THE WESTMINSTER ABBEY TRUST REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 September 2025 Ch•rlty numb•r: 1116371
THE WESTMINSTER ABBEY TRUST Chaiify No. 1116371 REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS For the year ended 30 September 2025 Contents Page{$) Trustees, advisers and governing documents Report of the trusto88 Independent Auditors, report to the truste88 Statemènt of Flnancial Acttvilies 10 Balance Sheet 11 Statement of Cash Flows 12 Notes lo the finanaal statèments 13-21
THE WESTMINSTER ABBEY TRUST Charlty P40. 1116371 TRUSTEES. ADVISERS AND GOVERNING DOCUMENTS For the year ended 30 Seplember 2025 Trustees Mr John O'Brien {Chaimn) Dr Julian Litten (to 19 October 2024) The Very Reverend Dawd Hoyle KCVO MBE The Reverend Canon David Stanton Senlor Managernont Personnel Ms Valerie Humphrey (Director of Westminster Abbey Trust. on $8condment from Westrninster Abbey Enterprlses Limited) Contacl nam• Mr Christopher Vyse Governlng document Charitable Settlement dated 16 June 21J06 Statug Charitable Trust R¢glst•rod charlty numbor 1116371 Prlnclpal offico The Chapler Offic8 20 Dèan's Yard Westmin51er Abbey London SW1 P 3PA Audltor Crowe U.K. LLP 55 Ludgate Hill London EC4M 7JW Bankorn Barclays Bank plc 1 Churchill Place Canary Wharf London E14 5HP Klng Charles111 Sacrlsty Appeal Committee Sir Will Adderley (Chalmian) Catherine Amiitage Paul Baumann Lady Sarah Chatto Matt Cohler Ronald Freeman Lord Harris of Peckham The Very Revd Dr David Hoyle John O'Brien The Marquess of Salisbury Michael Sherwo Thomas van Straubenzee Sir Guy Weston Page 1
THE VVESThIINSTER ABBEY TRUST Charfty No. 1116371 REPORT OF THE TRUSTEES For the year ended 30 Seplernber 2025 The Trustees take pleasLJre in presenting their report together wTrth the financial stal8ments for the year ended 30 September 2025. The legal and administrative infom)ation set out on page 1 foms part ol this report. Trustaes, advlsers and governlng documents The Westminster Abbey Trust (the TNst) is an unincorporated trust registèred with the Charities Commission and was created by Charitable Settlement on 16 June 2006. It vms set up lo raise lunds to support its declared objectives. which include grant giving. Under th8 terms of the settlemènt thè Trustee body consists of two nominated trustees and three co-opted trustees. The powèr ol appointing new co-opted Trusteos lies with the Dean and Chapler of The Collegiate Church of Saint Peter in Westminster (thè Abbey). Trustees are given informal training as part of their induction to the charity. This training involv8s explaining the Trustees, responsibllities, as noted on page 6 10 the financial stslemenls, and explaining to them the role they are expected lo lake and the involvement In the charity that this entails. Obj•¢t8 and activltio8 of the Charlty The main objectives of the Trust are.. To further the lIgiouS and other charltable purposes of Westminster Abbey To support the Abbey's Choir Schwl The Trusteès confirm that they have referred to Ihe guidance ntaIned in the Charity Commission's general guidance on public benefit when reviewng the Trust's objectives and in planning future activities and setting the grant making policy. The policy for grants stales thal expenses should be pertaining to fabric, upkeep and the Education Cenlre. A cornerstone of Weslrninsler Abbey's mission is to be a lfving symbol of falth al the heart of the nation. In the year lo September 2025 the Abbey welcomed over 1.6 million worshipp8rs and visitors. The Trustees believe that In accordance with the Trusl's objects, financially assisting the Abbey, including tts Choir School. contributes to the advancement of religion whatever the circumstances. The principal sources of inrne for the Trust are donations for specific areas of funding Sel to assist in furthering the religious and other charrtabk purposes of Westminster Abbey. The operating costs of the Trust are mel from unrestricted donations received in year. Page 2
THE WESTMINSTER ABBEY TRUST Charfty No. 11163TI REPORT OF THE TRUSTEES For the year anded 30 September 2025 Alms and strategiès lor a¢hlovlng objectlves The Trust aims to support the Abbey in line wth its objectives. It considers requests for funding by the Abbey to support religious. structural and edurational purposes. The Trust seeks to ralse specific m(Thy for proieds it agrees to fund In support of The Abbey and its Choir School with particular reference for funding to support music. fabric. conservationlcuratorial. and education related purposes. The main project currently is the Klng Charles111 Sacristy. The members of the Appeal Committee for the Sacristy are set out on page 1. Fundralslng The Westminster Abbey Trust aims to undertake fijndraising al the highest posslble standards, consistent with its values. and compliant wilh the requirements of the Fundraising Regulator. Care and consideration for donors Is paramount. and the Trust aims to act in the most r8specfful and consideraie way. The maior6ty of income comes from major donors and charitable trustsl foundations. Yth a modest amount coming from on-line and text donations. The Trust