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2021-12-31-accounts

Tewkesbury St Mary the Virgin with Walton Cardiff Parochial Church Council

Annual Report and Financial Statements

For the year ended 31 December 2021

Charity number 1133813

Tewkesbury St Mary the Virgin with Walton Cardiff Parochial Church Council Contents For the year ended 31 December 2021

_______________ _______________
Page
Administrative Information and Annual Report 1 to 7
Independent Examiner’s report 8
Statement of Financial Activities 9
Balance Sheet 10
Statement of Cash Flows 11
Notes to the Financial Statements 12 to 26

Tewkesbury St Mary the Virgin with Walton Cardiff Parochial Church Council Annual Report For the year ended 31 December 2021

ADMINISTRATIVE INFORMATION

The Parish Church of St Mary the Virgin, Tewkesbury with Walton Cardiff, is part of the Diocese of Gloucester within the Church of England. The principal and correspondence address is The Abbey Office, Church Street, Tewkesbury GL20 5RZ. It is part of the Benefice of Tewkesbury Abbey with Walton Cardiff and Twyning. The PCC is registered with the Charity Commission – number 1133813.

PCC members who have served in the year from 1 January 2021 until this report was approved are: PCC members who have served in the year from 1 January 2021 until this report was approved are:
The Vicar and Chairman The Reverend Canon Paul Williams
The Assistant Ministers The Reverend Sebastian Hamilton (to May 2021)
The Reverend Wendy Ruffle
Churchwardens Nicola Hawley (Safeguarding Officer)
John Anthony Parkes
Nancy Oakes
Deanery Synod representatives Cindy Bexfield – GDPR Trustee
Sunoo Varghese
Elected PCC members Marion Beagley (from July 2021)
David Birch
Ian Bloom - Treasurer (to January 2021)
Derry Cleaton (Safeguarding Officer) to January 2021
Janet Davis - Treasurer (from March 2021)
Ben Foster-Smith
Andrew Maynard (from July 2021)
PCC secretary Marc Vincent

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Tewkesbury St Mary the Virgin with Walton Cardiff Parochial Church Council Annual report (continued) For the year ended 31 December 2021

Independent Examiner Randall & Payne LLP
Chartered Accountants
Chargrove House
Shurdington Road
Cheltenham
Gloucestershire
GL51 4GA
Bankers Barclays Bank plc
Leicester
LE87 2BB
Solicitors Thomson and Bancks LLP
27 Church Street
Tewkesbury
Gloucestershire
GL20 5RH
Abbey Management Carleton Etherington Minister of Music and Organist
Julia Hall Head Verger and Operations Manager (to
November 2021)
Mark Taylor Head Verger and Operations Manager ( from
(April 2021)
Katherine Watson Finance Manager
Ian Bloom Finance Manager (from January 2021)
Rebecca Duncombe Estates Manager
Rachel Trott Commercial Manager (from February 2021)

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Tewkesbury St Mary the Virgin with Walton Cardiff Parochial Church Council Annual report (continued) For the year ended 31 December 2021

STRUCTURE, GOVERNANCE AND MANAGEMENT

Parochial Church Council (PCC)

Tewkesbury Abbey St Mary the Virgin with Walton Cardiff Parochial Church Council (Tewkesbury Abbey PCC) is a corporate body established by the Church of England. The PCC operates under the Parochial Church Council Powers Measure. The PCC is registered with the Charity Commission No.1133813.

The method of appointment of PCC members is set out in the Church Representation Rules. The Vicar is Chairman of the PCC. The two Churchwardens, those ordained ministers who hold the Bishop’s License, and Deanery Synod representatives are ex-officio members. The other members of the PCC are elected by the congregation at the Annual Parochial Church Meeting, and the members of the PCC then annually elect a Secretary and Treasurer. All regular Church attendees are encouraged to register on the Electoral Roll and to stand for election to the PCC. There may also be co-options to the PCC where particular needs are identified. All members of the PCC are Trustees and training in the duties of Trustees is provided as part of the process of induction of new PCC members.

The PCC meets on a regular basis to transact business and receive reports from its five committees – Standing, Finance, Fabric, Growing in Faith Together, and Liturgy and Music. Representatives who serve on the Deanery Synod report on its activities.

The PCC derives its income from direct giving by congregation and visitors, fund raising and Gift Aided profits from Tewkesbury Abbey Ltd., and from legacies.

Management and Employment

The PCC employs a number of full-time and part-time staff and benefits from the support of numerous volunteers who offer their services at no cost to the PCC. The PCC considers that the Vicar, Churchwardens and other PCC members and those senior employed staff listed on pages 1&2 comprise the key management personnel of the Abbey in charge of directing and controlling, running and operating the Abbey on a day-to-day basis. All of the members of the PCC give freely of their time and no member received remuneration as trustee during the year, except as disclosed in Note 10 and in Note 20. The pay of senior staff is reviewed annually and the pay of all staff is normally increased in line with the percentage annual increase adopted by the Diocese. The PCC recognizes the contribution of all employed staff and volunteers to the Abbey’s mission and witness and takes this opportunity to thank them for their service.

Tewkesbury Abbey Ltd (TAL)

This company, which is limited by guarantee, (Registered Number 02755583) was formed to undertake the commercial and revenue generating activities carried out on behalf of the Abbey. As the combined turnover of the Abbey and TAL did not exceed £1,000,000, under the Charity Commission SORP regulations the financial activities of TAL are not consolidated within these financial statements and so have not been consolidated in these accounts.

Public Benefit

The PCC has considered the Charity Commission’s guidance on public benefit and the advancement of religion.

Risk management

Following the recommendations of the Financial Review working party, the Financial Review implementation group has commenced the process of establishing a risk register linked to operational responsibilities.

General Data Protection Regulations

A review of data protection and the privacy of personal data was conducted during 2018. A Churchwarden attended training provided by the Diocese of Gloucester to ensure compliance with regulations and implementation of best practices. Explicit consent to hold and process data was sought from all groups and volunteers within Abbey organisations, and a policy implemented to monitor and report on GDPR matters to the PCC. A member of the PCC is appointed annually to monitor and report to the PCC as Trustees with oversight responsibilities to ensure compliance with the regulations.

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Tewkesbury St Mary the Virgin with Walton Cardiff Parochial Church Council Annual report (continued) For the year ended 31 December 2021

Safeguarding

The PCC remains aware of its safeguarding responsibilities for those working with young people and vulnerable adults within the Abbey and Parish and continues to retain the vigilance of an appointed person, who takes all necessary steps to ensure that the PCC is complying with the legal requirements. An annual review is made of safeguarding policies and the PCC also ensures that outside organizations using the Abbey and Visitor Centre have appropriate policies in place.

Disability Discrimination Act 1995

The PCC, its Committees and staff seek to ensure that ‘best practice’ under this legislation is achieved wherever possible and takes every opportunity to make improvements in the Abbey, Visitor Centre, and Abbey grounds.

