THE WESTMINSTER ABBEY TRUST REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 September 2023 Charlty numb•r.' 1116371 THE WESTMINSTER ABBEY TRUST Charlty No. 1116371 REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOT the year ended 30 September 2023 Contents Pagel¥l Trustees, advisers ?nd goveming documents Report of the trustees Independent Auditors. report to the tnjstees statement of Finon¢ial Aclmlies 10 Balance Sheet Slatoment of Cash Fl¢)WS 12 Notes lo the finanaal statements 13-20 THE WESTMINSTER ABBEY TRUST Cha￿Y No. 1116371 TRUSTEES, ADVISERS AND GOVERNING DOCUMENTS For the year Ènded 30 September 2023 Tru8tee8 Mr John O'Brien {Chairmanl Dr Julian Litten The Very Reverend Damd Hoyle KCVO MBE The Reverend Canon David Stsnlon Senior Managoment Per8onno1 Ms Vakrie Humphrey (Director of Westminster Abbey Trust, on secondmenl from Westrninster Abbey Enteiprises Limited) Contact namg Mr Chnstopher Vy$e Govèrnlng document Charitable Settlement dated 16 June 2006 Statu8 Charitable Trust Reg18tered charlty number 1116371 Prlnclpal offlce The Chapter Office 20 Dean's Yard Westminster Abbey London SW1P 3PA Audltor Crowe U.K. LLP 55 Ludgale Hill London EC4M 7JW Bankor8 Barclays Bank plc 1 Churchill Place Canary Wharf London E14 5HP Campalgn Dovglopmant Board Sir Will Adderley Mrs Catherine Amilaje Lady Sarah Chatto Mr Ronald Freeman Lord Harris Mr John O'Brien Lord Salisbury Sir Guy Weston Page 1 THE WESTMINSTER ABBEY TRUST Charity No. 1116371 REPORT OF THE TRUSTEES For the year ended 30 septernt￿ 2023 The Trustees take pleasure in presenb"rKJ their reporl together with the financial statements for the year ended 30 September 2023. The legal and administrative infomiation set out on page 1 fomis part of this reporL Trugtee8, adv18er8 and governing documents The Weslminsler Abbey Trust Ilhe Trust) is an unincorwrated tnsst registered wth the Charities Commission and was created by Charitable Settlement on 16 June 2006. It was set up to raise funds to support its decLgred objectsves, which include grant givsng. Under the terms of the setuemenl the Trustee body consists of nominated trustees and three co-opted Iruslees. The POV•Er of appointing new co-opted Tnjslees lies with the Dean and Chapter of The Collegiate Church of Saint Peter in Westminster (the Abbey). Trustees are given infomal training a$ part of their induction lo the charity. This training involves explaining the Twstees, responsibilities, as noted on page 6 to the finaneial statements, and explaining to them the role they are expected lo take and the involvement in the charity that this entails. Objects and a¢tlvltles of the Charfty The main objectives of the Trust are.. To further the religious and other charitable purposes of Westminster Ab￿Y To support the Abbey's Choir Schcol The Trustees confirm that they have referred to the guidance contained in the Charity Commlsslon's general guidance on public benefit ￿en 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 Weslminsler Abbey's mission is °lo serve pilgrims and all other visitors and to maintain a tradition of hospitality.. In the year to September 2023 the Abbey had 1.6 million worshippers and visitors. The Trustees believe thal finan¢ialty assisting the Abbey to fulfil ils mission, tcoelher wth ils Choir School. contributes to the advancement of religion v4halever the circumstsnces. The principal sources of income for the Trust are donations for specific areas of funding set lo assist Westminster Abbey deliver its mission. The QFerating costs of the Trust ar? typically met from unrestricted donations received in year. Page 2 THE WESTMINSTER ABBEY TRUST Chaiity No. 1116371 REPORT OF THE TRUSTEES For the ye8r ènded 30 September 2023 Aims and strategies for aehlevlng objectives The Trust aims to SLJPPOrt the Abbey in line with its objectives. It considers requests for funding by the Abbey to Support religious, slruetural and educational purwses. The Trust seeks lo raise specrfiG money for proiects il agrees lo fund in support of The Abbey and the Choir School wth particular reference for funding to support music, fabric, conservationlcuralorial, and education related pvrFX)ses These aims are supported by the established Campaign Development Board {see page 11. vthich is the primary extem81 vehicle lo help raise funds for the Abbey's cuffenl needs. Fundr8i8lng The Weslminsler Abbey Trust aims lo undertake fundraising at the highest possible