does not use unsollclted lelephone or street fundraising. The Trust's Director is a Skil fundraiser. No volunteer donor approaches are made without the consent and support of the Director, thereby avoiding inappropriate approaches being made. The Westminster Abbey Trust roceived no complaints about fundraising carried out in thls financial year. The Westmlnster Abbey Trusl recognlses the need to protect Vulnerab people and works to avold seeking or gaining a donation frcvn anyonè who might be considered vulnerabte or unable to make an infoimed decision. Grant rnaklng Durfng Ihe year, grants totalling £297,430 {2024: £Nill were paid to Westminster Abbey. Flnanclal revlew and achlevements of the year The total resources of the Tiust amounted to £6,013,96 as at 30 September 2025 (2024.. £3,212,115}. Tolal income amounted to £3.110.209 (2024.. £2,197.150). The main activity in the year has been to secure donations. grants and pledges to SUPFM)rt the Sacristy project. £2,975.045 of funding secured for the Sacristy project through grants and donations, Page 3
THE WESTMINSTER ABBEY TRVST Charity No. 1116371 REPORT OF THE TRUSTEES For the year ended 30 September 2025 Plans lor future perlods During the course of 2025-26 tho Tfust will continue to raise funds for targeted projects and areas which the Abbey has identffled. prrmarily fo()Jsed on the King Chades111 Sacristy project. bul also continuing to target fundraising in support of the Ab&S music, conservation, curatorial and education activities. Govèrnance and managèment The Trustees have ultimale legal responsibiltty for the charity and its work. They agreé the overall strategic direclion of the organisatson. and are the highest decision-making body. The Dlrector supports the Trustees and is responsible for the implementation of policy and for thè management of the day-tTrday running of the organisation, with the support of W8slminster Abbèy staff. in particular the ReceNer General and Director of Finance. Key management porsonnel remunerntlon The Iruslees consider the Diredor of Westminster Abbey Trust as the key managemenl person for the charity, in charge of directing and ttrollIng the tharity and runnlng and operating the charity on a day to day basis. The Dlr8Ctor of Westminster Abbey Trust Is an employee of Westminster Abbey Enterprfses Limited (WAELI seconded to the Trust. Remuneration of WAEL employees, including any annual increases, is approved by the WAEL board. The initial level of remuneration paid lo the Director of the Trust was established through a benchmarking exerase. Reservès poll¢y The Trustees aim to distribute the net income of the Trust10 5UPPOrt the Trust's charitable objectives, keeplng only such free reserves as are necessary to maintaln working capital. The Trust has low overhead and operating o)sls, which are typicalty below £1 Ok per yèar. These costs are ordinarily able to be funded from unreslricted donations received in y8ar. So far as possible the Trust seeks lo maintain its unrestricted reserves in the range £40k to £50k. Reserves are $plit unreslrided £1,096.47512024.' £1.099,742), restricted £4,372,724 12024: £1.553,5041, and endowments £544.737 {2024.. £558,869). Most of the unrestricted reserves will be conlributed to the King Charles111 Sacristy project in the coming year. Inve$tm•nt pollcy The Trustees are responsible for settlng the charity's investment policy, so that it supports the charfly's long-temi aims. The charity invests wlth the intent that funds invèsted should generate income and capital growth. Funds are managed in accordance with legal requirements and any restrictions that have been placed on them. The Trustoes have agreed an investment polrcy for the Charity's nonexpendable endowments that aim to invest these funds to maintain long-term capital value in real terms and generate income for use in line with the purpose and StrIctIonS of those funds. The investments are chosen and managed in accordance with the charity's ethical Investment principles. seeking to avoid investments that conflict the Charity's values and charitable purposes. Page 4
THE WESTMINSTER ABBEY TRUST Charfty No. 1116371 REPORT OF THE TRUSTEES For the year ended 30 Sèptember 2025 Rlsk management The Trustees have assessed the signtficant risks to whlch the Tnjst is exposed, and are satisfied that these can be mitigated. The Trustees consider lath 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 lo mitigate this risk by maintaining relationships with existing donors during and beyond a project's Completion, and continuing to identrfy and develop rekqtionships with potential new donors o are interested in the Abbey and its ongoing need for funding to support major projects. Through the relationships with donors and networking, the Trust is transparent about funding needs and specific initiatives for which funding is being sought. Trusts•s' golng concern assèssment The Trustees consider the Trust to be a going ¢oncem. as it continues to have positive fund balances and has been able to maintain ongoing operations durlng recent years, despite dKficult clrcumslances. Underlylng admlnlstrative costs were £12k in the year. whlch provid88 the Trustees wlth confidence that the Trust has sufficient financial cover throughout the perK)d considered lo March 2027. being at least another 12 months from the date of signing. Westminster Abbey Enterprises Ltd continues to grft employee time. and there is no reason to consider that the Trust will not be a going concem In the coming year. Dlsclosurn of Infomiallon to the 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 was no relevant available infomiation of which the auditors were unaware. and that trustee had taken all steps that the trustee ought to have taken as a trustee lo make himself or herself aware of any relevant audit infomiat'on and to establish that the auditors were aware of that inf(*matlon. Page S