COVID 19

This is a sobering annual report. It could not fail to be when the daily headlines remind us of human, social and economic costs of the global health emergency. The consequences for Tewkesbury Abbey and our town have been serious too, and you will find our assessment of the implications in the pages that follow. But what I hope you will also discover is an unshakable commitment to the future of Tewkesbury Abbey, the people of the town and the Gospel we proclaim.

Vicar’s Report on 2021

Preparing this report for the APCM 2022, I have realised that this is the second year that the pandemic has dominated proceedings, and in many ways, these two years have merged into one, and memories are a little jumbled. As time has passed, some experiences have repeated themselves. For one moment, we felt like we were on an irreversible roadmap out of restrictions only to find ourselves struggling, indeed fearful of new variants.

What stands out for me from 2021 has been the determination of the Abbey community, ably led by our Churchwardens and Warden, Nickie, John, and Nancy, to remain ‘open’, and that is exactly what we achieved. However, it has been hard to restart some of the activities often associated with the Abbey’s liturgical and community life. May I acknowledge the wonderful work done by Mike Bristow and Carleton Etherington in keeping, respectively, our servers and choir together in these challenging times. The PCC, of whom I am immensely proud, has not only maintained our parish share commitment but, through the fantastic work of Janet Davis and our Treasury Team (financially supported by the Friends and Foundation), has, across all the funds, brought us to the end of 2021 on the right side of the bottom line - just! That is truly amazing, considering the financial storms the Abbey has had to navigate.

It has been challenging to maintain our common life throughout the period with the legacy of irregular attendance during 2021. We started with promising signs of renewal when we came out of lockdown around Holy Week and Easter, with a good level of attendance midweek and Sunday morning congregations steadily increasing week by week. As we headed towards Christmas, we had our best attendances, but numbers again began to shrink with the advent of the Omicron variant. In the autumn. A new pattern to Sunday services was introduced which meant that after the 8 o’clock Holy Communion there would be one morning service at 10.30 alternating between contemporary and traditional styles of worship. This arrangement will be reviewed in the autumn of 2022. From April, Schola Cantorum began to sing mid-week choral evensong and in September the Abbey choir began to sing together.

During a significant part of 2021, members of the Ministry Team were not permitted to make home visits. We were extremely fortunate to have installed live-streaming equipment sponsored by the Friends of Tewkesbury Abbey. This, once more, provided an essential connection with the Abbey for those who found themselves self-isolating. Our Pastoral Contact scheme again provided a vital link with members of the Abbey; to those who took the lead in overseeing that scheme, we owe a tremendous debt of gratitude.

Leadership of the Abbey during the pandemic required some responsibilities to be drawn back to the centre. A much wider number of delegated roles and responsibilities returned to the Vicar and Churchwardens than we would have expected or wished: perhaps understandable given the disruption to all our lives caused by the pandemic.

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Tewkesbury St Mary the Virgin with Walton Cardiff Parochial Church Council Annual report (continued) For the year ended 31 December 2021

Once again, some people have moved away, among them Fr Sebastian, who took up a role in the North Cheltenham Team Ministry. Equally, through death, we have lost some people to the Church Militant here on earth but rejoice that they are never lost to God amongst the Church Triumphant in heaven.

As we look back on 2021, we give thanks for the many blessings we have received, and I wish to say thank you to you, the faithful members of our Abbey family, who have contributed your time, prayer, money and much more in support of the Abbey’s mission and ministry. Thank You. 2021 was to be a special year in the life of the Abbey and in the town of Tewkesbury as we were set to celebrate the Abbey’s 900[th] year of consecration and the 550[th] year of the Battle of Tewkesbury. Much was lost due to the pandemic. However, what survived: the translation of the Founders’ Book and a new history of the Abbey, the black-tie dinners in the nave, the visit of HRH The Princess Royal, the Son et Lumiere and the consecration service itself, we can console ourselves that the Abbey has, in its long history, seen much worse.

Lastly, my report also comes with a challenge. During the pandemic, we have lost people, money is tighter, and some of us have formed new habits, no doubt the consequence of lockdowns, which mean we are not as regular at worship as we once were. As Christians, scripture is clear that our priority must first and foremost be to gather regularly (at least weekly) for worship to praise the God who made us, loves us and redeems us through God’s Son, our Saviour Jesus Christ. That has not changed. God continues to call us into a relationship with God’s self and with one another, and that can’t be replicated in any other way apart from gathering together. Yes, we can participate in worship online, and for some, this is the only way in which they can worship; for that we praise God. We will continue to offer live streaming as we reach out with the Gospel to Tewkesbury and beyond. The call to gather for worship, online or in-person, as one family of faith in all our diversity – genuinely inclusive of all and active. The Abbey’s catholic mission is to offer the very best of who we are back to God in worship, praise, and prayer. We have so much to celebrate at our APCM 2022, and I commend these accounts to you. May your prayer life deepen, your relationship with the Lord be renewed and grow, and your commitment to the Abbey strengthen in the coming months as we together proclaim the Word and work of God.

FINANCIAL REVIEW

1. Net movement in funds

The net movement in funds for the year is a gain of £838 compared to with a gain of £72,238 in 2020. The reduction from 2020 is due to the phasing out of Government Covid-related grants in the year, but still compares favourably to the deficit of £11,839 recorded in 2019.

2. Unrestricted Funds

The Unrestricted Funds show a net deficit of £54,459 before transfers and investment movements, compared to a net gain last year of £3,032 before transfers. The basic income (Planned Giving, Offertories and Visitor donations) rose 24% against 2020, just 16% behind 2019.

3. Tewkesbury Abbey Ltd.

The accounts for Tewkesbury Abbey Limited are not consolidated as the combined turnover of the Abbey and TAL did not exceed £1,000,000, as required under the Charity Commission SORP regulations. There was £2,547 to transfer to the Abbey in 2021 after recovery of the deficit incurred in 2020.

4. Parish Share

It is the policy of the PCC to pay Parish Share to the Gloucester Diocesan Board of Finance by regular monthly instalments. The Parish Share contribution for 2021 was £118,347, the same as in 2020, as the Diocese did not request an increase during the pandemic.

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Tewkesbury St Mary the Virgin with Walton Cardiff Parochial Church Council Annual report (continued) For the year ended 31 December 2021

5. Fabric

Work on major projects was suspended in March due to the Covid-19 lockdown with the intention to resume in 2021, but due to the continuing pandemic all non-urgent works are still suspended. Minor projects were almost entirely funded by the Friends of Tewkesbury Abbey.

Projects included the Roof Void project which was funded by a Church of England Covid grant, extension of the Garden of Remembrance and preparation for the work on the Visitor Centre windows.

6. Plans for future periods

The projected rise in the cost of living has meant that fund-raising at a parish level is a sensitive area.

The 20.21 programme stalled with the pandemic and has not yet resumed, although the creation of the Tewkesbury Abbey Foundation to co-ordinate fund-raising activities across the whole of Tewkesbury Abbey is currently focussed on building funds to support the musical life in the Abbey.