standards, consistent with its values. and complianl wth 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 3r>d charitable trustsl founéations, with a modest amount coming from on-line and text donations. The Trust does not use unsolicited telephone or street fundraising. The Trust's DirectOT is a skilled fundraiser. The Trust is supported by a volunleer'Camp8ign Development Board, which assists In lundraising for major Capital projects, No volunteer donor appToaches are made without the consent and support ol the Director, thereby avoiding Inappropriate approaches being made. The Westminster Abbey Tnnt received no ¢omplaints about fundraising carried OLrt in this financial year. The Westminster Abtey Trust recognises the need lo protect vulnerable people and works to avoid seeking or gaining a donation from anyone who might be considered vulnerable or unable to make an infomed decision. Grant maklng During the year, grants tolalling £355,14512022.' £1,170,660) were paid to Westminster Abbey, £220k in support of the complebon of ramped access to the Abbey's We$1 door. £31 k in relation lo other infraslruclure improvements. wth the majority of the remaining funds granted supporting other operational actiwties. FlnanclaS review and achlevemonts of the y?ar The lolal resources of the Trust amounted lo £1.023,044 as at 30 September 202312022- £922,589). Total income amounted lo £461,62212022.. £1.007,6671. £282.247 of fundin9 was secured for the Great Sacristy project. A ftjrther £122.639 was received from the Arnerscan Fund for Westminster Abbey to enable the trust to provide long lem support to the Abbey in meeting the ￿StS of the organ scholar, wth further additional funds expected in the nexi year. £80.521 was received to support the ongoing work of the music department and choir. Page 3 THE WESTMINSTER ABBEY TRUST Charity No. 1716371 REPORT OF THE TRUSTEES For the year ended 3D Septembtrr 2023 Plans for future perlods During the course of 202>24 the Trust will continue to raise funds for targeted projects and areas which the Abbey has identified including rnu$ie. conseNationlcLtratorial and education. The Abbey has indicated a desire lo progress the Greal Sacristy project that was placed on hold in March 2020, with a fundraising camping due to be launched in 2024, Governance and management The Trustees have ultimate legal responsibility for the chanty and WO￿ to ensure good governance, wlh the help of its adwsers. They agree the overall strategic direction of the organisation, and are the highest decision-makirg t>ody. The Dire¢lor supports the Trustees and is responsible for the implementslion of policy and for the management of Ihe day-l(￿daY running ol the organisatson, with the support of Weslminsler Abbey staff. in particular the Receiver General and Oireclor of Finance. K8y management per80nnel remuneratlon The trustees consider the Director of Westminster Abbey Trust as the key management person for the charity, in charge of directbng and controlling the charity and running and operating the charity on a day to day basis. The Director of Westrninster Abbey Trusl 1$ an employee of WAEL seconded lo the Tru8t. Remuneration cf WAEL employees. including any 8nnLtal increases, Is approved by the WAEL board, The initial level ol remunerabon paid to the Director of the Trust was established through a benchmarking exercise. Resgrve¥ pollty and Investment polley The Trustees aim to di$lribule the nel income of the Trust to support the Trust's chaTilable objectives, keeping only such fTee reserves 3$ are necessary lo maintain working capital. The Trugt has low overhead and operating costs. which are typically below £10k per year. These costs are ordinarily able to be funded from ullre$tricted donations received in year. The Trust also benefited from a donab.on from Westminster Abbey Enterprises Ltd in the financial year ended September 2020, providing the Trust with greater resilience and increased certainty of ils ability to funGlion as a going concern. So far as possible the Trust seeks lo maintain ils unrestricted reserves in the range £40k lo £50k_ Reserves are split unrestricted £49,553 {2022'. £47,715) and restricted £973,49112022.. £874.8741 For the year lo 30 September 2023. no policy for longer term Investment was required, wlh funds raised during the year distributed in the short tem. Going forward the Trust will be looking al investmonl approaches where it has received fvnds that it exFeclg to yield returns sufficient to meet ongoing annual demands from those funds. Risk management The Trustees have assessed the signlficanl risks to sthich the Trust is exposed, and are satisfied that these can be miligaled. The Trustees consider lack of variabilty of donations received to constitute the charity's main finanei21 risk. The main sources of income are trusts and major donors. The Trust works hard lo mitigate this risk by maintaining relationships wth existing donor5 during and beyond a projecys Page 4 THE WESTMINSTER ABBEY TRUST ChaAtyNo. 