THE WESTMINSTER ABBEY TRUST Chartty No. 1116371 REPORT OF THE TRUSTEES For the year ended 30 Seplember 2025 Statement of Trusleos, responslbllltle$ The Trustees are responsible for preparing the Report of the Trustees and the financlal 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 lo charities in England and Wales requires the trustees lo prepare flnancial statements for each financial year which gwe a true and fair view of the stale of affairs of the charity and of the incoming resources and application of resources of the charity for that perrod. In preparing these financial statements. the trustees are required to: select suitable accounting policies and then appty them consistendy.. observe the methods and principles in the applicable Charities SORP; make judgments and estimates that are reasonable and prudenl,. slate whether appllcable UK Accounting Stsndards have been followed, subjèct lo any material departures disclosed and explain&d in the financial stalements: and prepare the financial statements on the going concem basis unsS it is inappropriate to presume that the charity will continue in business. The trustees are responsible for keeping proper accounting records that disdoso with r&asonable accuracy al any time the finanaal position of the charity and enable them to onsure that the financial slatemenls comply with the Charitles Act 2011, the Charilles (Accounts and Reports) Regulations 2008 and the provisions of the charitable selll8ment. They are also responsible for safeguarding the assets of the chadty and hence for taking reasonable steps for the prevention and detectson of fraud and other irregularitles. Approved by the Twslees and slgned on their behall: ¥LbE John O, Brien Trustee (Chairman) 24 February 2026 Page 6
Independont Auditorfs Report to the Trustees of The Westminster Abbey Trust Oplnlon We have audited the financial statements of The We5trninster Abboy Trust for th8 year ended 30 September 2025 whtch comprise the Ststement of Financial Activities. Balance Sheet. Ststemenl of Cash Flows and nots8 to the financial statements, including Signifint accounting policies. The finanual rgPOrtTrng frarrQrk that has been applied in their preparation is applicable law and United Klngdom Accountin9 Standards. including Financial Rew)rting Standard 102 The Financial Reporting Stsndard applicable in the UK and Republi¢ of Ireland Iunited Kingdom Generally Accepted Accounting Practy'cel. In our opinlon the financial ststements: glve a true and fair view of the state of the charfty's affairs as al 30 Septembor 2025 and of Ils Income and oxp6nditu, for the year then ended.. have been proptty prepared in acc¢ydance wrth United Kingdom Gen8ralty Accepte(l Accounting Praclic¥'. and have been prepared in accffllance with the requirnm9nts of the Chaiities Act 2011. B•sl• for oplnlon We conducted our audSt In accordance wlth Inlematb)nal Standards on Audlting (UK} IISAS IUK)) and applicable18w. Our responsibililies under those standar(Is are lurther descrlbetl in the Auditor's responsibilities for the audit of the financial 51alèmenls section of our report. We are independent of the charity in ardance with the elhical rèquirernen15 that a relevant to our audit of the financial 8t8lemenls In the UK. Includlng the FRC'8 ElhiGal Stsndard. a1 we have fvifilled our oth&r elhical responslbilities in aance with these requiroments. We belleve thal the audit evidence we have oblalnod Is sufficlent and oppropriale to p8 a bas18 for our oplnlon. Conclu¥lon• f•l•tlng to golng conc•m In audltlng the financlal statements. we have concluded that tho trustee's uso ol thè golng concern Si8 of accounting in the prfjparatn of the financial slaiemgnts approprtate. Bosgd on the work we have perfornigd. we havè not Identified any materlal uncertalntlgs ralaung to events or ¢ondltions that. indldallY or collectivety. may cast slgnlficanl doubl on the charity's ability to continue 85 a going concem for a perkxl of 81 leas1 iwefve months from whon the financlal Slaltments are aulhorised for issuè. Our responsibilitie$ and the Tesponsibilittes of the trustees th respKt to going canM are dtsscribeé in tho relevant Sedions of this POrt. other Inforniatlon The Iw91ees Ar8 responsible for the other informalkin contsined wthln the 8nnu•l report. The other information comprises Ihg information included in the 8nnual report. other