RESERVES POLICY

1. Unrestricted funds

The PCC does not intend to build up large reserves. To minimize the risk of being unable to meet all its financial obligations as they fall due, including full payment of the diocesan parish share, the Council aims to hold sufficient liquid general fund resources to meet six months operating costs. Included in the unrestricted funds are the designated Fixed Assets fund of £416,674, the designated Bequests Fund amounting to £36,802 and Tewkesbury Abbey Ltd Development Fund being £18,904. Total unrestricted funds, Note 16, amount to £913,796 (£948,452 - 2020). The Music Fund, previously designated, was undesignated in 2020 and transferred to the General Fund to maintain prudent reserves.

2. Restricted funds

The PCC seeks to use restricted funds as fully as possible within the restrictions placed on them. Total restricted funds, Note 17, amount to £166,409 (£150,435 – 2020).

3. Endowment funds

The endowment funds are capital funds, invested to provide income which forms part of the incoming resources of the respective funds specified by the donors.

Statement of Council members' responsibilities

Charity law requires the Council members to prepare responsible for preparing the Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales requires the PCC members to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the church and of the incoming resources and application of resources expended during the year. In preparing those financial statements, the Council members are required to:

The Council members are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Parochial Church Council and enable them to ensure that the financial statements comply with the Charities Act 2011 the Charity (Accounts and Reports) Regulations 2008 and the Church Accounting Regulations 2006. They are also responsible for safeguarding the assets of the Parochial Church Council and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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Tewkesbury St Mary the Virgin with Walton Cardiff Parochial Church Council Annual report (continued) For the year ended 31 December 2021

All trustees at the time of approval of the report to the Independent Examiners are not aware of any further relevant information and all appropriate steps have been taken to ensure this.

Independent examiners

A resolution proposing that Randall & Payne LLP be reappointed as Independent Examiners of the Parochial Church Council will be put to the Annual Parochial Church Meeting.

This report was approved by the Parochial Church Council on 4[th] May 2022 and signed on its behalf by:

The Reverend Canon Paul Williams Vicar and Chairman of the PCC

7

Independent Examiner's Report to the Council Members of Tewkesbury St Mary the Virgin with Walton Cardiff Parochial Church Council

I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 December 2021 which are set out on pages 11 to 30.

.

Responsibilities and basis of report

As the charity’s trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner's statement

Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in Scotland, which is one of the listed bodies.

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Signed

Ryan Moore CA For and behalf of Randall & Payne LLP Chargrove House Shurdington Cheltenham GL51 4GA

Date

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Tewkesbury St Mary the Virgin with Walton Cardiff Parochial Church Council Statement of financial activities For the year ended 31 December 2021

Tewkesbury St Mary the Virgin with Walton Cardiff Parochial Church Council
Statement of financial activities
For the year ended 31 December 2021		 Tewkesbury St Mary the Virgin with Walton Cardiff Parochial Church Council
Statement of financial activities
For the year ended 31 December 2021		 Tewkesbury St Mary the Virgin with Walton Cardiff Parochial Church Council
Statement of financial activities
For the year ended 31 December 2021		 Tewkesbury St Mary the Virgin with Walton Cardiff Parochial Church Council
Statement of financial activities
For the year ended 31 December 2021		 Tewkesbury St Mary the Virgin with Walton Cardiff Parochial Church Council
Statement of financial activities
For the year ended 31 December 2021		 Tewkesbury St Mary the Virgin with Walton Cardiff Parochial Church Council
Statement of financial activities
For the year ended 31 December 2021		 Tewkesbury St Mary the Virgin with Walton Cardiff Parochial Church Council
Statement of financial activities
For the year ended 31 December 2021
__________________
**Unrestricted) ** **Restricted) ** **Endowment) ** **2021) ** 2020)
Note **funds) ** **funds) ** **funds) ** **Total) ** Total)
**£) ** **£) ** **£) ** **£) ** £)
Income and endowments
Voluntary income 2 **282,580) ** **(356,884) ** **(-) ** **639,464) ** 592,935)
Activities for generating
funds 3 **(115,551) ** **(4,826) ** **(-) ** **(120,377) ** (40,937)
Church activities 4 **(11,722) ** **8,033) ** **(-) ** **19,755) ** 12,580
Income from investments 5 7,338) **3,966) ** **(-) ** **(11,304) ** (11,857)
_____ **_) ** **_) ** **_) ** _)
)
Total income **(417,191) ** **(373,709) ** **(-) ** **790,900) ** 658,309)
**_) ** **_) ** **_) ** **_) ** _)
Expenditure
Raising funds 6 ((27,221) ((7,357) **(-) ** (34,578) (33,239)
Church activities 7 ((444,429) ((348,245) **(-) ** ((792,674) ((573,476)
_ **_) ** **_) ** **_) ** _)
Total expenditure ((471,650) (((355,602) **(-) ** ((827,252) ((606,715)
_ **_) ** **_) ** **_) ** _)
Net (expenditure)/income
before investment gains ((((54,459)) (18,107)) **(-) ** (((36,352) ((51,594)
Net gains/(losses)on ( ( (
investments 12 17,670)) (-)) 19,520)) **(37,190) ** 20,644)
_ _ _ _ _
Net (expenditure)/ income ((36,789)) (((((18,107) (19,520)) **( (838) ** (((72,238)
Transfers between funds 19 (((2,133)) ((((2,133) **(-) ** (-)) -)
**_) ** **_) ** **_) ** **_) ** _)
Net movement in funds **((((((34,656)) ** **((15,974) ** (19,520)) ((838) ((72,238)
Total funds brought forward (948,452)) 150,435) (135,762)) **(1,234,649) ** 1,162,411)
**_) ** **_) ** **_) ** **_) ** _)
Total funds carried 16,17
forward 18 913,796)) **(166,409) ** **(155,282) ** **(1,235,487) ** 1,234,649)
═════) ═════) ═════) ═════) ═════)

The above relates to continuing operations.

The notes on pages 12 to 26 form an integral part of these financial statements.

9

Tewkesbury St Mary the Virgin with Walton Cardiff Parochial Church Council Balance Sheet For the year ended 31 December 2021

Note 2021) 20192020
**£) ** £)
Fixed assets
Tangible fixed assets 11 **(416,674) ** (434,990)
Investments 12 **(548,665) ** 508,982)
**_) ** _)
**(965,339) ** ((943,972)
**_) ** _)
Debtors 13 **(163,490) ** (139,131)
Cash at bank and in hand 242,042) (259,451)
**_) ** _)
**405,532) ** (398,582)
Creditors:amounts falling due
within one period 14 (135,384) (107,905)
**_) ** _)
Net current assets **(270,148) ** 290,677)
_) _)
Net assets 15 **(1,235,487) ** (1,234,649)
═════) ═════)
FUNDS
Unrestricted income funds 16 **((913,796) ** 948,452)
Restricted income funds 17 **(166,409) ** (150,435)
Endowment funds 18 **155,282) ** (135,762)
**_) ** _)
**(1,235,487) ** (1,234,649)
═════) ═════)

The financial statements were approved by the Parochial Church Council on 04 May 2022 and signed on its behalf by:

The Reverend Canon Paul Williams Chairman of the PCC

Janet Davis Treasurer

The notes on pages 12 to 26 form part of these financial statements.