1116371 REPORT OF THE TRUSTEES For the year ended 30 Septernbw 2023 completion, and continuing to idenlfy and develop relationships wlh potential new donors who are interested in the Abbey and its ongoing need for funding to support major projects. Through the relationships wth dortors and networking in conjunction with the Campaign Development Board, the Trust is transparent about funding needs and specific initiatives for which funding is being sought Trustees, going CODcern assessment The Trustees consider the Trust to be a going concem, as rt continues to have positive fund balances and has been able lo maintain ongoing operation$ during recent years, despite diff￿ul1 circumstances. Underlying adrninislrative costs were £6k in the year, which provides the Trustees wth confidence that the Trust has sufficient financial cover throughout the period considered lo March 2025, being al least another 12 months from the dale of signing. With WAEL continuing lo gift employee lime, there 15 no reason lo consider that the Trust will not be going concern in the ccming year. Dlsclo8ure of Infomiatson to tho audltors In the case of each person who was a Iruslee at the lime this report was approved.. so far as that trustee was aware there VRS no relevant available infomialion of whiGh the auditors were unaware., and that trustee had taken all steps that the trustee OLuhl to have taken as a Iruslee lo make himself or herself aware ol any relevant audit Infomation and to establish that the auditors were awa￿ of that infomiation. Page 5 THE WESTMINSTER A88EY TRUST Charity No. 1116371 REPORT OF THE TRUSTEES For th8 yèar ènded 30 September 2023 statement of Trustees. responslbilltie8 The Trustees are responsible for preparing the Report of the Twstees and the financial slalemenls in accordance with appl¢cable law and United lth'ngdom Accoursting Standards (United Kingdom Generally Accepled Accounbng Practice) including FRS 102, the Financial Reporting Standard applicable to the UK and Republic of Ireland. The law applicable lo charities in England and Wales ra]uires the trustees to prepare financial statements for each finanual year bthich give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resource5 of the charity for that period. In preparing these financial slalemenls, the trustees are required lo.. select suitable accounting wlicies and then apply them consistently., obserye the methods and principles in the applieable Charits'es SORP", make judgments and estimates that affj reasonable and prudent,. stale whether applicable UK AccountirrfJ Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and prepare the financial statements on the going con¢em basis unless il is inappropriate lo presume that the charity wll continue in business. The trustees are responsible for keeping proper accounting record8 that disclose with reasonable accuracy at any lime the financial position of the charity and enable them lo ensure that the financial statements comply with the Charities Act 2011, the Charities IAccounts and Reports) Regulations 2008 and the provisions of the charitable selllement. They are also responsible safeguarding the assets of the charity and hen￿ for tsking reasonable $lep$ for the prevention and detection of fraud and other irregularities. Approved by the Trustees and signed on their behaff.. John O, Brien Trustee {Chairmanl 03 March 2024 Pag6 6 Independent Auditor's Report to the Trustees of The Weslminster Abbey Trust Oplnlon We have audrted the ffin3ncial statements of The Weslmlnster Abbey Tnjst fortho year ended 30 September 2023 which comprise the Slalement of Finanual Actiwties. Balan¢e Sheet, Slalement of Cash Flows and notes to the financial statements. induding significant accounting poliaes. The financial reporting framework that has been appl￿d in their prèparation is applicable law and United Kingdom