than the financial statements and our audilorfs port thereon. Our opinion on th• financial statèmonts does not cover the other information and. except to the axient othefwise explKitty stated in OUT report, we do not express any fomi of assurance n¢slOn Ihereon. Our respmslbllity Is to read Ihe other infonnation and. In dolng so, nSider whther the oth8r Information is materialty inconsistenl wtth the finanoal statements or our knowledge obtained In the audlt or otheiS9 appears to be malerialty mi%ststed. If we klentify such m8lerial incon51sIBncies or apparent material misstatements. we aro required to delemine bvhether this gives rise to a materlal misstatement in the financial stslements themselves. If. based on Ihe WO we have perfom)ed. we nclude that there is a rnalerial mk%stalement of this other information, we are required lo report th8t fact. We have nothing lo report in this regatd. Page 7
Independent Audltorfs Report to the Trustees of The Westminster Abbey Trust Mattors on whlch we are requlred to r•port by expt10Th We have nothing to r&ph)rt In respeL of the following matters In relation to which the Ch8rfti98 (Accoun18 and Rep(vtsl Regulab"ons 2008 requiS us to r&k)Ort to you Ir. in Ouf opinion.. Ihe information given in the narla1 stalemenl81$ In(nSiStent in any Mateal respect with the Iru$lees' report,. or sufficient and proper accountlng records have not been kept by the charrty," or tha financfjal statements are not in agreement with the accountiThJ records and retums.. or we have not recerved all the infonnation and explanatlons we requwe for our audll. Rèsponslbllltl•s of trulte As explaine(I more fully in the tnjstees, r8sponsibiliUes stateThnl Sel OLrt on page 6, tha Iru8¢e88 are responsible for the preparation of the finanual slalem8nls and for being satisfied th81 they give a true and fair view, and for such inlem81 wtrol as th8 trustees determine is nècessary lo anable the pr6parallon of flnanclal slalements that are freo from materlal mlsstalemenl. whether due lo fraud or orror. In prepang the financlal statements, thg trustees are responsible for assessing thè charity'8 abillty to continue as a going ncern. dlscfo8lng, as applicable. matters related to going concem and using the golng concem basls of accounting unless the trustses either intend to Ilquidate the charity or lo ce888 operations. or have no realistic altemalive bul lo do so. Audltovs r••pon•Sblllti•s for tho audlt of the financlal •tatem•nts We have been appointed as audilor under sgclion 151 of the Charities Act 2011, and report in accorilance wlth the Acts and relevant regulation8 made or having effect thereundèr. Our oblectiVe8 arg lo obthln re850n8b assurance ab)ul whether financlal statements as a whole are Irge from material misslalemenl. whether due lo fraud or error, and lo issue an auditt)rf8 report that includgs our opinn. Reagonable assurance 1$ a high leval of assur8n(, but is not a guarantè8 that an audit conducted in accordance with ISAS (UK) will ahvays delecl a material misstatement when It exlsls. Mis$lalements con arise from fraud or error and are considered mat8nal rf, individually or in the aggregalg, they could reasonably bè expoctg(110 influence the economic ded8lDn$ of usern takan on tho basis of these financial 8talgm8nts. Detalls of thè extent to whkh th¢ audlt was consklered capable of dete¢¥ Irregularitiè$, InclLHllng fraud and nor0MPlIanae th lavr& and r8gul8tion8 are sel out bebw. A furthgr description of our respDnsibilrties for the audh of the finanelal statements is Iated on the FinancI81 Reporting Couneil's web8rtè at.. forms part of our audrtor's report. . This descrlptbn Ext•nt to whlch th• audlt vns ¢on¥ld•r•d capabl• of det•¢tlng Irr•gularltl•s. Includlng hud Irregularities, irdIng fraud, are Instances of non-compliance with 18ws and regUlatnS. We identified and assessed the risks of material misstslemenl of the financial stslements from irregularities. whether due to fraud or error. and discussed these between OUT audit le8m rn8mbers. We then designed arKI perfomed audil procedures responsive lo those risks, induding obtoining audit evidance sufficient and approwiate to provAle 8 basls for our opinion. We obtaingd an understsnding of the kngal and regutalory frameworks wilhin whlch the charity OPgrat8s, focusing on those laws and regulations that have a d1ct effe on the determination of matèrlal amounts and disclosures in the finan¢ial slalements. The laws and regulations we onsidered in th1$ context were Ihe Charities Act 2011 toyelhor with the Charities SORP {FRS1021 2019. We assessed the required compliance Ihese laws and r8gulatsons as part of our audit PredureS on the reLqted financial statement rtems. Pa9e 8