10

Tewkesbury St Mary the Virgin with Walton Cardiff Parochial Church Council Statement of Cash Flows For the year ended 31 December 2021

Note 20 )
**2021) ** 2020)
**£) ** £)
Cash flows (used by)/provided by 22 (1,474}) (90,350)
operating activities
**_) ** **_) **
Cash flows from investing activities
Interest and dividend income 11,303) 11,857)
Proceeds from sales of investments 53,684) 146,095)
Purchase of investments (56,177) (119,010)
Purchase of tangible fixed assets (24,745) (15,835)
**_) ** **_) **
Cash (used by)/provided by investing (15,935)) (23,107)
activities
_ _)
(Decrease)/increase in cash and cash
equivalents during the year (((17,409)) ((113,457))
Cash and cash equivalents at the
beginning of the year 259,451) 145,994))
_ _)
Cash and cash equivalents at the end
of the year 242,042) 259,451)
═════) ═════)

The notes on pages 12 to 26 form an integral part of these financial statements.

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Tewkesbury St Mary the Virgin with Walton Cardiff Parochial Church Council Notes to the Financial Statements For the year ended 31 December 2021

1. Accounting policies

1.1. Accounting convention

Basis of preparation

The PCC is a public benefit entity within the meaning of FRS102. The financial statements have been prepared under the Charities Act 2011 and in accordance with the Church Accounting Regulations 2006 governing the individual accounts of PCCs and with the Regulations “true and fair” provisions. They have been prepared in accordance with the Financial Reporting Standard applicable in the UK (FRS 102) issued in October 2019 and the Financial Reporting Standard applicable in the United Kingdom and the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2015.

The presentation currency is £ Sterling and the rounding level to the nearest £.

The financial statements have been prepared on the accruals basis and under the historical cost convention except for the valuation of investment assets, which are shown at market value.

1.2. Income and endowments

Voluntary income is received by way of donations and gifts and is included in full in the Statement of Financial Activities when receivable. Gifts donated for resale are included as income when they are sold. Donated assets are included at the value to the charity where this can be quantified and a third party is bearing the cost. The value of services provided by volunteers has not been included.

Legacies are included when the PCC is advised by the personal representative of an estate that payment will be made or property transferred and the amount involved can be quantified.

Income Tax recoverable on gift aid donations is recognised when the income is recognised.

Grants, where entitlement is not conditional on the delivery of a specific performance by the PCC, are recognised when the PCC becomes unconditionally entitled to the grant.

Funds raised by the fete, Christmas Fayre and similar events are accounted for gross of expenses.

The PCC is registered for VAT and is partially exempt.

Other income from operating activities to generate funds:

Profits donated under Gift Aid from ancillary trading are accounted for gross. Loan interest receivable is accounted for when the amount falls due.

Rental income from the letting of church premises is recognised when the rental is due.

Income from investments:

Dividends and interest are accounted for when receivable. Any tax recoverable on such income is recognised in the same accounting period.

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Tewkesbury St Mary the Virgin with Walton Cardiff Parochial Church Council Notes to the Financial Statements (continued) For the year ended 31 December 2021

Gains and losses on investments:

Realised gains or losses are recognised when investments are sold.

Unrealised gains or losses are accounted for on revaluation of investments at 31 December.

1.3. Expenditure

All expenditure is included on an accruals basis and is recognised when there is a legal or constructive obligation to pay for expenditure. All support costs have been directly attributed to church activities category in the Statement of Financial Activities. The irrecoverable element of VAT is included with the item of expense to which it relates.

Grants

Grants and donations are accounted for when paid over, or when awarded, if that award creates a binding obligation on the PCC.

Activities relating directly to the work of the Abbey

The diocesan parish share is accounted for when paid.

1.4. Fixed assets

Consecrated and benefice property of any kind is excluded from the accounts by Section 10(2) of the Charities Act 2011.

Moveable church furnishings held by the Vicar and Churchwardens on special trust for the PCC, and which require a faculty for disposal, are accounted as inalienable property unless consecrated. They are listed in the church's inventory which can be inspected (at any reasonable time). For inalienable property acquired prior to 2002 there is insufficient cost information available and therefore such assets are not valued in the accounts. Items acquired since 1 January 2003 have been capitalised and depreciated in the accounts over their currently anticipated useful economic life (initially over twenty years) on a straight line basis.

All expenditure incurred in the period on consecrated or beneficed buildings, individual items under £1,000 or on the repair of moveable church furnishings acquired before 1 January 2004 is written off.

Fixed assets for use by the PCC

Freehold land and buildings are included at cost or valuation. Movements in valuations are included in unrestricted funds in the period of revaluation.

Depreciation is provided at rates calculated to write off the assets over their useful economic lives as follows:

Freehold buildings - straight line basis over 50 years Computer equipment - straight line basis over 4 years Other equipment - 25% reducing balance Church furnishings - straight line over 20 years

1.5. Leasing

Rentals payable under operating leases are charged against income on a straight line basis over the lease term.

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Tewkesbury St Mary the Virgin with Walton Cardiff Parochial Church Council Notes to the Financial Statements (continued) For the year ended 31 December 2021

1.6. Investments

Investments are included at market value at 31st December.

1.7. Cash and cash equivalents

Cash at bank and in hand and short term deposits comprise cash and short-term highly liquid investments held with the CBF Church of England Deposit Fund or Barclays Bank and other institutions, maturing within three months or less from the opening of the deposit or similar account.

1.8. Current assets

Amounts owing to the PCC at 31st December in respect of fees, rents or other income are shown as debtors less provisions, where appropriate, for amounts that may prove uncollectible.

1.9. Pensions

The PCC makes contributions for the benefit of employees to personal pension and to auto enrolment schemes.

1.10. Funds

General funds

General funds represent the funds of the PCC that are not subject to any restrictions regarding their use and are available for application on the general purposes of the PCC. Funds designated for a particular purpose by the PCC are also unrestricted.

Restricted funds

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Endowed funds

Endowed funds of the PCC are those funds where there is no power to convert the capital into income. The income arising from the investment of the funds is restricted in use in line with the purpose of the original endowment.

The financial statements include all transactions, assets and liabilities for which the PCC is responsible in law. They do not include the financial statements of church groups that owe their main affiliation to another body nor those that are informal gatherings of Church members.

1.11. Financial instruments

The PCC only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognized at transaction value and subsequently measured at their settlement value.

1.12. Going concern

The council members have reviewed the ongoing future of the PCC and consider that there are plans in place to continue the PCC’s operation.

1.13. Provisions

Provisions are set up only where it is probable that a present obligation exists as a result of an event prior to the balance sheet date and that a payment will be required in settlement that can be estimated reliably. Where material, provisions are calculated on a discounted basis.

