THE WESTMINSTER ABBEY TRUST REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 September 2024 Charlty number: 1116371
THE WESTMINSTER ABBEY TRUST Charity No. 1116371 REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS For the year ended 30 September 2024 Contents Page(s) Trustees, advisers and governing documents Report of the trustees Independent Auditors, report to the trustees Statement of Financial Activities 10 Balance Sheet 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 2024 Trustees Mr John O'Brien (Chairman) Dr Julian Litten (to 19 October 2024) The Very Reverend David Hoyle KCVO MBE The Reverend Canon David Stanton Senior Management Personnel Ms Valerie Humphrey (Director of Westminster Abbey Trust, on secondment from Westminster Abbey Enterprises Limited) Contact name Mr Christopher Vyse Governlng document Charitable Settlement dated 16 June 2006 Status Charitable Trust Registered charity number 1116371 Prlnclpal 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 Board Sir Will Adderley Mrs Catherine Armitage 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 September 2024 The Trustees take pleasure in presenting their report together with the financial statements for the year ended 30 September 2024. 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 in 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" In the year to September 2024 the Abbey over 1.4 million worshippers and visitors. The Trustees believe that in accordance with the Trust's objects, financially assisting the Abbey, 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 in furthering the religious and other charitable purposes of Westminster Abbey. The operating costs of the Trust are met from unrestricted donations received in year. Page 2
THE WESTMINSTER ABBEY TRUST Charity No. 1116371 REPORT OF THE TRUSTEES For the year ended 30 September 2024 Alms 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, conservationlcuratorial, 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 trustsl 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 financial 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 vulnerabl.e or unable to make an informed decision. Grant making During the year, grants totalling £Nil (2023.. £355,145) were paid to Westminster Abbey. Financial review and achievements of the year The total resources of the Trust amounted to £3,212,115 as at 30 September 2024 (2023.. £1,023,044). Total income amounted to £2,197,150 {2023: £461,622). The main activity in the year has been to secure donations, grants and pledges to support the Great SaGristy project, in advance of construction starting. £920,701 of funding was secured for the Great Sacristy project. A final instalment of £117,582 was received via 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 all funds now received the fund has been converted to an endowment. Page 3
THE WESTMINSTER ABBEY TRUST Charity No. 1116371 REPORT OF THE TRUSTEES For the year ended 30 September 2024 Plans for future periods During the course of 2024-25 the Trust will continue to raise funds for targeted projects and areas which the Abbey has identified, primarily focused on the Great Sacristy project, but also continuing to target music, conservationlcuratorial and education. 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 £1 Ok per year. These costs are ordinarily able to be funded from unrestricted donations received in year. So far as possible the Trust seeks to maintain its unrestricted reserves in the range £40k to £50k. Reserves are split unrestricted £1,099,742 (2023.. £49,553), restricted £1,553,504 (2023: £973,491), and endowments £558,869 (2023: £Nil). The bulk of the unrestricted reserves will be contributed to the Great Sacristy project in 2025 once construction has started. For the year to 30 September 2024, a policy for longer term investment of the Endowment was agreed. 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 rnitigate 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 Page 4
THE WESTMINSTER ABBEY TRUST Charity No. 1116371 REPORT OF THE TRUSTEES For the year ended 30 September 2024 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 £8k in the year, which provides the Trustees with confidence that the Trust has suff icient financial cover throughout the period considered to March 2026, being at least another 12 months from the date of signing. Westminster Abbey Enterprises Ltd continues to gift employee time, and 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. Page 5