Indepondent Auditorfs Report to the Trustees of The Westminster Abbey Trust In addhion, we consld8r8d provisions of other laws and regulabons that do not have a direct 8ff8cl on the financial statements but compliance with which might be fundamental to the charlty's ability to operate or to avoKI a mater081 penalty. We also consbjered the opportunities and incentives thal may gxist wilhin tho charity for fraud. The Lgws and regylations considered in this context for the UK operations were the Chanty cornmtsSn reguLqtM)ns. Auditing standards limit the required audtt pr(tedures lo identtty non-compliance with theselows and regulations to enquiry of the TNslees and other marbagenwnt and inspection of regUtOry and legal correspondence. il any. We identified the greatest rfsk of mat8rlo1 impad m th8 non-ststsjtory financial statements from irregularities. irtcluding fraud, to be wlthin the timing of rectrjnitson of legacy and grant income, and the override of controL8 by management. Our 8udil procedures to respond lo these risks included enquiries of manag8m&nt and the trusteés about their own identffution an(18ssessment of the rlsks of iTreguladUe8. sampl8 testing on the pjstsng ofjoumaL8, reviewing accounting 8Stimates for biases, revi8w(ng regulatory correspondence, arKI reading mlnules of meetings of those char9ed with govern8nc8. Regardlng the Umlng of recognltkn of legacy Income. we addressed thls through revlèw of all legacy correspondence and receipts up lo the d8te of approval of thè finandal slalements. to ènsure treatment In line with the accounb'ng polw. Regardlng the tlmlng of recogntti'on of grant income. we addressed this throu review of 811 matert81 grant agreements lo ensu coryocl Ialment under Ihe Chariti8s SORP. Sncluding consideralion of th8 accounllng period in whKh incom Shou be rwnised. Owlng to the inherent limitaTrO of an audlt. thore is an unavoJablo risk that we may not have deleded somè malerfal misstatements in the financial slalements, even though we hav6 properfy planngd and performed our audit in accordance with auditing standards. For example. the further removed nonacompllance wrth laws anrj regulallons lirraguLaritiesl is from the events and tr8n$acllon$ rgflgcted in thé financial slalements. Ihe le$s lik8ly the inherenuy limited procedura8 requbred by audillng stsndards would identify it. In ad(Jillon. as with any audit. there rgmainad hlgher rlsk of non4eteciion of irregularities. as these may involv8 collusion, forgery, Intention81 omSs3ions. m4srepr8sentalSons, or the override of internal controls. We are not respon51ble for preventing rncOMplI8nce and cannot be expected to detect nonvcompllance with all laws arKI regulations. Us0 of our report This rep)rt 18 made solely to lh8 charfys trustees. as a body, In accordance with Part 4 of th8 Charities IA¢counls an(J Reports) Regulations 2008. Our audit work h8s been undertaken so thal we might stato to the charity's Iruslee8 those matters we are QuIred to state lo them in an audilor'$ report and for no other purpose. To the fullest extent pemiitted by law, we do not accept or assumè sponsibilty to anyone other than the charity and the charity's trustees as a body. for our audit work, foi thi8 r8wrL or for the opinions we have formed. lI..Le Crowe U.K. LLP Statutory Auditor London Date.. 12 March 2026 cr¢ V.K. LLP i8 e'b for8pwJinlrr*nl 0$ Ihe ltyVAlUa oftt8 elglt41ty forarvxnbMrt8s audRoro18 con¥)any urthrsecllon 1212 ccfflpIesACI 20. Page 9
THE WESTMINSTER ABBEY TRUST Charlty No. 1116371 STATEMENT OF FINANCIAL ACTWIES For the year onded 30 September 2025 LlnrnBtrl¢ted Restricted End¢)wm•nts Funds fund¥ Total 2025 Total 2024 Not•¥ Income from: Donation8 Gr8nts L8gacles Ineome from Investments Interest on cash deposits Tour incom8 Total In¢om• 1.750 1,030,534 2.024,184 1.032.284 2.024,184 10,000 16,874 26,867 230.162 922,437 1,021.805 10.CKIO 16,874 26,867 13.746 9,000 2,197.150 38,617 3.071,592 3,110,209 Exp•ndltur• on: Ralslng funds.. Administr8lNe expgn8es Bank charges and Interest Charllable actlvFtlas'. Grants lo The Dean & Chapter of Weslminsler Total exnd[tUr1 12.468 118 12.468 146 7,896 183 29,300 268.130 297,430 41,884 268.160 310,044 8.079 Net Sn¢omo 11oxp•ndllur•l bOr• Inv•stm•nt galn• 13,2671 2.803,432 2.800,165 2,189,071 R88118èd gains Unrealisad J088è8 Net Income I l•xp•Trdltur•) b•for• tran¥f•r8 15.788 15,788 {14.132) 174,1321 114,132) 2.801.821 (3.267) 2.819.220 2.189,071 Transfers betwe6n funds Net mov•m•nt In fund• {3,267) 2,819,220 (14.132) 2,801.821 2,189,071 Reconclllatlon of fundg: Total funds brought foard 30 September 2024 1.099,742 1,553,504 S58.869 3,212.115 1.023.044 Total funds carried fThard 30 Seplembor 2025 1.096,475 4.372.n4 544,737 6.013,936 3,212.115 All recognised gains and losses in t)oth years have been induded in the Statem8nl of Financi81 Activities. The resuts for the years a5 set out atrthie have been derived entirely from continuing operations. Page 10
THE WESTMINSTER AB8EY TRUST Charity No. 1116371 BALANCE SHEET As at 30 September 2025 Unr•strieted Re8trlct•d Funds Funds Endowments Total 2025 Total 2024 Note Nonwcurrnnt as80ts Investments 544.737 544,737 Curront ass•ts Debtors Cash at bank and In hand 470,000 s,402 1,020,402 470,460 631,919 3,822,322 4,454,241 2,752,449 1,101,919 4372,724 5.474.643 3,222,909 Creditors.. amounts falling due within one year 5.444 10,794 N•t currnnt as••t• 1,096.475 4.372.724 5.489,199 3,112,115 Total assets loii currnnt Ilabllltl•• 1,096.475 4.372,724 $14.737 6.013,936 3,212,115 The fund of th• harlty Unreslrfcled fiJnd6 1,096,475 1.096.475 4,372.724 544,737 544.737 544,737 6,013,936 1,009,742 1.553,504 558,869 3,212,115 Reslrbcled funds 4.372.724 Endowmenls Total funds 10 1,096,475 4,372,724 The ffinanoal slal8ments and notes on pages 10 to 21 were approved by the Trustees and authorised for issue and signed on their behall. John O. Brien Twstee (Chaiman) 24 February 2026 Page11