14

Tewkesbury St Mary the Virgin with Walton Cardiff Parochial Church Council Notes to the Financial Statements (continued) For the year ended 31 December 2021

2.
Voluntary income
**Unrestricted) ** **Restricted) ** **2021) ** 2020)
**funds) ** **funds) ** **Total) ** Total)
**£) ** **£) ** **£) ** £)
Stewardship and planned giving **(80,572) ** **(-) ** **(80,572) ** 87,518)
Income Tax recoverable **(26,647) ** **(-) ** **(26,647) ** (30,623)
Collections at services **(16,268) ** **(4,865) ** **(21,133) ** (33,947)
Visitors’ donations **(78,386) ** **(-) ** **(78,386) ** (27,566)
Votive candles 11,594) **(-) ** **(11,594) ** (6,443)
Grants receivable – (Note 8) (58,184) **(327,659) ** **(385,843) ** (272,114)
Other donations and appeals **(5,091) ** **(24,360) ** **29,451) ** 54,186)
Legacies 5,838) -) **5,838) ** (80,538)
_) _) _) _)
**(282,580) ** **(356,884) ** **639,464) ** 592,935)
═════) ═════) ═════) ═════)

In 2020 of the voluntary income, £386,800 was in relation to unrestricted funds and £206,135, restricted funds.

3. Activities for generating funds

.
Activities for generating funds
**Unrestricted) ** **Restricted) ** **2021) ** 2020)
**funds) ** **funds) ** **Total) ** Total)
**£) ** **£) ** **£) ** £)
Income:
Profit donated from commercial trading
operations **(2,547) ** **(-) ** **(2,547) ** (-))
Management charges 68,373) 68,373)
Music in the Abbey concerts **(-) ** 1,079) **(1,079) ** -))
Fund raising activities **(10,517) ** **3,747) ** **(14,264) ** (2,443)
Rents 31,600) **-) ** 31,600) 37,200)
Printing and stationery recharged 2,514 **(-) ** **2,514) ** (1,294)
_) _) _) _)
115,551) **(4,826) ** **(120,377) ** 40,937)
═════) ═════) ═════) ═════)

In 2020, of the activities for generating funds, £39,618 was in relation to unrestricted funds and £1,319, restricted funds.

4. Church activities

.
Church activities
**Unrestricted) ** **Restricted) ** **2021) ** 2020)
**funds) ** **funds) ** **Total) ** Total)
**£) ** **£) ** **£) ** £)
Income:
PCC facility fees **(3,367) ** -) **3,367) ** 2,795)
PCC fees weddings/funerals **(6,770) ** -) **(6,770) ** 2,887)
Flowers for weddings/funerals **(-) ** **(920) ** **920) ** (223)
Organ and choir for weddings/funerals **(-) ** **(4,618) ** **4,618) ** (325)
Musica Deo Sacra **(-) ** **(2,345) ** **(2,345) ** 4,816)
Sundry income 1,585 150)
 1,735)
 1,534)
**_) ** **_) ** **_) ** _)
**(11,722) ** **8,033) ** 19,755) (12,580)
═════) ═════) ═════) ═════)

In 2020, of the church activities, £5,634 was in relation to unrestricted funds and £6,946, restricted funds.

15

Tewkesbury St Mary the Virgin with Walton Cardiff Parochial Church Council Notes to the Financial Statements (continued) For the year ended 31 December 2021

4. Church activities (continued)

The PCC received parochial fees totalling £11,829 (£5,353 – 2020) in the year. Of this, £5,059 (£2,466 – 2020) was made up of statutory fees due to the PCC as prepared by the Archbishops’ Council under the Ecclesiastical Fees Measure 1966. The statutory fees have been passed on in full to the Gloucester Diocesan Board of Finance and do not appear in the above financial statements. The remaining £6,770 (£2,887 – 2020) make up the charges as fixed by the PCC for extras such as bells, music and flowers.

5. Income from investments

**Unrestricted) ** **Restricted) ** **2021) ** 2020)
**funds) ** **funds) ** **Total) ** Total)
**£) ** **£) ** **£) ** £)
)
Bank interest **18) ** **(21) ** **(39) ** 368)
Loan interest 360) -) **360- ** 360)
Dividends **6,960) ** **3,945) ** **10,905) ** (11,129)
**_) ** **_) ** **_) ** _)
**7,338) ** **(3,966) ** **11,304) ** (11,857)
═════) ═════) ═════) ═════)

In 2020, of the income from investments, £4,907 was in relation to unrestricted funds and £6,950, restricted funds.

6. Raising funds

6.
Raising funds
**Unrestricted) ** **Restricted) ** **2021) ** 2020)
**funds) ** **funds) ** **Total) ** Total)
**£) ** **£) ** **£) ** £)
Expenditure:
Fund raising costs 12,402) **(7,189) ** **19,591) ** (3,494)
Investment management costs **4,468) ** -)) **4,468) ** 4,402)
Music in the Abbey concerts **-) ** **168) ** **168) ** -)
Other property expenses 10,351) **-) ** 10,351) 25,343)
______ **_) ** **_) ** _)
**27,221) ** **7,357) ** **34,578) ** (33,239)
═════) ═════) ═════) ═════)

In 2020, of the expenses to raise funds, £30,605 was in relation to unrestricted funds and £2,634, restricted funds.

16

Tewkesbury St Mary the Virgin with Walton Cardiff Parochial Church Council Notes to the Financial Statements (continued) For the year ended 31 December 2021

7. Church activities

7.
Church activities
**Unrestricted) ** **Restricted) ** **2021) ** 2020)
Expenditure: Note **funds) ** **funds) ** **Total) ** Total)
**£) ** **£) ** **£) ** £)
Missionary and charitable giving
- Secular and Local charities **((60)) ** **(-) ** (60) 75)
- Special collections paid to charities **(-) ** **(2,558) ** **(2,558) ** 563)
**_) ** **_) ** **_) ** _)
Total grants payable 9 **(60)) ** **(2,558) ** **1. 2,498) ** 638)
Ministry
- parish share **(95,539) ** 22,808) **(118,347) ** (118,347)
- clergy expenses **(2,887) ** **(5,338) ** **(8,225) ** (9,899)
Staff costs **(226,200) ** **(62,766) ** **(288,966) ** (239,929)
Abbey running expenses **(71,445) ** **(34,863) ** **106,308) ** 93,442)
Service supplies 3,782) -) 3,782) 2,272)
Abbey routine maintenance and minor repairs 75) **(28,725) ** **(28,800) ** (25,298)
Office costs **(20,976) ** **859) ** **(21,835) ** (20,238)
Human Resources costs and staff training 10,089) 890) 10,979) 4,986)
Major fabric repairs **-) ** **(169,973) ** **(169,973) ** (31,065)
Upkeep of hall and visitors' centre **(4,978) ** **(3,508) ** **(8,486) ** (6,817)
Upkeep of churchyard **1,635) ** **5,306) ** **(6,941) ** 8,983)
Junior Church **(252) ** **-) ** **(252) ** (326)
Choir and organ expenses -) **10,585) ** 10,585) 6,029)
Musica Deo Sacra expenses **(-) ** **66) ** **66) ** -)
Concert fees 1,111) -) 1,111) -)
Legal fees 820) -) 820) -)
Independent Examination fee 3,700) -) 3,700) 4,207)
Accountancy fees 1,000) -) 1,000) 1,000)
_ _ _ _
**444,429) ** **348,245) ** **(792,674) ** (573,476)
═════) ═════) ═════) ═════)

Office costs comprising printing, postage, stationery, telephone and information technology expenses have been directly attributed to church activities. In 2020, of the costs incurred by church activities, £403,222 was in relation to unrestricted funds and £170,154, restricted funds.

