656
72,048
-
(21,300)
-
50,748
336,042
(17,394)
318,648
24,872
-
-
-
24,872
20,752
100
-
-
20,852
9,739
2,113
(9,328)
-
2,524
7,555
-
-
-
7,555
10,461
3,086
-
-
13,547
-
500
-
-
500
-
381,044
(55,669)
-
325,375
150
-
-
-
150
13,000
38,000
(30,200)
-
20,800
-
1,586
-
1,586|
||**1,017,937**
**997,597**
**(1,140,660)**
**-**
**874,874**|
The purposes of the funds are as follows:
- a) Weston Collections Fund – part funding for the Collections team including salaries and basic maintenance budget
- b) Wolfson Foundation Grant - part-funding for the Clerk of Works team including salaries and basic maintenance budget
Page 18
**THE WESTMINSTER ABBEY TRUST**
_**Charity No. 1116371**_
**NOTES TO THE FINANCIAL STATEMENTS** For the year ended 30 September 2022
## **8. Funds (continued)**
- c) Heritage Preservation Appeal: targeting specific funding for 3 key areas: the building, its collections and music. It is expected that these funds will be used within the next financial year.
- d) Heritage Preservation Appeal – Music: Donations to the Heritage Preservation Appeal to which donors have explicitly expressed desire for their donation to be used for securing the musical aspect of the Abbey’s provision.
- e) Vicar’s Scholarship: To provide scholarships for students in need at the Westminster Abbey Choir School.
- f) Education Fund: To provide support of the costs for schools with limited resources to use or visit the Abbey’ and its education centre.
- g) Song school instruments: Providing a piano and new bespoke organ for the Song school.
- h) Music fund: To fund the commissioning of new choral music. Funds will be used as called on by the Abbey once the commissioned works have been completed.
- i) Keltner Concert fund: Meeting the costs incurred by the Abbey in putting on music concerts. The funds will continue to be drawn upon by the Abbey to offset costs incurred in the coming year.
- j) Bovender Organ Scholar Endowment: funds transferred with the intent of establishing an endowment fund that can sustain yield sufficient to fund annual employment costs of the Organ Scholar. There is expectation that these funds will be invested with investment yield drawn down on an annual basis.
- k) Conservation: Restoration and conservation of objects within the Abbey.
- l) Fabric fund: For the maintenance of the structure of the Abbey.
- m) St Margaret’s Appeal: Funding raised specifically for use against identifiable running costs for St Margaret’s church.
- n) Vestments: Funding for new garments.
- o) Other Charitable Objects: To fund other religious activity.
- p) The Sacristy Visitors’ Centre: to fund the stage one archaeology of the Abbey’s proposed new Sacristy Visitors’ Centre.
- q) Ramp access: to fund the construction of ramped access to the Abbey’s West door, providing dignified access to all. Work on the Ramp is commenced late in 2022, with funds expected to be fully drawn down once the project has completed.
- r) Digitisation of Archives: Digitisation of selected documents and manuscripts from within the Abbey collection.
- s) Library Cataloguing: Computerisation of the Library Catalogue. Existing funds are present to offset the employment costs of the cataloguer engaged for this project and will be used during the next financial year.
- t) Muniment & Library records fund – funding to cover costs of radar exploration within the Muniments room.
Page 19
**THE WESTMINSTER ABBEY TRUST**
_**Charity No. 1116371**_
## **NOTES TO THE FINANCIAL STATEMENTS**
For the year ended 30 September 2022
|**9.**
**Total funds**
The funds are represented
by the following assets:
Cash at bank and in hand
Other net current assets|**Unrestricted**
**funds**
**£**
52,171
(4,456)
**47,715**|**Restricted**
**funds**
**£**
914,094
(39,220)
**874,874**|**Total**
**2022**
**£**
966,265
(43,676)
**922,589**|**Total**
**2021**
**(restated)**
**£**
1,050,107
45,384|
|---|---|---|---|---|
|||||**1,095,491**|
## **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 £1,170,660 (2021: £363,598) to Westminster Abbey.
During the year, the Trust received £Nil (2021: 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 (2021: None) and no expenses were reimbursed to any Trustees during the year (2021: None).
## **11. Restatement of prior year figures**
Results for 2021 have been restated to reflect omission of a grant for £50,000 to the Heritage Preservation Appeal – Music, that the Trust was entitled to although was still awaiting receipt of funds.
The inclusion of this adjustment for £50,000 into prior year figures is to increase reported donations and an increase to debtors (accrued income). The restatement of prior year figures has resulted in updates to comparatives on the Statement of Financial Activity, Balance Sheet, and Notes 2, 6 and 9. The opening balance on note 9 for the Heritage Preservation Appeal – Music has also been increased.
## **12. Post Balance Sheet events**
Once the Trustees were made aware of information about a donor, they decided in February 2023 that the individual’s donations made in 2021 and totalling £140,000 should be returned. The impact to the funds disclosed in note 8 are a reduction of £10k to the Heritage Preservation Appeal and £130k to the Ramp access fund. The funds were returned on 03 March 2023.
Page 20