A¢coLJntr'ng Standards, induijing Financial Reporting Standard 102 The FinanTr81 Reporting Standard applicable in the UK and Republic ol Ireland (United Kingdom Generally Accepted Accountsng Practkel. In our opinion the financial slalements= give a true and lair wèw of the state of the charit1$ affairs as al 30 September 2023 and of its income and expen¢Jilur¢, for the year then 8nded." have been properfy prèpared in accordance with United Kingdom Generally ArL8Ptèd Accounting Practice., and have been prepared In 8c¢ordancg wrth the requirements of the Charities Act 2011. Ba818 for op5nlon We conducted our audit in accordance w6th Inlemational Standards on Auditing IUKI IISAS IUKII and applicable law. Our resptsnsibllit￿s under those slandards aTe further des¢ribed in the Audrtor's r8sponsibilities lor the audit ol the financial slalemtrnts section of our report. We are independent of the charity in accordance with Ihe ethical requirements that aro relevant lo our audit ol the financi81 slaternenls in the UK, induding Ihe FRC'S Ethical Slandard. and we hav& fulfilled our other ethical responsib51f¢ies in accL*rdance with these requirements. We b81iev& that the audit emdgnce we have obtained Is suffi¢i8nl and appropriate lo prwde a basis lor our opin￿n. Con¢lu8lon8 rnlatlng to golng ¢on¢•rn In auditing the financial statements, we have conduded that th8 trustee's use of the going ojncem basis ol accounting in the preparalitin ol the financial statements is appropriate. Based on the work wè have performed. we have not idenllfied any material uncertalnlies T8laling lo events or conditions that, indiwdually or collectively. may ca51 $1gnifi¢ant doubt on thtr charity's ability to continue as a going ¢oncem for a peilod of at18asl ￿e1ve month$ from when the financial slalemonts are authorised for issue. Our responsibilities and the responsibilities of the truslfjes with Tespect lo going concèm aro described in Ihg rèlavant sections ol Ihls report. Other Infomi4tion The trvstees are responslble for the other iAlomalion contained within tho annval report. The other inlomation ¢omprises the inlomalion induded in the annual report, other than the financial Statements and our auditorfs report thèreon. Our opinion on the financial 51atèments doe5 not cover the other infomation and, except to the extent otheMse expliolly stated in our report, we do not express any fomi of assurance conOusion thereon. Our responsibility is to read the other infomats'on and. in doing so, consider whether the other Information is materially inconsistent wilh 11)e finanual staternenls or our knowledge obtained in the audit or otherwise appears to be materially fflisstated. If we identify such material inGDnsist6ncies or apparent material misslalements. we are required to determine whether this gives rise lo a material mlS5tatement in the finanaal statements Ihemsel¥es. 11. based on the work we have perfomied, we onclude that there is a material mi5Statemenl of this other infomiation. we are required to report that fact. We have nothing to rew)rt in this regard. Page 7 Independent Audltor's Report to the Trustees of The Westminster Abbey Trust Mattèrs on which we are requlr¢d to report by Qxceptlon We have nothing to Teport in fespect of the folowing mattèrs in relation to whith the Charities (Accounts and Rèports} Regulats"ons 2008 requires us to report to you if, in our opinion-. the information given in the finanoal slatements is inconsistent in any material respect with thè Iruslees. report", or sufficient and proper acLounting records have not been kept by the charity.. or the financHI statements are not in agreement wrth the a￿untIng records and returns.. or we have not received all the infomia1￿)n and eWan8tions we require for our audit. R•8pon8ibilities of tru$tèe8 As explained more fully in the trustees. r&sponsibilities stslemenl set out on page 6, the trustees are responsible for the preparation ol the finanryal stalemenls and lor being satisfied that they give a true and fair view, and for such intern31 control a5 the Iruslees delermine Is nècessary lo enable the preparation ol finanoal statemen15 Ihal are free from material misstaternenl, whether due lo fr8ud or error. In preparing the financial statements. the Iru$lee$ are reswnsible lor assessing the charity's ability lo continue as a going concern, disdosing. a5 8pplKable, mallers related lo going concern and using the going concern basis of