The PCC acted as agent for:

the transactions of Tewkesbury Abbey Foundation, a Charitable Incorporated Organisation registered in England & Wales. The amount processed on its behalf was net £9,258. The amount owed to the PCC at 31 December 2021 was £NIL (31 December 2020 – £2,930).

The amounts do not appear in these financial statements.

17

Tewkesbury St Mary the Virgin with Walton Cardiff Parochial Church Council Notes to the Financial Statements (continued) For the year ended 31 December 2021

8. Grants receivable

8.
Grants receivable
Unrestricted Restricted
**2021) **		 2020)
funds funds
**Total) **		 Total)
Unrestricted
£ £
**£) **		 £)
Friends of Tewkesbury Abbey - 151,187
151,187)		 84,570)
Listed Places of Worship – VAT grant - 13,044
13,044)		 3,336)
Linbury Trust (via Tewkesbury Abbey Foundation) - -
-)		 4,750)
Cathedral Music Trust (Covid 19 grant) - 10,000
10,000)		 -)
HMRC Coronavirus Job Retention Scheme - 5,310
5,310)		 55,444)
National Lottery Heritage – Cultural Recovery Fund 58,184 21,981
80,165)		 85,673)
Gloucester and Bristol Bellringers - -
-)		 3,282)
Tewkesbury Branch of Bellringers - -
-)		 300)
Church of England Covid grant - 97,829
97,829)		 7,056)
Tewkesbury Borough Council – Emergency Recovery
Fund - 1,000
1,000)		 1,000)
Gloucestershire County Council - 1,806
1,806)		 -)
Tewkesbury Abbey Foundation - 25,502
25,502)		 26,703)
_ _
**_) **		 _)
58,184 327,659
**(385,843) **		 (272,114)
═════ ═════ ═════) ═════)
In 2020, of the grants received £103,305 relates to unrestricted funds and £168,809, restricted funds.
9.
Grants payable
**2021) ** 2020)
**£) ** £)
Unrestricted funds
Secular charities (60) 475-
_) _)
(60) 75)
Restricted funds _) _)
Quarterly charities:Toilet Twinning - 563)
**Other charities: **
Harvest charities 366 -
From Episcopal Services 96
The Royal British Legion 814
Choir Schools’ Association Bursary Fund 288
Tewkesbury Abbey Foundation 288
Churches Together Tewkesbury 30
Christmas Charities Income received in year 676
_ _
2,558 563
_ _
Total grants payable 2,498 638
═════ ═════
Collections from Christmas Services for 2021 including Epiphany in January 2022, were paid out to the following
charities in 2022:
Tewkesbury Girls Brigade 390
Tewkesbury Boys Brigade 390
Children’s Society 253
_
1,033
═════

18

Tewkesbury St Mary the Virgin with Walton Cardiff Parochial Church Council Notes to the Financial Statements (continued) For the year ended 31 December 2021

10. Employees

Number of employees

The average number of staff, excluding trustees, during the period was 24 (2020 – 17). 17 were engaged in church activities and 7 in the activities of the subsidiary, Tewkesbury Abbey Limited.

Staff costs

**2021) ** 2020)
**£) ** £)
Wages and salaries 263,384) (198,231)
Social Security costs 13,243) (11,301)
Pension costs 12,339 (11,986)
Redundancy costs -) 18,411-
_) _)
288,966( 239,929)
═════) ═════)

No employee received employee benefits of more than £60,000 in the year (2020 – NIL).

No trustee received any remuneration in the year except as disclosed in Note 20 (2020 – NIL).

The key management personnel of the charity comprise the trustees, Estates Manager, Finance Managers, Minister of Music and Organist, Commercial Manager, Head Vergers and Operations Managers. The total employee benefits of the key management personnel of the PCC were £167,714 (2020 - £156,090).

Pension costs

The pension costs charged against net income represent the amount of the contributions payable to three employees’ private pension schemes in the accounting period and to ten other employees’ schemes under the auto enrolment provisions.

11. Tangible fixed assets

11.
Tangible fixed assets
**Freehold land) ** Furniture and)
**and buildings) ** **equipment) ** **Total) **
£) £) £)
Cost or valuation
At 31 December 2020 341,240) (502,319) 843,559)
Additions (-) (24,745) 24,745)
_) _) _)
At 31 December 2021 (313,896341,240) (527,064) (868,304)
_) _) _)
Depreciation
At 31 December 2020 101,401) (307,168) (408,569)
Charge for the year 6,825) (36,236) (43,061)
_) _) _)
At 31 December 2021 (108,226) 343,404 (451,630)
_) _) _)
Net book values
At 31 December 2021 233,014) **(183,660) ** **416,674) **
═════) **═════) ** **═════) **
At 31 December 2020 239,839) 195,151) 434,990)
═════) ═════) ═════)

19

Tewkesbury St Mary the Virgin with Walton Cardiff Parochial Church Council Notes to the Financial Statements (continued) For the year ended 31 December 2021

12. Investments

12.
Investments
**Total) ** **Total) **
**2021) ** 2020)
**£) ** £)
Market value )
At 31 December 2020 508,982) (515,423)
Additions 56,177) 119,010)
Disposals (53,684) (146,095)
Net profit on revaluation (notes 16,17,18) (37,190) ( (20,644)
_) _)
At 31 December 2021 548,665) 508,982)
═════) ═════)
Historical cost at 31 December 2021 344,746) 331,275)
═════) ════)

The investment portfolio consisting of £379,651 (2020 - £356,670) Managed Funds and £13,733 (2020 - £16,552) cash balances is managed by Quilter Cheviot Ltd. The balance represents holdings in Central Board of Finance managed funds and comprises unlisted investments.

Portfolio listed asset allocation is as follows:

2021 2020
£ £
UK Fixed interest 84,773 88,525
Foreign Fixed Interest 54,297 48,313
UK Equities 50,820 55,265
Foreign Equities 104,511 88,174
Alternative investment markets 85,250 76,393
_ _
379,651 356,670
═════ ═════
13.
Debtors
**2021) ** 2020)
£) £)
Income Tax recoverable **(14,486) ** (11,457)
Other debtors **(115,622) ** (75,843)
Prepayments and accrued income **(33,382) ** (51,831)
**_) ** _)
**(163,490) ** (139,131)
═════) ═════)

Included in net total amounts owed to the PCC by Tewkesbury Abbey Limited of £112,346 (2020 - £72,090) is a loan of £72,075 on which interest is paid at a rate approximating to the Bank of England base rate at 31 December. There is no fixed repayment date for this loan.