THE WESTMINSTER ABBEY TRUST Charity No. 1116371 REPORT OF THE TRUSTEES For the year ended 30 September 2024 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.. select suitable accounting policies and then apply them consistently; observe the methods and principles in the applicable Charities SORP., make judgment8 and estimates that are reasonable and prudent., state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements., and prepare the financial statements on the going concern basi8 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) 25 February 2025 Page 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 2024 which comprise the Statement of Financial Activities, Balance Sheet, Statement of Cash Flows and notes to the financial statements, including significant accou nting 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). I n our opinion the financial statements: give a true and fair view of the state of the charity's affairs as at 30 September 2024 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. Basls for oplnion 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 U K, including the FRC'S Ethical Standard, and we have fu Ifilled 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 golng 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 st8tements does not cover the other information and, except to the extent othemise 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 aud it 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. Page 7
Independent Auditor's Report to the Trustees of The Westminster Abbey Trust Matters on which we are requlred to report by exception We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and 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 obtsin reasonable assurance about whether the financial ststements 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 materi81 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 expeGted to influence the economic decisions of users taken on the basis of these financial statements. Detsils 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.or .uklauditorsres onsibilities. This description forms part of our auditor's report. Extent to which the audit was consldered 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 statement5 from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and perfonned audit proGedures 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 IFRS102} 2019. We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items. Page 8
Independent Auditor's Report to the Trustees of The Westminster Abbey Trust 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 fundatllental 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. Auditing standards limit the required audit procedures to identify nonwcompliance with these laws and regulations to enquiry of the Trustees and other managemeiit and inspection of regulatory and legal correspondence, if any. We identified the greatest risk of material impact on the non-statutory financial statements from irregu larities, 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 identifioation and assessment of the risks of irregularities, sample tesling 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 orrespondence 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 ststements, even though we liave properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in Ihe f inancial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In additlon, 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 non-compliance 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". 5 March 2025 Crowe U.K. LLP is eligible for appointment as auditor of the chaTity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companie5 Act 2006. Page 9
THE WESTMINSTER ABBEY TRUST Charity No. 1116371 STATEMENT OF FINANCIAL ACTIVITIES For the year ended 30 September 2024 Unrestricted Restricted Endowments Funds funds Total 2024 Total 2023 Notes Income from: Donations Tour income Interest on cash deposits Total income 1,035,522 9,000 13,746 1,058,268 1,138,882 2,174,404 9,000 13,746 2,197,150 450,784 2,620 8,218 461,622 1,138,882 Expenditure on: Raising funds: Administrative expenses Bank charges and interest Charitable activities: Grants to The Dean & Chapter of Westminster Total expenditure 7,896 183 7,896 183 5,941 81 355,145 8,079 8,079 361,167 Net income l (expenditure) 1,050,189 1,138,882 2,189,071 100,455 Transfers between funds Net movement in funds (558,869} 580,013 558,869 558,869 1,050,189 2,189,071 100,465 Reconciliation of funds: Total funds brought forward 30 September 2023 49,553 973,491 1,023,044 922,589 Total funds carried forward 30 September 2024 1,099,742 1,553,504 558,869 3,212,115 1,023,044 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 WESTMINSTER ABBEY TRUST Charity No. 1116371 BALANCE SHEET As at 30 September 2024 Unrestricted