accounting unless the Iruslees either intend to liquidate the charity or to cease operations, or have no realistic alternative bul lo do so. Audltor'8 T￿PonSIbIlItIeS for th• audlt ol the financlal 8tstsments W8 have been 8ppoinled as auditor under section 151 of the Charities Acl 2011. and rgport in Jccordancè with the Acts and relevant regulations made C*f having effect thereunder. Our objectives are to obtain reasonable assvrance about whether Ihe fin8nd81 statemtrnl$ 08 a whole arè free from material misstslemenl, whether due lo fraud or error. and lo Issue an auditor's report that includes our opinion. Reasonable assLbrance is 8 high level of assurance, but is not a guar8nl8 that an audr( conducted in accordance with ISAS (UK) will always detect a material rnl$slatemenl when it exist5. Misslalements can arise Irom fraud or error and are considered mal&rial il, individually or in the aggregate, they could rèasonably be expected to inffluence the economic decislons ol user8 taken on the basis ol these finandal statements. Details of the extent lo whlch th• audrt was considergd Capable of detgdng irregularities. indudlng fraud and notFcompliance with laws and regulatio￿ are oui below. A further deSCript￿n ol our reskK>nsibilities for the audil of the financial statements is l¢Jcaled on the Flnancial Reporting Council's website al_. .Irc.or This description forms part of our audilorfs report. Extent to which th¢ audlt was consld•r•d capable of d•t¢¢lSng 5rregularitl•8. Includlng fraud I￿egularitIes, including fraud, are instsnces of non-compliatKe wrth laws and regulations We identified and assessed the risks of material misslatemènt ol the financial ststements from irregularities, whether due to fraud or error. and discussed these between OUT audit team members. We then d8s¢gned and performed audit procedures responsNe lo those risks, indu(Jing obtaining audit ewdencè stfficsent and appropriate lo provide a basis for our opinion. We obtained an understanding of the legal and regulatory ftamework$ wthin whKh the charity operate5, focusing on those laws and wulations that have a direct effect on the delerminalion of material amounts and disdosures in the finanual slatements. The laws and regulations we considered in ihis context were the Charrtiès Aci 2011 together Mth the Charities SORP IFRS1021 2019. We assessed the required compliance with these laws 4nd regulats'ons as part of our aud procedures on the related finanual 5talemenl rtems. Page 8 Independent Audllof s Report to the Trustses of Tho Westminster Abbey Trust In addition, we considere(I provisions of other laws and regutations that do not have a direct effect on the financial statements bul Complian￿ with which might be fiJndarnent85 to the charity's ability lo operate or to avoid a mat8ri31 penany. We also considered the opportunrties and incentives that may exi51 within the charity foT fraud. The laws and regulations we considered In this context for the UK operations were thè Charity Commission regulaknons. Auditing standards limit the required audit procedures to identtfy non-compliance these laws and regulations to enquiry of thè Truslees and other management and inspection of regulatory and legal correspondence. rf any. We identified the gre8lèst risk of material impact on the non-stslutory financial slalements from irregularities. including fraud. lo bè within the timing of recognitKJn of leg8¢y and grant income, and the override ol controls by rnanagemenl. Our audit procedurès to respond lo these risks induded enquiries of management and the Iruslees about their own identificalion and assessment of the risks of irregularities. sampl& testing on the posting ol jouma15. rwewing accounting estimates for biase8. reviewing regulatory correspondence. and reading minutes of meetings of those d)8rged with governance. Regarding the frrnlng of recognrtlon ol legacy inwmg, wg addressed Ihls through review ol alllogacy corrèspondence and ￿CeiptS up to the dale of approval of the finanri81 statements, lo ensure treatment in line with the a￿oUntIng wlicy. Regarding the liming of re¢ognrtion ol g¥anl Income, we addressed this through revièw of all material grant agreernenls lo ensure correct Irealment under the Charities SORP. including consideration of Ihg accounting period In which in￿rne 8houk4 bo recognised. Owing lo the Inherent limitsllons ol an audit. there is an unavoidable rtsk that we may nol have detected some material