20

Tewkesbury St Mary the Virgin with Walton Cardiff Parochial Church Council Notes to the Financial Statements (continued) For the year ended 31 December 2021

14. Creditors: amounts falling due within one period

) )
**2021) ** 2020)
£) £)
Creditors for goods and services **5,199) ** (4,135)
Other creditors **10,002) ** (3,950)
Accruals **(116,264) ** (95,093)
Deferred income **3.919) ** 4,727)
**_) ** _)
**(135,384) ** (107,905)
═════) ═════)
Deferred income consists of the following amounts:
Wedding deposits 3,092)
Deposit: interment of ashes 327)
Rents received in advance 500)
______
**3,919) **
════

15. Analysis of net assets between funds

Year ended 31 December 2021 **Unrestricted) ** **Restricted) ** **Endowment) ** )
**funds) ** **funds) ** **funds) ** **Total) **
**£) ** **£) ** **£) ** **£) **
Fund balances at 31 December 2021 as
represented by:
Tangible fixed assets **(416,674) ** **(-) ** **(-) ** **(416,674) **
Fixed asset investments **(393,383) ** **(-) ** **(155,282) ** **548,665) **
Current assets **(206,483) ** **(199,049) ** **-) ** **(405,532) **
Current liabilities ((102,744) ((32,640) **(-) ** ((135,384)
__) _ _ _
**913,796) ** **166,409) ** **(155,282) ** (1,235,487)
═════) ═════) ═════) ═════)
Year ended 31 December 2020 **Unrestricted) ** **Restricted) ** **Endowment) ** )
**funds) ** **funds) ** **funds) ** **Total) **
**£) ** **£) ** **£) ** **£) **
Fund balances at 31 December 2020 as
represented by:
Tangible fixed assets **(434,990) ** **(-) ** **(-) ** **(434,990) **
Fixed asset investments **(373,220) ** **(-) ** **(135,762) ** **508,982) **
Current assets **(228,699) ** **(169,883) ** **-) ** **(398,582) **
Current liabilities ((88,457) ((19,448) **(-) ** ((107,905)
__) _ _ _
**948,452) ** **150,435) ** **(135,762) ** (1,234,649)
═════) ═════) ═════) ═════)

21

Tewkesbury St Mary the Virgin with Walton Cardiff Parochial Church Council Notes to the Financial Statements (continued) For the year ended 31 December 2021

16. Unrestricted funds

Year ended 31 )31 31
December 2021 December Income Expenditure Gain/(loss) December
2020 ) on) Transfers) 2021
) investments)
£) £ **£) ** £) **£) ** £
General fund 444,343) 417,191 ((426,024) 17,670) **(((24,074)) ** 429,106
Designated fixed asset ( (
fund 434,990) - ((43,061) -)-) 24,745)) (416,674
Designated legacies (( (
fund 36,802) - **-) ** -) **-) ** 36,802
Tewkesbury Abbey Ltd
development fund (17,442) - **(-) ** -) 1,462) (18,904
Abbey House fund 14,875) - (2,565)
**-) **		 **-) ** 12,310
_) _ _) _) _) _
(948,452) 417,191 ((471,650) (17,670)) **((((2,133) ** (913,796
)
═════) ═════ ═════) ═════) ═════) ═════
Year ended 31 )31 31
December 2020 December Income Expenditure Gain/(loss) December
2019 ) on) Transfers) 2020
) investments)
£) £ **£) ** £) **£) ** £
General fund 24,525) 432,568 ((389,621) 14,563) **((362,308) ** 444,343
Designated fixed asset ( (
fund 458,677) - ((39,522) -)-) **15,835) ** (434,990
Designated legacies (( (
fund (26,802) - **-) ** -) **10,000) ** 36,802
( (
Abbey Music fund 371,974) 4,391 ((2,641) ((1,750) (371,974) -
Tewkesbury Abbey Ltd
development fund (17,442) - **(-) ** -) ((-) (17,442
Tewkesbury Abbey
Foundation 1,000- - - -) (1,000) -
Abbey House fund 17,018) - (2,143)
**-) **		 **-) ** 14,875
_) _ _) _) _) _
(917,438) 436,959 ((433,927) (12,813)) ((15,169)) (948,452
═════) ═════ ═════) ═════) ═════) ═════

22

Tewkesbury St Mary the Virgin with Walton Cardiff Parochial Church Council Notes to the Financial Statements (continued) For the year ended 31 December 2021

16 Unrestricted funds (continued)

Tewkesbury Abbey Ltd development fund

The PCC designates up to 10% of the profits of Tewkesbury Abbey Ltd every year as working capital for the development of the company. Profits of £14,623 were made in the year to 31 December 2021(2020- £NIL) prior to transfers to other funds and gift aid payments.

Abbey House fund

Profits donated from the annual Food and Drink Festival and other events held in Abbey House and its gardens are designated to be used to re-decorate and renovate the public rooms in Abbey House and support some of its running costs. No Food and Drink Festival was held in 2021.

17. Restricted funds

Year ended 31 31) 31
December 2021 December) **Incoming) ** **Resources) ** (Loss) on) December
2020) **Resources) ** **Expended) ** revaluation) **Transfers) ** 2021
£) £) **£) ** £) **£) ** £)
Abbey Music fund (4,750)) 27,209) ((49,058) -) **(17,099) ** -))
Fabric fund 19,030)) **(282,617) ** ((265,287) **(-) ** (16,700) 19,660)
PCC furnishings and ( (
fittings 4,612) **-- ** **(-) ** **(-) ** **(-) ** **4,612) **
Bells maintenance (3,667) **(6,478) ** ((9) **(-) ** **(((-) ** **10,136) **
Choir (-) **(100) ** ((273) **(-) ** 173) **(-) **
Flower (11,475) **(2,558) ** ((1,829) **(-) ** **(-) ** **(12,204) **
Music in the Abbey (7,410) 1,079) (((168) **(-) ** -) **(8,321) **
Musica Deo Sacra (27,585) (2,345) ((66) **(-) ** **(-) ** **(29,864) **
Sewing Guild (5,503) **-) ** **-) ** **(-) ** **(-) ** **(5,503) **
Special collections (-) 6,308) ((2,558) **(-) ** ((2,705) 1,045
Celebrate (-)
Foundation 25,502) (25,202) **(-) ** (300) **(-) **
Celebrate
Community Fund 26,938) 7,771) (7,623) -) 300) 27,386)
20.21 900 years
celebration 32,797) 11,742) (3,504) -) (-) 41,035)
Non material funds 6,668) **-) ** (((25) (-) **(-) ** **6,643) **
_ _) _) _) _) _)
(150,435) **(373,709) ** ((355,602) ---) **(((2,133)) ** **(166,409) **
═════) ═════) ═════) ═════) ═════) ═════)

Collections for specific charities at funerals and special services amounting to £1,350 were paid over to the charities or schools concerned. (2020 - £NIL). The amount owing at 31 December 2021 was £791 (2020 – £659).