Funds Restricted Funds Total 2024 Total 2023 Endowments Notes Current assets Debtors 470,000 460 470,460 165 Cash at bank and in hand 640,536 1,553,044 558,869 2,752,449 1,028,008 Net current assets 1,110,536 1,553,504 558,869 3,222,909 1,028,173 Creditors.. Amounts falling due within one year Net assets 10,794 10,794 5,129 1,099,742 1,553,504 558,869 3,212,115 1,023,044 The funds of the charity Unrestricted funds Restricted funds Endowments 1,099,742 1,009,742 1,553,504 558,869 558,869 558,869 3,212.115 49,553 973,491 1,553,504 Total funds 10 1,099,742 1,553,504 1,023,044 The financial statements and notes on pages 10 to 20 were approved by the Trustees and authorised for issue and signed on their behalf.. ILbL John O, Brien Trustee (Chairman) 25 February 2025 Page11
THE WESTMINSTER ABBEY TRUST Charity No. 1116371 STATEMENT OF CASH FLOWS For the year ended 30 September 2024 2024 2023 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) l Decrease in debtors (Decrease) I Increase in creditors Net cash provided by operating activities 2,189,071 113,7461 (470,295) 5,665 100,455 (8,2181 1121) (38,591) 53,525 1,710,695 Cash flows from investing activities." Interest and dividends 13,746 13,746 8,218 8,218 Net cash provided by investing activities Change in cash and cash equivalents in the year 1,724,441 61,743 Cash and cash equivalents brought forward 1,028,008 966,265 Cash and cash equivalents carried forward 2,752,449 1,028,008 Page 12
THE WESTMINSTER ABBEY TRUST Charity No. l 116371 NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 September 2024 Accounting policies 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 SW1 P 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 Reporling 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 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. 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 eviden that conditions will be met. Where there is uncertainty as to whether the charity can meet such conditions, the incoming resource is deferred. Page13
THE WESTMINSTER ABBEY TRUST Charity No. 1116371 NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 September 2024 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 Gategory. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of reSoUrs. 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. Short-terrn debtors and creditors Debtors and Greditors 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. Permanent Endowments are established based on the direction of a donor directing that the capital should be invested to generate investment income that can be extended for a defined purpose. 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
THE WESTMINSTER ABBEY TRUST Charity No. 1116371 NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 September 2024 Other donations and legacies 2024 2023 Unrestricted Donations: 588,268 31,140 Restricted Donations: Heritage Preservation Appeal. Sculpture Catalogue Education Fund 6,884 11,814) 2,500 338 1,528 11,653 Music Fund 80,521 9,056 122,639 Keltner Concert Fund Jack & Barbara Bovender Organ Scholarship fund Chamber Organ Conservation 117,582 46,877 6,681 23,439 420 3,553 20,000 1,957 3,647 282,247 1105,0001 419,644 Fabric Fund St Margaret's Appeal Other Charitab5e Objects Sacristy Visilors, Centre Ramp Access. 3,117 920,701 1,138,882 1,727,150 450,784 Negative figures represent the net impact of donations received in prior years which subsequently have been returned by the Trustees to the original donor. Page 15
THE WESTMINSTER ABBEY TRUST Charity No. 1116371 NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 September 2024 Grants awarded 2024 2023 WA music fund WA Education Fund 44,423 Vicars, scholarship Conservation and Care 2,108 Library cataloguing Weston Collections Fund 20,800 Fabric fund 20,000 Woltson Foundation Grant Heritage Preservation (HPA) HPA - Music 10,165 12,542 Keltner Concert Fund Jack & Barbara Bovender Organ Scholarship fund General 15,250 Ramp Access Peter Partridge fund St Margaret's Appeal 220,375 9,482 355,145 All grants were payable to Westminster Abbey towards the purposes as indicated above through a combination of restricted and unrestricted funds. Items included Fn resources expended 2024 2023 Expenditure on raising funds Bank Charges Audit fees 2,596 183 876 81 5,300 5,065 6,022 8,079 Page 16