misslalemènts in the finanryal slatemenls. even though we have properfy planned an¢J perfomied OUT audit in a¢cordancE with auditing slandards. For example, the further removed non-compliance with 18ws and regulatsons lirregulariliesl is from the events and transactions reflectéd in the financial statements. the less likely the inherently limil8d procedurg8 required by auditing standards would idenlify it. In addition. as wilh any audit. there romained a higher risk ol non4election of Irregularit￿S. as thèse may involve collus*)n, loigery. Intentional omissions, misrèpresentations, or the override ol Intèmal controls. We are not responsible for p￿V*n11ng non-compliance and cannot be expe￿￿1 lo detect non-¢ompliance with all laws and regulations. U$• of our report This report Is made solely lo the charity's Iruslees. as a body, in a¢cordanrE wlh P8rt 4 of the Charities (Accounts and Rèports) Regulalitsns 2008. Our audrt work has been undertaken so that we might slalg lo th8 chaTlty's Iruslees those matte¥s we are required lo slate to Ihem Èn an 8uditorfs report and for no other purpose. To the fullesl extent pemiitted by law. we do not accept or assume responsibilily lo anyon& other than Ihe charity and the charity's Irustees as a body, for our audit work, for this report, OT for the opinlons we have lorrned. Crowe U.K. LLP Statutory Audilor London Date.. 12 March 2024 Crowe U.K. LLP 15 eligiye for awntrnenias •thJrtc*oftredwty ts¥￿j￿￿itY fty vLIT￿￿ents88UOrtor ofa co￿￿EnY under 1212 ofthe CoM￿nIeSALI2C(6. Page 9 THE WESTMINSTER ABBEY TRUST Charity No. 1116371 STATEMENT OF FINANCIAL ACTIVITIES For the year ended 30 September 2023 Unrestricted Restricted Funds funds Total 2023 Totsl 2022 Notes Income from: Donations Tour income Interest on cash deposits Total Income 31.140 2.620 8.218 41,978 419,644 450,784 2.620 8.218 461.622 1,007,242 425 419,644 q,007,667 Expenditure on: Raising fund8: Administrative expenses Bank charges and interest Charitablè actlvltles: Grants lo The Dean & Chapter of Westminster Totsl expendlture 5,941 81 5,941 81 9,743 34.118 321.027 355,145 1,170,660 40,140 321,027 361,167 1,180,669 Net lexpendSturo1 I In¢ome 1,838 98,617 100,455 1172,9021 Tran8forn between fund8 Net movement In fund8 1.838 98,617 100,4SS 1172,9021 Reconclllatlon of fund8: Total funds brought forvrdrd 30 September 2022 47.715 874.874 922,589 1,095,491 Total funds carried foThYdrd 30 September 2023 49.553 973.491 1.023,044 922,589 All recogni5ed gains and losses in bolh yeaTS have been included in the Statement of Financial Activitie5. The results for the years as set out above have been derived entirely from continuing operations. Page10 THE WESTMINSTER ABBEY TRUST Charity No. 1116371 BALANCE SHEET As al 30 September 2023 Unre8trlcted Funds Restrlcted Fund¥ Total 2023 Total 2022 Note8 Current assets Debtors Cash at bank and in hand 165 165 54.682 973,326 1,028.LX)8 966,265 Net current assets 54,682 973.491 1,028,173 966,309 Creditors.. Arnounls falling due wthin one year Net assets 5.129 5,129 43,720 49.553 973.491 1,023,044 922,689 The funds of th• charfty Unreslricled funds Reslri¢led funds 49.553 49,553 973,491 47,715 874,874 922.S89 973,491 973,491 Totsl funds 49,553 1.023.044 The financlal gtalements and notes on pages 10 to 20 were approved by the Trustees and authorised for issue and 51gned on their behalf.. John O, Brien Trustee {Chai￿an) March 2024 Page11 THE WESTMINSTER ABBEY TRUST Charity Plo. 1116371 STATEMENT OF CASH FLOWS For the year ended 30 September 2023 2023 2022 Reconciliation of net movemènt In funds to n¢1 Cash flow from operating activities Nel movement in funds Deduct Inte￿5t income shown in investing adivities IlnGrease} l Decrease in debtors IDecreasel I Increase in credrtors Net cash provlded by operatlng activities 1CIJ.455 (172,9021 14251 50,010 39,050 18.2181 {1211 (38,5911 53,525 184,2871 Cash flows from investing a¢dvltl8s.' Interest and dividends 8,218 8,218 425 Net cash providgd by Inve8tlng a¢tlvltle8 425 Change In cash and ¢08h oqulvalents In the year 61,743 183,8421 Cash and Cash equivalents brought foThYard 966,265 1,050,107 Cash and cash ¢qulvalent8 caThled forward 1,028,008 966,285 Pagè12 THE WESTMINSTER ABBEY TRUST CharityNo. 