2723

Tewkesbury St Mary the Virgin with Walton Cardiff Parochial Church Council Notes to the Financial Statements (continued) For the year ended 31 December 2021

Year ended 31 31) 31)
December 2020 December) **Incoming) ** **Resources) ** (Loss) on) **December) **
2019) **Resources) ** **Expended) ** revaluation) **Transfers) ** **2020) **
£) £) **£) ** **£) ** £)
Abbey Music fund (13,189)) 31,934) ((40,177) ((653)) **(457) ** 4,750)
Fabric fund -)) **(120,126) ** ((85,945) **(-) ** (15,151) 19,030)
PCC furnishings and ( (
fittings 4,612) **-- ** **(-) ** **(-) ** **(-) ** **4,612) **
Bells maintenance (4,025) **(646) ** ((319) **(-) ** (((685) **(3,667) **
Choir (-) **(325) ** ((535) **(-) ** 210) **(-) **
Flower (10,918) **(1,467) ** ((910) **(-) ** **(-) ** **(11,475) **
Music in the Abbey (7,410) **(-) ** **((-) ** **(-) ** -) **(7,410) **
Musica Deo Sacra (22,549) **(5,528) ** ((492) **(-) ** **(-) ** **(27,585) **
Sewing Guild (5,524) **-) ** (21) **(-) ** **(-) ** **(5,503) **
Special collections (-) 563) ((563) **(-) ** **(-) ** **(-) **
Community Fund (-) 26,042) (26,042) **(-) ** **(-) ** **(-) **
Celebrate Fund 17,952) 10,842) (1,856) -) -) 26,938)
20.21 900 years
celebration 24,783) 23,875) (15,861) -) (-) 32,797)
Non material funds (6,733) **2) ** (((67) (-) **(-) ** **6,668) **
_ _) _) _) _) _)
(117,695) **(221,350) ** ((172,788) **((653)) ** (15,169) **(150,435) **
═════) ═════) ═════) ═════) ═════) ═════)

Purposes of restricted funds

Abbey Music Fund

Originally, the Abbey Music Fund was formed from several legacies and bequests. These have now been exhausted. The fund no longer generates enough income to cover expenditure so is subsidised, in 2021, by £17,099, from the General Fund.

Fabric Fund

The Fabric Fund receives donations, bequests and grants whose purpose is restricted to the repair, maintenance and adornment of the Fabric of the Abbey, together with interest and dividends from the Fabric Fund endowments. The PCC will ensure that this income is applied to expenditure in accordance with the restrictions placed upon it.

PCC furnishings and fittings

Funds raised by the sale of pictures to be used for the repair of antique furniture.

Bells maintenance

Income from deposits, interest and dividends arising from investments and peal fees to be used for repair and maintenance of bells.

Choir

Interest, grants, donations and wedding fees to fund purchase of choir music, to pay junior choristers and to pay choir fees.

Flower

Interest, grants, donations and wedding fees to fund the supply of flowers to decorate the Abbey.

Music in the Abbey

Donations and proceeds from organ concerts and lunchtime recitals to be used for Milton Organ maintenance.

Musica Deo Sacra

Proceeds from special services to support future similar events and the musical life of the Abbey. A Patrons Scheme was set up in 2018 to make the fund more financially sustainable.

2724

Tewkesbury St Mary the Virgin with Walton Cardiff Parochial Church Council Notes to the Financial Statements (continued) For the year ended 31 December 2021

Sewing Guild

Funds held for the maintenance and replacement of vestments and altar linen.

Community Fund

Donations and fundraising proceeds to be used to support family activities within the Celebrate community.

Celebrate Fund

This fund comprises contributions from The Tewkesbury Abbey Foundation to support the Celebrate community.

20.21 900 years celebration

2021 marks the 900th anniversary of the consecration of the Abbey and the 550th anniversary of the battle of Tewkesbury. A strategic plan has been prepared with the vision of renewing people and place by 2021. Donations to the 2021 fund are to be used towards the objectives of the 2021 Strategic Plan.

18. Endowment funds

Year ended 31 December **31 December) ** **Gain on) ** 31 December
2021 **2020) ** **revaluation) ** 2021
**£) ** **£) ** £
Fabric Fund 130,650) **(18,785) ** (149,435
Bells Maintenance 5,112) **735) ** (5,847
_) _) _
(135,762) 19,520)) (155,282
═════) ═════) ═════
Year ended 31 December **31 December) ** **Gain on) ** 31 December
2020 **2019) ** **revaluation) ** 2020
**£) ** **£) ** £
Fabric Fund (122,485) **(8,165) ** (130,650
Bells Maintenance 4,793) **319) ** (5,112
_) _) _
(127,278) (8,484)) (135,762
═════) ═════) ═════

Purposes of endowment funds

These funds comprise:

Fabric endowment fund: Unspent funds deriving from legacies transferred from The Tewkesbury Abbey Appeal Trust, together with further endowments bequeathed after the transfer date, have been invested as a capital fund. The income arising will be credited to the Fabric Fund.

Bells Maintenance endowment fund: The details of the original bequest forming the other endowment fund which is invested in 250 Central Board of Finance shares are not known. The income from this holding is for the maintenance of the bells.

19. Transfers between funds

Transfers were made to the Abbey Music fund and the Choir fund of £17,099 and £173 respectively to offset overspends from these two funds. The purchases of fixed assets, £16,700 using the fabric fund, £2,705 the Abbey House fund and £5,340 from general funds were transferred to the unrestricted designated Fixed Asset fund (Note 16), the restrictions being lifted in line with the donor’s wishes.

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Tewkesbury St Mary the Virgin with Walton Cardiff Parochial Church Council Notes to the Financial Statements (continued) For the year ended 31 December 2021

20. Transactions with trustees and other related parties

Included within staff costs (Note 10) is:

Nicola Hawley, a trustee rents a flat in Abbey Lodge, a property owned by the PCC at a commercial rate.

Expenses paid to clergy who are also trustees are disclosed in Note 7. The expenses claims are for telephone and broadband, travel, books and items required to carry out pioneer ministry work. The amount owing to them at 31 December 2021 is £661 (2020 - £1,580).

Aggregate donations, net of Gift Aid, received from trustees and their related parties amounted to £9,436 (2020 - £29,718).

21. Obligations under operating leases

At 31 December 2021 the charity had annual commitments under non-cancellable operating leases as follows:

**2021) ** 2020
**£) ** £
Amounts payable:
Within 1 year **-) ** 664
Between 2 and 5 years -) -
After more than 5 years -) -
═════) ═════

22. Reconciliation of net income to net cash flow from operating activities

2021) 2020)
£) **£) **
Net income ((838) ( (72,238)
Add back depreciation 43,061) 39,522)
Deduct gain in investments (((37,190) (((20,644)
Deduct investment income (11,303) (11,857)
(Increase)/ decrease in debtors ((24,359) ((21,719)
Increase/(decrease) in creditors ((27,479) (10,628)
_) _)
Net cash (used by)/ provided by operating (((1,474)) ((90,350)
activities
═════)) ═════)

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