THE WESTMINSTER ABBEY TRUST Charlty No. 1116371 STATEMENT OF CASH FLOWS For the year ended 30 Sgplember 2025 2025 2024 Re¢onclllatlon of net movement In fvnd¥ to net cash flow from oporatlng actlvlties Net movement in lunds Adlustm•nts for. Investment income Unrealised Losses on inve5tm8nts Realised galns on Investments Ilncreasel l Decrease in debtors IDecr8asel I Increase in credlto Not cash provld•d by oporntlng *ctlvltl•• 2.801,821 2.189,071 (43,741} 14.132 115,7881 1549,942) {5,3501 2.201.132 {13.7461 1470.2951 5.665 1.710,095 Cash IIow8 from Inv•seing •cUvltles.' Purcha$e of inve$lments Proceed8 on the sale of equity-based doMtion8 Interest and dWend8 Net cash provlded by Inv••tlng actlvllle• 1558.869) 15.788 43.741 1499,3401 13,746 13,746 Chang• Sn c4•h and ¢a•h •qufv•l•nts In th• year 1.701.792 1.724,441 Cash and cash aqulv•l8nts brought forwaryl 2,752,449 1.028,008 Cash and Ga•h •qulval•nts urrt•d lorward 4,454.241 2.752,449 Pe 12
THE WESTMINSTER ABBEY TRusr Charlty No. 11163ri NOTES TO THE FINANCIAL STATEMENTS For thg yaar ended 30 September 2025 1. Accountlng pollclès Basls of prepar•tlon and ass•um•nt of Go5ng Concern Westminster Abbey Trust is an unincorporated trust registered with the Charities Commission and created by a Charitable Settlement dated 16 June 2006. The regist8r8d office is: Th& Chapter Office. 20 Dean's Yard. Westminster, London SW1 P 3PA. Th8 Ilnanclal statoments have been prepared under the hlstorfcal cost convention and In accordance wth the Statement of Recommended Practice: Accounting and Reporting by Charilles preparing their accounts in aGcordance wrth Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) issued on 16 July 2014, the Flnanclal Reporting Standard applicable in the United Kingdom and Republlc of Ireland {FRS 102). the Trust Deed and the Charitses Act 2011. These accounts {flnanclal statements) have been prepared to glve a 'true and fairf view and have departed from the Charities {Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and falr view.. This departure has involved following Accounllng and Reporiing by Charities preparing their accounts in accordance with the Financial Reporting Stsndard applicab18 in the UK and Republic of Ireland IFRS 102) issued on 18 Juw 2014 rather than the Accounb'ng and Reporting by Charities.. Statemenl of Recommended Practice effect6ve from 1 April 2005 whlch has since been wlthdrawn. The finanal statements are prepared In sterfing which is the fvndional currency of the Twsl. The Trust constilutes a public benefft entity as defined by FRS 102. The Truste88 have nsidered the r880urc98 of and forécasts lor the Trust arKI have reasonable èxpectation that It has adequate resources to continue in operational existènce of the foreseeable future. The Trust IheTefore continues to adopt the going concern basis In preparing its consolidated financial statements. bl Crltlcal Judg•m•nt• and k•y of ••tlm•tloTh The Charity recognlses gaCY income in accordance wth the Charity SORP wh8n it Is probablè that the income wlll be received and the amount can be moasured reliably. Legacy income inherently involves significant judgements as the timing and amount of income depends on the progress of estate administration. including the disposal of propaty and other estate assets. In forming Ihe judgement, the charty nsiders. Notrfication of entitlement The expected reallsatk)n of estste assets. such as property or Invgstmgnts. where the valuo may fluctuate before sale The availability of estate accounts or valuations from executors Whether the materièl conditions attaclwd the lega are either WTthin the ntrol of the tharity or have been mot. Where estates contain propety other illiquid assets. the timing of disposal can be inherently uncertain and are assessed on a case-by-case basis. Until such information is available to enable a reliable MeaSUrnent, legacies are wnsidered as contingent assets and would only be disclosed if material. Page 13
THE WESTMINSTER ABBEY TRUST Charlty No. 1116371 NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 Septembei 2025 In¢omo r•eognlllon All income is recognised once the charity has ents'll8ment to the income. it is probabl6 that the income will be received and the amount of income receivable can be measured reliably, unless it relates lo a specific future period. in which case it is defeffed. Income subject to restrictions is alk)caled to the relevant fund. Donations are recognised on a reIvable basis, except in the case of donation5 from Wéstminster Abbey Enterprises Limited. which are ffjcognised on an accrual basis once the WAEL board has made a commitment to gift distributable surplus to the Trust. Income from grants is recognised upon fulfilment of conditions within the charity's control, and there is sufficient evidence that