1116371 NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 September 2023 Accountlng policies al Basis of preparation and assessment of Going Coneem Weslminsler Abbey Trust 15 an unincorporated trust registered wth the Charities Commission and created by a Charitable Settlement dated 16 June 2006. The registered office 1$.. The Chapter Office, 20 Dean's Yard. Weslminster. London SW1 P 3PA. The financial statements have been prepared under the hislorical cost Convention and in accordance with the Statement ol Recommended Practice.. Accounts'ng and Reporting by Chariti'es preparing their accounts in accordan￿ wlh Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 issued on 16 July 2014, the Financial Reporting Stsndard applicable in the Unrted Kin9dom and Republic of Ireland IFRS 1021. 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 Charrties IA¢¢ounts and Reports) Regulations 2008 only to the extent required lo 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 IFRS 1021 issued on 16 Ju5y 2014 rather than the Accounting and Reporting by Chanlies.. Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. The financial slal8ments are prepared in sterling which is the functional currency of the Trust. The Trust conslilutes a public ber*fit entrty as defined by FRS 102. The Trustees have Considered the resources of and forecasts for the Trust and have a reasonable expectation that il has adequate resources lo continue in operational existence of the foreseeable future. The Trust therefore continues to adopt the going concern basis in preparing ils consolidated financial slalements. bl Income All income 1$ recognised once the charity has enb'tlement to the income. it is probable that the income will be received and the amount of income receivable can be measured reliably. unless il relates lo a specific future peric#J, in which case it is deferred Donations are recognised on a receivable basis, except in the case of donations from Weslminsler Abbey Enterprises Limited, which are recognised on a commitment basis. c} Grants Where entiuement to grants receivable is deFendent uwn fulfilmenl of condition5 Wlthin the charity's control, the incoming resources are recognised when there is sufficient evidence that conditions wll be met. Where there is uncertainty as to whether the charity can meet such condibons, the incoming resource is deferred. Page 13 THE WESTMINSTER ABBEY TRUST ChaYltyNo. 1116371 NOTES TO THE FINANCIAL STATEmEP￿s For the year ended 30 Septembef 2023 dl Expenditure Liabilibes are recognised as expenditure as soon as there is a legal or constructive obligation comrnilb'ng the charity lo that expenditure, ti is F￿babIe that settlement wll be required and the amount of the obligation can be me88ured reliably. Expenditure 15 auounted for on an accruals basis and has been classified under headings that aggregate all costs relating lo the category. Where costs cannot be directly atlribuled lo particular headings they have been allocated on a basis consistent the use of resources. el Cash at bank and In hand All cash is held in a current bank account and is immediatety available for meeting the objectives of the Trust. Short-term debtors and creditor¥ Debtors and creditors are initially recorded at transadion price and subsequentty measured at their setdement amount. gi Fund• Where conditions exist which restr￿ the use of income to a particular purwse, Income is recorded in an appropfiale restricted fund. Restricted funds relate lo gifts and legacies which have been given or bequeathed to the Trust lo be used in accordance with the wshes of donors or their representatives, Both the capital and the income may only be used in accordance vlth the purposes lor which the funds were donaled. Unreslricled funiJ$ have not been restricted in their use lo a particular purpjse by donors or their representatives. Page 14 THE WESTMINSTER ABBEYTRUST Charfty No. 1116371 NOTES TO THE FINANCIAL STATEMEp¥rs For the y88r ended 30 September 2023 Other donations and legacieg 2023 2022 Unresliycted Donations.. 