THE WESTMINSTER ABBEY TRUST Charity No. 1116371 NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 September 2024 staff costs The Trust has no direct employees. Staff are gifted in kind to the Trust from Westrninster Abbey Enterprises Limited and the Abbey. The full year average number of staff working on behalf of the Trust was 2.0 (2023.. 2.0). No trustees received any remuneration or expenses during the year in relation to this Trust (2023: £Nil). Debtor8 2024 2023 Other debtors 470,460 470,460 165 165 Creditors 2024 2023 Other creditors Trade creditors 10,753 41 5,065 64 10,817 5,129 Other creditors include £5,065 due to Westminster Abbey in respect of the audit fees from 2023 incurred on behalf of the Trust. Page 17
THE WESTMINSTER ABBEYTRUST Charity No. 1116371 NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 September 2024 Funds Unrestricted Funds Balance Income Expenditure Transfers Balance 2023 43,488 1,058,268 2024 General (8,079) 1,093,677 Designated Fabric fund Music Fund k Other Charitable Objects Sacristy Visitors, Centre St Margaret's Appeal p Vestments Total Unrestrlcted Funds 41 2,052 664 41 2,052 664 2,509 720 79 2,509 720 79 49,553 1,058,268 (8,0791 1,099,742 Restricted Funds Balance Income Expenditure Transfers Balance 2023 2024 Conservation Digitlsatlon of Arch ives Education Fund Fabric fund Heritage Preservation Appeal Jack & Barbara Bovender Organ Scholarship fund Keltner Concert Fund Chamber Organ Muniment & Library record5 fund Music Fund Other Charitable Objects Peter Partridge Fund Sacristy Visitors, Centre Sculpture Catalogue St Margaret's Appeal Vestments 26,317 150 24 20,852 580 6,681 32,998 150 1,552 44,291 7,464 1,528 23,439 6,884 441,287 117,582 {558,8691 50,748 50,748 46,877 46,877 1,586 1,586 103,233 17,194 14,237 282,747 2,500 4,481 7,555 973,491 1,138,882 11,653 3,117 114,886 20,311 14,237 1,203,448 2,500 4,901 7,555 1558,869) 1,553,504 920,701 420 Total Restricted Funds Page 18
THE WESTMINSTER ABBEY TRUST Charity No. 1116371 NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 September 2024 Funds (continued) Endowments Balance Income Expenditure Transfe Balance 2023 2024 Jack & Barbara Bovender g Organ Scholarship fund Total Endowments 558,869 558,869 558,869 558.869 a) Conservation.. Restoration and conservation of objects within the Abbey. b) Digitisation of Archives.. Digitisation of selected documents and manuscripts from within the Abbey collection. c) Education Fund.. To provide support of the costs for schools with limited resources to use or visit the Abbey, and its education centre. d) Fabric fund.. For the maintenance of the structure of the Abbey. e) 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. f) Jack & Barbara Bovender Organ Scholarship fund: funds transferred with the intent of establishing an endowment fund to generate investment income to help fund the annual costs to the Abbey of employing an Organ Scholar. g) 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. h) Chamber Organ.. A contribution via the American Fund for Westminster Abbey that can be used to support the Abbey in the commissioning a new Chamber Organ. i) Muniment & Library records fund.. funding to cover costs of radar exploration within the Muniments room. j) Music fund.. To support the Abbey 's choir and music department including funding the commissioning of new choral music. k) Other Charitable Objects: To fund other religious activity l) Peter Partridge fund: to fund the maintenance costs of the Abbey's organ blowers. m) Sacristy Visitors, Centre: to fund the phased development of the Abbey's proposed new Sacristy Visitors, Centre. n) Sculpture Catalogue.. funds to support the production of a publication covering 100 of the Abbey's monuments dating from the 13th century to present, reflecting the Abbey's role as a site of royal and national significance. o) St Margaret's Appeal.. Funding raised specifically for use against identifiable running costs for St Margaret's church. p) Vestments.. Funding for new garments. Page 19
THE WESTMINSTER ABBEY TRUST Charity No. 1116371 NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 September 2024 Total Funds Total Total Unrestricted Restricted funds funds Endowments 2024 2023 The funds are represented by the following assets.. Cash at bank and in hand 640,536 459,206 1,553,044 460 558,869 2,752,449 1,028,008 Other net current assets 459,666 (4,9641 1,023,044 1,099,742 1,553,504 558,869 3,212,115 10. Related Parties The Trust is related to Westminster Abbey by virtue of common trustees with the Abbey. During the year the Trust made payments of £Nil (2023.. £355,145) to Westminster Abbey. Amounts owed to Westminster Abbey are £5,065 in respect of the audit fees for the Trust, invoiced to the Abbey. During the year, the Trust received £Nil (2023: Nil) from Westminster Abbey Enterprises Limited, which is a wholly owned subsidiary of the Abbey. 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 (2023.. None) and no expenses were reimbursed to any Trustees during the year (2023.. None). Page 20