conditions have been met. Where grant payments are received and there is uncertainty as to whether the charity can mgel any associatsd conditions, the incoming resource is deferrèd until conditions are met. Income from legacies Is recognised when probate has beèn granted to the executors, there is certainly of entitlement and a asOnable ability to establish the value of th8 donatlon based on known cash balancts or can be reasonably estimated from appropriately documented information from executors or estat8 aGcounts wlth high probability ol recelpt even where liming may be uncertain. Income from Investments and interest on cash deposlts is rec(yJnised on a recelvabl8 basis when thè amount can measured reliabty. dl EXndItM Expenditure is accountèd for on an accruals basis and has been Classifi under headings that aggregate all costs relating to the category. Where costs cannot be directly attributed to particular headings they have been albcated on a basis consislenl wilh the use of resources. Liabllllies are recognised as exponditure as soon as there is a legal or constructive obligats'on commltting the charity to that expenditure, it is probable that settlemenl will be rèquired and the amount of the obllgation can be measured rellabty. Cash at bank and In hand All cash is held in a current bank account and is immedlately available for meeting the objectives of the Trust. Short4•rm debtor8 and cr•ditors Debtors and cdItOrS are initially recorded al transaction price and subsequenlty measured al their settlement amount. Page 14
ThE WESTMINSTER ABBEYTRUST Chartty No. 1116371 NOTES TO THE FINANCIAL STATEMENTS For the year gndwl 30 September 2025 Investment• Inveslrnents are measured at falr value. The Statement of Financial Activity includes realised gains and losses on investments sold in the year and unrealised gains and losses on the revaluation of investments. h) Funds Where conditions exist. which restrict the use of income to a particular purpose. income is re¢orded in an appropriat8 restricted fund. Permanent Endowments are established based on the direction of 8 donor dlrecting that the capital should be invested to generate investment income that can be extended for a defined purpose. Restricted funds relate to grfts and *acies ¥thich have been given or bequeathed to the Trust to be used in accordance with the wishes of donors or their representatives. Both Ihe 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 wrpose by donors or their representatives. Page 15
THE WESTMINSTER ABBEY TRUST Chartty No. 11163TI NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 September 2025 In¢omo from Donations. grants and legac163 Donatlons 2025 2024 Unrestrict 1,750 13.717 Reslricted Donafyons Heritsge Preservation Appeal Sculpture Catalogue Vestments 6.884 3,134 744 Education Fund Music Fund Choir School fvnd Jack & Barbara Bovender Organ Scholarship fund Chambfrr Organ conseatiOn Fabrk Fund Sl Margar•l's A81 Other Charitable Objects King Charfe8111 Sacr18ty 1,528 11.176 117,583 2,927 6,681 713 7,269 1,013,861 1,030.534 420 3,117 69,OS7 216,445 1,032.284 230.162 Grants rocelved Restri led Gr nl income King Chades111 Sacristy Weslmlnsler Abbey Cholr Sthcx)I fund ulplure catalogue Music fund Fobric lund Other charitsble objects 2025 2024 1.961.184 55,000 8,C4)0 851.644 477 23,439 46,877 922.437 2,024.184 Legacy Income 2025 2024 Unrestrlcled 10,000 1,021.805 Page 16
THE WESTMINSTER ABBEY TRUST Charlty No. 1116371 NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 September 2025 Items Included In ro8ourc•s expended 2025 2024 E¥pendituffj on rnising fvnd$ Bank Charges Audlt fees 2.596 183 5,400 12,614 5.300 8,079 Staff costs The Trust has no direct empbyees. Staff ar8 gifted in kind to the Trust from Westminster Abbey Enterprises LImitd and the Abbey. The full year average number of staff working on behaw of the Trust was 2.3 (2024: 2.0). No trustees recelvèd any remuneration or expenses dudng the year in relatlon to thls Trust (2024: £NIII. Grants awardod 2025 2024 Gentral 29.300 WA Educallon Fund 1,552 Sculpture Catalooufr Vestments 2,249 2.887 Fabrk fund 23.480 Horitsge Preservation Appeal King Charl88111 Sacristy 192.711 WA music fun(1 KeItr Concert Fund 20,250 Peter Partridge fund 14.237 297,430 I grants were payable to Weslmlnster Abbey from the funds indicated above, a combination of restricted and unrestricted funds for costs incurred by the Abbey. The purwses and use of these funds are set out under note 8. Page 17
THE WESTMINSTER ABBEY TRUST Ch•rlty No. 1116371 NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 Seplernber 2025 Investmonts 2025 2024 Balance al 1 October Addillons Revaluations Disposa18 Balanco al 30 September 1.090,678 2,045 (547.9861 $44,737 Al investments held at the 8nd of the year, are held in unlisted managed funds howevar Ih83e have an ob8erv8ble net asset value. Debtorn 2025 2024 Olh8r debtors 1.020.402 1.020,402 470.460 470,460 Other debtors related to recognised legacy income where valu8 In thé estats Is held in non- Ilquid assets that are awaiting disposal. Cr•dltor8 2025 2024 Other credétor8 Trado creditor8 5.400 10.753 41 10.817 Other creditors represent amounts due to Westminster Abbey for audlt fees Incurred on behalf of the Trust. Page 18