31,140 9,645 Resliicled Don&lins'. Heritage Preservation Appeal" Heritage PreseNation Appeal - Music Sculpture Catalogue Education Fund (1.8141 S4.064 79.695 2.SC 338 50.557 Music Fund 80,521 9.056 10,810 Keltner Concert Fund 8ovgnder Organ Scholar Endowmonl Fun Conservation 122,639 3,553 20,0 1,957 3,647 282.247 1105,0001 336.042 Fabric Fund 100 St Margarel's Appeal Other Charitable Objects Sacristy Vi$ilor$' Centre Ramp Access. Library Catsloguing Munimenl & Library records fund 2,113 3,Q86 500 381,044 38,000 1,586 997,597 419,644 450,784 1,007.242 . Negative figu￿5 ￿FVesent the net impxt of donations received in prior years which subsequently have teen retUTned by the Trustees to the original donor. Page 15 THE WESTMINSTER ABBEY TRUST Charity No. 1116371 NOTES TO THE FINANCIAL STATEMENTS For the year erKle) 282,247 2.500 1.957 89,577 3.647 103,233 17,194 14.237 (9,482} (220,375) 282,747 2,50Q 4,481 7,555 2.524 7.555 Total Restricted Fund¥ 874,874 419.644 1321.0271 973,491 Page 18 THE WESTMINSTER ABBEY TRUST Chaiity No. 1116371 NOTES TO THE FINANCIAL STATEMENTS For Ihe year ended 30 SeptembeT 2023 Funds (continued) al Conservation.. Restoration and conservation of objects wlhin the Abbey. bl Digitisalion of Archives". Digitisation of 5eleGled documents and manuscripts from within the Abbey collection. cl Education Fund.. To provide support of the costs for schools with limtted resources to use or visit the Abbey. and its educatton centre. dl Fabric fund.. For the maintenance of the structure of the Abbey. el Heritsge PreseNation Appeal.. targetir#J $peerfic lunding for 3 key areas.. the building, ils collections and mustc. 11 is expected that these fvnds bvill be used within the next financial year. f> HeTltage PreseNalion Appeal- Music.. DonalK)ns to the Henlage Preservation Appeal to whiGh donors have explicitly expressed desire for their donation lo be used for securing the musical aspect of the Abbey's proMsion. 91 Jack & 8arbara Bovender Organ Scholarship fund". fund$ transferred with the intent of establishing an endowment fund that can yield sufficient retums to fund annual employment costs of the Organ Scholar. There is expectation that these funds wll be Invested with investment income drawn down on an annual basis. h) Kellner Concert fund.. Meeting the costs incurred by the Abbey in putting on music concerts. The funds wll continue lo be drawn upon by the Abbey to offset costs Incurred in the coming year. il Library Cataloguiry.. Computerisation of the Library Catalogue. Existing fvnds are present to offset the employment costs of the cataloguer engaged lof this project and 11 be used during the next financial year. Il Munimenl & Library records lund.. funding to cover costs of radar exploration wlhin the Munimenls room. kl Music lund.. To support the Abbey 's choir and music departrnent including funding the commissioning of new choral musi¢. 11 Other Charitable Objects.. To fund other religious actiwty. ml Peter Partridge fvnd Ipreviously'song school in5truments'}'. Pennis5ion to repurpose these funds was obtained from the donor, enabling them to be fund an additional camera lo provide Abbey organists wth sight of people entering the Abbey's west door. wlh the remaining funds available for the maintenance costs of the Abbey, organ blowers. n) Ramp access.. to fund the construction of ramped access to the Abbey's West door, providing dignified a¢￿$$ to all. WO￿ on the Ramp was completed in April 2023. ol Sacristy Visitors, Centre.. to fund the phase(I development of the Abbey's proposed new Sacrisly Visitors. Centre. pl Sculpture Catalogue.. funds to support the production of a publication covering 100 of the Abbey's monuments dating from the 13 century lo presen( reflectiry the Abbey's role as a site of royal and national 5KJnificance. ql Sl Margaret's Appeal". Funding raised 5peetfieally for use against idenlffiable running costs for St Margaret's church. r) Veslmenls. Funding for new garments. Page 19 THE WESTMINSTER ABBEY TRUST Charity No. 1116371 NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 September 2023 Total Totsl Total fund8 Unrestricted Restrlcted funds funds 2023 2022 The funds are represented by the lollowing assets.. Cash at bank and in hand Other net Current assets 54.681 {5,1291 49,552 973.327 165 1,028,008 I4.￿4) 1,023,044 986,265 143,6761 922,589 973.492 10. Related Partie8 TheTrusl is related to WestminslerAbbey by virtue of common trustees wth the Abbey. During the year the Trust made payments of £355,145 (2022.. £1,170,660) lo Westminster Abbey. During the year, the Trust received £Nil 12022.. Nil} trom Westminster Abbey Enterprises Limited. which 1$ a wholly owned subsidiary of the Abkxy. The Trust has a wholly owned trading subsidiary, Westminster Abbey Developments Limited company regislralion number 05673214.This company was domant during both the current and preceding year. No Iruslees received any remuneratson during th8 year12022.' Nono) and no expenses were reimbursed to any Trustees during the year12022.' None). P￿e 20