THE WESTMINSTER ABBEY TRUST Charity No. 1116371 NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 Seplember 2025 Funds Unrestricted Funds 8alan¢o In¢omo EXpondIr• GaIn (108•o$1 Trnn•forn 8414n¢o 2024 1.093.677 2026 1.090.410 Gonoral 38.617 141,8841 D8$lgnat g Fabric fund h King Charles111 Sacristy Si Margaret's Appeal m Music Fund o Vestments p Other Charllable Objects Total Unr••trf¢tsd Fund• 41 41 2,509 720 2,052 79 720 2.052 1,099.742 38.617 1.096,475 Balance Incom• ExndItle Galnsl I10•3e•l Transfer• Balance 2024 2025 Conservation Oigilisalion of Archives Munimenl & Library recoTd8 fund Sculpture Catalogue Educat Fund 2.927 35,925 150 150 1.586 12.249) 11.552) 17.464) (23.4801 {192,741) 8.251 744 1.552 7.464 44.291 1.13.448 2.984.021 4,1 713 50.748 46.877 14,237 114.886 744 Heritage Preservation Appeal Fabric fund King Charfes111 Sacfisty St Margaiel's Appeal Kellner Concert Fund Chamber Organ Peter Partridge Fund Music Fund Westminster Abbey Cholr School Fund Jack & Barbara Bovender Organ Scholarship fund Vestments 21,311 4,010.516 5,614 30,498 46,877 15.788 (20.2501 (14.2371 13.500) 112.772 55,000 7,898 3.134 7.9 12.687) 8,002 27,580 Other Charitable Oblects Totsl R•strICt Funds 20.311 1,$53,504 3,071.592 {268,1601 1S,788 4,372,724 Page 19
THE WESTMINSTER ABBEY TRUST Charlty No. f f 16371 NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 September 2025 Funds (continued) Endowments Balan¢e Incom• Expendlture Galn&l Ilosse•) Transf•r8 Balanco 2024 2025 Jaek & Barbara Bovender Organ Scholarship lund Total Endowments (14132) 544.737 558,869 {14.1321 544,737 al Conséryation.. Restorallon and conservatlon of ot¥'ects within the Abbey. b) Digitisalion of knhives.. Digitisation of selected documents and manuscrlpts from withln the Abbey collecllon. cl Munlment & Library re&)rds furKI.' furKllng to cover CA)sts of radar exploration wlthln the Muniments room. d) ScLJlpturé Catalogue.. funds to support the production of a publication covering 100 of the Abbey's monuments dating Irom the 13° century lo pSent. refiectlng the Abbey's role as a site ol royal and national significance. e} Education Fund.. To wovlde support of the costs for schools wrth limited resources to use or vlsit the Abtey and ils education centre. Heritage Presejvalion Appeal.. tsrgeting spedfic funding for 3 key areas.. the building, its collections and music. It is expethd that thtte funds will be used wrthin the nèxt financial year. g) Fabric fund: For the rnaint8nance of the structure of the Abbey. h) King Charles111 Sacrlsty.. to fund the phased development of the Abbey's proposèd new Sacrlsty. i) St Margaret's Ap81.. Funding raised specffically for use against Identlflablè runnlng costs for St Margaret's churth. Jl Kellner cOnrt fund.. Meeting the costs Incurred by the Abbey In putting on muslc concerts. The funds will conts'nue to drawn upon by the Abbey to offset costs Incurred in the coming year. k) 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. l) Peter Partridge fund: to fund the Maintenan costs of the Abbey's organ blowers. m) Music fund.. To support the Abbey 's choir and music department including funding the commissioning of new choral music. n) We5tminsler Abbey Choir SchcM)I fund: A contribution wlh pledge for a further two years lo offsel the costs of providing the educational settlng for a chorister. o} Jack & Barbara Bovender Organ Scholarship fund.. fijnds transferred with the intent of establishing an endovm)enl fijnd to generate investrnenl inrAJme to help fund the annual costs lo the Abbey of employing an Organ Scholar. p) Vestments: Funding for new garments. ql Othèr charitab Objects: To fund relrgious aclivities of the Abbey. Page 20
THE WESTMINSTER ABBEY TRUST Charlty No. 1116371 NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 septeMr 2025 10. Total Funds T¢)tal Total Unrestr1¢t Re•trlcted ETrdowments 2025 2024 The funds are represented by the following assets.. Cash al bank and in hand Other nel current assets Inv881ments 631.919 3.822,322 4,454,241 2.752,449 459,666 464,556 550,402 1.104.958 544.737 544.737 1,096A75 4J72.n4 544,737 6,013.936 3,212,115 11. Relaled Partlos The Trust is related to Weslminster Abbey by virtue of common trustees with th8 Abbey. During the year the Trust made payments to Westminster Abbey of £307,795 comprising funds granted of £297,430 and reimbursement in rekition to administrative expenses of £10,36512024'. £Nil). Amounts owed to Westminster Abbey are £5,400 in respect of the audit fees for the Trust. invoic8d to the Abbey. During the year, the Trust received £NII (2024: Nil) Irom Westrninster Abbey Enterprises Llmited, which is 8 wholly owned subsidiary of the Abbey. Thè Trust has a wholty ownèd trading subsidiary, Weslmlnster Abbey Developments Limlted company regislratlon number 05673214.This company was domiant during both thè current and preceding year. No trustees received any remuneration during the year12024.' None) and no expenses were reimbursed lo any Trustees during the year {2024.' None). Page 21